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Side-by-side financial comparison of NATIONAL FUEL GAS CO (NFG) and ONESPAWORLD HOLDINGS Ltd (OSW). 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 $242.1M, roughly 1.8× ONESPAWORLD HOLDINGS Ltd). NATIONAL FUEL GAS CO runs the higher net margin — 35.7% vs 5.0%, a 30.7% gap on every dollar of revenue. On growth, ONESPAWORLD HOLDINGS Ltd posted the faster year-over-year revenue change (11.5% vs 1.7%). Over the past eight quarters, NATIONAL FUEL GAS CO's revenue compounded faster (12.1% CAGR vs 7.1%).
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.
NFG vs OSW — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $425.9M | $242.1M |
| Net Profit | $152.0M | $12.1M |
| Gross Margin | — | — |
| Operating Margin | 81.5% | 6.8% |
| Net Margin | 35.7% | 5.0% |
| Revenue YoY | 1.7% | 11.5% |
| Net Profit YoY | — | -16.2% |
| EPS (diluted) | $1.59 | $0.12 |
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 | — | ||
| Q4 25 | $637.9M | $242.1M | ||
| Q3 25 | $443.1M | $258.5M | ||
| Q2 25 | $527.4M | $240.7M | ||
| Q1 25 | $734.8M | $219.6M | ||
| Q4 24 | $513.8M | $217.2M | ||
| Q3 24 | $310.0M | $241.7M | ||
| Q2 24 | $338.6M | $224.9M |
| Q1 26 | $152.0M | — | ||
| Q4 25 | $181.6M | $12.1M | ||
| Q3 25 | $107.3M | $24.3M | ||
| Q2 25 | $149.8M | $19.9M | ||
| Q1 25 | $216.4M | $15.3M | ||
| Q4 24 | $45.0M | $14.4M | ||
| Q3 24 | $-167.6M | $21.6M | ||
| Q2 24 | $-54.2M | $15.8M |
| 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% | — | ||
| Q4 25 | 43.3% | 6.8% | ||
| Q3 25 | 40.6% | 10.2% | ||
| Q2 25 | 43.7% | 9.2% | ||
| Q1 25 | 43.2% | 7.7% | ||
| Q4 24 | 16.8% | 7.9% | ||
| Q3 24 | -63.4% | 10.3% | ||
| Q2 24 | -15.2% | 8.4% |
| Q1 26 | 35.7% | — | ||
| Q4 25 | 28.5% | 5.0% | ||
| Q3 25 | 24.2% | 9.4% | ||
| Q2 25 | 28.4% | 8.3% | ||
| Q1 25 | 29.4% | 7.0% | ||
| Q4 24 | 8.8% | 6.6% | ||
| Q3 24 | -54.1% | 8.9% | ||
| Q2 24 | -16.0% | 7.0% |
| Q1 26 | $1.59 | — | ||
| Q4 25 | $1.98 | $0.12 | ||
| Q3 25 | $1.18 | $0.23 | ||
| Q2 25 | $1.64 | $0.19 | ||
| Q1 25 | $2.37 | $0.15 | ||
| Q4 24 | $0.49 | $0.13 | ||
| Q3 24 | $-1.81 | $0.20 | ||
| Q2 24 | $-0.59 | $0.15 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $16.3M |
| Total DebtLower is stronger | $300.0M | $84.0M |
| Stockholders' EquityBook value | — | $542.6M |
| Total Assets | $9.1B | $707.1M |
| Debt / EquityLower = less leverage | — | 0.15× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $271.4M | $16.3M | ||
| Q3 25 | $43.2M | $29.6M | ||
| Q2 25 | $39.3M | $35.0M | ||
| Q1 25 | $40.0M | $22.6M | ||
| Q4 24 | $48.7M | $57.4M | ||
| Q3 24 | $38.2M | $48.8M | ||
| Q2 24 | $81.4M | $62.5M |
| Q1 26 | $300.0M | — | ||
| Q4 25 | $2.7B | $84.0M | ||
| Q3 25 | $2.7B | $85.2M | ||
| Q2 25 | $2.7B | $96.2M | ||
| Q1 25 | $2.7B | $97.4M | ||
| Q4 24 | $2.7B | $98.6M | ||
| Q3 24 | $2.7B | $98.7M | ||
| Q2 24 | $2.7B | $123.8M |
| Q1 26 | — | — | ||
| Q4 25 | $3.6B | $542.6M | ||
| Q3 25 | $3.1B | $552.8M | ||
| Q2 25 | $3.0B | $548.3M | ||
| Q1 25 | $2.8B | $530.6M | ||
| Q4 24 | $-76.2M | $554.5M | ||
| Q3 24 | $-15.5M | $540.1M | ||
| Q2 24 | $5.0M | $532.7M |
| Q1 26 | $9.1B | — | ||
| Q4 25 | $9.2B | $707.1M | ||
| Q3 25 | $8.7B | $732.6M | ||
| Q2 25 | $8.4B | $731.8M | ||
| Q1 25 | $8.5B | $708.7M | ||
| Q4 24 | $8.3B | $746.4M | ||
| Q3 24 | $8.3B | $734.0M | ||
| Q2 24 | $8.5B | $756.8M |
| Q1 26 | — | — | ||
| Q4 25 | 0.75× | 0.15× | ||
| Q3 25 | 0.87× | 0.15× | ||
| Q2 25 | 0.90× | 0.18× | ||
| Q1 25 | 0.99× | 0.18× | ||
| Q4 24 | — | 0.18× | ||
| Q3 24 | — | 0.18× | ||
| Q2 24 | 532.10× | 0.23× |
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 | $20.0M |
| Free Cash FlowOCF − Capex | — | $14.9M |
| FCF MarginFCF / Revenue | — | 6.2% |
| Capex IntensityCapex / Revenue | 117.0% | 2.1% |
| Cash ConversionOCF / Net Profit | 4.32× | 1.65× |
| TTM Free Cash FlowTrailing 4 quarters | — | $68.4M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $657.3M | — | ||
| Q4 25 | $274.9M | $20.0M | ||
| Q3 25 | $237.8M | $33.2M | ||
| Q2 25 | $388.4M | $20.3M | ||
| Q1 25 | $253.8M | $10.1M | ||
| Q4 24 | $220.1M | $16.6M | ||
| Q3 24 | $197.9M | $28.6M | ||
| Q2 24 | $281.8M | $18.7M |
| Q1 26 | — | — | ||
| Q4 25 | $-2.7M | $14.9M | ||
| Q3 25 | $-47.8M | $27.6M | ||
| Q2 25 | $195.3M | $17.6M | ||
| Q1 25 | $59.9M | $8.4M | ||
| Q4 24 | $-20.3M | $13.2M | ||
| Q3 24 | $-49.1M | $27.5M | ||
| Q2 24 | $79.5M | $17.6M |
| Q1 26 | — | — | ||
| Q4 25 | -0.4% | 6.2% | ||
| Q3 25 | -10.8% | 10.7% | ||
| Q2 25 | 37.0% | 7.3% | ||
| Q1 25 | 8.2% | 3.8% | ||
| Q4 24 | -4.0% | 6.1% | ||
| Q3 24 | -15.8% | 11.4% | ||
| Q2 24 | 23.5% | 7.8% |
| Q1 26 | 117.0% | — | ||
| Q4 25 | 43.5% | 2.1% | ||
| Q3 25 | 64.4% | 2.2% | ||
| Q2 25 | 36.6% | 1.1% | ||
| Q1 25 | 26.4% | 0.8% | ||
| Q4 24 | 46.8% | 1.5% | ||
| Q3 24 | 79.7% | 0.5% | ||
| Q2 24 | 59.7% | 0.5% |
| Q1 26 | 4.32× | — | ||
| Q4 25 | 1.51× | 1.65× | ||
| Q3 25 | 2.21× | 1.36× | ||
| Q2 25 | 2.59× | 1.02× | ||
| Q1 25 | 1.17× | 0.66× | ||
| Q4 24 | 4.89× | 1.15× | ||
| Q3 24 | — | 1.33× | ||
| Q2 24 | — | 1.19× |
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% |
OSW
| Services | $197.3M | 82% |
| Products | $44.8M | 18% |
