NWNNYSENatural Gas DistributionFiscal year ends December 31
Northwest Natural Holding Co
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 5, 2026
$47.96−1.03 (-2.10%)
Close on Oct 19, 2026
- Market cap
- $2.02B
- P/E (TTM)
- 16.0
- Dividend yield
- 4.09%
Margins
Share of revenue, fiscal years 2015 to 2025
Operating margin
21.8%+2.6 pts over 5 years
Net margin
8.8%−1.1 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +11.8% | +7.5% | +10.8% | – | |
| Operating income | +47.0% | +18.8% | +13.6% | – | |
| Net income | +43.7% | +9.5% | +8.1% | – | |
| EPS, diluted | +36.5% | +2.9% | +2.0% | – | |
| Dividend per share | +0.5% | +0.5% | +0.5% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 8.8% | 7.9% | |
| Return on assets | – | 2.1% | 2.0% | |
| Current ratio | – | 0.52 | 0.72 | |
| Debt to equity | – | 1.42 | 1.77 | |
| Net debt to EBITDA | – | 4.86× | 5.75× | |
| Capex to revenue | 20.7% | 35.3% | 36.2% | |
| Diluted shares | 28M | 31M | 41M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Northwest Natural generated $1.06B from operations and spent $2.16B on capital expenditure, dividends and share buybacks. 84% of that went back into the business.
Generated
$1.06B
Used
$2.16B
Capital expenditure$1.82B84%Dividends$336.19M16%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin8.8%
×Asset turnover0.23×
×Equity multiplier3.99×
=Return on equity, FY20257.9%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 8.8% | 0.23× | 3.99× | 7.9% |
| FY2024 | 6.8% | 0.23× | 3.78× | 5.9% |
| FY2023 | 7.8% | 0.25× | 3.91× | 7.6% |
| FY2022 | 8.3% | 0.24× | 4.18× | 8.2% |
| FY2021 | 9.1% | 0.22× | 4.29× | 8.6% |
| FY2020 | 9.9% | 0.22× | 4.09× | 8.8% |
| FY2019 | 8.3% | 0.22× | 4.10× | 7.6% |
| FY2018 | 9.1% | 0.22× | 4.17× | 8.6% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
5of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$113.32M
- Cash generatingOperating cash flow above zero$269.12M
- Return on assets improvedROA up on the prior year1.6% → 2.2%
- Earnings backed by cashOperating cash flow above net income$269.12M vs $113.32M
- Less leverageLong-term debt to assets fell32.1% → 36.8%
- Better liquidityCurrent ratio rose0.86 → 0.72
- No dilutionShare count did not rise39M → 41M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.24 → 0.25