A Business at a Glance
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NorthWestern Energy Group, Inc.
NWE
$4.5B
Mkt Cap
$72.86
+0.43%
NorthWestern Energy Group, Inc. (NWE) has a current P/E ratio of 24.8, compared to its historical median P/E of 15.1. The stock is currently considered Expensive based on its historical valuation range.
NorthWestern Energy Group, Inc. (NWE) has a 5-year average return on invested capital (ROIC) of 7.0%. This is below average and may indicate limited pricing power.
NorthWestern Energy Group, Inc. (NWE) has a market capitalization of $4.5B. It is classified as a mid-cap stock.
Yes, NorthWestern Energy Group, Inc. (NWE) pays a dividend with a trailing twelve-month yield of 3.62%.
Based on historical P/E analysis, NorthWestern Energy Group, Inc. (NWE) appears expensive. The current P/E of 24.8 is 64% above its historical median of 15.1. The estimated fair value CAGR (P/E method) is 1.8%.
NorthWestern Energy Group, Inc. (NWE) operates in the Electric & Other Services Combined industry, within the Utilities sector.
NorthWestern Energy Group, Inc. (NWE) reported annual revenue of $1.6 billion in its most recent fiscal year, based on SEC EDGAR filings.
NorthWestern Energy Group operates as a regulated utility providing electricity and natural gas to approximately 787,000 customers across Montana, South Dakota, Nebraska, and Yellowstone National Park through two subsidiaries: NW Corp (Montana and Yellowstone) and NWE Public Service (South Dakota and Nebraska). The company operates two principal segments—electric utility operations (generation, purchase, transmission, and distribution) and natural gas utility operations (production, purchase, transmission, storage, and distribution)—serving a diversified customer base of residential, commercial, and industrial users. The business model is based on regulated utility rate recovery, with operations characterized by seasonal demand patterns driven by weather, particularly heating demand in winter months for natural gas and cooling/heating demand for electricity. The company's competitive position is supported by reliability standards that rank in the first or second quartile versus industry peers and residential energy bills significantly below the national average. The electric portfolio comprises approximately 58 percent carbon-free resources from owned and long-term contracted supplies, and the company has committed to achieving Net-Zero emissions by 2050 for Scope 1 and Scope 2 carbon and methane. Geographic diversification across four states and a mix of customer types mitigates dependence on any single customer or small group of customers.
【Strategic growth through data centers and capital investment】 Management is pursuing incremental earnings growth through large-load customer development, particularly data centers, with a development agreement with Quantica targeting 1.1 GW of load ramping from 25 MW with an early 2029 start date, and additional letters of intent with other prospective customers expected to convert to energy service agreements by mid-2026. The company is investing in generation capacity, including South Dakota generation investment and Colstrip asset acquisition, supported by a five-year capital plan increased to $3.21 billion (17% increase), with approximately one-third of Colstrip investment expected in 2026 and plant completion targeted for 2030. Regulatory execution remains central to the outlook, with rate case filings expected in Montana, Nebraska, and South Dakota, merger approval anticipated in the second half of 2026 with Black Hills, and a large-load tariff filing expected by end of Q2 2026 to support data center economics. Management expects to maintain high credit quality while funding incremental capital through a 50/50 debt-to-equity basis and remains committed to the long-term 4%-6% rate base and earnings per share growth targets.
| Metric | Target | Period |
|---|---|---|
| Earnings per share | $3.68–$3.83 | FY2026 |
| Rate base and EPS growth rate | 4%–6% | Long-term |
| Five-year capital plan | $3.21 billion | Five-year plan |
Earnings per share (FY2026): “We're affirming our 2026 earnings guidance range of $3.68-$3.83.”
Rate base and EPS growth rate (Long-term): “We're also affirming our long-term rate base and EPS growth rate targets of 4%-6%.”
Five-year capital plan (Five-year plan): “we're updating our five-year capital plans at $3.21 billion, a 17% increase over our prior plan.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.6B | 1.6B | 1.5B | 1.4B | 1.5B | 1.4B |
| Net Income | 168M | 181M | 224M | 194M | 183M | 187M |
| EPS | $2.73 | $2.94 | $3.65 | $3.22 | $3.25 | $3.60 |
| Free Cash Flow | -148M | -130M | -143M | -78M | -208M | -214M |
| ROIC | 4.8% | 5.1% | 5.6% | 5.3% | 6.8% | 12.3% |
| Gross Margin | - | 54.9% | 54.2% | 52.2% | 45.5% | 48.0% |
| Debt/Equity | 1.18 | 1.19 | 1.08 | 1.00 | 1.04 | -0.00 |
| Dividends/Share | $2.64 | $2.64 | $2.60 | $2.56 | $2.52 | $2.48 |
| Operating Income | 315M | 326M | 323M | 300M | 263M | 276M |
| Operating Margin | 19.2% | 20.2% | 21.4% | 21.1% | 17.8% | 20.1% |
| ROE | 5.8% | 6.3% | 7.9% | 7.1% | 7.3% | 8.5% |
| Shares Outstanding | 62M | 62M | 61M | 60M | 56M | 52M |
| Metric | ||||||
|---|---|---|---|---|---|---|
| Income Statement | ||||||
| Revenue | 1.4B | 1.5B | 1.4B | 1.5B | 1.6B | 1.6B |
| Gross Margin | 48.0% | 45.5% | 52.2% | 54.2% | 54.9% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 102M | 114M | 117M | 137M | 158M | 163M |
| EBIT | 276M | 263M | 300M | 323M | 326M | 315M |
| Op. Margin | 20.1% | 17.8% | 21.1% | 21.4% | 20.2% | 19.2% |
| Net Income | 187M | 183M | 194M | 224M | 181M | 168M |
| Net Margin | 13.6% | 12.4% | 13.7% | 14.8% | 11.2% | 10.2% |
| Non-Recurring | 0 | 0 | 0 | 0 | 31M | 31M |
| Returns on Capital | ||||||
| ROIC | 12.3% | 6.8% | 5.3% | 5.6% | 5.1% | 4.8% |
| ROE | 8.5% | 7.3% | 7.1% | 7.9% | 6.3% | 5.8% |
| ROA | 2.8% | 2.6% | 2.6% | 2.9% | 2.2% | 2.0% |
| Cash Flow | ||||||
| Op. Cash Flow | 220M | 307M | 489M | 407M | 394M | 400M |
| Free Cash Flow | -214M | -208M | -78M | -143M | -130M | -148M |
| Owner Earnings | 27M | 107M | 274M | 174M | 138M | 140M |
| CapEx | 434M | 515M | 567M | 549M | 524M | 548M |
| Maint. CapEx | 187M | 195M | 210M | 228M | 250M | 254M |
| Growth CapEx | 247M | 320M | 356M | 322M | 275M | 294M |
| D&A | 187M | 195M | 210M | 228M | 250M | 254M |
| CapEx/OCF | N/A | 167.7% | 115.9% | 135.0% | 133.0% | 136.9% |
| Capital Allocation | ||||||
| Dividends Paid | 128M | 140M | 154M | 159M | 161M | 162M |
| Dividend Yield | N/A | 5.2% | 5.3% | 5.4% | 4.7% | 3.6% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | 0.0% | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 5.3M | 5.5M | 5.2M | 4.7M | 7.0M | 6.7M |
| Debt Repayment | 955K | 0 | 0 | 100M | 300M | 300M |
| Balance Sheet | ||||||
| Net Debt | -2.9M | 2.8B | 2.8B | 3.1B | 3.4B | 3.4B |
| Cash & Equiv. | 2.8M | 8.5M | 9.2M | 4.3M | 8.8M | 5.9M |
| Long-Term Debt | 100M | 2.5B | 2.7B | 2.7B | 3.2B | 3.2B |
| Debt/Equity | -0.00 | 1.04 | 1.00 | 1.08 | 1.19 | 1.18 |
| Interest Coverage | 2.9 | 2.6 | 2.6 | 2.5 | 2.2 | 2.1 |
| Equity | 2.3B | 2.7B | 2.8B | 2.9B | 2.9B | 2.9B |
| Total Assets | 6.8B | 7.3B | 7.6B | 8.0B | 8.5B | 8.6B |
| Total Liabilities | 4.4B | 4.7B | 4.8B | 5.1B | 5.6B | 5.7B |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | N/A | 771M | 811M | 877M | 897M | 919M |
| Working Capital | N/A | -82M | -128M | -384M | -194M | -218M |
| Current Assets | N/A | 539M | 407M | 418M | 504M | 513M |
| Current Liabilities | N/A | 621M | 535M | 802M | 697M | 731M |
| Per Share Data | ||||||
| EPS | 3.60 | 3.25 | 3.22 | 3.65 | 2.94 | 2.73 |
| Owner EPS | 0.52 | 1.90 | 4.54 | 2.84 | 2.24 | 2.27 |
| Book Value | 45.08 | 47.33 | 46.20 | 46.54 | 46.85 | 47.30 |
| Cash Flow/Share | 4.24 | 5.46 | 8.11 | 6.62 | 6.40 | 6.85 |
| Dividends/Share | 2.48 | 2.52 | 2.56 | 2.60 | 2.64 | 2.64 |
| Shares Out. | 51.9M | 56.3M | 60.3M | 61.4M | 61.6M | 61.5M |
| Valuation | ||||||
| P/E Ratio | N/A | 15.8 | 14.5 | 13.9 | 21.9 | 26.7 |
| P/FCF | N/A | N/A | N/A | N/A | N/A | N/A |
| EV/EBIT | N/A | 20.9 | 18.6 | 19.2 | 22.6 | 25.1 |
| Price/Book | N/A | 1.1 | 1.0 | 1.1 | 1.4 | 1.5 |
| Price/Sales | N/A | 1.8 | 2.0 | 2.0 | 2.1 | 2.7 |
| FCF Yield | N/A | -7.2% | -2.8% | -4.6% | -3.3% | -3.3% |
| Market Cap | 0 | 2.9B | 2.8B | 3.1B | 4.0B | 4.5B |
| Avg. Price | 0.00 | 47.96 | 48.32 | 48.08 | 55.57 | 72.86 |
| Year-End Price | 0.00 | 51.20 | 46.70 | 50.62 | 64.30 | 72.86 |
NorthWestern Energy Group, Inc. passes 3 of 9 quality checks, indicating weak fundamentals.
NorthWestern Energy Group, Inc. trades at 24.8x trailing earnings, compared to its 15-year median P/E of 15.1x, suggesting it is currently Expensive relative to its historical range. The company's 5-year average ROIC is 7.0% with a gross margin of 51.0%. Total shareholder yield (dividends) is 3.6%. At current prices, the estimated annualized return to fair value is +1.8%.
NorthWestern Energy Group, Inc. (NWE) has a net profit margin of 11.2%. This is a healthy margin.
NorthWestern Energy Group, Inc. (NWE) generated $-130 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
NorthWestern Energy Group, Inc. (NWE) has a debt-to-equity ratio of 1.19. This indicates moderate leverage.
NorthWestern Energy Group, Inc. (NWE) reported earnings per share (EPS) of $2.94 in its most recent fiscal year.
NorthWestern Energy Group, Inc. (NWE) has a return on equity (ROE) of 6.3%. This indicates moderate shareholder returns.
NorthWestern Energy Group, Inc. (NWE) has a 5-year average gross margin of 51.0%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 5 years of financial data for NorthWestern Energy Group, Inc. (NWE), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
NorthWestern Energy Group, Inc. (NWE) has a book value per share of $46.85, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management is pursuing incremental earnings growth through large-load customer development, particularly data centers, with a development agreement with Quantica targeting 1.1 GW of load ramping from 25 MW with an early 2029 start date, and additional letters of intent with other prospective customers expected to convert to energy service agreements by mid-2026. The company is investing in generation capacity, including South Dakota generation investment and Colstrip asset acquisition, supported by a five-year capital plan increased to $3.21 billion (17% increase), with approximately one-third of Colstrip investment expected in 2026 and plant completion targeted for 2030. Regulatory execution remains central to the outlook, with rate case filings expected in Montana, Nebraska, and South Dakota, merger approval anticipated in the second half of 2026 with Black Hills, and a large-load tariff filing expected by end of Q2 2026 to support data center economics. Management expects to maintain high credit quality while funding incremental capital through a 50/50 debt-to-equity basis and remains committed to the long-term 4%-6% rate base and earnings per share growth targets.
Based on recent SEC filings and earnings calls, NorthWestern Energy Group, Inc. (NWE) has provided the following forward guidance: Earnings per share: $3.68–$3.83 (FY2026); Rate base and EPS growth rate: 4%–6% (Long-term); Five-year capital plan: $3.21 billion (Five-year plan).