Northwest Natural Holding Company (NWN) 10-Year Financial Performance & Capital Metrics

NWN • • Utilities

UtilitiesGas UtilitiesNatural Gas Distribution UtilitiesRegional Gas Distributors

AboutNorthwest Natural Holding Company, through its subsidiary, Northwest Natural Gas Company, provides regulated natural gas distribution services to residential, commercial, industrial, and transportation customers in Oregon and Southwest Washington. The company also operates 5.7 billion cubic feet of the Mist gas storage facility contracted to other utilities and third-party marketers; offers natural gas asset management services; and operates an appliance retail center. In addition, it engages in the gas storage, water, non-regulated renewable natural gas, and other investments and activities. The company provides natural gas service through approximately 786,000 meters in Oregon and southwest Washington; and water services to a total of approximately 80,000 people through approximately 33,000 water and wastewater connections in the Pacific Northwest and Texas. Northwest Natural Holding Company was founded in 1859 and is headquartered in Portland, Oregon.Show more

Revenue $1.15B -3.7%
EBITDA $349M +6.9%
Net Income $79M -16.0%
Free Cash Flow -$194M -309.5%
EBITDA Margin 30.29% +11.0%
Net Margin 6.84% -12.7%
ROE 5.91% -22.6%
Interest Coverage 2.39 -1.2%
Debt/Equity 1.41 +3.9%
Net Debt/EBITDA 5.50 +4.8%
CapEx / Revenue 34.21% +25.1%
CapEx Coverage 0.51 -40.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Healthy dividend yield of 4.0%
✓Trading at only 1.3x book value

✗Weaknesses

✗Weak Piotroski F-Score: 3/9
✗High leverage: 5.6x Debt/EBITDA

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y4.34%

5Y9.09%

3Y10.25%

TTM11.27%

Profit (Net Income) CAGR

10Y3%

5Y5.02%

3Y0.09%

TTM28.05%

EPS CAGR

10Y-0.62%

5Y-0.39%

3Y-7.44%

TTM19.6%

ROCE

10Y Avg4.87%

5Y Avg4.7%

3Y Avg4.55%

Latest4.37%

Peer Comparison

Regional Gas Distributors

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
NWNNorthwest Natural Holding Company	1.95B	46.97	23.14	-3.71%	7.94%	7.01%		1.41
RGCORGC Resources, Inc.	229.47M	22.17	19.11	-13.13%	14.48%	11.72%		1.37

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	723.79M	675.97M	755.04M	706.14M	746.37M	773.68M	860.4M	1.04B	1.2B	1.15B
Revenue Growth %	-0.04%	-0.07%	0.12%	-0.06%	0.06%	0.04%	0.11%	0.21%	0.15%	-0.04%
Cost of Revenue	484.83M	410.56M	482.8M	442.3M	463.43M	473.18M	531.28M	696.13M	773.6M	755.38M
Gross Profit+	238.97M	265.4M	272.24M	263.84M	282.94M	300.5M	329.12M	341.23M	423.87M	397.61M
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	-0.05%	0.11%	0.03%	-0.03%	0.07%	0.06%	0.1%	0.04%	0.24%	-0.06%
Operating Expenses+	114.72M	126.13M	126.98M	131.68M	139.47M	152.15M	166M	173.75M	238.93M	206.47M
Other Operating Expenses	-	-	-	-	-	-	-	-	-	-
EBITDA+	205.17M	250.39M	262.48M	245.13M	234.97M	252.03M	276.65M	302.16M	326.64M	349.2M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
EBITDA Growth %	-0.08%	0.22%	0.05%	-0.07%	-0.04%	0.07%	0.1%	0.09%	0.08%	0.07%
Depreciation & Amortization+	80.92M	111.11M	117.22M	112.97M	91.5M	103.68M	113.53M	134.69M	141.7M	158.06M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income (EBIT)+	124.25M	139.28M	145.26M	132.16M	143.47M	148.35M	163.12M	167.48M	184.94M	191.14M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	-0.13%	0.12%	0.04%	-0.09%	0.09%	0.03%	0.1%	0.03%	0.1%	0.03%
Interest Expense+	42.54M	64.13M	38.5M	37.06M	42.69M	43.05M	44.49M	53.25M	76.57M	80.09M
Interest Coverage	2.92x	2.17x	3.77x	3.57x	3.36x	3.45x	3.67x	3.15x	2.42x	2.39x
Interest / Revenue %	-	-	-	-	-	-	-	-	-	-
Non-Operating Income	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Pretax Income+	89.46M	99.61M	113.08M	91.5M	77.95M	91.36M	106.07M	115.43M	126.23M	109.94M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	35.75M	40.71M	41.01M	24.19M	12.64M	21.08M	27.41M	29.13M	32.36M	31.07M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	53.7M	58.9M	-55.62M	64.57M	61.73M	76.78M	78.67M	86.3M	93.87M	78.87M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0.09%	0.1%	-1.94%	2.16%	-0.04%	0.24%	0.02%	0.1%	0.09%	-0.16%
EPS (Diluted)+	1.96	2.06	-1.93	2.24	2.07	2.32	2.56	2.54	2.59	2.03
EPS Growth %	-0.09%	0.05%	-1.94%	2.16%	-0.08%	0.12%	0.1%	-0.01%	0.02%	-0.22%
EPS (Basic)	1.96	2.06	-1.94	2.24	2.07	2.32	2.56	2.54	2.49	2.03
Diluted Shares Outstanding	27.43M	28.63M	28.75M	28.88M	29.86M	30.6M	30.75M	33.98M	36.27M	38.87M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	3.08B	3.08B	3.04B	3.24B	3.49B	3.76B	4.06B	4.75B	4.87B	5.23B
Asset Growth %	0%	0%	-0.01%	0.07%	0.07%	0.08%	0.08%	0.17%	0.03%	0.08%
PP&E (Net)+	2.18B	2.26B	2.24B	2.42B	2.44B	2.88B	3.09B	3.32B	3.56B	3.74B
PP&E / Total Assets %	-	-	-	-	-	-	-	-	-	-
Total Current Assets+	332.06M	288.05M	269.94M	295.92M	278.41M	323.25M	437.28M	744.21M	601.44M	557.77M
Cash & Equivalents	4.21M	3.52M	3.47M	12.63M	9.65M	30.17M	18.56M	29.27M	32.92M	38.49M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Inventory	70.87M	54.13M	47.58M	44.15M	43.98M	42.69M	57.26M	87.1M	112.57M	106.95M
Other Current Assets	105.36M	100.05M	91.23M	92.67M	95.07M	101.57M	179.81M	373.19M	254.93M	196.92M
Long-Term Investments	68.07M	68.38M	66.36M	63.56M	212.98M	83.74M	89.28M	95.7M	102.95M	82.24M
Goodwill	0	0	0	8.95M	49.93M	69.22M	70.57M	149.28M	163.34M	183.8M
Intangible Assets	0	0	0	0	48.39M	0	0	0	0	0
Other Assets	493.9M	462.47M	459.29M	89.3M	396.89M	404.19M	382.07M	365.37M	440.11M	669.55M
Total Liabilities	2.3B	2.23B	2.3B	2.48B	2.62B	2.87B	3.13B	3.57B	3.58B	3.85B
Total Debt+	871.74M	772.62M	834.09M	953.86M	1.03B	1.34B	1.52B	1.68B	1.75B	1.96B
Net Debt	867.52M	769.1M	830.62M	941.22M	1.02B	1.31B	1.5B	1.65B	1.71B	1.92B
Long-Term Debt	569.45M	679.33M	683.18M	706.25M	805.96M	860.08M	1.04B	1.25B	1.43B	1.68B
Short-Term Borrowings	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Capital Lease Obligations	0	0	0	0	841K	81.73M	80.76M	80.48M	79.5M	77.75M
Total Current Liabilities+	477.71M	274.52M	381.85M	509.08M	482.17M	627.08M	724.76M	898.73M	696.88M	649.02M
Accounts Payable	73.22M	85.66M	111.02M	115.88M	113.37M	97.97M	133.49M	180.67M	145.36M	133.27M
Accrued Expenses	20.03M	14.02M	21.66M	35.51M	0	7.44M	7.5M	85.19M	15.84M	0
Deferred Revenue	16.29M	18.11M	25.66M	18.33M	0	0	0	0	0	0
Other Current Liabilities	89.43M	81.54M	98.27M	110.09M	130.52M	106.89M	177.12M	282.47M	277.25M	296.83M
Deferred Taxes	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Liabilities	675.47M	142.41M	405.82M	1.26B	977.84M	980.57M	940.41M	983M	1B	1.05B
Total Equity+	780.97M	850.5M	742.78M	762.63M	866M	888.73M	935.15M	1.18B	1.28B	1.39B
Equity Growth %	0.02%	0.09%	-0.13%	0.03%	0.14%	0.03%	0.05%	0.26%	0.09%	0.08%
Shareholders Equity	780.97M	850.5M	742.78M	762.63M	866M	888.73M	935.15M	1.18B	1.28B	1.39B
Minority Interest	0	0	0	0	0	0	0	0	0	0
Common Stock	383.14M	445.19M	448.87M	457.64M	558.28M	565.11M	590.77M	805.25M	890.98M	989.35M
Additional Paid-in Capital	0	0	0	0	0	0	0	0	0	0
Retained Earnings	404.99M	412.26M	302.35M	312.18M	318.45M	336.52M	355.78M	376.47M	399.91M	402.93M
Accumulated OCI	-7.16M	-6.95M	-8.44M	-7.19M	-10.73M	-12.9M	-11.4M	-6.29M	-7.05M	-6.9M
Return on Assets (ROA)	0.02%	0.02%	-0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%
Return on Equity (ROE)	0.07%	0.07%	-0.07%	0.09%	0.08%	0.09%	0.09%	0.08%	0.08%	0.06%
Debt / Equity	1.12x	0.91x	1.12x	1.25x	1.19x	1.51x	1.62x	1.43x	1.36x	1.41x
Debt / Assets	0.28%	0.25%	0.27%	0.29%	0.3%	0.36%	0.37%	0.35%	0.36%	0.37%
Net Debt / EBITDA	4.23x	3.07x	3.16x	3.84x	4.36x	5.20x	5.41x	5.45x	5.24x	5.50x
Book Value per Share	28.47	29.71	25.83	26.41	29	29.04	30.41	34.59	35.4	35.64

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+	184.69M	222.15M	206.7M	168.77M	186.01M	145.32M	160.35M	147.67M	279.95M	200.28M
Operating CF Growth %	-0.14%	0.2%	-0.07%	-0.18%	0.1%	-0.22%	0.1%	-0.08%	0.9%	-0.28%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	53.7M	58.9M	-55.62M	64.57M	61.73M	76.78M	78.67M	86.3M	93.87M	78.87M
Depreciation & Amortization	80.92M	82.29M	81.05M	85.16M	91.5M	103.68M	113.53M	132.58M	141.7M	158.06M
Deferred Taxes	26.97M	32.06M	-52.41M	14.36M	6.32M	18.67M	14.62M	17.41M	8.97M	11.37M
Other Non-Cash Items	10.2M	10.4M	600K	7.27M	46.78M	-21.96M	24.18M	-30.25M	-15.98M	-30.03M
Working Capital Changes	7.19M	33.24M	30.54M	-10.04M	-20.32M	-31.85M	-70.65M	-58.37M	51.4M	-17.99M
Capital Expenditures+	-118.32M	-139.51M	-213.32M	-214.64M	-242.28M	-280.89M	-293.89M	-338.6M	-327.35M	-394.4M
CapEx / Revenue %	-	-	-	-	-	-	-	-	-	-
CapEx / D&A	-	-	-	-	-	-	-	-	-	-
CapEx Coverage (OCF/CapEx)	-	-	-	-	-	-	-	-	-	-
Cash from Investing+	-115.3M	-136.63M	-214.17M	-217.45M	-303.78M	-294.28M	-300.12M	-435.46M	-335.5M	-428.99M
Acquisitions	410K	521K	0	-873K	-56.79M	-31.26M	-8.74M	-95.28M	-7.53M	-30.82M
Purchase of Investments	-1.55M	0	0	0	0	0	0	0	0	-1M
Sale of Investments	1000K	0	0	0	0	0	0	0	0	0
Other Investing	4.57M	2.88M	-847K	-2.82M	-228.18M	-255.14M	-290.02M	-339.42M	-617K	-2.77M
Cash from Financing+	-74.71M	-86.21M	7.42M	57.84M	115.5M	171.78M	131.44M	301.63M	64.21M	227.06M
Dividends Paid	-49.24M	-51.51M	-53.96M	-51.31M	-53.34M	-55.42M	-55.92M	-62.77M	-67.34M	-72.85M
Dividend Payout Ratio %	0.92%	0.87%	-	0.79%	0.86%	0.72%	0.71%	0.73%	0.72%	0.92%
Debt Issuance (Net)	-1000K	-1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Stock Issued	3.88M	52.76M	0	0	92.96M	0	17.5M	208.56M	66.5M	90.37M
Share Repurchases	0	0	-2.03M	-7.95M	0	0	0	0	0	0
Other Financing	-805K	4.28M	476K	831K	-599K	-3.23M	-5.12M	-2.86M	-6.41M	-5.79M
Net Change in Cash+	-5.32M	-690K	-49K	9.16M	-2.27M	22.82M	-8.33M	13.84M	8.66M	-1.64M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	9.53M	4.21M	3.52M	3.47M	14.91M	12.64M	35.45M	27.12M	40.96M	49.62M
Cash at End	4.21M	3.52M	3.47M	12.63M	12.64M	35.45M	27.12M	40.96M	49.62M	47.98M
Free Cash Flow+	66.37M	82.64M	-6.62M	-45.87M	-56.27M	-135.58M	-133.54M	-190.93M	-47.4M	-194.12M
FCF Growth %	-0.31%	0.25%	-1.08%	-5.93%	-0.23%	-1.41%	0.02%	-0.43%	0.75%	-3.1%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF / Net Income %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	6.94%	7.22%	-6.98%	8.58%	7.58%	8.75%	8.63%	8.18%	7.63%	5.91%
EBITDA Margin	28.35%	37.04%	34.76%	34.71%	31.48%	32.58%	32.15%	29.13%	27.28%	30.29%
Net Debt / EBITDA	4.23x	3.07x	3.16x	3.84x	4.36x	5.20x	5.41x	5.45x	5.24x	5.50x
Interest Coverage	2.92x	2.17x	3.77x	3.57x	3.36x	3.45x	3.67x	3.15x	2.42x	2.39x
CapEx / Revenue	16.35%	20.64%	28.25%	30.4%	2.52%	1.02%	0.16%	0.07%	27.34%	34.21%
Dividend Payout Ratio	91.7%	87.46%	-	79.47%	86.4%	72.18%	71.08%	72.73%	71.74%	92.37%
Debt / Equity	1.12x	0.91x	1.12x	1.25x	1.19x	1.51x	1.62x	1.43x	1.36x	1.41x
EPS Growth	-9.26%	5.1%	-193.69%	216.06%	-7.59%	12.08%	10.34%	-0.78%	1.97%	-21.62%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Alternative revenue	-	-	-	8.99M	-	10.87M	14.69M	-	8.2M	20.25M
Alternative revenue Growth	-	-	-	-	-	-	35.18%	-	-	146.96%
Northwest Natural Gas Company	-	-	-	-	739.94M	-	-	1.01B	-	-
Northwest Natural Gas Company Growth	-	-	-	-	-	-	-	-	-	-
Natural Gas Distribution	-	-	-	-	720.53M	-	-	989.75M	-	-
Natural Gas Distribution Growth	-	-	-	-	-	-	-	-	-	-
Other Northwest Natural	-	-	-	-	19.42M	-	-	24.59M	-	-
Other Northwest Natural Growth	-	-	-	-	-	-	-	-	-	-
Other Northwest Holdings	-	-	-	-	6.43M	-	-	23.01M	-	-
Other Northwest Holdings Growth	-	-	-	-	-	-	-	-	-	-
Utility	702.21M	650.48M	732.94M	-	-	-	-	-	-	-
Utility Growth	-	-7.37%	12.68%	-	-	-	-	-	-	-
Gas Storage	21.36M	25.27M	23.62M	-	-	-	-	-	-	-
Gas Storage Growth	-	18.31%	-6.51%	-	-	-	-	-	-	-
Corporate and Other	-	224K	5.61M	-	-	-	-	-	-	-
Corporate and Other Growth	-	-	2404.91%	-	-	-	-	-	-	-
Corporate, Non-Segment	225K	-	-	-	-	-	-	-	-	-
Corporate, Non-Segment Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Northwest Natural Holding Company (NWN) has a price-to-earnings (P/E) ratio of 23.1x. This is roughly in line with market averages.

Growth & Financials

Northwest Natural Holding Company (NWN) reported $1.27B in revenue for fiscal year 2024. This represents a 49% increase from $848.8M in 2011.

Northwest Natural Holding Company (NWN) saw revenue decline by 3.7% over the past year.

Yes, Northwest Natural Holding Company (NWN) is profitable, generating $100.5M in net income for fiscal year 2024 (6.8% net margin).

Dividend & Returns

Yes, Northwest Natural Holding Company (NWN) pays a dividend with a yield of 3.99%. This makes it attractive for income-focused investors.

Northwest Natural Holding Company (NWN) has a return on equity (ROE) of 5.9%. This is below average, suggesting room for improvement.

Northwest Natural Holding Company (NWN) had negative free cash flow of $519.6M in fiscal year 2024, likely due to heavy capital investments.

Industry Metrics

Northwest Natural Holding Company (NWN) has a dividend payout ratio of 92%. The high payout ratio may limit dividend growth.

US Stock Screener

...