Companies / SWX 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.
Ticker SWX Exchange NYSE Sector Utilities Industry Utilities - Regulated Gas Market cap $6.62B 52-week range $78.26 - $94.47 Valuation Share price $91.33 (close of Nov 6, 2026) P/E (TTM) 12.08x Price to book 1.60x Price to free cash flow -12.53x Enterprise value $9.86B Book value per share $56.94 Price performance Period Change 1 day +0.93% 5 days -1.88% 1 month +9.61% 3 months -1.16% 6 months +0.56% Year to date +14.13% 1 year +15.86% 3 years +52.39% 5 years +28.34% 10 years +29.60% All time +576.52%
Short interest As of Oct 15, 2026 Short % of float 5.29% Shares short 2.93M Days to cover 4.89 Change since prior report +2.07% Source FINRA consolidated short interest Profitability and growth Return on equity 11.10% Return on invested capital 5.06% Return on assets 4.22% Return on capital employed 4.99% Net margin 22.67% EBITDA margin 41.47% Net income growth 121.22% Free cash flow growth -149.45% Cash flow and balance sheet Free cash flow yield (TTM) -7.98% Current ratio 1.12x Net debt to EBITDA 3.60x Latest reported year Period end Dec 31, 2025 Fiscal year 2025 Revenue $1.94B EBITDA $804.61M Net income $439.83M Earnings per share $6.09 Interest expense $203.08M Shares outstanding 72.16M Income statement by year Period end Revenue Gross profit Net income EPS 2025-12-31 $1.94B - $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 $3.68B $1.72B $200.78M $3.39 2020-12-31 $3.30B $1.57B $232.32M $4.15 2019-12-31 $3.12B $1.55B $213.94M $3.94 2018-12-31 $2.88B $1.49B $182.28M $3.69 2017-12-31 $2.55B $1.40B $193.84M $4.04 2016-12-31 $2.46B $1.44B $152.04M $3.20
Margins and returns by year Period end Gross margin Net margin Return on equity Return on capital 2025-12-31 - 22.67% 11.10% 5.06% 2024-12-31 - - 5.40% 4.75% 2023-12-31 51.83% 2.78% 4.56% 3.07% 2022-12-31 49.01% -4.10% -6.65% -0.13% 2021-12-31 46.87% 5.46% 6.80% 3.56% 2020-12-31 47.58% 7.04% 8.69% 6.43% 2019-12-31 49.57% 6.86% 8.54% 6.08% 2018-12-31 51.82% 6.33% 8.10% 6.51% 2017-12-31 54.92% 7.61% 10.70% 7.22% 2016-12-31 58.37% 6.18% 9.15% 7.27%
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 Aug 17, 2026 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 Past earnings dates Reported Fiscal period EPS estimate 2026-11-04 Sep 2026 $0.17 2026-08-05 Jun 2026 $0.47 2026-05-05 Mar 2026 $1.88 2026-02-25 Dec 2025 $1.40 2025-11-05 Sep 2025 $0.09 2025-08-06 Jun 2025 $0.42 2025-05-12 Mar 2025 $1.61 2025-02-26 Dec 2024 $1.15
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) · American Water Works Company, Inc. (AWK) · Sempra (SRE) · AES Corp (AES) · Constellation Energy Corp (CEG) · Vistra Corp. (VST) · NRG Energy, Inc. (NRG)
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