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Side-by-side financial comparison of Liberty Energy Inc. (LBRT) and NATIONAL FUEL GAS CO (NFG). Click either name above to swap in a different company.
Liberty Energy Inc. is the larger business by last-quarter revenue ($1.0B vs $425.9M, roughly 2.4× NATIONAL FUEL GAS CO). NATIONAL FUEL GAS CO runs the higher net margin — 35.7% vs 2.2%, a 33.5% gap on every dollar of revenue. On growth, Liberty Energy Inc. posted the faster year-over-year revenue change (4.5% vs 1.7%). Over the past eight quarters, NATIONAL FUEL GAS CO's revenue compounded faster (12.1% CAGR vs -6.2%).
Liberty Energy Inc. is a North American energy services provider specializing in hydraulic fracturing and well completion solutions for oil and gas operators. It serves clients across major U.S. shale basins, offering low-emission equipment and tailored support to optimize well productivity.
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.
LBRT vs NFG — Head-to-Head
Income Statement — Q1 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.0B | $425.9M |
| Net Profit | $22.6M | $152.0M |
| Gross Margin | — | — |
| Operating Margin | 2.2% | 81.5% |
| Net Margin | 2.2% | 35.7% |
| Revenue YoY | 4.5% | 1.7% |
| Net Profit YoY | — | — |
| EPS (diluted) | $0.14 | $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 | $1.0B | $425.9M | ||
| Q4 25 | $1.0B | $637.9M | ||
| Q3 25 | $947.4M | $443.1M | ||
| Q2 25 | $1.0B | $527.4M | ||
| Q1 25 | $977.5M | $734.8M | ||
| Q4 24 | $943.6M | $513.8M | ||
| Q3 24 | $1.1B | $310.0M | ||
| Q2 24 | $1.2B | $338.6M |
| Q1 26 | $22.6M | $152.0M | ||
| Q4 25 | $13.7M | $181.6M | ||
| Q3 25 | $43.1M | $107.3M | ||
| Q2 25 | $71.0M | $149.8M | ||
| Q1 25 | $20.1M | $216.4M | ||
| Q4 24 | $51.9M | $45.0M | ||
| Q3 24 | $73.8M | $-167.6M | ||
| Q2 24 | $108.4M | $-54.2M |
| Q1 26 | — | — | ||
| Q4 25 | 20.6% | 86.6% | ||
| Q3 25 | 18.7% | — | ||
| Q2 25 | 22.1% | 94.7% | ||
| Q1 25 | 22.1% | 81.6% | ||
| Q4 24 | 21.4% | 87.3% | ||
| Q3 24 | 26.2% | — | ||
| Q2 24 | 27.9% | 98.5% |
| Q1 26 | 2.2% | 81.5% | ||
| Q4 25 | 1.9% | 43.3% | ||
| Q3 25 | -0.3% | 40.6% | ||
| Q2 25 | 3.6% | 43.7% | ||
| Q1 25 | 1.9% | 43.2% | ||
| Q4 24 | 2.6% | 16.8% | ||
| Q3 24 | 9.4% | -63.4% | ||
| Q2 24 | 12.2% | -15.2% |
| Q1 26 | 2.2% | 35.7% | ||
| Q4 25 | 1.3% | 28.5% | ||
| Q3 25 | 4.5% | 24.2% | ||
| Q2 25 | 6.8% | 28.4% | ||
| Q1 25 | 2.1% | 29.4% | ||
| Q4 24 | 5.5% | 8.8% | ||
| Q3 24 | 6.5% | -54.1% | ||
| Q2 24 | 9.3% | -16.0% |
| Q1 26 | $0.14 | $1.59 | ||
| Q4 25 | $0.08 | $1.98 | ||
| Q3 25 | $0.26 | $1.18 | ||
| Q2 25 | $0.43 | $1.64 | ||
| Q1 25 | $0.12 | $2.37 | ||
| Q4 24 | $0.31 | $0.49 | ||
| Q3 24 | $0.44 | $-1.81 | ||
| Q2 24 | $0.64 | $-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 | $699.1M | — |
| Total DebtLower is stronger | $7.1M | $300.0M |
| Stockholders' EquityBook value | $1.9B | — |
| Total Assets | $4.4B | $9.1B |
| Debt / EquityLower = less leverage | 0.00× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $699.1M | — | ||
| Q4 25 | $27.6M | $271.4M | ||
| Q3 25 | $13.5M | $43.2M | ||
| Q2 25 | $19.6M | $39.3M | ||
| Q1 25 | $24.1M | $40.0M | ||
| Q4 24 | $20.0M | $48.7M | ||
| Q3 24 | $23.0M | $38.2M | ||
| Q2 24 | $30.0M | $81.4M |
| Q1 26 | $7.1M | $300.0M | ||
| Q4 25 | $246.6M | $2.7B | ||
| Q3 25 | — | $2.7B | ||
| Q2 25 | — | $2.7B | ||
| Q1 25 | — | $2.7B | ||
| Q4 24 | $190.5M | $2.7B | ||
| Q3 24 | — | $2.7B | ||
| Q2 24 | — | $2.7B |
| Q1 26 | $1.9B | — | ||
| Q4 25 | $2.1B | $3.6B | ||
| Q3 25 | $2.1B | $3.1B | ||
| Q2 25 | $2.0B | $3.0B | ||
| Q1 25 | $2.0B | $2.8B | ||
| Q4 24 | $2.0B | $-76.2M | ||
| Q3 24 | $2.0B | $-15.5M | ||
| Q2 24 | $1.9B | $5.0M |
| Q1 26 | $4.4B | $9.1B | ||
| Q4 25 | $3.6B | $9.2B | ||
| Q3 25 | $3.5B | $8.7B | ||
| Q2 25 | $3.4B | $8.4B | ||
| Q1 25 | $3.4B | $8.5B | ||
| Q4 24 | $3.3B | $8.3B | ||
| Q3 24 | $3.3B | $8.3B | ||
| Q2 24 | $3.2B | $8.5B |
| Q1 26 | 0.00× | — | ||
| Q4 25 | 0.12× | 0.75× | ||
| Q3 25 | — | 0.87× | ||
| Q2 25 | — | 0.90× | ||
| Q1 25 | — | 0.99× | ||
| Q4 24 | 0.10× | — | ||
| 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 | 13.1% | 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 | $195.4M | $274.9M | ||
| Q3 25 | $51.5M | $237.8M | ||
| Q2 25 | $170.6M | $388.4M | ||
| Q1 25 | $192.1M | $253.8M | ||
| Q4 24 | $177.3M | $220.1M | ||
| Q3 24 | $244.5M | $197.9M | ||
| Q2 24 | $248.2M | $281.8M |
| Q1 26 | — | — | ||
| Q4 25 | $-10.0M | $-2.7M | ||
| Q3 25 | $-67.2M | $-47.8M | ||
| Q2 25 | $33.1M | $195.3M | ||
| Q1 25 | $58.2M | $59.9M | ||
| Q4 24 | $-26.2M | $-20.3M | ||
| Q3 24 | $77.9M | $-49.1M | ||
| Q2 24 | $112.2M | $79.5M |
| Q1 26 | — | — | ||
| Q4 25 | -1.0% | -0.4% | ||
| Q3 25 | -7.1% | -10.8% | ||
| Q2 25 | 3.2% | 37.0% | ||
| Q1 25 | 6.0% | 8.2% | ||
| Q4 24 | -2.8% | -4.0% | ||
| Q3 24 | 6.8% | -15.8% | ||
| Q2 24 | 9.7% | 23.5% |
| Q1 26 | 13.1% | 117.0% | ||
| Q4 25 | 19.8% | 43.5% | ||
| Q3 25 | 12.5% | 64.4% | ||
| Q2 25 | 13.2% | 36.6% | ||
| Q1 25 | 13.7% | 26.4% | ||
| Q4 24 | 21.6% | 46.8% | ||
| Q3 24 | 14.6% | 79.7% | ||
| Q2 24 | 11.7% | 59.7% |
| Q1 26 | — | 4.32× | ||
| Q4 25 | 14.28× | 1.51× | ||
| Q3 25 | 1.20× | 2.21× | ||
| Q2 25 | 2.40× | 2.59× | ||
| Q1 25 | 9.55× | 1.17× | ||
| Q4 24 | 3.42× | 4.89× | ||
| Q3 24 | 3.31× | — | ||
| Q2 24 | 2.29× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LBRT
Segment breakdown not available.
NFG
| Revenues from External Customers | $425.8M | 100% |
| Intersegment Revenues | $126.0K | 0% |
