National Fuel Gas Co (National Fuel Gas Co) Operating Income : $708 Mil (TTM As of Dec. 2023)

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What is National Fuel Gas Co Operating Income?

National Fuel Gas Co's Operating Income for the three months ended in Dec. 2023 was $207 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2023 was $708 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. National Fuel Gas Co's Operating Income for the three months ended in Dec. 2023 was $207 Mil. National Fuel Gas Co's Revenue for the three months ended in Dec. 2023 was $525 Mil. Therefore, National Fuel Gas Co's Operating Margin % for the quarter that ended in Dec. 2023 was 39.42%.

Good Sign:

National Fuel Gas Co operating margin is expanding. Margin expansion is usually a good sign.

National Fuel Gas Co's 5-Year average Growth Rate for Operating Margin % was 3.20% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. National Fuel Gas Co's annualized ROC % for the quarter that ended in Dec. 2023 was 7.38%. National Fuel Gas Co's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2023 was 11.46%.

National Fuel Gas Co Operating Income Historical Data

The historical data trend for National Fuel Gas Co's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

National Fuel Gas Co Operating Income Chart

National Fuel Gas Co Annual Data

Trend

Sep14

Sep15

Sep16

Sep17

Sep18

Sep19

Sep20

Sep21

Sep22

Sep23

Operating Income

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511.81

479.30

665.01

801.78

755.15

National Fuel Gas Co Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Operating Income	Get a 7-Day Free Trial															254.37	221.38	154.10	125.30	207.11

National Fuel Gas Co Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Dec. 2023 adds up the quarterly data reported by the company within the most recent 12 months, which was $708 Mil.

National Fuel Gas Co (NYSE:NFG) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

National Fuel Gas Co's annualized ROC % for the quarter that ended in Dec. 2023 is calculated as:

	ROC % (Q: Dec. 2023 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Sep. 2023 )	+	Invested Capital (Q: Dec. 2023 ))	/ count )
=	828.44 * ( 1 - 24.47% )	/	( (8351.759	+	8612.343)	/ 2 )
=	625.720732	/	8482.051
=	7.38 %

where

	Invested Capital		(Q: Sep. 2023 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	8280.26	-	320.385	-	( 55.447	-	max(0, 806.312	-	414.428	+	55.447	))
=	8351.759

	Invested Capital		(Q: Dec. 2023 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	8587.492	-	328.792	-	( 41.685	-	max(0, 807.245	-	453.602	+	41.685	))
=	8612.343

Note: The Operating Income data used here is four times the quarterly (Dec. 2023) data.

2. Joel Greenblatt's definition of Return on Capital:

National Fuel Gas Co's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2023 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Dec. 2023 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Sep. 2023		Q: Dec. 2023
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	843.368	/	( ( (7299.862 + max(-221.374, 0))	+	(7421.931 + max(-187.378, 0)) )	/	2 )
=	843.368	/	( ( 7299.862	+	7421.931 )	/	2 )
=	843.368	/	7360.8965
=	11.46 %

where Working Capital is:

	Working Capital		(Q: Sep. 2023 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(160.601	+	81.498	+	55.339)	-	(320.385	+	49.767	+	148.66)
=	-221.374

	Working Capital		(Q: Dec. 2023 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(189.669	+	74.583	+	55.615)	-	(328.792	+	53.929	+	124.524)
=	-187.378

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Dec. 2023) EBIT data.

3. Operating Income is also linked to Operating Margin %:

National Fuel Gas Co's Operating Margin % for the quarter that ended in Dec. 2023 is calculated as:

Operating Margin %	=	Operating Income (Q: Dec. 2023 )	/	Revenue (Q: Dec. 2023 )
	=	207.11	/	525.361
	=	39.42 %

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

National Fuel Gas Co Operating Income Related Terms

Thank you for viewing the detailed overview of National Fuel Gas Co's Operating Income provided by GuruFocus.com. Please click on the following links to see related term pages.

National Fuel Gas Co (National Fuel Gas Co) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Energy » Oil & Gas » National Fuel Gas Co (NYSE:NFG) » Definitions » Operating Income

Comparable Companies

Traded in Other Exchanges

NFG:Germany NFG:Germany

Address

6363 Main Street, Williamsville, NY, USA, 14221

Website

http://www.nationalfuelgas.com

National Fuel Gas Co is a diversified energy company engaged in the production, gathering, transportation, distribution, and marketing of natural gas. The operating segments of the company are the Exploration and Production segment, the Pipeline and Storage segment, the Gathering segment, and the Utility segment. Geographically it generates revenue from the United States and majorly it generates revenue from Exploration and Production segment.

Executives

Timothy J Silverstein	officer: Treasurer & Prin. Fin.Officer	6363 MAIN STREET, WILLIAMSVILLE NY 14221
Michael W Reville	officer: General Counsel and Secretary	6363 MAIN STREET, WILLIAMSVILLE NY 14221
Ronald C Kraemer	officer: Pres - Empire Pipeline	6363 MAIN STREET, WILLIAMSVILLE NY 14221
Ronald J Tanski	officer: Controller	NATIONAL FUEL GAS COMPANY, 6363 MAIN ST, WILLIAMSVILLE NY 14221
Justin I Loweth	officer: Pres - Seneca Resources	1201 LOUISIANA STREET, SUITE 2600, HOUSTON TX 77002
Donna L Decarolis	officer: President, Horizon Power	6363 MAIN ST., WILLIAMSVILLE NY 14221
David P Bauer	officer: Treasurer, Prin.Fin. Officer	6363 MAIN STREET, WILLIAMSVILLE NY 14221
Sarah J Mugel	officer: General Counsel and Secretary	6363 MAIN STREET, WILLIAMSVILLE NY 14221
Barbara M Baumann	director	1776 LINCOLN ST, STE 700, DENVER CO 80203
Paula M Ciprich	officer: General Counsel. NFG Co.	6363 MAIN STREET, WILLIAMSVILLE NY 14221
Michael P Kasprzak	officer: President NFG Midstream Co	6363 MAIN STREET, WILLIAMSVILLE NY 14221
Elena G Mendel	officer: Controller	6363 MAIN STREET, WILLIAMSVILLE NY 14221
Martin A Krebs	officer: Chief Information Officer	6363 MAIN STREET, WILLIAMSVILLE NY 14221
David Hugo Anderson	director
John P Mcginnis	officer: COO - Seneca Resources	1201 LOUISIANA STREET, SUITE 2600, HOUSTON TX 77002