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Side-by-side financial comparison of KENNAMETAL INC (KMT) and NATIONAL FUEL GAS CO (NFG). Click either name above to swap in a different company.
KENNAMETAL INC is the larger business by last-quarter revenue ($529.5M vs $425.9M, roughly 1.2× NATIONAL FUEL GAS CO). NATIONAL FUEL GAS CO runs the higher net margin — 35.7% vs 6.4%, a 29.3% gap on every dollar of revenue. On growth, KENNAMETAL INC posted the faster year-over-year revenue change (9.8% vs 1.7%). Over the past eight quarters, NATIONAL FUEL GAS CO's revenue compounded faster (12.1% CAGR vs 1.3%).
Kennametal, Inc. is a manufacturer of high-performance cutting tools and engineered components used in the aerospace, defense, transportation and oil and gas drilling industries. Its customer base is global.
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.
KMT vs NFG — Head-to-Head
Income Statement — Q2 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $529.5M | $425.9M |
| Net Profit | $33.9M | $152.0M |
| Gross Margin | 32.8% | — |
| Operating Margin | 9.9% | 81.5% |
| Net Margin | 6.4% | 35.7% |
| Revenue YoY | 9.8% | 1.7% |
| Net Profit YoY | 89.0% | — |
| EPS (diluted) | $0.44 | $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 | $529.5M | $637.9M | ||
| Q3 25 | $498.0M | $443.1M | ||
| Q2 25 | $516.4M | $527.4M | ||
| Q1 25 | $486.4M | $734.8M | ||
| Q4 24 | $482.1M | $513.8M | ||
| Q3 24 | $481.9M | $310.0M | ||
| Q2 24 | $543.3M | $338.6M |
| Q1 26 | — | $152.0M | ||
| Q4 25 | $33.9M | $181.6M | ||
| Q3 25 | $23.3M | $107.3M | ||
| Q2 25 | $21.6M | $149.8M | ||
| Q1 25 | $31.5M | $216.4M | ||
| Q4 24 | $17.9M | $45.0M | ||
| Q3 24 | $22.1M | $-167.6M | ||
| Q2 24 | $37.2M | $-54.2M |
| Q1 26 | — | — | ||
| Q4 25 | 32.8% | 86.6% | ||
| Q3 25 | 31.0% | — | ||
| Q2 25 | 28.2% | 94.7% | ||
| Q1 25 | 32.1% | 81.6% | ||
| Q4 24 | 30.1% | 87.3% | ||
| Q3 24 | 31.3% | — | ||
| Q2 24 | 31.5% | 98.5% |
| Q1 26 | — | 81.5% | ||
| Q4 25 | 9.9% | 43.3% | ||
| Q3 25 | 7.5% | 40.6% | ||
| Q2 25 | 6.1% | 43.7% | ||
| Q1 25 | 9.1% | 43.2% | ||
| Q4 24 | 6.6% | 16.8% | ||
| Q3 24 | 7.5% | -63.4% | ||
| Q2 24 | 11.3% | -15.2% |
| Q1 26 | — | 35.7% | ||
| Q4 25 | 6.4% | 28.5% | ||
| Q3 25 | 4.7% | 24.2% | ||
| Q2 25 | 4.2% | 28.4% | ||
| Q1 25 | 6.5% | 29.4% | ||
| Q4 24 | 3.7% | 8.8% | ||
| Q3 24 | 4.6% | -54.1% | ||
| Q2 24 | 6.8% | -16.0% |
| Q1 26 | — | $1.59 | ||
| Q4 25 | $0.44 | $1.98 | ||
| Q3 25 | $0.30 | $1.18 | ||
| Q2 25 | $0.28 | $1.64 | ||
| Q1 25 | $0.41 | $2.37 | ||
| Q4 24 | $0.23 | $0.49 | ||
| Q3 24 | $0.28 | $-1.81 | ||
| Q2 24 | $0.47 | $-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 | $129.3M | — |
| Total DebtLower is stronger | $597.2M | $300.0M |
| Stockholders' EquityBook value | $1.3B | — |
| Total Assets | $2.6B | $9.1B |
| Debt / EquityLower = less leverage | 0.45× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $129.3M | $271.4M | ||
| Q3 25 | $103.5M | $43.2M | ||
| Q2 25 | $140.5M | $39.3M | ||
| Q1 25 | $97.5M | $40.0M | ||
| Q4 24 | $121.2M | $48.7M | ||
| Q3 24 | $119.6M | $38.2M | ||
| Q2 24 | $128.0M | $81.4M |
| Q1 26 | — | $300.0M | ||
| Q4 25 | $597.2M | $2.7B | ||
| Q3 25 | $597.0M | $2.7B | ||
| Q2 25 | $596.8M | $2.7B | ||
| Q1 25 | $596.6M | $2.7B | ||
| Q4 24 | $596.4M | $2.7B | ||
| Q3 24 | $596.2M | $2.7B | ||
| Q2 24 | $596.0M | $2.7B |
| Q1 26 | — | — | ||
| Q4 25 | $1.3B | $3.6B | ||
| Q3 25 | $1.3B | $3.1B | ||
| Q2 25 | $1.3B | $3.0B | ||
| Q1 25 | $1.2B | $2.8B | ||
| Q4 24 | $1.2B | $-76.2M | ||
| Q3 24 | $1.3B | $-15.5M | ||
| Q2 24 | $1.2B | $5.0M |
| Q1 26 | — | $9.1B | ||
| Q4 25 | $2.6B | $9.2B | ||
| Q3 25 | $2.5B | $8.7B | ||
| Q2 25 | $2.5B | $8.4B | ||
| Q1 25 | $2.5B | $8.5B | ||
| Q4 24 | $2.4B | $8.3B | ||
| Q3 24 | $2.5B | $8.3B | ||
| Q2 24 | $2.5B | $8.5B |
| Q1 26 | — | — | ||
| Q4 25 | 0.45× | 0.75× | ||
| Q3 25 | 0.46× | 0.87× | ||
| Q2 25 | 0.46× | 0.90× | ||
| Q1 25 | 0.48× | 0.99× | ||
| Q4 24 | 0.49× | — | ||
| Q3 24 | 0.47× | — | ||
| Q2 24 | 0.48× | 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 | $55.1M | $657.3M |
| Free Cash FlowOCF − Capex | $42.4M | — |
| FCF MarginFCF / Revenue | 8.0% | — |
| Capex IntensityCapex / Revenue | 2.4% | 117.0% |
| Cash ConversionOCF / Net Profit | 1.63× | 4.32× |
| TTM Free Cash FlowTrailing 4 quarters | $99.3M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $657.3M | ||
| Q4 25 | $55.1M | $274.9M | ||
| Q3 25 | $17.5M | $237.8M | ||
| Q2 25 | $78.6M | $388.4M | ||
| Q1 25 | $28.8M | $253.8M | ||
| Q4 24 | $55.2M | $220.1M | ||
| Q3 24 | $45.7M | $197.9M | ||
| Q2 24 | $113.6M | $281.8M |
| Q1 26 | — | — | ||
| Q4 25 | $42.4M | $-2.7M | ||
| Q3 25 | $-5.5M | $-47.8M | ||
| Q2 25 | $57.1M | $195.3M | ||
| Q1 25 | $5.3M | $59.9M | ||
| Q4 24 | $35.9M | $-20.3M | ||
| Q3 24 | $21.0M | $-49.1M | ||
| Q2 24 | $90.3M | $79.5M |
| Q1 26 | — | — | ||
| Q4 25 | 8.0% | -0.4% | ||
| Q3 25 | -1.1% | -10.8% | ||
| Q2 25 | 11.1% | 37.0% | ||
| Q1 25 | 1.1% | 8.2% | ||
| Q4 24 | 7.5% | -4.0% | ||
| Q3 24 | 4.4% | -15.8% | ||
| Q2 24 | 16.6% | 23.5% |
| Q1 26 | — | 117.0% | ||
| Q4 25 | 2.4% | 43.5% | ||
| Q3 25 | 4.6% | 64.4% | ||
| Q2 25 | 4.2% | 36.6% | ||
| Q1 25 | 4.8% | 26.4% | ||
| Q4 24 | 4.0% | 46.8% | ||
| Q3 24 | 5.1% | 79.7% | ||
| Q2 24 | 4.3% | 59.7% |
| Q1 26 | — | 4.32× | ||
| Q4 25 | 1.63× | 1.51× | ||
| Q3 25 | 0.75× | 2.21× | ||
| Q2 25 | 3.64× | 2.59× | ||
| Q1 25 | 0.92× | 1.17× | ||
| Q4 24 | 3.08× | 4.89× | ||
| Q3 24 | 2.07× | — | ||
| Q2 24 | 3.06× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
KMT
| Metal Cutting | $331.1M | 63% |
| Infrastructure | $198.5M | 37% |
NFG
| Revenues from External Customers | $425.8M | 100% |
| Intersegment Revenues | $126.0K | 0% |
