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National Fuel Gas vs MDU Resources Group: NFG and MDU compared
National Fuel Gas is the larger company: $537M of revenue in its latest quarter (Q3 FY26) against $348M for MDU Resources Group (Q3 2026). MDU Resources Group is growing faster (+10% against +1% a year earlier). National Fuel Gas is more profitable, with an operating margin of 38.9% against 13.7%.
Where the money goes: NFG and MDU
National Fuel Gas (NFG) · Q3 FY26
National Fuel Gas, Q3 FY26: revenue $537M (+1% year over year), operating margin 38.9%, net earnings $139M, operating cash flow $377M. The chart follows the revenue to costs, profit and cash.
MDU Resources Group (MDU) · Q3 2026
MDU Resources Group, Q3 2026: revenue $348M (+10% year over year), operating margin 13.7%, net earnings $14.1M, operating cash flow $82.3M. The chart follows the revenue to costs, profit and cash.
| National Fuel Gas (NFG) | MDU Resources Group (MDU) | |
|---|---|---|
| Latest quarter | Q3 FY26 | Q3 2026 |
| Revenue | $537M | $348M |
| Revenue growth, Y/Y | +1% | +10% |
| Operating margin | 38.9% | 13.7% |
| Net earnings | $139M | $14.1M |
| Net margin | 25.8% | 4.1% |
| Operating cash flow | $377M | $82.3M |
| Free cash flow | $111M | — |
| Market value | $7.0B | $4.0B |
| P/E | 10.4× | 20.8× |
| Analysts’ mean target | $93.00 | $23.00 |
Where the revenue comes from
National Fuel Gas
- Integrated Upstream and Gathering: $303M (56%)
- Utility: $165M (31%)
- Pipeline and Storage: $69.6M (13%)
Questions
Which is bigger, National Fuel Gas or MDU Resources Group?
National Fuel Gas is the larger company: $537M of revenue in its latest quarter (Q3 FY26) against $348M for MDU Resources Group (Q3 2026).
Is National Fuel Gas or MDU Resources Group growing faster?
MDU Resources Group is growing faster (+10% against +1% a year earlier).
Which is more profitable, National Fuel Gas or MDU Resources Group?
National Fuel Gas is more profitable, with an operating margin of 38.9% against 13.7%.
More: National Fuel Gas earnings · how National Fuel Gas makes money · MDU Resources Group earnings · how MDU Resources Group makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Jul 30, 2026; 10-Q filed Nov 6, 2026). Fiscal quarters can end on different dates. Not investment advice.