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NW Natural

NWN NYSE Gas Utilities Financials FY2016–FY2025

NW Natural's revenue rose 11.8% to $1.3 billion in fiscal 2025. Its operating margin was 21.8%, up from 16.6% a year earlier. Free cash flow was −$198 million. It paid out $77 million in dividends and buybacks. The diluted share count rose 5.4%.

Last close · Oct 23, 2026

$49.87

0.1%
Value it Compare
Revenue Total sales reported in the income statement.
$1.3B
11.8% vs prior year
Operating margin Operating income as a share of revenue.
21.8%
5.2 pts
Net income Profit after all expenses, interest and tax.
$113M
43.6%
Free cash flow Cash from operations minus capital spending.
−$198M
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
5.7%
1.2 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$2.1B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
16.5x
On $3.02 EPS (TTM)

What NW Natural does

No business description yet.

Legal name
NORTHWEST NATURAL HOLDING COMPANY
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001733998-26-000012
0001733998

Revenue and margins

NW Natural had $1.3B of revenue in fiscal 2025, up 11.8% 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 3.0% 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 −$198M in fiscal 2025, −15.3% 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

NW Natural returned $77.3M to shareholders in fiscal 2025. The diluted share count rose 5.4%.

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

Value NW Natural 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

—

Adds net cash of −$2.6B and divides by 41.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 16.5x · peers 13.4x · sector 20.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably NW Natural can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $18.6M$29.3M$32.9M$38.5M$36.7M
Debt incl. finance leases $1.4B$1.6B$1.7B$1.9B$2.6B
Net debt / EBITDA 5.1x5.5x5.3x5.6x5.8x
Debt / equity 1.5x1.4x1.3x1.4x1.8x
Interest coverage 3.7x3.3x2.3x2.7x2.5x
Current ratio 0.6x0.8x0.9x0.9x0.7x
Quick ratio 0.6x0.8x0.9x0.9x0.7x
Total assets $4.1B$4.7B$4.9B$5.2B$6.2B
Total liabilities $3.1B$3.6B$3.6B$3.8B$4.7B
Shareholders' equity $935M$1.2B$1.3B$1.4B$1.5B
Net debt (− = net cash) $1.4B$1.6B$1.6B$1.8B$2.6B

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

$0.1M

2 insiders

Sold, 12 months

$0.4M

6 insiders

Of sales under plans

77%

$0.3M

DateInsiderTradeSharesPriceValueFiling
Sep 18, 2026 David Hugo AndersonDirector Sold plan 1,500 $48.03 $0.1M Form 4
Aug 18, 2026 David Hugo AndersonDirector Sold plan 1,500 $50.86 $0.1M Form 4
Jul 20, 2026 David Hugo AndersonDirector Sold plan 1,500 $51.18 $0.1M Form 4
Jun 26, 2026 David Hugo AndersonDirector Sold plan 1,500 $50.90 $0.1M Form 4
May 12, 2026 Peter J BragdonDirector Bought 400 $50.32 $0.0M Form 4
May 7, 2026 Justin PalfreymanPresident & CEO, Director Bought 1,225 $48.75 $0.1M Form 4
Mar 23, 2026 David A. WeberVP, Gas Supply Sold 1,700 $52.57 $0.1M Form 4
Mar 5, 2026 David A. WeberVP, Gas Supply Sold 1 $52.53 $0.0M Form 4
Mar 5, 2026 Joseph S KarneyVP, Eng. & Utility Operations Sold 1 $52.53 $0.0M Form 4
Mar 5, 2026 Kimberly Heiting RushPresident Sold 1 $52.53 $0.0M Form 4
Mar 5, 2026 Melinda B. RogersVP, Chief HR and Sold 0 $52.53 $0.0M Form 4
Mar 5, 2026 Zachary D KravitzVP, Regulatory Affairs and Sold 1 $52.53 $0.0M Form 4

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 5 / 83 / 85 / 8
Accruals ratio −3.9%−2.4%−2.7%
Altman Z'' 0.770.760.62

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
NW Natural NWN $2.1B 11.8% 21.8% −15.3% 5.7% 16.5x 5
Chesapeake Utilities CPK $3.2B 18.1% 27.5% −23.1% 6.1% — 5 Compare →
Southwest Gas SWX $6.6B −21.6% 24.4% −13.0% 4.7% 12.1x 6 Compare →
New Jersey Resources NJR $5.4B 13.4% 25.0% — 6.8% 14.7x 7 Compare →
National Fuel Gas NFG $7.7B 17.1% 35.7% 8.2% 10.6% 11.2x 8 Compare →

10 years of figures

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

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $668M $755M $706M $746M $774M $860M $1.0B $1.2B $1.2B $1.3B
Operating income $151M $151M $132M $144M $148M $163M $168M $185M $191M $281M
Interest expense $36.0M $34.8M $35.3M $41.2M $42.7M $43.7M $50.8M $80.2M $71.2M $111M
Pretax income $105M $113M $91.5M $78.0M $91.4M $106M $115M $126M $110M $155M
Income tax $43.0M $41.0M $24.2M $12.6M $21.1M $27.4M $29.1M $32.4M $31.1M $41.4M
Net income $58.9M −$55.6M $64.6M $61.7M $76.8M $78.7M $86.3M $93.9M $78.9M $113M
Diluted EPS $2.12 −$1.93 $2.24 $2.07 $2.51 $2.56 $2.54 $2.59 $2.03 $2.77
Diluted shares 0.03B 0.03B 0.03B 0.03B 0.03B 0.03B 0.03B 0.04B 0.04B 0.04B
Cash flow
Cash from operations $222M $207M $169M $186M $145M $160M $148M $280M $200M $269M
Capital expenditure $138M $213M $215M $224M $273M $294M $339M $327M $394M $467M
Free cash flow $83.8M −$6.6M −$45.9M −$37.5M −$128M −$134M −$191M −$47.4M −$194M −$198M
Depreciation and amortization $77.6M $81.1M $85.2M $91.5M $104M $114M $117M $126M $138M $166M
Acquisitions $0.0M $0.0M $0.9M $56.8M $38.3M $1.3M $94.3M $7.5M $29.8M $338M
Share buybacks $1.0M $2.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends paid $51.5M $54.0M $51.3M $53.3M $55.4M $55.9M $62.8M $67.3M $72.9M $77.3M
Dividends and buybacks $52.6M $56.0M $51.3M $53.3M $55.4M $55.9M $62.8M $67.3M $72.9M $77.3M
Balance sheet
Cash and short-term investments $3.5M $3.5M $12.6M $9.6M $30.2M $18.6M $29.3M $32.9M $38.5M $36.7M
Total debt — $834M $954M $1.0B $1.3B $1.4B $1.6B $1.7B $1.9B $2.6B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets — $270M $296M $294M $323M $437M $744M $601M $558M $603M
Current liabilities — $382M $509M $482M $627M $725M $899M $697M $649M $836M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net — $2.2B $2.4B $2.4B $2.7B $2.9B $3.1B $3.4B $3.7B $4.4B
Total assets — $3.0B $3.2B $3.4B $3.8B $4.1B $4.7B $4.9B $5.2B $6.2B
Total liabilities — $2.3B $2.5B $2.6B $2.9B $3.1B $3.6B $3.6B $3.8B $4.7B
Shareholders' equity $851M $743M $763M $866M $889M $935M $1.2B $1.3B $1.4B $1.5B
Margins
Operating margin 22.6% 20.0% 18.7% 19.2% 19.2% 19.0% 16.1% 15.4% 16.6% 21.8%
EBITDA margin 34.2% 30.7% 30.8% 31.5% 32.6% 32.2% 27.4% 25.9% 28.5% 34.6%
Net margin 8.8% −7.4% 9.1% 8.3% 9.9% 9.1% 8.3% 7.8% 6.8% 8.8%
FCF margin 12.5% −0.9% −6.5% −5.0% −16.5% −15.5% −18.4% −4.0% −16.8% −15.3%
Returns
Return on capital — — 5.9% 6.7% 5.7% 5.4% 4.9% 4.9% 4.5% 5.7%
Return on capital employed — — 4.9% 5.1% 4.9% 5.0% 4.7% 4.6% 4.4% 5.7%
Return on equity — — 8.6% 7.6% 8.8% 8.6% 8.2% 7.6% 5.9% 7.9%
Return on assets — — 2.1% 1.9% 2.1% 2.0% 2.0% 2.0% 1.6% 2.0%
Growth
Revenue growth — 13.0% −6.5% 5.7% 3.7% 11.2% 20.6% 15.4% −3.7% 11.8%
Net income growth — −194.4% — −4.4% 24.4% 2.5% 9.7% 8.8% −16.0% 43.7%
EPS growth — −191.0% — −7.6% 21.3% 2.0% −0.8% 2.0% −21.6% 36.5%
FCF growth — −107.9% — — — — — — — —
Share count change — 3.5% 0.4% 3.4% 2.5% 0.5% 10.5% 6.7% 7.2% 5.4%
Financial health
Net debt / EBITDA — 3.6x 4.3x 4.3x 4.9x 5.1x 5.5x 5.3x 5.6x 5.8x
Debt / equity — 1.1x 1.3x 1.2x 1.4x 1.5x 1.4x 1.3x 1.4x 1.8x
Interest coverage 4.2x 4.3x 3.7x 3.5x 3.5x 3.7x 3.3x 2.3x 2.7x 2.5x
Current ratio — 0.7x 0.6x 0.6x 0.5x 0.6x 0.8x 0.9x 0.9x 0.7x
Quick ratio — 0.7x 0.6x 0.6x 0.5x 0.6x 0.8x 0.9x 0.9x 0.7x
Capital allocation
Capex / revenue 20.7% 28.3% 30.4% 29.9% 35.3% 34.2% 32.6% 27.3% 34.2% 36.2%
Payouts / FCF 62.7% — — — — — — — — —
Quality scores
Piotroski F-score — — — 4.0 4.0 5.0 7.0 5.0 3.0 5.0
Altman Z'' — 0.8 0.5 0.6 0.4 0.4 0.6 0.8 0.8 0.6
Accruals ratio — — −3.3% −3.7% −1.9% −2.1% −1.4% −3.9% −2.4% −2.7%

Source: SEC EDGAR XBRL filings (CIK 0001733998). Data updated October 22, 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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