Southwest Gas Holdings, Inc.

SWX

UtilitiesSmall CapUS Equities · NYSE / NASDAQ

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Company Profile

Southwest Gas Holdings, Inc., through its subsidiary, Southwest Gas Corporation, purchases, distributes, and transports natural gas for residential, commercial, and industrial customers in Arizona, Nevada, and California in the United States. The company offers tariff sales and transportation services. It also operates a pipeline transmission system, including an LNG storage facility. As of December 31, 2025, the company served approximately 2,281,000 customers with 1,224,000 in Arizona, 849,000 in Nevada, and 208,000 in California. Southwest Gas Holdings, Inc. was founded in 1931 and is headquartered in Las Vegas, Nevada.

Valuation

Market Cap$6.7B

Current Price$91.90

P/E Ratio28.28

P/B Ratio1.68

EV / EBITDA11.64

EV / Sales4.93

Profitability

Operating Margin-

Net Profit Margin22.7%

EBITDA Margin44.6%

Returns

ROE11.1%

ROCE-

ROIC %5.5%

ROA4.2%

Solvency

Current Ratio1.28

Debt / Equity0.89

Debt / Assets0.34

CFO / Net Profit1.26

Price History▲ 26.11% over 1Y

Technical Chart

Historical Performance Charts

5-year financial trends. Figures in USD millions.

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Latest fiscal year: 2025

Revenue$1.9B▼ 21.6%

EBITDA$865M

Net Profit$440M▲ 121.2%

Cash from Ops (CFO)$556M

Free Cash Flow (FCF)$-252M

Revenue CAGR 3Y-

Revenue CAGR 5Y-

Net Profit CAGR 3Y-

Net Profit CAGR 5Y-

Historical Growth

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	$1.9B	$865M	$440M	$-252M	11.1%	-21.6%	121.2%
2024	$2.5B	$764M	$199M	$509M	5.4%	-2.3%	31.8%
2023	$2.5B	$660M	$151M	$-257M	4.4%	-48.9%	-
2022	$5.0B	$440M	$-203M	$-452M	-6.3%	-	-

Financial Statements

Income statement, balance sheet, and cash flow as reported

Consolidated Figures in USD Millions.

Metric	2022	2023	2024	2025
Total Revenue	4,960.01	2,534.70	2,475.22	1,940.38
Cost Of Revenue	3,965.14	1,786.28	1,676.68	1,041.70
Gross Profit	994.87	748.42	798.53	898.68
Operating Expense	564.10	384.06	392.14	417.13
Operating Income	430.76	364.36	406.39	481.55
EBITDA	439.87	659.68	763.76	864.68
EBIT	-30.59	364.21	460.66	533.95
Pretax Income	-273.34	169.40	254.14	330.87
Tax Provision	-75.65	29.41	33.16	96.04
Net Income	-203.29	150.89	198.81	439.83
Net Income Common Stockholders	-203.29	150.89	198.81	439.83
Total Expenses	4,529.24	2,170.34	2,068.83	1,458.83
Interest Expense	242.75	194.81	206.53	203.08
Interest Income	16.18	50.76	33.58	20.94
Selling General And Administration	0.26	-0.15	0.08	-7.67
Normalized EBITDA	893.85	728.96	757.16	858.87
Normalized Income	124.94	192.59	209.22	235.36
Basic EPS	-3.10	2.13	2.77	0
Diluted EPS	-3.10	2.13	2.76	0
Tax Effect Of Unusual Items	-125.75	-12.05	0.86	1.68
Tax Rate For Calcs	0.28	0.17	0.13	0.29
Total Unusual Items	-453.98	-69.28	6.60	5.81
Total Unusual Items Excluding Goodwill	-453.98	-69.28	6.60	5.81
Net Income From Continuing Operation Net Minority Interest	-203.29	135.37	214.96	239.48
Reconciled Depreciation	470.45	295.46	303.10	330.72
Reconciled Cost Of Revenue	3,965.14	1,786.28	1,676.68	1,041.70
Net Interest Income	-226.57	-144.05	-172.95	-182.14
Net Income From Continuing And Discontinued Operation	-203.29	150.89	198.81	439.83
Total Operating Income As Reported	-24.40	292.98	406.47	473.89
Diluted Average Shares	65.56	70.99	72.03	0
Basic Average Shares	65.56	70.79	71.84	0
Diluted NI Availto Com Stockholders	-203.29	150.89	198.81	439.83
Minority Interests	-5.61	-4.63	-6.02	4.65
Net Income Including Noncontrolling Interests	-197.68	155.52	204.84	435.18
Net Income Discontinuous Operations	0	15.52	-16.14	200.34
Net Income Continuous Operations	-197.68	139.99	220.98	234.84
Other Income Expense	-477.53	-50.90	20.70	31.46
Other Non Operating Income Expenses	-26.18	17.99	14.10	25.65
Special Income Charges	-454.96	-69.28	6.60	5.81
Other Special Charges	-0.47	-1.95	-6.60	-5.81
Impairment Of Capital Assets	455.43	71.23	0	0
Earnings From Equity Interest	2.63	0.39	0	0
Gain On Sale Of Security	0.98	-0.52	-0.05	0
Net Non Operating Interest Income Expense	-226.57	-144.05	-172.95	-182.14
Interest Expense Non Operating	242.75	194.81	206.53	203.08
Interest Income Non Operating	16.18	50.76	33.58	20.94
Other Taxes	93.38	88.75	88.97	94.07
Depreciation Amortization Depletion Income Statement	470.45	295.46	303.10	330.72
Depreciation And Amortization In Income Statement	470.45	295.46	303.10	330.72
General And Administrative Expense	0.26	-0.15	0.08	-7.67
Other Gand A	0.26	-0.15	0.08	-7.67
Operating Revenue	4,960.01	2,534.70	2,475.22	1,940.38

Peer Comparison

Utilities sector peers, ranked by market cap

Company	Ticker	Market Cap	P/E	P/B	ROE	EV/EBITDA
Southwest Gas Holdings, Inc.this co.	SWX	$6.7B	28.28↑ premium	1.68	11.1%	11.64
Ormat Technologies, Inc.	ORA	$6.8B	54.61	2.64	4.6%	20.43
TXNM Energy, Inc.	TXNM	$6.5B	39.77	1.88	4.4%	14.10
Portland General Electric Company	POR	$5.9B	18.43	1.43	7.4%	9.72
Black Hills Corporation	BKH

Learn while you research

Hand-picked academy chapters to deepen your understanding of Southwest Gas Holdings, Inc. and the metrics that matter.

01 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read 02 Stock Market Risks

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Year

Revenue

EBITDA

Net Profit

FCF

ROE

Rev Growth 1Y

NP Growth 1Y

2025

$1.9B

$865M

$440M

$-252M

11.1%

-21.6%

121.2%

2024

$2.5B

$764M

$199M

$509M

5.4%

-2.3%

31.8%

2023

$2.5B

$660M

$151M

$-257M

4.4%

-48.9%

2022

$5.0B

$440M

$-203M

$-452M

-6.3%

Metric

2022

2023

2024

2025

Total Revenue

4,960.01

2,534.70

2,475.22

1,940.38

Cost Of Revenue

3,965.14

1,786.28

1,676.68

1,041.70

Gross Profit

994.87

748.42

798.53

898.68

Operating Expense

564.10

384.06

392.14

417.13

Operating Income

430.76

364.36

406.39

481.55

EBITDA

439.87

659.68

763.76

864.68

EBIT

-30.59

364.21

460.66

533.95

Pretax Income

-273.34

169.40

254.14

330.87

Tax Provision

-75.65

29.41

33.16

96.04

Net Income

-203.29

150.89

198.81

439.83

Net Income Common Stockholders

-203.29

150.89

198.81

439.83

Total Expenses

4,529.24

2,170.34

2,068.83

1,458.83

Interest Expense

242.75

194.81

206.53

203.08

Interest Income

16.18

50.76

33.58

20.94

Selling General And Administration

0.26

-0.15

0.08

-7.67

Normalized EBITDA

893.85

728.96

757.16

858.87

Normalized Income

124.94

192.59

209.22

235.36

Basic EPS

-3.10

2.13

2.77

Diluted EPS

-3.10

2.13

2.76

Tax Effect Of Unusual Items

-125.75

-12.05

0.86

1.68

Tax Rate For Calcs

0.28

0.17

0.13

0.29

Total Unusual Items

-453.98

-69.28

6.60

5.81

Total Unusual Items Excluding Goodwill

-453.98

-69.28

6.60

5.81

Net Income From Continuing Operation Net Minority Interest

-203.29

135.37

214.96

239.48

Reconciled Depreciation

470.45

295.46

303.10

330.72

Reconciled Cost Of Revenue

3,965.14

1,786.28

1,676.68

1,041.70

Net Interest Income

-226.57

-144.05

-172.95

-182.14

Net Income From Continuing And Discontinued Operation

-203.29

150.89

198.81

439.83

Total Operating Income As Reported

-24.40

292.98

406.47

473.89

Diluted Average Shares

65.56

70.99

72.03

Basic Average Shares

65.56

70.79

71.84

Diluted NI Availto Com Stockholders

-203.29

150.89

198.81

439.83

Minority Interests

-5.61

-4.63

-6.02

4.65

Net Income Including Noncontrolling Interests

-197.68

155.52

204.84

435.18

Net Income Discontinuous Operations

15.52

-16.14

200.34

Net Income Continuous Operations

-197.68

139.99

220.98

234.84

Other Income Expense

-477.53

-50.90

20.70

31.46

Other Non Operating Income Expenses

-26.18

17.99

14.10

25.65

Special Income Charges

-454.96

-69.28

6.60

5.81

Other Special Charges

-0.47

-1.95

-6.60

-5.81

Impairment Of Capital Assets

455.43

71.23

Earnings From Equity Interest

2.63

0.39

Gain On Sale Of Security

0.98

-0.52

-0.05

Net Non Operating Interest Income Expense

-226.57

-144.05

-172.95

-182.14

Interest Expense Non Operating

242.75

194.81

206.53

203.08

Interest Income Non Operating

16.18

50.76

33.58

20.94

Other Taxes

93.38

88.75

88.97

94.07

Depreciation Amortization Depletion Income Statement

470.45

295.46

303.10

330.72

Depreciation And Amortization In Income Statement

470.45

295.46

303.10

330.72

General And Administrative Expense

0.26

-0.15

0.08

-7.67

Other Gand A

0.26

-0.15

0.08

-7.67

Operating Revenue

4,960.01

2,534.70

2,475.22

1,940.38

Company

Ticker

Market Cap

P/E

P/B

ROE

EV/EBITDA

Southwest Gas Holdings, Inc.this co.

SWX

$6.7B

28.28↑ premium

1.68

11.1%

11.64

Ormat Technologies, Inc.

ORA

$6.8B

54.61

2.64

4.6%

20.43

TXNM Energy, Inc.

TXNM

$6.5B

39.77

1.88

4.4%

14.10

Portland General Electric Company

POR

$5.9B

18.43

1.43

7.4%

9.72

Black Hills Corporation

BKH

Southwest Gas Holdings, Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Southwest Gas Holdings, Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Key concepts to brush up on