SWXNYSENatural Gas Transmisison & DistributionFiscal year ends December 31
Southwest Gas Holdings, Inc.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 5, 2026
$86.39−1.06 (-1.21%)
Close on Oct 19, 2026
- Market cap
- $6.28B
- P/E (TTM)
- 11.4
- Dividend yield
- 2.87%
Margins
Share of revenue, fiscal years 2014 to 2025
Gross margin
–
Operating margin
24.4%+11.6 pts over 5 years
Net margin
22.7%+15.6 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 | -21.6% | -26.9% | -10.1% | -1.9% | |
| Operating income | +16.6% | – | +2.3% | +5.1% | |
| Net income | +121.2% | – | +13.6% | +12.3% | |
| EPS, diluted | +120.3% | – | +8.0% | +7.6% | |
| Dividend per share | 0.0% | 0.0% | -74.5% | +4.4% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 9.0% | 11.8% | |
| Return on assets | 2.8% | 2.7% | 3.9% | |
| Current ratio | 0.85 | 0.96 | 1.28 | |
| Debt to equity | 0.96 | 1.08 | 0.89 | |
| Net debt to EBITDA | 2.60× | 3.70× | 3.64× | |
| Interest coverage | 4.3× | 3.8× | – | |
| Capex to revenue | 21.5% | 25.0% | 41.6% | |
| Diluted shares | 48M | 56M | 72M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Southwest Gas generated $2.94B from operations and spent $4.82B on capital expenditure, dividends and share buybacks. 83% of that went back into the business.
Generated
$2.94B
Used
$4.82B
Capital expenditure$4.00B83%Dividends$829.50M17%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin22.7%
×Asset turnover0.17×
×Equity multiplier3.01×
=Return on equity, FY202511.8%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 22.7% | 0.17× | 3.01× | 11.8% |
| FY2024 | 8.0% | 0.23× | 3.13× | 5.8% |
| FY2023 | 6.0% | 0.23× | 3.53× | 4.7% |
| FY2022 | -4.1% | 0.38× | 4.32× | -6.8% |
| FY2021 | 5.5% | 0.34× | 3.82× | 7.1% |
| FY2020 | 7.0% | 0.39× | 3.26× | 9.0% |
| FY2019 | 6.9% | 0.40× | 3.26× | 9.0% |
| FY2018 | 6.3% | 0.42× | 3.34× | 9.0% |
| FY2017 | 7.6% | 0.43× | 3.40× | 11.1% |
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$439.83M
- Cash generatingOperating cash flow above zero$556.08M
- Return on assets improvedROA up on the prior year2.1% → 3.6%
- Earnings backed by cashOperating cash flow above net income$556.08M vs $439.83M
- Less leverageLong-term debt to assets fell29.0% → 32.9%
- Better liquidityCurrent ratio rose0.80 → 1.28
- No dilutionShare count did not rise72M → 72M
- Gross margin improvedGross margin up on the prior year2.43% → –
- More efficientAsset turnover rose0.27 → 0.16