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Side-by-side financial comparison of NATIONAL FUEL GAS CO (NFG) and Ralliant Corp (RAL). Click either name above to swap in a different company.
Ralliant Corp is the larger business by last-quarter revenue ($529.1M vs $425.9M, roughly 1.2× NATIONAL FUEL GAS CO). NATIONAL FUEL GAS CO runs the higher net margin — 35.7% vs 7.5%, a 28.2% gap on every dollar of revenue. On growth, NATIONAL FUEL GAS CO posted the faster year-over-year revenue change (1.7% 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.
NFG vs RAL — Head-to-Head
Income Statement — Q2 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $425.9M | $529.1M |
| Net Profit | $152.0M | $39.9M |
| Gross Margin | — | 50.8% |
| Operating Margin | 81.5% | 9.8% |
| Net Margin | 35.7% | 7.5% |
| Revenue YoY | 1.7% | -0.5% |
| Net Profit YoY | — | -56.1% |
| EPS (diluted) | $1.59 | $0.35 |
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 | — | ||
| Q3 25 | $443.1M | $529.1M | ||
| Q2 25 | $527.4M | $503.3M | ||
| Q1 25 | $734.8M | — | ||
| Q4 24 | $513.8M | — | ||
| Q3 24 | $310.0M | $531.7M | ||
| Q2 24 | $338.6M | $533.7M |
| Q1 26 | $152.0M | — | ||
| Q4 25 | $181.6M | — | ||
| Q3 25 | $107.3M | $39.9M | ||
| Q2 25 | $149.8M | $47.6M | ||
| Q1 25 | $216.4M | — | ||
| Q4 24 | $45.0M | — | ||
| Q3 24 | $-167.6M | $90.9M | ||
| Q2 24 | $-54.2M | $64.8M |
| Q1 26 | — | — | ||
| Q4 25 | 86.6% | — | ||
| Q3 25 | — | 50.8% | ||
| Q2 25 | 94.7% | 49.3% | ||
| Q1 25 | 81.6% | — | ||
| Q4 24 | 87.3% | — | ||
| Q3 24 | — | 52.6% | ||
| Q2 24 | 98.5% | 51.5% |
| Q1 26 | 81.5% | — | ||
| Q4 25 | 43.3% | — | ||
| Q3 25 | 40.6% | 9.8% | ||
| Q2 25 | 43.7% | 11.7% | ||
| Q1 25 | 43.2% | — | ||
| Q4 24 | 16.8% | — | ||
| Q3 24 | -63.4% | 20.9% | ||
| Q2 24 | -15.2% | 19.7% |
| Q1 26 | 35.7% | — | ||
| Q4 25 | 28.5% | — | ||
| Q3 25 | 24.2% | 7.5% | ||
| Q2 25 | 28.4% | 9.5% | ||
| Q1 25 | 29.4% | — | ||
| Q4 24 | 8.8% | — | ||
| Q3 24 | -54.1% | 17.1% | ||
| Q2 24 | -16.0% | 12.1% |
| Q1 26 | $1.59 | — | ||
| Q4 25 | $1.98 | — | ||
| Q3 25 | $1.18 | $0.35 | ||
| Q2 25 | $1.64 | $0.42 | ||
| Q1 25 | $2.37 | — | ||
| Q4 24 | $0.49 | — | ||
| Q3 24 | $-1.81 | $0.81 | ||
| Q2 24 | $-0.59 | $0.57 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $264.2M |
| Total DebtLower is stronger | $300.0M | $1.1B |
| Stockholders' EquityBook value | — | $3.0B |
| Total Assets | $9.1B | $5.3B |
| Debt / EquityLower = less leverage | — | 0.39× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $271.4M | — | ||
| Q3 25 | $43.2M | $264.2M | ||
| Q2 25 | $39.3M | $198.6M | ||
| Q1 25 | $40.0M | — | ||
| Q4 24 | $48.7M | — | ||
| Q3 24 | $38.2M | — | ||
| Q2 24 | $81.4M | — |
| Q1 26 | $300.0M | — | ||
| Q4 25 | $2.7B | — | ||
| Q3 25 | $2.7B | $1.1B | ||
| Q2 25 | $2.7B | $1.1B | ||
| Q1 25 | $2.7B | — | ||
| Q4 24 | $2.7B | — | ||
| Q3 24 | $2.7B | — | ||
| Q2 24 | $2.7B | — |
| Q1 26 | — | — | ||
| Q4 25 | $3.6B | — | ||
| Q3 25 | $3.1B | $3.0B | ||
| Q2 25 | $3.0B | $3.0B | ||
| Q1 25 | $2.8B | — | ||
| Q4 24 | $-76.2M | — | ||
| Q3 24 | $-15.5M | $4.0B | ||
| Q2 24 | $5.0M | $4.0B |
| Q1 26 | $9.1B | — | ||
| Q4 25 | $9.2B | — | ||
| Q3 25 | $8.7B | $5.3B | ||
| Q2 25 | $8.4B | $5.2B | ||
| Q1 25 | $8.5B | — | ||
| Q4 24 | $8.3B | — | ||
| Q3 24 | $8.3B | — | ||
| Q2 24 | $8.5B | — |
| Q1 26 | — | — | ||
| Q4 25 | 0.75× | — | ||
| Q3 25 | 0.87× | 0.39× | ||
| Q2 25 | 0.90× | 0.38× | ||
| 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 | $138.6M |
| Free Cash FlowOCF − Capex | — | $126.6M |
| FCF MarginFCF / Revenue | — | 23.9% |
| Capex IntensityCapex / Revenue | 117.0% | 2.3% |
| Cash ConversionOCF / Net Profit | 4.32× | 3.47× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $657.3M | — | ||
| Q4 25 | $274.9M | — | ||
| Q3 25 | $237.8M | $138.6M | ||
| Q2 25 | $388.4M | — | ||
| Q1 25 | $253.8M | — | ||
| Q4 24 | $220.1M | — | ||
| Q3 24 | $197.9M | — | ||
| Q2 24 | $281.8M | — |
| Q1 26 | — | — | ||
| Q4 25 | $-2.7M | — | ||
| Q3 25 | $-47.8M | $126.6M | ||
| 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% | 23.9% | ||
| 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% | 2.3% | ||
| 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× | — | ||
| Q3 25 | 2.21× | 3.47× | ||
| 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% |
RAL
| Industrial Manufacturing | $111.1M | 21% |
| Defense And Space | $93.6M | 18% |
| Diversified Electronics | $91.0M | 17% |
| Test And Measurement | $76.8M | 15% |
| Communications | $60.7M | 11% |
| Semiconductors | $51.4M | 10% |
| Other Direct End Markets | $44.4M | 8% |
