Northwestern Energy Group Inc (NWE) 10-Year Financial Performance & Capital Metrics

NWE • • Utilities

UtilitiesDiversified UtilitiesIntegrated Electric & Gas UtilitiesUS Multi-State Electric & Gas Utilities

AboutNorthWestern Corporation, doing business as NorthWestern Energy, provides electricity and natural gas to residential, commercial, and various industrial customers. The company operates through Electric and Natural Gas segments. It generates, purchases, transmits, and distributes electricity; and produces, purchases, stores, transmits, and distributes natural gas, as well as owns municipal franchises to provide natural gas service in the communities. The company operates 6,819 miles of electric transmission and 18,177 miles of electric distribution lines with approximately 400 transmission and distribution substations; and 2,166 miles of natural gas transmission and 4,945 miles of natural gas distribution lines with approximately 138 city gate stations in Montana. It also operates 1,308 miles of electric transmission and 2,320 miles of electric distribution lines in South Dakota; and 55 miles of natural gas transmission and 2,517 miles of natural gas distribution lines in South Dakota and Nebraska. The company serves approximately 753,600 customers in Montana, South Dakota, Nebraska, and Yellowstone National Park. NorthWestern Corporation was incorporated in 1923 and is based in Sioux Falls, South Dakota.Show more

Revenue $1.51B +6.5%
EBITDA $551M +7.8%
Net Income $224M +15.4%
Free Cash Flow -$143M -83.5%
EBITDA Margin 36.39% +1.3%
Net Margin 14.8% +8.4%
ROE 7.94% +11.5%
Interest Coverage 2.46 -6.3%
Debt/Equity 1.09 +8.2%
Net Debt/EBITDA 5.62 +3.1%
CapEx / Revenue 36.28% -9.0%
CapEx Coverage 0.74 -14.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓19 years of consecutive dividend growth
✓19 consecutive years of dividend growth
✓Healthy dividend yield of 3.8%
✓Trading near 52-week high
✓Trading at only 1.5x book value

✗Weaknesses

✗High leverage: 5.6x Debt/EBITDA

Price & Volume

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Growth Metrics

Revenue CAGR

10Y2.31%

5Y3.77%

3Y3.33%

TTM4.9%

Profit (Net Income) CAGR

10Y6.39%

5Y2.09%

3Y6.25%

TTM-4.31%

EPS CAGR

10Y1.95%

5Y-1.72%

3Y0.46%

TTM-4.59%

ROCE

10Y Avg4.81%

5Y Avg4.29%

3Y Avg4.31%

Latest4.53%

Peer Comparison

US Multi-State Electric & Gas Utilities

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
MGEEMGE Energy, Inc.	2.92B	79.95	24.01	-1.95%	18.55%	10.37%	1.4%	0.64
SRESempra	59.77B	91.57	20.72	-18%	15.73%	5.37%		0.95
NWENorthwestern Energy Group Inc	4.2B	68.44	18.75	6.45%	13.82%	7.53%		1.09
BKHBlack Hills Corporation	5.52B	73.14	18.71	-8.73%	12.54%	7.4%		1.22
AVAAvista Corporation	3.26B	40.09	17.58	10.64%	9.14%	6.75%	0.03%	1.20
UTLUnitil Corporation	908.46M	50.71	17.31	-11.18%	9.32%	7.84%		1.47

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	1.21B	1.26B	1.31B	1.19B	1.26B	1.2B	1.37B	1.48B	1.42B	1.51B
Revenue Growth %	0.01%	0.04%	0.04%	-0.09%	0.06%	-0.05%	0.14%	0.08%	-0.04%	0.06%
Cost of Revenue	372.86M	400.97M	410.35M	272.88M	527.07M	306.19M	425.55M	713.44M	640.79M	227.84M
Gross Profit+	841.43M	856.27M	895.3M	919.13M	730.84M	892.48M	946.77M	764.4M	781.36M	1.29B
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	0.16%	0.02%	0.05%	0.03%	-0.2%	0.22%	0.06%	-0.19%	0.02%	0.65%
Operating Expenses+	575.62M	610.33M	633.89M	652.85M	453.99M	656.28M	671.09M	501.32M	480.9M	962.74M
Other Operating Expenses	-	-	-	-	-	-	-	-	-	-
EBITDA+	410.52M	405.28M	427.55M	440.75M	449.77M	415.85M	463.15M	458.1M	510.93M	550.96M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
EBITDA Growth %	0.36%	-0.01%	0.05%	0.03%	0.02%	-0.08%	0.11%	-0.01%	0.12%	0.08%
Depreciation & Amortization+	144.7M	159.34M	166.14M	174.48M	172.92M	179.64M	187.47M	195.02M	210.47M	227.63M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income (EBIT)+	265.82M	245.95M	261.42M	266.27M	276.85M	236.2M	275.68M	263.08M	300.45M	323.32M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.49%	-0.07%	0.06%	0.02%	0.04%	-0.15%	0.17%	-0.05%	0.14%	0.08%
Interest Expense+	92.15M	94.97M	92.26M	91.99M	95.07M	96.81M	93.67M	100.11M	114.62M	131.67M
Interest Coverage	2.88x	2.59x	2.83x	2.89x	2.91x	2.44x	2.94x	2.63x	2.62x	2.46x
Interest / Revenue %	-	-	-	-	-	-	-	-	-	-
Non-Operating Income	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Pretax Income+	181.25M	156.53M	176.07M	178.25M	182.19M	144.25M	190.26M	182.4M	201.67M	214.67M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	30.04M	-7.65M	13.37M	-18.71M	-19.93M	-10.97M	3.42M	-605K	7.54M	-9.44M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	151.21M	164.17M	162.7M	196.96M	202.12M	155.22M	186.84M	183.01M	194.13M	224.11M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.25%	0.09%	-0.01%	0.21%	0.03%	-0.23%	0.2%	-0.02%	0.06%	0.15%
EPS (Diluted)+	3.17	3.39	3.34	3.92	3.98	3.06	3.60	3.25	3.22	3.65
EPS Growth %	0.05%	0.07%	-0.01%	0.17%	0.02%	-0.23%	0.18%	-0.1%	-0.01%	0.13%
EPS (Basic)	3.20	3.40	3.35	3.94	4.01	3.07	3.61	3.28	3.22	3.66
Diluted Shares Outstanding	47.64M	48.48M	48.66M	50.24M	50.75M	50.7M	51.87M	56.29M	60.36M	61.37M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	5.28B	5.5B	5.42B	5.64B	6.08B	6.39B	6.78B	7.32B	7.6B	8B
Asset Growth %	0.06%	0.04%	-0.01%	0.04%	0.08%	0.05%	0.06%	0.08%	0.04%	0.05%
PP&E (Net)+	4.06B	4.21B	4.36B	4.52B	4.7B	4.95B	5.25B	5.66B	6.04B	6.4B
PP&E / Total Assets %	-	-	-	-	-	-	-	-	-	-
Total Current Assets+	286.66M	280.19M	296.36M	277.69M	301.73M	308.68M	437.8M	538.82M	407.01M	418.19M
Cash & Equivalents	11.98M	5.08M	8.47M	7.86M	5.14M	5.81M	2.82M	8.49M	9.16M	4.28M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Inventory	53.46M	49.21M	52.43M	50.81M	53.92M	61.01M	80.61M	107.36M	114.54M	122.94M
Other Current Assets	66.81M	66.35M	53.17M	56.64M	61.36M	56.26M	131.48M	178.02M	45.65M	103.2M
Long-Term Investments	15.69M	27.36M	13.59M	42.96M	0	0	0	0	0	0
Goodwill	357.59M	357.59M	357.59M	357.59M	357.59M	357.59M	357.59M	357.59M	357.59M	357.59M
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Other Assets	57.67M	43.7M	54.39M	50.21M	723.25M	770.25M	737.83M	763.89M	796.26M	823.48M
Total Liabilities	3.68B	3.82B	3.62B	3.7B	4.04B	4.31B	4.44B	4.65B	4.82B	5.14B
Total Debt+	2.04B	2.12B	2.14B	2.12B	2.25B	2.43B	2.56B	2.63B	2.79B	3.1B
Net Debt	2.03B	2.12B	2.13B	2.12B	2.25B	2.43B	2.55B	2.62B	2.78B	3.1B
Long-Term Debt	1.77B	1.79B	1.79B	2.1B	2.23B	2.32B	2.54B	2.47B	2.68B	2.7B
Short-Term Borrowings	1000K	1000K	1000K	1000K	0	1000K	0	1000K	1000K	1000K
Capital Lease Obligations	28.16M	26.32M	24.35M	22.21M	19.91M	17.44M	14.77M	11.9M	8.8M	5.46M
Total Current Liabilities+	571.2M	613.83M	632.24M	347.01M	334.27M	466.42M	379.64M	620.85M	534.9M	802.2M
Accounts Payable	74.51M	79.31M	85.16M	87.04M	96.69M	100.39M	115.24M	201.5M	124.34M	111.79M
Accrued Expenses	183.99M	205.37M	210.05M	216.79M	202.02M	61.54M	73.43M	84.25M	41.77M	106.56M
Deferred Revenue	183.99M	205.37M	210.05M	216.79M	0	16.02M	29.01M	26.14M	27.66M	16.54M
Other Current Liabilities	79.15M	24.38M	13.21M	38.58M	33.08M	96.39M	72.92M	65.25M	237.84M	82.05M
Deferred Taxes	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Liabilities	775.18M	775.79M	788.03M	788.02M	954.55M	976.94M	927.3M	914.22M	882.35M	853.74M
Total Equity+	1.6B	1.68B	1.8B	1.94B	2.04B	2.08B	2.34B	2.67B	2.79B	2.86B
Equity Growth %	0.08%	0.05%	0.07%	0.08%	0.05%	0.02%	0.13%	0.14%	0.05%	0.03%
Shareholders Equity	1.6B	1.68B	1.8B	1.94B	2.04B	2.08B	2.34B	2.67B	2.79B	2.86B
Minority Interest	0	0	0	0	0	0	0	0	0	0
Common Stock	518K	520K	530K	539K	541K	541K	576K	633K	648K	648K
Additional Paid-in Capital	1.38B	1.38B	1.45B	1.5B	1.51B	1.51B	1.72B	2B	2.08B	2.08B
Retained Earnings	325.91M	396.92M	458.35M	548.25M	635.25M	670.11M	728.47M	771.41M	811.5M	877.02M
Accumulated OCI	-8.6M	-9.71M	-8.77M	-9.93M	-9.65M	-7.27M	-7.31M	-7.85M	-7.66M	-6.7M
Return on Assets (ROA)	0.03%	0.03%	0.03%	0.04%	0.03%	0.02%	0.03%	0.03%	0.03%	0.03%
Return on Equity (ROE)	0.1%	0.1%	0.09%	0.11%	0.1%	0.08%	0.08%	0.07%	0.07%	0.08%
Debt / Equity	1.27x	1.27x	1.19x	1.09x	1.10x	1.17x	1.09x	0.99x	1.00x	1.09x
Debt / Assets	0.39%	0.39%	0.39%	0.38%	0.37%	0.38%	0.38%	0.36%	0.37%	0.39%
Net Debt / EBITDA	4.94x	5.22x	4.98x	4.80x	5.00x	5.84x	5.51x	5.72x	5.45x	5.62x
Book Value per Share	33.59	34.58	36.97	38.66	40.18	41	45.11	47.35	46.15	46.56

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	339.82M	289.01M	323.61M	381.99M	296.7M	352.15M	219.98M	307.24M	489.23M	406.74M
Operating CF Growth %	0.36%	-0.15%	0.12%	0.18%	-0.22%	0.19%	-0.38%	0.4%	0.59%	-0.17%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	151.21M	164.17M	162.7M	196.96M	202.1M	155.22M	186.84M	183.01M	194.13M	224.11M
Depreciation & Amortization	2.26M	2.12M	4.79M	4.64M	5.86M	0	187.42M	5.32M	210.47M	227.63M
Deferred Taxes	33.89M	-8.18M	12.36M	-13.19M	-13.86M	-7.57M	525K	-8.99M	6.58M	-8.97M
Other Non-Cash Items	136M	154.73M	160.02M	170.4M	165.8M	177.7M	-5.84M	181.31M	-12.16M	-9.88M
Working Capital Changes	11.38M	-30.56M	-21.84M	15.49M	-71.2M	22.66M	-154.31M	-58.89M	85.02M	-30.87M
Capital Expenditures+	-283.7M	-287.9M	-276.44M	-283.97M	-316M	-405.76M	-434.33M	-515.14M	-566.89M	-549.24M
CapEx / Revenue %	-	-	-	-	-	-	-	-	-	-
CapEx / D&A	-	-	-	-	-	-	-	-	-	-
CapEx Coverage (OCF/CapEx)	-	-	-	-	-	-	-	-	-	-
Cash from Investing+	-384.06M	-286.55M	-276.06M	-304.9M	-316.2M	-405.8M	-435.83M	-516.86M	-570.81M	-554.46M
Acquisitions	-146.67M	1.35M	379K	-18.5M	-100K	0	0	0	0	0
Purchase of Investments	0	0	0	-2.5M	-135K	-42K	-1.5M	-1.72M	-3.92M	0
Sale of Investments	1000K	0	0	0	135K	0	0	0	0	0
Other Investing	46.32M	1.35M	379K	71K	-100K	0	-1.5M	-1.72M	0	-5.22M
Cash from Financing+	35.86M	-9.37M	-44.16M	-73.8M	16.2M	58.68M	217.52M	213.32M	84.31M	151.55M
Dividends Paid	-90.06M	-95.77M	-101.27M	-109.2M	-115.13M	-120.35M	-128.48M	-140.06M	-154.05M	-158.59M
Dividend Payout Ratio %	0.6%	0.58%	0.62%	0.55%	0.57%	0.78%	0.69%	0.77%	0.79%	0.71%
Debt Issuance (Net)	1000K	1000K	1000K	-1000K	1000K	1000K	1000K	1000K	1000K	1000K
Stock Issued	56.65M	0	54.75M	47.05M	1.43M	0	196.95M	277.57M	74.68M	1.19M
Share Repurchases	-664K	-561K	0	0	0	-1.39M	0	0	0	0
Other Financing	44.57M	0	-16.38M	-91K	-1.11M	-2.58M	-909K	-1.19M	-4.33M	-1.05M
Net Change in Cash+	-8.38M	-6.9M	3.39M	3.28M	-3.2M	5.03M	1.67M	3.7M	2.72M	3.83M
Exchange Rate Effect	0	0	0	0	100K	0	0	0	0	0
Cash at Beginning	20.36M	11.98M	5.08M	12.03M	15.3M	12.07M	17.1M	18.76M	22.46M	25.19M
Cash at End	11.98M	5.08M	8.47M	15.31M	12.1M	17.1M	18.76M	22.46M	25.19M	29.02M
Free Cash Flow+	56.11M	1.11M	47.17M	98.02M	-19.3M	-53.61M	-214.35M	-207.9M	-77.66M	-142.5M
FCF Growth %	1.06%	-0.98%	41.46%	1.08%	-1.2%	-1.78%	-3%	0.03%	0.63%	-0.84%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF / Net Income %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	9.83%	10.02%	9.36%	10.53%	10.15%	7.54%	8.46%	7.31%	7.12%	7.94%
EBITDA Margin	33.81%	32.24%	32.75%	36.98%	35.76%	34.69%	33.75%	31%	35.93%	36.39%
Net Debt / EBITDA	4.94x	5.22x	4.98x	4.80x	5.00x	5.84x	5.51x	5.72x	5.45x	5.62x
Interest Coverage	2.88x	2.59x	2.83x	2.89x	2.91x	2.44x	2.94x	2.63x	2.62x	2.46x
CapEx / Revenue	23.36%	22.9%	21.17%	23.82%	25.12%	33.85%	31.65%	34.86%	39.86%	36.28%
Dividend Payout Ratio	59.56%	58.33%	62.24%	55.44%	56.96%	77.54%	68.77%	76.53%	79.35%	70.76%
Debt / Equity	1.27x	1.27x	1.19x	1.09x	1.10x	1.17x	1.09x	0.99x	1.00x	1.09x
EPS Growth	5.32%	6.94%	-1.47%	17.37%	1.53%	-23.12%	17.65%	-9.72%	-0.92%	13.35%

Revenue by Segment

	2014	2015	2016	2017	2018	2019	2020	2021	2022	2024
Electricity, US Regulated	-	-	-	-	921.09M	981.18M	940.82M	1.05B	1.11B	1.2B
Electricity, US Regulated Growth	-	-	-	-	-	6.52%	-4.11%	11.84%	5.17%	8.51%
Natural Gas, US Regulated	-	-	-	-	270.92M	276.73M	257.86M	320.13M	371.27M	313.2M
Natural Gas, US Regulated Growth	-	-	-	-	-	2.15%	-6.82%	24.15%	15.97%	-15.64%
Others	-	-	-	-	-	-	-	-	-	-
Others Growth	-	-	-	-	-	-	-	-	-	-
Intersegment Eliminations	-	-	-	-	-	-	-	-	-	-
Intersegment Eliminations Growth	-	-	-	-	-	-	-	-	-	-
Electric Domestic Regulated	877.97M	944.43M	1.01B	1.04B	-	-	-	-	-	-
Electric Domestic Regulated Growth	-	7.57%	7.11%	2.52%	-	-	-	-	-	-
Gas Domestic Regulated	326.9M	269.87M	245.65M	268.6M	-	-	-	-	-	-
Gas Domestic Regulated Growth	-	-17.44%	-8.97%	9.34%	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Northwestern Energy Group Inc (NWE) has a price-to-earnings (P/E) ratio of 18.8x. This is roughly in line with market averages.

Growth & Financials

Northwestern Energy Group Inc (NWE) reported $1.57B in revenue for fiscal year 2024. This represents a 40% increase from $1.12B in 2011.

Northwestern Energy Group Inc (NWE) grew revenue by 6.5% over the past year. This is steady growth.

Yes, Northwestern Energy Group Inc (NWE) is profitable, generating $216.9M in net income for fiscal year 2024 (14.8% net margin).

Dividend & Returns

Yes, Northwestern Energy Group Inc (NWE) pays a dividend with a yield of 3.78%. This makes it attractive for income-focused investors.

Northwestern Energy Group Inc (NWE) has a return on equity (ROE) of 7.9%. This is below average, suggesting room for improvement.

Northwestern Energy Group Inc (NWE) had negative free cash flow of $122.2M in fiscal year 2024, likely due to heavy capital investments.

Industry Metrics

Northwestern Energy Group Inc (NWE) has a dividend payout ratio of 71%. The dividend is reasonably covered.

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