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Side-by-side financial comparison of Incyte (INCY) and NATIONAL FUEL GAS CO (NFG). Click either name above to swap in a different company.
Incyte is the larger business by last-quarter revenue ($1.3B vs $425.9M, roughly 3.0× NATIONAL FUEL GAS CO). NATIONAL FUEL GAS CO runs the higher net margin — 35.7% vs 23.8%, a 11.9% gap on every dollar of revenue. On growth, Incyte posted the faster year-over-year revenue change (20.9% vs 1.7%). Over the past eight quarters, NATIONAL FUEL GAS CO's revenue compounded faster (12.1% CAGR vs 10.4%).
Incyte Corporation is an American multinational pharmaceutical company with headquarters in Wilmington, Delaware. The company currently operates manufacturing and R&D locations in North America, Europe, and Asia.
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.
INCY vs NFG — Head-to-Head
Income Statement — Q1 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.3B | $425.9M |
| Net Profit | $303.3M | $152.0M |
| Gross Margin | — | — |
| Operating Margin | 23.7% | 81.5% |
| Net Margin | 23.8% | 35.7% |
| Revenue YoY | 20.9% | 1.7% |
| Net Profit YoY | 91.7% | — |
| EPS (diluted) | $1.47 | $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 | $1.3B | $425.9M | ||
| Q4 25 | $1.5B | $637.9M | ||
| Q3 25 | $1.4B | $443.1M | ||
| Q2 25 | $1.2B | $527.4M | ||
| Q1 25 | $1.1B | $734.8M | ||
| Q4 24 | $1.2B | $513.8M | ||
| Q3 24 | $1.1B | $310.0M | ||
| Q2 24 | $1.0B | $338.6M |
| Q1 26 | $303.3M | $152.0M | ||
| Q4 25 | $299.3M | $181.6M | ||
| Q3 25 | $424.2M | $107.3M | ||
| Q2 25 | $405.0M | $149.8M | ||
| Q1 25 | $158.2M | $216.4M | ||
| Q4 24 | $201.2M | $45.0M | ||
| Q3 24 | $106.5M | $-167.6M | ||
| Q2 24 | $-444.6M | $-54.2M |
| Q1 26 | — | — | ||
| Q4 25 | 92.0% | 86.6% | ||
| Q3 25 | 92.8% | — | ||
| Q2 25 | 93.5% | 94.7% | ||
| Q1 25 | 93.0% | 81.6% | ||
| Q4 24 | 92.5% | 87.3% | ||
| Q3 24 | 92.4% | — | ||
| Q2 24 | 92.7% | 98.5% |
| Q1 26 | 23.7% | 81.5% | ||
| Q4 25 | 22.3% | 43.3% | ||
| Q3 25 | 32.5% | 40.6% | ||
| Q2 25 | 43.6% | 43.7% | ||
| Q1 25 | 19.5% | 43.2% | ||
| Q4 24 | 25.6% | 16.8% | ||
| Q3 24 | 12.8% | -63.4% | ||
| Q2 24 | -45.8% | -15.2% |
| Q1 26 | 23.8% | 35.7% | ||
| Q4 25 | 19.9% | 28.5% | ||
| Q3 25 | 31.1% | 24.2% | ||
| Q2 25 | 33.3% | 28.4% | ||
| Q1 25 | 15.0% | 29.4% | ||
| Q4 24 | 17.1% | 8.8% | ||
| Q3 24 | 9.4% | -54.1% | ||
| Q2 24 | -42.6% | -16.0% |
| Q1 26 | $1.47 | $1.59 | ||
| Q4 25 | $1.46 | $1.98 | ||
| Q3 25 | $2.11 | $1.18 | ||
| Q2 25 | $2.04 | $1.64 | ||
| Q1 25 | $0.80 | $2.37 | ||
| Q4 24 | $0.90 | $0.49 | ||
| Q3 24 | $0.54 | $-1.81 | ||
| Q2 24 | $-2.04 | $-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 | — | — |
| Total DebtLower is stronger | — | $300.0M |
| Stockholders' EquityBook value | $5.6B | — |
| Total Assets | $7.3B | $9.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $3.1B | $271.4M | ||
| Q3 25 | $2.5B | $43.2M | ||
| Q2 25 | $2.0B | $39.3M | ||
| Q1 25 | $1.9B | $40.0M | ||
| Q4 24 | $1.7B | $48.7M | ||
| Q3 24 | $1.3B | $38.2M | ||
| Q2 24 | $987.3M | $81.4M |
| 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 24 | — | $2.7B |
| Q1 26 | $5.6B | — | ||
| Q4 25 | $5.2B | $3.6B | ||
| Q3 25 | $4.7B | $3.1B | ||
| Q2 25 | $4.2B | $3.0B | ||
| Q1 25 | $3.7B | $2.8B | ||
| Q4 24 | $3.4B | $-76.2M | ||
| Q3 24 | $3.2B | $-15.5M | ||
| Q2 24 | $3.0B | $5.0M |
| Q1 26 | $7.3B | $9.1B | ||
| Q4 25 | $7.0B | $9.2B | ||
| Q3 25 | $6.3B | $8.7B | ||
| Q2 25 | $5.8B | $8.4B | ||
| Q1 25 | $5.7B | $8.5B | ||
| Q4 24 | $5.4B | $8.3B | ||
| Q3 24 | $5.0B | $8.3B | ||
| Q2 24 | $4.7B | $8.5B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.75× | ||
| Q3 25 | — | 0.87× | ||
| Q2 25 | — | 0.90× | ||
| Q1 25 | — | 0.99× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 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 | — | $657.3M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | 117.0% |
| Cash ConversionOCF / Net Profit | — | 4.32× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $657.3M | ||
| Q4 25 | $543.3M | $274.9M | ||
| Q3 25 | $559.4M | $237.8M | ||
| Q2 25 | $44.7M | $388.4M | ||
| Q1 25 | $266.1M | $253.8M | ||
| Q4 24 | $381.2M | $220.1M | ||
| Q3 24 | $310.9M | $197.9M | ||
| Q2 24 | $-575.6M | $281.8M |
| Q1 26 | — | — | ||
| 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 26 | — | — | ||
| 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 26 | — | 117.0% | ||
| 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 26 | — | 4.32× | ||
| Q4 25 | 1.82× | 1.51× | ||
| Q3 25 | 1.32× | 2.21× | ||
| Q2 25 | 0.11× | 2.59× | ||
| Q1 25 | 1.68× | 1.17× | ||
| Q4 24 | 1.89× | 4.89× | ||
| Q3 24 | 2.92× | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
INCY
Segment breakdown not available.
NFG
| Revenues from External Customers | $425.8M | 100% |
| Intersegment Revenues | $126.0K | 0% |
