Northwest Natural Holding Company (NWN) Financial Ratios
30 years of historical data (1996–2025) · Utilities · Regulated Gas
EV/EBITDA
↓
7.85
↓-19% vs avg
5yr avg: 9.74
30Y Low6.9·High13.7
P/FCF
N/A
—
5yr avg: N/A
30Y Low5.1·High99.1
P/B Ratio
↓
1.36
+5% vs avg
5yr avg: 1.30
30Y Low0.9·High2.5
ROE
↓
7.9%
↓+4% vs avg
5yr avg: 7.7%
30Y Low-7%·High12%
Debt/EBITDA
↓
4.53
↓-15% vs avg
5yr avg: 5.30
30Y Low2.7·High5.6
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
NWN Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Northwest Natural Holding Company trades at 17.7x earnings, roughly in line with its 5-year average of 17.8x, sitting at the 48th percentile of its historical range. Compared to the Utilities sector median P/E of 19.0x, the stock trades at a discount of 7%.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.1B | $1.9B | $1.5B | $1.4B | $1.6B | $1.5B | $1.4B | $2.2B | $1.7B | $1.7B | $1.7B |
| Enterprise Value | $4.8B | $4.6B | $3.5B | $3.1B | $3.3B | $3.0B | $2.7B | $3.2B | $2.7B | $2.5B | $2.5B |
| P/E Ratio → | 17.70 | 16.87 | 19.49 | 15.03 | 18.74 | 19.05 | 19.82 | 35.62 | 26.99 | — | 29.03 |
| P/S Ratio | 1.60 | 1.48 | 1.33 | 1.18 | 1.56 | 1.74 | 1.82 | 2.95 | 2.47 | 2.27 | 2.53 |
| P/B Ratio | 1.36 | 1.30 | 1.11 | 1.10 | 1.38 | 1.60 | 1.58 | 2.54 | 2.29 | 2.31 | 2.01 |
| P/FCF | — | — | — | — | — | — | — | — | — | — | 20.72 |
| P/OCF | 7.66 | 7.11 | 7.68 | 5.04 | 10.95 | 9.35 | 9.68 | 11.84 | 10.35 | 8.30 | 7.71 |
P/E links to full P/E history page with 30-year chart
NWN EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Northwest Natural Holding Company's enterprise value stands at 7.8x EBITDA, 19% below its 5-year average of 9.7x. The Utilities sector median is 11.9x, placing the stock at a 34% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.59 | 3.00 | 2.61 | 3.15 | 3.48 | 3.51 | 4.32 | 3.81 | 3.37 | 3.67 |
| EV / EBITDA | 7.85 | 7.60 | 9.90 | 9.57 | 10.80 | 10.83 | 10.79 | 13.72 | 10.96 | 9.70 | 9.91 |
| EV / EBIT | 11.81 | 17.40 | 18.19 | 15.41 | 19.35 | 19.90 | 20.23 | 26.73 | 20.90 | 16.90 | 15.15 |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | 30.03 |
NWN Profitability
Margins and return-on-capital ratios measuring operating efficiency
Northwest Natural Holding Company earns an operating margin of 31.4%, above the Utilities sector average of 18.5%. Operating margins have expanded from 15.4% to 31.4% over the past 3 years, signaling improving operational efficiency. ROE of 7.9% is modest, trailing the sector median of 9.3%. ROIC of 8.1% represents adequate returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 39.6% | 39.6% | 34.5% | 35.4% | 32.9% | 38.3% | 38.8% | 37.9% | 37.4% | 36.1% | 39.3% |
| Operating Margin | 31.4% | 31.4% | 16.6% | 15.4% | 16.1% | 19.0% | 19.2% | 19.2% | 18.7% | 19.2% | 20.6% |
| Net Profit Margin | 8.8% | 8.8% | 6.8% | 7.8% | 8.3% | 9.1% | 9.9% | 8.3% | 9.1% | -7.4% | 8.7% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 7.9% | 7.9% | 5.9% | 7.6% | 8.2% | 8.6% | 8.8% | 7.6% | 8.6% | -7.0% | 7.2% |
| ROA | 2.0% | 2.0% | 1.6% | 2.0% | 2.0% | 2.0% | 2.1% | 1.8% | 2.1% | -1.8% | 1.9% |
| ROIC | 8.1% | 8.1% | 4.5% | 4.8% | 4.8% | 5.3% | 5.4% | 6.0% | 6.0% | 6.8% | 6.4% |
| ROCE | 8.1% | 8.1% | 4.4% | 4.6% | 4.7% | 5.0% | 4.8% | 5.0% | 4.9% | 5.3% | 5.2% |
NWN Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Northwest Natural Holding Company carries a Debt/EBITDA ratio of 4.5x, which is highly leveraged (13% below the sector average of 5.2x). Net debt stands at $2.7B ($2.8B total debt minus $41M cash). Interest coverage of just 2.4x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.87 | 1.87 | 1.41 | 1.36 | 1.43 | 1.62 | 1.51 | 1.19 | 1.25 | 1.12 | 0.91 |
| Debt / EBITDA | 4.53 | 4.53 | 5.61 | 5.34 | 5.55 | 5.48 | 5.32 | 4.40 | 3.89 | 3.18 | 3.09 |
| Net Debt / Equity | — | 1.84 | 1.39 | 1.33 | 1.40 | 1.60 | 1.48 | 1.18 | 1.23 | 1.12 | 0.90 |
| Net Debt / EBITDA | 4.46 | 4.46 | 5.50 | 5.24 | 5.45 | 5.41 | 5.20 | 4.36 | 3.84 | 3.16 | 3.07 |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | 9.31 |
| Interest Coverage | 2.39 | 2.39 | 2.37 | 2.65 | 3.17 | 3.38 | 3.12 | 2.83 | 3.47 | 3.91 | 2.55 |
NWN Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.72x is below 1.0, meaning current liabilities exceed current assets. The current ratio has declined from 0.86x to 0.72x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.72 | 0.72 | 0.86 | 0.86 | 0.83 | 0.60 | 0.52 | 0.58 | 0.58 | 0.71 | 1.05 |
| Quick Ratio | 0.57 | 0.57 | 0.69 | 0.70 | 0.73 | 0.52 | 0.45 | 0.49 | 0.49 | 0.58 | 0.85 |
| Cash Ratio | 0.05 | 0.05 | 0.06 | 0.05 | 0.03 | 0.03 | 0.05 | 0.03 | 0.02 | 0.01 | 0.01 |
| Asset Turnover | — | 0.21 | 0.22 | 0.25 | 0.22 | 0.21 | 0.21 | 0.21 | 0.22 | 0.25 | 0.22 |
| Inventory Turnover | 6.10 | 6.10 | 7.06 | 6.87 | 7.99 | 9.28 | 11.08 | 10.54 | 10.02 | 10.15 | 7.58 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
NWN Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Northwest Natural Holding Company returns 3.9% to shareholders annually primarily through dividends. A payout ratio of 68.2% is moderate and appears sustainable, balancing shareholder returns with reinvestment capacity. The earnings yield of 5.7% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.9% | 4.0% | 4.7% | 4.8% | 3.9% | 3.7% | 3.9% | 2.4% | 2.9% | 3.1% | 3.0% |
| Payout Ratio | 68.2% | 68.2% | 92.4% | 71.7% | 72.7% | 71.1% | 72.2% | 86.4% | 79.5% | — | 87.5% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.7% | 5.9% | 5.1% | 6.7% | 5.3% | 5.2% | 5.0% | 2.8% | 3.7% | — | 3.4% |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | 4.8% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.5% | 0.1% | 0.0% |
| Total Shareholder Yield | 3.9% | 4.0% | 4.7% | 4.8% | 3.9% | 3.7% | 3.9% | 2.4% | 3.4% | 3.3% | 3.0% |
| Shares Outstanding | — | $41M | $39M | $36M | $34M | $31M | $31M | $30M | $29M | $29M | $29M |
Peer Comparison
Compare NWN with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 NWNYou | $2B | 17.7 | 7.8 | — | 39.6% | 31.4% | 7.9% | 8.1% | 4.5 |
 SR | $5B | 17.6 | 11.9 | — | 78.1% | 21.2% | 8.2% | 4.7% | 6.4 |
 NFG | $7B | 13.4 | 7.9 | 38.5 | 66.1% | 35.7% | 17.4% | 10.6% | 2.2 |
 SWX | $6B | 14.6 | 11.6 | — | 29.3% | 24.4% | 11.5% | 4.7% | 4.4 |
 NJR | $6B | 16.5 | 14.9 | — | 21.4% | 21.4% | 14.6% | 5.5% | 6.0 |
 ATO | $28B | 22.8 | 16.3 | — | 52.4% | 33.2% | 9.3% | 5.5% | 4.1 |
 CMS | $23B | 20.8 | 14.2 | — | 60.9% | 20.2% | 11.6% | 4.9% | 6.6 |
 NI | $23B | 24.2 | 12.9 | — | 58.6% | 27.6% | 8.3% | 5.3% | 5.4 |
 KMI | $70B | 23.1 | 14.1 | 21.8 | 43.7% | 28.4% | 9.5% | 5.6% | 4.5 |
 WMB | $89B | 34.2 | 17.6 | 89.0 | 42.9% | 36.8% | 17.5% | 7.7% | 4.4 |
 OKE | $54B | 15.7 | 10.2 | 21.9 | 21.5% | 20.7% | 15.2% | 9.6% | 3.9 |
| Utilities Median | — | 19.0 | 11.9 | 18.6 | 38.4% | 18.5% | 9.3% | 4.9% | 5.2 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 30 years · Updated daily
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NWN — Frequently Asked Questions
Quick answers to the most common questions about buying NWN stock.
What is Northwest Natural Holding Company's P/E ratio?
Northwest Natural Holding Company's current P/E ratio is 17.7x. The historical average is 19.3x. This places it at the 48th percentile of its historical range.
What is Northwest Natural Holding Company's EV/EBITDA?
Northwest Natural Holding Company's current EV/EBITDA is 7.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.3x.
What is Northwest Natural Holding Company's ROE?
Northwest Natural Holding Company's return on equity (ROE) is 7.9%. The historical average is 8.4%.
Is NWN stock overvalued?
Based on historical data, Northwest Natural Holding Company is trading at a P/E of 17.7x. This is at the 48th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Northwest Natural Holding Company's dividend yield?
Northwest Natural Holding Company's current dividend yield is 3.85% with a payout ratio of 68.2%.
What are Northwest Natural Holding Company's profit margins?
Northwest Natural Holding Company has 39.6% gross margin and 31.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Northwest Natural Holding Company have?
Northwest Natural Holding Company's Debt/EBITDA ratio is 4.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.