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Side-by-side financial comparison of NATIONAL FUEL GAS CO (NFG) and WATTS WATER TECHNOLOGIES INC (WTS). Click either name above to swap in a different company.
WATTS WATER TECHNOLOGIES INC is the larger business by last-quarter revenue ($625.1M vs $425.9M, roughly 1.5× NATIONAL FUEL GAS CO). NATIONAL FUEL GAS CO runs the higher net margin — 35.7% vs 13.4%, a 22.3% gap on every dollar of revenue. On growth, WATTS WATER TECHNOLOGIES INC posted the faster year-over-year revenue change (15.7% vs 1.7%). Over the past eight quarters, NATIONAL FUEL GAS CO's revenue compounded faster (12.1% CAGR vs 4.6%).
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.
AERCO International, Inc. is a manufacturer and supplier of commercial condensing boilers, high efficiency water heating equipment and energy recovery systems in the HVAC/plumbing industry across a variety of markets including education, lodging, government, office buildings, healthcare, industrial and multifamily housing. In 1949, AERCO introduced the industry's first semi-instantaneous, tankless steam-to-water water heater. In 1988, AERCO introduced the first condensing and fully modulating...
NFG vs WTS — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $425.9M | $625.1M |
| Net Profit | $152.0M | $83.7M |
| Gross Margin | — | 49.5% |
| Operating Margin | 81.5% | 18.2% |
| Net Margin | 35.7% | 13.4% |
| Revenue YoY | 1.7% | 15.7% |
| Net Profit YoY | — | 24.0% |
| EPS (diluted) | $1.59 | $2.50 |
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 | $625.1M | ||
| Q3 25 | $443.1M | $611.7M | ||
| Q2 25 | $527.4M | $643.7M | ||
| Q1 25 | $734.8M | $558.0M | ||
| Q4 24 | $513.8M | $540.4M | ||
| Q3 24 | $310.0M | $543.6M | ||
| Q2 24 | $338.6M | $597.3M |
| Q1 26 | $152.0M | — | ||
| Q4 25 | $181.6M | $83.7M | ||
| Q3 25 | $107.3M | $82.2M | ||
| Q2 25 | $149.8M | $100.9M | ||
| Q1 25 | $216.4M | $74.0M | ||
| Q4 24 | $45.0M | $67.5M | ||
| Q3 24 | $-167.6M | $69.1M | ||
| Q2 24 | $-54.2M | $82.0M |
| Q1 26 | — | — | ||
| Q4 25 | 86.6% | 49.5% | ||
| Q3 25 | — | 48.8% | ||
| Q2 25 | 94.7% | 50.6% | ||
| Q1 25 | 81.6% | 48.8% | ||
| Q4 24 | 87.3% | 46.7% | ||
| Q3 24 | — | 47.3% | ||
| Q2 24 | 98.5% | 47.7% |
| Q1 26 | 81.5% | — | ||
| Q4 25 | 43.3% | 18.2% | ||
| Q3 25 | 40.6% | 18.2% | ||
| Q2 25 | 43.7% | 21.0% | ||
| Q1 25 | 43.2% | 15.7% | ||
| Q4 24 | 16.8% | 16.5% | ||
| Q3 24 | -63.4% | 17.1% | ||
| Q2 24 | -15.2% | 18.7% |
| Q1 26 | 35.7% | — | ||
| Q4 25 | 28.5% | 13.4% | ||
| Q3 25 | 24.2% | 13.4% | ||
| Q2 25 | 28.4% | 15.7% | ||
| Q1 25 | 29.4% | 13.3% | ||
| Q4 24 | 8.8% | 12.5% | ||
| Q3 24 | -54.1% | 12.7% | ||
| Q2 24 | -16.0% | 13.7% |
| Q1 26 | $1.59 | — | ||
| Q4 25 | $1.98 | $2.50 | ||
| Q3 25 | $1.18 | $2.45 | ||
| Q2 25 | $1.64 | $3.01 | ||
| Q1 25 | $2.37 | $2.21 | ||
| Q4 24 | $0.49 | $2.02 | ||
| Q3 24 | $-1.81 | $2.06 | ||
| Q2 24 | $-0.59 | $2.44 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $405.5M |
| Total DebtLower is stronger | $300.0M | — |
| Stockholders' EquityBook value | — | $2.0B |
| Total Assets | $9.1B | $2.9B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $271.4M | $405.5M | ||
| Q3 25 | $43.2M | $457.7M | ||
| Q2 25 | $39.3M | $369.3M | ||
| Q1 25 | $40.0M | $336.8M | ||
| Q4 24 | $48.7M | $386.9M | ||
| Q3 24 | $38.2M | $303.9M | ||
| Q2 24 | $81.4M | $279.4M |
| 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 | $2.0B | ||
| Q3 25 | $3.1B | $2.0B | ||
| Q2 25 | $3.0B | $1.9B | ||
| Q1 25 | $2.8B | $1.8B | ||
| Q4 24 | $-76.2M | $1.7B | ||
| Q3 24 | $-15.5M | $1.7B | ||
| Q2 24 | $5.0M | $1.6B |
| Q1 26 | $9.1B | — | ||
| Q4 25 | $9.2B | $2.9B | ||
| Q3 25 | $8.7B | $2.7B | ||
| Q2 25 | $8.4B | $2.6B | ||
| Q1 25 | $8.5B | $2.5B | ||
| Q4 24 | $8.3B | $2.4B | ||
| Q3 24 | $8.3B | $2.4B | ||
| Q2 24 | $8.5B | $2.4B |
| 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 | $154.7M |
| Free Cash FlowOCF − Capex | — | $140.3M |
| FCF MarginFCF / Revenue | — | 22.4% |
| Capex IntensityCapex / Revenue | 117.0% | 2.3% |
| Cash ConversionOCF / Net Profit | 4.32× | 1.85× |
| TTM Free Cash FlowTrailing 4 quarters | — | $356.3M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $657.3M | — | ||
| Q4 25 | $274.9M | $154.7M | ||
| Q3 25 | $237.8M | $122.4M | ||
| Q2 25 | $388.4M | $69.7M | ||
| Q1 25 | $253.8M | $55.2M | ||
| Q4 24 | $220.1M | $139.5M | ||
| Q3 24 | $197.9M | $90.7M | ||
| Q2 24 | $281.8M | $85.3M |
| Q1 26 | — | — | ||
| Q4 25 | $-2.7M | $140.3M | ||
| Q3 25 | $-47.8M | $110.9M | ||
| Q2 25 | $195.3M | $59.5M | ||
| Q1 25 | $59.9M | $45.6M | ||
| Q4 24 | $-20.3M | $127.5M | ||
| Q3 24 | $-49.1M | $84.3M | ||
| Q2 24 | $79.5M | $78.5M |
| Q1 26 | — | — | ||
| Q4 25 | -0.4% | 22.4% | ||
| Q3 25 | -10.8% | 18.1% | ||
| Q2 25 | 37.0% | 9.2% | ||
| Q1 25 | 8.2% | 8.2% | ||
| Q4 24 | -4.0% | 23.6% | ||
| Q3 24 | -15.8% | 15.5% | ||
| Q2 24 | 23.5% | 13.1% |
| Q1 26 | 117.0% | — | ||
| Q4 25 | 43.5% | 2.3% | ||
| Q3 25 | 64.4% | 1.9% | ||
| Q2 25 | 36.6% | 1.6% | ||
| Q1 25 | 26.4% | 1.7% | ||
| Q4 24 | 46.8% | 2.2% | ||
| Q3 24 | 79.7% | 1.2% | ||
| Q2 24 | 59.7% | 1.1% |
| Q1 26 | 4.32× | — | ||
| Q4 25 | 1.51× | 1.85× | ||
| Q3 25 | 2.21× | 1.49× | ||
| Q2 25 | 2.59× | 0.69× | ||
| Q1 25 | 1.17× | 0.75× | ||
| Q4 24 | 4.89× | 2.07× | ||
| Q3 24 | — | 1.31× | ||
| Q2 24 | — | 1.04× |
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% |
WTS
Segment breakdown not available.
