vs
Side-by-side financial comparison of Cloudflare, Inc. (NET) 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 $614.5M, roughly 1.0× Cloudflare, Inc.). NATIONAL FUEL GAS CO runs the higher net margin — 28.5% vs -2.0%, a 30.4% gap on every dollar of revenue. On growth, Cloudflare, Inc. posted the faster year-over-year revenue change (33.6% vs 24.1%). Cloudflare, Inc. produced more free cash flow last quarter ($105.2M vs $-2.7M). Over the past eight quarters, Cloudflare, Inc.'s revenue compounded faster (27.4% CAGR vs 6.9%).
Cloudflare, Inc. is an American technology company headquartered in San Francisco, California, that provides a range of internet services, including content delivery network (CDN) services, cloud cybersecurity, DDoS mitigation, and ICANN-accredited domain registration. The company's services act primarily as a reverse proxy between website visitors and a customer's hosting provider, improving performance and protecting against malicious traffic.
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.
NET vs NFG — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $614.5M | $637.9M |
| Net Profit | $-12.1M | $181.6M |
| Gross Margin | 73.6% | 86.6% |
| Operating Margin | -8.0% | 43.3% |
| Net Margin | -2.0% | 28.5% |
| Revenue YoY | 33.6% | 24.1% |
| Net Profit YoY | 6.0% | 303.8% |
| EPS (diluted) | $-0.03 | $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 | $614.5M | $637.9M | ||
| Q3 25 | $562.0M | $443.1M | ||
| Q2 25 | $512.3M | $527.4M | ||
| Q1 25 | $479.1M | $734.8M | ||
| Q4 24 | $459.9M | $513.8M | ||
| Q3 24 | $430.1M | $310.0M | ||
| Q2 24 | $401.0M | $338.6M | ||
| Q1 24 | $378.6M | $558.7M |
| Q4 25 | $-12.1M | $181.6M | ||
| Q3 25 | $-1.3M | $107.3M | ||
| Q2 25 | $-50.4M | $149.8M | ||
| Q1 25 | $-38.5M | $216.4M | ||
| Q4 24 | $-12.8M | $45.0M | ||
| Q3 24 | $-15.3M | $-167.6M | ||
| Q2 24 | $-15.1M | $-54.2M | ||
| Q1 24 | $-35.5M | $166.3M |
| Q4 25 | 73.6% | 86.6% | ||
| Q3 25 | 74.0% | — | ||
| Q2 25 | 74.9% | 94.7% | ||
| Q1 25 | 75.9% | 81.6% | ||
| Q4 24 | 76.4% | 87.3% | ||
| Q3 24 | 77.7% | — | ||
| Q2 24 | 77.8% | 98.5% | ||
| Q1 24 | 77.5% | 81.0% |
| Q4 25 | -8.0% | 43.3% | ||
| Q3 25 | -6.7% | 40.6% | ||
| Q2 25 | -13.1% | 43.7% | ||
| Q1 25 | -11.1% | 43.2% | ||
| Q4 24 | -7.5% | 16.8% | ||
| Q3 24 | -7.2% | -63.4% | ||
| Q2 24 | -8.7% | -15.2% | ||
| Q1 24 | -14.4% | 44.9% |
| Q4 25 | -2.0% | 28.5% | ||
| Q3 25 | -0.2% | 24.2% | ||
| Q2 25 | -9.8% | 28.4% | ||
| Q1 25 | -8.0% | 29.4% | ||
| Q4 24 | -2.8% | 8.8% | ||
| Q3 24 | -3.6% | -54.1% | ||
| Q2 24 | -3.8% | -16.0% | ||
| Q1 24 | -9.4% | 29.8% |
| Q4 25 | $-0.03 | $1.98 | ||
| Q3 25 | $0.00 | $1.18 | ||
| Q2 25 | $-0.15 | $1.64 | ||
| Q1 25 | $-0.11 | $2.37 | ||
| Q4 24 | $-0.05 | $0.49 | ||
| Q3 24 | $-0.04 | $-1.81 | ||
| Q2 24 | $-0.04 | $-0.59 | ||
| Q1 24 | $-0.10 | $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 | $943.5M | $271.4M |
| Total DebtLower is stronger | — | $2.7B |
| Stockholders' EquityBook value | $1.5B | $3.6B |
| Total Assets | $6.0B | $9.2B |
| Debt / EquityLower = less leverage | — | 0.75× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $943.5M | $271.4M | ||
| Q3 25 | $1.1B | $43.2M | ||
| Q2 25 | $1.5B | $39.3M | ||
| Q1 25 | $204.5M | $40.0M | ||
| Q4 24 | $147.7M | $48.7M | ||
| Q3 24 | $182.9M | $38.2M | ||
| Q2 24 | $157.0M | $81.4M | ||
| Q1 24 | $254.4M | $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 | $1.5B | $3.6B | ||
| Q3 25 | $1.3B | $3.1B | ||
| Q2 25 | $1.2B | $3.0B | ||
| Q1 25 | $1.4B | $2.8B | ||
| Q4 24 | $1.0B | $-76.2M | ||
| Q3 24 | $973.1M | $-15.5M | ||
| Q2 24 | $881.5M | $5.0M | ||
| Q1 24 | $797.2M | $75.3M |
| Q4 25 | $6.0B | $9.2B | ||
| Q3 25 | $5.8B | $8.7B | ||
| Q2 25 | $5.6B | $8.4B | ||
| Q1 25 | $3.7B | $8.5B | ||
| Q4 24 | $3.3B | $8.3B | ||
| Q3 24 | $3.1B | $8.3B | ||
| Q2 24 | $2.9B | $8.5B | ||
| Q1 24 | $2.8B | $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 | $190.4M | $274.9M |
| Free Cash FlowOCF − Capex | $105.2M | $-2.7M |
| FCF MarginFCF / Revenue | 17.1% | -0.4% |
| Capex IntensityCapex / Revenue | 13.9% | 43.5% |
| Cash ConversionOCF / Net Profit | — | 1.51× |
| TTM Free Cash FlowTrailing 4 quarters | $287.5M | $204.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $190.4M | $274.9M | ||
| Q3 25 | $167.1M | $237.8M | ||
| Q2 25 | $99.8M | $388.4M | ||
| Q1 25 | $145.8M | $253.8M | ||
| Q4 24 | $127.3M | $220.1M | ||
| Q3 24 | $104.7M | $197.9M | ||
| Q2 24 | $74.8M | $281.8M | ||
| Q1 24 | $73.6M | $315.3M |
| Q4 25 | $105.2M | $-2.7M | ||
| Q3 25 | $82.5M | $-47.8M | ||
| Q2 25 | $39.9M | $195.3M | ||
| Q1 25 | $59.9M | $59.9M | ||
| Q4 24 | $54.2M | $-20.3M | ||
| Q3 24 | $54.5M | $-49.1M | ||
| Q2 24 | $45.2M | $79.5M | ||
| Q1 24 | $41.5M | $80.3M |
| Q4 25 | 17.1% | -0.4% | ||
| Q3 25 | 14.7% | -10.8% | ||
| Q2 25 | 7.8% | 37.0% | ||
| Q1 25 | 12.5% | 8.2% | ||
| Q4 24 | 11.8% | -4.0% | ||
| Q3 24 | 12.7% | -15.8% | ||
| Q2 24 | 11.3% | 23.5% | ||
| Q1 24 | 11.0% | 14.4% |
| Q4 25 | 13.9% | 43.5% | ||
| Q3 25 | 15.1% | 64.4% | ||
| Q2 25 | 11.7% | 36.6% | ||
| Q1 25 | 17.9% | 26.4% | ||
| Q4 24 | 15.9% | 46.8% | ||
| Q3 24 | 11.7% | 79.7% | ||
| Q2 24 | 7.4% | 59.7% | ||
| Q1 24 | 8.5% | 42.1% |
| Q4 25 | — | 1.51× | ||
| Q3 25 | — | 2.21× | ||
| Q2 25 | — | 2.59× | ||
| Q1 25 | — | 1.17× | ||
| Q4 24 | — | 4.89× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 1.90× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
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% |
