vs
Side-by-side financial comparison of New Fortress Energy Inc. (NFE) 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 $326.2M, roughly 2.0× New Fortress Energy Inc.). NATIONAL FUEL GAS CO runs the higher net margin — 28.5% vs -259.7%, a 288.1% gap on every dollar of revenue. On growth, NATIONAL FUEL GAS CO posted the faster year-over-year revenue change (24.1% vs -7.0%). NATIONAL FUEL GAS CO produced more free cash flow last quarter ($-2.7M vs $-134.8M). Over the past eight quarters, NATIONAL FUEL GAS CO's revenue compounded faster (6.9% CAGR vs -26.8%).
New Fortress Energy Inc. is a global energy infrastructure firm developing, owning and operating LNG import/export terminals, natural gas supply networks and low-carbon projects. It serves utility, industrial and public sector clients across the Americas and Caribbean, delivering affordable, lower-emission energy resources.
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.
NFE vs NFG — Head-to-Head
Income Statement — Q4 2025 vs Q1 2026
| Metric | | |
|---|---|---|
| Revenue | $326.2M | $637.9M |
| Net Profit | $-847.1M | $181.6M |
| Gross Margin | 35.5% | 86.6% |
| Operating Margin | -193.0% | 43.3% |
| Net Margin | -259.7% | 28.5% |
| Revenue YoY | -7.0% | 24.1% |
| Net Profit YoY | -277.4% | 303.8% |
| EPS (diluted) | $-3.03 | $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 | $326.2M | $637.9M | ||
| Q3 25 | $240.3M | $443.1M | ||
| Q2 25 | $228.1M | $527.4M | ||
| Q1 25 | $384.9M | $734.8M | ||
| Q4 24 | $350.7M | $513.8M | ||
| Q3 24 | $446.0M | $310.0M | ||
| Q2 24 | $291.2M | $338.6M | ||
| Q1 24 | $609.5M | $558.7M |
| Q4 25 | $-847.1M | $181.6M | ||
| Q3 25 | $-263.0M | $107.3M | ||
| Q2 25 | $-546.5M | $149.8M | ||
| Q1 25 | $-175.4M | $216.4M | ||
| Q4 24 | $-224.4M | $45.0M | ||
| Q3 24 | $9.3M | $-167.6M | ||
| Q2 24 | $-88.9M | $-54.2M | ||
| Q1 24 | $54.1M | $166.3M |
| Q4 25 | 35.5% | 86.6% | ||
| Q3 25 | 18.1% | — | ||
| Q2 25 | 8.4% | 94.7% | ||
| Q1 25 | 21.4% | 81.6% | ||
| Q4 24 | 17.6% | 87.3% | ||
| Q3 24 | 27.1% | — | ||
| Q2 24 | 23.8% | 98.5% | ||
| Q1 24 | 62.4% | 81.0% |
| Q4 25 | -193.0% | 43.3% | ||
| Q3 25 | -37.4% | 40.6% | ||
| Q2 25 | -170.3% | 43.7% | ||
| Q1 25 | -3.3% | 43.2% | ||
| Q4 24 | 65.0% | 16.8% | ||
| Q3 24 | 17.8% | -63.4% | ||
| Q2 24 | 12.3% | -15.2% | ||
| Q1 24 | 30.4% | 44.9% |
| Q4 25 | -259.7% | 28.5% | ||
| Q3 25 | -109.4% | 24.2% | ||
| Q2 25 | -239.6% | 28.4% | ||
| Q1 25 | -45.6% | 29.4% | ||
| Q4 24 | -64.0% | 8.8% | ||
| Q3 24 | 2.1% | -54.1% | ||
| Q2 24 | -30.5% | -16.0% | ||
| Q1 24 | 8.9% | 29.8% |
| Q4 25 | $-3.03 | $1.98 | ||
| Q3 25 | $-0.96 | $1.18 | ||
| Q2 25 | $-1.99 | $1.64 | ||
| Q1 25 | $-0.65 | $2.37 | ||
| Q4 24 | $-1.10 | $0.49 | ||
| Q3 24 | $0.03 | $-1.81 | ||
| Q2 24 | $-0.42 | $-0.59 | ||
| Q1 24 | $0.23 | $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 | $226.5M | $271.4M |
| Total DebtLower is stronger | $8.2B | $2.7B |
| Stockholders' EquityBook value | $182.6M | $3.6B |
| Total Assets | $10.6B | $9.2B |
| Debt / EquityLower = less leverage | 44.78× | 0.75× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $226.5M | $271.4M | ||
| Q3 25 | $145.2M | $43.2M | ||
| Q2 25 | $551.1M | $39.3M | ||
| Q1 25 | $447.9M | $40.0M | ||
| Q4 24 | $492.9M | $48.7M | ||
| Q3 24 | $90.8M | $38.2M | ||
| Q2 24 | $133.0M | $81.4M | ||
| Q1 24 | $143.5M | $50.8M |
| Q4 25 | $8.2B | $2.7B | ||
| Q3 25 | — | $2.7B | ||
| Q2 25 | — | $2.7B | ||
| Q1 25 | — | $2.7B | ||
| Q4 24 | $8.9B | $2.7B | ||
| Q3 24 | — | $2.7B | ||
| Q2 24 | — | $2.7B | ||
| Q1 24 | — | $2.4B |
| Q4 25 | $182.6M | $3.6B | ||
| Q3 25 | $1.1B | $3.1B | ||
| Q2 25 | $1.3B | $3.0B | ||
| Q1 25 | $1.8B | $2.8B | ||
| Q4 24 | $1.9B | $-76.2M | ||
| Q3 24 | $1.6B | $-15.5M | ||
| Q2 24 | $1.6B | $5.0M | ||
| Q1 24 | $1.7B | $75.3M |
| Q4 25 | $10.6B | $9.2B | ||
| Q3 25 | $12.0B | $8.7B | ||
| Q2 25 | $12.0B | $8.4B | ||
| Q1 25 | $13.1B | $8.5B | ||
| Q4 24 | $12.9B | $8.3B | ||
| Q3 24 | $12.0B | $8.3B | ||
| Q2 24 | $11.4B | $8.5B | ||
| Q1 24 | $10.9B | $8.7B |
| Q4 25 | 44.78× | 0.75× | ||
| Q3 25 | — | 0.87× | ||
| Q2 25 | — | 0.90× | ||
| Q1 25 | — | 0.99× | ||
| Q4 24 | 4.74× | — | ||
| 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 | $-76.2M | $274.9M |
| Free Cash FlowOCF − Capex | $-134.8M | $-2.7M |
| FCF MarginFCF / Revenue | -41.3% | -0.4% |
| Capex IntensityCapex / Revenue | 18.0% | 43.5% |
| Cash ConversionOCF / Net Profit | — | 1.51× |
| TTM Free Cash FlowTrailing 4 quarters | $-1.4B | $204.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-76.2M | $274.9M | ||
| Q3 25 | $-171.0M | $237.8M | ||
| Q2 25 | $-329.0M | $388.4M | ||
| Q1 25 | $-7.2M | $253.8M | ||
| Q4 24 | $445.3M | $220.1M | ||
| Q3 24 | $-20.0M | $197.9M | ||
| Q2 24 | $113.9M | $281.8M | ||
| Q1 24 | $63.0M | $315.3M |
| Q4 25 | $-134.8M | $-2.7M | ||
| Q3 25 | $-231.6M | $-47.8M | ||
| Q2 25 | $-726.7M | $195.3M | ||
| Q1 25 | $-262.3M | $59.9M | ||
| Q4 24 | $-210.3M | $-20.3M | ||
| Q3 24 | $-367.0M | $-49.1M | ||
| Q2 24 | $-493.2M | $79.5M | ||
| Q1 24 | $-457.9M | $80.3M |
| Q4 25 | -41.3% | -0.4% | ||
| Q3 25 | -96.4% | -10.8% | ||
| Q2 25 | -318.6% | 37.0% | ||
| Q1 25 | -68.2% | 8.2% | ||
| Q4 24 | -60.0% | -4.0% | ||
| Q3 24 | -82.3% | -15.8% | ||
| Q2 24 | -169.3% | 23.5% | ||
| Q1 24 | -75.1% | 14.4% |
| Q4 25 | 18.0% | 43.5% | ||
| Q3 25 | 25.2% | 64.4% | ||
| Q2 25 | 174.4% | 36.6% | ||
| Q1 25 | 66.3% | 26.4% | ||
| Q4 24 | 187.0% | 46.8% | ||
| Q3 24 | 77.8% | 79.7% | ||
| Q2 24 | 208.4% | 59.7% | ||
| Q1 24 | 85.5% | 42.1% |
| Q4 25 | — | 1.51× | ||
| Q3 25 | — | 2.21× | ||
| Q2 25 | — | 2.59× | ||
| Q1 25 | — | 1.17× | ||
| Q4 24 | — | 4.89× | ||
| Q3 24 | -2.15× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 1.16× | 1.90× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NFE
Segment breakdown not available.
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% |
