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Side-by-side financial comparison of ENERGIZER HOLDINGS, INC. (ENR) and NATIONAL FUEL GAS CO (NFG). Click either name above to swap in a different company.
ENERGIZER HOLDINGS, INC. is the larger business by last-quarter revenue ($778.9M vs $637.9M, roughly 1.2× NATIONAL FUEL GAS CO). NATIONAL FUEL GAS CO runs the higher net margin — 28.5% vs -0.4%, a 28.9% gap on every dollar of revenue. On growth, NATIONAL FUEL GAS CO posted the faster year-over-year revenue change (24.1% vs 6.5%). ENERGIZER HOLDINGS, INC. produced more free cash flow last quarter ($124.2M vs $-2.7M). Over the past eight quarters, ENERGIZER HOLDINGS, INC.'s revenue compounded faster (8.4% CAGR vs 6.9%).
Energizer Holdings, Inc. is an American manufacturer and one of the world's largest manufacturers of batteries, headquartered in Clayton, Missouri. It produces batteries under the Energizer, Ray-O-Vac, Varta, and Eveready brand names and formerly owned several personal care businesses until it separated that side of the business into a new company called Edgewell Personal Care in 2015.
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.
ENR vs NFG — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $778.9M | $637.9M |
| Net Profit | $-3.4M | $181.6M |
| Gross Margin | 32.9% | 86.6% |
| Operating Margin | -0.6% | 43.3% |
| Net Margin | -0.4% | 28.5% |
| Revenue YoY | 6.5% | 24.1% |
| Net Profit YoY | -115.2% | 303.8% |
| EPS (diluted) | — | $1.98 |
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.
| Q4 25 | $778.9M | $637.9M | ||
| Q3 25 | $832.8M | $443.1M | ||
| Q2 25 | $725.3M | $527.4M | ||
| Q1 25 | $662.9M | $734.8M | ||
| Q4 24 | $731.7M | $513.8M | ||
| Q3 24 | $805.7M | $310.0M | ||
| Q2 24 | $701.4M | $338.6M | ||
| Q1 24 | $663.3M | $558.7M |
| Q4 25 | $-3.4M | $181.6M | ||
| Q3 25 | $34.9M | $107.3M | ||
| Q2 25 | $153.5M | $149.8M | ||
| Q1 25 | $28.3M | $216.4M | ||
| Q4 24 | $22.3M | $45.0M | ||
| Q3 24 | $47.6M | $-167.6M | ||
| Q2 24 | $-43.8M | $-54.2M | ||
| Q1 24 | $32.4M | $166.3M |
| Q4 25 | 32.9% | 86.6% | ||
| Q3 25 | 36.6% | — | ||
| Q2 25 | 55.1% | 94.7% | ||
| Q1 25 | 39.1% | 81.6% | ||
| Q4 24 | 36.8% | 87.3% | ||
| Q3 24 | 38.1% | — | ||
| Q2 24 | 39.5% | 98.5% | ||
| Q1 24 | 38.2% | 81.0% |
| Q4 25 | -0.6% | 43.3% | ||
| Q3 25 | 6.4% | 40.6% | ||
| Q2 25 | 22.6% | 43.7% | ||
| Q1 25 | 5.5% | 43.2% | ||
| Q4 24 | 4.1% | 16.8% | ||
| Q3 24 | 7.4% | -63.4% | ||
| Q2 24 | -8.2% | -15.2% | ||
| Q1 24 | 6.4% | 44.9% |
| Q4 25 | -0.4% | 28.5% | ||
| Q3 25 | 4.2% | 24.2% | ||
| Q2 25 | 21.2% | 28.4% | ||
| Q1 25 | 4.3% | 29.4% | ||
| Q4 24 | 3.0% | 8.8% | ||
| Q3 24 | 5.9% | -54.1% | ||
| Q2 24 | -6.2% | -16.0% | ||
| Q1 24 | 4.9% | 29.8% |
| Q4 25 | — | $1.98 | ||
| Q3 25 | — | $1.18 | ||
| Q2 25 | — | $1.64 | ||
| Q1 25 | — | $2.37 | ||
| Q4 24 | — | $0.49 | ||
| Q3 24 | — | $-1.81 | ||
| Q2 24 | — | $-0.59 | ||
| Q1 24 | — | $1.80 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $214.8M | $271.4M |
| Total DebtLower is stronger | — | $2.7B |
| Stockholders' EquityBook value | $141.3M | $3.6B |
| Total Assets | $4.4B | $9.2B |
| Debt / EquityLower = less leverage | — | 0.75× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $214.8M | $271.4M | ||
| Q3 25 | $236.2M | $43.2M | ||
| Q2 25 | $171.1M | $39.3M | ||
| Q1 25 | $139.3M | $40.0M | ||
| Q4 24 | $195.9M | $48.7M | ||
| Q3 24 | $216.9M | $38.2M | ||
| Q2 24 | $146.7M | $81.4M | ||
| Q1 24 | $158.1M | $50.8M |
| Q4 25 | — | $2.7B | ||
| Q3 25 | $3.4B | $2.7B | ||
| Q2 25 | $3.2B | $2.7B | ||
| Q1 25 | $3.2B | $2.7B | ||
| Q4 24 | $3.1B | $2.7B | ||
| Q3 24 | $3.2B | $2.7B | ||
| Q2 24 | $3.2B | $2.7B | ||
| Q1 24 | $3.2B | $2.4B |
| Q4 25 | $141.3M | $3.6B | ||
| Q3 25 | $169.9M | $3.1B | ||
| Q2 25 | $183.2M | $3.0B | ||
| Q1 25 | $133.9M | $2.8B | ||
| Q4 24 | $140.6M | $-76.2M | ||
| Q3 24 | $135.8M | $-15.5M | ||
| Q2 24 | $123.4M | $5.0M | ||
| Q1 24 | $191.3M | $75.3M |
| Q4 25 | $4.4B | $9.2B | ||
| Q3 25 | $4.6B | $8.7B | ||
| Q2 25 | $4.5B | $8.4B | ||
| Q1 25 | $4.2B | $8.5B | ||
| Q4 24 | $4.2B | $8.3B | ||
| Q3 24 | $4.3B | $8.3B | ||
| Q2 24 | $4.2B | $8.5B | ||
| Q1 24 | $4.3B | $8.7B |
| Q4 25 | — | 0.75× | ||
| Q3 25 | 20.28× | 0.87× | ||
| Q2 25 | 17.57× | 0.90× | ||
| Q1 25 | 23.56× | 0.99× | ||
| Q4 24 | 22.17× | — | ||
| Q3 24 | 23.51× | — | ||
| Q2 24 | 26.04× | 532.10× | ||
| Q1 24 | 16.86× | 31.68× |
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 | $149.5M | $274.9M |
| Free Cash FlowOCF − Capex | $124.2M | $-2.7M |
| FCF MarginFCF / Revenue | 15.9% | -0.4% |
| Capex IntensityCapex / Revenue | 3.2% | 43.5% |
| Cash ConversionOCF / Net Profit | — | 1.51× |
| TTM Free Cash FlowTrailing 4 quarters | $145.0M | $204.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $149.5M | $274.9M | ||
| Q3 25 | $61.5M | $237.8M | ||
| Q2 25 | $21.4M | $388.4M | ||
| Q1 25 | $-12.8M | $253.8M | ||
| Q4 24 | $77.0M | $220.1M | ||
| Q3 24 | $168.9M | $197.9M | ||
| Q2 24 | $45.8M | $281.8M | ||
| Q1 24 | $36.8M | $315.3M |
| Q4 25 | $124.2M | $-2.7M | ||
| Q3 25 | $46.7M | $-47.8M | ||
| Q2 25 | $7.9M | $195.3M | ||
| Q1 25 | $-33.8M | $59.9M | ||
| Q4 24 | $42.4M | $-20.3M | ||
| Q3 24 | $141.5M | $-49.1M | ||
| Q2 24 | $27.3M | $79.5M | ||
| Q1 24 | $10.3M | $80.3M |
| Q4 25 | 15.9% | -0.4% | ||
| Q3 25 | 5.6% | -10.8% | ||
| Q2 25 | 1.1% | 37.0% | ||
| Q1 25 | -5.1% | 8.2% | ||
| Q4 24 | 5.8% | -4.0% | ||
| Q3 24 | 17.6% | -15.8% | ||
| Q2 24 | 3.9% | 23.5% | ||
| Q1 24 | 1.6% | 14.4% |
| Q4 25 | 3.2% | 43.5% | ||
| Q3 25 | 1.8% | 64.4% | ||
| Q2 25 | 1.9% | 36.6% | ||
| Q1 25 | 3.2% | 26.4% | ||
| Q4 24 | 4.7% | 46.8% | ||
| Q3 24 | 3.4% | 79.7% | ||
| Q2 24 | 2.6% | 59.7% | ||
| Q1 24 | 4.0% | 42.1% |
| Q4 25 | — | 1.51× | ||
| Q3 25 | 1.76× | 2.21× | ||
| Q2 25 | 0.14× | 2.59× | ||
| Q1 25 | -0.45× | 1.17× | ||
| Q4 24 | 3.45× | 4.89× | ||
| Q3 24 | 3.55× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 1.14× | 1.90× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ENR
| Alkaline Batteries | $666.5M | 86% |
| Auto Care | $93.7M | 12% |
| Lights | $18.7M | 2% |
NFG
| Natural Gas Production | $302.5M | 47% |
| Natural Gas Residential Sales | $198.0M | 31% |
| Pipeline And Storage | $69.2M | 11% |
| Natural Gas Commercial Sales | $27.9M | 4% |
| Natural Gas Storage | $25.1M | 4% |
| Other | $4.1M | 1% |
| Natural Gas Midstream | $2.8M | 0% |
