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Side-by-side financial comparison of NATIONAL FUEL GAS CO (NFG) and VSE CORP (VSEC). 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 $301.2M, roughly 1.4× VSE CORP). NATIONAL FUEL GAS CO runs the higher net margin — 35.7% vs 4.5%, a 31.2% gap on every dollar of revenue. On growth, NATIONAL FUEL GAS CO posted the faster year-over-year revenue change (1.7% vs 0.7%). Over the past eight quarters, NATIONAL FUEL GAS CO's revenue compounded faster (12.1% CAGR vs 11.7%).
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.
VSE Corporation is a leading provider of aftermarket distribution and repair services. Operating through its two key segments, VSE significantly enhances the productivity and longevity of its customers' high-value, business-critical assets. The aviation segment is a leading provider of aftermarket parts distribution and maintenance, repair, and overhaul (MRO) services for components and engine accessories to commercial, business, and general aviation operators. The fleet segment specializes i...
NFG vs VSEC — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $425.9M | $301.2M |
| Net Profit | $152.0M | $13.6M |
| Gross Margin | — | — |
| Operating Margin | 81.5% | 10.8% |
| Net Margin | 35.7% | 4.5% |
| Revenue YoY | 1.7% | 0.7% |
| Net Profit YoY | — | 3.9% |
| EPS (diluted) | $1.59 | $0.64 |
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 | $301.2M | ||
| Q3 25 | $443.1M | $282.9M | ||
| Q2 25 | $527.4M | $272.1M | ||
| Q1 25 | $734.8M | $256.0M | ||
| Q4 24 | $513.8M | $299.0M | ||
| Q3 24 | $310.0M | $273.6M | ||
| Q2 24 | $338.6M | $266.0M |
| Q1 26 | $152.0M | — | ||
| Q4 25 | $181.6M | $13.6M | ||
| Q3 25 | $107.3M | $3.9M | ||
| Q2 25 | $149.8M | $3.2M | ||
| Q1 25 | $216.4M | $-9.0M | ||
| Q4 24 | $45.0M | $13.1M | ||
| Q3 24 | $-167.6M | $11.7M | ||
| Q2 24 | $-54.2M | $-2.8M |
| 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% | 10.8% | ||
| Q3 25 | 40.6% | 3.6% | ||
| Q2 25 | 43.7% | 8.3% | ||
| Q1 25 | 43.2% | 9.6% | ||
| Q4 24 | 16.8% | 9.2% | ||
| Q3 24 | -63.4% | 8.7% | ||
| Q2 24 | -15.2% | 2.3% |
| Q1 26 | 35.7% | — | ||
| Q4 25 | 28.5% | 4.5% | ||
| Q3 25 | 24.2% | 1.4% | ||
| Q2 25 | 28.4% | 1.2% | ||
| Q1 25 | 29.4% | -3.5% | ||
| Q4 24 | 8.8% | 4.4% | ||
| Q3 24 | -54.1% | 4.3% | ||
| Q2 24 | -16.0% | -1.0% |
| Q1 26 | $1.59 | — | ||
| Q4 25 | $1.98 | $0.64 | ||
| Q3 25 | $1.18 | $0.19 | ||
| Q2 25 | $1.64 | $0.16 | ||
| Q1 25 | $2.37 | $-0.44 | ||
| Q4 24 | $0.49 | $0.79 | ||
| Q3 24 | $-1.81 | $0.63 | ||
| Q2 24 | $-0.59 | $-0.16 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $69.4M |
| Total DebtLower is stronger | $300.0M | $292.8M |
| Stockholders' EquityBook value | — | $1.4B |
| Total Assets | $9.1B | $2.0B |
| Debt / EquityLower = less leverage | — | 0.20× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $271.4M | $69.4M | ||
| Q3 25 | $43.2M | $8.8M | ||
| Q2 25 | $39.3M | $16.9M | ||
| Q1 25 | $40.0M | $5.7M | ||
| Q4 24 | $48.7M | $29.0M | ||
| Q3 24 | $38.2M | $7.9M | ||
| Q2 24 | $81.4M | $19.0M |
| Q1 26 | $300.0M | — | ||
| Q4 25 | $2.7B | $292.8M | ||
| Q3 25 | $2.7B | $356.1M | ||
| Q2 25 | $2.7B | $379.2M | ||
| Q1 25 | $2.7B | $465.0M | ||
| Q4 24 | $2.7B | $430.2M | ||
| Q3 24 | $2.7B | $450.3M | ||
| Q2 24 | $2.7B | $463.5M |
| Q1 26 | — | — | ||
| Q4 25 | $3.6B | $1.4B | ||
| Q3 25 | $3.1B | $983.3M | ||
| Q2 25 | $3.0B | $979.5M | ||
| Q1 25 | $2.8B | $975.7M | ||
| Q4 24 | $-76.2M | $988.2M | ||
| Q3 24 | $-15.5M | $787.8M | ||
| Q2 24 | $5.0M | $781.3M |
| Q1 26 | $9.1B | — | ||
| Q4 25 | $9.2B | $2.0B | ||
| Q3 25 | $8.7B | $1.6B | ||
| Q2 25 | $8.4B | $1.6B | ||
| Q1 25 | $8.5B | $1.7B | ||
| Q4 24 | $8.3B | $1.7B | ||
| Q3 24 | $8.3B | $1.5B | ||
| Q2 24 | $8.5B | $1.5B |
| Q1 26 | — | — | ||
| Q4 25 | 0.75× | 0.20× | ||
| Q3 25 | 0.87× | 0.36× | ||
| Q2 25 | 0.90× | 0.39× | ||
| Q1 25 | 0.99× | 0.48× | ||
| Q4 24 | — | 0.44× | ||
| Q3 24 | — | 0.57× | ||
| Q2 24 | 532.10× | 0.59× |
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 | $37.6M |
| Free Cash FlowOCF − Capex | — | $30.9M |
| FCF MarginFCF / Revenue | — | 10.3% |
| Capex IntensityCapex / Revenue | 117.0% | 2.2% |
| Cash ConversionOCF / Net Profit | 4.32× | 2.77× |
| TTM Free Cash FlowTrailing 4 quarters | — | $5.7M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $657.3M | — | ||
| Q4 25 | $274.9M | $37.6M | ||
| Q3 25 | $237.8M | $24.1M | ||
| Q2 25 | $388.4M | $11.9M | ||
| Q1 25 | $253.8M | $-46.6M | ||
| Q4 24 | $220.1M | $55.4M | ||
| Q3 24 | $197.9M | $10.2M | ||
| Q2 24 | $281.8M | $-17.5M |
| Q1 26 | — | — | ||
| Q4 25 | $-2.7M | $30.9M | ||
| Q3 25 | $-47.8M | $18.0M | ||
| Q2 25 | $195.3M | $6.3M | ||
| Q1 25 | $59.9M | $-49.5M | ||
| Q4 24 | $-20.3M | $52.1M | ||
| Q3 24 | $-49.1M | $4.4M | ||
| Q2 24 | $79.5M | $-21.5M |
| Q1 26 | — | — | ||
| Q4 25 | -0.4% | 10.3% | ||
| Q3 25 | -10.8% | 6.4% | ||
| Q2 25 | 37.0% | 2.3% | ||
| Q1 25 | 8.2% | -19.3% | ||
| Q4 24 | -4.0% | 17.4% | ||
| Q3 24 | -15.8% | 1.6% | ||
| Q2 24 | 23.5% | -8.1% |
| Q1 26 | 117.0% | — | ||
| Q4 25 | 43.5% | 2.2% | ||
| Q3 25 | 64.4% | 2.1% | ||
| Q2 25 | 36.6% | 2.1% | ||
| Q1 25 | 26.4% | 1.1% | ||
| Q4 24 | 46.8% | 1.1% | ||
| Q3 24 | 79.7% | 2.1% | ||
| Q2 24 | 59.7% | 1.5% |
| Q1 26 | 4.32× | — | ||
| Q4 25 | 1.51× | 2.77× | ||
| Q3 25 | 2.21× | 6.16× | ||
| Q2 25 | 2.59× | 3.72× | ||
| Q1 25 | 1.17× | — | ||
| Q4 24 | 4.89× | 4.24× | ||
| Q3 24 | — | 0.87× | ||
| 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% |
VSEC
Segment breakdown not available.
