Flagship explainer

What drives NATIONAL FUEL GAS CO’s return on equity?

ROE is five filed business factors multiplied together.

DuPont return on equity factor treeReturn on equity branches into tax burden, interest burden, operating margin, asset turnover, and the equity multiplier.Return on equity34%Tax burden75%net income ÷ pretax incomeInterest burden85%pretax ÷ operating incomeOperating margin37%operating income ÷ revenueAsset turnover0.26×revenue ÷ average assetsEquity multiplier5.53×average assets ÷ average equityAs of 2025-09-30 · 2 SEC filing sourcesBuy Like Buffett · buylikebuffett.com
DuPont source inputs
InputValueFiscal yearSource
$519MFY2025
Income before tax$694MFY2025
Operating income$813MFY2025
$2.2BFY2025
Ending assets$8.7BFY2025
Beginning assets$8.3BFY2024
$3.1BFY2025
−$15.5MFY2024
Source: · event Sep 30, 2025 · retrieved Jul 26, 2026 · annual-row source set
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