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NorthWestern Energy

NWE Nasdaq Multi-Utilities Financials FY2016–FY2025

NorthWestern Energy's revenue rose 6.4% to $1.6 billion in fiscal 2025. Its operating margin was 20.2%, down from 21.4% a year earlier. Free cash flow was −$130 million. It paid out $161 million in dividends and buybacks. The diluted share count rose 0.3%.

Last close · Oct 23, 2026

$77.59

0.6%
Value it Compare
Revenue Total sales reported in the income statement.
$1.6B
6.4% vs prior year
Operating margin Operating income as a share of revenue.
20.2%
1.1 pts
Net income Profit after all expenses, interest and tax.
$181M
19.2%
Free cash flow Cash from operations minus capital spending.
−$130M
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
5.1%
0.5 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$4.8B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
28.0x
On $2.77 EPS (TTM)

About these figures. Years to 2022 come from NorthWestern Corporation, the listed company until NorthWestern Energy Group became its holding company in October 2023.

What NorthWestern Energy does

No business description yet.

Legal name
NORTHWESTERN ENERGY GROUP, INC.
Fiscal year ends
December 31, 2025
Latest annual report
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Accession · CIK
0001993004-26-000006
0001993004

Revenue and margins

NorthWestern Energy had $1.6B of revenue in fiscal 2025, up 6.4% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew −1.6% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was −$130M in fiscal 2025, −8.1% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

NorthWestern Energy returned $161M to shareholders in fiscal 2025. The diluted share count rose 0.3%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value NorthWestern Energy yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

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Adds net cash of −$3.4B and divides by 61.5M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 28.0x · peers 20.1x · sector 20.4x.

Balance sheet

Cash, debt and the ratios that show how comfortably NorthWestern Energy can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $2.8M$8.5M$9.2M$4.3M$8.8M
Debt incl. finance leases $2.6B$2.8B$2.8B$3.1B$3.4B
Net debt / EBITDA 5.5x6.0x5.5x5.6x6.0x
Debt / equity 1.1x1.0x1.0x1.1x1.2x
Interest coverage 2.9x2.6x2.6x2.5x2.2x
Current ratio 1.2x0.9x0.8x0.5x0.7x
Quick ratio 0.9x0.7x0.6x0.4x0.5x
Total assets $6.8B$7.3B$7.6B$8.0B$8.5B
Total liabilities $4.4B$4.7B$4.8B$5.1B$5.6B
Shareholders' equity $2.3B$2.7B$2.8B$2.9B$2.9B
Net debt (− = net cash) $2.6B$2.8B$2.8B$3.1B$3.4B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

—

$0.0M

No open-market insider trades in the last 12 months.

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✕ ✕
Current ratio rose ✕ ✕ ✓
Share count didn't rise ✕ ✕ ✕
Gross margin rose — — —
Revenue rose relative to assets ✕ ✓ ✓
F-score 4 / 85 / 85 / 8
Accruals ratio −4.0%−2.3%−2.6%
Altman Z'' 1.110.901.00

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
NorthWestern Energy NWE $4.8B 6.4% 20.2% −8.1% 5.1% 28.0x 5
MDU Resources Group MDU $4.1B 6.7% 15.5% −15.8% 5.1% 20.2x 4 Compare →
Avista AVA $3.1B 1.3% 18.0% −5.1% — 13.6x — Compare →
Black Hills BKH $6.0B 8.6% 23.3% −6.3% 5.7% 20.0x 6 Compare →
OGE Energy OGE $10.0B 9.2% 24.5% 2.5% 6.5% 21.6x 6 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $1.3B $1.3B $1.2B $1.3B $1.2B $1.4B $1.5B $1.4B $1.5B $1.6B
Gross profit $856M $895M $919M $940M $893M — — — — —
Operating income $255M $272M $266M $277M $236M $276M $263M $301M $323M $326M
Interest expense $95.0M $92.3M $92.0M $95.1M $96.8M $93.7M $100M $115M $132M $150M
Pretax income $157M $176M $178M $182M $144M $190M $182M $202M $215M $188M
Income tax −$7.6M $13.4M −$18.7M −$19.9M −$11.0M $3.4M −$0.6M $7.5M −$9.4M $6.5M
Net income $164M $163M $197M $202M $155M $187M $183M $194M $224M $181M
Diluted EPS $3.39 $3.34 $3.92 $3.98 $3.06 $3.60 $3.25 $3.22 $3.65 $2.94
Diluted shares 0.05B 0.05B 0.05B 0.05B 0.05B 0.05B 0.06B 0.06B 0.06B 0.06B
Cash flow
Cash from operations $287M $323M $382M $297M $352M $220M $307M $489M $407M $395M
Capital expenditure $288M $276M $284M $316M $406M $434M $515M $567M $549M $525M
Free cash flow −$1.1M $46.3M $98.0M −$19.3M −$53.6M −$214M −$208M −$77.7M −$143M −$130M
Depreciation and amortization $159M $166M $175M $173M $180M $188M $195M $211M $228M $250M
Stock-based compensation $6.7M $5.6M $7.7M $8.0M $4.1M $5.3M $5.5M $5.2M $4.7M $7.0M
Acquisitions $0.0M $0.0M $18.5M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $35.9M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends paid $95.8M $101M $109M $115M $120M $129M $140M $154M $159M $161M
Dividends and buybacks $95.8M $101M $109M $115M $120M $128M $140M $154M $159M $161M
Balance sheet
Cash and short-term investments $5.1M $8.5M $7.9M $5.1M $5.8M $2.8M $8.5M $9.2M $4.3M $8.8M
Total debt $2.1B $2.1B $2.1B $2.2B $2.4B $2.5B $2.8B $2.8B $3.1B $3.4B
Finance lease liabilities $0.0M $0.0M $0.0M $19.9M $17.4M $14.8M $11.9M $8.8M $5.5M $1.9M
Current assets $280M $296M $278M $302M $309M $438M $539M $407M $418M $504M
Current liabilities $614M $632M $347M $334M $466M $380M $621M $535M $802M $698M
Inventory $49.2M $52.4M $50.8M $53.9M $61.0M $80.6M $107M $115M $123M $133M
Property and equipment, net $4.2B $4.4B $4.5B $4.7B $5.0B $5.2B $5.7B $6.0B $6.4B $6.7B
Total assets $5.5B $5.4B $5.8B $6.1B $6.4B $6.8B $7.3B $7.6B $8.0B $8.5B
Total liabilities $3.8B $3.6B $3.7B $4.0B $4.3B $4.4B $4.7B $4.8B $5.1B $5.6B
Shareholders' equity $1.7B $1.8B $1.9B $2.0B $2.1B $2.3B $2.7B $2.8B $2.9B $2.9B
Margins
Gross margin 68.1% 68.6% 77.1% 74.7% 74.5% — — — — —
Operating margin 20.3% 20.8% 22.3% 22.0% 19.7% 20.1% 17.8% 21.1% 21.4% 20.2%
EBITDA margin 33.0% 33.5% 37.0% 35.8% 34.7% 33.8% 31.0% 35.9% 36.4% 35.7%
Net margin 13.1% 12.5% 16.5% 16.1% 13.0% 13.6% 12.4% 13.7% 14.8% 11.2%
FCF margin −0.1% 3.6% 8.2% −1.5% −4.5% −15.6% −14.1% −5.5% −9.4% −8.1%
Returns
Return on capital 6.9% 6.6% 6.7% 6.7% 5.4% 5.8% 5.1% 5.3% 5.6% 5.1%
Return on capital employed 5.3% 5.6% 5.2% 4.9% 4.1% 4.5% 4.0% 4.4% 4.5% 4.4%
Return on equity 10.0% 9.4% 10.5% 10.2% 7.5% 8.5% 7.3% 7.1% 7.9% 6.3%
Return on assets 3.1% 3.0% 3.5% 3.4% 2.5% 2.8% 2.6% 2.6% 2.9% 2.2%
Growth
Revenue growth 3.5% 3.9% −8.7% 5.5% −4.7% 14.5% 7.7% −3.8% 6.5% 6.4%
Net income growth 8.6% −0.9% 21.1% 2.6% −23.2% 20.4% −2.1% 6.1% 15.4% −19.2%
EPS growth 6.9% −1.5% 17.4% 1.5% −23.1% 17.7% −9.7% −0.9% 13.4% −19.5%
FCF growth −102.0% — 111.7% −119.7% — — — — — —
Share count change 1.8% 0.4% 3.3% 1.0% −0.1% 2.3% 8.5% 7.2% 1.7% 0.3%
Financial health
Net debt / EBITDA 5.0x 4.8x 4.8x 5.0x 5.8x 5.5x 6.0x 5.5x 5.6x 6.0x
Debt / equity 1.3x 1.2x 1.1x 1.1x 1.2x 1.1x 1.0x 1.0x 1.1x 1.2x
Interest coverage 2.7x 3.0x 2.9x 2.9x 2.4x 2.9x 2.6x 2.6x 2.5x 2.2x
Current ratio 0.5x 0.5x 0.8x 0.9x 0.7x 1.2x 0.9x 0.8x 0.5x 0.7x
Quick ratio 0.4x 0.4x 0.7x 0.7x 0.5x 0.9x 0.7x 0.6x 0.4x 0.5x
Capital allocation
Capex / revenue 22.9% 21.2% 23.8% 25.1% 33.9% 31.7% 34.9% 39.9% 36.3% 32.6%
Stock comp / revenue 0.5% 0.4% 0.6% 0.6% 0.4% 0.4% 0.4% 0.4% 0.3% 0.4%
Payouts / FCF — 218.7% 111.4% — — — — — — —
Quality scores
Piotroski F-score 5.0 6.0 7.0 4.0 4.0 7.0 4.0 4.0 5.0 5.0
Altman Z'' 0.6 0.7 1.1 1.1 0.9 1.2 1.1 1.1 0.9 1.0
Accruals ratio −2.3% −2.9% −3.3% −1.6% −3.2% −0.5% −1.8% −4.0% −2.3% −2.6%

Source: SEC EDGAR XBRL filings (CIK 0001993004). Data updated October 14, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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