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Side-by-side financial comparison of HALOZYME THERAPEUTICS, INC. (HALO) and NATIONAL FUEL GAS CO (NFG). Click either name above to swap in a different company.
HALOZYME THERAPEUTICS, INC. is the larger business by last-quarter revenue ($451.8M vs $425.9M, roughly 1.1× NATIONAL FUEL GAS CO). NATIONAL FUEL GAS CO runs the higher net margin — 35.7% vs -31.3%, a 67.0% gap on every dollar of revenue. On growth, HALOZYME THERAPEUTICS, INC. posted the faster year-over-year revenue change (51.6% vs 1.7%). Over the past eight quarters, HALOZYME THERAPEUTICS, INC.'s revenue compounded faster (51.9% CAGR vs 12.1%).
Halozyme Therapeutics, Inc. is an American biotechnology company. It develops oncology therapies designed to target the tumor microenvironment.
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.
HALO vs NFG — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $451.8M | $425.9M |
| Net Profit | $-141.6M | $152.0M |
| Gross Margin | 82.6% | — |
| Operating Margin | -20.6% | 81.5% |
| Net Margin | -31.3% | 35.7% |
| Revenue YoY | 51.6% | 1.7% |
| Net Profit YoY | -203.3% | — |
| EPS (diluted) | $-1.13 | $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.
| Q1 26 | — | $425.9M | ||
| Q4 25 | $451.8M | $637.9M | ||
| Q3 25 | $354.3M | $443.1M | ||
| Q2 25 | $325.7M | $527.4M | ||
| Q1 25 | $264.9M | $734.8M | ||
| Q4 24 | $298.0M | $513.8M | ||
| Q3 24 | $290.1M | $310.0M | ||
| Q2 24 | $231.4M | $338.6M |
| Q1 26 | — | $152.0M | ||
| Q4 25 | $-141.6M | $181.6M | ||
| Q3 25 | $175.2M | $107.3M | ||
| Q2 25 | $165.2M | $149.8M | ||
| Q1 25 | $118.1M | $216.4M | ||
| Q4 24 | $137.0M | $45.0M | ||
| Q3 24 | $137.0M | $-167.6M | ||
| Q2 24 | $93.2M | $-54.2M |
| Q1 26 | — | — | ||
| Q4 25 | 82.6% | 86.6% | ||
| Q3 25 | 84.4% | — | ||
| Q2 25 | 85.8% | 94.7% | ||
| Q1 25 | 81.7% | 81.6% | ||
| Q4 24 | 85.9% | 87.3% | ||
| Q3 24 | 83.0% | — | ||
| Q2 24 | 82.9% | 98.5% |
| Q1 26 | — | 81.5% | ||
| Q4 25 | -20.6% | 43.3% | ||
| Q3 25 | 61.5% | 40.6% | ||
| Q2 25 | 62.2% | 43.7% | ||
| Q1 25 | 53.4% | 43.2% | ||
| Q4 24 | 58.9% | 16.8% | ||
| Q3 24 | 56.3% | -63.4% | ||
| Q2 24 | 50.7% | -15.2% |
| Q1 26 | — | 35.7% | ||
| Q4 25 | -31.3% | 28.5% | ||
| Q3 25 | 49.5% | 24.2% | ||
| Q2 25 | 50.7% | 28.4% | ||
| Q1 25 | 44.6% | 29.4% | ||
| Q4 24 | 46.0% | 8.8% | ||
| Q3 24 | 47.2% | -54.1% | ||
| Q2 24 | 40.3% | -16.0% |
| Q1 26 | — | $1.59 | ||
| Q4 25 | $-1.13 | $1.98 | ||
| Q3 25 | $1.43 | $1.18 | ||
| Q2 25 | $1.33 | $1.64 | ||
| Q1 25 | $0.93 | $2.37 | ||
| Q4 24 | $1.06 | $0.49 | ||
| Q3 24 | $1.05 | $-1.81 | ||
| Q2 24 | $0.72 | $-0.59 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $133.8M | — |
| Total DebtLower is stronger | $2.1B | $300.0M |
| Stockholders' EquityBook value | $48.8M | — |
| Total Assets | $2.5B | $9.1B |
| Debt / EquityLower = less leverage | 43.89× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $133.8M | $271.4M | ||
| Q3 25 | $419.7M | $43.2M | ||
| Q2 25 | $61.9M | $39.3M | ||
| Q1 25 | $176.3M | $40.0M | ||
| Q4 24 | $115.8M | $48.7M | ||
| Q3 24 | $154.3M | $38.2M | ||
| Q2 24 | $187.9M | $81.4M |
| Q1 26 | — | $300.0M | ||
| Q4 25 | $2.1B | $2.7B | ||
| Q3 25 | $1.5B | $2.7B | ||
| Q2 25 | $1.5B | $2.7B | ||
| Q1 25 | $1.5B | $2.7B | ||
| Q4 24 | $1.5B | $2.7B | ||
| Q3 24 | $1.5B | $2.7B | ||
| Q2 24 | $1.5B | $2.7B |
| Q1 26 | — | — | ||
| Q4 25 | $48.8M | $3.6B | ||
| Q3 25 | $503.9M | $3.1B | ||
| Q2 25 | $332.7M | $3.0B | ||
| Q1 25 | $482.3M | $2.8B | ||
| Q4 24 | $363.8M | $-76.2M | ||
| Q3 24 | $452.7M | $-15.5M | ||
| Q2 24 | $289.4M | $5.0M |
| Q1 26 | — | $9.1B | ||
| Q4 25 | $2.5B | $9.2B | ||
| Q3 25 | $2.2B | $8.7B | ||
| Q2 25 | $2.1B | $8.4B | ||
| Q1 25 | $2.2B | $8.5B | ||
| Q4 24 | $2.1B | $8.3B | ||
| Q3 24 | $2.1B | $8.3B | ||
| Q2 24 | $2.0B | $8.5B |
| Q1 26 | — | — | ||
| Q4 25 | 43.89× | 0.75× | ||
| Q3 25 | 3.00× | 0.87× | ||
| Q2 25 | 4.54× | 0.90× | ||
| Q1 25 | 3.13× | 0.99× | ||
| Q4 24 | 4.14× | — | ||
| Q3 24 | 3.32× | — | ||
| Q2 24 | 5.19× | 532.10× |
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 | $219.0M | $657.3M |
| Free Cash FlowOCF − Capex | $217.6M | — |
| FCF MarginFCF / Revenue | 48.2% | — |
| Capex IntensityCapex / Revenue | 0.3% | 117.0% |
| Cash ConversionOCF / Net Profit | — | 4.32× |
| TTM Free Cash FlowTrailing 4 quarters | $644.6M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $657.3M | ||
| Q4 25 | $219.0M | $274.9M | ||
| Q3 25 | $178.6M | $237.8M | ||
| Q2 25 | $99.7M | $388.4M | ||
| Q1 25 | $154.2M | $253.8M | ||
| Q4 24 | $178.5M | $220.1M | ||
| Q3 24 | $115.4M | $197.9M | ||
| Q2 24 | $55.8M | $281.8M |
| Q1 26 | — | — | ||
| Q4 25 | $217.6M | $-2.7M | ||
| Q3 25 | $175.6M | $-47.8M | ||
| Q2 25 | $98.1M | $195.3M | ||
| Q1 25 | $153.3M | $59.9M | ||
| Q4 24 | $175.4M | $-20.3M | ||
| Q3 24 | $113.9M | $-49.1M | ||
| Q2 24 | $53.2M | $79.5M |
| Q1 26 | — | — | ||
| Q4 25 | 48.2% | -0.4% | ||
| Q3 25 | 49.6% | -10.8% | ||
| Q2 25 | 30.1% | 37.0% | ||
| Q1 25 | 57.9% | 8.2% | ||
| Q4 24 | 58.9% | -4.0% | ||
| Q3 24 | 39.3% | -15.8% | ||
| Q2 24 | 23.0% | 23.5% |
| Q1 26 | — | 117.0% | ||
| Q4 25 | 0.3% | 43.5% | ||
| Q3 25 | 0.9% | 64.4% | ||
| Q2 25 | 0.5% | 36.6% | ||
| Q1 25 | 0.4% | 26.4% | ||
| Q4 24 | 1.0% | 46.8% | ||
| Q3 24 | 0.5% | 79.7% | ||
| Q2 24 | 1.1% | 59.7% |
| Q1 26 | — | 4.32× | ||
| Q4 25 | — | 1.51× | ||
| Q3 25 | 1.02× | 2.21× | ||
| Q2 25 | 0.60× | 2.59× | ||
| Q1 25 | 1.31× | 1.17× | ||
| Q4 24 | 1.30× | 4.89× | ||
| Q3 24 | 0.84× | — | ||
| Q2 24 | 0.60× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HALO
| Royalty | $258.0M | 57% |
| Products | $122.7M | 27% |
| Proprietary Products Sales | $59.6M | 13% |
| Device Partnered Products | $12.9M | 3% |
NFG
| Revenues from External Customers | $425.8M | 100% |
| Intersegment Revenues | $126.0K | 0% |
