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Side-by-side financial comparison of NATIONAL FUEL GAS CO (NFG) and NNN REIT, INC. (NNN). Click either name above to swap in a different company.
NATIONAL FUEL GAS CO is the larger business by last-quarter revenue ($425.9M vs $240.4M, roughly 1.8× NNN REIT, INC.). NNN REIT, INC. runs the higher net margin — 39.1% vs 35.7%, a 3.4% gap on every dollar of revenue. On growth, NNN REIT, INC. posted the faster year-over-year revenue change (4.1% vs 1.7%). Over the past eight quarters, NATIONAL FUEL GAS CO's revenue compounded faster (12.1% CAGR vs 5.3%).
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.
NNN Reit, Inc. is a real estate investment trust that invests primarily in restaurant properties that are subject to long-term triple net leases, usually under leaseback arrangements. It is organized in Maryland with its principal office in Orlando, Florida.
NFG vs NNN — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $425.9M | $240.4M |
| Net Profit | $152.0M | $94.0M |
| Gross Margin | — | — |
| Operating Margin | 81.5% | 61.0% |
| Net Margin | 35.7% | 39.1% |
| Revenue YoY | 1.7% | 4.1% |
| Net Profit YoY | — | -2.6% |
| EPS (diluted) | $1.59 | $0.50 |
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 | $425.9M | $240.4M | ||
| Q4 25 | $637.9M | $238.4M | ||
| Q3 25 | $443.1M | $230.2M | ||
| Q2 25 | $527.4M | $226.8M | ||
| Q1 25 | $734.8M | $230.9M | ||
| Q4 24 | $513.8M | $218.5M | ||
| Q3 24 | $310.0M | $218.6M | ||
| Q2 24 | $338.6M | $216.8M |
| Q1 26 | $152.0M | $94.0M | ||
| Q4 25 | $181.6M | $96.0M | ||
| Q3 25 | $107.3M | $96.8M | ||
| Q2 25 | $149.8M | $100.5M | ||
| Q1 25 | $216.4M | $96.5M | ||
| Q4 24 | $45.0M | $97.9M | ||
| Q3 24 | $-167.6M | $97.9M | ||
| Q2 24 | $-54.2M | $106.7M |
| Q1 26 | — | — | ||
| 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 26 | 81.5% | 61.0% | ||
| Q4 25 | 43.3% | 62.3% | ||
| Q3 25 | 40.6% | 64.0% | ||
| Q2 25 | 43.7% | 66.0% | ||
| Q1 25 | 43.2% | 62.3% | ||
| Q4 24 | 16.8% | 65.8% | ||
| Q3 24 | -63.4% | 65.7% | ||
| Q2 24 | -15.2% | 70.2% |
| Q1 26 | 35.7% | 39.1% | ||
| Q4 25 | 28.5% | 40.2% | ||
| Q3 25 | 24.2% | 42.1% | ||
| Q2 25 | 28.4% | 44.3% | ||
| Q1 25 | 29.4% | 41.8% | ||
| Q4 24 | 8.8% | 44.8% | ||
| Q3 24 | -54.1% | 44.8% | ||
| Q2 24 | -16.0% | 49.2% |
| Q1 26 | $1.59 | $0.50 | ||
| Q4 25 | $1.98 | $0.51 | ||
| Q3 25 | $1.18 | $0.51 | ||
| Q2 25 | $1.64 | $0.54 | ||
| Q1 25 | $2.37 | $0.51 | ||
| Q4 24 | $0.49 | $0.52 | ||
| Q3 24 | $-1.81 | $0.53 | ||
| Q2 24 | $-0.59 | $0.58 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $4.6M |
| Total DebtLower is stronger | $300.0M | — |
| Stockholders' EquityBook value | — | $4.4B |
| Total Assets | $9.1B | $9.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $4.6M | ||
| Q4 25 | $271.4M | $5.0M | ||
| Q3 25 | $43.2M | $157.9M | ||
| Q2 25 | $39.3M | $6.0M | ||
| Q1 25 | $40.0M | $5.1M | ||
| Q4 24 | $48.7M | $8.7M | ||
| Q3 24 | $38.2M | $173.5M | ||
| Q2 24 | $81.4M | $2.1M |
| Q1 26 | $300.0M | — | ||
| 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 26 | — | $4.4B | ||
| Q4 25 | $3.6B | $4.4B | ||
| Q3 25 | $3.1B | $4.4B | ||
| Q2 25 | $3.0B | $4.4B | ||
| Q1 25 | $2.8B | $4.4B | ||
| Q4 24 | $-76.2M | $4.4B | ||
| Q3 24 | $-15.5M | $4.4B | ||
| Q2 24 | $5.0M | $4.2B |
| Q1 26 | $9.1B | $9.4B | ||
| Q4 25 | $9.2B | $9.4B | ||
| Q3 25 | $8.7B | $9.5B | ||
| Q2 25 | $8.4B | $9.1B | ||
| Q1 25 | $8.5B | $9.0B | ||
| Q4 24 | $8.3B | $8.9B | ||
| Q3 24 | $8.3B | $8.9B | ||
| Q2 24 | $8.5B | $8.7B |
| Q1 26 | — | — | ||
| Q4 25 | 0.75× | — | ||
| Q3 25 | 0.87× | — | ||
| Q2 25 | 0.90× | — | ||
| Q1 25 | 0.99× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 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 | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | 117.0% | — |
| Cash ConversionOCF / Net Profit | 4.32× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $657.3M | — | ||
| Q4 25 | $274.9M | $667.1M | ||
| Q3 25 | $237.8M | $218.3M | ||
| Q2 25 | $388.4M | $119.4M | ||
| Q1 25 | $253.8M | $203.3M | ||
| Q4 24 | $220.1M | $635.5M | ||
| Q3 24 | $197.9M | $206.6M | ||
| Q2 24 | $281.8M | $120.5M |
| Q1 26 | — | — | ||
| Q4 25 | $-2.7M | — | ||
| Q3 25 | $-47.8M | — | ||
| Q2 25 | $195.3M | — | ||
| Q1 25 | $59.9M | — | ||
| Q4 24 | $-20.3M | — | ||
| Q3 24 | $-49.1M | — | ||
| Q2 24 | $79.5M | — |
| Q1 26 | — | — | ||
| Q4 25 | -0.4% | — | ||
| Q3 25 | -10.8% | — | ||
| Q2 25 | 37.0% | — | ||
| Q1 25 | 8.2% | — | ||
| Q4 24 | -4.0% | — | ||
| Q3 24 | -15.8% | — | ||
| Q2 24 | 23.5% | — |
| Q1 26 | 117.0% | — | ||
| Q4 25 | 43.5% | — | ||
| Q3 25 | 64.4% | — | ||
| Q2 25 | 36.6% | — | ||
| Q1 25 | 26.4% | — | ||
| Q4 24 | 46.8% | — | ||
| Q3 24 | 79.7% | — | ||
| Q2 24 | 59.7% | — |
| Q1 26 | 4.32× | — | ||
| Q4 25 | 1.51× | 6.95× | ||
| Q3 25 | 2.21× | 2.25× | ||
| Q2 25 | 2.59× | 1.19× | ||
| Q1 25 | 1.17× | 2.11× | ||
| Q4 24 | 4.89× | 6.49× | ||
| Q3 24 | — | 2.11× | ||
| Q2 24 | — | 1.13× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NFG
| Revenues from External Customers | $425.8M | 100% |
| Intersegment Revenues | $126.0K | 0% |
NNN
Segment breakdown not available.
