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Side-by-side financial comparison of NATIONAL FUEL GAS CO (NFG) and OCEANEERING INTERNATIONAL INC (OII). Click either name above to swap in a different company.
OCEANEERING INTERNATIONAL INC is the larger business by last-quarter revenue ($692.4M vs $637.9M, roughly 1.1× NATIONAL FUEL GAS CO). NATIONAL FUEL GAS CO runs the higher net margin — 28.5% vs 5.2%, a 23.3% gap on every dollar of revenue. On growth, NATIONAL FUEL GAS CO posted the faster year-over-year revenue change (24.1% vs 3.6%). NATIONAL FUEL GAS CO produced more free cash flow last quarter ($-2.7M vs $-76.5M). Over the past eight quarters, NATIONAL FUEL GAS CO's revenue compounded faster (6.9% CAGR vs 1.8%).
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.
Oceaneering International, Inc. is a subsea engineering and applied technology company based in Houston, Texas, U.S. that provides engineered services and hardware to customers who operate in marine, space, and other environments.
NFG vs OII — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $637.9M | $692.4M |
| Net Profit | $181.6M | $36.1M |
| Gross Margin | 86.6% | — |
| Operating Margin | 43.3% | — |
| Net Margin | 28.5% | 5.2% |
| Revenue YoY | 24.1% | 3.6% |
| Net Profit YoY | 303.8% | -28.3% |
| EPS (diluted) | $1.98 | $0.36 |
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 | — | $692.4M | ||
| Q4 25 | $637.9M | $668.6M | ||
| Q3 25 | $443.1M | $742.9M | ||
| Q2 25 | $527.4M | $698.2M | ||
| Q1 25 | $734.8M | $674.5M | ||
| Q4 24 | $513.8M | $713.5M | ||
| Q3 24 | $310.0M | $679.8M | ||
| Q2 24 | $338.6M | $668.8M |
| Q1 26 | — | $36.1M | ||
| Q4 25 | $181.6M | $177.7M | ||
| Q3 25 | $107.3M | $71.3M | ||
| Q2 25 | $149.8M | $54.4M | ||
| Q1 25 | $216.4M | $50.4M | ||
| Q4 24 | $45.0M | $56.1M | ||
| Q3 24 | $-167.6M | $41.2M | ||
| Q2 24 | $-54.2M | $35.0M |
| Q1 26 | — | — | ||
| Q4 25 | 86.6% | 19.8% | ||
| Q3 25 | — | 20.6% | ||
| Q2 25 | 94.7% | 21.3% | ||
| Q1 25 | 81.6% | 20.0% | ||
| Q4 24 | 87.3% | 19.9% | ||
| Q3 24 | — | 19.3% | ||
| Q2 24 | 98.5% | 18.0% |
| Q1 26 | — | — | ||
| Q4 25 | 43.3% | 9.8% | ||
| Q3 25 | 40.6% | 11.6% | ||
| Q2 25 | 43.7% | 11.3% | ||
| Q1 25 | 43.2% | 10.9% | ||
| Q4 24 | 16.8% | 10.9% | ||
| Q3 24 | -63.4% | 10.5% | ||
| Q2 24 | -15.2% | 9.0% |
| Q1 26 | — | 5.2% | ||
| Q4 25 | 28.5% | 26.6% | ||
| Q3 25 | 24.2% | 9.6% | ||
| Q2 25 | 28.4% | 7.8% | ||
| Q1 25 | 29.4% | 7.5% | ||
| Q4 24 | 8.8% | 7.9% | ||
| Q3 24 | -54.1% | 6.1% | ||
| Q2 24 | -16.0% | 5.2% |
| Q1 26 | — | $0.36 | ||
| Q4 25 | $1.98 | $1.75 | ||
| Q3 25 | $1.18 | $0.71 | ||
| Q2 25 | $1.64 | $0.54 | ||
| Q1 25 | $2.37 | $0.49 | ||
| Q4 24 | $0.49 | $0.55 | ||
| Q3 24 | $-1.81 | $0.40 | ||
| Q2 24 | $-0.59 | $0.34 |
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 | $488.8M |
| Stockholders' EquityBook value | $3.6B | $1.1B |
| Total Assets | $9.2B | $2.6B |
| Debt / EquityLower = less leverage | 0.75× | 0.44× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $271.4M | $695.9M | ||
| Q3 25 | $43.2M | $7.0M | ||
| Q2 25 | $39.3M | $7.0M | ||
| Q1 25 | $40.0M | $7.0M | ||
| Q4 24 | $48.7M | $504.5M | ||
| Q3 24 | $38.2M | — | ||
| Q2 24 | $81.4M | — |
| Q1 26 | — | $488.8M | ||
| Q4 25 | $2.7B | $487.4M | ||
| Q3 25 | $2.7B | — | ||
| Q2 25 | $2.7B | — | ||
| Q1 25 | $2.7B | — | ||
| Q4 24 | $2.7B | $482.0M | ||
| Q3 24 | $2.7B | — | ||
| Q2 24 | $2.7B | — |
| Q1 26 | — | $1.1B | ||
| Q4 25 | $3.6B | $1.1B | ||
| Q3 25 | $3.1B | $907.7M | ||
| Q2 25 | $3.0B | $842.1M | ||
| Q1 25 | $2.8B | $773.1M | ||
| Q4 24 | $-76.2M | $714.3M | ||
| Q3 24 | $-15.5M | $698.0M | ||
| Q2 24 | $5.0M | $651.0M |
| Q1 26 | — | $2.6B | ||
| Q4 25 | $9.2B | $2.7B | ||
| Q3 25 | $8.7B | $2.5B | ||
| Q2 25 | $8.4B | $2.3B | ||
| Q1 25 | $8.5B | $2.3B | ||
| Q4 24 | $8.3B | $2.3B | ||
| Q3 24 | $8.3B | $2.4B | ||
| Q2 24 | $8.5B | $2.3B |
| Q1 26 | — | 0.44× | ||
| Q4 25 | 0.75× | 0.46× | ||
| Q3 25 | 0.87× | — | ||
| Q2 25 | 0.90× | — | ||
| Q1 25 | 0.99× | — | ||
| Q4 24 | — | 0.67× | ||
| 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 | $274.9M | — |
| Free Cash FlowOCF − Capex | $-2.7M | $-76.5M |
| FCF MarginFCF / Revenue | -0.4% | -11.1% |
| Capex IntensityCapex / Revenue | 43.5% | 2.5% |
| Cash ConversionOCF / Net Profit | 1.51× | — |
| TTM Free Cash FlowTrailing 4 quarters | $204.8M | $238.1M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $274.9M | $221.1M | ||
| Q3 25 | $237.8M | $101.3M | ||
| Q2 25 | $388.4M | $77.2M | ||
| Q1 25 | $253.8M | $-80.7M | ||
| Q4 24 | $220.1M | $128.4M | ||
| Q3 24 | $197.9M | $91.9M | ||
| Q2 24 | $281.8M | $52.6M |
| Q1 26 | — | $-76.5M | ||
| Q4 25 | $-2.7M | $190.7M | ||
| Q3 25 | $-47.8M | $77.0M | ||
| Q2 25 | $195.3M | $46.9M | ||
| Q1 25 | $59.9M | $-106.8M | ||
| Q4 24 | $-20.3M | $94.5M | ||
| Q3 24 | $-49.1M | $67.0M | ||
| Q2 24 | $79.5M | $29.8M |
| Q1 26 | — | -11.1% | ||
| Q4 25 | -0.4% | 28.5% | ||
| Q3 25 | -10.8% | 10.4% | ||
| Q2 25 | 37.0% | 6.7% | ||
| Q1 25 | 8.2% | -15.8% | ||
| Q4 24 | -4.0% | 13.2% | ||
| Q3 24 | -15.8% | 9.9% | ||
| Q2 24 | 23.5% | 4.5% |
| Q1 26 | — | 2.5% | ||
| Q4 25 | 43.5% | 4.6% | ||
| Q3 25 | 64.4% | 3.3% | ||
| Q2 25 | 36.6% | 4.3% | ||
| Q1 25 | 26.4% | 3.9% | ||
| Q4 24 | 46.8% | 4.7% | ||
| Q3 24 | 79.7% | 3.7% | ||
| Q2 24 | 59.7% | 3.4% |
| Q1 26 | — | — | ||
| Q4 25 | 1.51× | 1.24× | ||
| Q3 25 | 2.21× | 1.42× | ||
| Q2 25 | 2.59× | 1.42× | ||
| Q1 25 | 1.17× | -1.60× | ||
| Q4 24 | 4.89× | 2.29× | ||
| Q3 24 | — | 2.23× | ||
| Q2 24 | — | 1.50× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
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% |
OII
Segment breakdown not available.
