Southwest Gas Holdings, Inc. SWX R2K

Utilities · Utilities - Regulated Gas · United States

https://www.swgasholdings.com

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.

Market & Price

Market Cap

$6.24B

Current Price

$86.21

High / Low (52W)

$93.37 / $69.00

Beta

0.62

Valuation

Stock P/E

26.12

Industry PE

19.80

Forward P/E

17.63

PEG Ratio

2.11

Book Value

$54.84

Price to Book

1.57

P/S

3.51

EV/EBITDA

11.14

Dividend Yield

2.99%

Profitability & Returns

ROCE

5.62%

ROE

6.08%

ROA

2.75%

Profit Margin

26.10%

Op Margin

37.86%

EPS (Latest Qtr)

$1.91

EPS (TTM)

$3.30

Balance Sheet & Liquidity

Debt/Equity

0.86

Quick Ratio

0.99

Current Ratio

1.45

Debt

$3.51B

Total Assets

$10.43B

Current Assets

$1.19B

Working Capital

$262.19M

Ownership

Promoter Holding

0.60%

Chg in Prom Hold

FII / Inst Holding

92.12%

Chg in FII Hold

0.13%

Financial Snapshot

Enterprise Value

$9.26B

Total Revenue (TTM)

$1.78B

EBITDA

$831.45M

Free Cash Flow

$-294.66M

Operating Cash Flow

$426.94M

Shares Outstanding

72.37M

Gross Margin

51.23%

Payout Ratio

75.15%

Growth (CAGR)

Revenue 5Y

-26.86%

Profit 5Y

105.45%

Revenue (YoY)

-21.60%

Earnings (YoY)

20.90%

PROS

Excellent profit margin of 26.1%.
Profit CAGR of 105.5% over 5 years.
Attractive dividend yield of 2.99%.
In a confirmed uptrend (50-DMA above 200-DMA).

CONS

Revenue declined at -26.9% CAGR over 5 years.

* The pros and cons are auto-generated from financial metrics.

Price Chart

Robinhood TradingView StockAnalysis

Fundamental Growth

Period: Metric:

Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).

Peer comparison

Peer companies in the same sector (Utilities).

#	Name	CMP $	P/E	Mkt Cap	Div Yld %	ROCE %	ROE %	Rev CAGR 5Y %	Profit CAGR 5Y %
1	SWX Southwest Gas Holdings, Inc. R2K	86.21	26.12	$6.24B	2.99%	5.62%	6.08%	-26.86%	105.45%
2	NEE NextEra Energy, Inc. SPX	87.01	22.08	$181.47B	2.86%	4.79%	10.32%	9.36%	18.12%
3	SO The Southern Company SPX	92.05	23.54	$103.77B	3.30%	5.93%	10.99%	0.31%	7.09%
4	DUK Duke Energy Corporation SPX	122.73	18.88	$95.68B	3.47%	5.35%	9.66%	3.87%	24.90%
5	AEP American Electric Power Company, Inc. NDXSPX	126.67	18.74	$68.92B	3.00%	5.68%	12.58%	3.66%	15.77%
6	D Dominion Energy, Inc. SPX	66.94	19.75	$58.87B	3.99%	5.34%	9.79%	5.80%	36.03%
7	SRE Sempra SPX	89.13	30.32	$58.26B	2.95%	3.04%	5.69%	-1.73%	-4.95%
8	VST Vistra Corp. SPXAI	160.23	26.79	$54.03B	0.57%	7.08%	42.90%	8.92%	58.98%
9	ETR Entergy Corporation SPX	109.05	27.89	$49.93B	2.35%	5.63%	10.75%	-2.02%	17.36%

Quarterly Results

Figures in USD.

Metric	Sep 2015	Dec 2015	Mar 2016	Jun 2016	Sep 2016	Dec 2016	Mar 2017	Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020	Jun 2020	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Mar 2022	Jun 2022	Sep 2022	Mar 2023	Jun 2023	Sep 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Revenue	-	-	-	-	-	-	465.64M	248.24M	202.16M	-	478.56M	261.70M	196.84M	-	552.18M	253.41M	200.26M	-	504.79M	259.07M	203.08M	-	535.52M	291.34M	241.30M	-	-	-	-	-	-	-	-	-	-	746.42M	1.12B	316.91M	480.74M	585.12M
Cost of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	415.25M	898.50M	177.46M	209.36M	241.16M
Gross Profit	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	331.17M	221.87M	139.45M	271.38M	343.96M
Operating Expenses	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	117.45M	126.15M	100.35M	107.29M	124.62M
Operating Income	16.14M	117.59M	139.04M	33.06M	20.48M	122.90M	124.35M	48.27M	34.99M	135.52M	129.56M	53.34M	39.68M	134.85M	140.48M	54.87M	38.26M	138.20M	148.37M	67.57M	54.26M	152.79M	173.45M	59.27M	23.30M	168.49M	45.66M	49.94M	135.20M	84.77M	60.23M	158.12M	83.22M	-	-	213.72M	95.72M	39.10M	164.09M	219.35M
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	316.60M	251.26M	131.45M	265.13M	329.94M
Interest Expense	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	54.42M	71.61M	49.00M	46.29M	45.74M
Pretax Income	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	168.50M	42.27M	3.37M	129.81M	184.59M
Tax Provision	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	34.21M	52.59M	-803.00K	59.98M	46.22M
Net Income	-4.73M	66.12M	75.45M	8.94M	2.47M	65.18M	69.31M	17.86M	10.20M	96.47M	79.09M	21.55M	12.33M	69.30M	94.81M	22.06M	5.35M	91.72M	72.54M	37.97M	18.27M	103.54M	117.29M	25.12M	-11.58M	96.18M	-6.58M	-12.31M	45.91M	28.88M	3.23M	87.74M	18.33M	-	-	113.87M	-12.88M	270.48M	68.36M	138.37M
Diluted EPS	-0.10	1.38	1.58	0.19	0.05	1.36	1.45	0.37	0.21	2.00	1.63	0.44	0.25	1.36	1.77	0.41	0.10	1.67	1.31	0.68	0.32	1.82	2.03	0.43	-0.19	1.58	-0.10	-0.18	0.67	0.40	0.04	1.22	0.25	-	-	1.58	-0.18	3.74	1.43	1.91

Profit & Loss (Annual)

Figures in USD.

Metric	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue	-	1.31B	1.26B	1.31B	1.39B	1.34B	-	4.96B	2.53B	2.48B	1.94B
Cost of Revenue	-	-	-	-	-	-	-	3.97B	1.79B	1.68B	1.04B
Gross Profit	-	-	-	-	-	-	-	994.87M	748.42M	798.53M	898.68M
Operating Expenses	-	-	-	-	-	-	-	564.10M	384.06M	392.14M	417.13M
Operating Income	288.33M	315.47M	343.12M	357.43M	371.81M	423.00M	-	430.76M	364.36M	406.39M	481.55M
EBITDA	-	-	-	-	-	-	-	439.87M	659.68M	763.76M	864.68M
Interest Expense	-	-	-	-	-	-	-	242.75M	194.81M	206.53M	203.08M
Pretax Income	-	-	-	-	-	-	-	-273.34M	169.40M	254.14M	330.87M
Tax Provision	-	-	-	-	-	-	-	-75.65M	29.41M	33.16M	96.04M
Net Income	138.32M	152.04M	193.84M	182.28M	213.94M	232.32M	-	-203.29M	150.89M	198.81M	439.83M
Diluted EPS	2.92	3.18	4.04	3.68	3.94	4.14	-	-3.10	2.13	2.76	6.08

Compounded Sales Growth

5 Years:	-26.86%
1 Year:	-21.60%

Compounded Profit Growth

5 Years:	105.45%
1 Year:	20.90%

Stock Price Performance

1 Year:	+23.65%
6 Months:	+6.62%
3 Months:	-1.51%
1 Month:	-5.51%

Balance Sheet (Annual)

Figures in USD.

Metric	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Jun 2025	Sep 2025	Dec 2025
Total Assets	-	5.36B	5.58B	6.24B	7.36B	8.17B	8.74B	-	13.20B	11.87B	12.07B	-	-	10.43B
Current Assets	-	-	-	-	-	-	-	-	3.71B	1.88B	1.46B	-	-	1.19B
Cash & Equivalents	39.57M	36.00M	28.07M	43.62M	85.36M	49.54M	83.35M	-	123.08M	106.54M	314.77M	-	-	576.64M
Inventory	-	-	-	-	-	-	-	-	-	-	93.75M	-	-	93.82M
Receivables	-	-	-	-	-	-	-	-	866.25M	886.55M	203.01M	-	-	170.60M
Total Liabilities	-	-	-	-	-	-	-	-	9.98B	8.46B	8.38B	-	-	6.47B
Current Liabilities	-	-	628.38M	815.88M	938.64M	1.08B	911.97M	-	3.42B	1.68B	1.83B	-	879.70M	929.90M
Long Term Debt	-	-	1.55B	1.80B	2.11B	2.30B	2.73B	-	4.40B	4.61B	3.50B	-	3.43B	3.43B
Total Debt	-	-	-	-	-	-	-	-	5.99B	5.28B	4.18B	-	-	3.51B
Total Equity	-	-	1.66B	1.81B	2.25B	2.51B	2.67B	-	3.06B	3.31B	3.50B	3.65B	3.89B	3.96B
Shares Outstanding	-	-	-	-	-	-	-	-	67.12M	71.56M	71.78M	-	-	72.22M

Cash Flows (Annual)

Figures in USD.

Metric	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Operating Cash Flow	-	600.51M	369.95M	528.86M	500.37M	626.08M	-	407.46M	509.21M	1.36B	556.08M
Investing Cash Flow	-	-525.59M	-700.88M	-999.48M	-951.63M	-802.07M	-	-838.90M	150.97M	-921.57M	-24.81M
Financing Cash Flow	-	-82.65M	346.19M	512.57M	415.28M	209.57M	-	356.48M	-700.79M	-176.34M	-318.28M
Capital Expenditure	-488.00M	-529.53M	-623.65M	-765.91M	-938.15M	-825.11M	-	-859.42M	-765.87M	-846.59M	-807.87M
Free Cash Flow	-	70.98M	-253.69M	-237.06M	-437.78M	-199.03M	-	-451.96M	-256.66M	509.19M	-251.79M
Net Change in Cash	-	-	-	-	-	-	-	-74.96M	-40.62M	257.88M	212.98M

Ratios (Annual)

Figures in %.

Metric	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Gross Margin %	-	-	-	-	-	-	-	20.1%	29.5%	32.3%	46.3%
Operating Margin %	-	24.1%	27.2%	27.4%	26.8%	31.6%	-	8.7%	14.4%	16.4%	24.8%
Net Margin %	-	11.6%	15.3%	14.0%	15.4%	17.3%	-	-4.1%	6.0%	8.0%	22.7%
ROE %	-	9.1%	10.7%	8.1%	8.5%	8.7%	-	-6.6%	4.6%	5.7%	11.1%
ROCE %	-	6.4%	6.3%	5.6%	5.2%	5.4%	-	4.4%	3.6%	4.0%	5.1%

Shareholding Pattern

Insiders

0.60%

Institutions

92.12%

Public Float

92.68%

Top Institutional Holders

#	Holder	% Held	Shares	Value
1	Blackrock Inc.	14.85%	10.75M	$926.51M
2	FMR, LLC	7.13%	5.16M	$445.01M
3	Corvex Management LP	5.97%	4.32M	$372.27M
4	Vanguard Portfolio Management LLC	5.33%	3.86M	$332.41M
5	Vanguard Capital Management LLC	4.16%	3.01M	$259.35M
6	State Street Corporation	3.35%	2.42M	$208.76M
7	Maverick Capital Ltd.	2.94%	2.13M	$183.36M
8	Geode Capital Management, LLC	2.36%	1.71M	$147.25M
9	Adage Capital Partners GP L.L.C.	2.04%	1.48M	$127.16M
10	AQR Capital Management, LLC	1.61%	1.16M	$100.35M

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