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Side-by-side financial comparison of Lennox International (LII) and NATIONAL FUEL GAS CO (NFG). Click either name above to swap in a different company.
Lennox International is the larger business by last-quarter revenue ($1.2B vs $425.9M, roughly 2.8× NATIONAL FUEL GAS CO). NATIONAL FUEL GAS CO runs the higher net margin — 35.7% vs 13.6%, a 22.1% gap on every dollar of revenue. On growth, NATIONAL FUEL GAS CO posted the faster year-over-year revenue change (1.7% vs -11.2%). Over the past eight quarters, NATIONAL FUEL GAS CO's revenue compounded faster (12.1% CAGR vs 6.8%).
Lennox International Inc. is an American provider of climate control products for the heating, ventilation, and air conditioning (HVAC) and refrigeration markets. Based in Richardson, Texas, the company is 9.8% owned by John W. Norris, III, a descendant of DW Norris, who acquired the company in 1904. The company's largest production facilities are in Saltillo, Mexico, Marshalltown, Iowa, and Orangeburg, South Carolina.
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.
LII vs NFG — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $425.9M |
| Net Profit | $162.1M | $152.0M |
| Gross Margin | 34.7% | — |
| Operating Margin | 18.6% | 81.5% |
| Net Margin | 13.6% | 35.7% |
| Revenue YoY | -11.2% | 1.7% |
| Net Profit YoY | -18.0% | — |
| EPS (diluted) | $4.62 | $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 | $1.2B | $637.9M | ||
| Q3 25 | $1.4B | $443.1M | ||
| Q2 25 | $1.5B | $527.4M | ||
| Q1 25 | $1.1B | $734.8M | ||
| Q4 24 | $1.3B | $513.8M | ||
| Q3 24 | $1.5B | $310.0M | ||
| Q2 24 | $1.5B | $338.6M |
| Q1 26 | — | $152.0M | ||
| Q4 25 | $162.1M | $181.6M | ||
| Q3 25 | $245.8M | $107.3M | ||
| Q2 25 | $277.6M | $149.8M | ||
| Q1 25 | $120.3M | $216.4M | ||
| Q4 24 | $197.7M | $45.0M | ||
| Q3 24 | $239.0M | $-167.6M | ||
| Q2 24 | $245.9M | $-54.2M |
| Q1 26 | — | — | ||
| Q4 25 | 34.7% | 86.6% | ||
| Q3 25 | 32.8% | — | ||
| Q2 25 | 34.8% | 94.7% | ||
| Q1 25 | 30.6% | 81.6% | ||
| Q4 24 | 33.9% | 87.3% | ||
| Q3 24 | 32.6% | — | ||
| Q2 24 | 33.6% | 98.5% |
| Q1 26 | — | 81.5% | ||
| Q4 25 | 18.6% | 43.3% | ||
| Q3 25 | 21.7% | 40.6% | ||
| Q2 25 | 23.6% | 43.7% | ||
| Q1 25 | 14.5% | 43.2% | ||
| Q4 24 | 18.2% | 16.8% | ||
| Q3 24 | 20.2% | -63.4% | ||
| Q2 24 | 22.1% | -15.2% |
| Q1 26 | — | 35.7% | ||
| Q4 25 | 13.6% | 28.5% | ||
| Q3 25 | 17.2% | 24.2% | ||
| Q2 25 | 18.5% | 28.4% | ||
| Q1 25 | 11.2% | 29.4% | ||
| Q4 24 | 14.7% | 8.8% | ||
| Q3 24 | 16.0% | -54.1% | ||
| Q2 24 | 16.9% | -16.0% |
| Q1 26 | — | $1.59 | ||
| Q4 25 | $4.62 | $1.98 | ||
| Q3 25 | $6.98 | $1.18 | ||
| Q2 25 | $7.82 | $1.64 | ||
| Q1 25 | $3.37 | $2.37 | ||
| Q4 24 | $5.52 | $0.49 | ||
| Q3 24 | $6.68 | $-1.81 | ||
| Q2 24 | $6.87 | $-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 | $34.7M | — |
| Total DebtLower is stronger | $1.1B | $300.0M |
| Stockholders' EquityBook value | $1.2B | — |
| Total Assets | $4.1B | $9.1B |
| Debt / EquityLower = less leverage | 0.98× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $34.7M | $271.4M | ||
| Q3 25 | $59.2M | $43.2M | ||
| Q2 25 | $55.1M | $39.3M | ||
| Q1 25 | $222.9M | $40.0M | ||
| Q4 24 | $422.3M | $48.7M | ||
| Q3 24 | $255.7M | $38.2M | ||
| Q2 24 | $57.8M | $81.4M |
| Q1 26 | — | $300.0M | ||
| Q4 25 | $1.1B | $2.7B | ||
| Q3 25 | $838.2M | $2.7B | ||
| Q2 25 | $835.7M | $2.7B | ||
| Q1 25 | $834.2M | $2.7B | ||
| Q4 24 | $833.1M | $2.7B | ||
| Q3 24 | $827.6M | $2.7B | ||
| Q2 24 | $1.1B | $2.7B |
| Q1 26 | — | — | ||
| Q4 25 | $1.2B | $3.6B | ||
| Q3 25 | $1.1B | $3.1B | ||
| Q2 25 | $900.5M | $3.0B | ||
| Q1 25 | $852.5M | $2.8B | ||
| Q4 24 | $850.2M | $-76.2M | ||
| Q3 24 | $754.0M | $-15.5M | ||
| Q2 24 | $577.4M | $5.0M |
| Q1 26 | — | $9.1B | ||
| Q4 25 | $4.1B | $9.2B | ||
| Q3 25 | $3.5B | $8.7B | ||
| Q2 25 | $3.7B | $8.4B | ||
| Q1 25 | $3.5B | $8.5B | ||
| Q4 24 | $3.5B | $8.3B | ||
| Q3 24 | $3.3B | $8.3B | ||
| Q2 24 | $3.2B | $8.5B |
| Q1 26 | — | — | ||
| Q4 25 | 0.98× | 0.75× | ||
| Q3 25 | 0.78× | 0.87× | ||
| Q2 25 | 0.93× | 0.90× | ||
| Q1 25 | 0.98× | 0.99× | ||
| Q4 24 | 0.98× | — | ||
| Q3 24 | 1.10× | — | ||
| Q2 24 | 1.95× | 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 | $405.9M | $657.3M |
| Free Cash FlowOCF − Capex | $376.7M | — |
| FCF MarginFCF / Revenue | 31.5% | — |
| Capex IntensityCapex / Revenue | 2.4% | 117.0% |
| Cash ConversionOCF / Net Profit | 2.50× | 4.32× |
| TTM Free Cash FlowTrailing 4 quarters | $638.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $657.3M | ||
| Q4 25 | $405.9M | $274.9M | ||
| Q3 25 | $300.7M | $237.8M | ||
| Q2 25 | $86.8M | $388.4M | ||
| Q1 25 | $-35.8M | $253.8M | ||
| Q4 24 | $332.4M | $220.1M | ||
| Q3 24 | $452.1M | $197.9M | ||
| Q2 24 | $184.0M | $281.8M |
| Q1 26 | — | — | ||
| Q4 25 | $376.7M | $-2.7M | ||
| Q3 25 | $265.1M | $-47.8M | ||
| Q2 25 | $58.3M | $195.3M | ||
| Q1 25 | $-61.3M | $59.9M | ||
| Q4 24 | $272.2M | $-20.3M | ||
| Q3 24 | $410.9M | $-49.1M | ||
| Q2 24 | $151.3M | $79.5M |
| Q1 26 | — | — | ||
| Q4 25 | 31.5% | -0.4% | ||
| Q3 25 | 18.6% | -10.8% | ||
| Q2 25 | 3.9% | 37.0% | ||
| Q1 25 | -5.7% | 8.2% | ||
| Q4 24 | 20.2% | -4.0% | ||
| Q3 24 | 27.4% | -15.8% | ||
| Q2 24 | 10.4% | 23.5% |
| Q1 26 | — | 117.0% | ||
| Q4 25 | 2.4% | 43.5% | ||
| Q3 25 | 2.5% | 64.4% | ||
| Q2 25 | 1.9% | 36.6% | ||
| Q1 25 | 2.4% | 26.4% | ||
| Q4 24 | 4.5% | 46.8% | ||
| Q3 24 | 2.8% | 79.7% | ||
| Q2 24 | 2.3% | 59.7% |
| Q1 26 | — | 4.32× | ||
| Q4 25 | 2.50× | 1.51× | ||
| Q3 25 | 1.22× | 2.21× | ||
| Q2 25 | 0.31× | 2.59× | ||
| Q1 25 | -0.30× | 1.17× | ||
| Q4 24 | 1.68× | 4.89× | ||
| Q3 24 | 1.89× | — | ||
| Q2 24 | 0.75× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LII
| Residential Heating And Cooling | $699.8M | 59% |
| Commercial Heating And Cooling | $495.2M | 41% |
NFG
| Revenues from External Customers | $425.8M | 100% |
| Intersegment Revenues | $126.0K | 0% |
