United States Natural Gas Fund (UNG) FCF Margin (2013 - 2025)
United States Natural Gas Fund (UNG) recorded quarterly FCF Margin of 638.18% in Q4 2025, up 495.85% on a QoQ basis from 161.22% in Q3 2025, and up 48473.0% YoY from N/an in Q4 2024.
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United States Natural Gas Fund (UNG) FCF Margin (2013 - 2025) Analysis & Trends
United States Natural Gas Fund (UNG) has reported FCF Margin for 13 consecutive years, with 638.18% the latest figure, recorded in Q4 2025.
- For the quarter ending Q4 2025, FCF Margin rose 48473.0% year-over-year to 638.18%; the trailing twelve-month figure through Dec 2025 stood at 32.44% (up 2054.0% YoY), and the FY2025 full-year result was 2366.28%, up 228175.0% from the prior year.
- FCF Margin was 638.18% for Q4 2025 at United States Natural Gas Fund, up from 161.22% in the prior quarter.
- The five-year high for FCF Margin was 638.18% in Q4 2025, with the low at 4045.26% in Q3 2024.
- Historically, FCF Margin has averaged 158.29% across 5 years, with a median of 25.61% in 2021.
- Annual changes were most pronounced in 2024 — FCF Margin sank 407051 bps — and 2025, when it surged 388405 bps.
- Tracing UNG's FCF Margin over 5 years: stood at 85.16% in 2021, then gained by 8 bps to 78.69% in 2022, then tumbled by 61 bps to 126.8% in 2023, then surged by 221 bps to 153.45% in 2024, then surged by 316 bps to 638.18% in 2025.
- Per Business Quant data, the three most recent FCF Margin figures were 638.18% in Q4 2025, 161.22% in Q3 2025, and 71.9% in Q2 2025.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | FCF Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | BlackRock | 169.89 Bn | 156.02 Bn | - | 15.78% |
| 2 | Spdr Gold Trust | 144.81 Bn | -413.20 Bn | - | - |
| 3 | Ishares Gold Trust | 30.30 Bn | -29.81 Bn | - | - |
| 4 | World Gold Trust | 29.28 Bn | -73.79 Bn | - | - |
| 5 | Principal Financial | 24.84 Bn | -28.13 Bn | 1.91 Bn | 51.46% |
| 6 | iShares Silver Trust | 22.15 Bn | -6.05 Bn | - | - |
| 7 | Franklin Resources | 17.84 Bn | 14.12 Bn | - | 24.64% |
| 8 | Invesco | 14.63 Bn | 13.72 Bn | 1.79 Bn | 38.55% |
| 9 | Affiliated Managers | 9.51 Bn | 9.10 Bn | - | 37.30% |
| 10 | United States Natural Gas Fund | 445.85 Mn | 158.25 Mn | - | - |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Dec 31, 2025 | 638.18% |
| Sep 30, 2025 | -161.22% |
| Jun 30, 2025 | -71.90% |
| Mar 31, 2025 | 127.13% |
| Dec 31, 2024 | 153.45% |
| Sep 30, 2024 | -4,045.26% |
| Jun 30, 2024 | 130.63% |
| Mar 31, 2024 | -55.27% |
| Dec 31, 2023 | -126.80% |
| Sep 30, 2023 | 25.25% |
| Jun 30, 2023 | -80.68% |
| Mar 31, 2023 | -107.12% |
| Dec 31, 2022 | -78.69% |
| Sep 30, 2022 | 70.16% |
| Jun 30, 2022 | 224.57% |
| Mar 31, 2022 | 79.40% |
| Dec 31, 2021 | -85.16% |
| Sep 30, 2021 | 93.75% |
| Jun 30, 2021 | 77.84% |
| Mar 31, 2021 | 25.97% |