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Side-by-side financial comparison of NATIONAL FUEL GAS CO (NFG) and SPIRE INC (SR). Click either name above to swap in a different company.
SPIRE INC is the larger business by last-quarter revenue ($762.2M vs $637.9M, roughly 1.2× NATIONAL FUEL GAS CO). NATIONAL FUEL GAS CO runs the higher net margin — 28.5% vs 12.5%, a 16.0% gap on every dollar of revenue. On growth, NATIONAL FUEL GAS CO posted the faster year-over-year revenue change (24.1% vs 13.9%). NATIONAL FUEL GAS CO produced more free cash flow last quarter ($-2.7M vs $-121.8M). Over the past eight quarters, NATIONAL FUEL GAS CO's revenue compounded faster (6.9% CAGR vs -17.8%).
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.
Spire Inc. is a regional public utility holding company based in St. Louis, Missouri, providing natural gas service through its regulated core utility operations while engaging in non-regulated activities that provide business opportunities. Its primary subsidiary Laclede Gas Company is the largest natural gas distribution utility in Missouri, serving approximately 631,000 residential, commercial and industrial customers in the City of St. Louis and ten counties in eastern Missouri. Its corpo...
NFG vs SR — Head-to-Head
Income Statement — Q1 2026 vs Q1 2026
| Metric | | |
|---|---|---|
| Revenue | $637.9M | $762.2M |
| Net Profit | $181.6M | $95.0M |
| Gross Margin | 86.6% | 55.1% |
| Operating Margin | 43.3% | 22.8% |
| Net Margin | 28.5% | 12.5% |
| Revenue YoY | 24.1% | 13.9% |
| Net Profit YoY | 303.8% | 16.9% |
| EPS (diluted) | $1.98 | $1.54 |
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 | $762.2M | ||
| Q3 25 | $443.1M | $334.1M | ||
| Q2 25 | $527.4M | $421.9M | ||
| Q1 25 | $734.8M | $1.1B | ||
| Q4 24 | $513.8M | $669.1M | ||
| Q3 24 | $310.0M | $293.8M | ||
| Q2 24 | $338.6M | $414.1M | ||
| Q1 24 | $558.7M | $1.1B |
| Q4 25 | $181.6M | $95.0M | ||
| Q3 25 | $107.3M | $-39.8M | ||
| Q2 25 | $149.8M | $20.9M | ||
| Q1 25 | $216.4M | $209.3M | ||
| Q4 24 | $45.0M | $81.3M | ||
| Q3 24 | $-167.6M | $-25.9M | ||
| Q2 24 | $-54.2M | $-12.6M | ||
| Q1 24 | $166.3M | $204.3M |
| Q4 25 | 86.6% | 55.1% | ||
| Q3 25 | — | — | ||
| Q2 25 | 94.7% | — | ||
| Q1 25 | 81.6% | — | ||
| Q4 24 | 87.3% | 55.6% | ||
| Q3 24 | — | — | ||
| Q2 24 | 98.5% | — | ||
| Q1 24 | 81.0% | — |
| Q4 25 | 43.3% | 22.8% | ||
| Q3 25 | 40.6% | -0.1% | ||
| Q2 25 | 43.7% | 16.4% | ||
| Q1 25 | 43.2% | 29.1% | ||
| Q4 24 | 16.8% | 22.2% | ||
| Q3 24 | -63.4% | 6.7% | ||
| Q2 24 | -15.2% | 7.4% | ||
| Q1 24 | 44.9% | 26.5% |
| Q4 25 | 28.5% | 12.5% | ||
| Q3 25 | 24.2% | -11.9% | ||
| Q2 25 | 28.4% | 5.0% | ||
| Q1 25 | 29.4% | 19.9% | ||
| Q4 24 | 8.8% | 12.2% | ||
| Q3 24 | -54.1% | -8.8% | ||
| Q2 24 | -16.0% | -3.0% | ||
| Q1 24 | 29.8% | 18.1% |
| Q4 25 | $1.98 | $1.54 | ||
| Q3 25 | $1.18 | $-0.77 | ||
| Q2 25 | $1.64 | $0.29 | ||
| Q1 25 | $2.37 | $3.51 | ||
| Q4 24 | $0.49 | $1.34 | ||
| Q3 24 | $-1.81 | $-0.63 | ||
| Q2 24 | $-0.59 | $-0.28 | ||
| Q1 24 | $1.80 | $3.58 |
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 | $4.1M |
| Total DebtLower is stronger | $2.7B | — |
| Stockholders' EquityBook value | $3.6B | $3.4B |
| Total Assets | $9.2B | $11.9B |
| Debt / EquityLower = less leverage | 0.75× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $271.4M | $4.1M | ||
| Q3 25 | $43.2M | $5.7M | ||
| Q2 25 | $39.3M | $13.1M | ||
| Q1 25 | $40.0M | $15.2M | ||
| Q4 24 | $48.7M | $11.5M | ||
| Q3 24 | $38.2M | $4.5M | ||
| Q2 24 | $81.4M | $7.4M | ||
| Q1 24 | $50.8M | $25.6M |
| 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 | $3.4B | ||
| Q3 25 | $3.1B | $3.4B | ||
| Q2 25 | $3.0B | $3.5B | ||
| Q1 25 | $2.8B | $3.5B | ||
| Q4 24 | $-76.2M | $3.3B | ||
| Q3 24 | $-15.5M | $3.2B | ||
| Q2 24 | $5.0M | $3.3B | ||
| Q1 24 | $75.3M | $3.4B |
| Q4 25 | $9.2B | $11.9B | ||
| Q3 25 | $8.7B | $11.6B | ||
| Q2 25 | $8.4B | $11.4B | ||
| Q1 25 | $8.5B | $11.3B | ||
| Q4 24 | $8.3B | $11.3B | ||
| Q3 24 | $8.3B | $10.9B | ||
| Q2 24 | $8.5B | $10.7B | ||
| Q1 24 | $8.7B | $10.7B |
| 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 | $81.0M |
| Free Cash FlowOCF − Capex | $-2.7M | $-121.8M |
| FCF MarginFCF / Revenue | -0.4% | -16.0% |
| Capex IntensityCapex / Revenue | 43.5% | 26.6% |
| Cash ConversionOCF / Net Profit | 1.51× | 0.85× |
| TTM Free Cash FlowTrailing 4 quarters | $204.8M | $-286.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $274.9M | $81.0M | ||
| Q3 25 | $237.8M | $-4.9M | ||
| Q2 25 | $388.4M | $129.1M | ||
| Q1 25 | $253.8M | $372.7M | ||
| Q4 24 | $220.1M | $81.1M | ||
| Q3 24 | $197.9M | $82.9M | ||
| Q2 24 | $281.8M | $270.1M | ||
| Q1 24 | $315.3M | $489.4M |
| Q4 25 | $-2.7M | $-121.8M | ||
| Q3 25 | $-47.8M | $-227.6M | ||
| Q2 25 | $195.3M | $-91.4M | ||
| Q1 25 | $59.9M | $154.1M | ||
| Q4 24 | $-20.3M | $-179.5M | ||
| Q3 24 | $-49.1M | $-146.9M | ||
| Q2 24 | $79.5M | $47.9M | ||
| Q1 24 | $80.3M | $306.6M |
| Q4 25 | -0.4% | -16.0% | ||
| Q3 25 | -10.8% | -68.1% | ||
| Q2 25 | 37.0% | -21.7% | ||
| Q1 25 | 8.2% | 14.7% | ||
| Q4 24 | -4.0% | -26.8% | ||
| Q3 24 | -15.8% | -50.0% | ||
| Q2 24 | 23.5% | 11.6% | ||
| Q1 24 | 14.4% | 27.2% |
| Q4 25 | 43.5% | 26.6% | ||
| Q3 25 | 64.4% | 66.7% | ||
| Q2 25 | 36.6% | 52.3% | ||
| Q1 25 | 26.4% | 20.8% | ||
| Q4 24 | 46.8% | 38.9% | ||
| Q3 24 | 79.7% | 78.2% | ||
| Q2 24 | 59.7% | 53.7% | ||
| Q1 24 | 42.1% | 16.2% |
| Q4 25 | 1.51× | 0.85× | ||
| Q3 25 | 2.21× | — | ||
| Q2 25 | 2.59× | 6.18× | ||
| Q1 25 | 1.17× | 1.78× | ||
| Q4 24 | 4.89× | 1.00× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 1.90× | 2.40× |
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% |
SR
| Residential | $474.9M | 62% |
| Commercial And Industrial | $148.4M | 19% |
| Gas Marketing | $41.1M | 5% |
| Midstream | $39.0M | 5% |
| Transportation | $37.1M | 5% |
| Offsystem And Other Inventive | $19.7M | 3% |
| Other Customer Revenue | $4.6M | 1% |
