For this period, National Fuel Gas reports a gross margin of 63.2%, an operating margin of 40.3%, an EBITDA margin of 61.1%, and a net margin of 26.9%. The biggest positive change was in operating margin, increasing 20.3 percentage points. The biggest negative change was in gross margin, decreasing 2.6 percentage points.
NFG margin history
National Fuel Gas's margins averaged 64.77% gross, 27.45% operating, 49.95% EBITDA, and 16.64% net during the last 3 years. At present, operating, EBITDA, and net margins are above their three-year averages, while gross margin is below its three-year average.
NFG margin expansion
The largest positive change was in operating margin, up 20.3 percentage points. Ebitda margin also expanded by 19.1 percentage points and Net margin also expanded by 15.7 percentage points, while gross margin contracted by 2.6 percentage points.
NFG Gross margin
National Fuel Gas recorded an average gross margin of 64.77% across the last 3 years. National Fuel Gas's current gross margin is 63.2% and is 1.6 percentage points below its three-year average. The highest gross margin for National Fuel Gas was 66.1% in Sep 2025, while the lowest was 60.1% in Dec 2023.
NFG Operating margin
Over the last 3 years, National Fuel Gas's operating margin averaged 27.45%. The current operating margin of 40.3% is 12.9 percentage points above its three-year average. During this period, operating margin reached a high of 42.2% in Dec 2025 and a low of 4.5% in Dec 2024.
NFG EBITDA margin
Reviewing the last 3 years, National Fuel Gas recorded an average EBITDA margin of 49.95%. The current EBITDA margin of 61.1% is 11.2 percentage points above its three-year average. The highest EBITDA margin for National Fuel Gas was 63.4% in Dec 2025, while the lowest was 28.4% in Dec 2024.
NFG Net margin
Across the last 3 years, National Fuel Gas had an average net margin of 16.64%. Against its three-year average, National Fuel Gas's net margin is currently 26.9%, 10.3 percentage points above its three-year average. Looking back over the last 3 years, National Fuel Gas's net margin reached 27.5% at its highest point in Dec 2025 and -0.5% at its lowest in Dec 2024.
NFG margin group comparison
With a gross margin of 63.2%, NFG stands above the Energy sector, the industry and its peers average. Compared to its Energy sector average of 42.7%, National Fuel Gas's gross margin is 48% higher.
NFG margin peer comparison
Frequently asked questions
What is National Fuel Gas's gross margin?
The current gross margin for NFG is 63.2% as of Jun 30, 2026.
What is National Fuel Gas's operating margin?
For the period ending Jun 30, 2026, NFG recorded an operating margin of 40.3%.
What is National Fuel Gas's EBITDA margin?
For the period ending Jun 30, 2026, NFG recorded an EBITDA margin of 61.1%.
What is National Fuel Gas's net margin?
The current net margin for NFG is 26.9% as of Jun 30, 2026.
What are the average margins of NFG?
National Fuel Gas's average margins over the last 3 years were 64.8% gross, 27.5% operating, 50.0% EBITDA, and 16.6% net.
What are the highest historical margins of NFG?
National Fuel Gas's highest recorded margins during the past 5 years were 66.1% gross in Sep 2025, 42.2% operating in Dec 2025, 63.4% EBITDA in Dec 2025, and 27.5% net in Dec 2025.
What are the lowest historical margins of NFG?
In the last 5 years, the lowest margins reported by NFG were 56.6% gross in Mar 2023, 4.5% operating in Dec 2024, 28.4% EBITDA in Dec 2024, and -0.5% net in Dec 2024.