National Fuel Gas Company (NFG)

Pretax margin

		Sep 30, 2024	Sep 30, 2023	Sep 30, 2022	Sep 30, 2021	Sep 30, 2020
Earnings before tax but after interest (EBT)	US$ in thousands	87,255	641,399	682,650	478,329	-105,033
Revenue	US$ in thousands	1,944,810	2,173,770	2,186,050	1,742,660	1,546,290
Pretax margin		4.49%	29.51%	31.23%	27.45%	-6.79%

September 30, 2024 calculation

Pretax margin = EBT ÷ Revenue
= $87,255K ÷ $1,944,810K
= 4.49%

National Fuel Gas Company's pretax margin has fluctuated over the past five years. In 2024, the pretax margin was 4.49%, a significant decrease from the previous two years where it was 29.51% in 2023 and 31.23% in 2022. This decline suggests a decrease in profitability before taxes in 2024 compared to the previous years.

In 2021, the pretax margin was 27.45%, showing a strong performance, though slightly lower than in the two preceding years. Notably, in 2020, National Fuel Gas Company had a negative pretax margin of -6.79%, indicating that the company incurred losses before taxes that year.

Overall, the variations in the pretax margin highlight the importance of monitoring profitability trends in National Fuel Gas Company. Additional analysis of the company's financial performance and operational factors may be needed to fully understand the reasons behind these fluctuations in pretax margin.