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Side-by-side financial comparison of NATIONAL FUEL GAS CO (NFG) and Walker & Dunlop, Inc. (WD). 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× Walker & Dunlop, Inc.). NATIONAL FUEL GAS CO runs the higher net margin — 35.7% vs -12.9%, a 48.6% gap on every dollar of revenue. On growth, NATIONAL FUEL GAS CO posted the faster year-over-year revenue change (1.7% vs -0.4%). Over the past eight quarters, Walker & Dunlop, Inc.'s revenue compounded faster (22.1% CAGR vs 12.1%).
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.
Walker & Dunlop, Inc. is one of the largest commercial real estate finance and advisory services firms in the United States and internationally.
NFG vs WD — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $425.9M | $340.0M |
| Net Profit | $152.0M | $-13.9M |
| Gross Margin | — | — |
| Operating Margin | 81.5% | -17.2% |
| Net Margin | 35.7% | -12.9% |
| Revenue YoY | 1.7% | -0.4% |
| Net Profit YoY | — | -131.0% |
| EPS (diluted) | $1.59 | $-0.41 |
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 | $340.0M | ||
| Q3 25 | $443.1M | $337.7M | ||
| Q2 25 | $527.4M | $319.2M | ||
| Q1 25 | $734.8M | $237.4M | ||
| Q4 24 | $513.8M | $341.5M | ||
| Q3 24 | $310.0M | $292.3M | ||
| Q2 24 | $338.6M | $270.7M |
| Q1 26 | $152.0M | — | ||
| Q4 25 | $181.6M | $-13.9M | ||
| Q3 25 | $107.3M | $33.5M | ||
| Q2 25 | $149.8M | $34.0M | ||
| Q1 25 | $216.4M | $2.8M | ||
| Q4 24 | $45.0M | $44.8M | ||
| Q3 24 | $-167.6M | $28.8M | ||
| Q2 24 | $-54.2M | $22.7M |
| 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% | -17.2% | ||
| Q3 25 | 40.6% | 13.6% | ||
| Q2 25 | 43.7% | 14.5% | ||
| Q1 25 | 43.2% | 2.2% | ||
| Q4 24 | 16.8% | 15.3% | ||
| Q3 24 | -63.4% | 12.8% | ||
| Q2 24 | -15.2% | 10.4% |
| Q1 26 | 35.7% | — | ||
| Q4 25 | 28.5% | -12.9% | ||
| Q3 25 | 24.2% | 9.9% | ||
| Q2 25 | 28.4% | 10.6% | ||
| Q1 25 | 29.4% | 1.2% | ||
| Q4 24 | 8.8% | 13.1% | ||
| Q3 24 | -54.1% | 9.9% | ||
| Q2 24 | -16.0% | 8.4% |
| Q1 26 | $1.59 | — | ||
| Q4 25 | $1.98 | $-0.41 | ||
| Q3 25 | $1.18 | $0.98 | ||
| Q2 25 | $1.64 | $0.99 | ||
| Q1 25 | $2.37 | $0.08 | ||
| Q4 24 | $0.49 | $1.32 | ||
| Q3 24 | $-1.81 | $0.85 | ||
| Q2 24 | $-0.59 | $0.67 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $299.3M |
| Total DebtLower is stronger | $300.0M | — |
| Stockholders' EquityBook value | — | $1.7B |
| Total Assets | $9.1B | $5.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $271.4M | $299.3M | ||
| Q3 25 | $43.2M | $274.8M | ||
| Q2 25 | $39.3M | $233.7M | ||
| Q1 25 | $40.0M | $181.0M | ||
| Q4 24 | $48.7M | $279.3M | ||
| Q3 24 | $38.2M | $179.8M | ||
| Q2 24 | $81.4M | $208.1M |
| 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 | $1.7B | ||
| Q3 25 | $3.1B | $1.8B | ||
| Q2 25 | $3.0B | $1.8B | ||
| Q1 25 | $2.8B | $1.7B | ||
| Q4 24 | $-76.2M | $1.7B | ||
| Q3 24 | $-15.5M | $1.7B | ||
| Q2 24 | $5.0M | $1.7B |
| Q1 26 | $9.1B | — | ||
| Q4 25 | $9.2B | $5.1B | ||
| Q3 25 | $8.7B | $5.8B | ||
| Q2 25 | $8.4B | $4.7B | ||
| Q1 25 | $8.5B | $4.5B | ||
| Q4 24 | $8.3B | $4.4B | ||
| Q3 24 | $8.3B | $4.6B | ||
| Q2 24 | $8.5B | $4.2B |
| 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 | $-664.3M |
| Free Cash FlowOCF − Capex | — | $-680.1M |
| FCF MarginFCF / Revenue | — | -200.0% |
| Capex IntensityCapex / Revenue | 117.0% | 4.6% |
| Cash ConversionOCF / Net Profit | 4.32× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-2.2B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $657.3M | — | ||
| Q4 25 | $274.9M | $-664.3M | ||
| Q3 25 | $237.8M | $-948.1M | ||
| Q2 25 | $388.4M | $-238.5M | ||
| Q1 25 | $253.8M | $-281.1M | ||
| Q4 24 | $220.1M | $129.4M | ||
| Q3 24 | $197.9M | $-202.0M | ||
| Q2 24 | $281.8M | $-237.8M |
| Q1 26 | — | — | ||
| Q4 25 | $-2.7M | $-680.1M | ||
| Q3 25 | $-47.8M | $-950.4M | ||
| Q2 25 | $195.3M | $-241.0M | ||
| Q1 25 | $59.9M | $-284.7M | ||
| Q4 24 | $-20.3M | $116.4M | ||
| Q3 24 | $-49.1M | $-204.0M | ||
| Q2 24 | $79.5M | $-241.7M |
| Q1 26 | — | — | ||
| Q4 25 | -0.4% | -200.0% | ||
| Q3 25 | -10.8% | -281.5% | ||
| Q2 25 | 37.0% | -75.5% | ||
| Q1 25 | 8.2% | -120.0% | ||
| Q4 24 | -4.0% | 34.1% | ||
| Q3 24 | -15.8% | -69.8% | ||
| Q2 24 | 23.5% | -89.3% |
| Q1 26 | 117.0% | — | ||
| Q4 25 | 43.5% | 4.6% | ||
| Q3 25 | 64.4% | 0.7% | ||
| Q2 25 | 36.6% | 0.8% | ||
| Q1 25 | 26.4% | 1.5% | ||
| Q4 24 | 46.8% | 3.8% | ||
| Q3 24 | 79.7% | 0.7% | ||
| Q2 24 | 59.7% | 1.4% |
| Q1 26 | 4.32× | — | ||
| Q4 25 | 1.51× | — | ||
| Q3 25 | 2.21× | -28.34× | ||
| Q2 25 | 2.59× | -7.02× | ||
| Q1 25 | 1.17× | -102.07× | ||
| Q4 24 | 4.89× | 2.89× | ||
| Q3 24 | — | -7.01× | ||
| Q2 24 | — | -10.49× |
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% |
WD
Segment breakdown not available.
