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Side-by-side financial comparison of Essex Property Trust (ESS) 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 ($637.9M vs $479.6M, roughly 1.3× Essex Property Trust). NATIONAL FUEL GAS CO runs the higher net margin — 28.5% vs 17.9%, a 10.6% gap on every dollar of revenue. On growth, NATIONAL FUEL GAS CO posted the faster year-over-year revenue change (24.1% vs 5.5%). Over the past eight quarters, NATIONAL FUEL GAS CO's revenue compounded faster (6.9% CAGR vs 6.0%).
Essex Property Trust is a publicly traded real estate investment trust that invests in apartments in California and in the Seattle metropolitan area.
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.
ESS vs NFG — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $479.6M | $637.9M |
| Net Profit | $85.7M | $181.6M |
| Gross Margin | 70.0% | 86.6% |
| Operating Margin | 31.7% | 43.3% |
| Net Margin | 17.9% | 28.5% |
| Revenue YoY | 5.5% | 24.1% |
| Net Profit YoY | -71.6% | 303.8% |
| EPS (diluted) | $1.24 | $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 | $479.6M | $637.9M | ||
| Q3 25 | $473.3M | $443.1M | ||
| Q2 25 | $469.8M | $527.4M | ||
| Q1 25 | $464.6M | $734.8M | ||
| Q4 24 | $454.5M | $513.8M | ||
| Q3 24 | $450.7M | $310.0M | ||
| Q2 24 | $442.4M | $338.6M | ||
| Q1 24 | $426.9M | $558.7M |
| Q4 25 | $85.7M | $181.6M | ||
| Q3 25 | $172.7M | $107.3M | ||
| Q2 25 | $231.5M | $149.8M | ||
| Q1 25 | $212.8M | $216.4M | ||
| Q4 24 | $301.7M | $45.0M | ||
| Q3 24 | $125.5M | $-167.6M | ||
| Q2 24 | $99.0M | $-54.2M | ||
| Q1 24 | $285.1M | $166.3M |
| Q4 25 | 70.0% | 86.6% | ||
| Q3 25 | 69.2% | — | ||
| Q2 25 | 70.7% | 94.7% | ||
| Q1 25 | 69.6% | 81.6% | ||
| Q4 24 | 70.0% | 87.3% | ||
| Q3 24 | 69.5% | — | ||
| Q2 24 | 70.8% | 98.5% | ||
| Q1 24 | 69.7% | 81.0% |
| Q4 25 | 31.7% | 43.3% | ||
| Q3 25 | 44.5% | 40.6% | ||
| Q2 25 | 59.5% | 43.7% | ||
| Q1 25 | 55.3% | 43.2% | ||
| Q4 24 | 67.0% | 16.8% | ||
| Q3 24 | 28.6% | -63.4% | ||
| Q2 24 | 31.1% | -15.2% | ||
| Q1 24 | 31.0% | 44.9% |
| Q4 25 | 17.9% | 28.5% | ||
| Q3 25 | 36.5% | 24.2% | ||
| Q2 25 | 49.3% | 28.4% | ||
| Q1 25 | 45.8% | 29.4% | ||
| Q4 24 | 66.4% | 8.8% | ||
| Q3 24 | 27.8% | -54.1% | ||
| Q2 24 | 22.4% | -16.0% | ||
| Q1 24 | 66.8% | 29.8% |
| Q4 25 | $1.24 | $1.98 | ||
| Q3 25 | $2.56 | $1.18 | ||
| Q2 25 | $3.44 | $1.64 | ||
| Q1 25 | $3.16 | $2.37 | ||
| Q4 24 | $4.00 | $0.49 | ||
| Q3 24 | $1.84 | $-1.81 | ||
| Q2 24 | $1.45 | $-0.59 | ||
| Q1 24 | $4.25 | $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 | $76.2M | $271.4M |
| Total DebtLower is stronger | — | $2.7B |
| Stockholders' EquityBook value | $5.5B | $3.6B |
| Total Assets | $13.2B | $9.2B |
| Debt / EquityLower = less leverage | — | 0.75× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $76.2M | $271.4M | ||
| Q3 25 | $66.0M | $43.2M | ||
| Q2 25 | $58.7M | $39.3M | ||
| Q1 25 | $98.7M | $40.0M | ||
| Q4 24 | $66.8M | $48.7M | ||
| Q3 24 | $71.3M | $38.2M | ||
| Q2 24 | $55.2M | $81.4M | ||
| Q1 24 | $499.0M | $50.8M |
| Q4 25 | — | $2.7B | ||
| Q3 25 | $6.4B | $2.7B | ||
| Q2 25 | $6.4B | $2.7B | ||
| Q1 25 | $6.8B | $2.7B | ||
| Q4 24 | — | $2.7B | ||
| Q3 24 | $6.4B | $2.7B | ||
| Q2 24 | $6.2B | $2.7B | ||
| Q1 24 | $6.6B | $2.4B |
| Q4 25 | $5.5B | $3.6B | ||
| Q3 25 | $5.6B | $3.1B | ||
| Q2 25 | $5.6B | $3.0B | ||
| Q1 25 | $5.6B | $2.8B | ||
| Q4 24 | $5.5B | $-76.2M | ||
| Q3 24 | $5.4B | $-15.5M | ||
| Q2 24 | $5.5B | $5.0M | ||
| Q1 24 | $5.5B | $75.3M |
| Q4 25 | $13.2B | $9.2B | ||
| Q3 25 | $13.2B | $8.7B | ||
| Q2 25 | $13.2B | $8.4B | ||
| Q1 25 | $13.2B | $8.5B | ||
| Q4 24 | $12.9B | $8.3B | ||
| Q3 24 | $12.6B | $8.3B | ||
| Q2 24 | $12.5B | $8.5B | ||
| Q1 24 | $12.9B | $8.7B |
| Q4 25 | — | 0.75× | ||
| Q3 25 | 1.15× | 0.87× | ||
| Q2 25 | 1.14× | 0.90× | ||
| Q1 25 | 1.22× | 0.99× | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.18× | — | ||
| Q2 24 | 1.13× | 532.10× | ||
| Q1 24 | 1.19× | 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 | $1.1B | $274.9M |
| Free Cash FlowOCF − Capex | — | $-2.7M |
| FCF MarginFCF / Revenue | — | -0.4% |
| Capex IntensityCapex / Revenue | — | 43.5% |
| Cash ConversionOCF / Net Profit | 12.53× | 1.51× |
| TTM Free Cash FlowTrailing 4 quarters | — | $204.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | $274.9M | ||
| Q3 25 | $342.6M | $237.8M | ||
| Q2 25 | $216.1M | $388.4M | ||
| Q1 25 | $281.5M | $253.8M | ||
| Q4 24 | $1.1B | $220.1M | ||
| Q3 24 | $316.2M | $197.9M | ||
| Q2 24 | $218.9M | $281.8M | ||
| Q1 24 | $314.9M | $315.3M |
| Q4 25 | — | $-2.7M | ||
| Q3 25 | — | $-47.8M | ||
| Q2 25 | — | $195.3M | ||
| Q1 25 | — | $59.9M | ||
| Q4 24 | — | $-20.3M | ||
| Q3 24 | — | $-49.1M | ||
| Q2 24 | — | $79.5M | ||
| Q1 24 | — | $80.3M |
| Q4 25 | — | -0.4% | ||
| Q3 25 | — | -10.8% | ||
| Q2 25 | — | 37.0% | ||
| Q1 25 | — | 8.2% | ||
| Q4 24 | — | -4.0% | ||
| Q3 24 | — | -15.8% | ||
| Q2 24 | — | 23.5% | ||
| Q1 24 | — | 14.4% |
| Q4 25 | — | 43.5% | ||
| Q3 25 | — | 64.4% | ||
| Q2 25 | — | 36.6% | ||
| Q1 25 | — | 26.4% | ||
| Q4 24 | — | 46.8% | ||
| Q3 24 | — | 79.7% | ||
| Q2 24 | — | 59.7% | ||
| Q1 24 | — | 42.1% |
| Q4 25 | 12.53× | 1.51× | ||
| Q3 25 | 1.98× | 2.21× | ||
| Q2 25 | 0.93× | 2.59× | ||
| Q1 25 | 1.32× | 1.17× | ||
| Q4 24 | 3.54× | 4.89× | ||
| Q3 24 | 2.52× | — | ||
| Q2 24 | 2.21× | — | ||
| Q1 24 | 1.10× | 1.90× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ESS
Segment breakdown not available.
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% |
