Southwest Gas Holdings, Inc. (SWX) 10-Year Financial Performance & Capital Metrics

SWX • • Utilities

UtilitiesGas UtilitiesNatural Gas Distribution UtilitiesMulti-State Gas Utilities

AboutSouthwest Gas Holdings, Inc., through its subsidiaries, distributes and transports natural gas in Arizona, Nevada, and California. The company operates through Natural Gas Distribution, Utility Infrastructure Services, and Pipeline and Storage segments. It also provides trenching, installation, and replacement of underground pipes, as well as maintenance services for energy distribution systems. As of December 31, 2021, it had 2,159,000 residential, commercial, industrial, and other natural gas customers. Southwest Gas Holdings, Inc. was incorporated in 1931 and is headquartered in Las Vegas, Nevada.Show more

Revenue $5.11B -5.9%
EBITDA $922M +7.3%
Net Income $199M +31.8%
Free Cash Flow $410M +212.8%
EBITDA Margin 18.04% +14.1%
Net Margin 3.89% +40.0%
ROE 5.6% +23.0%
Interest Coverage 1.63 +13.8%
Debt/Equity 1.37 -11.3%
Net Debt/EBITDA 5.09 -15.5%
CapEx / Revenue 18.5% +15.2%
CapEx Coverage 1.43 +145.6%

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 2.9%
✓Trading near 52-week high

✗Weaknesses

✗Weak 3Y average ROE of 1.3%
✗High leverage: 5.5x Debt/EBITDA

Price & Volume

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Growth Metrics

Revenue CAGR

10Y9.19%

5Y10.38%

3Y11.58%

TTM-23.15%

Profit (Net Income) CAGR

10Y3.49%

5Y-1.46%

3Y-0.33%

TTM158.84%

EPS CAGR

10Y-0.86%

5Y-6.87%

3Y-6.62%

TTM158.45%

ROCE

10Y Avg4.84%

5Y Avg3.72%

3Y Avg2.9%

Latest4.75%

Peer Comparison

Multi-State Gas Utilities

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
SWXSouthwest Gas Holdings, Inc.	6.2B	85.90	31.12	-5.92%	11.59%	11.81%	6.61%	1.37
ATOAtmos Energy Corporation	27.54B	170.28	22.83	12.91%	25.04%	8.65%		0.69
OGSONE Gas, Inc.	4.68B	77.93	19.98	-12.16%	10.76%	8.01%		1.07
SRSpire Inc.	4.9B	82.96	18.98	-4.5%	10.97%	8%		1.54

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	2.46B	2.46B	2.55B	2.88B	3.12B	3.3B	3.68B	4.96B	5.43B	5.11B
Revenue Growth %	0.16%	-0%	0.04%	0.13%	0.08%	0.06%	0.12%	0.35%	0.1%	-0.06%
Cost of Revenue	1.86B	1.82B	1.92B	2.21B	2.38B	2.48B	2.86B	3.97B	4.41B	4.1B
Gross Profit+	607.84M	637.22M	632.6M	666.54M	737.38M	818.49M	820.93M	994.87M	1.02B	1.01B
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	0.04%	0.05%	-0.01%	0.05%	0.11%	0.11%	0%	0.21%	0.02%	-0.01%
Operating Expenses+	319.5M	341.51M	308.88M	309.06M	365.56M	395.49M	451.38M	1.02B	600.89M	527.4M
Other Operating Expenses	-	-	-	-	-	-	-	-	-	-
EBITDA+	558.44M	584.85M	574.65M	606.64M	675.05M	755.03M	740.59M	446.06M	859.24M	922.21M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
EBITDA Growth %	0.04%	0.05%	-0.02%	0.06%	0.11%	0.12%	-0.02%	-0.4%	0.93%	0.07%
Depreciation & Amortization+	270.11M	289.13M	250.95M	249.21M	303.24M	332.03M	371.04M	470.45M	440.91M	438.44M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income (EBIT)+	288.33M	295.71M	323.7M	357.43M	371.81M	423M	369.55M	-24.4M	418.33M	483.77M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.01%	0.03%	0.09%	0.1%	0.04%	0.14%	-0.13%	-1.07%	18.15%	0.16%
Interest Expense+	71.88M	73.66M	78.06M	96.67M	109.23M	111.48M	119.2M	242.75M	292.29M	297.04M
Interest Coverage	4.01x	4.01x	4.15x	3.70x	3.40x	3.79x	3.10x	-0.10x	1.43x	1.63x
Interest / Revenue %	-	-	-	-	-	-	-	-	-	-
Non-Operating Income	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Pretax Income+	219.33M	231.52M	259.03M	243.34M	272.67M	304.74M	246.85M	-273.34M	197.35M	241.3M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	79.9M	78.47M	65.09M	61.68M	56.02M	65.75M	39.65M	-75.65M	41.83M	36.46M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	138.32M	152.04M	193.84M	182.28M	213.94M	232.32M	200.78M	-203.29M	150.89M	198.81M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0.02%	0.1%	0.27%	-0.06%	0.17%	0.09%	-0.14%	-2.01%	1.74%	0.32%
EPS (Diluted)+	2.92	3.18	4.04	3.68	3.94	4.14	3.39	-24.75	2.13	2.76
EPS Growth %	-0.03%	0.09%	0.27%	-0.09%	0.07%	0.05%	-0.18%	-8.3%	1.09%	0.3%
EPS (Basic)	2.94	3.20	4.04	3.69	3.94	4.15	3.39	-24.75	2.13	2.77
Diluted Shares Outstanding	47.38M	47.81M	47.99M	49.48M	54.31M	56.08M	59.26M	65.56M	70.99M	72.03M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	5.36B	5.58B	6.24B	7.36B	8.17B	8.74B	12.77B	13.2B	11.87B	12.02B
Asset Growth %	0.03%	0.04%	0.12%	0.18%	0.11%	0.07%	0.46%	0.03%	-0.1%	0.01%
PP&E (Net)+	4.17B	4.44B	4.87B	5.72B	6.47B	7.01B	8.91B	8.31B	8.78B	9.3B
PP&E / Total Assets %	-	-	-	-	-	-	-	-	-	-
Total Current Assets+	558.17M	533.31M	657.03M	839.77M	859.86M	871.01M	1.61B	3.71B	1.88B	1.46B
Cash & Equivalents	36M	28.07M	43.62M	85.36M	49.54M	83.35M	222.7M	123.08M	106.54M	363.79M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Inventory	3.59M	2.61M	14.58M	4.93M	0	0	0	0	0	0
Other Current Assets	3.59M	2.61M	14.58M	4.93M	44.41M	2.05M	291.14M	2.62B	793.09M	279.05M
Long-Term Investments	99M	106.74M	117.34M	114.41M	132.07M	140.87M	0	0	0	0
Goodwill	126.14M	139.98M	179.31M	359.05M	343.02M	345.18M	1.78B	787.25M	789.73M	781.2M
Intangible Assets	36.77M	37.67M	80.7M	0	0	0	0	0	0	0
Other Assets	370.32M	325.49M	330.07M	326.46M	364.87M	368M	458.54M	395.95M	414.01M	474.75M
Total Liabilities	3.75B	3.9B	4.42B	5.02B	5.58B	5.9B	9.61B	9.98B	8.46B	8.33B
Total Debt+	1.59B	1.6B	2.04B	2.29B	2.67B	2.88B	6.32B	5.99B	5.28B	5.06B
Net Debt	1.55B	1.57B	1.99B	2.21B	2.63B	2.8B	6.1B	5.87B	5.17B	4.69B
Long-Term Debt	1.55B	1.55B	1.8B	2.11B	2.3B	2.73B	4.12B	4.4B	4.61B	4.35B
Short-Term Borrowings	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0
Total Current Liabilities+	535.04M	628.38M	815.88M	938.64M	1.08B	911.97M	3.11B	3.42B	1.68B	1.83B
Accounts Payable	164.86M	184.67M	228.31M	248.99M	238.92M	231.3M	353.37M	662.09M	346.91M	331.81M
Accrued Expenses	16.17M	60.86M	61.75M	64.93M	21.33M	20.54M	30.96M	38.56M	36.6M	40.41M
Deferred Revenue	72.63M	72.3M	69.78M	67.94M	69.17M	67.92M	59.33M	51.18M	48.46M	63.88M
Other Current Liabilities	195.63M	332.75M	285.97M	439.66M	325.7M	383.58M	401.86M	1.01B	522.95M	625.16M
Deferred Taxes	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Liabilities	303M	308M	315M	1.45B	1.6B	1.6B	1.62B	1.47B	1.41B	1.35B
Total Equity+	1.61B	1.68B	1.81B	2.33B	2.59B	2.84B	3.15B	3.22B	3.41B	3.69B
Equity Growth %	0.07%	0.05%	0.08%	0.29%	0.11%	0.1%	0.11%	0.02%	0.06%	0.08%
Shareholders Equity	1.59B	1.66B	1.81B	2.25B	2.51B	2.67B	2.95B	3.06B	3.31B	3.5B
Minority Interest	14.03M	20.37M	-2.37M	81.38M	84.54M	165.72M	196.72M	159.35M	104.67M	184.9M
Common Stock	49.01M	49.11M	49.72M	54.66M	56.64M	58.82M	62.05M	68.75M	73.19M	73.41M
Additional Paid-in Capital	896.45M	903.12M	955.33M	1.31B	1.47B	1.61B	1.82B	2.29B	2.54B	2.72B
Retained Earnings	699.22M	759.26M	857.4M	944.28M	1.04B	1.07B	1.11B	747.07M	738.84M	758.65M
Accumulated OCI	-50.27M	-48.01M	-47.68M	-52.67M	-56.73M	-61M	-46.76M	-44.24M	-43.79M	-49.22M
Return on Assets (ROA)	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.02%	-0.02%	0.01%	0.02%
Return on Equity (ROE)	0.09%	0.09%	0.11%	0.09%	0.09%	0.09%	0.07%	-0.06%	0.05%	0.06%
Debt / Equity	0.99x	0.95x	1.12x	0.98x	1.03x	1.01x	2.01x	1.86x	1.55x	1.37x
Debt / Assets	0.3%	0.29%	0.33%	0.31%	0.33%	0.33%	0.5%	0.45%	0.44%	0.42%
Net Debt / EBITDA	2.78x	2.69x	3.47x	3.64x	3.89x	3.70x	8.24x	13.15x	6.02x	5.09x
Book Value per Share	33.95	35.22	37.77	47.16	47.7	50.66	53.17	49.09	48.1	51.21

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+	547.15M	598.39M	369.95M	528.86M	500.37M	626.08M	111.38M	407.46M	509.21M	1.36B
Operating CF Growth %	0.58%	0.09%	-0.38%	0.43%	-0.05%	0.25%	-0.82%	2.66%	0.25%	1.66%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	139.43M	153.06M	193.94M	181.65M	216.65M	238.99M	207.2M	-203.29M	150.89M	204.84M
Depreciation & Amortization	270.11M	289.13M	250.95M	249.21M	303.24M	332.03M	371.04M	470.45M	440.91M	438.44M
Deferred Taxes	48.78M	68.73M	63.39M	51.04M	54.16M	50.72M	61.21M	-72.05M	56.77M	52.87M
Other Non-Cash Items	-9.41M	-10.92M	-24.53M	27.38M	-43.45M	-101.83M	-94.08M	462.15M	77.3M	-57.48M
Working Capital Changes	95.32M	92.94M	-124.69M	13.46M	-37.12M	99.07M	-443.29M	-249.8M	-216.66M	702.21M
Capital Expenditures+	-488M	-529.53M	-623.65M	-765.91M	-938.15M	-825.11M	-3.04B	-859.42M	-872.52M	-945.92M
CapEx / Revenue %	-	-	-	-	-	-	-	-	-	-
CapEx / D&A	-	-	-	-	-	-	-	-	-	-
CapEx Coverage (OCF/CapEx)	-	-	-	-	-	-	-	-	-	-
Cash from Investing+	-469.82M	-525.59M	-700.88M	-999.48M	-951.63M	-802.07M	-3.04B	-838.9M	150.97M	-921.57M
Acquisitions	-9.26M	-17M	-94.2M	-251.37M	-47.64M	0	-2.35B	-18.81M	1.02B	0
Purchase of Investments	0	0	0	0	0	0	0	0	0	0
Sale of Investments	785K	0	0	0	0	0	0	0	0	0
Other Investing	27.44M	20.94M	16.97M	17.8M	34.15M	23.04M	34.23M	39.33M	1M	24.36M
Cash from Financing+	-79.49M	-80.53M	346.19M	512.57M	415.28M	209.57M	3.06B	356.48M	-700.79M	-176.34M
Dividends Paid	-74.25M	-83.32M	-92.13M	-100.24M	-116.13M	-125.5M	-138.22M	-160.56M	-174.57M	-177.77M
Dividend Payout Ratio %	0.54%	0.55%	0.48%	0.55%	0.54%	0.54%	0.69%	-	1.16%	0.89%
Debt Issuance (Net)	-1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	-1000K	-1000K
Stock Issued	35.4M	472K	41.16M	354.4M	157.95M	139.25M	213.64M	461.83M	251.76M	336.55M
Share Repurchases	0	0	0	0	0	0	0	0	0	0
Other Financing	-4.97M	-4.13M	14.88M	-69M	156.46M	-2.74M	213.64M	-66.48M	-57.77M	-110.98M
Net Change in Cash+	-3.57M	-7.93M	15.56M	41.74M	-35.82M	33.81M	139.34M	-99.62M	-16.54M	257.25M
Exchange Rate Effect	-1000K	-194K	301K	-208K	158K	228K	160K	-1000K	1000K	-624K
Cash at Beginning	39.57M	36M	28.07M	43.62M	85.36M	49.54M	83.35M	222.7M	123.08M	106.54M
Cash at End	36M	28.07M	43.62M	85.36M	49.54M	83.35M	222.7M	123.08M	106.54M	363.79M
Free Cash Flow+	59.15M	68.86M	-253.69M	-237.06M	-437.78M	-199.03M	-2.92B	-451.96M	-363.31M	409.86M
FCF Growth %	2.17%	0.16%	-4.68%	0.07%	-0.85%	0.55%	-13.69%	0.85%	0.2%	2.13%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF / Net Income %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	8.88%	9.24%	11.09%	8.79%	8.69%	8.56%	6.7%	-6.38%	4.55%	5.6%
EBITDA Margin	22.67%	23.77%	22.55%	21.06%	21.64%	22.89%	20.12%	8.99%	15.81%	18.04%
Net Debt / EBITDA	2.78x	2.69x	3.47x	3.64x	3.89x	3.70x	8.24x	13.15x	6.02x	5.09x
Interest Coverage	4.01x	4.01x	4.15x	3.70x	3.40x	3.79x	3.10x	-0.10x	1.43x	1.63x
CapEx / Revenue	19.81%	21.52%	24.47%	26.59%	30.07%	25.01%	82.48%	17.33%	16.06%	18.5%
Dividend Payout Ratio	53.68%	54.8%	47.53%	54.99%	54.28%	54.02%	68.84%	-	115.7%	89.41%
Debt / Equity	0.99x	0.95x	1.12x	0.98x	1.03x	1.01x	2.01x	1.86x	1.55x	1.37x
EPS Growth	-2.99%	8.9%	27.04%	-8.91%	7.07%	5.08%	-18.12%	-830.09%	108.61%	29.58%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Gas Infrastructure Services	-	-	-	1.12B	1.24B	1.26B	1.3B	1.53B	1.55B	1.46B
Gas Infrastructure Services Growth	-	-	-	-	10.26%	1.79%	3.27%	17.62%	1.13%	-5.85%
Electric Power Infrastructure Services	-	-	-	32.63M	247.72M	411.83M	525.2M	778.12M	1.31B	1.18B
Electric Power Infrastructure Services Growth	-	-	-	-	659.19%	66.25%	27.53%	48.16%	67.97%	-9.81%
Other Infrastructure Services	-	-	-	365.97M	264.29M	275.3M	331.12M	450.38M	43.09M	-
Other Infrastructure Services Growth	-	-	-	-	-27.79%	4.17%	20.27%	36.02%	-90.43%	-
Natural Gas Operations	1.45B	-	1.3B	-	-	-	-	-	-	-
Natural Gas Operations Growth	-	-	-	-	-	-	-	-	-	-
Construction Services	1.01B	98.12M	1.15B	-	-	-	-	-	-	-
Construction Services Growth	-	-90.28%	1071.33%	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	2.29B	2.26B	2.35B	2.66B	2.89B	3.06B	3.41B	4.64B	5.2B	4.91B
UNITED STATES Growth	-	-1.42%	3.92%	13.63%	8.58%	5.66%	11.58%	35.96%	12.11%	-5.47%
CANADA	174.49M	203.89M	203.66M	215.34M	226.72M	241.83M	269.43M	322.45M	234.79M	197.87M
CANADA Growth	-	16.85%	-0.11%	5.74%	5.28%	6.67%	11.41%	19.68%	-27.18%	-15.73%

Frequently Asked Questions

Valuation & Price

Southwest Gas Holdings, Inc. (SWX) has a price-to-earnings (P/E) ratio of 31.1x. This suggests investors expect higher future growth.

Growth & Financials

Southwest Gas Holdings, Inc. (SWX) reported $4.00B in revenue for fiscal year 2024. This represents a 112% increase from $1.89B in 2011.

Southwest Gas Holdings, Inc. (SWX) saw revenue decline by 5.9% over the past year.

Yes, Southwest Gas Holdings, Inc. (SWX) is profitable, generating $463.9M in net income for fiscal year 2024 (3.9% net margin).

Dividend & Returns

Yes, Southwest Gas Holdings, Inc. (SWX) pays a dividend with a yield of 2.87%. This makes it attractive for income-focused investors.

Southwest Gas Holdings, Inc. (SWX) has a return on equity (ROE) of 5.6%. This is below average, suggesting room for improvement.

Southwest Gas Holdings, Inc. (SWX) generated $643.4M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

Industry Metrics

Southwest Gas Holdings, Inc. (SWX) has a dividend payout ratio of 89%. The dividend is reasonably covered.

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