vs
Side-by-side financial comparison of NATIONAL FUEL GAS CO (NFG) and WillScot Holdings Corp (WSC). Click either name above to swap in a different company.
WillScot Holdings Corp is the larger business by last-quarter revenue ($566.0M vs $425.9M, roughly 1.3× NATIONAL FUEL GAS CO). NATIONAL FUEL GAS CO runs the higher net margin — 35.7% vs -33.1%, a 68.8% gap on every dollar of revenue. On growth, NATIONAL FUEL GAS CO posted the faster year-over-year revenue change (1.7% vs -6.1%). Over the past eight quarters, NATIONAL FUEL GAS CO's revenue compounded faster (12.1% CAGR vs -1.8%).
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.
WillScot Holdings Corp is a leading provider of modular space solutions and portable storage services across North America. It serves a wide range of sectors including construction, commercial development, education, healthcare, government projects, and special events, offering flexible, scalable temporary and semi-permanent space solutions tailored to diverse client needs.
NFG vs WSC — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $425.9M | $566.0M |
| Net Profit | $152.0M | $-187.3M |
| Gross Margin | — | 50.4% |
| Operating Margin | 81.5% | -32.5% |
| Net Margin | 35.7% | -33.1% |
| Revenue YoY | 1.7% | -6.1% |
| Net Profit YoY | — | -310.0% |
| EPS (diluted) | $1.59 | $-1.02 |
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 | $566.0M | ||
| Q3 25 | $443.1M | $566.8M | ||
| Q2 25 | $527.4M | $589.1M | ||
| Q1 25 | $734.8M | $559.6M | ||
| Q4 24 | $513.8M | $602.5M | ||
| Q3 24 | $310.0M | $601.4M | ||
| Q2 24 | $338.6M | $604.6M |
| Q1 26 | $152.0M | — | ||
| Q4 25 | $181.6M | $-187.3M | ||
| Q3 25 | $107.3M | $43.3M | ||
| Q2 25 | $149.8M | $47.9M | ||
| Q1 25 | $216.4M | $43.1M | ||
| Q4 24 | $45.0M | $89.2M | ||
| Q3 24 | $-167.6M | $-70.5M | ||
| Q2 24 | $-54.2M | $-46.9M |
| Q1 26 | — | — | ||
| Q4 25 | 86.6% | 50.4% | ||
| Q3 25 | — | 49.7% | ||
| Q2 25 | 94.7% | 50.3% | ||
| Q1 25 | 81.6% | 53.7% | ||
| Q4 24 | 87.3% | 55.8% | ||
| Q3 24 | — | 53.5% | ||
| Q2 24 | 98.5% | 54.1% |
| Q1 26 | 81.5% | — | ||
| Q4 25 | 43.3% | -32.5% | ||
| Q3 25 | 40.6% | 21.0% | ||
| Q2 25 | 43.7% | 21.5% | ||
| Q1 25 | 43.2% | 21.3% | ||
| Q4 24 | 16.8% | 28.9% | ||
| Q3 24 | -63.4% | -5.9% | ||
| Q2 24 | -15.2% | -0.9% |
| Q1 26 | 35.7% | — | ||
| Q4 25 | 28.5% | -33.1% | ||
| Q3 25 | 24.2% | 7.6% | ||
| Q2 25 | 28.4% | 8.1% | ||
| Q1 25 | 29.4% | 7.7% | ||
| Q4 24 | 8.8% | 14.8% | ||
| Q3 24 | -54.1% | -11.7% | ||
| Q2 24 | -16.0% | -7.7% |
| Q1 26 | $1.59 | — | ||
| Q4 25 | $1.98 | $-1.02 | ||
| Q3 25 | $1.18 | $0.24 | ||
| Q2 25 | $1.64 | $0.26 | ||
| Q1 25 | $2.37 | $0.23 | ||
| Q4 24 | $0.49 | $0.48 | ||
| Q3 24 | $-1.81 | $-0.37 | ||
| Q2 24 | $-0.59 | $-0.25 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $14.6M |
| Total DebtLower is stronger | $300.0M | $3.6B |
| Stockholders' EquityBook value | — | $856.3M |
| Total Assets | $9.1B | $5.8B |
| Debt / EquityLower = less leverage | — | 4.15× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $271.4M | $14.6M | ||
| Q3 25 | $43.2M | $14.8M | ||
| Q2 25 | $39.3M | $12.8M | ||
| Q1 25 | $40.0M | $10.7M | ||
| Q4 24 | $48.7M | $9.0M | ||
| Q3 24 | $38.2M | $11.0M | ||
| Q2 24 | $81.4M | $5.9M |
| Q1 26 | $300.0M | — | ||
| Q4 25 | $2.7B | $3.6B | ||
| Q3 25 | $2.7B | $3.6B | ||
| Q2 25 | $2.7B | $3.7B | ||
| Q1 25 | $2.7B | $3.6B | ||
| Q4 24 | $2.7B | $3.7B | ||
| Q3 24 | $2.7B | $3.6B | ||
| Q2 24 | $2.7B | $3.5B |
| Q1 26 | — | — | ||
| Q4 25 | $3.6B | $856.3M | ||
| Q3 25 | $3.1B | $1.1B | ||
| Q2 25 | $3.0B | $1.0B | ||
| Q1 25 | $2.8B | $1.0B | ||
| Q4 24 | $-76.2M | $1.0B | ||
| Q3 24 | $-15.5M | $1.1B | ||
| Q2 24 | $5.0M | $1.2B |
| Q1 26 | $9.1B | — | ||
| Q4 25 | $9.2B | $5.8B | ||
| Q3 25 | $8.7B | $6.1B | ||
| Q2 25 | $8.4B | $6.1B | ||
| Q1 25 | $8.5B | $6.0B | ||
| Q4 24 | $8.3B | $6.0B | ||
| Q3 24 | $8.3B | $6.0B | ||
| Q2 24 | $8.5B | $6.0B |
| Q1 26 | — | — | ||
| Q4 25 | 0.75× | 4.15× | ||
| Q3 25 | 0.87× | 3.39× | ||
| Q2 25 | 0.90× | 3.55× | ||
| Q1 25 | 0.99× | 3.56× | ||
| Q4 24 | — | 3.62× | ||
| Q3 24 | — | 3.42× | ||
| Q2 24 | 532.10× | 2.88× |
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 | $158.9M |
| Free Cash FlowOCF − Capex | — | $149.7M |
| FCF MarginFCF / Revenue | — | 26.5% |
| Capex IntensityCapex / Revenue | 117.0% | 1.6% |
| Cash ConversionOCF / Net Profit | 4.32× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $737.7M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $657.3M | — | ||
| Q4 25 | $274.9M | $158.9M | ||
| Q3 25 | $237.8M | $191.2M | ||
| Q2 25 | $388.4M | $205.3M | ||
| Q1 25 | $253.8M | $206.6M | ||
| Q4 24 | $220.1M | $178.9M | ||
| Q3 24 | $197.9M | $-1.6M | ||
| Q2 24 | $281.8M | $175.6M |
| Q1 26 | — | — | ||
| Q4 25 | $-2.7M | $149.7M | ||
| Q3 25 | $-47.8M | $186.9M | ||
| Q2 25 | $195.3M | $199.0M | ||
| Q1 25 | $59.9M | $202.0M | ||
| Q4 24 | $-20.3M | $176.6M | ||
| Q3 24 | $-49.1M | $-4.9M | ||
| Q2 24 | $79.5M | $169.4M |
| Q1 26 | — | — | ||
| Q4 25 | -0.4% | 26.5% | ||
| Q3 25 | -10.8% | 33.0% | ||
| Q2 25 | 37.0% | 33.8% | ||
| Q1 25 | 8.2% | 36.1% | ||
| Q4 24 | -4.0% | 29.3% | ||
| Q3 24 | -15.8% | -0.8% | ||
| Q2 24 | 23.5% | 28.0% |
| Q1 26 | 117.0% | — | ||
| Q4 25 | 43.5% | 1.6% | ||
| Q3 25 | 64.4% | 0.7% | ||
| Q2 25 | 36.6% | 1.1% | ||
| Q1 25 | 26.4% | 0.8% | ||
| Q4 24 | 46.8% | 0.4% | ||
| Q3 24 | 79.7% | 0.6% | ||
| Q2 24 | 59.7% | 1.0% |
| Q1 26 | 4.32× | — | ||
| Q4 25 | 1.51× | — | ||
| Q3 25 | 2.21× | 4.41× | ||
| Q2 25 | 2.59× | 4.28× | ||
| Q1 25 | 1.17× | 4.80× | ||
| Q4 24 | 4.89× | 2.01× | ||
| 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% |
WSC
| Modular Space Leasing | $249.8M | 44% |
| Value Added Product And Services | $101.0M | 18% |
| Portable Storage Leasing | $83.0M | 15% |
| Delivery Revenue | $48.2M | 9% |
| Installation Revenue | $45.0M | 8% |
| Rental Units | $19.7M | 3% |
| New Units | $15.5M | 3% |
| Value Added Services | $10.3M | 2% |
| Other Leasing Related Products And Services | $3.8M | 1% |
