Southwest Gas Holdings, Inc. (SWX) Financial Ratios
30 years of historical data (1996–2025) · Utilities · Regulated Gas
EV/EBITDA
↓
11.60
↓-16% vs avg
5yr avg: 13.76
30Y Low6.0·High66.1
P/FCF
N/A
—
5yr avg: 12.43
30Y Low6.8·High183.3
P/B Ratio
↑
1.62
+20% vs avg
5yr avg: 1.35
30Y Low1.1·High2.2
ROE
↑
11.5%
↓+162% vs avg
5yr avg: 4.4%
30Y Low-6%·High11%
Debt/EBITDA
↓
4.36
↓-43% vs avg
5yr avg: 7.59
30Y Low2.7·High43.3
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
SWX Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Southwest Gas Holdings, Inc. trades at 14.6x earnings, 35% below its 5-year average of 22.3x, sitting at the 3rd percentile of its historical range. Compared to the Utilities sector median P/E of 19.0x, the stock trades at a discount of 23%.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $6.4B | $5.8B | $5.1B | $4.5B | $4.1B | $4.2B | $3.4B | $4.1B | $3.8B | $3.9B | $3.7B |
| Enterprise Value | $9.3B | $8.7B | $9.8B | $9.7B | $9.9B | $10.3B | $6.2B | $6.8B | $6.0B | $5.9B | $5.2B |
| P/E Ratio → | 14.55 | 13.16 | 25.62 | 29.74 | — | 20.66 | 14.67 | 19.28 | 20.79 | 19.92 | 24.09 |
| P/S Ratio | 3.30 | 2.98 | 1.00 | 0.83 | 0.82 | 1.13 | 1.03 | 1.32 | 1.31 | 1.52 | 1.49 |
| P/B Ratio | 1.62 | 1.46 | 1.38 | 1.32 | 1.26 | 1.32 | 1.20 | 1.59 | 1.62 | 2.13 | 2.18 |
| P/FCF | — | — | 12.43 | — | — | — | — | — | — | — | 53.20 |
| P/OCF | 11.52 | 10.41 | 3.76 | 8.83 | 9.96 | 37.27 | 5.44 | 8.25 | 7.16 | 10.44 | 6.12 |
P/E links to full P/E history page with 30-year chart
SWX EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Southwest Gas Holdings, Inc.'s enterprise value stands at 11.6x EBITDA, 16% below its 5-year average of 13.8x. This is roughly in line with the Utilities sector median of 11.9x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.49 | 1.91 | 1.78 | 2.00 | 2.79 | 1.88 | 2.16 | 2.08 | 2.30 | 2.13 |
| EV / EBITDA | 11.60 | 10.84 | 10.61 | 11.26 | 22.25 | 13.84 | 8.22 | 10.00 | 9.88 | 10.19 | 8.95 |
| EV / EBIT | 19.70 | 16.33 | 18.18 | 19.75 | — | 28.00 | 14.90 | 17.68 | 17.46 | 17.95 | 17.70 |
| EV / FCF | — | — | 23.88 | — | — | — | — | — | — | — | 76.03 |
SWX Profitability
Margins and return-on-capital ratios measuring operating efficiency
Southwest Gas Holdings, Inc. earns an operating margin of 24.4%, above the Utilities sector average of 18.5%. Operating margins have expanded from 7.7% to 24.4% over the past 3 years, signaling improving operational efficiency. ROE of 11.5% is modest. ROIC of 4.7% represents below-average 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 | 29.3% | 29.3% | 19.8% | 18.8% | 20.1% | 22.3% | 24.8% | 23.6% | 23.1% | 24.8% | 25.9% |
| Operating Margin | 24.4% | 24.4% | 9.5% | 7.7% | -0.5% | 10.0% | 12.8% | 11.9% | 12.4% | 12.7% | 12.0% |
| Net Profit Margin | 22.7% | 22.7% | 3.9% | 2.8% | -4.1% | 5.5% | 7.0% | 6.9% | 6.3% | 7.6% | 6.2% |
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 | 11.5% | 11.5% | 5.6% | 4.5% | -6.4% | 6.7% | 8.6% | 8.7% | 8.8% | 11.1% | 9.2% |
| ROA | 3.9% | 3.9% | 1.7% | 1.2% | -1.6% | 1.9% | 2.7% | 2.8% | 2.7% | 3.3% | 2.8% |
| ROIC | 4.7% | 4.7% | 4.3% | 3.6% | -0.2% | 3.7% | 5.8% | 5.7% | 6.4% | 6.9% | 6.9% |
| ROCE | 4.8% | 4.8% | 4.7% | 4.2% | -0.3% | 4.2% | 5.7% | 5.5% | 6.0% | 6.2% | 6.0% |
SWX Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Southwest Gas Holdings, Inc. carries a Debt/EBITDA ratio of 4.4x, which is highly leveraged (16% below the sector average of 5.2x). Net debt stands at $2.9B ($3.5B total debt minus $577M cash). Interest coverage of just 2.6x 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 | 0.89 | 0.89 | 1.37 | 1.55 | 1.86 | 2.01 | 1.01 | 1.03 | 0.98 | 1.12 | 0.95 |
| Debt / EBITDA | 4.36 | 4.36 | 5.49 | 6.15 | 13.43 | 8.54 | 3.81 | 3.96 | 3.78 | 3.55 | 2.74 |
| Net Debt / Equity | — | 0.74 | 1.27 | 1.52 | 1.82 | 1.94 | 0.98 | 1.01 | 0.95 | 1.10 | 0.93 |
| Net Debt / EBITDA | 3.64 | 3.64 | 5.09 | 6.02 | 13.15 | 8.24 | 3.70 | 3.89 | 3.64 | 3.47 | 2.69 |
| Debt / FCF | — | — | 11.45 | — | — | — | — | — | — | — | 22.83 |
| Interest Coverage | 2.63 | 2.63 | 1.81 | 1.68 | -0.13 | 3.07 | 3.73 | 3.50 | 3.55 | 4.18 | 4.01 |
SWX Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.28x means Southwest Gas Holdings, Inc. can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has improved from 1.12x to 1.28x 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 | 1.28 | 1.28 | 0.80 | 1.12 | 1.08 | 0.52 | 0.96 | 0.80 | 0.89 | 0.81 | 0.85 |
| Quick Ratio | 1.18 | 1.18 | 0.80 | 1.12 | 1.08 | 0.52 | 0.96 | 0.80 | 0.89 | 0.79 | 0.84 |
| Cash Ratio | 0.62 | 0.62 | 0.20 | 0.06 | 0.04 | 0.07 | 0.09 | 0.05 | 0.09 | 0.05 | 0.04 |
| Asset Turnover | — | 0.19 | 0.43 | 0.46 | 0.38 | 0.29 | 0.38 | 0.38 | 0.39 | 0.41 | 0.44 |
| Inventory Turnover | 14.63 | 14.63 | — | — | — | — | — | — | 449.16 | 131.42 | 699.11 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
SWX Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Southwest Gas Holdings, Inc. returns 2.8% to shareholders annually primarily through dividends. A payout ratio of 40.6% is moderate and appears sustainable, balancing shareholder returns with reinvestment capacity. The earnings yield of 6.9% (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 | 2.8% | 3.1% | 3.5% | 3.9% | 4.0% | 3.3% | 3.7% | 2.8% | 2.6% | 2.4% | 2.3% |
| Payout Ratio | 40.6% | 40.6% | 89.4% | 115.7% | — | 68.8% | 54.0% | 54.3% | 55.0% | 47.5% | 54.8% |
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 | 6.9% | 7.6% | 3.9% | 3.4% | — | 4.8% | 6.8% | 5.2% | 4.8% | 5.0% | 4.2% |
| FCF Yield | — | — | 8.0% | — | — | — | — | — | — | — | 1.9% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 2.8% | 3.1% | 3.5% | 3.9% | 4.0% | 3.3% | 3.7% | 2.8% | 2.6% | 2.4% | 2.3% |
| Shares Outstanding | — | $72M | $72M | $71M | $66M | $59M | $56M | $54M | $49M | $48M | $48M |
Peer Comparison
Compare SWX 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 |
|---|---|---|---|---|---|---|---|---|---|
 SWXYou | $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 |
 SR | $5B | 17.6 | 11.9 | — | 78.1% | 21.2% | 8.2% | 4.7% | 6.4 |
 NWN | $2B | 17.7 | 7.8 | — | 39.6% | 31.4% | 7.9% | 8.1% | 4.5 |
 ATO | $28B | 22.8 | 16.3 | — | 52.4% | 33.2% | 9.3% | 5.5% | 4.1 |
 WEC | $37B | 23.2 | 15.3 | — | 50.5% | 24.2% | 11.6% | 5.1% | 5.8 |
 NI | $23B | 24.2 | 12.9 | — | 58.6% | 27.6% | 8.3% | 5.3% | 5.4 |
 CMS | $23B | 20.8 | 14.2 | — | 60.9% | 20.2% | 11.6% | 4.9% | 6.6 |
 LNT | $19B | 23.2 | 16.4 | — | 40.1% | 23.5% | 11.3% | 4.2% | 6.6 |
 AVA | $3B | 16.7 | 10.3 | — | 24.2% | 18.0% | 7.3% | 4.5% | 5.3 |
 NFG | $7B | 13.4 | 7.9 | 38.5 | 66.1% | 35.7% | 17.4% | 10.6% | 2.2 |
| 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 →
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Includes 30+ ratios · 30 years · Updated daily
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SWX — Frequently Asked Questions
Quick answers to the most common questions about buying SWX stock.
What is Southwest Gas Holdings, Inc.'s P/E ratio?
Southwest Gas Holdings, Inc.'s current P/E ratio is 14.6x. The historical average is 21.3x. This places it at the 3th percentile of its historical range.
What is Southwest Gas Holdings, Inc.'s EV/EBITDA?
Southwest Gas Holdings, Inc.'s current EV/EBITDA is 11.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.7x.
What is Southwest Gas Holdings, Inc.'s ROE?
Southwest Gas Holdings, Inc.'s return on equity (ROE) is 11.5%. The historical average is 7.4%.
Is SWX stock overvalued?
Based on historical data, Southwest Gas Holdings, Inc. is trading at a P/E of 14.6x. This is at the 3th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Southwest Gas Holdings, Inc.'s dividend yield?
Southwest Gas Holdings, Inc.'s current dividend yield is 2.79% with a payout ratio of 40.6%.
What are Southwest Gas Holdings, Inc.'s profit margins?
Southwest Gas Holdings, Inc. has 29.3% gross margin and 24.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Southwest Gas Holdings, Inc. have?
Southwest Gas Holdings, Inc.'s Debt/EBITDA ratio is 4.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.