National Fuel Gas Company (NFG)

Return on assets (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
Net income (ttm)	US$ in thousands	440,197	476,866	561,331	576,869	603,317	566,020	494,840	473,157	418,265	363,647	131,140	85,915	-132,589	-123,772	69,055	91,558	288,221	304,290	295,003	294,275
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
ROA		5.13%	5.76%	6.92%	7.24%	7.42%	7.17%	6.10%	6.06%	5.51%	4.87%	1.82%	1.21%	-1.88%	-1.78%	0.97%	1.36%	4.30%	4.71%	4.66%	4.69%

December 31, 2023 calculation

ROA = Net income (ttm) ÷ Total assets
= $440,197K ÷ $8,587,490K
= 5.13%

National Fuel Gas Co.'s return on assets (ROA) has shown a general downward trend over the past few quarters, indicating a decline in the company's efficiency in generating earnings from its assets. The ROA decreased from 7.42% in Q1 2023 to 5.13% in Q1 2024, with intermittent fluctuations in between. This decline suggests that the company may be facing challenges in optimizing its asset utilization to generate profits. Further analysis of the company's operational efficiency and asset management strategies may be necessary to address this trend and improve its overall financial performance.