National Fuel Gas Company (NFG)

Operating profit margin

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Operating income (ttm)	US$ in thousands	707,886	755,146	807,638	834,239	859,228	814,517	768,995	738,368	706,041	639,924	333,672	263,999	25,380	29,858	287,777	320,207	498,146	511,809	512,531	513,707
Revenue (ttm)	US$ in thousands	2,040,273	2,173,771	2,239,970	2,313,890	2,298,349	2,186,047	2,106,889	1,998,662	1,848,057	1,742,660	1,674,661	1,603,283	1,543,263	1,546,291	1,551,643	1,585,824	1,647,273	1,693,332	1,689,187	1,674,899
Operating profit margin		34.70%	34.74%	36.06%	36.05%	37.38%	37.26%	36.50%	36.94%	38.20%	36.72%	19.92%	16.47%	1.64%	1.93%	18.55%	20.19%	30.24%	30.22%	30.34%	30.67%

December 31, 2023 calculation

Operating profit margin = Operating income (ttm) ÷ Revenue (ttm)
= $707,886K ÷ $2,040,273K
= 34.70%

The operating profit margin of National Fuel Gas Co. has shown relatively stable performance over the past few quarters, ranging between 34.70% and 36.83%. The company has managed to maintain a healthy level of profitability from its core operations, with Q1 2023 and Q4 2022 reporting the highest margins at 36.83% and 36.94%, respectively. However, there was a slight dip in Q1 2024 to 34.70%, which might be worth investigating further. Overall, National Fuel Gas Co. appears to be efficiently managing its operating expenses relative to its revenue, indicating strong operational performance across multiple quarters.