National Fuel Gas Company (NFG)

Return on equity (ROE)

		Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	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
Net income (ttm)	US$ in thousands	77,513	318,811	465,589	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
Total stockholders’ equity	US$ in thousands	-15,476	5,050	75,340	67,381	-55,060	-49,384	-54,864	-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
ROE		—	6,313.09%	617.98%	653.30%	—	—	—	—	—	24.69%	25.39%	19.82%	20.36%	6.52%	4.09%	-6.48%	-6.28%	3.10%	4.40%	13.21%

September 30, 2024 calculation

ROE = Net income (ttm) ÷ Total stockholders’ equity
= $77,513K ÷ $-15,476K
= —

The return on equity (ROE) for National Fuel Gas Company has shown significant fluctuations over the historical periods provided. The ROE figures for the most recent quarters are as follows:

- Sep 30, 2024: Not available
- Jun 30, 2024: 6,313.09%
- Mar 31, 2024: 617.98%
- Dec 31, 2023: 653.30%

The ROE has experienced notable volatility, with a sharp increase in the Jun 30, 2024, quarter compared to the previous periods. This drastic change in ROE may be attributed to various factors such as changes in profitability, leverage, or equity levels.

It is important to point out that the negative ROE figures in some quarters, such as Mar 31, 2021, and Dec 31, 2020, indicate that the company's net income was not sufficient to cover the equity investments made by shareholders during those periods.

Further analysis and understanding of the underlying financial performance, capital structure, and overall business operations of National Fuel Gas Company would be necessary to evaluate the sustainability and implications of these ROE fluctuations over time.