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Side-by-side financial comparison of NATIONAL FUEL GAS CO (NFG) and VEON Ltd. (VEON). Click either name above to swap in a different company.
VEON Ltd. is the larger business by last-quarter revenue ($1.1B vs $425.9M, roughly 2.6× NATIONAL FUEL GAS CO). VEON Ltd. runs the higher net margin — 55.9% vs 35.7%, a 20.2% gap on every dollar of revenue. On growth, VEON Ltd. posted the faster year-over-year revenue change (5.8% vs 1.7%).
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.
VEON Ltd., also known as VEON Group, is a multinational telecommunication and digital services company. Headquartered in Dubai, the company is publicly traded on the U.S.-based NASDAQ stock exchange. VEON operates in six markets in Europe and Asia, including Bangladesh, Kazakhstan, Kyrgyzstan, Pakistan, Ukraine and Uzbekistan. Specific brands include Banglalink in Bangladesh, Jazz in Pakistan, Kyivstar in Ukraine, and units operating in Kazakhstan, Kyrgyzstan, and Uzbekistan under the Beeline...
NFG vs VEON — Head-to-Head
Income Statement — Q2 FY2026 vs Q2 FY2025
| Metric | | |
|---|---|---|
| Revenue | $425.9M | $1.1B |
| Net Profit | $152.0M | $608.0M |
| Gross Margin | — | — |
| Operating Margin | 81.5% | 75.4% |
| Net Margin | 35.7% | 55.9% |
| Revenue YoY | 1.7% | 5.8% |
| Net Profit YoY | — | 583.1% |
| EPS (diluted) | $1.59 | $0.34 |
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 | — | ||
| Q2 25 | $527.4M | $1.1B | ||
| Q1 25 | $734.8M | — | ||
| Q4 24 | $513.8M | — | ||
| Q3 24 | $310.0M | — | ||
| Q2 24 | $338.6M | $1.0B |
| Q1 26 | $152.0M | — | ||
| Q4 25 | $181.6M | — | ||
| Q3 25 | $107.3M | — | ||
| Q2 25 | $149.8M | $608.0M | ||
| Q1 25 | $216.4M | — | ||
| Q4 24 | $45.0M | — | ||
| Q3 24 | $-167.6M | — | ||
| Q2 24 | $-54.2M | $89.0M |
| 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% | — | ||
| Q3 25 | 40.6% | — | ||
| Q2 25 | 43.7% | 75.4% | ||
| Q1 25 | 43.2% | — | ||
| Q4 24 | 16.8% | — | ||
| Q3 24 | -63.4% | — | ||
| Q2 24 | -15.2% | 27.1% |
| Q1 26 | 35.7% | — | ||
| Q4 25 | 28.5% | — | ||
| Q3 25 | 24.2% | — | ||
| Q2 25 | 28.4% | 55.9% | ||
| Q1 25 | 29.4% | — | ||
| Q4 24 | 8.8% | — | ||
| Q3 24 | -54.1% | — | ||
| Q2 24 | -16.0% | 8.7% |
| Q1 26 | $1.59 | — | ||
| Q4 25 | $1.98 | — | ||
| Q3 25 | $1.18 | — | ||
| Q2 25 | $1.64 | $0.34 | ||
| Q1 25 | $2.37 | — | ||
| Q4 24 | $0.49 | — | ||
| Q3 24 | $-1.81 | — | ||
| Q2 24 | $-0.59 | $0.04 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $1.3B |
| Total DebtLower is stronger | $300.0M | — |
| Stockholders' EquityBook value | — | $1.5B |
| Total Assets | $9.1B | $8.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $271.4M | — | ||
| Q3 25 | $43.2M | — | ||
| Q2 25 | $39.3M | $1.3B | ||
| Q1 25 | $40.0M | — | ||
| Q4 24 | $48.7M | — | ||
| Q3 24 | $38.2M | — | ||
| Q2 24 | $81.4M | $862.0M |
| 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 | — | ||
| Q3 25 | $3.1B | — | ||
| Q2 25 | $3.0B | $1.5B | ||
| Q1 25 | $2.8B | — | ||
| Q4 24 | $-76.2M | — | ||
| Q3 24 | $-15.5M | — | ||
| Q2 24 | $5.0M | $1.1B |
| Q1 26 | $9.1B | — | ||
| Q4 25 | $9.2B | — | ||
| Q3 25 | $8.7B | — | ||
| Q2 25 | $8.4B | $8.5B | ||
| Q1 25 | $8.5B | — | ||
| Q4 24 | $8.3B | — | ||
| Q3 24 | $8.3B | — | ||
| Q2 24 | $8.5B | $7.3B |
| 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 | — |
| 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 | — | ||
| Q3 25 | $237.8M | — | ||
| 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 | — | ||
| 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% | — | ||
| 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% | — | ||
| 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× | — | ||
| 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% |
VEON
Segment breakdown not available.
