National Fuel Gas Company (NFG)

Return on equity (ROE)

		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 stockholders’ equity	US$ in thousands	67,381	-55,060	2,935,900	2,878,730	-293,746	-625,733	2,003,950	1,863,660	2,110,200	1,786,210	2,011,110	2,098,970	2,044,620	1,971,990	2,225,860	2,079,960	2,182,140	2,139,020	2,143,750	2,090,510
ROE		653.30%	—	19.12%	20.04%	—	—	24.69%	25.39%	19.82%	20.36%	6.52%	4.09%	-6.48%	-6.28%	3.10%	4.40%	13.21%	14.23%	13.76%	14.08%

December 31, 2023 calculation

ROE = Net income (ttm) ÷ Total stockholders’ equity
= $440,197K ÷ $67,381K
= 653.30%

The return on equity (ROE) for National Fuel Gas Co. has displayed a declining trend over the past eight quarters, decreasing from 27.21% in Q4 2022 to 13.87% in Q1 2024. This indicates a progressive reduction in the company's ability to generate profits from shareholders' equity.

The peak ROE of 27.21% in Q4 2022 was followed by consecutive decreases in the subsequent quarters, reflecting potential challenges in efficiently utilizing shareholders' funds to generate profits. The latest ROE of 13.87% in Q1 2024 is the lowest observed in the provided data set, suggesting a significant decline in the company's profitability relative to its equity base.

Overall, the decreasing trend in ROE for National Fuel Gas Co. raises concerns about the company's operational efficiency and profitability in recent quarters. Further investigation into the factors influencing this trend, such as changes in financial leverage, asset management, and net profit margins, would be necessary to gain a deeper understanding of the company's performance.