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Side-by-side financial comparison of Legence Corp. (LGN) and NATIONAL FUEL GAS CO (NFG). Click either name above to swap in a different company.
Legence Corp. is the larger business by last-quarter revenue ($708.0M vs $425.9M, roughly 1.7× NATIONAL FUEL GAS CO). NATIONAL FUEL GAS CO runs the higher net margin — 35.7% vs -0.1%, a 35.8% gap on every dollar of revenue. On growth, Legence Corp. posted the faster year-over-year revenue change (26.2% vs 1.7%).
Legence Corp is a leading sustainable building and decarbonization solution provider. It delivers energy efficiency optimization, building automation design, renewable energy integration, and low-carbon retrofit services for commercial, industrial, and institutional clients, with core operations across North America to help customers cut costs and reduce carbon footprints.
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.
LGN vs NFG — Head-to-Head
Income Statement — Q3 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $708.0M | $425.9M |
| Net Profit | $-576.0K | $152.0M |
| Gross Margin | 20.9% | — |
| Operating Margin | 5.3% | 81.5% |
| Net Margin | -0.1% | 35.7% |
| Revenue YoY | 26.2% | 1.7% |
| Net Profit YoY | 46.8% | — |
| EPS (diluted) | $-0.02 | $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 | — | $637.9M | ||
| Q3 25 | $708.0M | $443.1M | ||
| Q2 25 | — | $527.4M | ||
| Q1 25 | — | $734.8M | ||
| Q4 24 | — | $513.8M | ||
| Q3 24 | $560.8M | $310.0M | ||
| Q2 24 | — | $338.6M |
| Q1 26 | — | $152.0M | ||
| Q4 25 | — | $181.6M | ||
| Q3 25 | $-576.0K | $107.3M | ||
| Q2 25 | — | $149.8M | ||
| Q1 25 | — | $216.4M | ||
| Q4 24 | — | $45.0M | ||
| Q3 24 | $-1.1M | $-167.6M | ||
| Q2 24 | — | $-54.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | 86.6% | ||
| Q3 25 | 20.9% | — | ||
| Q2 25 | — | 94.7% | ||
| Q1 25 | — | 81.6% | ||
| Q4 24 | — | 87.3% | ||
| Q3 24 | 21.1% | — | ||
| Q2 24 | — | 98.5% |
| Q1 26 | — | 81.5% | ||
| Q4 25 | — | 43.3% | ||
| Q3 25 | 5.3% | 40.6% | ||
| Q2 25 | — | 43.7% | ||
| Q1 25 | — | 43.2% | ||
| Q4 24 | — | 16.8% | ||
| Q3 24 | 4.8% | -63.4% | ||
| Q2 24 | — | -15.2% |
| Q1 26 | — | 35.7% | ||
| Q4 25 | — | 28.5% | ||
| Q3 25 | -0.1% | 24.2% | ||
| Q2 25 | — | 28.4% | ||
| Q1 25 | — | 29.4% | ||
| Q4 24 | — | 8.8% | ||
| Q3 24 | -0.2% | -54.1% | ||
| Q2 24 | — | -16.0% |
| Q1 26 | — | $1.59 | ||
| Q4 25 | — | $1.98 | ||
| Q3 25 | $-0.02 | $1.18 | ||
| Q2 25 | — | $1.64 | ||
| Q1 25 | — | $2.37 | ||
| Q4 24 | — | $0.49 | ||
| Q3 24 | — | $-1.81 | ||
| Q2 24 | — | $-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 | $176.0M | — |
| Total DebtLower is stronger | $812.6M | $300.0M |
| Stockholders' EquityBook value | $387.9M | — |
| Total Assets | $2.6B | $9.1B |
| Debt / EquityLower = less leverage | 2.10× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | — | $271.4M | ||
| Q3 25 | $176.0M | $43.2M | ||
| Q2 25 | — | $39.3M | ||
| Q1 25 | — | $40.0M | ||
| Q4 24 | — | $48.7M | ||
| Q3 24 | — | $38.2M | ||
| Q2 24 | — | $81.4M |
| Q1 26 | — | $300.0M | ||
| Q4 25 | — | $2.7B | ||
| Q3 25 | $812.6M | $2.7B | ||
| Q2 25 | — | $2.7B | ||
| Q1 25 | — | $2.7B | ||
| Q4 24 | — | $2.7B | ||
| Q3 24 | — | $2.7B | ||
| Q2 24 | — | $2.7B |
| Q1 26 | — | — | ||
| Q4 25 | — | $3.6B | ||
| Q3 25 | $387.9M | $3.1B | ||
| Q2 25 | — | $3.0B | ||
| Q1 25 | — | $2.8B | ||
| Q4 24 | — | $-76.2M | ||
| Q3 24 | — | $-15.5M | ||
| Q2 24 | — | $5.0M |
| Q1 26 | — | $9.1B | ||
| Q4 25 | — | $9.2B | ||
| Q3 25 | $2.6B | $8.7B | ||
| Q2 25 | — | $8.4B | ||
| Q1 25 | — | $8.5B | ||
| Q4 24 | — | $8.3B | ||
| Q3 24 | — | $8.3B | ||
| Q2 24 | — | $8.5B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.75× | ||
| Q3 25 | 2.10× | 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 | $162.1M | $657.3M |
| Free Cash FlowOCF − Capex | $137.4M | — |
| FCF MarginFCF / Revenue | 19.4% | — |
| Capex IntensityCapex / Revenue | 3.5% | 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 | — | $274.9M | ||
| Q3 25 | $162.1M | $237.8M | ||
| Q2 25 | — | $388.4M | ||
| Q1 25 | — | $253.8M | ||
| Q4 24 | — | $220.1M | ||
| Q3 24 | — | $197.9M | ||
| Q2 24 | — | $281.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | $-2.7M | ||
| Q3 25 | $137.4M | $-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 | 19.4% | -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 | 3.5% | 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 | — | 1.51× | ||
| Q3 25 | — | 2.21× | ||
| Q2 25 | — | 2.59× | ||
| Q1 25 | — | 1.17× | ||
| Q4 24 | — | 4.89× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LGN
| Installation And Fabrication | $408.7M | 58% |
| Engineering And Design | $110.9M | 16% |
| Program And Project Management | $101.2M | 14% |
| Maintenance And Service | $87.1M | 12% |
NFG
| Revenues from External Customers | $425.8M | 100% |
| Intersegment Revenues | $126.0K | 0% |
