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Side-by-side financial comparison of Dolby Laboratories, Inc. (DLB) and NATIONAL FUEL GAS CO (NFG). Click either name above to swap in a different company.
NATIONAL FUEL GAS CO is the larger business by last-quarter revenue ($425.9M vs $395.6M, roughly 1.1× Dolby Laboratories, Inc.). NATIONAL FUEL GAS CO runs the higher net margin — 35.7% vs 24.0%, a 11.7% gap on every dollar of revenue. On growth, Dolby Laboratories, Inc. posted the faster year-over-year revenue change (7.1% vs 1.7%). Over the past eight quarters, Dolby Laboratories, Inc.'s revenue compounded faster (13.9% CAGR vs 12.1%).
Dolby Laboratories, Inc. is an American technology corporation specializing in audio noise reduction, audio encoding/compression, spatial audio, and high-dynamic-range television (HDR) imaging. Dolby licenses its technologies to consumer electronics manufacturers.
National Fuel Gas Company is a diversified energy company with $6.2 billion in assets distributed among the following five operating segments: Exploration and Production, Pipeline and Storage, Gathering, Utility, and Energy Marketing. National Fuel Gas was incorporated in 1902 and is based in Williamsville, New York.
DLB vs NFG — Head-to-Head
Income Statement — Q3 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $395.6M | $425.9M |
| Net Profit | $94.9M | $152.0M |
| Gross Margin | 88.7% | — |
| Operating Margin | 28.5% | 81.5% |
| Net Margin | 24.0% | 35.7% |
| Revenue YoY | 7.1% | 1.7% |
| Net Profit YoY | 3.4% | — |
| EPS (diluted) | $0.99 | $1.59 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q2 26 | $395.6M | — | ||
| Q1 26 | $346.7M | $425.9M | ||
| Q4 25 | $346.7M | $637.9M | ||
| Q3 25 | $307.0M | $443.1M | ||
| Q2 25 | $315.5M | $527.4M | ||
| Q1 25 | $369.6M | $734.8M | ||
| Q4 24 | $357.0M | $513.8M | ||
| Q3 24 | $304.8M | $310.0M |
| Q2 26 | $94.9M | — | ||
| Q1 26 | $53.3M | $152.0M | ||
| Q4 25 | $53.3M | $181.6M | ||
| Q3 25 | $49.3M | $107.3M | ||
| Q2 25 | $46.1M | $149.8M | ||
| Q1 25 | $91.8M | $216.4M | ||
| Q4 24 | $67.8M | $45.0M | ||
| Q3 24 | $58.6M | $-167.6M |
| Q2 26 | 88.7% | — | ||
| Q1 26 | 87.5% | — | ||
| Q4 25 | 87.5% | 86.6% | ||
| Q3 25 | 87.1% | — | ||
| Q2 25 | 86.1% | 94.7% | ||
| Q1 25 | 90.3% | 81.6% | ||
| Q4 24 | 88.6% | 87.3% | ||
| Q3 24 | 88.8% | — |
| Q2 26 | 28.5% | — | ||
| Q1 26 | 17.9% | 81.5% | ||
| Q4 25 | 17.9% | 43.3% | ||
| Q3 25 | 9.7% | 40.6% | ||
| Q2 25 | 15.1% | 43.7% | ||
| Q1 25 | 29.2% | 43.2% | ||
| Q4 24 | 22.4% | 16.8% | ||
| Q3 24 | 15.2% | -63.4% |
| Q2 26 | 24.0% | — | ||
| Q1 26 | 15.4% | 35.7% | ||
| Q4 25 | 15.4% | 28.5% | ||
| Q3 25 | 16.1% | 24.2% | ||
| Q2 25 | 14.6% | 28.4% | ||
| Q1 25 | 24.8% | 29.4% | ||
| Q4 24 | 19.0% | 8.8% | ||
| Q3 24 | 19.2% | -54.1% |
| Q2 26 | $0.99 | — | ||
| Q1 26 | $0.55 | $1.59 | ||
| Q4 25 | $0.55 | $1.98 | ||
| Q3 25 | $0.50 | $1.18 | ||
| Q2 25 | $0.48 | $1.64 | ||
| Q1 25 | $0.94 | $2.37 | ||
| Q4 24 | $0.70 | $0.49 | ||
| Q3 24 | $0.59 | $-1.81 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $594.7M | — |
| Total DebtLower is stronger | — | $300.0M |
| Stockholders' EquityBook value | $2.6B | — |
| Total Assets | $3.2B | $9.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q2 26 | $594.7M | — | ||
| Q1 26 | $644.6M | — | ||
| Q4 25 | $644.6M | $271.4M | ||
| Q3 25 | $702.6M | $43.2M | ||
| Q2 25 | $699.3M | $39.3M | ||
| Q1 25 | $626.6M | $40.0M | ||
| Q4 24 | $520.8M | $48.7M | ||
| Q3 24 | $482.0M | $38.2M |
| Q2 26 | — | — | ||
| Q1 26 | — | $300.0M | ||
| Q4 25 | — | $2.7B | ||
| Q3 25 | — | $2.7B | ||
| Q2 25 | — | $2.7B | ||
| Q1 25 | — | $2.7B | ||
| Q4 24 | — | $2.7B | ||
| Q3 24 | — | $2.7B |
| Q2 26 | $2.6B | — | ||
| Q1 26 | $2.6B | — | ||
| Q4 25 | $2.6B | $3.6B | ||
| Q3 25 | $2.6B | $3.1B | ||
| Q2 25 | $2.6B | $3.0B | ||
| Q1 25 | $2.6B | $2.8B | ||
| Q4 24 | $2.5B | $-76.2M | ||
| Q3 24 | $2.5B | $-15.5M |
| Q2 26 | $3.2B | — | ||
| Q1 26 | $3.2B | $9.1B | ||
| Q4 25 | $3.2B | $9.2B | ||
| Q3 25 | $3.2B | $8.7B | ||
| Q2 25 | $3.2B | $8.4B | ||
| Q1 25 | $3.2B | $8.5B | ||
| Q4 24 | $3.2B | $8.3B | ||
| Q3 24 | $3.1B | $8.3B |
| Q2 26 | — | — | ||
| Q1 26 | — | — | ||
| Q4 25 | — | 0.75× | ||
| Q3 25 | — | 0.87× | ||
| Q2 25 | — | 0.90× | ||
| Q1 25 | — | 0.99× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $147.3M | $657.3M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | 117.0% |
| Cash ConversionOCF / Net Profit | 1.55× | 4.32× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q2 26 | $147.3M | — | ||
| Q1 26 | $54.8M | $657.3M | ||
| Q4 25 | $54.8M | $274.9M | ||
| Q3 25 | $472.2M | $237.8M | ||
| Q2 25 | $67.7M | $388.4M | ||
| Q1 25 | $174.9M | $253.8M | ||
| Q4 24 | $106.8M | $220.1M | ||
| Q3 24 | $327.3M | $197.9M |
| Q2 26 | — | — | ||
| Q1 26 | — | — | ||
| Q4 25 | $50.2M | $-2.7M | ||
| Q3 25 | $435.9M | $-47.8M | ||
| Q2 25 | $61.3M | $195.3M | ||
| Q1 25 | $168.0M | $59.9M | ||
| Q4 24 | $100.0M | $-20.3M | ||
| Q3 24 | $297.2M | $-49.1M |
| Q2 26 | — | — | ||
| Q1 26 | — | — | ||
| Q4 25 | 14.5% | -0.4% | ||
| Q3 25 | 142.0% | -10.8% | ||
| Q2 25 | 19.4% | 37.0% | ||
| Q1 25 | 45.5% | 8.2% | ||
| Q4 24 | 28.0% | -4.0% | ||
| Q3 24 | 97.5% | -15.8% |
| Q2 26 | — | — | ||
| Q1 26 | — | 117.0% | ||
| Q4 25 | 1.3% | 43.5% | ||
| Q3 25 | 11.8% | 64.4% | ||
| Q2 25 | 2.0% | 36.6% | ||
| Q1 25 | 1.9% | 26.4% | ||
| Q4 24 | 1.9% | 46.8% | ||
| Q3 24 | 9.8% | 79.7% |
| Q2 26 | 1.55× | — | ||
| Q1 26 | 1.03× | 4.32× | ||
| Q4 25 | 1.03× | 1.51× | ||
| Q3 25 | 9.57× | 2.21× | ||
| Q2 25 | 1.47× | 2.59× | ||
| Q1 25 | 1.91× | 1.17× | ||
| Q4 24 | 1.57× | 4.89× | ||
| Q3 24 | 5.59× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DLB
| Licensing | $372.2M | 94% |
| Products and services | $23.4M | 6% |
NFG
| Revenues from External Customers | $425.8M | 100% |
| Intersegment Revenues | $126.0K | 0% |
