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SWXSouthwest Gas Holdings, Inc.
$91.33$6.6B
Overview & Tools
OverviewChart Terminal ↗Visualize
Valuation & Forecasts
Valuation ModelsEstimatesDCF Model
Price & Analyst Data
Analyst TargetsPrice History
Financial Statements
Income StatementBalance SheetCash FlowRatios & Margins
Performance
P/E HistoryRevenue HistoryEarnings HistoryDividend HistoryTotal Return
Discovery & Screens
Live BreakoutsStock ScreenerOwnership
SWX logo

Southwest Gas Holdings, Inc.

SWX
NYSE · Gas Utilities
$91.33
At close - Nov 6, 4:00 PM EST - USD
Market Cap$6.61B
P/E25.4x
52W High$94.47
Volume670.6K
OverviewTerminalAnalysisFinancialsValuationEarningsBreakoutsOwnership
VCP Research Verdict2026Q2

Deleveraging Balance Sheet Masks Regulatory Lag Risk

Southwest Gas is executing a significant deleveraging and rate base expansion program, with debt-to-equity improving from 1.59 in 2024Q1 to 0.85 in 2026Q2 and equity growing 20.6% to $4.1B.

GrowthMixed
ProfitabilityStable
ValuationAttractive
TechnicalsNeutral
Explore valuation models
MARKET ACTION

SWX price & volume

Price trend, volume and key moving averages

Launch Terminal
Loading chart...
Decision Checklist4 Core Signals

What matters now

The signals most likely to change the investment case.

01

Earnings momentum

7/12 Beats

EPS beat 7 of last 12 quarters

02

Valuation risk

+30% Peers

P/E is 30% above peer median

03

Market leadership

RS 68 · Avg

Average momentum (RS Rating: 68)

04

Trend Check

N/A

Trend data unavailable

Next CatalystEstimated earnings · Feb 4

Market performance

Price History →

Trailing total returns as of 11/8/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return
SWX+16.33%
S&P 500 (^GSPC)+7.63%
1-Year Return
SWX+19.07%
S&P 500 (^GSPC)+9.69%
3-Year Return
SWX+64.89%
S&P 500 (^GSPC)+70.20%
5-Year Return
SWX+50.62%
S&P 500 (^GSPC)+58.07%
02

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis
Trailing P/EMedian
25.4x
Forward P/EExpansion
21.4x
EV/EBITDA60th %ile
12.3x
FCF YieldCash Flow
N/A

Valuation vs 5-Year History

Multiple Range
Metric
Current
5Y Median
Historical Range
Percentile
P/E
25.4x
25.6x
50th· Fair
EV/EBITDA
12.3x
11.3x
60th· Fair
Price/FCF
N/A
12.4x
N/A
Current Multiple
5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection
Bear$154.78+69.5%
Base (Fair)$164.41+80.0%
Bull$185.94+103.6%
$154.78 Bear$164.41 Base$185.94 Bull
Current Market Price: $91.33
Trades at a 44.4% discount to Base DCF ($164.41)
Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend
Revenue FY25
$1.94B-62.0% YoY
Net income FY25
$440M+121.2% YoY
Free cash flow FY25
-$252M-161.4% YoY
Operating margin FY25
24.4%+15.0 pts YoY
ROIC (FY25)4.7%
Avg ROIC 5Y3.2%
ROE (TTM)6.4%
Piotroski Score7 / 9
Financial Statements →
03

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History
EPS Beat Rate7/12 (58%)
Revenue Beat Rate2/12 (17%)
QuarterEPS (Act vs Est)Revenue (Act vs Est)
Q4 2026Latest
Nov 4, 2026
$0.20+40.0%
vs $0.14
$298M-13.9%
vs $347M
Q3 2026
Aug 5, 2026
$0.58+28.6%
vs $0.45
$358M-13.9%
vs $416M
Q2 2026
May 5, 2026
$1.91+1.6%
vs $1.88
$585M-15.9%
vs $696M
Q1 2026
Feb 25, 2026
$1.36-2.9%
vs $1.40
$481M-18.1%
vs $587M
Historical baseline: 12 quarters analyzedGAAP / Adjusted
MARKET COVERAGE

Latest News

4 Stories
Seeking Alpha·3d ago
Southwest Gas Holdings, Inc. (SWX) Q3 2026 Earnings Call Transcript

Southwest Gas Holdings, Inc. ( SWX ) Q3 2026 Earnings Call November 4, 2026 11:00 AM EST Company Participants Justin Brown - President CEO & Director Justin Forsberg - CFO, Treasurer & Senior VP Conference Call Participants Constantine Lednev - Wells Fargo Securities, LLC, Research Division Elias Jossen - JPMorgan Chase & Co, Research Division Jamieson Ward - Jefferies LLC, Research Division Gabriel Moreen - Mizuho Securities USA LLC, Research Division Christopher Ellinghaus - Siebert Williams Shank & Co., L.L.C., Research Division Paul Fremont - Ladenburg Thalmann & Co. Inc., Research Division Ryan Levine - Citigroup Inc. Exchange Research Presentation Operator Welcome to Southwest Gas Holdings' Third Quarter 2026 Earnings Conference Call.

Zacks Investment Research·3d ago
SWX Q3 Earnings Beat on Lower Interest Cost, Sales Decline Y/Y

Southwest Gas beat Q3 earnings estimates on lower interest costs despite declining sales, while regulatory gains and its Great Basin expansion bolster prospects.

Zacks Investment Research·3d ago
Southwest Gas (SWX) Q3 Earnings Surpass Estimates

Southwest Gas (SWX) came out with quarterly earnings of $0.2 per share, beating the Zacks Consensus Estimate of $0.17 per share. This compares to earnings of $0.06 per share a year ago.

PRNewsWire·3d ago
Southwest Gas Holdings, Inc. Reports Third Quarter 2026 Financial Results, Reaffirms Full-Year 2026 Guidance

Delivered 8.0% Twelve-month-ended Utility ROE  Company Completes Nevada and California Rate Cases as Arizona Rate Case Progresses  Great Basin 2028 Expansion Project Remains on Track for 4Q CPCN Filing LAS VEGAS, Nov. 4, 2026 /PRNewswire/ -- Southwest Gas Holdings, Inc. (NYSE: SWX) ("Southwest Gas Holdings" or "Company") today reported results for its third quarter and nine-months ended September 30, 2026. This earnings press release should be read in conjunction with the Form 10-Q and earnings slides, which are concurrently being posted at www.swgasholdings.com.

Filtered for Southwest Gas Holdings, Inc.More Headlines
04

Compare before deciding

Benchmark SWX against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for Southwest Gas Holdings, Inc. (SWX)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
SWX logoSWXSouthwest Gas Holdings, Inc.Current
$91.33$6.61B25.42-62.05%15.19%6.42%2.7%
NJR logoNJRNew Jersey Resources Corporation
$54.34$5.48B15.1013.94%16.38%14.42%3.29%
SR logoSRSpire Inc.
$88.81$5.25B9.57-4.5%21.62%15.85%3.5%
NWN logoNWNNorthwest Natural Holding Company
$51.75$2.18B17.2911.83%9.65%8.23%3.65%
ATO logoATOAtmos Energy Corporation
$173.22$28.91B20.9212.91%28.5%9.67%1.99%
WEC logoWECWEC Energy Group, Inc.
$115.87$37.74B21.0413.96%17.54%12.45%3.02%

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

05

Keep researching

Verify the primary filings, follow material updates, and answer the remaining questions.

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

Aug 5, 2026·SEC

Material company update

May 11, 2026·SEC

Material company update

May 5, 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

Aug 5, 2026·SEC

FY 2026

May 5, 2026·SEC

FY 2025

Nov 5, 2025·SEC

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SWX Frequently Asked Questions

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

Growth & Financials
What is Southwest Gas Holdings, Inc.'s revenue?

Southwest Gas Holdings, Inc. (SWX) reported $1.72B in revenue over the trailing twelve months. Revenue was $1.94B in fiscal year 2025. That is 201% more than the $644.1M of fiscal year 1996.

How fast is Southwest Gas Holdings, Inc. growing?

Southwest Gas Holdings, Inc. (SWX) revenue fell by 57.0% over the trailing twelve months, compared with the twelve months before.

Is SWX profitable?

Yes. Southwest Gas Holdings, Inc. (SWX) earned $261.6M in net income over the trailing twelve months (a 15.2% net margin).

Dividend & Returns
Does SWX pay dividends?

Yes. Southwest Gas Holdings, Inc. (SWX) pays a dividend that yields 2.70% at the current price, a moderate yield.

What is SWX's return on equity?

Southwest Gas Holdings, Inc. (SWX) had a return on equity (ROE) of 6.4% over the trailing twelve months. That is below the market's typical 10-15%.

What is Southwest Gas Holdings, Inc.'s free cash flow?

Southwest Gas Holdings, Inc. (SWX) had negative free cash flow of $920.0M over the trailing twelve months.

Industry Metrics
Is SWX's dividend sustainable?

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

See returns →