NYSE : SWX
Southwest Gas Holdings, Inc. — Financial statements
Utilities · Utilities - Regulated Gas · United States
Last price 93.08 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 6.74B
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Financial statements
Southwest Gas Holdings, Inc. (SWX) reported revenue of 1.74B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 1.74B | 1.94B | 2.48B | 2.53B | 4.96B | 3.68B |
| Operations & Maintenance | 542.69M | 544.06M | 526.68M | 533.01M | 636.77M | 473.15M |
| Depreciation & Amortization | 345.54M | 330.72M | 303.10M | 295.46M | 470.45M | 371.04M |
| Other Operating Expenses | 340.21M | 574.23M | 1.22B | 1.32B | 3.42B | 2.48B |
| Total Operating Expenses | 1.23B | 1.45B | 2.05B | 2.15B | 4.53B | 3.32B |
| Operating Income | 512.48M | 491.36M | 423.00M | 384.59M | 430.28M | 355.53M |
| Interest Expense | -185.09M | -203.08M | -206.53M | -194.81M | -242.75M | -119.20M |
| Interest Income | 21.82M | 20.94M | 33.58M | 50.76M | 16.18M | 5.11M |
| Net Interest Expense | -163.27M | -182.14M | -172.95M | -144.05M | -226.57M | -114.08M |
| Income (Loss) on Equity Investments | 1.10M | 394.00K | 2.63M | 226.00K | ||
| Currency Exchange Gain (Loss) | 977.00K | -22.00K | ||||
| Allowance for Equity Funds for Construction | 7.38M | 5.81M | 6.60M | 1.95M | 465.00K | |
| Other Non-Operating Income (Expenses) | 11.66M | 15.84M | -2.51M | -2.25M | -25.69M | 5.21M |
| EBT Excluding Unusual Items | 369.35M | 330.87M | 254.14M | 240.63M | 182.09M | 246.85M |
| Impairment of Goodwill | -71.23M | -455.43M | ||||
| Pretax Income | 369.35M | 330.87M | 254.14M | 169.40M | -273.34M | 246.85M |
| Income Tax Expense | 87.57M | 96.04M | 33.16M | 29.41M | -75.65M | 39.65M |
| Earnings From Continuing Ops. | 281.77M | 234.84M | 220.98M | 139.99M | -197.68M | 207.20M |
| Earnings From Discontinued Ops. | 262.31M | 200.34M | -16.14M | 15.52M | ||
| Net Income to Company | 544.09M | 435.18M | 204.84M | 155.52M | -197.68M | 207.20M |
| Minority Interest in Earnings | 2.52M | 4.65M | -6.02M | -4.63M | -5.61M | -6.42M |
| Net Income | 546.61M | 439.83M | 198.81M | 150.89M | -203.29M | 200.78M |
| Net Income to Common | 546.61M | 439.83M | 198.81M | 150.89M | -203.29M | 200.78M |
| Shares Outstanding (Basic) | 72.38M | 72.16M | 71.84M | 70.79M | 65.56M | 59.15M |
| Shares Outstanding (Diluted) | 72.55M | 72.34M | 72.03M | 70.99M | 65.56M | 59.26M |
| EPS (Basic) | 7.55 | 6.09 | 2.77 | 2.13 | -3.10 | 3.39 |
| EPS (Diluted) | 7.54 | 6.08 | 2.76 | 2.13 | -3.10 | 3.39 |
| Free Cash Flow | -527.84M | -251.79M | 509.19M | -256.66M | -451.96M | -604.24M |
| Free Cash Flow Per Share | -7.28 | -3.48 | 7.07 | -3.62 | -6.89 | -10.20 |
| Dividend Per Share | 2.50 | 2.48 | 2.48 | 2.48 | 2.46 | 2.35 |
| Profit Margin | 31.40% | 22.67% | 8.03% | 5.95% | -4.10% | 5.46% |
| Free Cash Flow Margin | -30.32% | -12.98% | 20.57% | -10.13% | -9.11% | -16.42% |
| EBITDA | 858.02M | 822.09M | 726.09M | 680.05M | 900.73M | 726.57M |
| EBITDA Margin | 49.29% | 42.37% | 29.33% | 26.83% | 18.16% | 19.74% |
| D&A For EBITDA | 345.54M | 330.72M | 303.10M | 295.46M | 470.45M | 371.04M |
| EBIT | 512.48M | 491.36M | 423.00M | 384.59M | 430.28M | 355.53M |
| EBIT Margin | 29.44% | 25.32% | 17.09% | 15.17% | 8.67% | 9.66% |
| Effective Tax Rate | 23.71% | 29.03% | 13.05% | 17.36% | 16.06% | |
| Revenue as Reported | 1.94B | 1.94B | 2.48B | 2.53B | 4.96B | 3.68B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 270.52M | 576.64M | 314.77M | 106.54M | 123.08M | 222.70M |
| Accounts Receivable | 170.38M | 272.20M | 299.61M | 979.55M | 954.35M | 792.03M |
| Other Receivables | 12.58M | 9.61M | 1.94M | 8.74M | 16.82M | |
| Inventory | 95.64M | 93.82M | 93.75M | 83.40M | 77.30M | 62.90M |
| Prepaid Expenses | 147.38M | 177.76M | 81.08M | 83.03M | 100.31M | 131.84M |
| Other Current Assets | 171.30M | 62.05M | 73.74M | 605.28M | 706.37M | 388.49M |
| Total Current Assets | 867.80M | 1.19B | 1.46B | 1.88B | 3.71B | 1.61B |
| Property, Plant & Equipment | 9.08B | 8.70B | 8.12B | 8.64B | 8.17B | 8.76B |
| Regulatory Assets | 266.20M | 314.90M | 362.90M | 367.51M | 360.75M | 389.06M |
| Goodwill | 11.15M | 11.15M | 11.15M | 789.73M | 787.25M | 1.78B |
| Long-Term Deferred Tax Assets | 463.00K | 82.00K | 121.00K | |||
| Long-Term Deferred Charges | 42.01M | 41.96M | 32.84M | 46.50M | 35.19M | 69.47M |
| Other Long-Term Assets | 168.92M | 165.55M | 155.20M | 146.55M | 136.25M | 149.95M |
| Total Assets | 10.48B | 10.43B | 12.07B | 11.87B | 13.20B | 12.77B |
| Accounts Payable | 115.67M | 225.73M | 190.92M | 346.91M | 662.09M | 353.37M |
| Accrued Expenses | 34.96M | 35.32M | 35.67M | 94.66M | 105.65M | 84.44M |
| Short-Term Debt | 680.00M | 628.50M | 1.54B | 1.91B | ||
| Current Portion of Long-Term Debt | 100.00M | 75.00M | 42.55M | 44.56M | 297.32M | |
| Current Unearned Revenue | 43.69M | 35.77M | 11.86M | |||
| Current Portion of Leases | 30.73M | 25.89M | 21.04M | |||
| Current Income Taxes Payable | 52.07M | 54.38M | 59.35M | 817.00K | 2.69M | 6.73M |
| Other Current Liabilities | 474.58M | 539.46M | 866.03M | 496.99M | 1.00B | 428.29M |
| Total Current Liabilities | 777.28M | 929.90M | 1.83B | 1.68B | 3.42B | 3.11B |
| Long-Term Debt | 3.41B | 3.43B | 3.50B | 4.61B | 4.40B | 4.12B |
| Long-Term Leases | 129.55M | 111.36M | 93.52M | |||
| Long-Term Unearned Revenue | 4.96M | 5.50M | 6.04M | 6.57M | 7.11M | |
| Long-Term Deferred Tax Liabilities | 1.04B | 977.31M | 857.98M | 753.00M | 682.07M | 768.87M |
| Other Long-Term Liabilities | 1.12B | 1.12B | 2.18B | 1.27B | 1.35B | 1.52B |
| Total Liabilities | 6.35B | 6.47B | 8.38B | 8.46B | 9.98B | 9.61B |
| Common Stock | 74.07M | 73.85M | 73.41M | 73.19M | 68.75M | 62.05M |
| Additional Paid-In Capital | 2.91B | 2.90B | 2.72B | 2.54B | 2.29B | 1.82B |
| Retained Earnings | 1.16B | 1.02B | 758.65M | 738.84M | 747.07M | 1.11B |
| Comprehensive Income & Other | -9.93M | -34.55M | -49.22M | -43.79M | -44.24M | -46.76M |
| Total Common Equity | 4.13B | 3.96B | 3.50B | 3.31B | 3.06B | 2.95B |
| Minority Interest | 184.90M | 104.67M | 159.35M | 196.72M | ||
| Shareholders' Equity | 4.13B | 3.96B | 3.69B | 3.41B | 3.22B | 3.15B |
| Total Liabilities & Equity | 10.48B | 10.43B | 12.07B | 11.87B | 13.20B | 12.77B |
| Total Debt | 3.51B | 3.51B | 4.18B | 5.44B | 6.13B | 6.44B |
| Net Cash (Debt) | -3.24B | -2.93B | -3.87B | -5.33B | -6.00B | -6.21B |
| Net Cash Per Share | -44.65 | -40.52 | -53.72 | -75.15 | -91.60 | -104.86 |
| Filing Date Shares Outstanding | 72.45M | 72.27M | 71.82M | 71.60M | 67.15M | 60.45M |
| Total Common Shares Outstanding | 72.44M | 72.22M | 71.78M | 71.56M | 67.12M | 60.42M |
| Working Capital | 90.52M | 262.19M | -367.62M | 196.27M | 284.70M | -1.50B |
| Book Value Per Share | 56.94 | 54.84 | 48.82 | 46.25 | 45.57 | 48.89 |
| Tangible Book Value | 4.07B | 3.95B | 3.49B | 2.52B | 2.27B | 1.17B |
| Tangible Book Value Per Share | 56.20 | 54.69 | 48.66 | 35.22 | 33.84 | 19.40 |
| Machinery | 11.86B | 11.16B | 10.52B | 9.75B | 9.06B | 10.41B |
| Construction In Progress | 360.20M | 236.87M | 178.65M | 200.55M | 244.75M | 202.07M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 546.61M | 439.83M | 198.81M | 150.89M | -203.29M | 200.78M |
| Depreciation & Amortization | 345.54M | 330.72M | 303.10M | 295.46M | 470.45M | 371.04M |
| Loss (Gain) on Sale of Assets | -1.60M | -136.00K | -7.87M | -6.91M | ||
| Asset Writedown | 71.23M | 455.43M | ||||
| Stock-Based Compensation | 14.26M | 14.63M | 11.37M | 6.23M | 9.45M | 9.29M |
| Change in Accounts Receivable | 14.81M | 27.41M | 62.67M | -43.29M | -196.97M | -54.05M |
| Change in Accounts Payable | -1.97M | 13.17M | -20.01M | -256.40M | 293.91M | 50.43M |
| Change in Income Taxes | -1.64M | -20.46M | 2.15M | -5.39M | 17.93M | -6.72M |
| Change in Other Net Operating Assets | -215.67M | -34.41M | 649.74M | 194.01M | -355.07M | -432.94M |
| Other Operating Activities | -228.14M | -175.13M | -2.51M | -62.11M | -76.51M | -19.54M |
| Net Cash from Discontinued Operations | -27.10M | -38.09M | 150.45M | 158.71M | ||
| Operating Cash Flow | 446.69M | 556.08M | 1.36B | 509.21M | 407.46M | 111.38M |
| Capital Expenditures | -974.52M | -807.87M | -846.59M | -765.87M | -859.42M | -715.63M |
| Sale of Property, Plant & Equipment | 5.31M | 21.38M | ||||
| Cash Acquisitions | -18.81M | -2.35B | ||||
| Divestitures | 1.02B | |||||
| Other Investing Activities | 824.15M | 777.75M | -96.36M | -105.65M | 39.33M | 34.23M |
| Investing Cash Flow | -150.38M | -24.81M | -921.57M | 150.97M | -838.90M | -3.04B |
| Short-Term Debt Issued | 51.50M | 450.00M | 113.50M | 1.85B | ||
| Long-Term Debt Issued | 847.76M | 1.07B | 1.66B | |||
| Total Debt Issued | 51.50M | 1.30B | 1.18B | 3.51B | ||
| Short-Term Debt Repaid | -680.00M | -1.92B | -479.69M | -48.00M | ||
| Long-Term Debt Repaid | -50.00M | -579.91M | -472.66M | |||
| Total Debt Repaid | -260.00M | -680.00M | -1.97B | -1.06B | -520.66M | |
| Net Debt Issued (Repaid) | -260.00M | -680.00M | 51.50M | -668.99M | 121.70M | 2.99B |
| Issuance of Common Stock | 19.43M | 19.73M | 8.88M | 251.76M | 461.83M | 213.64M |
| Repurchase of Common Stock | -5.75M | -3.06M | -2.68M | -1.78M | -2.66M | -1.26M |
| Common Dividends Paid | -180.88M | -178.51M | -177.63M | -174.57M | -160.56M | -138.22M |
| Other Financing Activities | 46.16M | 523.57M | -56.41M | -107.21M | -63.82M | -729.00K |
| Financing Cash Flow | -381.05M | -318.28M | -176.34M | -700.79M | 356.48M | 3.06B |
| Foreign Exchange Rate Adjustments | -377.00K | -127.00K | -624.00K | 273.00K | -854.00K | 160.00K |
| Miscellaneous Cash Flow Adjustments | 23.80M | -23.80M | ||||
| Net Cash Flow | -85.11M | 212.86M | 257.25M | -16.54M | -99.62M | 139.34M |
| Free Cash Flow | -527.84M | -251.79M | 509.19M | -256.66M | -451.96M | -604.24M |
| Free Cash Flow Margin | -30.32% | -12.98% | 20.57% | -10.13% | -9.11% | -16.42% |
| Free Cash Flow Per Share | -7.28 | -3.48 | 7.07 | -3.62 | -6.89 | -10.20 |
| Levered Free Cash Flow | -390.81M | -45.28M | 397.08M | 637.79M | -1.53B | -660.96M |
| Unlevered Free Cash Flow | -275.13M | 81.65M | 526.16M | 759.55M | -1.38B | -586.46M |
| Cash Interest Paid | 159.16M | 176.96M | 157.00M | 139.75M | 219.82M | 104.35M |
| Cash Income Tax Paid | 40.99M | 40.49M | 9.90M | 9.37M | 12.00M | 4.21M |
| Change in Working Capital | -204.47M | -14.29M | 694.56M | -111.06M | -240.21M | -443.29M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 6.79B | 5.78B | 5.07B | 4.53B | 4.15B | 4.23B |
| Enterprise Value | 10.03B | 8.50B | 9.88B | 9.91B | 10.38B | 8.37B |
| PE Ratio | 12.42 | 13.13 | 25.52 | 30.03 | 21.07 | |
| PS Ratio | 3.87 | 2.98 | 2.05 | 1.79 | 0.84 | 1.15 |
| PB Ratio | 1.63 | 1.46 | 1.38 | 1.33 | 1.29 | 1.34 |
| P/FCF Ratio | 9.96 | |||||
| P/OCF Ratio | 15.08 | 10.39 | 3.74 | 8.90 | 10.19 | 37.98 |
| EV/Sales Ratio | 5.73 | 4.38 | 3.99 | 3.91 | 2.09 | 2.27 |
| EV/EBITDA Ratio | 11.63 | 10.35 | 13.60 | 14.57 | 11.52 | 11.52 |
| EV/EBIT Ratio | 19.47 | 17.31 | 23.35 | 25.76 | 24.12 | 23.54 |
| EV/FCF Ratio | 19.40 | |||||
| Debt / Equity Ratio | 0.85 | 0.89 | 1.13 | 1.59 | 1.90 | 2.04 |
| Debt / EBITDA Ratio | 4.09 | 4.27 | 5.76 | 6.60 | 5.90 | 7.61 |
| Debt / FCF Ratio | 8.22 | |||||
| Net Debt / Equity Ratio | 0.79 | 0.74 | 1.05 | 1.56 | 1.87 | 1.97 |
| Net Debt / EBITDA Ratio | 3.77 | 3.57 | 5.33 | 7.84 | 6.67 | 8.55 |
| Net Debt / FCF Ratio | -6.14 | -11.64 | 7.60 | -20.79 | -13.29 | -10.28 |
| Quick Ratio | 0.58 | 0.92 | 0.34 | 0.65 | 0.32 | 0.33 |
| Current Ratio | 1.12 | 1.28 | 0.80 | 1.12 | 1.08 | 0.52 |
| Asset Turnover | 0.15 | 0.17 | 0.21 | 0.20 | 0.38 | 0.34 |
| Return on Equity (ROE) | 6.83% | 6.14% | 6.22% | 4.22% | -6.21% | 6.92% |
| Return on Assets (ROA) | 2.82% | 2.73% | 2.21% | 1.92% | 2.07% | 2.07% |
| Return on Capital Employed (ROCE) | 5.30% | 5.20% | 4.10% | 3.80% | 4.40% | 3.70% |
| Earnings Yield | 8.05% | 7.61% | 3.92% | 3.33% | -4.90% | 4.75% |
| FCF Yield | -7.84% | -4.36% | 10.04% | -5.67% | -10.89% | -14.29% |
| Dividend Yield | 2.75% | 3.10% | 3.51% | 3.92% | 3.97% | 3.36% |
| Payout Ratio | 34.22% | 40.59% | 89.34% | 115.70% | 68.84% | |
| Buyback Yield / Dilution | -0.54% | -0.42% | -1.47% | -8.29% | -10.63% | -5.68% |
| Total Shareholder Return | 2.24% | 2.68% | 2.04% | -4.37% | -6.66% | -2.31% |