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SWXSouthwest Gas Holdings, Inc.
$88.48$6.4B
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SWX logoSouthwest Gas Holdings, Inc.(SWX)Earnings, Financials & Key Ratios

SWX•NYSE•Utilities
14.6× P/E·Price updated Jun 19, 2026
SectorUtilitiesIndustryGas UtilitiesSub-IndustryRegulated Gas Distribution Utilities
AboutSouthwest Gas Holdings, Inc., through its subsidiaries, distributes and transports natural gas in Arizona, Nevada, and California. The company operates through Natural Gas Distribution, Utility Infrastructure Services, and Pipeline and Storage segments. It also provides trenching, installation, and replacement of underground pipes, as well as maintenance services for energy distribution systems. As of December 31, 2021, it had 2,159,000 residential, commercial, industrial, and other natural gas customers. Southwest Gas Holdings, Inc. was incorporated in 1931 and is headquartered in Las Vegas, Nevada.Show more
  • Revenue$1.94B-62.0%
  • EBITDA$805M-12.8%
  • Net Income$440M+121.2%
  • Free Cash Flow-$252M-161.4%
  • EBITDA Margin41.47%+129.9%
  • Net Margin22.67%+482.9%
  • ROE11.5%+105.4%
  • Interest Coverage2.63+45.1%
  • Debt/Equity0.89-35.4%

SWX Key Insights

Southwest Gas Holdings, Inc. (SWX) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Strong Piotroski F-Score: 7/9
  • ✓Healthy dividend yield of 2.8%

✗Weaknesses

No significant weaknesses identified

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

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SWX Price & Volume

Southwest Gas Holdings, Inc. (SWX) stock price & volume — 10-year historical chart

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SWX Growth Metrics

Southwest Gas Holdings, Inc. (SWX) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-2.36%
5 Years-10.07%
3 Years-26.86%
TTM-39.07%

Profit CAGR

10 Years12.26%
5 Years13.62%
3 Years-
TTM106.42%

EPS CAGR

10 Years7.61%
5 Years7.99%
3 Years-
TTM105.84%

Return on Capital

10 Years4.72%
5 Years3.55%
3 Years4.58%
Last Year4.81%

SWX Recent Earnings

Southwest Gas Holdings, Inc. (SWX) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 8/12 qtrs (67%)●Beat Revenue 4/12 qtrs (33%)
Q2 2026Latest
May 5, 2026
Metric
Actual
Est
EPS
$1.91+1.6%
$1.88
Rev
$585M-15.9%
$696M
Q1 2026
Feb 25, 2026
Metric
Actual
Est
EPS
$1.36-2.9%
$1.40
Rev
$481M-18.1%
$587M
Q4 2025
Nov 5, 2025
Metric
Actual
Est
EPS
$0.06-33.3%
$0.09
Rev
$317M-46.0%
$587M
Q3 2025
Aug 6, 2025
Metric
Actual
Est
EPS
$0.53+26.2%
$0.42
Rev
$1.1B+1.5%
$1.1B
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMay 5, 2026
$1.91vs $1.88+1.6%
$585Mvs $696M-15.9%
Q1 2026Feb 25, 2026
$1.36vs $1.40-2.9%
$481Mvs $587M-18.1%
Q4 2025Nov 5, 2025
$0.06vs $0.09-33.3%
$317Mvs $587M-46.0%
Q3 2025Aug 6, 2025
$0.53vs $0.42+26.2%
$1.1Bvs $1.1B+1.5%
Based on last 12 quarters of dataView full earnings history →

SWX Peer Comparison

Southwest Gas Holdings, Inc. (SWX) competitors in Regulated Gas Distribution Utilities — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
Institutional Holdings
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
NJR logoNJRNew Jersey Resources CorporationDirect Competitor5.56B55.1116.5513.94%15.45%18.74%1.58
SR logoSRSpire Inc.Direct Competitor4.55B77.0517.63-4.5%14.12%10.44%1.54
NWN logoNWNNorthwest Natural Holding CompanyDirect Competitor2.06B49.0217.7011.83%9.56%8.27%1.87
ATO logoATOAtmos Energy CorporationDirect Competitor28.39B170.1122.8012.91%27.58%7.69%0.69
WEC logoWECWEC Energy Group, Inc.Product Competitor36.54B112.1723.2213.96%16.25%11.64%1.59
NI logoNINiSource Inc.Product Competitor22.66B47.2624.2421.76%14.1%8.4%1.39
CMS logoCMSCMS Energy CorporationProduct Competitor22.67B73.3820.7913.63%12.55%11.6%1.95
LNT logoLNTAlliant Energy CorporationProduct Competitor18.85B73.0023.259.57%17.2%13.95%1.68

Compare SWX vs Peers

Southwest Gas Holdings, Inc. (SWX) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs NJR

Most directly comparable listed peer for SWX.

Scale Benchmark

vs NEE

Larger-name benchmark to compare SWX against a more recognizable public peer.

Peer Set

Compare Top 5

vs NJR, SR, NWN, ATO

SWX Income Statement

Southwest Gas Holdings, Inc. (SWX) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Revenue
2.55B2.88B3.12B3.3B3.68B4.96B5.43B5.11B1.94B2.5B
Revenue Growth %
3.59%13%8.33%5.74%11.57%34.77%9.56%-5.92%-62.05%-39.07%
Cost of Revenue
1.92B2.21B2.38B2.48B2.86B3.97B4.41B4.1B1.37B1.62B
Gross Profit
632.6M▲ 0%
666.54M▲ 5.4%
737.38M▲ 10.6%
818.49M▲ 11.0%
820.93M▲ 0.3%
994.87M▲ 21.2%
1.02B▲ 2.4%
1.01B▼ 0.8%
567.96M▼ 43.8%
887.64M▲ 0%
Gross Margin %
24.82%23.14%23.63%24.81%22.31%20.06%18.76%19.78%29.27%35.46%
Gross Profit Growth %
-0.73%5.37%10.63%11%0.3%21.19%2.45%-0.79%-43.83%-
Operating Expenses
308.88M309.06M365.56M395.49M451.38M1.02B600.89M527.4M94.07M377.16M
Other Operating Expenses
----------
EBITDA
574.65M606.64M675.05M755.03M740.59M446.06M859.24M922.21M804.61M881.34M
EBITDA Margin %
22.55%21.06%21.64%22.89%20.12%8.99%15.81%18.04%41.47%35.21%
EBITDA Growth %
-1.74%5.57%11.28%11.85%-1.91%-39.77%92.63%7.33%-12.75%-1.93%
Depreciation & Amortization
250.95M249.21M303.24M332.03M371.04M470.45M440.91M438.44M330.72M370.86M
D&A / Revenue %
9.85%8.65%9.72%10.06%10.08%9.48%8.11%8.58%17.04%14.82%
Operating Income (EBIT)
323.7M▲ 0%
357.43M▲ 10.4%
371.81M▲ 4.0%
423M▲ 13.8%
369.55M▼ 12.6%
-24.4M▼ 106.6%
418.33M▲ 1814.6%
483.77M▲ 15.6%
473.89M▼ 2.0%
510.48M▲ 0%
Operating Margin %
12.7%12.41%11.92%12.82%10.04%-0.49%7.7%9.46%24.42%20.39%
Operating Income Growth %
9.46%10.42%4.02%13.77%-12.64%-106.6%1814.61%15.64%-2.04%-
Interest Expense
78.06M96.67M109.23M111.48M119.2M242.75M292.29M297.04M203.08M4M
Interest Coverage
4.18x3.55x3.50x3.73x3.07x-0.13x1.68x1.81x2.63x-
Interest / Revenue %
3.06%3.36%3.5%3.38%3.24%4.89%5.38%5.81%10.47%0.16%
Non-Operating Income
-1000K-1000K-1000K-1000K-1000K-1000K-1000K-1000K-1000K-4M
Pretax Income
259.03M▲ 0%
243.34M▼ 6.1%
272.67M▲ 12.1%
304.74M▲ 11.8%
246.85M▼ 19.0%
-273.34M▼ 210.7%
197.35M▲ 172.2%
241.3M▲ 22.3%
330.87M▲ 37.1%
360.04M▲ 0%
Pretax Margin %
10.16%8.45%8.74%9.24%6.71%-5.51%3.63%4.72%17.05%14.38%
Income Tax
65.09M61.68M56.02M65.75M39.65M-75.65M41.83M36.46M96.04M157.99M
Effective Tax Rate %
25.13%25.35%20.55%21.58%16.06%27.68%21.2%15.11%29.03%43.88%
Net Income
193.84M▲ 0%
182.28M▼ 6.0%
213.94M▲ 17.4%
232.32M▲ 8.6%
200.78M▼ 13.6%
-203.29M▼ 201.3%
150.89M▲ 174.2%
198.81M▲ 31.8%
439.83M▲ 121.2%
464.33M▲ 0%
Net Margin %
7.61%6.33%6.86%7.04%5.46%-4.1%2.78%3.89%22.67%18.55%
Net Income Growth %
27.49%-5.97%17.37%8.6%-13.58%-201.25%174.22%31.76%121.22%106.42%
EPS (Diluted)
4.04▲ 0%
3.68▼ 8.9%
3.94▲ 7.1%
4.14▲ 5.1%
3.39▼ 18.1%
-24.75▼ 830.1%
2.13▲ 108.6%
2.76▲ 29.6%
6.08▲ 120.3%
6.40▲ 0%
EPS Growth %
27.04%-8.91%7.07%5.08%-18.12%-830.09%108.61%29.58%120.29%105.84%
EPS (Basic)
4.043.693.944.153.39-24.752.132.776.09-
Diluted Shares Outstanding
47.99M49.48M54.31M56.08M59.26M65.56M70.99M72.03M72.34M72.57M

SWX Balance Sheet

Southwest Gas Holdings, Inc. (SWX) balance sheet — assets, liabilities & shareholders' equity

MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Total Assets
6.24B7.36B8.17B8.74B12.77B13.2B11.87B12.02B10.43B10.41B
Asset Growth %
11.75%17.97%11.04%6.93%46.12%3.38%-10.05%1.3%-13.26%-38.2%
PP&E (Net)
4.87B5.72B6.47B7.01B8.91B8.31B8.78B9.3B8.7B8.98B
PP&E / Total Assets %
78.1%77.7%79.18%80.25%69.8%62.94%74.01%77.35%83.45%86.33%
Total Current Assets
657.03M839.77M859.86M871.01M1.61B3.71B1.88B1.46B1.19B1.06B
Cash & Equivalents
43.62M85.36M49.54M83.35M222.7M123.08M106.54M363.79M576.64M484.75M
Receivables
1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Inventory
14.58M4.93M00000093.82M93.66M
Other Current Assets
14.58M4.93M44.41M2.05M291.14M2.62B793.09M279.05M234.6M238.26M
Long-Term Investments
117.34M114.41M132.07M140.87M000000
Goodwill
179.31M359.05M343.02M345.18M1.78B787.25M789.73M781.2M11.15M11.15M
Intangible Assets
80.7M000000000
Other Assets
330.07M326.46M364.87M368M458.54M395.95M414.01M474.75M527.63M353.63M
Total Liabilities
4.42B5.02B5.58B5.9B9.61B9.98B8.46B8.33B6.47B6.3B
Total Debt
2.04B2.29B2.67B2.88B6.32B5.99B5.28B5.06B3.51B3.51B
Net Debt
1.99B2.21B2.63B2.8B6.1B5.87B5.17B4.69B2.93B3.02B
Long-Term Debt
1.8B2.11B2.3B2.73B4.12B4.4B4.61B4.35B3.43B3.43B
Short-Term Borrowings
239.85M185.06M374.51M147.43M2.21B1.59B671.05M710.02M75M75M
Capital Lease Obligations
0000000000
Total Current Liabilities
815.88M938.64M1.08B911.97M3.11B3.42B1.68B1.83B929.9M729.96M
Accounts Payable
228.31M248.99M238.92M231.3M353.37M662.09M346.91M331.81M225.73M122.01M
Accrued Expenses
61.75M64.93M21.33M20.54M30.96M38.56M36.6M40.41M0116.99M
Deferred Revenue
69.78M67.94M69.17M67.92M59.33M51.18M48.46M63.88M067.61M
Other Current Liabilities
285.97M439.66M325.7M383.58M401.86M1.01B522.95M625.16M584.39M348.11M
Deferred Taxes
1000K1000K1000K1000K1000K1000K1000K1000K1000K3.83B
Other Liabilities
315M1.45B1.6B1.6B1.62B1.47B1.41B1.35B1.13B1.12B
Total Equity
1.81B▲ 0%
2.33B▲ 28.7%
2.59B▲ 11.0%
2.84B▲ 9.7%
3.15B▲ 10.9%
3.22B▲ 2.1%
3.41B▲ 6.1%
3.69B▲ 8.0%
3.96B▲ 7.4%
4.1B▲ 0%
Equity Growth %
7.63%28.75%11.02%9.66%10.91%2.14%6.11%8.04%7.37%36.63%
Shareholders Equity
1.81B2.25B2.51B2.67B2.95B3.06B3.31B3.5B3.96B4.1B
Minority Interest
-2.37M81.38M84.54M165.72M196.72M159.35M104.67M184.9M00
Common Stock
49.72M54.66M56.64M58.82M62.05M68.75M73.19M73.41M73.85M74M
Additional Paid-in Capital
955.33M1.31B1.47B1.61B1.82B2.29B2.54B2.72B2.9B2.9B
Retained Earnings
857.4M944.28M1.04B1.07B1.11B747.07M738.84M758.65M1.02B1.16B
Accumulated OCI
-47.68M-52.67M-56.73M-61M-46.76M-44.24M-43.79M-49.22M-34.55M-34.1M
Return on Assets (ROA)
3.28%2.68%2.76%2.75%1.87%-1.57%1.2%1.66%3.92%4.28%
Return on Equity (ROE)
11.09%8.79%8.69%8.56%6.7%-6.38%4.55%5.6%11.5%11.53%
Debt / Equity
1.12x0.98x1.03x1.01x2.01x1.86x1.55x1.37x0.89x0.86x
Debt / Assets
32.68%31.16%32.74%32.96%49.53%45.4%44.49%42.07%33.64%33.72%
Net Debt / EBITDA
3.47x3.64x3.89x3.70x8.24x13.15x6.02x5.09x3.64x3.43x
Book Value per Share
37.7747.1647.750.6653.1749.0948.151.2154.7656.52

SWX Cash Flow Statement

Southwest Gas Holdings, Inc. (SWX) cash flow — operating, investing & free cash flow history

MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash from Operations
369.95M528.86M500.37M626.08M111.38M407.46M509.21M1.36B556.08M437.83M
Operating CF Growth %
-38.17%42.95%-5.39%25.12%-82.21%265.82%24.97%166.25%-58.98%-238.51%
Operating CF / Revenue %
14.51%18.36%16.04%18.98%3.03%8.21%9.37%26.52%28.66%17.49%
Net Income
193.94M181.65M216.65M238.99M207.2M-203.29M150.89M204.84M239.48M464.33M
Depreciation & Amortization
250.95M249.21M303.24M332.03M371.04M470.45M440.91M438.44M330.72M302.41M
Deferred Taxes
63.39M51.04M54.16M50.72M61.21M-72.05M56.77M52.87M172.45M180.9M
Other Non-Cash Items
-24.53M27.38M-43.45M-101.83M-94.08M462.15M77.3M-57.48M-100.93M-179.01M
Working Capital Changes
-124.69M13.46M-37.12M99.07M-443.29M-249.8M-216.66M702.21M-96.73M-191.07M
Capital Expenditures
-623.65M-765.91M-938.15M-825.11M-3.04B-859.42M-872.52M-945.92M-807.87M-412.76M
CapEx / Revenue %
24.47%26.59%30.07%25.01%82.48%17.33%16.06%18.5%41.63%16.49%
CapEx / D&A
2.49x3.07x3.09x2.49x8.18x1.83x1.98x2.16x2.44x1.36x
CapEx Coverage (OCF/CapEx)
0.59x0.69x0.53x0.76x0.04x0.47x0.58x1.43x0.69x1.06x
Cash from Investing
-700.88M-999.48M-951.63M-802.07M-3.04B-838.9M150.97M-921.57M-24.81M-39.27M
Acquisitions
-94.2M-251.37M-47.64M0-2.35B-18.81M1.02B05.31M0
Purchase of Investments
0000000000
Sale of Investments
0000000000
Other Investing
16.97M17.8M34.15M23.04M34.23M39.33M1M24.36M777.75M1.15B
Cash from Financing
346.19M512.57M415.28M209.57M3.06B356.48M-700.79M-176.34M-318.28M-243.56M
Dividends Paid
-92.13M-100.24M-116.13M-125.5M-138.22M-160.56M-174.57M-177.77M-178.51M-178.79M
Dividend Payout Ratio %
47.53%54.99%54.28%54.02%68.84%-115.7%89.41%40.59%-
Debt Issuance (Net)
1000K1000K1000K1000K1000K1000K-1000K-1000K-1000K-2M
Stock Issued
41.16M354.4M157.95M139.25M213.64M461.83M251.76M336.55M19.73M19.58M
Share Repurchases
0000000000
Other Financing
14.88M-69M156.46M-2.74M213.64M-66.48M-57.77M-110.98M520.5M581.98M
Net Change in Cash
15.56M▲ 0%
41.74M▲ 168.3%
-35.82M▼ 185.8%
33.81M▲ 194.4%
139.34M▲ 312.1%
-99.62M▼ 171.5%
-16.54M▲ 83.4%
257.25M▲ 1655.2%
261.88M▲ 1.8%
154.85M▲ 0%
Exchange Rate Effect
301K-208K158K228K160K-24.66M24.08M-624K48.89M123K
Cash at Beginning
28.07M43.62M85.36M49.54M83.35M222.7M123.08M106.54M314.77M576.64M
Cash at End
43.62M85.36M49.54M83.35M222.7M123.08M106.54M363.79M576.64M484.75M
Free Cash Flow
-253.69M▲ 0%
-237.06M▲ 6.6%
-437.78M▼ 84.7%
-199.03M▲ 54.5%
-2.92B▼ 1369.3%
-451.96M▲ 84.5%
-363.31M▲ 19.6%
409.86M▲ 212.8%
-251.79M▼ 161.4%
25.07M▲ 0%
FCF Growth %
-468.43%6.56%-84.67%54.54%-1369.3%84.54%19.61%212.81%-161.43%-86.88%
FCF Margin %
-9.95%-8.23%-14.03%-6.03%-79.45%-9.11%-6.69%8.02%-12.98%1%
FCF / Net Income %
-130.88%-130.05%-204.63%-85.67%-1456.46%222.32%-240.78%206.15%-57.25%5.4%

SWX Key Ratios

Southwest Gas Holdings, Inc. (SWX) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric201720182019202020212022202320242025TTM
Return on Equity (ROE)
11.09%8.79%8.69%8.56%6.7%-6.38%4.55%5.6%11.5%11.53%
EBITDA Margin
22.55%21.06%21.64%22.89%20.12%8.99%15.81%18.04%41.47%35.21%
Net Debt / EBITDA
3.47x3.64x3.89x3.70x8.24x13.15x6.02x5.09x3.64x3.43x
Interest Coverage
4.18x3.55x3.50x3.73x3.07x-0.13x1.68x1.81x2.63x-
CapEx / Revenue
24.47%26.59%30.07%25.01%82.48%17.33%16.06%18.5%41.63%16.49%
Dividend Payout Ratio
47.53%54.99%54.28%54.02%68.84%-115.7%89.41%40.59%38.5%
Debt / Equity
1.12x0.98x1.03x1.01x2.01x1.86x1.55x1.37x0.89x0.86x
EPS Growth
27.04%-8.91%7.07%5.08%-18.12%-830.09%108.61%29.58%120.29%105.84%
Related:SWX Dividend History·SWX Revenue History·SWX Price History·SWX P/E History·SWX Financial Ratios·SWX Institutional Holders

SWX SEC Filings & Documents

Southwest Gas Holdings, Inc. (SWX) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

May 11, 2026·SEC

Material company update

May 5, 2026·SEC

Material company update

Feb 25, 2026·SEC

10-K Annual Reports

2
FY 2026

Feb 25, 2026·SEC

FY 2025

Feb 26, 2025·SEC

10-Q Quarterly Reports

6
FY 2026

May 5, 2026·SEC

FY 2025

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SWX Frequently Asked Questions

Southwest Gas Holdings, Inc. (SWX) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Southwest Gas Holdings, Inc. (SWX) reported $2.50B in revenue for fiscal year 2025. This represents a 289% increase from $644.1M in 1996.

Southwest Gas Holdings, Inc. (SWX) saw revenue decline by 62.0% over the past year.

Yes, Southwest Gas Holdings, Inc. (SWX) is profitable, generating $464.3M in net income for fiscal year 2025 (22.7% net margin).

Dividend & Returns

Yes, Southwest Gas Holdings, Inc. (SWX) pays a dividend with a yield of 2.79%. This makes it attractive for income-focused investors.

Southwest Gas Holdings, Inc. (SWX) has a return on equity (ROE) of 11.5%. This is reasonable for most industries.

Southwest Gas Holdings, Inc. (SWX) generated $25.1M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

Industry Metrics

Southwest Gas Holdings, Inc. (SWX) has a dividend payout ratio of 41%. This suggests the dividend is well-covered and sustainable.

What if you invested $1,000 in SWX back in 1996?

Total return calculator · dividends reinvested · 30+ years of data

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How much would $100/month in SWX be worth today?

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