National Fuel Gas Company (NFG)

Operating profit margin

		Sep 30, 2023	Sep 30, 2022	Sep 30, 2021	Sep 30, 2020	Sep 30, 2019
Operating income	US$ in thousands	755,147	814,516	639,924	29,858	511,809
Revenue	US$ in thousands	2,173,770	2,186,050	1,742,660	1,546,290	1,693,330
Operating profit margin		34.74%	37.26%	36.72%	1.93%	30.23%

September 30, 2023 calculation

Operating profit margin = Operating income ÷ Revenue
= $755,147K ÷ $2,173,770K
= 34.74%

The operating profit margin of National Fuel Gas Co. has exhibited a fluctuating trend over the past five years. In 2023, the operating profit margin decreased to 34.74% from 36.68% in 2022, continuing the gradual decline from 38.16% in 2021. Despite the recent drop, the company's operating profit margin has generally shown positive performance, maintaining levels above 30% over the past five years. This indicates that National Fuel Gas Co. has been effective in controlling its operating expenses and generating profits from its core business activities, although the recent decrease in the margin may warrant further examination.