A Business at a Glance
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Southwest Gas Holdings, Inc.
SWX
$6.7B
Mkt Cap
$93.07
+0.06%
Southwest Gas Holdings, Inc. (SWX) has a current P/E ratio of 15.3, compared to its historical median P/E of 16.1. The stock is currently considered Fair based on its historical valuation range.
Southwest Gas Holdings, Inc. (SWX) has a 5-year average return on invested capital (ROIC) of 3.4%. This is below average and may indicate limited pricing power.
Southwest Gas Holdings, Inc. (SWX) has a market capitalization of $6.7B. It is classified as a mid-cap stock.
Yes, Southwest Gas Holdings, Inc. (SWX) pays a dividend with a trailing twelve-month yield of 2.65%.
Based on historical P/E analysis, Southwest Gas Holdings, Inc. (SWX) appears fair. The current P/E of 15.3 is 5% below its historical median of 16.1. The estimated fair value CAGR (P/E method) is -4.4%.
Southwest Gas Holdings, Inc. (SWX) operates in the Natural Gas Transmisison & Distribution industry, within the Utilities sector.
Southwest Gas Holdings, Inc. (SWX) reported annual revenue of $1.9 billion in its most recent fiscal year, based on SEC EDGAR filings.
Southwest Gas Holdings is a holding company that owns Southwest Gas, a fully regulated natural gas distribution utility serving approximately 2.3 million residential, commercial, and industrial customers across Arizona, Nevada, and California. The company purchases, distributes, and transports natural gas to meet heating, cooking, and operational needs, with 85% of operating margin derived from residential and small commercial customers, 11% from transportation services, and 4% from other sales. Southwest Gas operates under regulatory oversight from the Arizona Corporation Commission, Public Utilities Commission of Nevada, and California Public Utilities Commission, which determine rates based on rate base, cost of service, and cost of capital; the company's earnings are seasonal, with higher demand in winter months, and are materially affected by the timing of rate relief and natural gas purchase recoveries. The business model is capital-intensive, requiring ongoing infrastructure investment to support customer growth and system reliability, with decoupled rate mechanisms in place across all three states to mitigate volumetric risk. The company added 37,000 new meter sets in 2025 and maintains a geographically diverse customer base with no material dependence on any single customer, positioning it as a stable, long-term regulated utility with growth tied to population expansion and economic development in its service territories.
【Regulatory progress and rate base growth】 Management remains optimistic about constructive regulatory outcomes in Arizona and Nevada, with formula rate mechanisms expected to improve earnings visibility and reduce regulatory lag over time. The company anticipates filing its Arizona rate case in the first quarter of 2026 with new rates effective in April 2026, and expects Nevada new rates to become effective in the fourth quarter of 2026 under the statutory 210-day timeline; a California rate case decision is expected during 2026 with full retroactive recovery anticipated. The Great Basin expansion project represents a significant long-term growth platform, with strong demand from the recent open season and an expected in-service date in late 2028, though final capital and margin estimates remain subject to contracted demand levels. The company plans to invest approximately $1.25 billion in 2026 and $6.3 billion over the next five years, supporting an expected rate base compound annual growth rate of 9.5% to 11.5% through 2030, with earnings growth expected to be front-end loaded through 2028 and 2029 as formula rates reduce lag and the Great Basin project comes online.
| Metric | Target | Period |
|---|---|---|
| Long-term EPS growth | 12%–14% | 2025–2030 |
| Capital expenditure | $1.25 billion | FY2026 |
| Rate base CAGR | 9.5%–11.5% | 2026–2030 |
Long-term EPS growth (2025–2030): “We expect to see significant earnings per share growth of 12%-14% from 2025-2030, driven by anticipated improvements in our regulatory environment”
Capital expenditure (FY2026): “We expect to invest approximately $1.25 billion in 2026”
Rate base CAGR (2026–2030): “This plan supports an expected rate base CAGR of 9.5%-11.5% through 2030”
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 | 1.2B | 1.9B | 5.1B | 5.4B | 5.0B | 3.7B |
| Net Income | 464M | 440M | 199M | 151M | -203M | 201M |
| EPS | $6.43 | $6.08 | $2.76 | $2.13 | $-3.10 | $3.39 |
| Free Cash Flow | -402M | -252M | 509M | -257M | -452M | -604M |
| ROIC | 5.5% | 5.0% | 5.0% | 2.8% | -0.3% | 4.3% |
| Gross Margin | - | 51.9% | 52.8% | 51.8% | 49.0% | 46.9% |
| Debt/Equity | 0.86 | 0.89 | 1.20 | 1.60 | 1.96 | 2.14 |
| Dividends/Share | $2.47 | $2.48 | $2.48 | $2.48 | $2.48 | $2.38 |
| Operating Income | 493M | 474M | 406M | 293M | -24M | 370M |
| Operating Margin | 40.1% | 24.4% | 8.0% | 5.4% | -0.5% | 10.0% |
| ROE | 11.3% | 11.8% | 5.7% | 4.7% | -6.8% | 7.1% |
| Shares Outstanding | 72M | 72M | 72M | 71M | 66M | 59M |
| Metric | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||||||
| Revenue | 2.4B | 2.5B | 2.5B | 2.9B | 3.1B | 3.3B | 3.7B | 5.0B | 5.4B | 5.1B | 1.9B | 1.2B |
| Gross Margin | 22.3% | 58.4% | 54.9% | 51.8% | 49.6% | 47.6% | 46.9% | 49.0% | 51.8% | 52.8% | 51.9% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | N/A | 1.1B | 1.1B | 1.1B | 1.2B | 1.1B | 1.4B | 2.4B | 2.5B | 2.3B | N/A | N/A |
| EBIT | 288M | 315M | 343M | 357M | 372M | 423M | 370M | -24M | 293M | 406M | 474M | 493M |
| Op. Margin | 12.2% | 12.8% | 13.5% | 12.4% | 11.9% | 12.8% | 10.0% | -0.5% | 5.4% | 8.0% | 24.4% | 40.1% |
| Net Income | 138M | 152M | 194M | 182M | 214M | 232M | 201M | -203M | 151M | 199M | 440M | 464M |
| Net Margin | 5.9% | 6.2% | 7.6% | 6.3% | 6.9% | 7.0% | 5.5% | -4.1% | 2.8% | 3.9% | 22.7% | 37.8% |
| Non-Recurring | 3.1M | 7.1M | 4.2M | 1.7M | 5.5M | 1.8M | 6.9M | 7.9M | 136K | 0 | 0 | 0 |
| Returns on Capital | ||||||||||||
| ROIC | 11.6% | 8.5% | 7.3% | 6.5% | 6.2% | 6.3% | 4.3% | -0.3% | 2.8% | 5.0% | 5.0% | 5.5% |
| ROE | 9.0% | 9.3% | 11.1% | 9.0% | 9.0% | 9.0% | 7.1% | -6.8% | 4.7% | 5.7% | 11.8% | 11.3% |
| ROA | 2.6% | 2.8% | 3.3% | 2.7% | 2.8% | 2.7% | 1.9% | -1.6% | 1.3% | 1.6% | 3.9% | 4.5% |
| Cash Flow | ||||||||||||
| Op. Cash Flow | 552M | 601M | 370M | 529M | 500M | 626M | 111M | 407M | 509M | 1.4B | 556M | 427M |
| Free Cash Flow | 64M | 71M | -254M | -237M | -438M | -199M | -604M | -452M | -257M | 509M | -252M | -402M |
| Owner Earnings | 279M | 306M | 108M | 274M | 190M | 196M | -410M | -199M | -173M | 1.0B | 211M | 749M |
| CapEx | 488M | 530M | 624M | 766M | 938M | 825M | 716M | 859M | 766M | 847M | 808M | 829M |
| Maint. CapEx | 270M | 289M | 251M | 249M | 303M | 423M | 512M | 597M | 676M | 303M | 331M | -335M |
| Growth CapEx | 218M | 240M | 373M | 517M | 635M | 402M | 203M | 263M | 90M | 543M | 477M | 1.2B |
| D&A | 270M | 289M | 251M | 249M | 303M | 423M | 512M | 597M | 676M | 303M | 331M | -335M |
| CapEx/OCF | 89.2% | 88.2% | 168.6% | 144.8% | 187.5% | 131.8% | 642.5% | 210.9% | 171.3% | 62.4% | 145.3% | 194.2% |
| Capital Allocation | ||||||||||||
| Dividends Paid | 74M | 83M | 92M | 100M | 116M | 126M | 138M | 161M | 175M | 178M | 179M | 179M |
| Dividend Yield | 3.9% | 3.4% | 3.2% | 3.4% | 3.2% | 3.9% | 4.1% | 3.6% | 4.4% | 3.6% | 3.3% | 2.7% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 2.9M | 5.5M | 11M | 6.1M | 6.9M | 7.1M | 9.3M | 9.4M | 6.2M | 11M | 15M | 13M |
| Debt Repayment | 188M | 255M | 339M | 238M | 214M | 356M | 453M | 500M | 248M | 629M | 550M | 550M |
| Balance Sheet | ||||||||||||
| Net Debt | 113M | 1.6B | 2.0B | 2.2B | 2.6B | 2.8B | 6.1B | 5.9B | 5.2B | 3.6B | 2.4B | 3.0B |
| Cash & Equiv. | 36M | 28M | 44M | 85M | 50M | 83M | 223M | 123M | 107M | 315M | 577M | 485M |
| Long-Term Debt | 136M | 1.5B | 1.8B | 2.1B | 2.3B | 2.7B | 4.1B | 4.4B | 4.6B | 3.5B | 3.4B | 3.4B |
| Debt/Equity | 0.09 | 0.95 | 1.12 | 1.02 | 1.07 | 1.08 | 2.14 | 1.96 | 1.60 | 1.20 | 0.89 | 0.86 |
| Interest Coverage | 4.0 | 4.3 | 4.4 | 3.7 | 3.4 | 3.8 | 3.1 | -0.1 | 1.0 | 2.0 | 2.3 | 2.3 |
| Equity | 1.6B | 1.7B | 1.8B | 2.3B | 2.5B | 2.7B | 3.0B | 3.1B | 3.3B | 3.5B | 4.0B | 4.1B |
| Total Assets | 5.4B | 5.6B | 6.2B | 7.4B | 8.2B | 8.7B | 12.8B | 13.2B | 9.3B | 12.1B | 10.4B | 10.4B |
| Total Liabilities | 3.8B | 909M | 4.4B | 5.1B | 5.7B | 5.9B | 9.6B | 10.0B | 6.0B | 8.4B | 6.5B | -20M |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | N/A | 759M | 857M | 944M | 1.0B | 1.1B | 1.1B | 747M | 739M | 759M | 1.0B | 1.2B |
| Working Capital | N/A | -95M | -159M | -99M | -220M | -41M | -1.5B | 285M | 196M | -368M | 262M | 328M |
| Current Assets | N/A | 533M | 657M | 840M | 860M | 871M | 1.6B | 3.7B | 1.9B | 1.5B | 1.2B | 1.1B |
| Current Liabilities | N/A | 628M | 816M | 939M | 1.1B | 912M | 3.1B | 3.4B | 1.7B | 1.8B | 930M | 730M |
| Per Share Data | ||||||||||||
| EPS | 2.92 | 3.18 | 4.04 | 3.68 | 3.94 | 4.14 | 3.39 | -3.10 | 2.13 | 2.76 | 6.08 | 6.43 |
| Owner EPS | 5.89 | 6.40 | 2.25 | 5.52 | 3.50 | 3.50 | -6.93 | -3.03 | -2.44 | 14.46 | 2.91 | 10.35 |
| Book Value | 33.62 | 34.79 | 37.82 | 45.47 | 46.15 | 47.67 | 49.87 | 46.64 | 46.73 | 48.65 | 54.76 | 56.67 |
| Cash Flow/Share | 11.65 | 12.56 | 7.71 | 10.68 | 9.22 | 11.16 | 1.88 | 6.21 | 7.19 | 18.82 | 7.69 | 1.78 |
| Dividends/Share | 1.62 | 1.80 | 1.92 | 2.02 | 2.14 | 2.24 | 2.38 | 2.48 | 2.48 | 2.48 | 2.48 | 2.47 |
| Shares Out. | 47.4M | 47.8M | 48.0M | 49.5M | 54.3M | 56.1M | 59.2M | 65.6M | 70.8M | 72.0M | 72.3M | 72.4M |
| Valuation | ||||||||||||
| P/E Ratio | 13.8 | 17.7 | 15.3 | 16.1 | 15.4 | 12.1 | 17.7 | N/A | 27.8 | 24.5 | 13.2 | 14.5 |
| P/FCF | 29.9 | 37.9 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 9.6 | N/A | N/A |
| EV/EBIT | 11.9 | 14.5 | 14.3 | 14.2 | 15.8 | 13.0 | 25.5 | N/A | 22.1 | 20.7 | 17.2 | 19.8 |
| Price/Book | 1.2 | 1.6 | 1.6 | 1.3 | 1.3 | 1.0 | 1.2 | 1.2 | 1.3 | 1.4 | 1.5 | 1.6 |
| Price/Sales | 0.8 | 1.0 | 2.3 | 1.9 | 2.1 | 1.0 | 0.9 | 0.9 | 0.7 | 2.0 | 2.8 | 5.5 |
| FCF Yield | 3.3% | 2.6% | -8.5% | -8.1% | -13.3% | -7.1% | -17.0% | -12.4% | -6.1% | 10.5% | -4.3% | -6.0% |
| Market Cap | 1.9B | 2.7B | 3.0B | 2.9B | 3.3B | 2.8B | 3.6B | 3.7B | 4.2B | 4.9B | 5.8B | 6.7B |
| Avg. Price | 40.60 | 50.66 | 60.73 | 58.87 | 66.93 | 56.86 | 57.17 | 67.28 | 56.05 | 67.70 | 74.29 | 93.07 |
| Year-End Price | 40.41 | 56.30 | 61.85 | 59.29 | 60.69 | 49.94 | 60.13 | 55.75 | 59.25 | 67.61 | 80.19 | 93.07 |
Southwest Gas Holdings, Inc. passes 5 of 9 quality checks, suggesting mixed fundamentals.
Southwest Gas Holdings, Inc. trades at 15.3x trailing earnings, compared to its 15-year median P/E of 16.1x, suggesting it is currently Fair relative to its historical range. The company's 5-year average ROIC is 3.4% with a gross margin of 50.5%. Total shareholder yield (dividends) is 2.7%. At current prices, the estimated annualized return to fair value is +19.2%.
Southwest Gas Holdings, Inc. (SWX) has a net profit margin of 22.7%. This is a strong margin indicating high profitability.
Southwest Gas Holdings, Inc. (SWX) generated $-252 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
Southwest Gas Holdings, Inc. (SWX) has a debt-to-equity ratio of 0.89. This indicates moderate leverage.
Southwest Gas Holdings, Inc. (SWX) reported earnings per share (EPS) of $6.08 in its most recent fiscal year.
Southwest Gas Holdings, Inc. (SWX) has a return on equity (ROE) of 11.8%. This indicates moderate shareholder returns.
Southwest Gas Holdings, Inc. (SWX) has a 5-year average gross margin of 50.5%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 11 years of financial data for Southwest Gas Holdings, Inc. (SWX), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Southwest Gas Holdings, Inc. (SWX) has a book value per share of $54.76, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management remains optimistic about constructive regulatory outcomes in Arizona and Nevada, with formula rate mechanisms expected to improve earnings visibility and reduce regulatory lag over time. The company anticipates filing its Arizona rate case in the first quarter of 2026 with new rates effective in April 2026, and expects Nevada new rates to become effective in the fourth quarter of 2026 under the statutory 210-day timeline; a California rate case decision is expected during 2026 with full retroactive recovery anticipated. The Great Basin expansion project represents a significant long-term growth platform, with strong demand from the recent open season and an expected in-service date in late 2028, though final capital and margin estimates remain subject to contracted demand levels. The company plans to invest approximately $1.25 billion in 2026 and $6.3 billion over the next five years, supporting an expected rate base compound annual growth rate of 9.5% to 11.5% through 2030, with earnings growth expected to be front-end loaded through 2028 and 2029 as formula rates reduce lag and the Great Basin project comes online.
Based on recent SEC filings and earnings calls, Southwest Gas Holdings, Inc. (SWX) has provided the following forward guidance: Long-term EPS growth: 12%–14% (2025–2030); Capital expenditure: $1.25 billion (FY2026); Rate base CAGR: 9.5%–11.5% (2026–2030).