National Fuel Gas Company (NFG)

Pretax margin

		Sep 30, 2023	Sep 30, 2022	Sep 30, 2021	Sep 30, 2020	Sep 30, 2019
Earnings before tax but after interest (EBT)	US$ in thousands	641,399	682,650	478,329	-105,033	389,511
Revenue	US$ in thousands	2,173,770	2,186,050	1,742,660	1,546,290	1,693,330
Pretax margin		29.51%	31.23%	27.45%	-6.79%	23.00%

September 30, 2023 calculation

Pretax margin = EBT ÷ Revenue
= $641,399K ÷ $2,173,770K
= 29.51%

The pretax margin of National Fuel Gas Co., a key financial metric indicating the company's efficiency in generating profits before tax, has exhibited fluctuations over the past five years. The trend reflects both positive and negative movements, indicating changes in the company's profitability before taking into account tax liabilities.

In 2023, the pretax margin stood at 29.51%, showing a slight decline from 2022 when it was 31.23%. This downward trend raises questions about the company's ability to maintain consistent profitability in the face of potential challenges such as rising costs or competitive pressures.

Contrastingly, in 2020, the pretax margin was notably negative at -6.79%, reflecting a period of financial distress where the company experienced losses before tax. This could indicate various factors affecting the company's operational performance or financial circumstances during that year.

Historically, the pretax margin was comparatively higher in 2019 at 23.00% and 2021 at 27.45%. These figures signify relatively more robust profitability before tax compared to the other years presented.

The trend in pretax margin suggests that National Fuel Gas Co. may have encountered fluctuations in its profitability before tax over the past five years, reflecting changes in the business environment, cost structures, and revenue generation. Further analysis of the company's financial and operational strategies is warranted to better understand the factors contributing to these variations and their implications for the company's financial performance.