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National Fuel Gas vs Spire: NFG and SR compared
National Fuel Gas is the larger company: $537M of revenue in its latest quarter (Q3 FY26) against $420M for Spire (Q3 FY26). National Fuel Gas is growing faster (+1% against -0.4% a year earlier). National Fuel Gas is more profitable, with an operating margin of 38.9% against 5.6%.
Where the money goes: NFG and SR
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.
Spire (SR) · Q3 FY26
Spire, Q3 FY26: revenue $420M (-0.4% year over year), operating margin 5.6%, net earnings $211M, operating cash flow $122M. The chart follows the revenue to costs, profit and cash.
| National Fuel Gas (NFG) | Spire (SR) | |
|---|---|---|
| Latest quarter | Q3 FY26 | Q3 FY26 |
| Revenue | $537M | $420M |
| Revenue growth, Y/Y | +1% | -0.4% |
| Operating margin | 38.9% | 5.6% |
| Net earnings | $139M | $211M |
| Net margin | 25.8% | 50.3% |
| Operating cash flow | $377M | $122M |
| Free cash flow | $111M | — |
| Market value | $7.0B | $5.3B |
| P/E | 10.4× | 17.9× |
| Analysts’ mean target | $93.00 | $91.00 |
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 Spire?
National Fuel Gas is the larger company: $537M of revenue in its latest quarter (Q3 FY26) against $420M for Spire (Q3 FY26).
Is National Fuel Gas or Spire growing faster?
National Fuel Gas is growing faster (+1% against -0.4% a year earlier).
Which is more profitable, National Fuel Gas or Spire?
National Fuel Gas is more profitable, with an operating margin of 38.9% against 5.6%.
More: National Fuel Gas earnings · how National Fuel Gas makes money · Spire earnings · how Spire makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Jul 30, 2026; 10-Q filed Aug 5, 2026). Fiscal quarters can end on different dates. Not investment advice.