United States Natural Gas Fund, LP financial statements
Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data United States Natural Gas Fund, LP files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
105
-187
115
-73.6
-197
22.1
80
Operating expenses
6.1
6.44
4.82
4.04
5.45
3.75
4.99
Net income
98.7
-193
110
-77.6
-203
18.4
75
-671
65.1
34.2
Balance sheet
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
523
551
259
376
343
248
318
678
594
438
Receivables
0
0
0
0
0
0
0
0
Other current assets
0.19
0.16
0.08
0.47
0.1
Total assets
610
708
293
446
426
377
431
988
790
579
Total liabilities
72.3
55.8
44.9
1.04
11.6
5.52
1.34
13.9
46.2
28.8
Total liabilities and equity
610
708
293
446
426
377
431
988
790
579
Cash flow statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
98.7
-193
110
-77.6
-203
18.4
75
-671
65.1
34.2
Cash from operations
166
-256
233
-124
-209
7.18
216
-865
47.5
127
Cash from financing
-77.4
340
-525
224
190
-72
-31.7
1,234
-299
-227
Net change in cash
89
84.2
-292
99.2
-18.5
-64.8
184
369
-252
-100
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $11.13 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Return on assets (ROA)
17.3%
Net income / average total assets.
Growth
Metric
Value
How it is calculated
Net income growth, 1y
-47.5%
Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y
-23.0%
Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y
167.5%
Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y
-16.1%
Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y
-26.6%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
10.4%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
6.3%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Balance sheet health
Metric
Value
How it is calculated
Liabilities / assets
0.9%
Total liabilities / total assets.
Valuation
Metric
Value
How it is calculated
Market cap
$529.2M
Share price x shares outstanding.
Enterprise value
$241.6M
Market cap + total debt - cash - short-term investments.
P/E
7.26x
Market cap / net income. Only when net income is positive.
P/OCF
13.5x
Market cap / cash from operations, when positive.
Earnings yield
13.8%
Net income / market cap (the inverse of P/E).
Was United States Natural Gas Fund, LP profitable in fiscal 2025?
Yes. Net income was $34.2M, a net margin of -.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.