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Side-by-side financial comparison of NATIONAL FUEL GAS CO (NFG) and Perella Weinberg Partners (PWP). 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 $219.2M, roughly 1.9× Perella Weinberg Partners). NATIONAL FUEL GAS CO runs the higher net margin — 35.7% vs 6.3%, a 29.4% gap on every dollar of revenue. On growth, NATIONAL FUEL GAS CO posted the faster year-over-year revenue change (1.7% vs -2.9%). Over the past eight quarters, Perella Weinberg Partners's revenue compounded faster (46.5% CAGR vs 12.1%).
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.
PJT Partners, Inc. is a global advisory-focused investment bank, founded in October 2015 as part of The Blackstone Group's spin-off of its financial and strategic advisory services businesses.
NFG vs PWP — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $425.9M | $219.2M |
| Net Profit | $152.0M | $13.8M |
| Gross Margin | — | — |
| Operating Margin | 81.5% | 8.5% |
| Net Margin | 35.7% | 6.3% |
| Revenue YoY | 1.7% | -2.9% |
| Net Profit YoY | — | — |
| EPS (diluted) | $1.59 | $0.11 |
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 | $219.2M | ||
| Q3 25 | $443.1M | $164.6M | ||
| Q2 25 | $527.4M | $155.3M | ||
| Q1 25 | $734.8M | $211.8M | ||
| Q4 24 | $513.8M | $225.7M | ||
| Q3 24 | $310.0M | $278.2M | ||
| Q2 24 | $338.6M | $272.0M |
| Q1 26 | $152.0M | — | ||
| Q4 25 | $181.6M | $13.8M | ||
| Q3 25 | $107.3M | $6.0M | ||
| Q2 25 | $149.8M | $2.7M | ||
| Q1 25 | $216.4M | $17.3M | ||
| Q4 24 | $45.0M | — | ||
| Q3 24 | $-167.6M | $16.4M | ||
| Q2 24 | $-54.2M | $-66.0M |
| 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% | 8.5% | ||
| Q3 25 | 40.6% | 5.4% | ||
| Q2 25 | 43.7% | 5.8% | ||
| Q1 25 | 43.2% | 5.5% | ||
| Q4 24 | 16.8% | — | ||
| Q3 24 | -63.4% | 12.9% | ||
| Q2 24 | -15.2% | -30.2% |
| Q1 26 | 35.7% | — | ||
| Q4 25 | 28.5% | 6.3% | ||
| Q3 25 | 24.2% | 3.6% | ||
| Q2 25 | 28.4% | 1.8% | ||
| Q1 25 | 29.4% | 8.2% | ||
| Q4 24 | 8.8% | — | ||
| Q3 24 | -54.1% | 5.9% | ||
| Q2 24 | -16.0% | -24.3% |
| Q1 26 | $1.59 | — | ||
| Q4 25 | $1.98 | $0.11 | ||
| Q3 25 | $1.18 | $0.08 | ||
| Q2 25 | $1.64 | $0.04 | ||
| Q1 25 | $2.37 | $0.24 | ||
| Q4 24 | $0.49 | — | ||
| Q3 24 | $-1.81 | $0.24 | ||
| Q2 24 | $-0.59 | $-1.21 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $255.9M |
| Total DebtLower is stronger | $300.0M | — |
| Stockholders' EquityBook value | — | $-127.4M |
| Total Assets | $9.1B | $797.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $271.4M | $255.9M | ||
| Q3 25 | $43.2M | $185.5M | ||
| Q2 25 | $39.3M | $145.0M | ||
| Q1 25 | $40.0M | $111.2M | ||
| Q4 24 | $48.7M | $407.4M | ||
| Q3 24 | $38.2M | $335.1M | ||
| Q2 24 | $81.4M | $185.3M |
| 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 | — | — | ||
| Q4 25 | $3.6B | $-127.4M | ||
| Q3 25 | $3.1B | $-302.4M | ||
| Q2 25 | $3.0B | $-318.4M | ||
| Q1 25 | $2.8B | $-323.1M | ||
| Q4 24 | $-76.2M | $-421.4M | ||
| Q3 24 | $-15.5M | $-360.8M | ||
| Q2 24 | $5.0M | $-283.0M |
| Q1 26 | $9.1B | — | ||
| Q4 25 | $9.2B | $797.6M | ||
| Q3 25 | $8.7B | $650.2M | ||
| Q2 25 | $8.4B | $606.7M | ||
| Q1 25 | $8.5B | $570.5M | ||
| Q4 24 | $8.3B | $876.8M | ||
| Q3 24 | $8.3B | $810.9M | ||
| Q2 24 | $8.5B | $645.5M |
| 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 | $34.8M |
| Free Cash FlowOCF − Capex | — | $30.5M |
| FCF MarginFCF / Revenue | — | 13.9% |
| Capex IntensityCapex / Revenue | 117.0% | 2.0% |
| Cash ConversionOCF / Net Profit | 4.32× | 2.52× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-34.1M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $657.3M | — | ||
| Q4 25 | $274.9M | $34.8M | ||
| Q3 25 | $237.8M | $59.2M | ||
| Q2 25 | $388.4M | $56.1M | ||
| Q1 25 | $253.8M | $-176.5M | ||
| Q4 24 | $220.1M | $223.4M | ||
| Q3 24 | $197.9M | $200.3M | ||
| Q2 24 | $281.8M | $90.0M |
| Q1 26 | — | — | ||
| Q4 25 | $-2.7M | $30.5M | ||
| Q3 25 | $-47.8M | $57.6M | ||
| Q2 25 | $195.3M | $55.3M | ||
| Q1 25 | $59.9M | $-177.6M | ||
| Q4 24 | $-20.3M | $207.0M | ||
| Q3 24 | $-49.1M | $199.3M | ||
| Q2 24 | $79.5M | $83.7M |
| Q1 26 | — | — | ||
| Q4 25 | -0.4% | 13.9% | ||
| Q3 25 | -10.8% | 35.0% | ||
| Q2 25 | 37.0% | 35.6% | ||
| Q1 25 | 8.2% | -83.8% | ||
| Q4 24 | -4.0% | 91.7% | ||
| Q3 24 | -15.8% | 71.6% | ||
| Q2 24 | 23.5% | 30.8% |
| Q1 26 | 117.0% | — | ||
| Q4 25 | 43.5% | 2.0% | ||
| Q3 25 | 64.4% | 0.9% | ||
| Q2 25 | 36.6% | 0.5% | ||
| Q1 25 | 26.4% | 0.5% | ||
| Q4 24 | 46.8% | 7.3% | ||
| Q3 24 | 79.7% | 0.4% | ||
| Q2 24 | 59.7% | 2.3% |
| Q1 26 | 4.32× | — | ||
| Q4 25 | 1.51× | 2.52× | ||
| Q3 25 | 2.21× | 9.85× | ||
| Q2 25 | 2.59× | 20.50× | ||
| Q1 25 | 1.17× | -10.18× | ||
| Q4 24 | 4.89× | — | ||
| Q3 24 | — | 12.23× | ||
| 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% |
PWP
Segment breakdown not available.
