National Fuel Gas Company (NFG)

Operating return on assets (Operating ROA)

		Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	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
Operating income (ttm)	US$ in thousands	209,723	531,596	737,132	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
Total assets	US$ in thousands	8,319,770	8,481,040	8,677,020	8,587,490	8,280,260	8,106,630	7,967,240	8,134,910	7,896,260	8,112,090	7,805,020	7,589,670	7,464,820	7,208,680	7,115,650	7,039,170	6,964,940	7,118,980	6,708,660	6,702,660
Operating ROA		2.52%	6.27%	8.50%	8.24%	9.12%	9.96%	10.47%	10.56%	10.32%	9.48%	9.46%	9.30%	8.57%	4.63%	3.71%	0.36%	0.43%	4.04%	4.77%	7.43%

September 30, 2024 calculation

Operating ROA = Operating income (ttm) ÷ Total assets
= $209,723K ÷ $8,319,770K
= 2.52%

National Fuel Gas Company's operating return on assets (operating ROA) has fluctuated over the past few quarters, ranging from a low of 0.36% in December 2020 to a high of 10.56% in December 2022. The trend indicates that the company's ability to generate profits from its operations relative to its total assets has varied significantly.

The most recent operating ROA figure of 2.52% in September 2024 represents a decrease from the previous quarter's 6.27% in June 2024. This drop may be a cause for concern as it suggests a potential decrease in the efficiency of the company's asset utilization or profitability from its core operations.

It is important for investors and stakeholders to closely monitor National Fuel Gas Company's operating ROA performance in future quarters to assess the company's operational efficiency and financial health. A sustained improvement in operating ROA could signal increased profitability and effectiveness in asset management, while a continued decline may warrant further analysis and investigation into the company's underlying operational performance.