8-K Announcements
6May 11, 2026·SEC
May 5, 2026·SEC
Feb 25, 2026·SEC
Southwest Gas Holdings, Inc. (SWX) fundamental analysis — strengths, weaknesses & financial health based on data analysis
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Southwest Gas Holdings, Inc. (SWX) stock price & volume — 10-year historical chart
Southwest Gas Holdings, Inc. (SWX) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Southwest Gas Holdings, Inc. (SWX) EPS & revenue vs analyst estimates — last 4 quarters
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | May 5, 2026 | $1.91vs $1.88+1.6% | $585Mvs $696M-15.9% |
| Q1 2026 | Feb 25, 2026 | $1.36vs $1.40-2.9% | $481Mvs $587M-18.1% |
| Q4 2025 | Nov 5, 2025 | $0.06vs $0.09-33.3% | $317Mvs $587M-46.0% |
| Q3 2025 | Aug 6, 2025 | $0.53vs $0.42+26.2% | $1.1Bvs $1.1B+1.5% |
Southwest Gas Holdings, Inc. (SWX) competitors in Regulated Gas Distribution Utilities — business model, growth, and fundamentals comparison
Southwest Gas Holdings, Inc. (SWX) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
Southwest Gas Holdings, Inc. (SWX) annual income statement — 10-year revenue, gross profit & net income history
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
Revenue | 2.55B | 2.88B | 3.12B | 3.3B | 3.68B | 4.96B | 5.43B | 5.11B | 1.94B | 2.5B |
Revenue Growth % | 3.59% | 13% | 8.33% | 5.74% | 11.57% | 34.77% | 9.56% | -5.92% | -62.05% | -39.07% |
Cost of Revenue | 1.92B | 2.21B | 2.38B | 2.48B | 2.86B | 3.97B | 4.41B | 4.1B | 1.37B | 1.62B |
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 | 308.88M | 309.06M | 365.56M | 395.49M | 451.38M | 1.02B | 600.89M | 527.4M | 94.07M | 377.16M |
Other Operating Expenses | - | - | - | - | - | - | - | - | - | - |
EBITDA | 574.65M | 606.64M | 675.05M | 755.03M | 740.59M | 446.06M | 859.24M | 922.21M | 804.61M | 881.34M |
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 | 250.95M | 249.21M | 303.24M | 332.03M | 371.04M | 470.45M | 440.91M | 438.44M | 330.72M | 370.86M |
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 | 78.06M | 96.67M | 109.23M | 111.48M | 119.2M | 242.75M | 292.29M | 297.04M | 203.08M | 4M |
Interest Coverage | 4.18x | 3.55x | 3.50x | 3.73x | 3.07x | -0.13x | 1.68x | 1.81x | 2.63x | - |
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 | 65.09M | 61.68M | 56.02M | 65.75M | 39.65M | -75.65M | 41.83M | 36.46M | 96.04M | 157.99M |
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) | 4.04 | 3.69 | 3.94 | 4.15 | 3.39 | -24.75 | 2.13 | 2.77 | 6.09 | - |
Diluted Shares Outstanding | 47.99M | 49.48M | 54.31M | 56.08M | 59.26M | 65.56M | 70.99M | 72.03M | 72.34M | 72.57M |
Southwest Gas Holdings, Inc. (SWX) balance sheet — assets, liabilities & shareholders' equity
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
Total Assets | 6.24B | 7.36B | 8.17B | 8.74B | 12.77B | 13.2B | 11.87B | 12.02B | 10.43B | 10.41B |
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) | 4.87B | 5.72B | 6.47B | 7.01B | 8.91B | 8.31B | 8.78B | 9.3B | 8.7B | 8.98B |
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 | 657.03M | 839.77M | 859.86M | 871.01M | 1.61B | 3.71B | 1.88B | 1.46B | 1.19B | 1.06B |
Cash & Equivalents | 43.62M | 85.36M | 49.54M | 83.35M | 222.7M | 123.08M | 106.54M | 363.79M | 576.64M | 484.75M |
Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
Inventory | 14.58M | 4.93M | 0 | 0 | 0 | 0 | 0 | 0 | 93.82M | 93.66M |
Other Current Assets | 14.58M | 4.93M | 44.41M | 2.05M | 291.14M | 2.62B | 793.09M | 279.05M | 234.6M | 238.26M |
Long-Term Investments | 117.34M | 114.41M | 132.07M | 140.87M | 0 | 0 | 0 | 0 | 0 | 0 |
Goodwill | 179.31M | 359.05M | 343.02M | 345.18M | 1.78B | 787.25M | 789.73M | 781.2M | 11.15M | 11.15M |
Intangible Assets | 80.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Other Assets | 330.07M | 326.46M | 364.87M | 368M | 458.54M | 395.95M | 414.01M | 474.75M | 527.63M | 353.63M |
Total Liabilities | 4.42B | 5.02B | 5.58B | 5.9B | 9.61B | 9.98B | 8.46B | 8.33B | 6.47B | 6.3B |
Total Debt | 2.04B | 2.29B | 2.67B | 2.88B | 6.32B | 5.99B | 5.28B | 5.06B | 3.51B | 3.51B |
Net Debt | 1.99B | 2.21B | 2.63B | 2.8B | 6.1B | 5.87B | 5.17B | 4.69B | 2.93B | 3.02B |
Long-Term Debt | 1.8B | 2.11B | 2.3B | 2.73B | 4.12B | 4.4B | 4.61B | 4.35B | 3.43B | 3.43B |
Short-Term Borrowings | 239.85M | 185.06M | 374.51M | 147.43M | 2.21B | 1.59B | 671.05M | 710.02M | 75M | 75M |
Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Total Current Liabilities | 815.88M | 938.64M | 1.08B | 911.97M | 3.11B | 3.42B | 1.68B | 1.83B | 929.9M | 729.96M |
Accounts Payable | 228.31M | 248.99M | 238.92M | 231.3M | 353.37M | 662.09M | 346.91M | 331.81M | 225.73M | 122.01M |
Accrued Expenses | 61.75M | 64.93M | 21.33M | 20.54M | 30.96M | 38.56M | 36.6M | 40.41M | 0 | 116.99M |
Deferred Revenue | 69.78M | 67.94M | 69.17M | 67.92M | 59.33M | 51.18M | 48.46M | 63.88M | 0 | 67.61M |
Other Current Liabilities | 285.97M | 439.66M | 325.7M | 383.58M | 401.86M | 1.01B | 522.95M | 625.16M | 584.39M | 348.11M |
Deferred Taxes | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 3.83B |
Other Liabilities | 315M | 1.45B | 1.6B | 1.6B | 1.62B | 1.47B | 1.41B | 1.35B | 1.13B | 1.12B |
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 | 1.81B | 2.25B | 2.51B | 2.67B | 2.95B | 3.06B | 3.31B | 3.5B | 3.96B | 4.1B |
Minority Interest | -2.37M | 81.38M | 84.54M | 165.72M | 196.72M | 159.35M | 104.67M | 184.9M | 0 | 0 |
Common Stock | 49.72M | 54.66M | 56.64M | 58.82M | 62.05M | 68.75M | 73.19M | 73.41M | 73.85M | 74M |
Additional Paid-in Capital | 955.33M | 1.31B | 1.47B | 1.61B | 1.82B | 2.29B | 2.54B | 2.72B | 2.9B | 2.9B |
Retained Earnings | 857.4M | 944.28M | 1.04B | 1.07B | 1.11B | 747.07M | 738.84M | 758.65M | 1.02B | 1.16B |
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 | 1.12x | 0.98x | 1.03x | 1.01x | 2.01x | 1.86x | 1.55x | 1.37x | 0.89x | 0.86x |
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 | 3.47x | 3.64x | 3.89x | 3.70x | 8.24x | 13.15x | 6.02x | 5.09x | 3.64x | 3.43x |
Book Value per Share | 37.77 | 47.16 | 47.7 | 50.66 | 53.17 | 49.09 | 48.1 | 51.21 | 54.76 | 56.52 |
Southwest Gas Holdings, Inc. (SWX) cash flow — operating, investing & free cash flow history
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operations | 369.95M | 528.86M | 500.37M | 626.08M | 111.38M | 407.46M | 509.21M | 1.36B | 556.08M | 437.83M |
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 | 193.94M | 181.65M | 216.65M | 238.99M | 207.2M | -203.29M | 150.89M | 204.84M | 239.48M | 464.33M |
Depreciation & Amortization | 250.95M | 249.21M | 303.24M | 332.03M | 371.04M | 470.45M | 440.91M | 438.44M | 330.72M | 302.41M |
Deferred Taxes | 63.39M | 51.04M | 54.16M | 50.72M | 61.21M | -72.05M | 56.77M | 52.87M | 172.45M | 180.9M |
Other Non-Cash Items | -24.53M | 27.38M | -43.45M | -101.83M | -94.08M | 462.15M | 77.3M | -57.48M | -100.93M | -179.01M |
Working Capital Changes | -124.69M | 13.46M | -37.12M | 99.07M | -443.29M | -249.8M | -216.66M | 702.21M | -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 | 2.49x | 3.07x | 3.09x | 2.49x | 8.18x | 1.83x | 1.98x | 2.16x | 2.44x | 1.36x |
CapEx Coverage (OCF/CapEx) | 0.59x | 0.69x | 0.53x | 0.76x | 0.04x | 0.47x | 0.58x | 1.43x | 0.69x | 1.06x |
Cash from Investing | -700.88M | -999.48M | -951.63M | -802.07M | -3.04B | -838.9M | 150.97M | -921.57M | -24.81M | -39.27M |
Acquisitions | -94.2M | -251.37M | -47.64M | 0 | -2.35B | -18.81M | 1.02B | 0 | 5.31M | 0 |
Purchase of Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Sale of Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Other Investing | 16.97M | 17.8M | 34.15M | 23.04M | 34.23M | 39.33M | 1M | 24.36M | 777.75M | 1.15B |
Cash from Financing | 346.19M | 512.57M | 415.28M | 209.57M | 3.06B | 356.48M | -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) | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | -1000K | -1000K | -2M |
Stock Issued | 41.16M | 354.4M | 157.95M | 139.25M | 213.64M | 461.83M | 251.76M | 336.55M | 19.73M | 19.58M |
Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Other Financing | 14.88M | -69M | 156.46M | -2.74M | 213.64M | -66.48M | -57.77M | -110.98M | 520.5M | 581.98M |
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 | -208K | 158K | 228K | 160K | -24.66M | 24.08M | -624K | 48.89M | 123K |
Cash at Beginning | 28.07M | 43.62M | 85.36M | 49.54M | 83.35M | 222.7M | 123.08M | 106.54M | 314.77M | 576.64M |
Cash at End | 43.62M | 85.36M | 49.54M | 83.35M | 222.7M | 123.08M | 106.54M | 363.79M | 576.64M | 484.75M |
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% |
Southwest Gas Holdings, Inc. (SWX) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
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 | 3.47x | 3.64x | 3.89x | 3.70x | 8.24x | 13.15x | 6.02x | 5.09x | 3.64x | 3.43x |
Interest Coverage | 4.18x | 3.55x | 3.50x | 3.73x | 3.07x | -0.13x | 1.68x | 1.81x | 2.63x | - |
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 | 1.12x | 0.98x | 1.03x | 1.01x | 2.01x | 1.86x | 1.55x | 1.37x | 0.89x | 0.86x |
EPS Growth | 27.04% | -8.91% | 7.07% | 5.08% | -18.12% | -830.09% | 108.61% | 29.58% | 120.29% | 105.84% |
Southwest Gas Holdings, Inc. (SWX) SEC filings — annual & quarterly reports (10-K, 10-Q)
May 11, 2026·SEC
May 5, 2026·SEC
Feb 25, 2026·SEC
Southwest Gas Holdings, Inc. (SWX) stock FAQ — growth, dividends, profitability & financials explained
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).
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.
Southwest Gas Holdings, Inc. (SWX) has a dividend payout ratio of 41%. This suggests the dividend is well-covered and sustainable.