• National Fuel Gas average return on tangible equity for 2023 was 19.42, a 27.07% decline from 2022.
• National Fuel Gas average return on tangible equity for 2022 was 26.63, a 114.07% decline from 2021.
• National Fuel Gas average return on tangible equity for 2021 was 12.44, a 1145.38% increase from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.