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Southwest Gas

SWX NYSE Gas Utilities Financials FY2016–FY2025

Southwest Gas' revenue fell 21.6% to $1.9 billion in fiscal 2025. Its operating margin was 24.4%, up from 16.4% a year earlier. Free cash flow was −$252 million, against $509 million a year earlier. It paid out $179 million in dividends and buybacks. The diluted share count rose 0.4%.

Last close · Oct 23, 2026

$91.15

0.1%
Value it Compare
Revenue Total sales reported in the income statement.
$1.9B
21.6% vs prior year
Operating margin Operating income as a share of revenue.
24.4%
8.0 pts
Net income Profit after all expenses, interest and tax.
$440M
121.2%
Free cash flow Cash from operations minus capital spending.
−$252M
149.4%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
4.7%
0.3 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$6.6B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
12.1x
On $7.55 EPS (TTM)

About these figures. Southwest Gas gave up control of Centuri, its utility infrastructure services business, in 2025. Its revenue and earnings from 2023 are as restated without Centuri and cover its gas utility only, so revenue roughly halves from 2022 to 2023; its balance sheets to 2024 still include Centuri, so its debt falls in 2025. Southwest Gas doesn't report a gross profit, and the cost figures its filings tag cover only part of its costs or only some years, so gross profit and gross margin are left blank.

What Southwest Gas does

No business description yet.

Legal name
Southwest Gas Holdings, Inc.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001692115-26-000062
0001692115

Revenue and margins

Southwest Gas had $1.9B of revenue in fiscal 2025, down 21.6% 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 7.5% 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 −$252M in fiscal 2025, −13.0% 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

Southwest Gas returned $179M to shareholders in fiscal 2025. The diluted share count rose 0.4%.

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

Value Southwest Gas 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 −$2.9B and divides by 72.3M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 12.1x · peers 14.9x · sector 20.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably Southwest Gas can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $223M$123M$107M$315M$577M
Debt incl. finance leases $2.6B$2.3B$5.3B$4.2B$3.5B
Net debt / EBITDA 3.2x4.8x8.8x5.5x3.6x
Debt / equity 0.9x0.7x1.6x1.2x0.9x
Interest coverage 3.1x−0.1x1.0x1.4x2.0x
Current ratio 0.5x1.1x1.1x0.8x1.3x
Quick ratio 0.5x1.1x1.1x0.8x1.3x
Total assets $12.8B$13.2B$9.3B$12.1B$10.4B
Total liabilities $9.8B$10.1B$8.6B$8.4B$6.5B
Shareholders' equity $3.0B$3.1B$3.3B$3.5B$4.0B
Net debt (− = net cash) $2.4B$2.1B$5.2B$3.9B$2.9B

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

$0.5M

2 insiders

Of sales under plans

55%

$0.2M

DateInsiderTradeSharesPriceValueFiling
Sep 28, 2026 Julie M. WilliamsSVP/Cont. Improvement and Opt. Sold 2,500 $81.81 $0.2M Form 4
Jan 9, 2026 Justin L BrownPresident/Southwest Gas Corp. Sold plan 3,028 $81.08 $0.2M 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 / 86 / 86 / 8
Accruals ratio −3.2%−10.8%−1.0%
Altman Z'' 1.020.691.43

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
Southwest Gas SWX $6.6B −21.6% 24.4% −13.0% 4.7% 12.1x 6
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 →
One Gas OGS $4.9B 16.5% 18.9% −5.3% 6.2% 16.8x 5 Compare →
Spire SR $5.0B −4.5% 21.2% −13.9% 5.2% 15.0x 5 Compare →

10 years of figures

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

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $2.5B $2.5B $2.9B $3.1B $3.3B $3.7B $5.0B $2.5B $2.5B $1.9B
Operating income $316M $343M $357M $372M $423M $370M −$24.4M $293M $407M $474M
Interest expense $73.7M $78.1M $96.7M $109M $112M $119M $243M $292M $297M $240M
Pretax income $232M $259M $243M $273M $305M $247M −$273M $169M $254M $331M
Income tax $78.5M $65.1M $61.7M $56.0M $65.8M $39.6M −$75.7M $29.4M $33.2M $96.0M
Net income $152M $194M $182M $214M $232M $201M −$203M $151M $199M $440M
Diluted EPS $3.18 $4.04 $3.68 $3.94 $4.14 $3.39 −$3.10 $2.13 $2.76 $6.08
Diluted shares 0.05B 0.05B 0.05B 0.05B 0.06B 0.06B 0.07B 0.07B 0.07B 0.07B
Cash flow
Cash from operations $601M $370M $529M $500M $626M $111M $408M $509M $1.4B $556M
Capital expenditure $530M $624M $766M $938M $825M $716M $859M $766M $847M $808M
Free cash flow $71.0M −$254M −$237M −$438M −$199M −$604M −$452M −$257M $509M −$252M
Depreciation and amortization $289M $251M $249M $303M $332M $371M $471M $296M $303M $331M
Stock-based compensation $5.5M $10.9M $6.1M $6.9M $7.1M $9.3M $9.4M $6.2M $11.4M $14.6M
Acquisitions $17.0M $94.2M $251M $47.6M $0.0M $2.4B $18.8M $0.0M $0.0M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends paid $83.3M $92.1M $100M $116M $126M $138M $161M $175M $178M $179M
Dividends and buybacks $83.3M $92.1M $100M $116M $126M $138M $161M $175M $178M $179M
Balance sheet
Cash and short-term investments $28.1M $43.6M $85.4M $49.5M $83.4M $223M $123M $107M $315M $577M
Total debt $1.6B $2.0B $2.3B $2.7B $2.9B $2.6B $2.3B $5.3B $4.2B $3.5B
Finance lease liabilities $0.0M $0.0M $0.0M $14.1M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $533M $657M $840M $860M $871M $1.6B $3.7B $1.9B $1.5B $1.2B
Current liabilities $628M $816M $939M $1.1B $912M $3.1B $3.4B $1.7B $1.8B $930M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Total assets $5.6B $6.2B $7.4B $8.2B $8.7B $12.8B $13.2B $9.3B $12.1B $10.4B
Total liabilities $3.9B $4.4B $5.1B $5.7B $6.1B $9.8B $10.1B $8.6B $8.4B $6.5B
Shareholders' equity $1.7B $1.8B $2.3B $2.5B $2.7B $3.0B $3.1B $3.3B $3.5B $4.0B
Margins
Operating margin 12.8% 13.5% 12.4% 11.9% 12.8% 10.0% −0.5% 11.6% 16.4% 24.4%
EBITDA margin 24.6% 23.3% 21.1% 21.6% 22.9% 20.1% 9.0% 23.2% 28.7% 41.5%
Net margin 6.2% 7.6% 6.3% 6.9% 7.0% 5.5% −4.1% 6.0% 8.0% 22.7%
FCF margin 2.9% −10.0% −8.2% −14.0% −6.0% −16.4% −9.1% −10.1% 20.6% −13.0%
Returns
Return on capital — 7.3% 6.5% 6.2% 6.3% 5.7% −0.4% 3.5% 4.4% 4.7%
Return on capital employed — 6.6% 6.0% 5.5% 5.7% 4.2% −0.3% 3.4% 4.6% 4.8%
Return on equity 9.3% 11.2% 9.0% 9.0% 9.0% 7.1% −6.8% 4.7% 5.8% 11.8%
Return on assets 2.8% 3.3% 2.7% 2.8% 2.8% 1.9% −1.6% 1.3% 1.9% 3.9%
Growth
Revenue growth −0.1% 3.6% 13.0% 8.3% 5.7% 11.6% 34.8% −48.9% −2.4% −21.6%
Net income growth 9.9% 27.5% −6.0% 17.4% 8.6% −13.6% −201.3% — 31.8% 121.2%
EPS growth 8.9% 27.0% −8.9% 7.1% 5.1% −18.1% −191.5% — 29.6% 120.3%
FCF growth 10.8% −457.4% — — — — — — — −149.5%
Share count change 0.9% 0.4% 3.1% 9.8% 3.3% 5.7% 10.6% 8.3% 1.5% 0.4%
Financial health
Net debt / EBITDA 2.6x 3.4x 3.6x 3.9x 3.7x 3.2x 4.8x 8.8x 5.5x 3.6x
Debt / equity 1.0x 1.1x 1.0x 1.1x 1.1x 0.9x 0.7x 1.6x 1.2x 0.9x
Interest coverage 4.3x 4.4x 3.7x 3.4x 3.8x 3.1x −0.1x 1.0x 1.4x 2.0x
Current ratio 0.9x 0.8x 0.9x 0.8x 1.0x 0.5x 1.1x 1.1x 0.8x 1.3x
Quick ratio 0.9x 0.8x 0.9x 0.8x 1.0x 0.5x 1.1x 1.1x 0.8x 1.3x
Capital allocation
Capex / revenue 21.5% 24.5% 26.6% 30.1% 25.0% 19.4% 17.3% 30.2% 34.2% 41.6%
Stock comp / revenue 0.2% 0.4% 0.2% 0.2% 0.2% 0.3% 0.2% 0.3% 0.5% 0.8%
Payouts / FCF 117.4% — — — — — — — 34.9% —
Quality scores
Piotroski F-score — 4.0 6.0 3.0 5.0 4.0 4.0 5.0 6.0 6.0
Altman Z'' 1.2 1.1 1.1 1.0 1.2 0.0 0.6 1.0 0.7 1.4
Accruals ratio −8.2% −3.0% −5.1% −3.7% −4.7% 0.8% −4.7% −3.2% −10.8% −1.0%

Source: SEC EDGAR XBRL filings (CIK 0001692115). 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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