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NorthWestern Energy Group, Inc., doing business as NorthWestern Energy, provides electricity and natural gas to residential, commercial, and diversified industrial customers. It generates, purchases, transmits, and distributes electricity; and produces, purchases, stores, transmits, and distributes natural gas, as well as owns municipal franchises to provide natural gas service in the communities. The company operates 6,596 miles of electric transmission and 18,946 miles of electric distribution lines with approximately 397 transmission and distribution substations; and 2,133 miles of natural gas transmission and 5,939 miles of natural gas distribution lines with approximately 134 city gate stations in Montana. It also operates 1,344 miles of electric transmission and 2,386 miles of electric distribution lines in South Dakota with approximately 123 transmission and distribution substations; and 55 miles of natural gas transmission, 1,853 miles of natural gas distribution lines in South Dakota, and 836 miles of natural gas distribution lines Nebraska. The company provides electricity and/or natural gas to approximately 850,300 customers in Montana, South Dakota, Nebraska, and Yellowstone National Park. NorthWestern Energy Group, Inc. was incorporated in 1923 and is based in Sioux Falls, South Dakota.
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 | $1.6B | $587M | $181M | $-130M | 6.3% | 6.4% | -19.2% |
| 2024 | $1.5B | $574M | $224M | $-143M | 7.8% | 6.5% | 15.4% |
| 2023 | $1.4B | $527M | $194M | $-78M | 7.0% | -3.8% | 6.1% |
| 2022 | $1.5B | $478M | $183M | $-208M | 6.9% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 1,477.84 | 1,422.14 | 1,513.90 | 1,610.56 |
| Cost Of Revenue | 713.44 | 640.79 | 661.65 | 694.68 |
| Gross Profit | 764.40 | 781.36 | 852.25 | 915.88 |
| Operating Expense | 501.32 | 480.90 | 528.92 | 590.06 |
| Operating Income | 263.08 | 300.45 | 323.32 | 325.82 |
| EBITDA | 477.53 | 526.76 | 573.98 | 587.44 |
| EBIT | 282.51 | 316.29 | 346.35 | 337.92 |
| Pretax Income | 182.40 | 201.67 | 214.67 | 187.56 |
| Tax Provision | -0.60 | 7.54 | -9.44 | 6.47 |
| Net Income | 183.01 | 194.13 | 224.11 | 181.09 |
| Net Income Common Stockholders | 183.01 | 194.13 | 224.11 | 181.09 |
| Total Expenses | 1,214.76 | 1,121.69 | 1,190.58 | 1,284.74 |
| Interest Expense | 100.11 | 114.62 | 131.67 | 150.35 |
| Selling General And Administration | 113.78 | 117.36 | 137.44 | 158.24 |
| Normalized EBITDA | 477.53 | 526.76 | 573.98 | 587.44 |
| Normalized Income | 183.01 | 194.13 | 224.11 | 181.09 |
| Basic EPS | 3.28 | 3.22 | 3.65 | 2.95 |
| Diluted EPS | 3.25 | 3.22 | 3.65 | 2.94 |
| Tax Effect Of Unusual Items | 0 | 0 | 0 | 0 |
| Tax Rate For Calcs | 0.21 | 0.04 | 0.21 | 0.04 |
| Net Income From Continuing Operation Net Minority Interest | 183.01 | 194.13 | 224.11 | 181.09 |
| Reconciled Depreciation | 195.02 | 210.47 | 227.63 | 249.53 |
| Reconciled Cost Of Revenue | 713.44 | 640.79 | 661.65 | 694.68 |
| Net Interest Income | -100.11 | -114.62 | -131.67 | -150.35 |
| Net Income From Continuing And Discontinued Operation | 183.01 | 194.13 | 224.11 | 181.09 |
| Total Operating Income As Reported | 263.08 | 300.45 | 323.32 | 325.82 |
| Diluted Average Shares | 56.30 | 60.36 | 61.40 | 61.54 |
| Basic Average Shares | 55.80 | 60.32 | 61.32 | 61.38 |
| Diluted NI Availto Com Stockholders | 183.01 | 194.13 | 224.11 | 181.09 |
| Net Income Including Noncontrolling Interests | 183.01 | 194.13 | 224.11 | 181.09 |
| Net Income Continuous Operations | 183.01 | 194.13 | 224.11 | 181.09 |
| Other Income Expense | 19.43 | 15.83 | 23.02 | 12.10 |
| Other Non Operating Income Expenses | 19.43 | 15.83 | 23.02 | 12.10 |
| Net Non Operating Interest Income Expense | -100.11 | -114.62 | -131.67 | -150.35 |
| Interest Expense Non Operating | 100.11 | 114.62 | 131.67 | 150.35 |
| Other Taxes | 192.52 | 153.07 | 163.85 | 182.30 |
| Depreciation Amortization Depletion Income Statement | 195.02 | 210.47 | 227.63 | 249.53 |
| General And Administrative Expense | 113.78 | 117.36 | 137.44 | 158.24 |
| Other Gand A | 113.78 | 117.36 | 137.44 | 158.24 |
| Operating Revenue | 1,477.84 | 1,422.14 | 1,513.90 | 1,610.56 |
Utilities sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| NorthWestern Energy Group, Inc.this co. | NWE | - | - | - | 6.3% | - |
| Genie Energy Ltd. | GNE | $365M | 47.17 | 1.83 | 7.0% | 7.37 |
| OPAL Fuels Inc. | OPAL | $363M | 13.87 | -4.66 | 3.0% | 39.72 |
| Cadiz Inc. | CDZI | $350M | - | 15.02 | -146.8% | -18.29 |
| Pure Cycle Corporation | PCYO | $271M | 19.75 |
| 1.83 |
| 9.2% |
| 19.34 |
| Global Water Resources, Inc. | GWRS | $207M | 65.45 | 2.39 | 3.4% | 15.40 |
| XCF Global, Inc. | SAFX | $109M | 0.71 | 2.03 | 196.5% | - |
| Verde Clean Fuels, Inc. | VGAS | $85M | - | 1.20 | -12.0% | -0.57 |
| NextNRG, Inc. | NXXT | $57M | - | -2.63 | -751.0% | -1.59 |
| Peer Median | - | 19.75 | 1.83 | 3.2% | 7.37 | |