RGC Resources, Inc. Aktienkurs
Ist RGC Resources, Inc. eine Topscorer-Aktie nach der Dividenden-, High-Growth-Investing- oder Levermann-Strategie?
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📘 Marktkapitalisierung
📈 Was ist das?
Die Marktkapitalisierung zeigt, wie viel ein Unternehmen laut Börse aktuell wert ist.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie hilft Unternehmen in Größenklassen (Large, Mid, Small Cap) einzuordnen und gibt Hinweise auf Marktmacht und Stabilität.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Große Unternehmen gelten als stabiler, zahlen oft Dividenden, wachsen aber langsamer.
- Kleine Firmen können stärker wachsen, sind aber schwankungsanfälliger.
- Die Marktkapitalisierung ist ein guter Indikator für Unternehmensgröße, aber kein Maß für Unter- oder Überbewertung.
📘 Enterprise Value (Unternehmenswert)
📈 Was ist das?
Der Enterprise Value (EV) zeigt, was ein Unternehmen tatsächlich kostet, wenn man es komplett übernehmen würde – inklusive Schulden und abzüglich Cash.
🧮 Wie wird es berechnet?
(= Marktkapitalisierung + Nettoverschuldung)
🏛️ Wofür ist es wichtig?
Der EV ist eine realistischere Bewertungsbasis als die Marktkapitalisierung, da er die Kapitalstruktur berücksichtigt. Er ist Grundlage für Kennzahlen wie EV/FCF oder EV/Sales.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Der Enterprise Value zeigt, was ein Unternehmen tatsächlich wert ist – unabhängig davon, wie es finanziert ist.
- Er ist besonders wichtig für professionelle Investoren, da er eine objektivere Grundlage für Bewertungsvergleiche bietet als die Marktkapitalisierung allein.
- Ein Unternehmen mit hoher Verschuldung erscheint im EV teurer, eines mit viel Cash günstiger – auch wenn sie an der Börse gleich viel wert sind.
📘 Nettoverschuldung
📈 Was ist das?
Die Nettoverschuldung zeigt, wie viele Schulden nach Abzug des verfügbaren Cashs tatsächlich verbleiben.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie zeigt, wie stark ein Unternehmen von Fremdkapital abhängig ist – und wie gut es in der Lage ist, seine Schulden kurzfristig zu bedienen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine niedrige oder negative Nettoverschuldung bedeutet hohe finanzielle Stabilität.
- Unternehmen mit viel Cash und geringer Verschuldung sind besser gerüstet für Krisen.
- Eine hohe Nettoverschuldung erhöht das Risiko – besonders bei steigenden Zinsen oder konjunkturellen Schwächen.
📘 Cash
📈 Was ist das?
Der Cashbestand zeigt, wie viele liquide Mittel einem Unternehmen sofort zur Verfügung stehen.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Er gibt Auskunft über die finanzielle Flexibilität: Ein hoher Cashbestand ermöglicht Investitionen, Rückkäufe oder Krisenresistenz.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher Cashbestand zeigt finanzielle Stärke und Handlungsspielraum.
- Cash kann für Investitionen, Schuldentilgung oder Aktienrückkäufe genutzt werden.
- Allerdings: Zu viel ungenutztes Kapital kann auch auf mangelnde Investitionsideen hinweisen.
📘 Anzahl ausstehender Aktien
📈 Was ist das?
Die Anzahl ausstehender Aktien gibt an, wie viele Aktien eines Unternehmens aktuell im Umlauf sind und von Investoren gehalten werden.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie ist die Grundlage für viele Kennzahlen wie Gewinn je Aktie (EPS), Marktkapitalisierung oder KGV.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Je weniger Aktien im Umlauf sind, desto höher fällt z. B. der Gewinn je Aktie aus – wichtig für Bewertung und Dividendenrendite.
- Aktienrückkäufe verringern die Anzahl ausstehender Aktien – und steigern den Wert je Aktie.
- Kapitalerhöhungen haben den gegenteiligen Effekt: mehr Aktien → Verwässerung der bestehenden Anteile.
📘 Kurs-Gewinn-Verhältnis (KGV)
📈 Was ist das?
Das KGV zeigt, wie oft der Gewinn pro Aktie im aktuellen Aktienkurs enthalten ist – also wie „teuer“ eine Aktie im Verhältnis zum Gewinn ist.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Das KGV gehört zu den bekanntesten Bewertungskennzahlen. Es hilft Anlegern einzuschätzen, ob eine Aktie im Vergleich zu ihrem Gewinn eher günstig oder teuer erscheint.
🧮 Berechnung
📊 KGV (TTM) = bezogen auf den Gewinn der letzten 12 Monate (Trailing Twelve Months):🎯 Was bedeutet das für Anleger?
- Ein niedriges KGV kann auf eine günstige Bewertung hindeuten – oder auf Probleme im Geschäftsmodell.
- Ein hohes KGV kann Wachstumserwartungen widerspiegeln – oder eine überbewertete Aktie.
📘 Kurs-Umsatz-Verhältnis (KUV)
📈 Was ist das?
Das KUV zeigt, wie viel Anleger für 1 € Umsatz eines Unternehmens zahlen – unabhängig vom Gewinn.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Das KUV ist besonders bei wachstumsstarken oder noch nicht profitablen Unternehmen hilfreich. Es zeigt, wie hoch der Umsatz an der Börse bewertet wird.
🧮 Berechnung
Marktkapitalisierung = 221,73 Mio. $ | Umsatz (TTM) = 107,14 Mio. $
Marktkapitalisierung = 221,73 Mio. $ | Umsatz erwartet = 113,67 Mio. $
🎯 Was bedeutet das für Anleger?
- Ein niedriges KUV kann auf Unterbewertung hindeuten – oder auf schwache Margen.
- Ein hohes KUV kann hohe Erwartungen widerspiegeln – oder übermäßigen Optimismus.
- Besonders sinnvoll bei Wachstumsunternehmen, bei denen der Gewinn oder Free Cashflow (noch) keine Aussagekraft hat.
📘 Unternehmenswert zu Umsatz (EV/Sales)
📈 Was ist das?
EV/Sales zeigt, wie viel Anleger für 1 € Umsatz eines Unternehmens zahlen, wenn man auch Schulden und Cash berücksichtigt – es ist eine kapitalstrukturbereinigte Version des KUV.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Diese Kennzahl eignet sich besonders für den Vergleich von Unternehmen mit unterschiedlicher Verschuldung – sie zeigt, wie teuer ein Unternehmen tatsächlich im Verhältnis zum Umsatz ist.
🧮 Berechnung
Enterprise Value = 368,05 Mio. $ | Umsatz (TTM) = 107,14 Mio. $
Enterprise Value = 368,05 Mio. $ | Umsatz erwartet = 113,67 Mio. $
🎯 Was bedeutet das für Anleger?
- EV/Sales ist neutral gegenüber der Kapitalstruktur und eignet sich gut für Unternehmensvergleiche.
- Ein niedriges Verhältnis kann auf eine günstig bewertete Aktie hindeuten – ein hohes Verhältnis auf hohe Erwartungen oder Überbewertung.
- Besonders nützlich bei wachstumsstarken, noch nicht profitablen Firmen.
📘 Unternehmenswert zu Free Cashflow (EV/FCF)
📈 Was ist das?
EV/FCF zeigt, wie viele Jahre es dauern würde, bis ein Unternehmen seinen Unternehmenswert durch freien Cashflow „zurückverdient”.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Diese Kennzahl hilft, Unternehmen auf Basis ihrer tatsächlichen Cash-Erträge zu bewerten – unabhängig von Bilanzierungsregeln oder buchhalterischem Gewinn.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein niedriges EV/FCF deutet auf eine günstige Bewertung bei starker Cashgenerierung hin.
- Ein hohes EV/FCF kann entweder auf Optimismus oder auf temporär schwachen Cashflow hindeuten.
- Besonders hilfreich bei reifen, profitablen Unternehmen mit stabilen Cashflows.
📘 Kurs-Buchwert-Verhältnis (KBV)
📈 Was ist das?
Das KBV zeigt, wie hoch der Marktwert eines Unternehmens im Verhältnis zu seinem bilanziellen Eigenkapital ist.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Das KBV ist besonders bei Substanzwerten (z. B. Banken, Industrie) relevant. Es hilft Anlegern zu erkennen, ob ein Unternehmen unter oder über seinem buchhalterischen Vermögen bewertet ist.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein KBV unter 1 kann auf Unterbewertung oder schwache Rentabilität hindeuten.
- Ein KBV über 1 zeigt, dass der Markt dem Unternehmen Mehrwert über den Buchwert hinaus zuschreibt (z. B. Marken, Patente, Wachstum).
- Das KBV eignet sich besonders gut für Unternehmen mit stabilen, materiellen Vermögenswerten.
📘 Dividende je Aktie
📈 Was ist das?
Die Dividende je Aktie zeigt, wie viel Geld ein Unternehmen pro Aktie an seine Aktionäre ausschüttet – typischerweise jährlich oder quartalsweise.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie ist die absolute Größe der Auszahlung je Aktie – wichtig für alle, die regelmäßige Erträge suchen oder Dividendenstrategien verfolgen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine stabile oder wachsende Dividende je Aktie ist oft ein Zeichen für ein solides Geschäftsmodell.
- Die Dividende je Aktie allein sagt aber nichts über die Rendite – dafür ist auch der Aktienkurs relevant (→ Dividendenrendite).
- Langfristig steigende Dividenden sind oft ein sehr gutes Merkmal (z. B. Dividenden-Aristokraten).
📘 Dividendenrendite
📈 Was ist das?
Die Dividendenrendite zeigt, wie hoch die Dividende eines Unternehmens im Verhältnis zum Aktienkurs ist.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie hilft dabei, Dividendenaktien vergleichbar zu machen – unabhängig vom absoluten Auszahlungsbetrag.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine stabile Dividendenrendite kann auf verlässliche Ausschüttungen hinweisen.
- Ein Vergleich der 1J- und 5J-Rendite hilft zu erkennen, ob das Dividendenwachstum mit dem Kurswachstum Schritt hält.
- Eine niedrige Rendite ist nicht zwingend negativ – sie kann auf starkes Kurswachstum hindeuten.
📘 Dividendenwachstum
📈 Was ist das?
Das Dividendenwachstum zeigt, wie stark ein Unternehmen seine Dividende je Aktie über die Zeit gesteigert hat.
🧮 Wie wird es berechnet?
5J: durchschnittliche jährliche Wachstumsrate (CAGR)
🏛️ Wofür ist es wichtig?
Stetig steigende Dividenden gelten als Zeichen für finanzielle Stärke und Aktionärsorientierung – besonders interessant für langfristige Investoren.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein stabiles Dividendenwachstum ist ein Zeichen nachhaltiger Ertragskraft.
- Ein hohes Dividendenwachstum kann ein erheblicher Hebel deiner Rendite sein:
- Wenn ein Unternehmen z. B. 1 € Dividende zahlt und diese über 5 Jahre jährlich um 15 % erhöht, bekommst du im 5. Jahr bereits 2 € je Aktie – doppelt so viel wie zu Beginn!
📘 Ausschüttungsquote (Payout)
📈 Was ist das?
Die Ausschüttungsquote zeigt, wie viel Prozent des Unternehmensgewinns (pro Aktie) als Dividende an die Aktionäre ausgeschüttet wird.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die Quote hilft einzuschätzen, ob eine Dividende auf Dauer tragfähig ist – besonders im Verhältnis zum erzielten Gewinn.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine niedrige Ausschüttungsquote bedeutet: Das Unternehmen behält einen größeren Teil des Gewinns für Investitionen – typisch für Wachstumsunternehmen.
- Eine moderate Quote (z. B. 25–50 %) steht oft für ein gesundes Gleichgewicht zwischen Ausschüttung und Zukunftsinvestitionen.
- Hohe Ausschüttungsquoten können attraktiv wirken, sind aber riskanter, wenn die Gewinne schwanken oder sinken.
📘 Dividendensteigerungen in Folge (Erhöhungen)
📈 Was ist das?
Diese Kennzahl zeigt, wie viele Jahre in Folge ein Unternehmen seine Dividende pro Aktie erhöht hat – ohne Kürzung oder Aussetzung.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Ein langer Track Record kontinuierlicher Erhöhungen spricht für Verlässlichkeit, solide Finanzen und aktionärsfreundliche Unternehmenspolitik.
🎯 Was bedeutet das für Anleger?
- Ein langer Zeitraum mit Dividendensteigerungen stärkt das Vertrauen – besonders in Krisenzeiten.
- Solche Unternehmen gelten als verlässlich und planbar für Einkommensinvestoren.
- Je länger die Serie, desto stärker das Commitment gegenüber den Aktionären.
📘 Umsatz
📈 Was ist das?
Der Umsatz zeigt, wie viel ein Unternehmen insgesamt mit seinen Produkten und Dienstleistungen verdient – also den Bruttoerlös vor Abzug von Kosten.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Der Umsatz ist eine der zentralen Kennzahlen zur Einschätzung der Unternehmensgröße, Marktstellung und Wachstumskraft.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein wachsender Umsatz zeigt eine steigende Nachfrage und kann ein guter Frühindikator für Gewinnsteigerungen sein.
- Vergleiche von aktuellem und erwartetem Umsatz geben Hinweise auf das Marktumfeld und Analystenerwartungen.
- Wichtig: Starker Umsatz allein genügt nicht – auch Margen und Profitabilität zählen.
📘 EBITDA
📈 Was ist das?
EBITDA steht für „Earnings Before Interest, Taxes, Depreciation and Amortization“ – also Gewinn vor Zinsen, Steuern und Abschreibungen. Es zeigt das operative Ergebnis eines Unternehmens, bereinigt um bilanztechnische und finanzierungsbedingte Effekte.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
EBITDA ist eine verbreitete Kennzahl zur Beurteilung der operativen Leistungsfähigkeit – insbesondere bei kapitalintensiven Unternehmen oder im internationalen Vergleich.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hohes oder wachsendes EBITDA spricht für starke operative Erträge – unabhängig von Bilanzierung oder Steuerlast.
- EBITDA ist besonders nützlich, um Unternehmen branchenübergreifend zu vergleichen.
- Wichtig: EBITDA ist keine offizielle Gewinnkennzahl – Abschreibungen und Finanzierungskosten werden ausgeklammert.
📘 EBIT
📈 Was ist das?
EBIT steht für „Earnings Before Interest and Taxes“ – also Gewinn vor Zinsen und Steuern. Es zeigt das operative Ergebnis eines Unternehmens nach Abschreibungen, aber vor Finanzierungs- und Steueraufwand.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
EBIT ist eine zentrale Kennzahl zur Beurteilung der Profitabilität aus dem Kerngeschäft – unabhängig von Kapitalstruktur oder Steuersystem.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hohes EBIT deutet auf ein profitables Kerngeschäft hin – vor Zinslasten oder steuerlichen Effekten.
- Es erlaubt objektivere Vergleiche zwischen Unternehmen mit unterschiedlicher Finanzierung.
- Im Vergleich mit EBITDA zeigt EBIT bereits den Einfluss von Abschreibungen auf das operative Ergebnis.
📘 Nettogewinn
📈 Was ist das?
Der Nettogewinn ist der verbleibende Jahresüberschuss (oder -fehlbetrag) eines Unternehmens – nach Abzug aller Kosten, Steuern, Zinsen und Abschreibungen
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Der Nettogewinn ist die zentrale Erfolgskennzahl – er zeigt, wie profitabel ein Unternehmen nach allen Kosten tatsächlich arbeitet.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein steigender Nettogewinn zeigt, dass das Unternehmen effizient wirtschaftet – trotz aller Kosten.
- Die Entwicklung des Gewinns beeinflusst z. B. direkt das KGV und weitere Kennzahlen.
- Im Zeitverlauf lässt sich ablesen, wie stabil und profitabel ein Geschäftsmodell wirklich ist.
📘 Free Cashflow (FCF)
📈 Was ist das?
Der Free Cashflow gibt Aufschluss über die echte finanzielle Stärke eines Unternehmens – unabhängig von Bilanzierungsregeln. Er zeigt, wie viel Spielraum für Dividenden, Aktienrückkäufe oder Schuldenabbau besteht.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
FCF reflects a company’s real financial strength – regardless of accounting profits. It shows how much flexibility a company has for dividends, share buybacks, or debt reduction.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher Free Cashflow bedeutet, dass ein Unternehmen echte Finanzkraft besitzt – unabhängig vom bilanzierten Gewinn.
- Er ist oft die solideste Grundlage für nachhaltige Dividenden und Aktienrückkäufe.
- Sinkender FCF kann ein Warnsignal sein – auch wenn der Gewinn stabil aussieht.
📘 Umsatzwachstum
📈 Was ist das?
Das Umsatzwachstum zeigt, wie stark sich die Erlöse eines Unternehmens im Vergleich zum Vorjahr verändert haben – tatsächlich (TTM) und auf Prognosebasis (erwartet).
🧮 Wie wird es berechnet?
Erwartet = (Umsatz erwartet ÷ Umsatz Vorjahr − 1) × 100
Erwartetes Wachstum basiert auf Analystenschätzungen für das laufende Geschäftsjahr.
🏛️ Wofür ist es wichtig?
Ein wachsender Umsatz ist ein zentrales Signal für steigende Nachfrage, Geschäftsausweitung und Marktanteilsgewinne – besonders bei Wachstumsunternehmen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Wachstum ist der Motor langfristiger Wertsteigerung – besonders bei Technologie- und Wachstumsaktien.
- Wichtig ist nicht nur das aktuelle Wachstum, sondern auch dessen Nachhaltigkeit.
- Prognosen zeigen, ob Analysten weiteres Potenzial erwarten – oder eine Verlangsamung.
📘 EBITDA-Wachstum
📈 Was ist das?
Das EBITDA-Wachstum zeigt, wie stark das operative Ergebnis eines Unternehmens vor Zinsen, Steuern und Abschreibungen im Vergleich zum Vorjahr gestiegen oder gesunken ist.
🧮 Wie wird es berechnet?
Erwartet = (erwartetes EBITDA ÷ EBITDA Vorjahr − 1) × 100
Erwartetes Wachstum basiert auf Analystenschätzungen für das laufende Geschäftsjahr.
🏛️ Wofür ist es wichtig?
Ein steigendes EBITDA ist ein Zeichen für verbesserte operative Ertragskraft – unabhängig von Finanzierungsstruktur oder Abschreibungen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Starkes EBITDA-Wachstum signalisiert operative Effizienz und Skalierung – besonders relevant in Wachstumsphasen.
- EBITDA-Wachstum ist ein Frühindikator für Margen- und Gewinnentwicklung – sollte aber stets im Zusammenhang mit Umsatz und EBIT betrachtet werden.
📘 EBIT Wachstum
📈 Was ist das?
Das EBIT-Wachstum zeigt, wie stark das operative Ergebnis eines Unternehmens (nach Abschreibungen, aber vor Zinsen und Steuern) im Vergleich zum Vorjahr gewachsen ist.
🧮 Wie wird es berechnet?
Erwartet = (erwartetes EBIT ÷ EBIT Vorjahr − 1) × 100
Erwartetes Wachstum basiert auf Analystenschätzungen für das laufende Geschäftsjahr.
🏛️ Wofür ist es wichtig?
Das EBIT-Wachstum ist ein direkter Indikator für die wirtschaftliche Entwicklung des operativen Geschäfts – unter Berücksichtigung der Kapitalintensität (Abschreibungen).
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Steigendes EBIT signalisiert wachsende operative Rentabilität – auch unter Berücksichtigung von Abschreibungen.
- Das EBIT-Wachstum ist ein wichtiges Maß zur Beurteilung von Geschäftsmodellen mit hohen Investitionskosten.
- Im Zusammenspiel mit Umsatz- und EBITDA-Wachstum ergibt sich ein umfassendes Bild zur operativen Entwicklung.
📘 Nettogewinn-Wachstum
📈 Was ist das?
Das Nettogewinn-Wachstum zeigt, wie stark der Jahresüberschuss eines Unternehmens gegenüber dem Vorjahr gestiegen oder gesunken ist – sowohl tatsächlich (TTM) als auch auf Basis von Prognosen (erwartet).
🧮 Wie wird es berechnet?
Erwartet = (erwarteter Nettogewinn ÷ Nettogewinn Vorjahr − 1) × 100
Der erwartete Wert basiert auf Analystenschätzungen für das laufende Geschäftsjahr.
🏛️ Wofür ist es wichtig?
Der Gewinn ist die entscheidende Ergebnisgröße für ein Unternehmen. Ein wachsender Nettogewinn deutet auf steigende Effizienz, stabile Kostenkontrolle und nachhaltige Ertragskraft hin.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Wachsender Nettogewinn stärkt die Bewertung, Dividendenfähigkeit und Kursfantasie.
- Stagnierender oder rückläufiger Gewinn trotz Umsatzwachstum kann auf Margendruck hinweisen.
📘 Free Cashflow-Wachstum
📈 Was ist das?
Das Free-Cashflow-Wachstum zeigt, wie sich der freie Mittelzufluss eines Unternehmens im Vergleich zum Vorjahr verändert hat – also der Betrag, der nach allen operativen Ausgaben und Investitionen übrig bleibt.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Free Cashflow ist der echte, verfügbare Geldzufluss. Wachstum in diesem Bereich ist ein Zeichen für finanzielle Stärke und steigende Flexibilität bei Dividenden, Rückkäufen oder Investitionen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Sinkender Free Cashflow kann auf steigende Investitionen, höhere Kosten oder stagnierende operative Erträge hindeuten.
- Besonders bei Dividendenwerten ist das FCF-Wachstum wichtig – denn Dividenden werden letztlich aus dem verfügbaren Cash gezahlt.
- Ein negativer Trend sollte genauer analysiert werden – er ist nicht zwangsläufig schlecht, aber potenziell ein Warnsignal.
📘 Bruttomarge
📈 Was ist das?
Die Bruttomarge zeigt, wie viel vom Umsatz nach Abzug der direkten Herstellungskosten (Material, Produktion) als Bruttogewinn übrig bleibt – also der „Rohgewinn“ eines Unternehmens.
🧮 Wie wird es berechnet?
Auch: Bruttomarge = Bruttogewinn ÷ Umsatz × 100
🏛️ Wofür ist es wichtig?
Die Bruttomarge gibt Aufschluss über die Profitabilität eines Produkts oder Geschäftsmodells vor Fixkosten, Steuern und Zinsen. Sie zeigt, wie effizient ein Unternehmen produzieren oder einkaufen kann.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe Bruttomarge deutet auf starke Preissetzungsmacht und effiziente Herstellung hin.
- Sinkende Bruttomargen können auf Kostensteigerungen oder Preisdruck hindeuten.
- Besonders im Vergleich zu Wettbewerbern liefert die Bruttomarge wertvolle Einblicke in die Geschäftsqualität.
📘 EBITDA-Marge
📈 Was ist das?
Die EBITDA-Marge zeigt, wie viel vom Umsatz als operativer Gewinn vor Zinsen, Steuern und Abschreibungen (EBITDA) übrig bleibt. Sie misst die operative Effizienz – ohne Verzerrungen durch Finanzierung oder Buchwerte.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die EBITDA-Marge hilft zu verstehen, wie viel operativer Gewinn ein Unternehmen aus jedem Euro Umsatz erzielt – unabhängig von Kapitalstruktur oder steuerlichem Umfeld.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe EBITDA-Marge zeigt starke operative Ertragskraft – unabhängig von Bilanzierungseffekten.
- Die Marge ermöglicht gute Vergleiche zwischen Unternehmen und Branchen.
- Ein stabiler oder wachsender Wert kann auf effiziente Kostenkontrolle und Skalierbarkeit hindeuten.
📘 EBIT-Marge
📈 Was ist das?
Die EBIT-Marge zeigt, wie viel Prozent des Umsatzes als operativer Gewinn nach Abschreibungen, aber vor Zinsen und Steuern übrig bleiben.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die EBIT-Marge misst die operative Ertragskraft eines Unternehmens unter Berücksichtigung der Kapitalintensität (z. B. Maschinen, Anlagen). Sie eignet sich gut zum Vergleich von Geschäftsmodellen mit unterschiedlich hohen Abschreibungen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe EBIT-Marge zeigt, dass ein Unternehmen auch nach Abschreibungen effizient arbeitet.
- Sie ist besonders relevant in kapitalintensiven Branchen.
- Langfristig stabile oder steigende Margen sind ein Zeichen wirtschaftlicher Stärke und Preissetzungsmacht.
📘 Nettomarge
📈 Was ist das?
Die Nettomarge zeigt, wie viel vom Umsatz am Ende als „Reingewinn“ übrig bleibt – also nach Abzug aller Kosten, Zinsen, Steuern und Abschreibungen.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die Nettomarge gibt an, wie effizient ein Unternehmen über alle Stufen hinweg wirtschaftet. Sie zeigt, wie viel Gewinn tatsächlich je Euro Umsatz übrig bleibt.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe Nettomarge zeigt, dass ein Unternehmen nicht nur operativ stark ist, sondern auch seine Finanzierung und Steuerbelastung im Griff hat.
- Vergleiche mit Wettbewerbern geben Einblicke in die wirtschaftliche Qualität.
- Sinkende Nettomargen trotz Umsatzwachstum können ein Warnsignal sein – etwa für steigende Kosten oder sinkende Effizienz.
📘 Free Cashflow Marge
📈 Was ist das?
Die Free-Cashflow-Marge zeigt, wie viel vom Umsatz nach Abzug aller operativen Ausgaben und Investitionen tatsächlich als freier Mittelzufluss übrig bleibt.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Diese Marge misst die echte Liquidität, die ein Unternehmen erwirtschaftet – unabhängig von Bilanzierungsregeln oder Abschreibungen. Sie ist besonders relevant für Dividenden, Rückkäufe und Investitionen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe Free-Cashflow-Marge zeigt, dass ein Unternehmen nachhaltig liquide Mittel erwirtschaftet.
- Sie ist ein starkes Signal für finanzielle Stabilität und Ausschüttungspotenzial.
- Wichtig ist der langfristige Trend – sinkende Werte können auf steigende Investitionen oder rückläufige operative Effizienz hindeuten.
📘 Eigenkapitalquote
📈 Was ist das?
Die Eigenkapitalquote zeigt, wie hoch der Anteil des Eigenkapitals an der Bilanzsumme eines Unternehmens ist – also wie stark es sich aus eigenen Mitteln finanziert.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Eine hohe Eigenkapitalquote steht für finanzielle Stabilität, Krisenfestigkeit und gute Bonität. Sie ist besonders relevant bei der Beurteilung der Verschuldung.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe Eigenkapitalquote signalisiert finanzielle Stabilität – besonders in Krisenzeiten.
- Ein niedriger Wert kann auf ein höheres Risiko oder eine aggressive Verschuldung hinweisen.
- Wichtig: Die Eigenkapitalquote sollte immer gemeinsam mit der Eigenkapitalrendite betrachtet werden. Nur so lässt sich beurteilen, ob ein Unternehmen nicht nur solide, sondern auch effizient wirtschaftet.
📘 Eigenkapitalrendite (ROE)
📈 Was ist das?
Die Eigenkapitalrendite zeigt, wie effizient ein Unternehmen mit dem Kapital seiner Aktionäre arbeitet – also wie viel Gewinn es pro Euro Eigenkapital erwirtschaftet.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die Eigenkapitalrendite ist eine zentrale Rentabilitätskennzahl. Sie hilft Anlegern zu erkennen, ob das Unternehmen eine attraktive Verzinsung auf das eingesetzte Eigenkapital erwirtschaftet.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe Eigenkapitalrendite spricht für ein starkes, effizientes Geschäftsmodell.
- Besonders interessant ist sie bei kapitalintensiven Firmen oder solchen mit hoher Eigenkapitalquote.
- Wichtig: Ein sehr hoher ROE kann auch auf hohe Schulden hinweisen – daher sollte sie immer im Kontext mit der Eigenkapitalquote betrachtet werden.
📘 Return on Capital Employed (ROCE)
📈 Was ist das?
ROCE misst die Gesamtrentabilität eines Unternehmens – also wie effizient es das eingesetzte Kapital (Eigen- und Fremdkapital) zur Gewinnerzielung nutzt.
🧮 Wie wird es berechnet?
Das eingesetzte Kapital ist das gesamte betriebsnotwendige Kapital, unabhängig von der Finanzierungsquelle.
🏛️ Wofür ist es wichtig?
ROCE eignet sich besonders gut für den Vergleich unterschiedlich finanzierter Unternehmen. Es zeigt, wie effektiv ein Unternehmen Kapital investiert – unabhängig von der Kapitalstruktur.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher ROCE zeigt, dass ein Unternehmen sein Kapital effizient einsetzt – unabhängig davon, ob es durch Eigen- oder Fremdkapital finanziert ist.
- Je höher der ROCE im Vergleich zu ähnlichen Unternehmen, desto mehr Wert schafft das Unternehmen mit seinem investierten Kapital.
- Besonders wichtig ist der ROCE bei Firmen mit hohen Investitionen – z. B. in Industrie, Energie oder Infrastruktur.
📘 Return on Invested Capital (ROIC)
📈 Was ist das?
ROIC zeigt, wie effizient ein Unternehmen das Kapital investiert, das langfristig im operativen Geschäft gebunden ist – unabhängig davon, ob es aus Eigen- oder Fremdkapital stammt.
🧮 Wie wird es berechnet?
- NOPAT = „Net Operating Profit After Taxes“
- Investiertes Kapital = operatives Vermögen abzüglich nicht-verzinster Schulden
🏛️ Wofür ist es wichtig?
ROIC ist eine der präzisesten Kennzahlen zur Bewertung der Kapitalrendite – besonders im Vergleich zur Eigenkapitalrendite, weil es Verzerrungen durch Schulden vermeidet. Er zeigt, ob ein Unternehmen Mehrwert für alle Kapitalgeber schafft.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher ROIC zeigt, wie gut ein Unternehmen mit dem tatsächlich investierten (betriebsnotwendigen) Kapital wirtschaftet.
- Im Unterschied zu ROCE wird nur Kapital betrachtet, das wirklich zur Finanzierung operativer Aktivitäten dient – und verzinst werden muss.
- Besonders hilfreich, um die Kapitalrendite von Unternehmen mit viel „überschüssigem“ Kapital oder zinsfreien Verbindlichkeiten realistisch zu vergleichen.
📘 Verschuldungsgrad (Leverage Ratio)
📈 Was ist das?
Der Verschuldungsgrad zeigt, wie stark ein Unternehmen durch verzinsliche Schulden (z. B. Kredite und Anleihen) im Verhältnis zum Eigenkapital finanziert ist.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die Kennzahl hilft, das finanzielle Risiko und die Abhängigkeit von Fremdkapital zu beurteilen. Ein hoher Verschuldungsgrad kann die Eigenkapitalrendite steigern – birgt aber auch erhöhte Risiken bei Zinsanstiegen oder Liquiditätsengpässen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein niedriger Verschuldungsgrad steht für finanzielle Stabilität und Unabhängigkeit.
- Ein hoher Wert kann auf erhöhte Risiken hinweisen – insbesondere bei schwankenden Zinsen oder konjunkturellen Schwächen.
- Wichtig: Immer im Kontext zur Branche und Kapitalintensität bewerten.
📘 Ergebnis je Aktie (EPS)
📈 Was ist das?
Das Ergebnis je Aktie (EPS) zeigt, wie viel Gewinn auf eine einzelne Aktie entfällt – und ist eine der wichtigsten Kennzahlen zur Bewertung von Unternehmen.
🧮 Wie wird es berechnet?
Die verwässerte Aktienanzahl berücksichtigt auch potenzielle neue Aktien, etwa durch Optionen, Wandelanleihen oder andere Umtauschrechte.
🏛️ Wofür ist es wichtig?
EPS bildet die Basis für viele Bewertungskennzahlen wie KGV, PEG oder Payout Ratio. Es macht den Gewinn für Aktionäre vergleichbar – unabhängig von der Unternehmensgröße.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- EPS hilft, die Profitabilität pro Aktie zu erfassen – und ist besonders wichtig im Zeitvergleich oder im Vergleich mit Analystenschätzungen.
- Steigendes EPS kann ein Zeichen für stabiles Wachstum oder Aktienrückkäufe sein.
- Wichtig: Verwende verwässertes EPS für realistische Bewertungen – besonders bei stark aktienbasierten Vergütungssystemen.
📘 Free Cashflow je Aktie (FCF je Aktie)
📈 Was ist das?
Der Free Cashflow je Aktie zeigt, wie viel freier Mittelzufluss einem Unternehmen pro Aktie zur Verfügung steht – nach Investitionen, aber vor Dividenden oder Schuldentilgung.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Der FCF je Aktie zeigt, wie viel liquide Mittel pro Aktie tatsächlich im Unternehmen verbleiben – wichtig für Dividenden, Aktienrückkäufe oder Schuldentilgung. Im Gegensatz zum Gewinn ist er schwerer manipulierbar und daher besonders aussagekräftig.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher Free Cashflow je Aktie ist ein Zeichen für hohe finanzielle Flexibilität.
- Er zeigt, wie viel Kapital ein Unternehmen effektiv einsetzen oder ausschütten kann.
- Besonders relevant für dividendenstarke Unternehmen oder solche mit starker Kapitalrendite.
📘 Short Interest
📈 Was ist das?
Short Interest zeigt, wie viele Aktien eines Unternehmens aktuell leerverkauft wurden – also von Investoren geliehen und verkauft, in der Erwartung fallender Kurse.
🧮 Wie wird es berechnet?
Der Wert zeigt den Anteil der Aktien, der aktuell auf fallende Kurse spekuliert wird.
🏛️ Wofür ist es wichtig?
Short Interest dient als Stimmungsindikator: Ein hoher Wert deutet auf Skepsis oder negative Erwartungen gegenüber dem Unternehmen hin – kann aber auch zu einem „Short Squeeze“ führen, wenn der Kurs plötzlich steigt.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein niedriger Short Interest deutet auf Vertrauen in das Unternehmen hin.
- Ein hoher Wert kann ein Warnsignal sein – oder eine Chance, wenn sich die Stimmung dreht.
- Besonders spannend in volatilen Märkten oder vor wichtigen Quartalszahlen.
📘 Employees
📈 Was ist das?
Die Mitarbeiteranzahl zeigt, wie viele Personen ein Unternehmen weltweit beschäftigt – ein Indikator für Größe, Struktur und Geschäftsmodell.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie hilft bei der Einschätzung von Skaleneffekten, Effizienz und Personalkosten. Zusammen mit Umsatz und Gewinn lassen sich Kennzahlen wie Produktivität je Mitarbeiter ableiten.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Viele Mitarbeiter bedeuten große operative Komplexität – aber auch hohes Umsatzpotenzial.
- Produktivität je Mitarbeiter ist ein wichtiger Indikator für Effizienz.
- Besonders spannend bei stark wachsenden Tech- oder Industrieunternehmen.
📘 Umsatz je Mitarbeiter
📈 Was ist das?
Der Umsatz je Mitarbeiter zeigt, wie viel Erlös ein Unternehmen durchschnittlich pro Beschäftigtem erwirtschaftet – eine Kennzahl für Effizienz und Produktivität.
🧮 Wie wird es berechnet?
Die Mitarbeiterzahl stammt in der Regel aus dem letzten verfügbaren Jahresbericht.
🏛️ Wofür ist es wichtig?
Diese Kennzahl hilft, Geschäftsmodelle zu vergleichen – insbesondere zwischen arbeitsintensiven und technologiegetriebenen Unternehmen. Ein hoher Wert deutet auf Automatisierung, Effizienz oder hohen Wertschöpfungsanteil hin.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher Umsatz je Mitarbeiter spricht für ein skalierbares und margenstarkes Geschäftsmodell.
- Ein niedriger Wert kann auf arbeitsintensive Prozesse oder geringere Wertschöpfung hinweisen.
- Besonders hilfreich beim Vergleich von Tech- vs. Industrieunternehmen.
RGC Resources, Inc. Aktie Analyse
Analystenmeinungen
6 Analysten haben eine RGC Resources, Inc. Prognose abgegeben:
Analystenmeinungen
6 Analysten haben eine RGC Resources, Inc. Prognose abgegeben:
RGC Resources, Inc. Events
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RGC Resources, Inc. — Q3 2026 Earnings Call
1. Management Discussion
Good morning, and thank you for joining us as we discuss RGC Resources' 2026 third quarter results. I'm Kelsie Davenport, Director of Finance of RGC Resources, Inc. I am joined this morning by Paul Nester, President and CEO of RGC Resources; and Tommy Oliver, Senior Vice President of Regulatory and External Affairs. Tim is under the weather this morning and is unfortunately unable to be with us.
Before we get started, let's review a few administrative items. [Operator Instructions] The link to today's presentation is available on the Investor and Financial Information page of our website at www.rgcresources.com. [Operator Instructions]
Turning to Slide 1. This presentation contains forecasts and projections. Slide 1 has information about risks and uncertainties, including forward-looking statements that should be understood in the context of our public filings.
Slide 2 contains our agenda. We will discuss our operational and financial highlights for the third quarter and first 9 months of our fiscal 2026 year. We will then review the outlook for the remainder of 2026, with time allotted for questions at the end. I will now turn the presentation over to Tommy.
Well, thank you, Kelsie, and good morning, everybody. Turning now to operations on slide 3. Main extensions and renewal activity has continued on a steady pace through fiscal 2026. We installed 3.5 miles of new main through the first 3, I'm sorry, through the first 9 months of the current fiscal year, a little shy of our installation in the same period of fiscal 2025. In addition, we connected 464 new services in 2026, down from the previous same period last year. We do have a healthy backlog of main extensions, which speaks well of our continued residential development across the region.
As shown on the right side of the slide, we renewed 2.7 miles of main and 322 services during the first 9 months of the 2026 fiscal year. While winter weather dampened the main mile renewal, renewed compared to the same period last year, the service renewals increased 40%.
Let's transition over to slide 4. Slide 4 shows our delivered gas volumes for the quarter. Weather patterns during the third quarter resulted in some counterintuitive results, especially in May. The quarter was slightly colder than the same period a year ago, as shown on the slide, but those days occurred unevenly and, as a result, did not generate the typical gas usage you would expect from cooler weather. It did, however, resulted in a credit to customers under the weather normalization adjustment.
Overall for the quarter, residential and commercial usage was flat. Industrial usage was up more than 25%, mostly attributable to our largest industrial customer. As a reminder, under our tiered rate structure in that customer class, those incremental dekatherms are delivered at our lowest margin.
Transition over to slide 5, delivered gas volumes do not tell our exact same story for fiscal 2026 year-to-date. Residential and commercial volumes were down despite heating degree days increasing by 3%. Many of those heating degree days were generated around the Winter Storm Fern event, with other portions of the year warmer than the equivalent period a year ago.
Volumes were up 1%, with the residential and commercial declines offset by industrial increases, again led by that same industrial customer just mentioned. Included within these numbers is the absence this quarter of a longtime top 10 customer who ceased operations in March. We discussed that situation more fully on the previous earnings call.
Slide 6 shows CapEx for the first 9 months of fiscal 2026 compared to 2025. Overall investment was $16.1 million in the current year, up approximately 2% over the same period a year ago. As customary, we picked up the pace of capital spending in quarter 3 and made up most of the deficits that arose from weather delays in the prior quarter. We will discuss plans for the full year later in the presentation.
I'm going to now turn the presentation back over to Kelsie to review our financial results for the quarter. Kelsie?
Thank you, Tommy. Slide 7 shows both our third quarter and 9-month year-to-date financial results for fiscal 2026. Third quarter results were nominally ahead of the same period a year earlier. Net income was approximately $550,000, or $0.05 per diluted share, driven primarily by higher margins. The interim rates that went into effect January 1, along with the new state revenues, drove the margin increase despite the loss of the large industrial customer we've noted in previous calls and the weather Tommy just discussed.
Operating expenses, as shown on the slide, are lower due to gas costs. However, non-gas operating and maintenance expenses are higher to fiscal 2025 third quarter, primarily due to inflationary pressures on personnel costs, professional services, and IT support.
The year-to-date results are also shown on slide 7. Net income was $14.2 million in the first 9 months of fiscal 2026, or $1.37 per diluted share, compared to $1.31 per diluted share in the first 9 months of fiscal 2025, a 4.6% increase. The effect of the non-gas base rate increase was noticeable in the second quarter, largely driving our year-to-date results as the additional revenues affected the volumetric component.
Thus, a larger portion of the increase was recognized during the winter heating season due to the higher energy demands. Accordingly, when delivered volumes are lower in the second half of the fiscal year, margin and net income are also lower. The items that have led to increased expenses in the quarter are also driving higher expenses in the year-to-date results.
Moving to slide 8, our balance sheet remains strong. During the quarter, we refinanced a $15 million note that matures later this month and carries a 2% interest rate. It is classified as long-term debt at June 30. This forward starting note and its attendant interest rate swap is fixed for a 3-year term at 5.2%.
I did want to add a few comments on the Mountain Valley Pipeline investment. The MVP mainline has been in service for just over 2 years now and is operating safely and reliably as expected. Our share of the joint venture earnings is comparable this year to a year ago, and we continue to receive excess cash distributions on a quarterly basis.
To enhance future cash flow from MVP, there are 2 projects underway, Southgate and Boost. Southgate will move gas from the end of the mainline into North Carolina, and Boost will enable a 30% increase in the amount of gas that can be transported through the mainline. Southgate is in the construction phase and progressing as expected. Boost is actively working on its permits and has placed orders for equipment. We have invested just over $1 million in the fiscal year for these projects, with the funding coming from lines of credit that we established in September of last year. We are pleased with the progress and prospects of both projects.
I will now pass the presentation to RGC's CEO, Paul Nester. Paul?
Thank you, Kelsie, and good morning. Thank you for joining us for the third quarter earnings call. We're on Slide 9. We have a few items to discuss as we are close to wrapping up fiscal 2026.
We're going to start on Slide 10 with an update on our LNG facility. If you were with us last quarter, and if you've read our 10-Q, we've disclosed that we did have some structural damage in the fiscal second quarter at the LNG facility. Our teams are still there working to assess that damage and to keep that facility safe. They're doing a great job. I'd like to thank them for all their fantastic work over the last 6 months.
We continue to be in touch with the State Corporation Commission on that matter as well as our insurance carrier. Certainly, when we have more information to disclose, we'll do that appropriately. We, as you can see on the slide, have been aggressively working to replace the peak shaving supply that our LNG facility provided. You may recall that facility was used by the company on the coldest winter days to supplement our interstate pipeline volume. Without the facility being available, you can see we've added gas through one of our primary interstate pipelines, the Columbia Pipeline, or referred to as TCO. We're excited about that and grateful for that.
We're going to talk about a capital project that's now underway, that's going to bring more Mountain Valley gas further into the Roanoke Gas distribution system. That project's begun as well, and we're in the process of procuring truck LNG. That's something we've done in the past, particularly before Mountain Valley was completed.
Moving on to slide 11, we've kept the capital forecast for 2026 about the same as what we showed you last quarter at $22 million. We have changed some of the buckets, if you will, of that spending. We have pulled forward again this Mountain Valley-Lafayette main extension into this year. That project was in our 5-year capital forecast, so it was something that the company fully intended to do, but we've now pulled that forward a little bit into 2026. When we start showing you our 2027 capital forecast, it's going to be a larger component of that.
I would now like to ask Tommy to address the recent rate case results and some other regulatory happenings. Tommy?
Yes, thank you, Paul. We're on Slide 12 now. As we discussed in our most recent earnings call, Roanoke Gas filed an expedited rate case on December 2 of last year seeking approximately $4.3 million in incremental annual revenues based on our currently authorized return on equity of 9.9% and a 59% equity ratio. Rates became effective January 1, 2026, subject to refund.
Happy to report that we reached a settlement with the SCC staff on July 1, 2026, that resolved all issues in the case. We did participate in the scheduled hearing on July 15, 2026. The stipulated incremental revenue agreed to in the settlement was $3.85 million, and we began charging those lower rates that resulted from the settlement beginning August 1. We are pleased to have reached agreement and believe this was a reasonable outcome.
As of June 30, we have $275,000 accrued for refunds to customers related to the rates charged beginning January 1, 2026. The ongoing cost associated with the LNG facility event was not addressed in this case, however. We continue to update the staff and work with them through the process. And we have established a regulatory asset, and we expect recovery in some future proceedings.
Yes, thank you, Tommy. It's a great result, and I just want to thank Tommy and his team and the rest of the RGC team on that. That truly is a company-wide effort. It reflects the investment in the system to continue making it safe or keeping it safe and reliable, I should say.
And a lot of support across the company goes into the ratemaking. And we're really pleased with this result. I think it's fair and appropriate at this point in time. We're of course always mindful, right, Tommy, of the impact on the customer and what it means to customer bills.
Absolutely, yes. Thank you.
All right, before we open the line for questions, let's look at our 2026 forecast. We've narrowed the range from what we presented last quarter. A lot of that is the result of some of that unusual weather pattern and natural gas delivery that was associated with that in that May timeframe. So we're now showing the lower end of the range at $1.29 and the higher end at $1.32.
Similar to 2025, we are projecting a small loss in the fiscal, the typical fourth quarter. Kelsie and Tommy both talked about that. The nature of the volumetric rates certainly lends itself to higher margins in the first and second quarters, less so in the third and fourth quarters.
A lot of discussion on interest rates and inflationary pressure, certainly in the last few weeks. I think most folks now believe we may have a rate increase at some point a little bit later this year. If you go back to last year at this time, there were projections of 3 to 4 rate decreases. Obviously, that's just not possible with the importance of inflationary pressure.
Kelsie talked about the note that we refinanced. That was really a great effort by the team here, and I appreciate our bank partners that worked with us on that. Tommy talked about the housing starts and the residential development. The Roanoke Valley economy continues to be, I would say, net positive. We talked about our large industrial customer that unfortunately ceased operations back in March, but otherwise, I think it's still very positive.
The Google Data Center is moving forward. There continues to be investment in the medical complex here, notably the Taubman Cancer Center. Just the construction on that is phenomenal, and a few other developments around that, so we're excited about that. There was a large foreign direct investment announced in the region, end of the third quarter. That company is going to spend about $85 million and add almost 500 jobs. We're really excited about that as well.
So again, as always, we just want to thank our customers, first and foremost. Without them, we would not be here. And I'd also like to again thank our employees. We've had another quarter of working very safely, and I'm proud of their efforts in that regard.
So with that, we'd like to open the line for questions.
[Operator Instructions]
2. Question Answer
Good morning, everyone.
Oh, my. Good morning. So nice to have you with us.
Looking across your slide here on the LNG update. So, I was wondering if you could give us a little more color as to maybe what the problem really, what the problem is and maybe potential solution for it. I mean, is this a situation where the tank's got to come out and be replaced or is it something else?
Yes, happy to answer that question, [ Mike ]. In February, around the Winter Storm Fern event where we had really extraordinarily cold weather for an extended period of time, and of course, that cold weather enveloped most of the country, as you know. We did have some what's known as icing around the ground of the tank, and that caused the tank to just move a little bit, if you will, and cause some structural damage to the tank. Maybe one term to think of is metal fatigue, if you will.
Now, we did not have any leaking or any unsafe condition as a result of that, thankfully, and we're again very grateful for that. The tank was constructed and put in operation in 1972, so it's 54 years old. While it's approximately a 90 to 95-year asset, if you will, it's halfway through that and again had a little metal and structural compromise. So we're working through the engineers that we've retained who are tank specialists to help us ascertain what our options are, Mike, for the tank.
Are we able to make repairs in some of those spots where there was some metal stress? Or we are evaluating, for example, possibly newer, more modern tank holding apparatus. As a reminder, our tank is approximately a 200,000-gallon, which also equates to approximately 220,000-dekatherm tank. I would say has been well-sized, if not maybe a little larger than what we've needed in the Roanoke Gas system, which again is a great thing. It's been just wonderful for resilience and reliability over many, many years.
So we're still evaluating what the future looks like, what our future options are for storage. For sure, we want on-system storage to help with peak shaving. We're fortunate now to have the third pipeline, Mountain Valley. And you may remember over many years ago, we always talked about if something were to happen to one component of our supply, having that additional supply source available would make the difference, and that's truly the case today.
So you think you'll have, obviously not for this winter season, but the next winter season? If it's taken care of?
That's the plan right now. We're working to having that peak shaving capability via on-system storage for the 2027-2028 winter season. Correct. That's our goal right now.
Any other questions? [Operator Instructions] We'll wait just one more moment to see if there are any further questions.
Okay. Hearing none, this concludes the third quarter earnings call. Again, we just want to thank each and every one of you for taking time to be with us, and we very much look forward to you listening. Look forward to being with you in December when we share the full year 2026 results. As Kelsie and Tommy reported, we're off to just a good first 9 months and look forward to completing the fiscal year. Wishing everyone a safe and happy weekend.
Thank you.
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RGC Resources, Inc. — Q2 2026 Earnings Call
1. Management Discussion
Good morning, and thank you for joining us as we discuss RGC Resources' 2026 Second Quarter Results. I'm Kelsie Davenport, Director of Finance of RGC Resources, Inc., and I'm joined this morning by Paul Nester, President and CEO of RGC Resources; Tim Mulvaney, our VP, Treasurer and Chief Financial Officer; and Tommy Oliver, Senior Vice President of Regulatory and External Affairs.
I'll review a few administrative items. [Operator Instructions] The link to today's presentation is available on the Investor and Financial Information page of our website at www.rgcresources.com. At the conclusion of the presentation and our remarks, we will take questions.
Turning to Slide 1. This presentation contains forecasts and projections. Slide 1 has information about risks and uncertainties, including forward-looking statements that should be understood in the context of our public filings.
Slide 2 contains our agenda. We will discuss operational and financial highlights for the second quarter and first 6 months of our 2026 fiscal year. We will then review our outlook for the rest of the 2026 fiscal year with time allotted for questions at the end.
I will now turn the presentation over to Tommy.
Well, thank you, Kelsie, and good morning, everyone.
Turning now to operations on Slide 3. Main extensions and renewal activity for the first half of fiscal 2026 were steady. We installed 2.7 main miles, a similar total to the main miles installed in the first half of fiscal 2025. In addition, we connected 340 new services in 2026, which was close to the 359 connections from 2025, evidence that residential development continued across the region in the first half of the fiscal year. As shown on the right side of the slide, we renewed 1.5 miles of main and 196 services during the first half of the 2026 fiscal year. While the main miles renewed were down in part due to weather compared to the same period last year, the service renewals increased by almost 25%.
Let's move to Slide 4, where we show our delivered gas volumes for the quarter. Despite an extreme cold spell in late January and early February, the quarter as a whole was warmer compared to the same quarter in the fiscal 2025 year. Total volumes were down 5% compared to the second quarter of 2025. Residential and commercial volumes were both down approximately 5% and heating degree day -- were heating degree days were down 2% compared to the quarter 2 of fiscal 2025.
Let's move to Slide 5. The story of delivered gas volumes was a little different in the first 6 months of the fiscal 2026, despite the larger number of heating degree days. Total volumes were down 3% compared to the first half of fiscal 2025 with the decline in industrial usage primarily attributable to one customer being the main reason. Unlike the quarter, heating degree days for the 6 months increased 3% as the first 6 months of the fiscal year were colder than the prior year.
Let's move to Slide 6, where we'll talk about CapEx. CapEx for the first half of fiscal 2026 compared to 2025. Total spending was $9.8 million in the current year, down approximately 8% over the same period a year ago. Winter weather related to Winter Storm Fern in late January and early February affected our spending. We picked back up in March and we'll discuss plans for the remainder of the year later in the presentation.
I'm going to now turn it over to our CFO, Tim Mulvaney, to review our financial results for the quarter. Tim?
Thank you, Tommy.
Moving to Slide 7. This shows both our second quarter and first half results for fiscal '26. We had a robust quarter with increased Roanoke gas margins due to the rates that went into effect January 1, combined with higher earnings from our unconsolidated affiliate, MVP, and lower interest expense to overcome higher expenses related to investment in our gas system and inflationary pressures, which remain higher than the Fed's 2% target.
Net income of $8.7 million or $0.84 per diluted share compared to net income in the same quarter a year ago of $7.4 million or $0.74 per diluted share, a 14% increase. The year-to-date results are also shown on Slide 8. The strong Q2 results drove the 6-month performance as well as the first quarter did not have the benefit of the January rates. Net income was $13.6 million in the first half of 2026 or $1.31 per diluted share compared to $1.26 per diluted share in the first half of fiscal 2025, a 5.3% increase.
A reminder about the seasonality of our industry. With recent ratemaking activity, much of our revenue is generated through volumetric factors. And accordingly, our performance in the back half of the year when volumes are lower inevitably results in fewer revenues and profits. Paul will discuss our outlook for the remainder of 2026 in a few moments.
Moving forward to Slide 8. Our balance sheet remains strong. We do have a $15 million note at Roanoke Gas that matures in August that is included in our current maturities of long-term debt. We are deep in conversations with our lenders to refinance this note. We have long known that we would be unable to replicate the 2% rate that we have enjoyed. The discussions with lenders have been positive and should allow us to refinance this note at a rate consistent with our plans. We will have more to share on this in the near term.
I will now pass the presentation to Paul Nester, our CEO. Paul?
Good morning, and thank you, Tim.
We have a few topics that we would like to discuss concerning the second half of 2026. These are listed on Slide 9. Before we get into the details of those, I do want to again thank our customers and employees for an outstanding winter performance. We discussed this a little bit on the first quarter call when we were just coming out of Winter Storm Fern, but our system just performed admirably during that period. Our employees performed admirably and safely and also the customers. So again, we had an outstanding winter heating season. And again, just are appreciative of our employees and customers. We're here to serve our customers.
We did have a couple of challenges that arose in the second quarter. One of our top 5 customers by volume, a long-time manufacturer in the Roanoke Valley, in fact, over 60 years, idled their operations in March. And we really have great care and concern for the employees at that operation who lost their jobs in that process. Many of them had been there many, many years. And as Tim said, it's a headwind really into the second half of 2026. Again, they were a large gas customer. Tommy will talk about the ratemaking impacts of that event in just a few moments.
Another challenge was described in our 10-Q, which we filed yesterday afternoon. We had some damage at our LNG peak shaving facility in the middle of the quarter. We have hired tank experts and other experts to help us assess the cause and nature of this damage and to potentially design some solutions to remediate it. The outcome of that is that we do not expect to have use of our LNG peak shaving facility in the coming winter season. We have begun intense and thorough planning for that event and to provide service without the facility.
As we disclosed in the 10-Q, right now, we're unable to estimate the costs associated with this event, and we're unable to estimate the investment required to possibly repair or if needed, replace the tank. Tommy will also incorporate the ratemaking impacts of that into his comments. We will, of course, continue to update you in future communications and/or SEC filings as more facts about this become known.
But I am going to turn it over to Tommy to give us an update on our pending rate case. Tommy?
Yes. Thank you, Paul, and we're moving to Slide 10 now. As we discussed in our most recent earnings call, Roanoke Gas filed an expedited rate case on December 2, seeking approximately $4.3 million in incremental annual revenues based on our current authorized return on equity of 9.9%. The interim rate became effective January 1, 2026, subject to refund. The SEC staff is in the process of their audit and is scheduled to file testimony in June. The hearing is scheduled for July 15, 2026, and we expect final resolution from the commission by calendar year-end.
For 4 months beginning in January, we were offsetting the new rates through credits on bills to return the tax credits to customers that were resolved with the IRS late in fiscal 2025 had been included with our regulatory liabilities on the balance sheet. We concluded these refunds in April.
And as Paul mentioned just a few minutes ago, we had a large customer cease operations in the second quarter. We informed the SEC staff of this closure, and we are optimistic that the SEC staff will incorporate the expected decline in usage over the coming year into their recommended revenue requirement when they file testimony in June. Regarding the damage that occurred to our LNG facility, we have alerted staff of this situation and have held discussions with staff regarding the establishment of a regulatory asset for these costs.
So Paul, I'm going to turn it over to you.
Thank you, Tommy.
I continue to be pleased with the work of Tommy and his team and really our whole company and our relationships with the State Corporation Commission, not only in the ratemaking side, but also in the safety aspect. So thank you for all that good work there.
We're on Slide 11. Our capital spending forecast remains at $22 million for the fiscal year. We have rebalanced the mix of spending just slightly from what we presented at the end of the first quarter. And again, as more facts become known about our LNG facility, we will continue to be flexible to reposition certain investments as needed or even add to this capital -- potentially add to this capital spending plan.
On Slide 12, with the strong second quarter that Tim reviewed, we've both narrowed and raised our 2026 earnings per share range. On the lower end, we're at $1.31. And on the higher end, we've moved it up to $1.37. I think Tim's reminder about the seasonality is important. Obviously, the third and fourth quarters will not look like the first and second quarters from an earnings standpoint.
We continue to see the same macroeconomic concerns that we've really been talking about now for several quarters. Our practical inflation remains above the 2% level that the Fed targets. We are constantly throughout the organization looking for ways to be more efficient and to save and manage expense.
Interest rates, Tim talked about the refinancing of that note. Certainly, the global situation has caused the interest rate market to be volatile within a range, but still volatile. And we're working with our debt partners almost on a daily basis to optimize that refinancing. But the local economy, and we've said this as well for several years now, continues to be steady. The Google data center is moving forward. There's been a few other positive announcements recently across the Roanoke Valley.
Our teams continue just to work every day with economic development, contractors and other folks that are facilitating this growth, and we do everything we can to support that.
With that, we would love to entertain any questions that you may have. [Operator Instructions] We'll wait just a few more moments in case anyone has a question. [Operator Instructions] Okay. Well, hearing no questions from the audience, this does conclude our prepared remarks.
Our team will be at the AGA Financial Forum in about 10 days, and we hope to have the opportunity there to greet and visit with many of our investors and financing partners there. But certainly, we wish the rest of you to have a safe and pleasant summer, and we look forward to speaking with you again in August to review our 2026 third quarter results. Thank you.
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RGC Resources, Inc. — Q1 2026 Earnings Call
1. Management Discussion
Good morning, and thank you for joining us as we discuss RGC Resources' 2026 First Quarter Results. I am Kelsie Davenport, Director of Finance for RGC Resources, Inc. I am joined this morning by Paul Nester, President and CEO of RGC Resources; Tim Mulvaney, our VP, Treasurer and Chief Financial Officer; and Tommy Oliver, our Senior Vice President of Regulatory and External Affairs. Let's review a few administrative items. [Operator Instructions] The link to today's presentation is available on the Investor and Financial Information page of our website at www.rgcresources.com. At the conclusion of the presentation and our remarks, we will take questions.
Turning to Slide 1. This presentation contains forecasts, projections and comments about earnings, capital spending and gas prices. Slide 1 has information about risks and uncertainty, including forward-looking statements that should be understood in the context of our public filings. Slide 2 contains our agenda. We will discuss our operational and financial highlights for the first quarter of our 2026 fiscal year. We will then review our outlook for the rest of the 2026 fiscal year, including an eventful January with time allotted for questions at the end.
I will now turn the presentation over to Paul. Paul?
Thank you, Kelsie and good morning. We are on Slide 3. Main extensions and renewal activity in the first quarter of fiscal 2026 was steady. We installed 0.6 new main miles in the first quarter and connected 196 new services, which is almost exactly the same as last year with 197 new services in the first quarter of 2025. Just a comment there, the main miles are down a little bit. Last year, we had 1.1 new main miles. Some of that's dependent on weather. We've actually got an outstanding backlog of new main to install approximately 13,000 feet or 2.5 miles. In addition, we renewed through our SAVE program 117 services in the first quarter of this year, which is an increase of 80% over last year. Together, this investment demonstrates our continued commitment to enhance safety and reliability for our customers as we've been doing for many, many years now.
Slide 4 shows our delivered gas volumes for the quarter. Total volumes were flat compared to Q1 last year. One large industrial customer decreased their natural gas usage from their record levels of a year ago. However, residential usage was up 8% and other commercial volumes increased primarily due to the 11% increase in heating degree days compared to quarter 1 last year. Slide 5 shows capital expenditures for the first quarter of fiscal 2026 and those are compared to the prior year. Total spending of $5.6 million was flat to the same period of last year. Weather was mixed in the quarter this year. We did have some snow and wet weather in early December, which hampered us a little bit.
I will now turn the presentation over to our Chief Financial Officer, Tim Mulvaney, to review the financial results for the quarter. Tim?
Thank you, Paul. Moving to Slide 6. We had a steady quarter with Roanoke gas margins up nominally and lower interest expense as the Fed lowered interest rates. This was more than fully offset by higher costs for personnel, IT, property taxes and depreciation. Net income of $4.8 million or $0.47 per share compared to a net income in the same quarter a year ago of $5.3 million or $0.51 per share. We filed an expedited rate case in December with interim rates that began on January 1. Tommy will discuss the rate case in greater detail in just a minute.
The MVP pipeline continues to perform well, and our year-over-year financial results from our investment were as expected and in a similar magnitude to a year ago. Our balance sheet remains strong. One item to bring to your attention is that $15 million note, which matures in August for Roanoke Gas is now in current liabilities. We fully expect to refinance this note in the coming months and have begun preliminary conversations with our financial institution.
I will pass the presentation back to Paul and Tommy to address some of the developments in late January's cold stamp across the eastern half of the United States as well as our expectations for 2026, including the rate case, capital and earnings per share. We will then take your questions. Paul?
Yes. Thank you, Tim. We are on Slide 7. 2026 -- calendar 2026 has started with a number of really interesting developments. There's a lot of activity in both the international, national and even our local landscapes and economies. We'll get to the weather in just a moment. But here in Virginia, we have a new governor and legislature that has been seeded and they are in session presently. And there's been a lot of activity there, a lot of new legislation, a lot of discussion about this term of affordability and even data centers. As most of you know, Virginia is considered the data center capital of the world. Fortunately, most of this new legislation is not focused on limiting or stymieing natural gas usage or development. We are happy about that. And we are not only monitoring all this legislative activity, but we're actively engaged with our senators and delegates on any pertinent legislation.
The local economy does continue to be solid or even good, but there was a press release recently of a top 5 industrial customer, a very large manufacturer who's been prominent in the Roanoke Valley for almost 60 years. They recently announced an operations change that will likely lead to plant closure later in calendar 2026. We have discussed or started discussions with the commission staff to address this in our pending rate case. As Tim said, Tommy will review the rate case momentarily. We're actually on Slide 9 now. My apologies. I think I said Slide 7 earlier.
We're on Slide 9. And the recent winter weather that Tim mentioned has a name. The National Weather Service has attached Fern to this incredible cold snap that we've had just a little statistic here, beginning January 24 through yesterday, February 9, here in Roanoke, by heating degree day statistic, we have been 53% colder than normal, really quite incredible. We've had 680 heating degree days versus a normal 445. I'm just very pleased to say up to this point, our distribution system has performed flawlessly. The interstate pipelines that serve us have performed without issue. I think one of the great stories to come out of Fern will be what natural gas has meant not only here to us in Roanoke, but in our state, but around the country, particularly in the PJM RTO, natural gas was providing on any given day, approximately 45% to 50% of the fuel for electricity generation during this period.
Again, I think we'll hear more about that in the days and weeks ahead. We did not lose any customers. We're happy about that, proud of that. And we're especially proud about how our folks work safely through treacherous icy conditions. In fact, we've had ice on the ground continually since January 24 and that we haven't had a slip or fall or a car accident is something I'm especially pleased with. Our LNG plant was, in fact, necessary again this winter, providing needed peaking supply on some of the coldest days, providing Fern was, at least in my tenure, an unprecedented spike in natural gas prices at the various pricing points, particularly the pricing points that form our supply. We've attached a chart here on Slide 10 showing you the Henry Hub price. And no, the computer didn't go crazy draw on that chart.
As you can see there on January 22, 23, 24, prices, in fact, multiplied by a factor of approximately 10, really remarkable. And as you know and especially if you've read our Qs and Ks, natural gas costs are passed through to customers dollar for dollar. There's no profit or loss there. So we have a pretty, we believe, estimated to be $8 million to $10 million under collection on gas costs just related to Winter Storm Fern. We'll work with the commission to try to build those into rates in a reasonable way and hopefully collect those over the next 12 to 18 months.
With that, I'd like to ask Tommy to provide an update on the rate case filing. Tommy?
Well, thank you, Paul, and good morning, everybody. We're on Slide 11 now. As we discussed in our last earnings call, Roanoke Gas filed an expedited rate case on December 2, seeking approximately $4.3 million in incremental annual revenue and that's based on our currently authorized ROE of 9.9%. The interim rates were effective January 1, 2026, and those are subject to refund once the commission fully adjudicates the case. We expect that to occur by the conclusion of this calendar year. And as we also mentioned back in December offsetting the new rates, we began making credits to customer bills over the next 4 months, January through April to return to customers tax credits that we resolved with the IRS late in fiscal 2025 and are now included with our regulatory liabilities on the balance sheet.
Paul, I'm going to turn it back over to you now.
Thank you, Tommy, and I appreciate all the great work Tommy and his team are doing on the rate case filing. We are now on Slide 12 and sharing with you our capital forecast for this fiscal year. We're still at $22 million, which was the same as we forecasted in December on the year-end call. Just to note, though, obviously, this winter weather is going to hamper the second quarter. It's going to be weaker. We essentially lost 2 weeks of construction, again, due to all that snow and ice that is still on the ground. It's approximately 17% of the working days in the quarter. We'll see how that -- when the weather breaks in the spring and summer, how much of that we can make up. But it is possible. 2 weeks is a lot to make up across all the crews but we're watching and monitoring that.
Moving to Slide 13. Our earnings per share forecast is also the same as we shared with you in December, the range of $1.27 to $1.35. Certainly, the rate case that Tommy mentioned is a large factor in that. Some of the economic and political and inflation and interest rate variables that we're all experiencing also play a part in that. There's going to be some interest expense with that under collection that we just talked about that's going to work against us. I'd like to conclude my remarks just one more time by thanking all of our employees, each and every single one of them for everything they've really done all winter, but especially here in Winter Storm Fern to serve our customers and not have an outage and to be safe. And we really are excited. Again, once the weather breaks, again, we've got a lot of main miles stacked up, new main miles stacked up to get into the ground and add customers. We're excited about the overall growth and health of our region.
And we also, of course, want to thank you for your continued interest and support in RGC Resources. That does conclude our prepared remarks. [Operator Instructions] We'll wait just a few more seconds in case someone wants to ask a question. Okay. Well, thank you again for taking your time to participate in our first quarter call. And we certainly look forward to being back together with you in May to discuss the second quarter results. We hope everyone has a safe end of the week. Thank you.
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RGC Resources, Inc. — Q4 2025 Earnings Call
1. Management Discussion
Good morning, and thank you for joining us as we discuss RGC Resources' 2025 Fourth Quarter and Year-end Results. I am Tommy Oliver, Senior VP, Regulatory and External Affairs for RGC Resources, Inc. I'm joined this morning by Paul Nester, President and CEO of RGC Resources; and Tim Mulvaney, our VP, Treasurer and Chief Financial Officer. But before we get started, I want to review a few administrative items. One, we have muted all lines and asked that all participants remain muted. Two, the link to today's presentation is available on the Investor and Financial Information page of our website at www.rgcresources.com. And lastly, at the conclusion of the presentation and our remarks, we will take questions.
So let's turn to Slide 1. This presentation contains estimates and projections. Slide 1 has information about risks and uncertainties, including forward-looking statements that should be understood in the context of our public filings. Slide 2 contains our agenda. We will discuss our operational and financial highlights for the fourth quarter and our 2025 fiscal year. We will then provide an outlook for the 2026 fiscal year with time allotted for questions at the end. So let's get started on Slide 3. We had a very strong year for main extensions. In addition, renewal activity was steady during the fiscal 2025 year. Residential growth in the Roanoke Valley has not abated. We installed nearly 5 main miles, which is 50% higher than the total main miles installed in fiscal 2024. We also connected more than 700 new services.
This compares to customer additions in fiscal 2024 of approximately 630 and fiscal year 2023 adds of approximately 550. Those that dive into our year-over-year customer count will notice that our average customer count increases slower than the actual ads cited above. This is due to the nature of our business. We routinely have customers that use natural gas exclusively to heat their homes, disconnect their service or will not pay their bills and will be disconnected through the collections process once spring weather arrives. This past spring, we had over 1,500 customers disconnect, many of which are now returning to the system with the onset of cold weather. In fact, we have reconnected over 500 customers since October. By the end of the second quarter, we expect our customer count to be approximately 65,000 customers.
Focusing on the right side of the slide, our system safety and reliability is always a high priority. Through our SAVE program, we renewed 4.2 miles of main and nearly 350 services during the fiscal 2025 period. Transitioning to Slide 4. We delivered record volumes of gas in fiscal 2025. However, I will come back to that in a moment as Slide 4 shows delivered gas volumes for the quarter. Total volumes increased 8% compared to the fourth quarter of 2024. One industrial customer with fuel switching capability continued their higher natural gas consumption this year as we have discussed in previous quarters. Residential and commercial volumes were slightly up when compared to the same quarter in the prior year.
Slide 5. The combination of that same industrial customer, along with a few other customers, combined with colder weather, also as discussed on previous calls, enabled us to achieve a new gas delivery record with heating degree days up 18%, total volumes moved up 14% compared to last year. This record level of gas delivery outstripped our prior annual record throughput set in 2021. Slide 6 shows full year CapEx. Total spending was $20.7 million in the current year, down 6% compared to the 2024 fiscal year. However, recall that in 2024, we spent approximately $3.2 million to complete the MVP interconnections, which enables us to grow our system in Franklin County.
We did not have that kind of onetime expenditure in fiscal 2025, but continue to invest in extending and renewing our system as noted above. We will provide our outlook for CapEx as we discuss fiscal 2026 later in this presentation. I will now turn the presentation over to our CFO, Tim Mulvaney, to review our financial results and to comment on the consummation of the financing that we told you about at the end of quarter 3. Tim?
Thank you, Tommy. Turning to Slide 7 now. We experienced a slight loss in the current quarter. The fourth quarter is traditionally seasonally weaker for us, and we had higher expenses than the same period a year earlier as inflation, while lower, is still present. This resulted in a net loss of $204,000 or $0.02 per share compared to net income in the same quarter a year ago of $141,000 or $0.01 per share. We will touch on our plans to deal with higher expenses in the outlook section. One item present in both periods were gains of approximately $0.06 per share each year related to donations from the local housing authority as we converted master meter arrangements into system assets to improve reliability and safety for customers.
This will not recur in 2026. Year-to-date results are also shown on Slide 7. Our performance for the year was outstanding. Net income for fiscal 2025 was $13.3 million or $1.29 per share, an increase of 15% from fiscal 2024's $11.8 million or $1.16 per share. The strong increase reflected the record levels of gas deliveries that Tommy discussed and was aided by higher operating margins, partially offset by inflationary cost increases and lower equity earnings from the company's investment in the Mountain Valley Pipeline. MVP's equity earnings for the first 3 quarters of fiscal 2024 contained significant amounts of AFUDC.
Moving to Slide 8. We ended the year with a strong balance sheet. During the fourth quarter, we refinanced the debt that supports our investment in MVP for the long term. We have disclosed the details in our investor communications in September and in Note 7 of our Form 10-K that was filed yesterday. All of these documents can be found on our website. So I will not repeat all the details here. We were pleased to extend the maturity of all the debt supporting our MVP investment to 2032 with reasonable amortization. During the intervening years, we expect cash flows will be enhanced by the Southgate and Boost projects at MVP, and we have addressed our share of funding these projects as well. With these projects generating cash flow, our investment will be more valuable. Now let me turn the presentation over to Paul Nester, our President and CEO, to take us through our 2026 outlook. Paul?
Thank you, Tim, and good morning to everyone. And I would like to take a moment before we dive into the outlook, just to issue our thanks to our customers and our employees for a fantastic fiscal 2025, as Tim and Tommy have just reviewed and certainly to all of our employees for their everyday dedication to serving the customer and doing that safely and reliably. It's translated in these incredible, what are really record earnings and earnings per share results. So thank you. As you can see on Slide 9, we have a short agenda here for the 2026 outlook, and let's move on to Slide 10. We continue to have momentum with new housing here in the greater Roanoke Valley. Tommy mentioned our customer additions over the last 3 years. If you average those out, it's over 660 customers per year, which is just almost exactly 1% customer growth.
And if you look back over the history of the company for really the last 20 years, we've been in that upper 1%, lower 1% range, and that continues to be steady. We're very optimistic about 2026 in that regard. We continue to have expansion in our health care and medical sector and complex here in the Roanoke Valley. It's really one of the shining stars, both scientifically and economically, but we are seeing more real estate there, more footprint, which is hopefully going to result or translate into additional natural gas usage. Tim mentioned MVP in the Southgate and Boost projects. We are thrilled to continue as a partner in those, and we're very optimistic about the success of those projects and what it will mean to this region.
As you can see on the slide, we have the Google logo there, and we've talked about Google in the past and the announcement that was made in our fiscal third quarter about their location in the Roanoke Valley. That's progressing on schedule. Again, I think there'll be more to come about that in our fiscal 2026. We're still working on Franklin County. As Tommy mentioned, and some of new Business Park, they're working very closely with the county to hopefully spur some economic development in the park. And we're also still working on expanding gas service in other parts of the county. We recently had some discussion with our westernmost territory, Montgomery County, which you may recall is actually where most of the MVP in this region is located and in fact, where the Boost project will do some construction hopefully in the near future about some expansion opportunities there. Moving on to Slide 11. I'd like to hand it back over to Tommy so he can give us a few more details on the recently filed rate case. Tommy?
Yes. Thank you, Paul. As Paul noted, we filed an expedited rate case on December 2, in which we're seeking an approximate $4.3 million increase in annual revenues, and that's based on our currently authorized ROE of 9.9%. Based on the timing of the notice and filings, we believe these new rates will become effective January 1, 2026. Those are subject to refund once the commission fully adjudicates the case. We expect that process to take about 12 to 18 months. Offsetting that increase, we recently reached agreement with regards to certain tax credits and expect to begin returning these credits to customers over the next 12 months and are included with our regulatory liabilities on our balance sheet. So I will turn it back over to Paul.
Yes. Thank you, Tommy. It's no small feat to actually get this case filed right on the heels of the prior case being resolved. And Tim and Kelsie and their teams have done a very nice job on this tax credit initiative, which is, we believe, greatly going to help and benefit our customers. So we're pleased to be able to incorporate that with the rate application. Moving on to Slide 12, this slide looks yearly similar year after year. But again, that's part of the predictability of our customer growth and our SAVE program, our ability to invest $20 million, $21 million, $22 million, $23 million a year now is, in fact, proven.
And again, for 2026, we're showing a capital budget of $22 million, led by the continued renewal of the [pre-73-adalate] plastic and a couple of other items through our SAVE program. Again, we have reasonable customer growth expectations and a normal amount of system enhancement. One thing I'd like to add back to the 2 slides ago about the expansion opportunities and growth opportunities. As those arise, we have the ability to either add capital or shift capital. Again, that's something we've historically done and I think done quite nimbly. And again, we're prepared to do that again in 2026. And in fact, like to do that as growth opportunities present themselves.
Let's take a minute and just talk about some of these drivers for 2026, but it does require us to go back and look at 2025 a little bit. Tim and Tommy have already talked about those first 2 bullets, the housing authority transfers. And just as a recap, those were projects with our local housing authority that started 4 years ago, where we converted 5 complexes with modern pipe, modern meters, modern equipment. And our company now owns and operates those facilities. And we're just excited about that because of the safety and reliability that those projects have provided. And we'll see on the next earnings per share slide, and Tim talked about it, there was an income statement impact to those projects that since we have completed the projects, again, will not recur.
And obviously, that creates a little bit of a hole for 2026 when you compare the year-over-year earnings. The other item there, again, thanks to our customers, and as Tommy highlighted, the record gas deliveries last year were just that. And we saw that in a couple of areas, not just the large fuel switching customer, but also in some of our largest firm commercial customers. We just thought it prudent to not plan for those kinds of record volumes again this year. They could happen. We hope they're happening. We'll do everything in our power to help make them happen. But from an expense management standpoint, we thought it more prudent to lower the top line as a planning tool for 2026. Tommy just talked about the new rate case. That's obviously very important to how 2026 turns out. The Save rider continues to provide helpful revenue and in fact, does cover some of the depreciation and property tax growth that, again, we experienced very predictably related to our capital spending.
And finally, there in 2026, it was just announced a few days ago, our Board did authorize a larger increase this year than last year, $0.04 per share on an annualized basis, almost 5% to $0.87 per share, again, a result of the strong earnings in 2025 and what we think is going to be a solid 2026. On Slide 14, you'll see our earnings per share guidance for 2026 and the range. Again, we think there are some headwinds, Tim, and Tommy talked about inflationary pressures. Those are still very real. Obviously, the rate making will hopefully offset some of that. So we do have a little bit of a wider range than normal here. But based on some of the uncertainty in 2026, again, with volume, deliveries, weather and the rate making, we feel like the range is appropriate.
You can see also the slide does highlight the impact of those housing authority projects in 2024 and 2025. I would like to add, we're already 2 months into fiscal 2026, and it is a more challenging year already than 2025, again, for the items we've talked about there. But we're doing our best again to work through that and manage through that. We finally have had some cold weather set into the Roanoke region here in the last 1.5 weeks, and it looks like we're going to have another 1.5 weeks of cold weather. That should be helpful. But again, I'd like to take one more opportunity to thank our customers and especially our employees for working safely. Safety is our #1 priority, working diligently to serve the customer. We're excited about economic development in the region. We continue to participate in a meaningful way on that. And with that, I think we'll conclude our prepared remarks and open the line for questions.
2. Question Answer
I'd like to go back to your comments here on weather. I take it, it's tracking favorably versus last year.
Yes. We started off -- we had some strange weather patterns in October and November, part of the challenge there. October had a lot of heating degree days, but we really didn't see the volume because of the dispersion of those heating degree days. So October was off from October of last year. November, we're still, of course, closing the books for November. We'll know a little more in a few days. But November turned very warm and then it turned very cold around Thanksgiving, the last few days of the month, and that cold air mass is hung in here.
In fact, we're calling for winter mix and snow to [indiscernible] here in Roanoke. So if you look at the Henry Hub future prices and the NYMEX future prices of natural gas, it feels like nationally, there's going to be more cold weather this year. I think yesterday, it closed at $5, approximately a dekatherm on the current month. And that's a high number. As you know, Mike, we haven't seen that number in quite some time. We did not see it last year, as I recall, certainly not this early in the year.
And then [MVP], they've got a lot of projects going. Any capital requirements from you in 2026?
Yes, I may hand that one over to Tim.
Sure, Mike. We have -- as part of the refinancing that we did, we set up 2 facilities to fund the investment in Boost and in Southgate. So we expect that, that will come straight through what we borrow. It includes over the course of the next several years, our investment in those projects will probably total $4 million to $5 million with maybe the first $1 million to $1.5 million this year.
Okay. And then I guess my question, Paul, you kind of sidestepped it a little bit on the data centers. Just wondering if there's been anything you can share there as to what it's looking like.
Yes. Happy to maybe give a little context from the state lens, and then we can zero into the region here. There's been a lot of announcement in the last 3 to 6 months across the state of Virginia, a fair amount of it, in fact, in the Richmond and Fredericksburg areas. Google announced back in August, approximately $9 billion of investment for 3 data centers sort of south and just to the southwest of Richmond. It was a very large announcement about 1.5 weeks ago with the governor in Caroline County, which is just north of Richmond sort of between Richmond and Fredericksburg. So the state through, I would say, the Governor's office and our Virginia Economic Development Partnership continues to be active in this area.
If you drill that back to Southwest Virginia, there continues to be interest and discussion among prospects, Mike. And I think that's a common answer around the country. As a matter of fact, that's not per se special to us. Certainly, the Google announcement in late May of them acquiring property, and that's really all they publicly announced. But that's certainly, I think, sort of lifted this region a little bit higher in the windshield, if you will, of some of the folks that do this kind of development. Obviously, if Google is willing to consider making an investment here and in fact, buying property to do so, it's noticeable.
So what we're hearing, Mike, is I think there'll be more precise announcement around Google's intentions in the region in 2026. I don't know that there's been a per se date or time frame for that to happen, but that's what we're hearing.
Well, thank you so much for joining us, Mike. Always good to have you.
Do we have any other questions? It doesn't seem like there are any further questions at this time. So this will conclude our fourth quarter and fiscal 2025 earnings call. On behalf of all of us here at RGC Resources, we appreciate you taking time to join us this morning. We wish you and your families a Merry Christmas and a safe and prosperous 2026, and we look forward to speaking with you in February to review 2026 first quarter results. Thank you.
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Finanzdaten von RGC Resources, Inc.
Umsatz
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Umsatz (TTM) einfach erklärtDirekte Kosten
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Bruttoertrag
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Brutto Marge einfach erklärtVertriebs- und Verwaltungskosten
Die Vertriebs- & Verwaltungskosten (engl. Selling, General & Administrative expenses, kurz SG&A) beinhalten alle Aufwände für Marketing und den Verkauf sowie die allgemeine Verwaltung des Unternehmens.
Forschungs- und Entwicklungskosten
Die Forschungs- und Entwicklungskosten (engl. research & development costs, kurz R&D) geben Auskunft darüber, wie viel das Unternehmen in die Forschung und die Entwicklung seiner Produkte investiert. Vor allem prozentual vom Umsatz und im Vergleich zu direkten Wettbewerbern sind die Kosten interessant.
EBITDA
Das EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) ist der Gewinn des Unternehmens vor Zinsen, Steuern und Abschreibungen. Berechnet man den prozentualen Anteil vom Umsatz, spricht man von der EBITDA-Marge.
Abschreibungen
Abschreibungen stellen Wertminderungen von Vermögensgegenständen des Unternehmens dar (z.B. durch Abnutzung von Maschinen).
EBIT (Operatives Ergebnis)
Das EBIT (engl. Earnings Before Interest and Taxes) ist der Gewinn des Unternehmens vor Zinsen und Steuern, das auch als operatives Ergebnis bezeichnet wird. Berechnet man den prozentualen Anteil vom Umsatz, spricht man von
der EBIT-Marge.
Nettogewinn
Der Nettogewinn stellt den Gewinn oder Verlust nach Abzug aller Kosten dar.
Nettogewinn einfach erklärtaktien.guide Premium
| Jun '26 |
+/-
%
|
||
| Umsatz | 107 107 |
14 %
14 %
100 %
|
|
| - Direkte Kosten | 52 52 |
25 %
25 %
49 %
|
|
| Bruttoertrag | 55 55 |
5 %
5 %
51 %
|
|
| - Vertriebs- und Verwaltungskosten | - - |
-
-
|
|
| - Forschungs- und Entwicklungskosten | - - |
-
-
|
|
| EBITDA | 31 31 |
1 %
1 %
29 %
|
|
| - Abschreibungen | 12 12 |
9 %
9 %
11 %
|
|
| EBIT (Operatives Ergebnis) EBIT | 19 19 |
3 %
3 %
17 %
|
|
| Nettogewinn | 14 14 |
3 %
3 %
13 %
|
|
Angaben in Millionen USD.
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Firmenprofil
RGC Resources, Inc. arbeitet als Holdinggesellschaft. Über ihre operativen Tochtergesellschaften ist sie in der Verteilung und dem Verkauf von Erdgas an private, gewerbliche und industrielle Kunden in Virginia tätig. Das Unternehmen wurde am 31. Juli 1998 gegründet und hat seinen Hauptsitz in Roanoke, VA.
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| Hauptsitz | USA |
| CEO | Mr. Nester |
| Mitarbeiter | 106 |
| Gegründet | 1998 |
| Webseite | www.rgcresources.com |


