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Side-by-side financial comparison of IES Holdings, Inc. (IESC) and NATIONAL FUEL GAS CO (NFG). Click either name above to swap in a different company.
IES Holdings, Inc. is the larger business by last-quarter revenue ($871.0M vs $637.9M, roughly 1.4× NATIONAL FUEL GAS CO). NATIONAL FUEL GAS CO runs the higher net margin — 28.5% vs 10.5%, a 17.9% gap on every dollar of revenue. On growth, NATIONAL FUEL GAS CO posted the faster year-over-year revenue change (24.1% vs 16.2%). NATIONAL FUEL GAS CO produced more free cash flow last quarter ($-2.7M vs $-18.9M). Over the past eight quarters, IES Holdings, Inc.'s revenue compounded faster (11.1% CAGR vs 6.9%).
IES Holdings, Inc., formerly known as Integrated Electrical Services, Inc., designs and installs integrated electrical and technology systems and provides infrastructure products and services to a variety of end markets, including data centers, residential housing, and commercial and industrial facilities.
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.
IESC vs NFG — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $871.0M | $637.9M |
| Net Profit | $91.8M | $181.6M |
| Gross Margin | 25.3% | 86.6% |
| Operating Margin | 11.2% | 43.3% |
| Net Margin | 10.5% | 28.5% |
| Revenue YoY | 16.2% | 24.1% |
| Net Profit YoY | 59.1% | 303.8% |
| EPS (diluted) | $4.51 | $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 | $871.0M | $637.9M | ||
| Q3 25 | $897.8M | $443.1M | ||
| Q2 25 | $890.2M | $527.4M | ||
| Q1 25 | $834.0M | $734.8M | ||
| Q4 24 | $749.5M | $513.8M | ||
| Q3 24 | $775.8M | $310.0M | ||
| Q2 24 | $768.4M | $338.6M | ||
| Q1 24 | $705.7M | $558.7M |
| Q4 25 | $91.8M | $181.6M | ||
| Q3 25 | $102.3M | $107.3M | ||
| Q2 25 | $79.3M | $149.8M | ||
| Q1 25 | $72.6M | $216.4M | ||
| Q4 24 | $57.7M | $45.0M | ||
| Q3 24 | $65.5M | $-167.6M | ||
| Q2 24 | $66.6M | $-54.2M | ||
| Q1 24 | $56.8M | $166.3M |
| Q4 25 | 25.3% | 86.6% | ||
| Q3 25 | 26.0% | — | ||
| Q2 25 | 26.9% | 94.7% | ||
| Q1 25 | 25.0% | 81.6% | ||
| Q4 24 | 23.8% | 87.3% | ||
| Q3 24 | 24.0% | — | ||
| Q2 24 | 25.3% | 98.5% | ||
| Q1 24 | 24.3% | 81.0% |
| Q4 25 | 11.2% | 43.3% | ||
| Q3 25 | 11.6% | 40.6% | ||
| Q2 25 | 12.6% | 43.7% | ||
| Q1 25 | 11.1% | 43.2% | ||
| Q4 24 | 10.0% | 16.8% | ||
| Q3 24 | 9.7% | -63.4% | ||
| Q2 24 | 11.7% | -15.2% | ||
| Q1 24 | 11.0% | 44.9% |
| Q4 25 | 10.5% | 28.5% | ||
| Q3 25 | 11.4% | 24.2% | ||
| Q2 25 | 8.9% | 28.4% | ||
| Q1 25 | 8.7% | 29.4% | ||
| Q4 24 | 7.7% | 8.8% | ||
| Q3 24 | 8.4% | -54.1% | ||
| Q2 24 | 8.7% | -16.0% | ||
| Q1 24 | 8.0% | 29.8% |
| Q4 25 | $4.51 | $1.98 | ||
| Q3 25 | $4.99 | $1.18 | ||
| Q2 25 | $3.81 | $1.64 | ||
| Q1 25 | $3.50 | $2.37 | ||
| Q4 24 | $2.72 | $0.49 | ||
| Q3 24 | $3.06 | $-1.81 | ||
| Q2 24 | $2.67 | $-0.59 | ||
| Q1 24 | $2.29 | $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 | $258.7M | $271.4M |
| Total DebtLower is stronger | — | $2.7B |
| Stockholders' EquityBook value | $961.1M | $3.6B |
| Total Assets | $1.7B | $9.2B |
| Debt / EquityLower = less leverage | — | 0.75× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $258.7M | $271.4M | ||
| Q3 25 | $231.8M | $43.2M | ||
| Q2 25 | $168.3M | $39.3M | ||
| Q1 25 | $88.3M | $40.0M | ||
| Q4 24 | $112.0M | $48.7M | ||
| Q3 24 | $135.8M | $38.2M | ||
| Q2 24 | $44.9M | $81.4M | ||
| Q1 24 | $106.0M | $50.8M |
| 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 24 | — | $2.7B | ||
| Q1 24 | — | $2.4B |
| Q4 25 | $961.1M | $3.6B | ||
| Q3 25 | $884.0M | $3.1B | ||
| Q2 25 | $781.4M | $3.0B | ||
| Q1 25 | $705.8M | $2.8B | ||
| Q4 24 | $652.4M | $-76.2M | ||
| Q3 24 | $611.1M | $-15.5M | ||
| Q2 24 | $567.5M | $5.0M | ||
| Q1 24 | $534.8M | $75.3M |
| Q4 25 | $1.7B | $9.2B | ||
| Q3 25 | $1.6B | $8.7B | ||
| Q2 25 | $1.5B | $8.4B | ||
| Q1 25 | $1.4B | $8.5B | ||
| Q4 24 | $1.3B | $8.3B | ||
| Q3 24 | $1.2B | $8.3B | ||
| Q2 24 | $1.2B | $8.5B | ||
| Q1 24 | $1.1B | $8.7B |
| Q4 25 | — | 0.75× | ||
| Q3 25 | — | 0.87× | ||
| Q2 25 | — | 0.90× | ||
| Q1 25 | — | 0.99× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 532.10× | ||
| Q1 24 | — | 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 | $27.7M | $274.9M |
| Free Cash FlowOCF − Capex | $-18.9M | $-2.7M |
| FCF MarginFCF / Revenue | -2.2% | -0.4% |
| Capex IntensityCapex / Revenue | 5.3% | 43.5% |
| Cash ConversionOCF / Net Profit | 0.30× | 1.51× |
| TTM Free Cash FlowTrailing 4 quarters | $175.9M | $204.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $27.7M | $274.9M | ||
| Q3 25 | $132.0M | $237.8M | ||
| Q2 25 | $92.0M | $388.4M | ||
| Q1 25 | $24.8M | $253.8M | ||
| Q4 24 | $37.3M | $220.1M | ||
| Q3 24 | $92.8M | $197.9M | ||
| Q2 24 | $82.9M | $281.8M | ||
| Q1 24 | $33.7M | $315.3M |
| Q4 25 | $-18.9M | $-2.7M | ||
| Q3 25 | $112.0M | $-47.8M | ||
| Q2 25 | $74.8M | $195.3M | ||
| Q1 25 | $7.9M | $59.9M | ||
| Q4 24 | $24.1M | $-20.3M | ||
| Q3 24 | $78.5M | $-49.1M | ||
| Q2 24 | $65.4M | $79.5M | ||
| Q1 24 | $26.9M | $80.3M |
| Q4 25 | -2.2% | -0.4% | ||
| Q3 25 | 12.5% | -10.8% | ||
| Q2 25 | 8.4% | 37.0% | ||
| Q1 25 | 0.9% | 8.2% | ||
| Q4 24 | 3.2% | -4.0% | ||
| Q3 24 | 10.1% | -15.8% | ||
| Q2 24 | 8.5% | 23.5% | ||
| Q1 24 | 3.8% | 14.4% |
| Q4 25 | 5.3% | 43.5% | ||
| Q3 25 | 2.2% | 64.4% | ||
| Q2 25 | 1.9% | 36.6% | ||
| Q1 25 | 2.0% | 26.4% | ||
| Q4 24 | 1.8% | 46.8% | ||
| Q3 24 | 1.8% | 79.7% | ||
| Q2 24 | 2.3% | 59.7% | ||
| Q1 24 | 1.0% | 42.1% |
| Q4 25 | 0.30× | 1.51× | ||
| Q3 25 | 1.29× | 2.21× | ||
| Q2 25 | 1.16× | 2.59× | ||
| Q1 25 | 0.34× | 1.17× | ||
| Q4 24 | 0.65× | 4.89× | ||
| Q3 24 | 1.42× | — | ||
| Q2 24 | 1.24× | — | ||
| Q1 24 | 0.59× | 1.90× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
IESC
| Communications | $351.9M | 40% |
| Single Family Electrical Contracts | $137.0M | 16% |
| Custom Engineered Solutions | $116.0M | 13% |
| Commercialand Industrial | $94.8M | 11% |
| Single Family Contracts Plumbing HVAC | $82.9M | 10% |
| Multi Familyand Other | $64.2M | 7% |
| Industrial Services | $24.2M | 3% |
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% |
