vs
Side-by-side financial comparison of NATIONAL FUEL GAS CO (NFG) and OLYMPIC STEEL INC (ZEUS). Click either name above to swap in a different company.
OLYMPIC STEEL INC is the larger business by last-quarter revenue ($490.7M vs $425.9M, roughly 1.2× NATIONAL FUEL GAS CO). NATIONAL FUEL GAS CO runs the higher net margin — 35.7% vs 0.4%, a 35.3% gap on every dollar of revenue. On growth, OLYMPIC STEEL INC posted the faster year-over-year revenue change (4.4% vs 1.7%). Over the past eight quarters, NATIONAL FUEL GAS CO's revenue compounded faster (12.1% CAGR vs 0.1%).
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.
Olympic Steel, Inc. is a metals service center based in Cleveland, Ohio. The company processes and distributes carbon, coated and stainless flat-rolled sheet, coil and plate steel, aluminium alloy, tin plate, and metal-intensive branded products primarily in the United States. Metals processing and value added services include tempering, stretch leveling, cutting-to-length, slitting, edging, shearing, blanking, burning, forming, shot blasting, laser punching, plate rolling, fabricating, machi...
NFG vs ZEUS — Head-to-Head
Income Statement — Q2 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $425.9M | $490.7M |
| Net Profit | $152.0M | $2.2M |
| Gross Margin | — | — |
| Operating Margin | 81.5% | 1.5% |
| Net Margin | 35.7% | 0.4% |
| Revenue YoY | 1.7% | 4.4% |
| Net Profit YoY | — | -21.2% |
| EPS (diluted) | $1.59 | $0.18 |
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 | $490.7M | ||
| Q2 25 | $527.4M | $496.5M | ||
| Q1 25 | $734.8M | $492.9M | ||
| Q4 24 | $513.8M | $418.8M | ||
| Q3 24 | $310.0M | $470.0M | ||
| Q2 24 | $338.6M | $526.3M |
| Q1 26 | $152.0M | — | ||
| Q4 25 | $181.6M | — | ||
| Q3 25 | $107.3M | $2.2M | ||
| Q2 25 | $149.8M | $5.2M | ||
| Q1 25 | $216.4M | $2.5M | ||
| Q4 24 | $45.0M | $3.9M | ||
| Q3 24 | $-167.6M | $2.7M | ||
| Q2 24 | $-54.2M | $7.7M |
| 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% | — | ||
| Q3 25 | 40.6% | 1.5% | ||
| Q2 25 | 43.7% | 2.3% | ||
| Q1 25 | 43.2% | 1.6% | ||
| Q4 24 | 16.8% | 2.1% | ||
| Q3 24 | -63.4% | 1.7% | ||
| Q2 24 | -15.2% | 2.9% |
| Q1 26 | 35.7% | — | ||
| Q4 25 | 28.5% | — | ||
| Q3 25 | 24.2% | 0.4% | ||
| Q2 25 | 28.4% | 1.1% | ||
| Q1 25 | 29.4% | 0.5% | ||
| Q4 24 | 8.8% | 0.9% | ||
| Q3 24 | -54.1% | 0.6% | ||
| Q2 24 | -16.0% | 1.5% |
| Q1 26 | $1.59 | — | ||
| Q4 25 | $1.98 | — | ||
| Q3 25 | $1.18 | $0.18 | ||
| Q2 25 | $1.64 | $0.45 | ||
| Q1 25 | $2.37 | $0.21 | ||
| Q4 24 | $0.49 | $0.33 | ||
| Q3 24 | $-1.81 | $0.23 | ||
| Q2 24 | $-0.59 | $0.66 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $7.5M |
| Total DebtLower is stronger | $300.0M | $240.9M |
| Stockholders' EquityBook value | — | $579.1M |
| Total Assets | $9.1B | $1.1B |
| Debt / EquityLower = less leverage | — | 0.42× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $271.4M | — | ||
| Q3 25 | $43.2M | $7.5M | ||
| Q2 25 | $39.3M | $14.8M | ||
| Q1 25 | $40.0M | $13.3M | ||
| Q4 24 | $48.7M | $11.9M | ||
| Q3 24 | $38.2M | $11.1M | ||
| Q2 24 | $81.4M | $9.4M |
| Q1 26 | $300.0M | — | ||
| Q4 25 | $2.7B | — | ||
| Q3 25 | $2.7B | $240.9M | ||
| Q2 25 | $2.7B | $233.2M | ||
| Q1 25 | $2.7B | $235.4M | ||
| Q4 24 | $2.7B | $272.5M | ||
| Q3 24 | $2.7B | $197.3M | ||
| Q2 24 | $2.7B | $209.2M |
| Q1 26 | — | — | ||
| Q4 25 | $3.6B | — | ||
| Q3 25 | $3.1B | $579.1M | ||
| Q2 25 | $3.0B | $578.2M | ||
| Q1 25 | $2.8B | $574.2M | ||
| Q4 24 | $-76.2M | $573.9M | ||
| Q3 24 | $-15.5M | $570.6M | ||
| Q2 24 | $5.0M | $569.5M |
| Q1 26 | $9.1B | — | ||
| Q4 25 | $9.2B | — | ||
| Q3 25 | $8.7B | $1.1B | ||
| Q2 25 | $8.4B | $1.1B | ||
| Q1 25 | $8.5B | $1.1B | ||
| Q4 24 | $8.3B | $1.0B | ||
| Q3 24 | $8.3B | $1.0B | ||
| Q2 24 | $8.5B | $1.0B |
| Q1 26 | — | — | ||
| Q4 25 | 0.75× | — | ||
| Q3 25 | 0.87× | 0.42× | ||
| Q2 25 | 0.90× | 0.40× | ||
| Q1 25 | 0.99× | 0.41× | ||
| Q4 24 | — | 0.47× | ||
| Q3 24 | — | 0.35× | ||
| Q2 24 | 532.10× | 0.37× |
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 | $-5.4M |
| Free Cash FlowOCF − Capex | — | $-12.9M |
| FCF MarginFCF / Revenue | — | -2.6% |
| Capex IntensityCapex / Revenue | 117.0% | 1.5% |
| Cash ConversionOCF / Net Profit | 4.32× | -2.50× |
| TTM Free Cash FlowTrailing 4 quarters | — | $41.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $657.3M | — | ||
| Q4 25 | $274.9M | — | ||
| Q3 25 | $237.8M | $-5.4M | ||
| Q2 25 | $388.4M | $15.5M | ||
| Q1 25 | $253.8M | $49.4M | ||
| Q4 24 | $220.1M | $14.6M | ||
| Q3 24 | $197.9M | $24.6M | ||
| Q2 24 | $281.8M | $-2.9M |
| Q1 26 | — | — | ||
| Q4 25 | $-2.7M | — | ||
| Q3 25 | $-47.8M | $-12.9M | ||
| Q2 25 | $195.3M | $6.8M | ||
| Q1 25 | $59.9M | $40.6M | ||
| Q4 24 | $-20.3M | $7.4M | ||
| Q3 24 | $-49.1M | $15.6M | ||
| Q2 24 | $79.5M | $-11.3M |
| Q1 26 | — | — | ||
| Q4 25 | -0.4% | — | ||
| Q3 25 | -10.8% | -2.6% | ||
| Q2 25 | 37.0% | 1.4% | ||
| Q1 25 | 8.2% | 8.2% | ||
| Q4 24 | -4.0% | 1.8% | ||
| Q3 24 | -15.8% | 3.3% | ||
| Q2 24 | 23.5% | -2.2% |
| Q1 26 | 117.0% | — | ||
| Q4 25 | 43.5% | — | ||
| Q3 25 | 64.4% | 1.5% | ||
| Q2 25 | 36.6% | 1.7% | ||
| Q1 25 | 26.4% | 1.8% | ||
| Q4 24 | 46.8% | 1.7% | ||
| Q3 24 | 79.7% | 1.9% | ||
| Q2 24 | 59.7% | 1.6% |
| Q1 26 | 4.32× | — | ||
| Q4 25 | 1.51× | — | ||
| Q3 25 | 2.21× | -2.50× | ||
| Q2 25 | 2.59× | 2.96× | ||
| Q1 25 | 1.17× | 19.70× | ||
| Q4 24 | 4.89× | 3.75× | ||
| Q3 24 | — | 9.01× | ||
| Q2 24 | — | -0.38× |
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% |
ZEUS
| Carbon Flat Products | $268.2M | 55% |
| Specialty Metals Flat Products | $140.9M | 29% |
| Tubular And Pipe Products | $81.6M | 17% |
