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Side-by-side financial comparison of NATIONAL FUEL GAS CO (NFG) and P3 Health Partners Inc. (PIII). 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 $384.8M, roughly 1.1× P3 Health Partners Inc.). NATIONAL FUEL GAS CO runs the higher net margin — 35.7% vs -19.6%, a 55.3% gap on every dollar of revenue. On growth, P3 Health Partners Inc. posted the faster year-over-year revenue change (3.8% vs 1.7%). Over the past eight quarters, NATIONAL FUEL GAS CO's revenue compounded faster (12.1% CAGR vs -0.5%).
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.
P3 Health Partners Inc. is a population health management and value-based care services firm operating primarily in the United States. It partners with primary care providers and health systems to deliver coordinated, high-quality care for patient populations, especially Medicare Advantage beneficiaries, focusing on improving health outcomes and lowering unnecessary healthcare costs.
NFG vs PIII — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $425.9M | $384.8M |
| Net Profit | $152.0M | $-75.5M |
| Gross Margin | — | — |
| Operating Margin | 81.5% | -40.0% |
| Net Margin | 35.7% | -19.6% |
| Revenue YoY | 1.7% | 3.8% |
| Net Profit YoY | — | -28.8% |
| EPS (diluted) | $1.59 | $-23.08 |
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 | $384.8M | ||
| Q3 25 | $443.1M | $345.3M | ||
| Q2 25 | $527.4M | $355.8M | ||
| Q1 25 | $734.8M | $373.2M | ||
| Q4 24 | $513.8M | $370.7M | ||
| Q3 24 | $310.0M | $362.1M | ||
| Q2 24 | $338.6M | $379.2M |
| Q1 26 | $152.0M | — | ||
| Q4 25 | $181.6M | $-75.5M | ||
| Q3 25 | $107.3M | $-31.6M | ||
| Q2 25 | $149.8M | $-20.4M | ||
| Q1 25 | $216.4M | $-20.5M | ||
| Q4 24 | $45.0M | $-58.6M | ||
| Q3 24 | $-167.6M | $-46.5M | ||
| Q2 24 | $-54.2M | $-12.0M |
| 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% | -40.0% | ||
| Q3 25 | 40.6% | -12.8% | ||
| Q2 25 | 43.7% | -9.6% | ||
| Q1 25 | 43.2% | -10.2% | ||
| Q4 24 | 16.8% | -37.4% | ||
| Q3 24 | -63.4% | -29.5% | ||
| Q2 24 | -15.2% | -8.3% |
| Q1 26 | 35.7% | — | ||
| Q4 25 | 28.5% | -19.6% | ||
| Q3 25 | 24.2% | -9.1% | ||
| Q2 25 | 28.4% | -5.7% | ||
| Q1 25 | 29.4% | -5.5% | ||
| Q4 24 | 8.8% | -15.8% | ||
| Q3 24 | -54.1% | -12.8% | ||
| Q2 24 | -16.0% | -3.2% |
| Q1 26 | $1.59 | — | ||
| Q4 25 | $1.98 | $-23.08 | ||
| Q3 25 | $1.18 | $-9.67 | ||
| Q2 25 | $1.64 | $-6.23 | ||
| Q1 25 | $2.37 | $-6.28 | ||
| Q4 24 | $0.49 | $-23.13 | ||
| Q3 24 | $-1.81 | $-15.70 | ||
| Q2 24 | $-0.59 | $-7.37 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $25.0M |
| Total DebtLower is stronger | $300.0M | $228.4M |
| Stockholders' EquityBook value | — | $-155.2M |
| Total Assets | $9.1B | $656.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $271.4M | $25.0M | ||
| Q3 25 | $43.2M | $37.7M | ||
| Q2 25 | $39.3M | $38.6M | ||
| Q1 25 | $40.0M | $40.1M | ||
| Q4 24 | $48.7M | $38.8M | ||
| Q3 24 | $38.2M | $63.0M | ||
| Q2 24 | $81.4M | $73.1M |
| Q1 26 | $300.0M | — | ||
| Q4 25 | $2.7B | $228.4M | ||
| Q3 25 | $2.7B | $252.8M | ||
| Q2 25 | $2.7B | $182.0M | ||
| Q1 25 | $2.7B | $171.1M | ||
| Q4 24 | $2.7B | $108.9M | ||
| Q3 24 | $2.7B | $133.2M | ||
| Q2 24 | $2.7B | $133.1M |
| Q1 26 | — | — | ||
| Q4 25 | $3.6B | $-155.2M | ||
| Q3 25 | $3.1B | $-18.7M | ||
| Q2 25 | $3.0B | $44.5M | ||
| Q1 25 | $2.8B | $63.3M | ||
| Q4 24 | $-76.2M | $75.9M | ||
| Q3 24 | $-15.5M | $120.5M | ||
| Q2 24 | $5.0M | $166.8M |
| Q1 26 | $9.1B | — | ||
| Q4 25 | $9.2B | $656.6M | ||
| Q3 25 | $8.7B | $683.6M | ||
| Q2 25 | $8.4B | $731.6M | ||
| Q1 25 | $8.5B | $783.9M | ||
| Q4 24 | $8.3B | $783.4M | ||
| Q3 24 | $8.3B | $833.3M | ||
| Q2 24 | $8.5B | $892.8M |
| Q1 26 | — | — | ||
| Q4 25 | 0.75× | — | ||
| Q3 25 | 0.87× | — | ||
| Q2 25 | 0.90× | 4.09× | ||
| Q1 25 | 0.99× | 2.71× | ||
| Q4 24 | — | 1.43× | ||
| Q3 24 | — | 1.11× | ||
| Q2 24 | 532.10× | 0.80× |
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 | $-25.7M |
| 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 | $-25.7M | ||
| Q3 25 | $237.8M | $-15.4M | ||
| Q2 25 | $388.4M | $-16.6M | ||
| Q1 25 | $253.8M | $-33.5M | ||
| Q4 24 | $220.1M | $-57.2M | ||
| Q3 24 | $197.9M | $-22.6M | ||
| Q2 24 | $281.8M | $-10.2M |
| 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% | 0.0% | ||
| Q3 24 | 79.7% | 0.0% | ||
| Q2 24 | 59.7% | 0.0% |
| Q1 26 | 4.32× | — | ||
| Q4 25 | 1.51× | — | ||
| Q3 25 | 2.21× | — | ||
| Q2 25 | 2.59× | — | ||
| Q1 25 | 1.17× | — | ||
| Q4 24 | 4.89× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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% |
PIII
| Capitated Revenue | $366.2M | 95% |
| Health Care Patient Service | $18.6M | 5% |
| Health Care Care Coordination Management Fees | $2.7M | 1% |
