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Northwest Natural Holding Company, through its subsidiary, Northwest Natural Gas Company, provides regulated natural gas distribution services to residential, commercial, and industrial customers in the United States. It operates through three segments: NWN Gas Utility, SiEnergy, and NWN Water. The company operates mist gas storage facility contracted to utilities, third-party marketers, and electric generators; offers natural gas asset management services; interstate storage; and operates an appliance retail center. It also engages in the gas storage, water and wastewater, non-regulated renewable natural gas, and other investment businesses. In addition, the company offers natural gas services in Oregon and southwest Washington; water and wastewater connections; and operation, maintenance, and management services to water and wastewater system owners. Northwest Natural Holding Company was founded in 1859 and is headquartered in Portland, Oregon.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $1.3B | $467M | $113M | $-198M | 7.7% | 11.8% | 43.7% |
| 2024 | $1.2B | $348M | $79M | $-194M | 5.7% | -3.7% | -16.0% |
| 2023 | $1.2B | $346M | $94M | $-47M | 7.3% | 15.4% | 8.8% |
| 2022 | $1.0B | $301M | $86M | $-191M | 7.3% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 1,037.35 | 1,197.47 | 1,152.99 | 1,289.36 |
| Operating Revenue | - | 1,039.77 | 1,173.23 | 1,116.26 | 1,209.99 |
| Cost Of Revenue | - | 696.13 | 822.27 | 755.38 | 771.11 |
| Gross Profit | - | 341.22 | 375.20 | 397.61 | 518.26 |
| Operating Expense | - | 173.75 | 190.26 | 206.47 | 237.37 |
| Selling General And Administration | 9.94 | 12.39 | - | - | - |
| Total Expenses | - | 869.88 | 1,012.53 | 961.85 | 1,008.47 |
| Operating Income | - | 167.48 | 184.94 | 191.14 | 280.89 |
| Total Operating Income As Reported | - | 167.48 | 184.94 | 191.14 | 280.89 |
| EBITDA | - | 301.26 | 346.02 | 348.09 | 466.94 |
| Normalized EBITDA | - | 301.26 | 346.02 | 348.09 | 466.94 |
| EBIT | - | 168.68 | 202.80 | 190.03 | 277.19 |
| Interest Expense | - | 53.25 | 76.57 | 80.09 | 122.51 |
| Net Interest Income | - | -53.25 | -76.57 | -80.09 | -122.51 |
| Other Non Operating Income Expenses | - | 1.20 | 17.86 | -1.11 | -3.70 |
| Other Income Expense | - | 1.20 | 17.86 | -1.11 | -3.70 |
| Interest Expense Non Operating | - | 53.25 | 76.57 | 80.09 | 122.51 |
| Net Non Operating Interest Income Expense | - | -53.25 | -76.57 | -80.09 | -122.51 |
| Pretax Income | - | 115.43 | 126.23 | 109.94 | 154.68 |
| Tax Provision | - | 29.13 | 32.36 | 31.07 | 41.36 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | 86.30 | 93.87 | 78.87 | 113.32 |
| Net Income From Continuing And Discontinued Operation | - | 86.30 | 93.87 | 78.87 | 113.32 |
| Net Income From Continuing Operation Net Minority Interest | - | 86.30 | 93.87 | 78.87 | 113.32 |
| Net Income | - | 86.30 | 93.87 | 78.87 | 113.32 |
| Net Income Common Stockholders | - | 86.30 | 93.87 | 78.87 | 113.32 |
| Net Income Including Noncontrolling Interests | - | 86.30 | 93.87 | 78.87 | 113.32 |
| Normalized Income | - | 86.30 | 93.87 | 78.87 | 113.32 |
| Diluted NI Availto Com Stockholders | - | 86.30 | 93.87 | 78.87 | 113.32 |
| Basic Average Shares | - | 35.52 | 37.63 | 40.22 | 41.56 |
| Diluted Average Shares | - | 35.52 | 37.63 | 40.22 | 41.56 |
| Reconciled Depreciation | - | 132.58 | 143.22 | 158.06 | 189.74 |
| Reconciled Cost Of Revenue | - | 680.26 | 804.63 | 735.22 | 746.87 |
| Net Income Discontinuous Operations | 0 | 0 | - | - | - |
| Depreciation Amortization Depletion Income Statement | - | 116.71 | 125.58 | 137.90 | 165.51 |
| Depreciation And Amortization In Income Statement | - | 116.71 | 125.58 | 137.90 | 165.51 |
| General And Administrative Expense | 9.94 | 12.39 | - | - | - |
| Other Gand A | 9.94 | 12.39 | - | - | - |
| Other Operating Expenses | - | 16.01 | 18.43 | 19.90 | 19.81 |
| Depreciation Income Statement | - | 116.71 | 125.58 | 137.90 | 165.51 |
| Other Taxes | - | 41.03 | 46.25 | 48.67 | 52.05 |
Utilities sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Northwest Natural Holding Companythis co. | NWN | $2.1B | 18.16↓ discount | 1.39 | 7.7% | 10.07 |
| MDU Resources Group, Inc. | MDU | $4.4B | 23.22 | 1.59 | 6.9% | 13.45 |
| Avista Corporation | AVA | $3.4B | 17.82 | 1.27 | 7.1% | 10.25 |
| American States Water Company | AWR | $3.0B | 23.22 | 2.89 | 12.4% | 14.84 |
| Chesapeake Utilities Corporation | CPK |
| 2021 |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| $2.9B |
| 20.75 |
| 1.82 |
| 8.8% |
| 12.16 |
| MGE Energy, Inc. | MGEE | $2.8B | 20.52 | 2.14 | 10.4% | 12.11 |
| California Water Service Group | CWT | $2.7B | 21.12 | 1.60 | 7.6% | 11.83 |
| H2O America | HTO | $2.4B | 23.07 | 1.54 | 6.7% | 14.03 |
| Hawaiian Electric Industries, Inc. | HE | $2.3B | 18.37 | 1.44 | 7.9% | 8.28 |
| Peer Median | - | 20.94 | 1.60 | 7.7% | 12.14 | |