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$6.3B

Current Price$88.97as of Jun 23, 2026

P/E Ratio14.34

P/B Ratio1.59

EV / EBITDA10.69

EV / Sales4.76

Profitability

Operating Margin24.8%

Net Profit Margin22.7%

EBITDA Margin44.6%

Returns

ROE11.1%

ROCE5.1%

ROIC %5.5%

ROA4.2%

Solvency

Current Ratio1.28

Debt / Equity0.89

Debt / Assets0.34

CFO / Net Profit1.26

Price History▲ 18.44% 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▲ 13.2%

Net Profit$440M▲ 121.2%

Cash from Ops (CFO)$556M▼ 59.0%

Free Cash Flow (FCF)$-252M▼ 149.4%

Revenue CAGR 3Y-26.9%

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	5.7%	-2.3%	31.8%
2023	$2.5B	$660M	$151M	$-257M	4.6%	-48.9%	-174.2%
2022	$5.0B	$440M	$-203M	$-452M	-6.6%	-	-
2021	-

Financial Statements

Income statement, balance sheet, and cash flow as reported

Consolidated Figures in USD Millions.

Metric	2021	2022	2023	2024	2025
Total Revenue	-	4,960.01	2,534.70	2,475.22	1,940.38
Operating 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	-	994.86	748.42	798.53	898.68
Operating Expense	-	564.10	384.06	392.14	417.13
Selling General And Administration	-	0.26	-0.15	0.08	-7.67
Total Expenses	-	4,529.24	2,170.34	2,068.83	1,458.83
Operating Income	-	430.76	364.36	406.39	481.55
Total Operating Income As Reported	-	-24.40	292.98	406.47	473.89
EBITDA	-	439.87	659.68	763.76	864.68
Normalized EBITDA	-	893.85	728.96	757.16	858.87
EBIT	-	-30.59	364.21	460.66	533.95
Interest Income	-	16.18	50.76	33.58	20.94
Interest Expense	-	242.75	194.81	206.53	203.08
Net Interest Income	-	-226.57	-144.05	-172.95	-182.14
Other Non Operating Income Expenses	-	-26.18	17.99	14.10	25.65
Other Income Expense	-	-477.53	-50.90	20.70	31.46
Interest Income Non Operating	-	16.18	50.76	33.58	20.94
Interest Expense Non Operating	-	242.75	194.81	206.53	203.08
Net Non Operating Interest Income Expense	-	-226.57	-144.05	-172.95	-182.14
Pretax Income	-	-273.34	169.40	254.14	330.87
Tax Provision	-	-75.65	29.41	33.16	96.04
Tax Rate For Calcs	-	0	0	0	0
Tax Effect Of Unusual Items	-	-125.75	-12.05	0.86	1.68
Net Income Continuous Operations	-	-197.68	139.99	220.98	234.84
Net Income From Continuing And Discontinued Operation	-	-203.29	150.89	198.82	439.83
Net Income From Continuing Operation Net Minority Interest	-	-203.29	135.37	214.96	239.48
Net Income	-	-203.29	150.89	198.82	439.83
Net Income Common Stockholders	-	-203.29	150.89	198.82	439.83
Net Income Including Noncontrolling Interests	-	-197.68	155.52	204.84	435.18
Normalized Income	-	124.94	192.59	209.22	235.36
Diluted NI Availto Com Stockholders	-	-203.29	150.89	198.82	439.83
Basic Average Shares	-	65.56	70.79	71.84	72.16
Diluted Average Shares	-	65.56	70.99	72.03	72.34
Reconciled Depreciation	-	470.46	295.46	303.10	330.72
Reconciled Cost Of Revenue	-	3,965.14	1,786.28	1,676.68	1,041.70
Total Unusual Items	-	-453.98	-69.28	6.60	5.81
Total Unusual Items Excluding Goodwill	-	-453.98	-69.28	6.60	5.81
Minority Interests	-	-5.61	-4.63	-6.02	4.65
Net Income Discontinuous Operations	-	-	15.52	-16.14	200.34
Special Income Charges	-	-454.96	-69.28	6.60	5.81
Other Special Charges	-	-0.46	-1.95	-6.60	-5.81
Impairment Of Capital Assets	-	455.42	71.23	0	0
Gain On Sale Of Security	-0.02	0.98	-0.52	-0.05	-
Depreciation Amortization Depletion Income Statement	-	470.46	295.46	303.10	330.72
Depreciation And Amortization In Income Statement	-	470.46	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
Earnings From Equity Interest	-	2.63	0.39	0	0
Other Taxes	-	93.38	88.75	88.96	94.07

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	$6.3B	14.34↓ discount	1.59	11.1%	10.69
TXNM Energy, Inc.	TXNM	$6.6B	43.21	1.93	4.5%	13.10
Portland General Electric Company	POR	$5.7B	18.79	1.39	7.4%	9.09
New Jersey Resources Corporation	NJR	$5.5B	16.42	2.30	14.0%	12.47
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

5.7%

-2.3%

31.8%

2023

$2.5B

$660M

$151M

$-257M

4.6%

-48.9%

-174.2%

2022

$5.0B

$440M

$-203M

$-452M

-6.6%

2021

Metric

2021

2022

2023

2024

2025

Total Revenue

4,960.01

2,534.70

2,475.22

1,940.38

Operating 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

994.86

748.42

798.53

898.68

Operating Expense

564.10

384.06

392.14

417.13

Selling General And Administration

0.26

-0.15

0.08

-7.67

Total Expenses

4,529.24

2,170.34

2,068.83

1,458.83

Operating Income

430.76

364.36

406.39

481.55

Total Operating Income As Reported

-24.40

292.98

406.47

473.89

EBITDA

439.87

659.68

763.76

864.68

Normalized EBITDA

893.85

728.96

757.16

858.87

EBIT

-30.59

364.21

460.66

533.95

Interest Income

16.18

50.76

33.58

20.94

Interest Expense

242.75

194.81

206.53

203.08

Net Interest Income

-226.57

-144.05

-172.95

-182.14

Other Non Operating Income Expenses

-26.18

17.99

14.10

25.65

Other Income Expense

-477.53

-50.90

20.70

31.46

Interest Income Non Operating

16.18

50.76

33.58

20.94

Interest Expense Non Operating

242.75

194.81

206.53

203.08

Net Non Operating Interest Income Expense

-226.57

-144.05

-172.95

-182.14

Pretax Income

-273.34

169.40

254.14

330.87

Tax Provision

-75.65

29.41

33.16

96.04

Tax Rate For Calcs

Tax Effect Of Unusual Items

-125.75

-12.05

0.86

1.68

Net Income Continuous Operations

-197.68

139.99

220.98

234.84

Net Income From Continuing And Discontinued Operation

-203.29

150.89

198.82

439.83

Net Income From Continuing Operation Net Minority Interest

-203.29

135.37

214.96

239.48

Net Income

-203.29

150.89

198.82

439.83

Net Income Common Stockholders

-203.29

150.89

198.82

439.83

Net Income Including Noncontrolling Interests

-197.68

155.52

204.84

435.18

Normalized Income

124.94

192.59

209.22

235.36

Diluted NI Availto Com Stockholders

-203.29

150.89

198.82

439.83

Basic Average Shares

65.56

70.79

71.84

72.16

Diluted Average Shares

65.56

70.99

72.03

72.34

Reconciled Depreciation

470.46

295.46

303.10

330.72

Reconciled Cost Of Revenue

3,965.14

1,786.28

1,676.68

1,041.70

Total Unusual Items

-453.98

-69.28

6.60

5.81

Total Unusual Items Excluding Goodwill

-453.98

-69.28

6.60

5.81

Minority Interests

-5.61

-4.63

-6.02

4.65

Net Income Discontinuous Operations

15.52

-16.14

200.34

Special Income Charges

-454.96

-69.28

6.60

5.81

Other Special Charges

-0.46

-1.95

-6.60

-5.81

Impairment Of Capital Assets

455.42

71.23

Gain On Sale Of Security

-0.02

0.98

-0.52

-0.05

Depreciation Amortization Depletion Income Statement

470.46

295.46

303.10

330.72

Depreciation And Amortization In Income Statement

470.46

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

Earnings From Equity Interest

2.63

0.39

Other Taxes

93.38

88.75

88.96

94.07

Company

Ticker

Market Cap

P/E

P/B

ROE

EV/EBITDA

Southwest Gas Holdings, Inc.this co.

SWX

$6.3B

14.34↓ discount

1.59

11.1%

10.69

TXNM Energy, Inc.

TXNM

$6.6B

43.21

1.93

4.5%

13.10

Portland General Electric Company

POR

$5.7B

18.79

1.39

7.4%

9.09

New Jersey Resources Corporation

NJR

$5.5B

16.42

2.30

14.0%

12.47

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