COMP <GO>

NFG vs UGP // FORWARD P/E MULTIPLE

National Fuel Gas Company (NYSE) VS. Ultrapar Participacoes S.A. (Each representing one Common Share) (NYSE) • 15-METRIC TALLY: NFG 3 — UGP 0

■ METRIC PARITY

LAST: $79.36 (-1.06%) • MKT CAP: $7.54B

forward-pe

12.2x

LAST: $5.97 (-2.45%) • MKT CAP: $6.64B

forward-pe

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15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (NFG VS. UGP) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	NFG	UGP	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	90.40%	—	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	9.70%	—	—	TIE	/roic <GO>
EV/EBITDA & P/E Valuation	5.9x	—	—	TIE	/valuation <GO>
Free Cash Flow Yield	2.48%	—	—	TIE	/fcf-yield <GO>
Operating Margin	36.70%	—	—	TIE	/operating-margins <GO>
Net Profit Margin	23.40%	—	—	TIE	/net-margins <GO>
Revenue Growth (YoY)	30.00%	—	—	TIE	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	2.50%	0.00%	+2.50	NFG	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	1.83	—	—	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	8/9	—	—	TIE	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	48.4	26.1	+22.30	NFG	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	1.15	—	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple ACTIVE	12.2x	—	—	TIE	/forward-pe <GO>
Enterprise Scale & Market Cap	$7.54B	$6.64B	$899.3M	NFG	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	NFG REV	UGP REV	NFG GROSS %	UGP GROSS %	NFG FCF	UGP FCF
FY 2025	$2.22B	—	90.4%	—	$187.2M	—
FY 2024	$1.71B	—	91.2%	—	$134.7M	—
FY 2023	$2.25B	—	—	—	$1.14B	—

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

NFG // BETA 1.15

UGP // BETA —