vs
Side-by-side financial comparison of NATIONAL FUEL GAS CO (NFG) and UL Solutions Inc. (ULS). 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 $340.0M, roughly 1.3× UL Solutions Inc.). On growth, NATIONAL FUEL GAS CO posted the faster year-over-year revenue change (1.7% vs -12.4%). Over the past eight quarters, NATIONAL FUEL GAS CO's revenue compounded faster (12.1% CAGR vs -31.8%).
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.
The UL enterprise is a global private safety company headquartered in Northbrook, Illinois, composed of three organizations, UL Research Institutes, UL Standards & Engagement and UL Solutions.
NFG vs ULS — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $425.9M | $340.0M |
| Net Profit | $152.0M | — |
| Gross Margin | — | — |
| Operating Margin | 81.5% | 24.4% |
| Net Margin | 35.7% | — |
| Revenue YoY | 1.7% | -12.4% |
| Net Profit YoY | — | — |
| EPS (diluted) | $1.59 | — |
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 | $340.0M | ||
| Q4 25 | $637.9M | $789.0M | ||
| Q3 25 | $443.1M | $783.0M | ||
| Q2 25 | $527.4M | $776.0M | ||
| Q1 25 | $734.8M | $705.0M | ||
| Q4 24 | $513.8M | $739.0M | ||
| Q3 24 | $310.0M | $731.0M | ||
| Q2 24 | $338.6M | $730.0M |
| Q1 26 | $152.0M | — | ||
| Q4 25 | $181.6M | $67.0M | ||
| Q3 25 | $107.3M | $100.0M | ||
| Q2 25 | $149.8M | $91.0M | ||
| Q1 25 | $216.4M | $67.0M | ||
| Q4 24 | $45.0M | $81.0M | ||
| Q3 24 | $-167.6M | $88.0M | ||
| Q2 24 | $-54.2M | $101.0M |
| Q1 26 | — | — | ||
| Q4 25 | 86.6% | 49.7% | ||
| Q3 25 | — | 50.3% | ||
| Q2 25 | 94.7% | 49.4% | ||
| Q1 25 | 81.6% | 48.4% | ||
| Q4 24 | 87.3% | 47.4% | ||
| Q3 24 | — | 49.0% | ||
| Q2 24 | 98.5% | 50.1% |
| Q1 26 | 81.5% | 24.4% | ||
| Q4 25 | 43.3% | 15.0% | ||
| Q3 25 | 40.6% | 19.9% | ||
| Q2 25 | 43.7% | 17.9% | ||
| Q1 25 | 43.2% | 15.5% | ||
| Q4 24 | 16.8% | 15.6% | ||
| Q3 24 | -63.4% | 17.8% | ||
| Q2 24 | -15.2% | 17.3% |
| Q1 26 | 35.7% | — | ||
| Q4 25 | 28.5% | 8.5% | ||
| Q3 25 | 24.2% | 12.8% | ||
| Q2 25 | 28.4% | 11.7% | ||
| Q1 25 | 29.4% | 9.5% | ||
| Q4 24 | 8.8% | 11.0% | ||
| Q3 24 | -54.1% | 12.0% | ||
| Q2 24 | -16.0% | 13.8% |
| Q1 26 | $1.59 | — | ||
| Q4 25 | $1.98 | $0.33 | ||
| Q3 25 | $1.18 | $0.49 | ||
| Q2 25 | $1.64 | $0.45 | ||
| Q1 25 | $2.37 | $0.33 | ||
| Q4 24 | $0.49 | $0.40 | ||
| Q3 24 | $-1.81 | $0.44 | ||
| Q2 24 | $-0.59 | $0.50 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | — |
| Total DebtLower is stronger | $300.0M | — |
| Stockholders' EquityBook value | — | — |
| Total Assets | $9.1B | — |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $271.4M | $295.0M | ||
| Q3 25 | $43.2M | $255.0M | ||
| Q2 25 | $39.3M | $272.0M | ||
| Q1 25 | $40.0M | $267.0M | ||
| Q4 24 | $48.7M | $298.0M | ||
| Q3 24 | $38.2M | $327.0M | ||
| Q2 24 | $81.4M | $295.0M |
| Q1 26 | $300.0M | — | ||
| Q4 25 | $2.7B | $491.0M | ||
| Q3 25 | $2.7B | $544.0M | ||
| Q2 25 | $2.7B | $608.0M | ||
| Q1 25 | $2.7B | $653.0M | ||
| Q4 24 | $2.7B | $742.0M | ||
| Q3 24 | $2.7B | $797.0M | ||
| Q2 24 | $2.7B | $810.0M |
| Q1 26 | — | — | ||
| Q4 25 | $3.6B | $1.3B | ||
| Q3 25 | $3.1B | $1.2B | ||
| Q2 25 | $3.0B | $1.1B | ||
| Q1 25 | $2.8B | $970.0M | ||
| Q4 24 | $-76.2M | $904.0M | ||
| Q3 24 | $-15.5M | $872.0M | ||
| Q2 24 | $5.0M | $769.0M |
| Q1 26 | $9.1B | — | ||
| Q4 25 | $9.2B | $2.9B | ||
| Q3 25 | $8.7B | $2.9B | ||
| Q2 25 | $8.4B | $2.9B | ||
| Q1 25 | $8.5B | $2.9B | ||
| Q4 24 | $8.3B | $2.8B | ||
| Q3 24 | $8.3B | $2.9B | ||
| Q2 24 | $8.5B | $2.7B |
| Q1 26 | — | — | ||
| Q4 25 | 0.75× | 0.39× | ||
| Q3 25 | 0.87× | 0.46× | ||
| Q2 25 | 0.90× | 0.56× | ||
| Q1 25 | 0.99× | 0.67× | ||
| Q4 24 | — | 0.82× | ||
| Q3 24 | — | 0.91× | ||
| Q2 24 | 532.10× | 1.05× |
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 | — |
| 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 | $144.0M | ||
| Q3 25 | $237.8M | $155.0M | ||
| Q2 25 | $388.4M | $147.0M | ||
| Q1 25 | $253.8M | $154.0M | ||
| Q4 24 | $220.1M | $130.0M | ||
| Q3 24 | $197.9M | $150.0M | ||
| Q2 24 | $281.8M | $103.0M |
| Q1 26 | — | — | ||
| Q4 25 | $-2.7M | $86.0M | ||
| Q3 25 | $-47.8M | $109.0M | ||
| Q2 25 | $195.3M | $105.0M | ||
| Q1 25 | $59.9M | $103.0M | ||
| Q4 24 | $-20.3M | $72.0M | ||
| Q3 24 | $-49.1M | $84.0M | ||
| Q2 24 | $79.5M | $47.0M |
| Q1 26 | — | — | ||
| Q4 25 | -0.4% | 10.9% | ||
| Q3 25 | -10.8% | 13.9% | ||
| Q2 25 | 37.0% | 13.5% | ||
| Q1 25 | 8.2% | 14.6% | ||
| Q4 24 | -4.0% | 9.7% | ||
| Q3 24 | -15.8% | 11.5% | ||
| Q2 24 | 23.5% | 6.4% |
| Q1 26 | 117.0% | — | ||
| Q4 25 | 43.5% | 7.4% | ||
| Q3 25 | 64.4% | 5.9% | ||
| Q2 25 | 36.6% | 5.4% | ||
| Q1 25 | 26.4% | 7.2% | ||
| Q4 24 | 46.8% | 7.8% | ||
| Q3 24 | 79.7% | 9.0% | ||
| Q2 24 | 59.7% | 7.7% |
| Q1 26 | 4.32× | — | ||
| Q4 25 | 1.51× | 2.15× | ||
| Q3 25 | 2.21× | 1.55× | ||
| Q2 25 | 2.59× | 1.62× | ||
| Q1 25 | 1.17× | 2.30× | ||
| Q4 24 | 4.89× | 1.60× | ||
| Q3 24 | — | 1.70× | ||
| Q2 24 | — | 1.02× |
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% |
ULS
Segment breakdown not available.
