National Fuel Gas Company (NFG)

Solvency ratios

	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
Debt-to-assets ratio	0.28	0.29	0.29	0.26	0.26	0.26	0.26	0.27	0.35	0.35	0.36	0.37	0.30	0.38	0.37	0.32	0.32	0.33	0.34	0.34
Debt-to-capital ratio	0.97	1.02	0.45	0.42	1.16	1.43	0.51	0.53	0.55	0.60	0.57	0.56	0.51	0.57	0.54	0.51	0.49	0.50	0.50	0.50
Debt-to-equity ratio	35.40	—	0.81	0.72	—	—	1.04	1.12	1.25	1.47	1.31	1.25	1.04	1.33	1.18	1.03	0.98	1.00	1.00	1.02
Financial leverage ratio	127.45	—	2.76	2.77	—	—	4.05	4.19	3.60	4.18	3.58	3.39	3.44	3.53	3.20	3.23	3.07	3.02	2.96	3.00

Solvency ratios provide insights into a company's ability to meet its long-term financial obligations. National Fuel Gas Co. has shown consistency in its debt management over the quarters analyzed.

The debt-to-assets ratio, which measures the proportion of total assets financed by debt, has remained relatively stable around 0.31 to 0.34, indicating that National Fuel Gas Co. relies on debt for about 31% to 34% of its asset financing.

The debt-to-capital ratio, reflecting the percentage of capital funded by debt, has also shown consistency, ranging from 0.46 to 0.60. This suggests that National Fuel Gas Co. utilizes debt for approximately 46% to 60% of its capital structure.

The debt-to-equity ratio, a measure of financial leverage, has been on a gradual decline from 1.53 in Q2 2022 to 0.85 in Q1 2024. This decline indicates a decrease in the company's reliance on debt financing relative to equity.

The financial leverage ratio, which indicates the extent of a company's leverage, has similarly trended downwards from 4.19 in Q2 2022 to 2.71 in Q1 2024. This reduction suggests that National Fuel Gas Co. has been reducing its financial leverage over the quarters analyzed, potentially signaling improved solvency and lower financial risk.

Overall, based on the solvency ratios analyzed, National Fuel Gas Co. appears to have maintained a prudent approach to managing its long-term debt obligations, with a decreasing reliance on debt over time, which could positively impact its financial stability and risk profile.

Coverage ratios

	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
Interest coverage	5.32	5.73	6.10	6.21	6.48	6.25	6.04	5.93	4.92	4.37	2.22	1.79	0.20	0.26	2.63	2.98	4.65	4.79	4.68	4.62

The interest coverage ratio of National Fuel Gas Co. has been consistently healthy over the past eight quarters, ranging from 5.32 to 6.39. This indicates that the company has had more than enough earnings to cover its interest expenses, providing a strong margin of safety. The ratios indicate that the company is capable of meeting its interest obligations comfortably, with a consistent ability to generate income sufficient to service its debt. It demonstrates the company's financial stability and a lower risk of defaulting on its debt obligations. Overall, the trend in interest coverage suggests that National Fuel Gas Co. has been effectively managing its debt and maintaining a sound financial position over the specified period.