vs
Side-by-side financial comparison of Mid-America Apartment Communities (MAA) and NATIONAL FUEL GAS CO (NFG). Click either name above to swap in a different company.
NATIONAL FUEL GAS CO is the larger business by last-quarter revenue ($637.9M vs $555.6M, roughly 1.1× Mid-America Apartment Communities). NATIONAL FUEL GAS CO runs the higher net margin — 28.5% vs 10.4%, a 18.1% gap on every dollar of revenue. On growth, NATIONAL FUEL GAS CO posted the faster year-over-year revenue change (24.1% vs 1.0%). Mid-America Apartment Communities produced more free cash flow last quarter ($158.6M vs $-2.7M). Over the past eight quarters, NATIONAL FUEL GAS CO's revenue compounded faster (6.9% CAGR vs 1.1%).
Mid-America Apartment Communities, Inc. (MAA) is a publicly traded real estate investment trust based in Memphis, Tennessee that invests in apartments in the Southeastern United States and the Southwestern United States.
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.
MAA vs NFG — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $555.6M | $637.9M |
| Net Profit | $57.6M | $181.6M |
| Gross Margin | — | 86.6% |
| Operating Margin | 10.4% | 43.3% |
| Net Margin | 10.4% | 28.5% |
| Revenue YoY | 1.0% | 24.1% |
| Net Profit YoY | -65.5% | 303.8% |
| EPS (diluted) | $0.48 | $1.98 |
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.
| Q4 25 | $555.6M | $637.9M | ||
| Q3 25 | $554.4M | $443.1M | ||
| Q2 25 | $549.9M | $527.4M | ||
| Q1 25 | $549.3M | $734.8M | ||
| Q4 24 | $549.8M | $513.8M | ||
| Q3 24 | $551.1M | $310.0M | ||
| Q2 24 | $546.4M | $338.6M | ||
| Q1 24 | $543.6M | $558.7M |
| Q4 25 | $57.6M | $181.6M | ||
| Q3 25 | $99.5M | $107.3M | ||
| Q2 25 | $108.1M | $149.8M | ||
| Q1 25 | $181.7M | $216.4M | ||
| Q4 24 | $166.6M | $45.0M | ||
| Q3 24 | $115.2M | $-167.6M | ||
| Q2 24 | $102.0M | $-54.2M | ||
| Q1 24 | $143.7M | $166.3M |
| Q4 25 | — | 86.6% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 94.7% | ||
| Q1 25 | — | 81.6% | ||
| Q4 24 | — | 87.3% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 98.5% | ||
| Q1 24 | — | 81.0% |
| Q4 25 | 10.4% | 43.3% | ||
| Q3 25 | 18.7% | 40.6% | ||
| Q2 25 | 20.2% | 43.7% | ||
| Q1 25 | 34.0% | 43.2% | ||
| Q4 24 | 31.3% | 16.8% | ||
| Q3 24 | 21.5% | -63.4% | ||
| Q2 24 | 19.3% | -15.2% | ||
| Q1 24 | 27.4% | 44.9% |
| Q4 25 | 10.4% | 28.5% | ||
| Q3 25 | 18.0% | 24.2% | ||
| Q2 25 | 19.7% | 28.4% | ||
| Q1 25 | 33.1% | 29.4% | ||
| Q4 24 | 30.3% | 8.8% | ||
| Q3 24 | 20.9% | -54.1% | ||
| Q2 24 | 18.7% | -16.0% | ||
| Q1 24 | 26.4% | 29.8% |
| Q4 25 | $0.48 | $1.98 | ||
| Q3 25 | $0.84 | $1.18 | ||
| Q2 25 | $0.92 | $1.64 | ||
| Q1 25 | $1.54 | $2.37 | ||
| Q4 24 | $1.43 | $0.49 | ||
| Q3 24 | $0.98 | $-1.81 | ||
| Q2 24 | $0.86 | $-0.59 | ||
| Q1 24 | $1.22 | $1.80 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $60.3M | $271.4M |
| Total DebtLower is stronger | — | $2.7B |
| Stockholders' EquityBook value | $5.7B | $3.6B |
| Total Assets | $12.0B | $9.2B |
| Debt / EquityLower = less leverage | — | 0.75× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $60.3M | $271.4M | ||
| Q3 25 | $32.2M | $43.2M | ||
| Q2 25 | $54.5M | $39.3M | ||
| Q1 25 | $55.8M | $40.0M | ||
| Q4 24 | $43.0M | $48.7M | ||
| Q3 24 | $50.2M | $38.2M | ||
| Q2 24 | $62.8M | $81.4M | ||
| Q1 24 | $54.6M | $50.8M |
| 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 24 | — | $2.4B |
| Q4 25 | $5.7B | $3.6B | ||
| Q3 25 | $5.8B | $3.1B | ||
| Q2 25 | $5.9B | $3.0B | ||
| Q1 25 | $5.9B | $2.8B | ||
| Q4 24 | $5.9B | $-76.2M | ||
| Q3 24 | $5.9B | $-15.5M | ||
| Q2 24 | $6.0B | $5.0M | ||
| Q1 24 | $6.1B | $75.3M |
| Q4 25 | $12.0B | $9.2B | ||
| Q3 25 | $11.9B | $8.7B | ||
| Q2 25 | $11.8B | $8.4B | ||
| Q1 25 | $11.8B | $8.5B | ||
| Q4 24 | $11.8B | $8.3B | ||
| Q3 24 | $11.8B | $8.3B | ||
| Q2 24 | $11.6B | $8.5B | ||
| Q1 24 | $11.5B | $8.7B |
| Q4 25 | — | 0.75× | ||
| Q3 25 | — | 0.87× | ||
| Q2 25 | — | 0.90× | ||
| Q1 25 | — | 0.99× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 532.10× | ||
| Q1 24 | — | 31.68× |
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 | $261.7M | $274.9M |
| Free Cash FlowOCF − Capex | $158.6M | $-2.7M |
| FCF MarginFCF / Revenue | 28.5% | -0.4% |
| Capex IntensityCapex / Revenue | 18.6% | 43.5% |
| Cash ConversionOCF / Net Profit | 4.55× | 1.51× |
| TTM Free Cash FlowTrailing 4 quarters | $717.9M | $204.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $261.7M | $274.9M | ||
| Q3 25 | $266.4M | $237.8M | ||
| Q2 25 | $353.4M | $388.4M | ||
| Q1 25 | $196.6M | $253.8M | ||
| Q4 24 | $239.1M | $220.1M | ||
| Q3 24 | $309.5M | $197.9M | ||
| Q2 24 | $349.4M | $281.8M | ||
| Q1 24 | $200.3M | $315.3M |
| Q4 25 | $158.6M | $-2.7M | ||
| Q3 25 | $170.8M | $-47.8M | ||
| Q2 25 | $264.5M | $195.3M | ||
| Q1 25 | $124.0M | $59.9M | ||
| Q4 24 | $152.6M | $-20.3M | ||
| Q3 24 | $215.5M | $-49.1M | ||
| Q2 24 | $259.7M | $79.5M | ||
| Q1 24 | $148.2M | $80.3M |
| Q4 25 | 28.5% | -0.4% | ||
| Q3 25 | 30.8% | -10.8% | ||
| Q2 25 | 48.1% | 37.0% | ||
| Q1 25 | 22.6% | 8.2% | ||
| Q4 24 | 27.8% | -4.0% | ||
| Q3 24 | 39.1% | -15.8% | ||
| Q2 24 | 47.5% | 23.5% | ||
| Q1 24 | 27.3% | 14.4% |
| Q4 25 | 18.6% | 43.5% | ||
| Q3 25 | 17.2% | 64.4% | ||
| Q2 25 | 16.2% | 36.6% | ||
| Q1 25 | 13.2% | 26.4% | ||
| Q4 24 | 15.7% | 46.8% | ||
| Q3 24 | 17.1% | 79.7% | ||
| Q2 24 | 16.4% | 59.7% | ||
| Q1 24 | 9.6% | 42.1% |
| Q4 25 | 4.55× | 1.51× | ||
| Q3 25 | 2.68× | 2.21× | ||
| Q2 25 | 3.27× | 2.59× | ||
| Q1 25 | 1.08× | 1.17× | ||
| Q4 24 | 1.43× | 4.89× | ||
| Q3 24 | 2.69× | — | ||
| Q2 24 | 3.43× | — | ||
| Q1 24 | 1.39× | 1.90× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MAA
| Same Store | $515.5M | 93% |
| Non Same Store And Other | $36.8M | 7% |
NFG
| Natural Gas Production | $302.5M | 47% |
| Natural Gas Residential Sales | $198.0M | 31% |
| Pipeline And Storage | $69.2M | 11% |
| Natural Gas Commercial Sales | $27.9M | 4% |
| Natural Gas Storage | $25.1M | 4% |
| Other | $4.1M | 1% |
| Natural Gas Midstream | $2.8M | 0% |
