Southwest Gas Holdings, Inc.

NYSE•SWX

CEO: Ms. Karen S. Haller

Sector: Utilities

Industry: Regulated Gas

Listing Date: 1972-06-01

Southwest 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, 2023, it had 2,226,000 residential, commercial, industrial, and other natural gas customers. Southwest Gas Holdings, Inc. was incorporated in 1931 and is headquartered in Las Vegas, Nevada.

Contact Information

8360 South Durango Drive, Las Vegas, NV, 89193-8510, United States

702-876-7237

www.swgasholdings.com

Market Cap

$6.28B

P/E (TTM)

14.3

23.7

Dividend Yield

2.9%

52W High

$90.00

52W Low

$64.69

52W Range

88%

Rank37Top 34.1%

4.4

F-Score

Modified Piotroski Analysis

Based on 10-year fundamentals

Average • 4.4 / 9 points

Scoring Range (0-9)

8-9: Excellent Value

6-7: Strong Fundamentals

4-5: Average Quality

0-3: Weak Performance

Data Period: 2016-2025

Financial Dashboard

Q4 2025 Data

Revenue

$480.74M+0.00%

4-Quarter Trend

EPS

$0.94+0.00%

4-Quarter Trend

FCF

-$502.66M+0.00%

4-Quarter Trend

2025 Annual Earnings Highlights

Key Highlights

Net Income Soars Post-Centuri Consolidated Net Income reached $439.8M in 2025, up 121.2% from $198.8M in 2024, driven by Centuri deconsolidation gain.

Natural Gas Margin Grows Natural Gas Distribution Operating Margin increased $119.6M to $1.445B in 2025, primarily from updated rates and customer growth.

Cash Flow Impacted by Deferrals Operating Cash Flow decreased substantially to $556.1M in 2025 from $1.356B in 2024 due to reduced collection of deferred PGA balances.

Asset Base Streamlined Total Assets decreased to $10.429B in 2025 from $12.073B in 2024 following the sale of the Utility Infrastructure Services segment.

Risk Factors

Internal Control Material Weakness Material weakness identified in internal control over financial reporting regarding state tax apportionment rate assessment; restatements occurred.

Inflation Impacts Operating Costs Heightened inflation adversely impacts operating expenses, labor, and fuel costs, potentially reducing returns due to regulatory lag.

Pipeline Capacity Interruptions Reliance on interstate pipelines means interruptions due to physical constraints or force majeure could disrupt supply and reduce earnings.

Regulatory Lag Threatens Recovery Delays in obtaining timely rate relief to offset increased purchased gas costs or capital expenditures reduce cash flows and earnings.

Outlook

Great Basin Expansion Project Planning Great Basin Expansion Project requiring estimated capital investment of $1.7B through late 2028, pending FERC approval.

Active Regulatory Case Filings Next general rate cases filed or anticipated in Arizona, Nevada, and California jurisdictions through 2026 for rate adjustments.

Technology System Modernization Implementing new financial statement consolidation software system during 2025, expected to be complete in mid-2026.

Capital Investment Forecast Estimated $6.3B in capital expenditures projected for Natural Gas Distribution segment through 2030, including expansion support.

Peer Comparison

Revenue (TTM)

PCG

$24.94B

+2.1%

CMS

$8.54B

+13.6%

UGI

$7.34B

+3.1%

Gross Margin (Latest Quarter)

CMS

127.9%

-13.3pp

OGS

96.3%

+35.7pp

BIPC

64.4%

+3.7pp

Key Metrics

Symbol	Market Cap	P/E (TTM)	ROE (TTM)	Debt to Assets
PCG	$39.87B	14.9	8.6%	43.3%
CMS	$23.24B	21.3	12.3%	46.8%
UGI	$7.98B	13.3	12.2%	42.8%

Long-Term Trends

Last 4 Quarters

Revenue

Net Income

Operating Cash Flow

4Q Revenue CAGR

-28.2%

Growth Under Pressure

4Q Net Income CAGR

-15.6%

Declining Profitability

Cash Flow Stability

100%

Strong Cash Flow

Deep Research

Next earnings:May 11, 2026

EPS:$1.97

Revenue:$629.04M

Financials

Earnings Calls

Reports

News

Income Statement

Balance Sheet

Cash Flow Statement

Ratios

% Chg.

Income Statement	LTM

No Data