National Fuel Gas Company (NFG)

Operating return on assets (Operating ROA)

		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
Total assets	US$ in thousands	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	6,462,160	6,336,250	6,278,980
Operating ROA		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%	7.92%	8.09%	8.18%

December 31, 2023 calculation

Operating ROA = Operating income (ttm) ÷ Total assets
= $707,886K ÷ $8,587,490K
= 8.24%

The operating return on assets (ROA) for National Fuel Gas Co. has shown a relatively consistent trend over the past eight quarters. The operating ROA ranged from a high of 10.41% in Q1 2023 to a low of 8.24% in Q1 2024. This indicates that the company has been generating a solid return on its assets over the period under review.

Despite some fluctuations, the average operating ROA for the company appears to be stable, hovering around the 9-10% range. This suggests that National Fuel Gas Co. has been effectively utilizing its assets to generate operating profits.

It is important for stakeholders to further investigate the factors influencing these fluctuations in operating ROA, as well as assess the company's asset management efficiency and profitability performance to ensure sustainable and consistent returns in the future.