National Fuel Gas annual return on equity
2010
2011
2012
2013
2014
2015
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2020
2021
2022
2025
National Fuel Gas Return on Equity (ROE) Growth & History (NFG)
National Fuel Gas's return on equity was 33.68% for fiscal 2025.
View full National Fuel Gas company overviewNational Fuel Gas annual return on equity history
| Fiscal year | Period ended | Return on equity | Change (percentage points) |
|---|---|---|---|
| 2025 | 2025-09-30 | 33.68% | — |
| 2022 | 2022-09-30 | 97.55% | +78.20 pp |
| 2021 | 2021-09-30 | 19.35% | +25.37 pp |
| 2020 | 2020-09-30 | −6.02% | −20.95 pp |
| 2019 | 2019-09-30 | 14.93% | −6.58 pp |
| 2018 | 2018-09-30 | 21.51% | +3.96 pp |
| 2017 | 2017-09-30 | 17.55% | +33.93 pp |
| 2016 | 2016-09-30 | −16.38% | +0.73 pp |
| 2015 | 2015-09-30 | −17.11% | −30.11 pp |
| 2014 | 2014-09-30 | 13.00% | +0.49 pp |
| 2013 | 2013-09-30 | 12.52% | +1.09 pp |
| 2012 | 2012-09-30 | 11.43% | −2.78 pp |
| 2011 | 2011-09-30 | 14.21% | +0.66 pp |
| 2010 | 2010-09-30 | 13.55% | — |
National Fuel Gas quarterly return on equity
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Q4.10
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Q2.12
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Q1.13
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Q4.16
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Q4.17
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Q1.24
Q2.24
Q3.24
Q2.25
Q3.25
Q4.25
Q1.26
Q2.26
Q3.26
| Fiscal quarter | Period ended | Return on equity | Change (percentage points) |
|---|---|---|---|
| Q3 2026 | 2026-06-30 | 3.58% | −1.64 pp |
| Q2 2026 | 2026-03-31 | 6.68% | −9.41 pp |
| Q1 2026 | 2025-12-31 | 5.44% | — |
| Q4 2025 | 2025-09-30 | 3.54% | — |
| Q3 2025 | 2025-06-30 | 5.22% | +139.96 pp |
| Q2 2025 | 2025-03-31 | 16.09% | −216.91 pp |
| Q3 2024 | 2024-06-30 | −134.74% | — |
| Q2 2024 | 2024-03-31 | 233.00% | — |
| Q1 2024 | 2023-12-31 | 2,159.24% | — |
| Q4 2022 | 2022-09-30 | 22.95% | +18.37 pp |
| Q3 2022 | 2022-06-30 | 5.59% | +1.39 pp |
| Q2 2022 | 2022-03-31 | 8.42% | +2.99 pp |
| Q1 2022 | 2021-12-31 | 6.80% | +2.92 pp |
| Q4 2021 | 2021-09-30 | 4.58% | +11.51 pp |
| Q3 2021 | 2021-06-30 | 4.21% | +2.29 pp |
| Q2 2021 | 2021-03-31 | 5.43% | +10.40 pp |
| Q1 2021 | 2020-12-31 | 3.87% | −0.14 pp |
| Q4 2020 | 2020-09-30 | −6.93% | −9.14 pp |
| Q3 2020 | 2020-06-30 | 1.92% | −1.10 pp |
| Q2 2020 | 2020-03-31 | −4.98% | −9.36 pp |
| Q1 2020 | 2019-12-31 | 4.01% | −1.15 pp |
| Q4 2019 | 2019-09-30 | 2.21% | +0.24 pp |
| Q3 2019 | 2019-06-30 | 3.01% | −0.27 pp |
| Q2 2019 | 2019-03-31 | 4.38% | −0.48 pp |
| Q1 2019 | 2018-12-31 | 5.15% | −6.00 pp |
| Q4 2018 | 2018-09-30 | 1.97% | −0.72 pp |
| Q3 2018 | 2018-06-30 | 3.28% | −0.30 pp |
| Q2 2018 | 2018-03-31 | 4.86% | −0.68 pp |
| Q1 2018 | 2017-12-31 | 11.15% | +5.41 pp |
| Q4 2017 | 2017-09-30 | 2.69% | +0.23 pp |
| Q3 2017 | 2017-06-30 | 3.58% | +3.05 pp |
| Q2 2017 | 2017-03-31 | 5.55% | +14.14 pp |
| Q1 2017 | 2016-12-31 | 5.74% | +15.60 pp |
| Q4 2016 | 2016-09-30 | 2.46% | +11.24 pp |
| Q3 2016 | 2016-06-30 | 0.53% | +12.62 pp |
| Q2 2016 | 2016-03-31 | −8.60% | −9.24 pp |
| Q1 2016 | 2015-12-31 | −9.85% | −13.23 pp |
| Q4 2015 | 2015-09-30 | −8.79% | −11.20 pp |
| Q3 2015 | 2015-06-30 | −12.10% | −14.88 pp |
| Q2 2015 | 2015-03-31 | 0.64% | −3.54 pp |
| Q1 2015 | 2014-12-31 | 3.38% | −0.32 pp |
| Q4 2014 | 2014-09-30 | 2.42% | +0.21 pp |
| Q3 2014 | 2014-06-30 | 2.78% | −0.02 pp |
| Q2 2014 | 2014-03-31 | 4.18% | −0.04 pp |
| Q1 2014 | 2013-12-31 | 3.70% | +0.28 pp |
| Q4 2013 | 2013-09-30 | 2.21% | −0.26 pp |
| Q3 2013 | 2013-06-30 | 2.80% | +0.62 pp |
| Q2 2013 | 2013-03-31 | 4.22% | +0.76 pp |
| Q1 2013 | 2012-12-31 | 3.42% | +0.23 pp |
| Q4 2012 | 2012-09-30 | 2.47% | +0.48 pp |
| Q3 2012 | 2012-06-30 | 2.18% | −0.37 pp |
| Q2 2012 | 2012-03-31 | 3.47% | −3.01 pp |
| Q1 2012 | 2011-12-31 | 3.18% | −0.16 pp |
| Q4 2011 | 2011-09-30 | 2.00% | −0.21 pp |
| Q3 2011 | 2011-06-30 | 2.56% | +0.00 pp |
| Q2 2011 | 2011-03-31 | 6.47% | — |
| Q1 2011 | 2010-12-31 | 3.34% | — |
| Q4 2010 | 2010-09-30 | 2.20% | — |
| Q3 2010 | 2010-06-30 | 2.56% | — |
National Fuel Gas return on equity trends
Over the last five fiscal years, National Fuel Gas's return on equity increased from −6.02% to 33.68%, a change of +39.70 percentage points. The latest reported quarter, Q3 2026, shows 3.58%.
About the metric
What return on equity (ROE) means
Return on equity (ROE) measures how much net income a company generates relative to shareholders’ equity. It can help evaluate how efficiently equity capital is used, but unusually high or negative values may reflect leverage, losses, or a small equity base.
Calculation and source
How return on equity is calculated
TickerStat calculates ROE as SEC-reported net income divided by average stockholders’ equity at the beginning and end of the fiscal period. Periods with missing or non-positive average equity are omitted. Quarterly ROE uses quarterly net income and is not annualized. Fiscal periods can differ from calendar years, so exact period-end dates are included.
Review National Fuel Gas source filings ↗