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Southwest Gas Holdings, Inc.

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
$5.81B
P/E (TTM)
30.0
31.2
Dividend Yield
3.1%
52W High
$83.23
52W Low
$64.69
52W Range
86%
Rank38Top 27.7%
4.7
F-Score
Modified Piotroski Analysis
Based on 10-year fundamentals
Average • 4.7 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2015-2024

Financial Dashboard

Q3 2025 Data

Revenue

$316.91M-70.63%
4-Quarter Trend

EPS

$3.75+93650.00%
4-Quarter Trend

FCF

-$105.84M-373.19%
4-Quarter Trend

2025 Q3 Earnings Highlights

Key Highlights

Centuri Deconsolidation Gain Realized Deconsolidation resulted in a $367.4M pre-tax gain for nine months 2025; Centuri now reported as discontinued operations.
NGD Operating Margin Increased NGD operating margin reached $1.030B for nine months 2025, driven by rate updates and 1.8% customer growth.
Strong Cash Position Maintained Consolidated cash ended at $778.6M, supported by $1.35B net proceeds from Centuri sales used for debt reduction.
Continuing Operations EPS Rises Basic EPS from continuing operations was $2.29 for nine months 2025, improving from $1.87 reported in 2024.

Risk Factors

Operating Cash Flow Reduced Operating cash flow from continuing operations decreased $680M year-to-date due to substantial reduction in PGA balance collection.
Regulatory Lag Impacts Recovery Timing and amount of rate relief decisions materially impact Southwest Gas' ability to recover authorized operating costs.
Infrastructure Capital Requirements High Management estimates $2.6B capital expenditures through 2027, including funding for the potential 2028 Great Basin expansion.

Outlook

Centuri Proceeds Deployed Proceeds of $1.35B used for debt repayment, third quarter dividends, and support for future capital investments.
Quarterly Dividend Maintained Board maintained quarterly dividend at $0.62 per share, effective with the June 2025 payment, consistent with peers.
Credit Rating Maintenance Goal Strategy aims to maintain investment-grade credit ratings via balanced equity/debt structure following Centuri divestiture.
Arizona Rate Case Approved ACC authorized $80.2M annual rate increase in March 2025, with new rates effective commensurate with the order timing.

Peer Comparison

Revenue (TTM)

Enel Chile S.A.ENIC
$410.54B
-91.4%
PG&E CorporationPCG
$24.76B
-0.3%
CMS Energy CorporationCMS
$8.30B
+11.0%

Gross Margin (Latest Quarter)

ONE Gas, Inc.OGS
79.8%
+35.7pp
Brookfield Infrastructure CorporationBIPC
63.4%
+0.5pp
Spire Inc.SR
57.3%
+14.0pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
PCG$34.57B12.88.7%43.3%
CMS$20.65B19.712.4%47.6%
UGI$8.19B12.114.4%0.0%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
-37.0%
Growth Under Pressure
4Q Net Income CAGR
43.0%
Profitability Improved
Cash Flow Stability
100%
Strong Cash Flow

Research & Insights

Next earnings:Feb 25, 2026
|
EPS:$1.40
|
Revenue:-
Reports
All Years

  • Form 10-Q - Q3 2025

    Period End: Sep 30, 2025|Filed: Nov 5, 2025|
    Revenue: $316.91M-70.6%
    |
    EPS: $3.75+93650.0%
    Meet

  • Form 10-Q - Q2 2025

    Period End: Jun 30, 2025|Filed: Aug 6, 2025|
    Revenue: $1.12B-5.2%
    |
    EPS: $-0.18-169.2%
    Miss

  • Form 10-Q - Q1 2025

    Period End: Mar 31, 2025|Filed: May 12, 2025|
    Revenue: $1.30B-18.0%
    |
    EPS: $1.58+29.5%
    Meet

  • Form 10-K - FY 2024

    Period End: Dec 31, 2024|Filed: Feb 26, 2025|
    Revenue: $5.11B-5.9%
    |
    EPS: $2.77+30.0%
    Beat

  • Form 10-Q - Q3 2024

    Period End: Sep 30, 2024|Filed: Nov 6, 2024|
    Revenue: $1.08B-7.7%
    |
    EPS: $0.00-91.1%
    Miss

  • Form 10-Q - Q2 2024

    Period End: Jun 30, 2024|Filed: Aug 6, 2024|
    Revenue: $1.18B-8.6%
    |
    EPS: $0.26-35.0%
    Miss

  • Form 10-Q - Q1 2024

    Period End: Mar 31, 2024|Filed: May 8, 2024|
    Revenue: $1.58B-1.4%
    |
    EPS: $1.22+82.1%
    Miss

  • Form 10-K - FY 2023

    Period End: Dec 31, 2023|Filed: Feb 28, 2024|
    Revenue: $5.43B+9.6%
    |
    EPS: $2.13+108.6%
    Beat