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Side-by-side financial comparison of M/I HOMES, INC. (MHO) and NATIONAL FUEL GAS CO (NFG). Click either name above to swap in a different company.
M/I HOMES, INC. is the larger business by last-quarter revenue ($1.1B vs $637.9M, roughly 1.8× NATIONAL FUEL GAS CO). NATIONAL FUEL GAS CO runs the higher net margin — 28.5% vs 5.6%, a 22.9% gap on every dollar of revenue. On growth, NATIONAL FUEL GAS CO posted the faster year-over-year revenue change (24.1% vs -4.8%). NATIONAL FUEL GAS CO produced more free cash flow last quarter ($-2.7M vs $-13.0M). Over the past eight quarters, NATIONAL FUEL GAS CO's revenue compounded faster (6.9% CAGR vs 4.7%).
M/I Homes, Inc. is a leading U.S. residential construction company that designs, builds and sells single-family homes, townhomes and duplexes across multiple U.S. states. It caters to entry-level, move-up and luxury homebuyers, offering energy-efficient designs, flexible floor plans and personalized customization options.
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.
MHO vs NFG — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.1B | $637.9M |
| Net Profit | $64.0M | $181.6M |
| Gross Margin | 17.4% | 86.6% |
| Operating Margin | 6.5% | 43.3% |
| Net Margin | 5.6% | 28.5% |
| Revenue YoY | -4.8% | 24.1% |
| Net Profit YoY | -52.1% | 303.8% |
| EPS (diluted) | $2.42 | $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 | $1.1B | $637.9M | ||
| Q3 25 | $1.1B | $443.1M | ||
| Q2 25 | $1.2B | $527.4M | ||
| Q1 25 | $976.1M | $734.8M | ||
| Q4 24 | $1.2B | $513.8M | ||
| Q3 24 | $1.1B | $310.0M | ||
| Q2 24 | $1.1B | $338.6M | ||
| Q1 24 | $1.0B | $558.7M |
| Q4 25 | $64.0M | $181.6M | ||
| Q3 25 | $106.5M | $107.3M | ||
| Q2 25 | $121.2M | $149.8M | ||
| Q1 25 | $111.2M | $216.4M | ||
| Q4 24 | $133.5M | $45.0M | ||
| Q3 24 | $145.4M | $-167.6M | ||
| Q2 24 | $146.7M | $-54.2M | ||
| Q1 24 | $138.1M | $166.3M |
| Q4 25 | 17.4% | 86.6% | ||
| Q3 25 | 24.5% | — | ||
| Q2 25 | 24.7% | 94.7% | ||
| Q1 25 | 25.9% | 81.6% | ||
| Q4 24 | 24.6% | 87.3% | ||
| Q3 24 | 27.1% | — | ||
| Q2 24 | 27.9% | 98.5% | ||
| Q1 24 | 27.1% | 81.0% |
| Q4 25 | 6.5% | 43.3% | ||
| Q3 25 | 12.0% | 40.6% | ||
| Q2 25 | 13.4% | 43.7% | ||
| Q1 25 | 14.4% | 43.2% | ||
| Q4 24 | 13.6% | 16.8% | ||
| Q3 24 | 15.9% | -63.4% | ||
| Q2 24 | 16.8% | -15.2% | ||
| Q1 24 | 16.6% | 44.9% |
| Q4 25 | 5.6% | 28.5% | ||
| Q3 25 | 9.4% | 24.2% | ||
| Q2 25 | 10.4% | 28.4% | ||
| Q1 25 | 11.4% | 29.4% | ||
| Q4 24 | 11.1% | 8.8% | ||
| Q3 24 | 12.7% | -54.1% | ||
| Q2 24 | 13.2% | -16.0% | ||
| Q1 24 | 13.2% | 29.8% |
| Q4 25 | $2.42 | $1.98 | ||
| Q3 25 | $3.92 | $1.18 | ||
| Q2 25 | $4.42 | $1.64 | ||
| Q1 25 | $3.98 | $2.37 | ||
| Q4 24 | $4.71 | $0.49 | ||
| Q3 24 | $5.10 | $-1.81 | ||
| Q2 24 | $5.12 | $-0.59 | ||
| Q1 24 | $4.78 | $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 | — | $271.4M |
| Total DebtLower is stronger | — | $2.7B |
| Stockholders' EquityBook value | $3.2B | $3.6B |
| Total Assets | $4.8B | $9.2B |
| Debt / EquityLower = less leverage | — | 0.75× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $271.4M | ||
| Q3 25 | — | $43.2M | ||
| Q2 25 | — | $39.3M | ||
| Q1 25 | — | $40.0M | ||
| Q4 24 | — | $48.7M | ||
| Q3 24 | — | $38.2M | ||
| Q2 24 | — | $81.4M | ||
| Q1 24 | — | $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 | $3.2B | $3.6B | ||
| Q3 25 | $3.1B | $3.1B | ||
| Q2 25 | $3.1B | $3.0B | ||
| Q1 25 | $3.0B | $2.8B | ||
| Q4 24 | $2.9B | $-76.2M | ||
| Q3 24 | $2.8B | $-15.5M | ||
| Q2 24 | $2.7B | $5.0M | ||
| Q1 24 | $2.6B | $75.3M |
| Q4 25 | $4.8B | $9.2B | ||
| Q3 25 | $4.8B | $8.7B | ||
| Q2 25 | $4.7B | $8.4B | ||
| Q1 25 | $4.6B | $8.5B | ||
| Q4 24 | $4.5B | $8.3B | ||
| Q3 24 | $4.5B | $8.3B | ||
| Q2 24 | $4.3B | $8.5B | ||
| Q1 24 | $4.2B | $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 | $-8.7M | $274.9M |
| Free Cash FlowOCF − Capex | $-13.0M | $-2.7M |
| FCF MarginFCF / Revenue | -1.1% | -0.4% |
| Capex IntensityCapex / Revenue | 0.4% | 43.5% |
| Cash ConversionOCF / Net Profit | -0.14× | 1.51× |
| TTM Free Cash FlowTrailing 4 quarters | $127.7M | $204.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-8.7M | $274.9M | ||
| Q3 25 | $43.4M | $237.8M | ||
| Q2 25 | $37.8M | $388.4M | ||
| Q1 25 | $64.9M | $253.8M | ||
| Q4 24 | $104.4M | $220.1M | ||
| Q3 24 | $-67.9M | $197.9M | ||
| Q2 24 | $27.5M | $281.8M | ||
| Q1 24 | $115.8M | $315.3M |
| Q4 25 | $-13.0M | $-2.7M | ||
| Q3 25 | $42.0M | $-47.8M | ||
| Q2 25 | $35.1M | $195.3M | ||
| Q1 25 | $63.5M | $59.9M | ||
| Q4 24 | $102.3M | $-20.3M | ||
| Q3 24 | $-68.5M | $-49.1M | ||
| Q2 24 | $22.0M | $79.5M | ||
| Q1 24 | $115.5M | $80.3M |
| Q4 25 | -1.1% | -0.4% | ||
| Q3 25 | 3.7% | -10.8% | ||
| Q2 25 | 3.0% | 37.0% | ||
| Q1 25 | 6.5% | 8.2% | ||
| Q4 24 | 8.5% | -4.0% | ||
| Q3 24 | -6.0% | -15.8% | ||
| Q2 24 | 2.0% | 23.5% | ||
| Q1 24 | 11.0% | 14.4% |
| Q4 25 | 0.4% | 43.5% | ||
| Q3 25 | 0.1% | 64.4% | ||
| Q2 25 | 0.2% | 36.6% | ||
| Q1 25 | 0.1% | 26.4% | ||
| Q4 24 | 0.2% | 46.8% | ||
| Q3 24 | 0.1% | 79.7% | ||
| Q2 24 | 0.5% | 59.7% | ||
| Q1 24 | 0.0% | 42.1% |
| Q4 25 | -0.14× | 1.51× | ||
| Q3 25 | 0.41× | 2.21× | ||
| Q2 25 | 0.31× | 2.59× | ||
| Q1 25 | 0.58× | 1.17× | ||
| Q4 24 | 0.78× | 4.89× | ||
| Q3 24 | -0.47× | — | ||
| Q2 24 | 0.19× | — | ||
| Q1 24 | 0.84× | 1.90× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MHO
| Southern Homebuilding | $615.6M | 54% |
| Northern Homebuilding | $503.9M | 44% |
| Financial Service | $27.8M | 2% |
| Land | $4.7M | 0% |
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% |
