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Side-by-side financial comparison of Morningstar, Inc. (MORN) and NATIONAL FUEL GAS CO (NFG). Click either name above to swap in a different company.
Morningstar, Inc. is the larger business by last-quarter revenue ($644.8M vs $425.9M, roughly 1.5× NATIONAL FUEL GAS CO). On growth, Morningstar, Inc. posted the faster year-over-year revenue change (10.8% vs 1.7%). Over the past eight quarters, NATIONAL FUEL GAS CO's revenue compounded faster (12.1% CAGR vs 6.2%).
Morningstar, Inc. is an American financial services firm headquartered in Chicago, Illinois, founded by Joe Mansueto in 1984. It provides an array of investment research and investment management services.
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.
MORN vs NFG — Head-to-Head
Income Statement — Q1 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $644.8M | $425.9M |
| Net Profit | — | $152.0M |
| Gross Margin | 62.9% | — |
| Operating Margin | 24.2% | 81.5% |
| Net Margin | — | 35.7% |
| Revenue YoY | 10.8% | 1.7% |
| Net Profit YoY | — | — |
| EPS (diluted) | $2.73 | $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 | $644.8M | $425.9M | ||
| Q4 25 | $641.1M | $637.9M | ||
| Q3 25 | $617.4M | $443.1M | ||
| Q2 25 | $605.1M | $527.4M | ||
| Q1 25 | $581.9M | $734.8M | ||
| Q4 24 | $591.0M | $513.8M | ||
| Q3 24 | $569.4M | $310.0M | ||
| Q2 24 | $571.9M | $338.6M |
| Q1 26 | — | $152.0M | ||
| Q4 25 | $115.1M | $181.6M | ||
| Q3 25 | $91.6M | $107.3M | ||
| Q2 25 | $89.0M | $149.8M | ||
| Q1 25 | $78.5M | $216.4M | ||
| Q4 24 | $116.9M | $45.0M | ||
| Q3 24 | $119.7M | $-167.6M | ||
| Q2 24 | $69.1M | $-54.2M |
| Q1 26 | 62.9% | — | ||
| Q4 25 | 61.1% | 86.6% | ||
| Q3 25 | 60.9% | — | ||
| Q2 25 | 61.9% | 94.7% | ||
| Q1 25 | 60.2% | 81.6% | ||
| Q4 24 | 60.7% | 87.3% | ||
| Q3 24 | 60.9% | — | ||
| Q2 24 | 61.1% | 98.5% |
| Q1 26 | 24.2% | 81.5% | ||
| Q4 25 | 24.9% | 43.3% | ||
| Q3 25 | 20.7% | 40.6% | ||
| Q2 25 | 20.7% | 43.7% | ||
| Q1 25 | 19.6% | 43.2% | ||
| Q4 24 | 28.5% | 16.8% | ||
| Q3 24 | 20.3% | -63.4% | ||
| Q2 24 | 19.0% | -15.2% |
| Q1 26 | — | 35.7% | ||
| Q4 25 | 18.0% | 28.5% | ||
| Q3 25 | 14.8% | 24.2% | ||
| Q2 25 | 14.7% | 28.4% | ||
| Q1 25 | 13.5% | 29.4% | ||
| Q4 24 | 19.8% | 8.8% | ||
| Q3 24 | 21.0% | -54.1% | ||
| Q2 24 | 12.1% | -16.0% |
| Q1 26 | $2.73 | $1.59 | ||
| Q4 25 | $2.79 | $1.98 | ||
| Q3 25 | $2.17 | $1.18 | ||
| Q2 25 | $2.09 | $1.64 | ||
| Q1 25 | $1.82 | $2.37 | ||
| Q4 24 | $2.72 | $0.49 | ||
| Q3 24 | $2.77 | $-1.81 | ||
| Q2 24 | $1.60 | $-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 | $492.8M | — |
| Total DebtLower is stronger | $1.7B | $300.0M |
| Stockholders' EquityBook value | $1.0B | — |
| Total Assets | $4.0B | $9.1B |
| Debt / EquityLower = less leverage | 1.68× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $492.8M | — | ||
| Q4 25 | $528.7M | $271.4M | ||
| Q3 25 | $40.3M | $43.2M | ||
| Q2 25 | $38.1M | $39.3M | ||
| Q1 25 | $47.7M | $40.0M | ||
| Q4 24 | $551.0M | $48.7M | ||
| Q3 24 | $48.8M | $38.2M | ||
| Q2 24 | $48.0M | $81.4M |
| Q1 26 | $1.7B | $300.0M | ||
| Q4 25 | — | $2.7B | ||
| Q3 25 | $848.9M | $2.7B | ||
| Q2 25 | $838.8M | $2.7B | ||
| Q1 25 | $803.7M | $2.7B | ||
| Q4 24 | $698.6M | $2.7B | ||
| Q3 24 | $864.7M | $2.7B | ||
| Q2 24 | $899.6M | $2.7B |
| Q1 26 | $1.0B | — | ||
| Q4 25 | $1.2B | $3.6B | ||
| Q3 25 | $1.5B | $3.1B | ||
| Q2 25 | $1.6B | $3.0B | ||
| Q1 25 | $1.6B | $2.8B | ||
| Q4 24 | $1.6B | $-76.2M | ||
| Q3 24 | $1.6B | $-15.5M | ||
| Q2 24 | $1.4B | $5.0M |
| Q1 26 | $4.0B | $9.1B | ||
| Q4 25 | $3.6B | $9.2B | ||
| Q3 25 | $3.6B | $8.7B | ||
| Q2 25 | $3.6B | $8.4B | ||
| Q1 25 | $3.6B | $8.5B | ||
| Q4 24 | $3.5B | $8.3B | ||
| Q3 24 | $3.6B | $8.3B | ||
| Q2 24 | $3.4B | $8.5B |
| Q1 26 | 1.68× | — | ||
| Q4 25 | — | 0.75× | ||
| Q3 25 | 0.56× | 0.87× | ||
| Q2 25 | 0.52× | 0.90× | ||
| Q1 25 | 0.50× | 0.99× | ||
| Q4 24 | 0.43× | — | ||
| Q3 24 | 0.55× | — | ||
| Q2 24 | 0.63× | 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 | $53.6M | — |
| FCF MarginFCF / Revenue | 8.3% | — |
| Capex IntensityCapex / Revenue | 5.9% | 117.0% |
| Cash ConversionOCF / Net Profit | — | 4.32× |
| TTM Free Cash FlowTrailing 4 quarters | $437.4M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $657.3M | ||
| Q4 25 | $204.0M | $274.9M | ||
| Q3 25 | $195.7M | $237.8M | ||
| Q2 25 | $99.0M | $388.4M | ||
| Q1 25 | $91.0M | $253.8M | ||
| Q4 24 | $153.4M | $220.1M | ||
| Q3 24 | $191.9M | $197.9M | ||
| Q2 24 | $152.7M | $281.8M |
| Q1 26 | $53.6M | — | ||
| Q4 25 | $161.3M | $-2.7M | ||
| Q3 25 | $160.1M | $-47.8M | ||
| Q2 25 | $62.4M | $195.3M | ||
| Q1 25 | $58.8M | $59.9M | ||
| Q4 24 | $112.8M | $-20.3M | ||
| Q3 24 | $155.8M | $-49.1M | ||
| Q2 24 | $120.8M | $79.5M |
| Q1 26 | 8.3% | — | ||
| Q4 25 | 25.2% | -0.4% | ||
| Q3 25 | 25.9% | -10.8% | ||
| Q2 25 | 10.3% | 37.0% | ||
| Q1 25 | 10.1% | 8.2% | ||
| Q4 24 | 19.1% | -4.0% | ||
| Q3 24 | 27.4% | -15.8% | ||
| Q2 24 | 21.1% | 23.5% |
| Q1 26 | 5.9% | 117.0% | ||
| Q4 25 | 6.7% | 43.5% | ||
| Q3 25 | 5.8% | 64.4% | ||
| Q2 25 | 6.0% | 36.6% | ||
| Q1 25 | 5.5% | 26.4% | ||
| Q4 24 | 6.9% | 46.8% | ||
| Q3 24 | 6.3% | 79.7% | ||
| Q2 24 | 5.6% | 59.7% |
| Q1 26 | — | 4.32× | ||
| Q4 25 | 1.77× | 1.51× | ||
| Q3 25 | 2.14× | 2.21× | ||
| Q2 25 | 1.11× | 2.59× | ||
| Q1 25 | 1.16× | 1.17× | ||
| Q4 24 | 1.31× | 4.89× | ||
| Q3 24 | 1.60× | — | ||
| Q2 24 | 2.21× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MORN
Segment breakdown not available.
NFG
| Revenues from External Customers | $425.8M | 100% |
| Intersegment Revenues | $126.0K | 0% |
