Southwest Gas Holdings, Inc. (SWX)
Southwest Gas Holdings, Inc., through its subsidiary, Southwest Gas Corporation, purchases, distributes, and transports natural gas for residential, commercial, and industrial customers in Arizona, Nevada, and California in the United States. The company offers tariff sales and transportation services. It also operates a pipeline transmission system, including an LNG storage facility. As of December 31, 2025, the company served approximately 2,281,000 customers with 1,224,000 in Arizona, 849,000 in Nevada, and 208,000 in California. Southwest Gas Holdings, Inc. was founded in 1931 and is headquartered in Las Vegas, Nevada.
- Symbol
- SWX
- Exchange
- NYSE
- Sector
- Utilities
- Industry
- Utilities - Regulated Gas
- Market cap
- $6.05B
- 52 week range
- 76.74 - 94.47
Valuation
- Share price
- $82.21 (close of 2026-09-23)
- P/E (TTM)
- 11.04x
- Price to book
- 1.47x
- Price to free cash flow
- -11.46x
- Enterprise value
- $9.29B
- Book value per share
- $56.94
Price performance
| Period | Change |
|---|
| 1 day | -2.88% |
| 5 days | -5.31% |
| 1 month | -7.49% |
| 3 months | -7.68% |
| 6 months | -4.22% |
| Year to date | +2.74% |
| 1 year | +3.54% |
| 3 years | +31.83% |
| 5 years | +21.70% |
| 10 years | +12.42% |
| All time | +508.96% |
Profitability and growth
- Return on equity
- 11.10%
- Return on invested capital
- 5.48%
- Return on assets
- 4.22%
- Return on capital employed
- 4.99%
- Net income growth
- 121.22%
- Free cash flow growth
- -149.45%
Cash flow and balance sheet
- Free cash flow yield (TTM)
- -8.73%
- Current ratio
- 1.12x
- Net debt to EBITDA
- 3.60x
Latest reported year
- Period end
- 2025-12-31
- Fiscal year
- 2025
- EBITDA
- $804.61M
- Net income
- $439.83M
- Earnings per share
- $6.09
- Shares outstanding
- 72.16M
Income statement by year
| Period end | Revenue | Gross profit | Net income | EPS |
|---|
| 2025-12-31 | - | - | $439.83M | $6.09 |
| 2024-12-31 | - | - | $198.81M | $2.77 |
| 2023-12-31 | $5.43B | $2.82B | $150.89M | $2.13 |
| 2022-12-31 | $4.96B | $2.43B | $-203.29M | $-3.10 |
| 2021-12-31 | $1.50B | $-457.72M | $200.78M | $3.39 |
| 2020-12-31 | $1.34B | $-390.28M | $232.32M | $4.15 |
| 2019-12-31 | $1.39B | $-187.93M | $213.94M | $3.94 |
| 2018-12-31 | $1.31B | $-81.72M | $182.28M | $3.69 |
| 2017-12-31 | $1.26B | $113.92M | $193.84M | $4.04 |
| 2016-12-31 | $1.31B | $282.44M | $152.04M | $3.20 |
Margins and returns by year
| Period end | Gross margin | Net margin | Return on equity | Return on capital |
|---|
| 2025-12-31 | - | - | 11.10% | 5.48% |
| 2024-12-31 | - | - | 5.40% | 4.94% |
| 2023-12-31 | 51.83% | 2.78% | 4.56% | 3.11% |
| 2022-12-31 | 49.01% | -4.10% | -6.65% | -0.14% |
| 2021-12-31 | -30.56% | 13.41% | 6.80% | 4.62% |
| 2020-12-31 | -29.14% | 17.35% | 8.69% | 6.66% |
| 2019-12-31 | -13.57% | 15.44% | 8.54% | 6.40% |
| 2018-12-31 | -6.26% | 13.96% | 8.10% | 6.87% |
| 2017-12-31 | 9.02% | 15.35% | 10.70% | 7.74% |
| 2016-12-31 | 21.61% | 11.63% | 9.15% | 7.33% |
Cash and debt by year
| Period end | Cash | Debt |
|---|
| 2025-12-31 | $576.64M | $3.43B |
| 2024-12-31 | $314.77M | $3.50B |
| 2023-12-31 | $106.54M | $4.61B |
| 2022-12-31 | $123.08M | $4.40B |
| 2021-12-31 | $222.70M | $4.12B |
| 2020-12-31 | $83.35M | $2.73B |
| 2019-12-31 | $49.54M | $2.30B |
| 2018-12-31 | $85.36M | $2.11B |
| 2017-12-31 | $43.62M | $1.80B |
| 2016-12-31 | $28.07M | $1.55B |
Free cash flow by year
| Period end | Free cash flow | Stock-based compensation |
|---|
| 2025-12-31 | $-251.79M | $14.63M |
| 2024-12-31 | $509.19M | $11.37M |
| 2023-12-31 | $-256.66M | $6.23M |
| 2022-12-31 | $-451.96M | $9.45M |
| 2021-12-31 | $-604.24M | $9.29M |
| 2020-12-31 | $-199.03M | $7.11M |
| 2019-12-31 | $-437.78M | $6.90M |
| 2018-12-31 | $-237.06M | $6.11M |
| 2017-12-31 | $-253.69M | $10.89M |
| 2016-12-31 | $70.98M | $5.46M |
Dividend history
- Most recent payment
- 2026-08-17
- Paid in the last twelve months
- $2.53
| Payment date | Dividend per share |
|---|
| 2026-08-17 | $0.65 |
| 2026-05-15 | $0.65 |
| 2026-02-17 | $0.62 |
| 2025-11-17 | $0.62 |
| 2025-08-15 | $0.62 |
| 2025-05-15 | $0.62 |
| 2025-02-18 | $0.62 |
| 2024-11-15 | $0.62 |
Investor relations
Next earnings report
- Next confirmed report
- 2026-11-04
- Consensus EPS estimate
- $0.17
Past earnings dates
| Reported | Fiscal period | EPS estimate |
|---|
| 2026-08-05 | Jun/2026 | $0.47 |
| 2026-05-05 | - | - |
| 2026-02-25 | - | - |
| 2025-11-05 | - | - |
| 2025-08-06 | - | - |
| 2025-05-12 | - | - |
| 2025-02-26 | - | - |
| 2024-11-06 | - | - |
Filings and sources
- Company website
- swgasholdings.com
- SEC filings
- 10-K, 10-Q and 8-K on EDGAR
- Earnings calendar
- All upcoming reports
Similar companies
Atmos Energy Corp (ATO) · NiSource Inc. (NI) · Constellation Energy Corp (CEG) · Vistra Corp. (VST) · NRG Energy, Inc. (NRG) · NextEra Energy Inc (NEE) · Southern Co (SO) · Duke Energy Corp (DUK)
All Utilities companies
Understanding these figures
Price-to-earnings ratio · Discounted cash flow · Free cash flow · Earnings per share · Return on equity · Gross margin vs net margin · Reading a balance sheet · Debt and leverage · Dividend yield · Insider transactions and Form 4 · How to read a stock chart
Explore
Company directory · S&P 500 heatmap · Earnings calendar · Super investor holdings · Congress trades