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Side-by-side financial comparison of NATIONAL FUEL GAS CO (NFG) and SM Energy Co (SM). Click either name above to swap in a different company.
SM Energy Co is the larger business by last-quarter revenue ($704.9M vs $637.9M, roughly 1.1× NATIONAL FUEL GAS CO). On growth, NATIONAL FUEL GAS CO posted the faster year-over-year revenue change (24.1% vs -17.3%). Over the past eight quarters, SM Energy Co's revenue compounded faster (12.2% CAGR vs 6.9%).
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.
SM Energy Company is a company engaged in hydrocarbon exploration. It is organized in Delaware and headquartered in Denver, Colorado.
NFG vs SM — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $637.9M | $704.9M |
| Net Profit | $181.6M | — |
| Gross Margin | 86.6% | — |
| Operating Margin | 43.3% | 25.9% |
| Net Margin | 28.5% | — |
| Revenue YoY | 24.1% | -17.3% |
| Net Profit YoY | 303.8% | — |
| EPS (diluted) | $1.98 | $0.94 |
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.
| Q4 25 | $637.9M | $704.9M | ||
| Q3 25 | $443.1M | $811.6M | ||
| Q2 25 | $527.4M | $792.9M | ||
| Q1 25 | $734.8M | $844.5M | ||
| Q4 24 | $513.8M | $852.0M | ||
| Q3 24 | $310.0M | $643.6M | ||
| Q2 24 | $338.6M | $634.6M | ||
| Q1 24 | $558.7M | $559.9M |
| Q4 25 | $181.6M | — | ||
| Q3 25 | $107.3M | $155.1M | ||
| Q2 25 | $149.8M | $201.7M | ||
| Q1 25 | $216.4M | $182.3M | ||
| Q4 24 | $45.0M | — | ||
| Q3 24 | $-167.6M | $240.5M | ||
| Q2 24 | $-54.2M | $210.3M | ||
| Q1 24 | $166.3M | $131.2M |
| 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 24 | 81.0% | — |
| Q4 25 | 43.3% | 25.9% | ||
| Q3 25 | 40.6% | 30.4% | ||
| Q2 25 | 43.7% | 37.2% | ||
| Q1 25 | 43.2% | 32.7% | ||
| Q4 24 | 16.8% | 33.7% | ||
| Q3 24 | -63.4% | 51.4% | ||
| Q2 24 | -15.2% | 44.0% | ||
| Q1 24 | 44.9% | 31.9% |
| Q4 25 | 28.5% | — | ||
| Q3 25 | 24.2% | 19.1% | ||
| Q2 25 | 28.4% | 25.4% | ||
| Q1 25 | 29.4% | 21.6% | ||
| Q4 24 | 8.8% | — | ||
| Q3 24 | -54.1% | 37.4% | ||
| Q2 24 | -16.0% | 33.1% | ||
| Q1 24 | 29.8% | 23.4% |
| Q4 25 | $1.98 | $0.94 | ||
| Q3 25 | $1.18 | $1.35 | ||
| Q2 25 | $1.64 | $1.76 | ||
| Q1 25 | $2.37 | $1.59 | ||
| Q4 24 | $0.49 | $1.63 | ||
| Q3 24 | $-1.81 | $2.09 | ||
| Q2 24 | $-0.59 | $1.82 | ||
| Q1 24 | $1.80 | $1.13 |
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 | $368.0M |
| Total DebtLower is stronger | $2.7B | — |
| Stockholders' EquityBook value | $3.6B | $4.8B |
| Total Assets | $9.2B | $9.3B |
| Debt / EquityLower = less leverage | 0.75× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $271.4M | $368.0M | ||
| Q3 25 | $43.2M | $162.3M | ||
| Q2 25 | $39.3M | $101.9M | ||
| Q1 25 | $40.0M | $54.0K | ||
| Q4 24 | $48.7M | — | ||
| Q3 24 | $38.2M | $1.7B | ||
| Q2 24 | $81.4M | $487.9M | ||
| Q1 24 | $50.8M | $506.3M |
| 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 24 | $2.4B | — |
| Q4 25 | $3.6B | $4.8B | ||
| Q3 25 | $3.1B | $4.7B | ||
| Q2 25 | $3.0B | $4.6B | ||
| Q1 25 | $2.8B | $4.4B | ||
| Q4 24 | $-76.2M | $4.2B | ||
| Q3 24 | $-15.5M | $4.1B | ||
| Q2 24 | $5.0M | $3.8B | ||
| Q1 24 | $75.3M | $3.7B |
| Q4 25 | $9.2B | $9.3B | ||
| Q3 25 | $8.7B | $9.1B | ||
| Q2 25 | $8.4B | $9.0B | ||
| Q1 25 | $8.5B | $8.8B | ||
| Q4 24 | $8.3B | $8.6B | ||
| Q3 24 | $8.3B | $8.0B | ||
| Q2 24 | $8.5B | $6.7B | ||
| Q1 24 | $8.7B | $6.4B |
| Q4 25 | 0.75× | — | ||
| Q3 25 | 0.87× | — | ||
| Q2 25 | 0.90× | — | ||
| Q1 25 | 0.99× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 532.10× | — | ||
| Q1 24 | 31.68× | — |
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 | $451.9M |
| Free Cash FlowOCF − Capex | $-2.7M | — |
| FCF MarginFCF / Revenue | -0.4% | — |
| Capex IntensityCapex / Revenue | 43.5% | — |
| Cash ConversionOCF / Net Profit | 1.51× | — |
| TTM Free Cash FlowTrailing 4 quarters | $204.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $274.9M | $451.9M | ||
| Q3 25 | $237.8M | $505.0M | ||
| Q2 25 | $388.4M | $571.1M | ||
| Q1 25 | $253.8M | $483.0M | ||
| Q4 24 | $220.1M | $578.4M | ||
| Q3 24 | $197.9M | $452.3M | ||
| Q2 24 | $281.8M | $476.4M | ||
| Q1 24 | $315.3M | $276.0M |
| 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 24 | $80.3M | — |
| 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 24 | 14.4% | — |
| Q4 25 | 43.5% | — | ||
| Q3 25 | 64.4% | — | ||
| Q2 25 | 36.6% | — | ||
| Q1 25 | 26.4% | — | ||
| Q4 24 | 46.8% | — | ||
| Q3 24 | 79.7% | — | ||
| Q2 24 | 59.7% | — | ||
| Q1 24 | 42.1% | — |
| Q4 25 | 1.51× | — | ||
| Q3 25 | 2.21× | 3.26× | ||
| Q2 25 | 2.59× | 2.83× | ||
| Q1 25 | 1.17× | 2.65× | ||
| Q4 24 | 4.89× | — | ||
| Q3 24 | — | 1.88× | ||
| Q2 24 | — | 2.27× | ||
| Q1 24 | 1.90× | 2.10× |
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% |
SM
Segment breakdown not available.
