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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.
Rule-based from financial data. Not advice.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 5 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 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2025 |
|---|---|
| Total Revenue | 1,940.38 |
| Operating Revenue | 1,940.38 |
| Cost Of Revenue | 1,041.70 |
| Gross Profit | 898.68 |
| Operating Expense | 417.13 |
| Selling General And Administration | -7.67 |
| Total Expenses | 1,458.83 |
| Operating Income | 481.55 |
| Total Operating Income As Reported | 473.89 |
| EBITDA | 864.68 |
| Normalized EBITDA | 858.87 |
| EBIT | 533.95 |
| Interest Income | 20.94 |
| Interest Expense | 203.08 |
| Net Interest Income | -182.14 |
| Other Non Operating Income Expenses | 25.65 |
| Other Income Expense | 31.46 |
| Interest Income Non Operating | 20.94 |
| Interest Expense Non Operating | 203.08 |
| Net Non Operating Interest Income Expense | -182.14 |
| Pretax Income | 330.87 |
| Tax Provision | 96.04 |
| Tax Rate For Calcs | 0 |
| Tax Effect Of Unusual Items | 1.68 |
| Net Income Continuous Operations | 234.84 |
| Net Income From Continuing And Discontinued Operation | 439.83 |
| Net Income From Continuing Operation Net Minority Interest | 239.48 |
| Net Income | 439.83 |
| Net Income Common Stockholders | 439.83 |
| Net Income Including Noncontrolling Interests | 435.18 |
| Normalized Income | 235.36 |
| Diluted NI Availto Com Stockholders | 439.83 |
| Basic Average Shares | 72.16 |
| Diluted Average Shares | 72.34 |
| Reconciled Depreciation | 330.72 |
| Reconciled Cost Of Revenue | 1,041.70 |
| Total Unusual Items | 5.81 |
| Total Unusual Items Excluding Goodwill | 5.81 |
| Minority Interests | 4.65 |
| Net Income Discontinuous Operations | 200.34 |
| Special Income Charges | 5.81 |
| Other Special Charges | -5.81 |
| Impairment Of Capital Assets | 0 |
| Gain On Sale Of Security | - |
| Depreciation Amortization Depletion Income Statement | 330.72 |
| Depreciation And Amortization In Income Statement | 330.72 |
| General And Administrative Expense | -7.67 |
| Other Gand A | -7.67 |
| Earnings From Equity Interest | 0 |
| Other Taxes | 94.07 |
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 |
| - |
| - |
| - |
| - |
| - |
| - |
| $5.5B |
| 18.77 |
| 1.43 |
| 7.6% |
| 11.98 |
| Brookfield Infrastructure Corporation | BIPC | $5.1B | - | - | 18.6% | 6.17 |
| Fluence Energy, Inc. | FLNC | $5.0B | -103.57 | 11.65 | -11.2% | -276.81 |
| ONE Gas, Inc. | OGS | $4.9B | 18.36 | 1.41 | 7.7% | 10.51 |
| Spire Inc. | SR | $4.8B | 17.65 | 1.52 | 8.6% | 11.95 |
| Peer Median | - | 18.36 | 1.52 | 7.7% | 11.23 | |