NorthWestern Energy (NWE)
Market Price (9/25/2026): $68.19 | Market Cap: $4.2 BilSector: Utilities | Industry: Multi-Utilities
NorthWestern Energy (NWE)
Market Price (9/25/2026): $68.19Market Cap: $4.2 BilSector: UtilitiesIndustry: Multi-Utilities
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.0%, Dividend Yield is 3.9%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.0% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 25% Low stock price volatilityVol 12M is 23% Megatrend and thematic driversMegatrends include Renewable Energy Transition, Smart Grids & Grid Modernization, and Electrification of Everything. Themes include Battery Storage & Grid Modernization, Show more. | Weak multi-year price returns2Y Excs Rtn is -4.2%, 3Y Excs Rtn is -23% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 86% Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -11% Key risksNWE key risks include [1] adverse regulatory determinations in Montana that threaten the company's ability to recover costs and [2] vulnerability to energy price volatility and supply disruptions due to its reliance on market purchases. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.0%, Dividend Yield is 3.9%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.0% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 25% |
| Low stock price volatilityVol 12M is 23% |
| Megatrend and thematic driversMegatrends include Renewable Energy Transition, Smart Grids & Grid Modernization, and Electrification of Everything. Themes include Battery Storage & Grid Modernization, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -4.2%, 3Y Excs Rtn is -23% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 86% |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -11% |
| Key risksNWE key risks include [1] adverse regulatory determinations in Montana that threaten the company's ability to recover costs and [2] vulnerability to energy price volatility and supply disruptions due to its reliance on market purchases. |
Qualitative Assessment
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NorthWestern Energy (NWE) stock has remained largely at the same level since 5/31/2026 because of the following key factors:
1. Solid Fiscal Q2 2026 Financial Performance.
NorthWestern Energy reported robust results for fiscal Q2 2026, which ended on June 30, 2026. The company posted a diluted GAAP EPS of $0.40, an increase from $0.35 in the prior year's Q2, and an adjusted diluted non-GAAP EPS of $0.50, up from $0.40 in Q2 2025. Revenue reached $392.6 million, exceeding analyst expectations by approximately 4%. This performance was largely driven by new rates and higher electric and gas retail volumes, which contributed to a 13.2% increase in utility margin to $302.8 million for the quarter. The company also reaffirmed its 2026 earnings guidance range of $3.68 to $3.83 per diluted share and its long-term EPS growth target of 4% to 6%, signaling stability and confidence in its operational outlook.
2. Significant Progress on Black Hills Merger.
The ongoing all-stock merger with Black Hills Corporation continued to advance, providing a clearer path for the company's future structure and operations. During the period, NorthWestern Energy received crucial regulatory approvals from the Federal Energy Regulatory Commission (FERC), the Nebraska Public Service Commission, and the South Dakota Public Utilities Commission. As of late July 2026, the Montana Public Service Commission (MPSC) approval remained the final regulatory hurdle, with a hearing already conducted and a decision anticipated by year-end 2026. This steady progression towards merger completion likely contributed to investor confidence and the stock's relatively stable trading.
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NorthWestern Energy (NWE) stock has remained largely at the same level since 5/31/2026 because of the following key factors:
1. Solid Fiscal Q2 2026 Financial Performance.
NorthWestern Energy reported robust results for fiscal Q2 2026, which ended on June 30, 2026. The company posted a diluted GAAP EPS of $0.40, an increase from $0.35 in the prior year's Q2, and an adjusted diluted non-GAAP EPS of $0.50, up from $0.40 in Q2 2025. Revenue reached $392.6 million, exceeding analyst expectations by approximately 4%. This performance was largely driven by new rates and higher electric and gas retail volumes, which contributed to a 13.2% increase in utility margin to $302.8 million for the quarter. The company also reaffirmed its 2026 earnings guidance range of $3.68 to $3.83 per diluted share and its long-term EPS growth target of 4% to 6%, signaling stability and confidence in its operational outlook.
2. Significant Progress on Black Hills Merger.
The ongoing all-stock merger with Black Hills Corporation continued to advance, providing a clearer path for the company's future structure and operations. During the period, NorthWestern Energy received crucial regulatory approvals from the Federal Energy Regulatory Commission (FERC), the Nebraska Public Service Commission, and the South Dakota Public Utilities Commission. As of late July 2026, the Montana Public Service Commission (MPSC) approval remained the final regulatory hurdle, with a hearing already conducted and a decision anticipated by year-end 2026. This steady progression towards merger completion likely contributed to investor confidence and the stock's relatively stable trading.
3. Identified Growth Opportunities from Data Centers.
NorthWestern Energy highlighted substantial future growth potential through aggressive positioning to serve the increasing demand from data centers. The company has signed agreements covering between 275 and 1,250 megawatts of load for data centers across Montana and South Dakota. Management indicated that the primary limiting factor for these projects is the buildout of transmission infrastructure, rather than a lack of customer interest. This significant pipeline of contracted demand suggests a multi-year tailwind and the potential for additional capital investments beyond the affirmed $683 million capital plan for fiscal year 2026, providing a positive long-term outlook for the company's rate base growth.
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Stock Movement Drivers
Fundamental Drivers
The -1.8% change in NWE stock from 5/31/2026 to 9/24/2026 was primarily driven by a -3.8% change in the company's P/E Multiple.| (LTM values as of) | 5312026 | 9242026 | Change |
|---|---|---|---|
| Stock Price ($) | 69.29 | 68.07 | -1.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,641 | 1,691 | 3.0% |
| Net Income Margin (%) | 10.2% | 10.1% | -0.8% |
| P/E Multiple | 25.4 | 24.4 | -3.8% |
| Shares Outstanding (Mil) | 61 | 62 | -0.1% |
| Cumulative Contribution | -1.8% |
Market Drivers
5/31/2026 to 9/24/2026| Return | Correlation | |
|---|---|---|
| NWE | -1.8% | |
| Market (SPY) | 1.7% | -1.5% |
| Sector (XLU) | -10.8% | 47.5% |
Fundamental Drivers
The 0.1% change in NWE stock from 2/28/2026 to 9/24/2026 was primarily driven by a 6.0% change in the company's P/E Multiple.| (LTM values as of) | 2282026 | 9242026 | Change |
|---|---|---|---|
| Stock Price ($) | 67.97 | 68.07 | 0.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,611 | 1,691 | 5.0% |
| Net Income Margin (%) | 11.2% | 10.1% | -9.9% |
| P/E Multiple | 23.0 | 24.4 | 6.0% |
| Shares Outstanding (Mil) | 61 | 62 | -0.2% |
| Cumulative Contribution | 0.1% |
Market Drivers
2/28/2026 to 9/24/2026| Return | Correlation | |
|---|---|---|
| NWE | 0.1% | |
| Market (SPY) | 12.4% | 8.2% |
| Sector (XLU) | -16.4% | 54.0% |
Fundamental Drivers
The 24.5% change in NWE stock from 8/31/2025 to 9/24/2026 was primarily driven by a 64.1% change in the company's P/E Multiple.| (LTM values as of) | 8312025 | 9242026 | Change |
|---|---|---|---|
| Stock Price ($) | 54.69 | 68.07 | 24.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,528 | 1,691 | 10.7% |
| Net Income Margin (%) | 14.8% | 10.1% | -31.4% |
| P/E Multiple | 14.9 | 24.4 | 64.1% |
| Shares Outstanding (Mil) | 61 | 62 | -0.2% |
| Cumulative Contribution | 24.5% |
Market Drivers
8/31/2025 to 9/24/2026| Return | Correlation | |
|---|---|---|
| NWE | 24.5% | |
| Market (SPY) | 20.3% | 5.3% |
| Sector (XLU) | -4.0% | 47.4% |
Fundamental Drivers
The 56.9% change in NWE stock from 8/31/2023 to 9/24/2026 was primarily driven by a 65.5% change in the company's P/E Multiple.| (LTM values as of) | 8312023 | 9242026 | Change |
|---|---|---|---|
| Stock Price ($) | 43.38 | 68.07 | 56.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,505 | 1,691 | 12.4% |
| Net Income Margin (%) | 11.7% | 10.1% | -13.2% |
| P/E Multiple | 14.8 | 24.4 | 65.5% |
| Shares Outstanding (Mil) | 60 | 62 | -2.8% |
| Cumulative Contribution | 56.9% |
Market Drivers
8/31/2023 to 9/24/2026| Return | Correlation | |
|---|---|---|
| NWE | 56.9% | |
| Market (SPY) | 76.8% | 20.7% |
| Sector (XLU) | 36.8% | 58.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| NWE Return | 2% | 8% | -10% | 11% | 26% | 10% | 52% |
| Peers Return | 25% | 1% | 0% | 19% | 15% | 1% | 75% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 105% |
Monthly Win Rates [3] | |||||||
| NWE Win Rate | 50% | 58% | 50% | 50% | 75% | 56% | |
| Peers Win Rate | 62% | 57% | 55% | 57% | 52% | 49% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 56% | |
Max Drawdowns [4] | |||||||
| NWE Max Drawdown | -21% | -20% | -22% | -11% | -14% | -10% | |
| Peers Max Drawdown | -15% | -24% | -25% | -17% | -13% | -13% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: BKH, MDU, XEL, AVA, OTTR. See NWE Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/24/2026 (YTD)
How Low Can It Go
| Event | NWE | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -15.7% | -9.5% |
| % Gain to Breakeven | 18.7% | 10.5% |
| Time to Breakeven | 264 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -10.4% | -24.5% |
| % Gain to Breakeven | 11.5% | 32.4% |
| Time to Breakeven | 49 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -39.3% | -33.7% |
| % Gain to Breakeven | 64.9% | 50.9% |
| Time to Breakeven | 2044 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -12.4% | -12.2% |
| % Gain to Breakeven | 14.2% | 13.9% |
| Time to Breakeven | 35 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -12.4% | -17.9% |
| % Gain to Breakeven | 14.1% | 21.8% |
| Time to Breakeven | 21 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -14.9% | -15.4% |
| % Gain to Breakeven | 17.5% | 18.2% |
| Time to Breakeven | 128 days | 125 days |
In The Past
NorthWestern Energy's stock fell -0.6% during the 2025 US Tariff Shock. Such a loss loss requires a 0.6% gain to breakeven.
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| Event | NWE | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -39.3% | -33.7% |
| % Gain to Breakeven | 64.9% | 50.9% |
| Time to Breakeven | 2044 days | 140 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -40.4% | -53.4% |
| % Gain to Breakeven | 67.7% | 114.4% |
| Time to Breakeven | 427 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -20.8% | -8.6% |
| % Gain to Breakeven | 26.3% | 9.5% |
| Time to Breakeven | 970 days | 47 days |
In The Past
NorthWestern Energy's stock fell -0.6% during the 2025 US Tariff Shock. Such a loss loss requires a 0.6% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About NorthWestern Energy (NWE)
NorthWestern Energy (NWE) is a publicly traded utility company primarily engaged in providing essential electricity and natural gas services. The company operates through distinct Electric and Natural Gas segments. For its electric operations, NWE handles the generation, acquisition, transmission, and distribution of electricity. Concurrently, its natural gas segment manages the production, procurement, storage, transmission, and distribution of natural gas, also holding municipal franchises for gas service.
The company maintains a significant infrastructure network across its service territories. This includes thousands of miles of electric transmission and distribution lines, along with numerous substations. Similarly, NWE operates extensive natural gas transmission and distribution lines, supported by city gate stations. This robust infrastructure enables the company to deliver reliable energy services to its customer base.
NWE serves a broad spectrum of approximately 753,600 customers, encompassing residential, commercial, and various industrial clients. Its primary geographic markets include the states of Montana, South Dakota, and Nebraska. Additionally, NorthWestern Energy extends its services to a unique segment within Yellowstone National Park, solidifying its role as a critical energy provider in these regions.
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Here are 1-3 brief analogies to describe NorthWestern Energy (NWE):
- Like a regional Duke Energy, providing essential electricity and natural gas services across Montana, South Dakota, and Nebraska.
- The Con Edison for the Northern Plains, delivering power and natural gas to homes and businesses.
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- Electricity Services: NorthWestern Energy generates, purchases, transmits, and distributes electricity to residential, commercial, and industrial customers.
- Natural Gas Services: NorthWestern Energy produces, purchases, stores, transmits, and distributes natural gas to residential, commercial, and industrial customers, also holding municipal franchises for this service.
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NorthWestern Energy (NWE) primarily sells electricity and natural gas services to a broad base of customers, including individuals and various businesses, rather than a few major corporate clients. The company serves the following three categories of customers:
- Residential customers
- Commercial customers
- Industrial customers
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Brian B. Bird, President and Chief Executive Officer
Mr. Bird became President and CEO of NorthWestern Energy Group in January 2023, after serving as President and Chief Operating Officer from February 2021 to December 2022. He previously held the position of Chief Financial Officer for NorthWestern Energy from December 2003 to February 2021. He joined NorthWestern Corporation nearly 20 years ago as CFO during the company's Chapter 11 bankruptcy. Before joining NorthWestern Energy, Mr. Bird's experience included roles as Treasurer & Vice President at NRG Energy, Inc. from 1997 to 2002 and Chief Financial Officer at SUN Sports & Entertainment, Inc. from 2002 to 2003. His background encompasses corporate finance, treasury, accounting, and mergers and acquisitions. He also serves as a Director at Kilowatt Labs, Inc. and Energy Insurance Mutual Ltd. Co. Mr. Bird earned an MBA in finance from the University of Minnesota.
Crystal D. Lail, Chief Financial Officer
Ms. Lail was appointed Chief Financial Officer of NorthWestern Energy in February 2021. She joined the company in 2003 as an accountant and rose through the ranks, becoming Assistant Controller and then Vice President and Controller around 2015. Before her tenure at NorthWestern, Ms. Lail worked in public accounting. As CFO, she is responsible for overseeing the company's accounting, treasury, financial planning, tax, and investor relations functions.
Bobbi L. Schroeppel, Vice President, Customer Care, Communications and Human Resources
Ms. Schroeppel has served as Vice President of Customer Care, Communications and Human Resources at NorthWestern Energy since May 2009 and at NorthWestern Energy Public Service Corporation since January 1, 2024. She joined NorthWestern in May 1998, holding various positions in market research, support services, and strategy. Her current responsibilities involve strategic and daily leadership of the company's customer-facing, corporate communication, and human resources processes. She also previously served as Director-at-Large at the MEA Energy Association and was named Chair of the MEA Board of Directors in 2018.
Shannon M. Heim Esq., Vice President of Federal Government Affairs and General Counsel
Ms. Heim serves as the Vice President of Federal Government Affairs and General Counsel for NorthWestern Energy. She previously held the position of Director – Regulatory Corporate Counsel for the company.
Michael R. Cashell, Vice President, Transmission
Mr. Cashell is responsible for all electric transmission and natural gas transmission and storage operations at NorthWestern Energy. He has been in his current position since 2011 and has been in the utility industry since 1986.
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Key Risks to NorthWestern Energy (NWE)
- Regulatory Concentration and Unfavorable Outcomes: NorthWestern Energy faces substantial risk due to its significant reliance on operating income from its Montana service territory, making it highly susceptible to decisions by the Montana Public Service Commission. Unfavorable rate case outcomes or stricter cost-recovery rules could materially reduce the company's earnings per share. The energy sector is broadly subject to significant regulatory and political influences, including changes in environmental policies and energy regulations, which can impose new compliance requirements or operational constraints.
- Wildfire and Catastrophe Risks: NorthWestern Energy is exposed to wildfire and other catastrophe risks that can threaten its costs, revenue, and credit. The company has faced substantial wildfire losses in recent years, with industry-wide losses exceeding $50 billion between 2020 and 2023. These catastrophic events can also make it more difficult or costly for the utility to secure sufficient liability insurance, potentially leading to significantly higher insurance premium costs.
- Interest Rate Volatility and Elevated Debt Levels: As a capital-intensive utility, NorthWestern Energy is highly sensitive to fluctuations in interest rates. Rising interest rates, such as the increase since 2022, have elevated corporate borrowing costs across the industry, increasing project finance costs and potentially pressuring future returns. The company carried approximately $2.9 billion in long-term debt as of year-end 2024, which funds grid upgrades and gas projects. Elevated leverage could reduce financial flexibility if interest rates remain high, leading to increased debt service pressures that could compress free cash flow and raise the cost of capital.
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The increasing adoption of distributed generation, particularly rooftop solar panels, poses a clear emerging threat to NorthWestern Energy. As residential, commercial, and industrial customers generate their own electricity, they reduce their reliance on purchasing power from NWE, directly impacting the utility's electricity sales and grid utilization revenue. This trend allows customers to partially or entirely bypass the traditional utility model, similar to how Netflix allowed customers to bypass Blockbuster's rental model or YouTube allowed content consumers to bypass traditional cable companies.
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NorthWestern Energy (NWE) operates in the electricity and natural gas markets across Montana, South Dakota, and Nebraska. The addressable markets for their main products and services in these regions are as follows:
Natural Gas Market
- Montana: The market size of the Natural Gas Distribution industry in Montana is projected to be $260.6 million in 2026.
- South Dakota: The market size of the Natural Gas Distribution industry in South Dakota is estimated to be $974.0 million in 2026.
- Nebraska: In 2021, customers in Nebraska consumed 180.1 billion cubic feet (Bcf) of natural gas. The value of natural gas delivered to consumers in Nebraska was $831 million in 2015.
Electricity Market
- Montana: Total retail electricity sales in Montana amounted to 15,567,013 megawatthours (MWh) in 2024.
- South Dakota: Total retail electricity sales in South Dakota were 13,637,204 MWh in 2024.
- Nebraska: Total retail electricity sales in Nebraska were 35,191,045 MWh in 2024.
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- Strategic Infrastructure Investments and Rate Base Growth: The company has outlined a significant capital investment program, including a forecasted $683 million in 2026 and a five-year $2.6 billion capital program from 2025-2029. These investments are directed towards grid modernization, capacity expansion, and upgrades to transmission and distribution lines for both electricity and natural gas. Such investments are anticipated to increase the company's rate base, which in turn allows for higher rates and increased electric transmission and natural gas transportation revenues.
- Expansion into Large Load Customer Markets, particularly Data Centers: NorthWestern Energy is actively pursuing opportunities to serve large-load customers, with a particular focus on the growing data center industry in Montana and South Dakota. The company has signed letters of intent and development agreements for data centers, seeing this as a key area for diversifying revenue streams and attracting significant capital investment.
- Strategic Acquisitions and Mergers: Acquisitions of additional utility assets and customer bases are expected to contribute to revenue growth. NorthWestern Energy completed the acquisition of Energy West and Cut Bank Gas facilities in July 2025, adding approximately 33,000 new natural gas customers. Furthermore, the proposed merger with Black Hills Corporation, anticipated to close in the second half of 2026, is expected to create a larger combined utility platform and enhance earnings per share growth.
- Favorable Regulatory Outcomes and Rate Adjustments: The company's ability to secure favorable outcomes from rate reviews is a crucial driver for revenue. NorthWestern Energy has already received unanimous approval for multi-party rate review settlements in Montana for both electric and natural gas, and in South Dakota for electric services. A decision on the Montana rate review is expected in Q4 2025, which could further impact financial projections positively.
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Share Repurchases
- In 2025, NorthWestern Energy repurchased 3,129 shares at an average price of $67.87 under its equity compensation plan.
Share Issuance
- Equity issuances are expected to support South Dakota generation investments starting in 2027.
Outbound Investments
- NorthWestern increased its ownership stake in the Colstrip power plant from 15% to 55% with the acquisition of Avista and Puget interests on December 31, 2025.
- In July 2025, NorthWestern completed the acquisition of Energy West Montana's and Cut Bank Gas's natural gas assets for approximately $35.9 million in cash, adding around 33,000 natural gas customers.
- NorthWestern and Black Hills Corporation announced an all-stock merger of equals in August 2025, expected to close in the second half of 2026, forming a combined entity with approximately $9.8 billion market capitalization and $18 billion enterprise value.
Capital Expenditures
- NorthWestern Energy updated its five-year capital plan to $3.21 billion for 2026-2030, a 17% increase over the prior plan.
- Expected capital expenditures for 2026 are forecasted at $683 million.
- The 2026-2030 capital plan includes significant investments in electric distribution ($792 million), electric transmission ($741 million), and a 131 MW South Dakota generation project ($332 million).
Peer Outperformance in Multi-Utilities
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| NWE | NorthWestern Energy | 4.1% | 24.4x | 23.2% | 55.0% | 45.2% | — |
| NI | NiSource | 6.3% | 20.7x | -5.2% | 60.8% | 91.7% | +46pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Independent Power Producers & Energy Traders | 6 | -25.6% | 35.3% | 92.1% | HNRG 516% · OKLO 292% · NRG 160% |
| Gas Utilities | 10 | -2.2% | 40.5% | 38.8% | ATO 101% · NFG 78% · NJR 77% |
| Electric Utilities | 24 | 0.7% | 35.9% | 37.5% | VST 756% · GNE 170% · ETR 134% |
| Multi-Utilities ← | 18 | 0.7% | 31.3% | 37.0% | MDU 97% · NI 92% · ED 67% |
| Water Utilities | 11 | 2.5% | 2.8% | -14.0% | CWCO 165% · HTO 8% · AWR 5% |
| Renewable Electricity | 5 | -43.9% | -69.7% | -94.1% | ORA 40% · CWEN 19% · AGIG -94% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 68.81 |
| Mkt Cap | 4.0 |
| Rev LTM | 1,875 |
| Op Inc LTM | 344 |
| FCF LTM | -249 |
| FCF 3Y Avg | -80 |
| CFO LTM | 481 |
| CFO 3Y Avg | 497 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 1.4% |
| Rev Chg 3Y Avg | 1.3% |
| Rev Chg Q | 1.8% |
| QoQ Delta Rev Chg LTM | 0.4% |
| Op Inc Chg LTM | 6.2% |
| Op Inc Chg 3Y Avg | 7.9% |
| Op Mgn LTM | 19.9% |
| Op Mgn 3Y Avg | 22.4% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 27.9% |
| CFO/Rev 3Y Avg | 31.4% |
| FCF/Rev LTM | -12.3% |
| FCF/Rev 3Y Avg | -3.6% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Electric | 1,270 | 1,201 | 1,069 | 1,107 | 1,052 |
| Gas | 341 | 313 | 353 | 371 | 320 |
| Eliminations | 0 | ||||
| Other | 0 | ||||
| Total | 1,611 | 1,514 | 1,422 | 1,478 | 1,372 |
| $ Mil | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|
| Electric | 262 | 220 | 239 | 197 | 231 |
| Gas | 38 | 44 | 39 | 38 | 49 |
| Other | 0 | -0 | -2 | 2 | -3 |
| Eliminations | 0 | 0 | |||
| Total | 300 | 263 | 276 | 236 | 277 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Electric | 160 | 182 | 175 | 159 | 157 |
| Gas | 26 | 28 | 30 | 34 | 33 |
| Other | -6 | 14 | -12 | -10 | -3 |
| Eliminations | 0 | ||||
| Total | 181 | 224 | 194 | 183 | 187 |
| $ Mil | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|
| Electric | 6,071 | 5,893 | 5,433 | 5,127 | 4,808 |
| Gas | 1,512 | 1,418 | 1,342 | 1,251 | 1,271 |
| Other | 17 | 7 | 6 | 12 | 5 |
| Eliminations | 0 | 0 | |||
| Total | 7,601 | 7,318 | 6,780 | 6,389 | 6,083 |
Price Behavior
| Market Price | $68.07 | |
| Market Cap ($ Bil) | 4.2 | |
| First Trading Date | 12/29/2006 | |
| Distance from 52W High | -6.4% | |
| 50 Days | 200 Days | |
| DMA Price | $70.19 | $68.17 |
| DMA Trend | up | indeterminate |
| Distance from DMA | -3.0% | -0.2% |
| 3M | 1YR | |
| Volatility | 20.0% | 23.1% |
| Downside Capture | 37.66 | -2.52 |
| Upside Capture | 10.20 | 22.09 |
| Correlation (SPY) | 10.2% | 5.4% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.64 | 0.22 | -0.20 | 0.10 | 0.06 | 0.28 |
| Up Beta | 0.43 | -0.06 | -0.12 | 0.06 | 0.15 | 0.32 |
| Down Beta | -0.60 | 0.69 | -0.79 | -0.14 | 0.04 | 0.20 |
| Up Capture | 83% | 8% | 1% | 15% | 13% | 12% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 10 | 19 | 30 | 61 | 139 | 401 |
| Down Capture | 102% | 36% | 2% | 23% | -16% | 46% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 11 | 23 | 34 | 66 | 111 | 345 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NWE | |
|---|---|---|---|---|
| NWE | 24.6% | 23.1% | 0.88 | - |
| Sector ETF (XLU) | -6.2% | 15.3% | -0.62 | 47.1% |
| Equity (SPY) | 16.7% | 13.0% | 0.92 | 5.3% |
| Gold (GLD) | 13.1% | 29.3% | 0.42 | 3.9% |
| Commodities (DBC) | 45.1% | 20.7% | 1.71 | -15.5% |
| Real Estate (VNQ) | 3.7% | 13.7% | 0.01 | 40.5% |
| Bitcoin (BTCUSD) | -24.8% | 44.8% | -0.51 | -3.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NWE | |
|---|---|---|---|---|
| NWE | 6.9% | 21.4% | 0.24 | - |
| Sector ETF (XLU) | 6.3% | 17.4% | 0.22 | 63.6% |
| Equity (SPY) | 12.9% | 17.2% | 0.57 | 27.3% |
| Gold (GLD) | 19.0% | 18.8% | 0.82 | 11.3% |
| Commodities (DBC) | 10.6% | 19.6% | 0.42 | 2.7% |
| Real Estate (VNQ) | 0.7% | 18.9% | -0.07 | 52.0% |
| Bitcoin (BTCUSD) | 12.0% | 52.6% | 0.41 | 6.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NWE | |
|---|---|---|---|---|
| NWE | 6.2% | 24.9% | 0.25 | - |
| Sector ETF (XLU) | 8.3% | 19.2% | 0.36 | 74.2% |
| Equity (SPY) | 15.5% | 17.9% | 0.73 | 45.5% |
| Gold (GLD) | 12.0% | 16.4% | 0.60 | 9.4% |
| Commodities (DBC) | 8.5% | 18.1% | 0.39 | 11.8% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.19 | 65.1% |
| Bitcoin (BTCUSD) | 63.7% | 66.2% | 1.03 | 9.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 9/1/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/30/2026 | -1.2% | -2.1% | 1.5% |
| 4/30/2026 | 1.4% | -0.4% | -1.0% |
| 2/12/2026 | 1.3% | 0.2% | -0.3% |
| 10/30/2025 | 0.3% | 2.0% | 13.6% |
| 7/31/2025 | 2.1% | 4.7% | 9.3% |
| 4/30/2025 | -2.2% | -2.4% | -7.5% |
| 2/13/2025 | -2.3% | -1.1% | 4.9% |
| 10/30/2024 | -0.8% | 1.3% | 2.5% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 6 | 7 | 9 |
| # Negative | 6 | 5 | 3 |
| Median Positive | 1.3% | 2.2% | 4.9% |
| Median Negative | -1.7% | -2.1% | -1.0% |
| Max Positive | 5.4% | 6.6% | 13.6% |
| Max Negative | -2.3% | -3.0% | -7.5% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/30/2026 | -1.2% | -2.1% | 1.5% |
| 4/30/2026 | 1.4% | -0.4% | -1.0% |
| 2/12/2026 | 1.3% | 0.2% | -0.3% |
| 10/30/2025 | 0.3% | 2.0% | 13.6% |
| 7/31/2025 | 2.1% | 4.7% | 9.3% |
| 4/30/2025 | -2.2% | -2.4% | -7.5% |
| 2/13/2025 | -2.3% | -1.1% | 4.9% |
| 10/30/2024 | -0.8% | 1.3% | 2.5% |
| 7/31/2024 | 0.5% | -3.0% | 0.4% |
| 4/26/2024 | -0.7% | 2.2% | 2.2% |
| 2/15/2024 | 5.4% | 5.4% | 5.6% |
| 10/27/2023 | -2.3% | 6.6% | 5.9% |
| SUMMARY STATS | |||
| # Positive | 6 | 7 | 9 |
| # Negative | 6 | 5 | 3 |
| Median Positive | 1.3% | 2.2% | 4.9% |
| Median Negative | -1.7% | -2.1% | -1.0% |
| Max Positive | 5.4% | 6.6% | 13.6% |
| Max Negative | -2.3% | -3.0% | -7.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/30/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/12/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 04/30/2025 | 10-Q |
| 12/31/2024 | 02/13/2025 | 10-K |
| 09/30/2024 | 10/29/2024 | 10-Q |
| 06/30/2024 | 07/31/2024 | 10-Q |
| 03/31/2024 | 04/26/2024 | 10-Q |
| 12/31/2023 | 02/15/2024 | 10-K |
| 09/30/2023 | 10/27/2023 | 10-Q |
| 06/30/2023 | 07/25/2023 | 10-Q |
| 03/31/2023 | 04/28/2023 | 10-Q |
| 12/31/2022 | 02/17/2023 | 10-K |
| 09/30/2022 | 10/25/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/30/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/12/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 04/30/2025 | 10-Q |
| 12/31/2024 | 02/13/2025 | 10-K |
| 09/30/2024 | 10/29/2024 | 10-Q |
| 06/30/2024 | 07/31/2024 | 10-Q |
| 03/31/2024 | 04/26/2024 | 10-Q |
| 12/31/2023 | 02/15/2024 | 10-K |
| 09/30/2023 | 10/27/2023 | 10-Q |
| 06/30/2023 | 07/25/2023 | 10-Q |
| 03/31/2023 | 04/28/2023 | 10-Q |
| 12/31/2022 | 02/17/2023 | 10-K |
| 09/30/2022 | 10/25/2022 | 10-Q |
| 06/30/2022 | 07/28/2022 | 10-Q |
| 03/31/2022 | 04/29/2022 | 10-Q |
| 12/31/2021 | 02/11/2022 | 10-K |
| 09/30/2021 | 10/25/2021 | 10-Q |
| 06/30/2021 | 07/28/2021 | 10-Q |
| 03/31/2021 | 04/22/2021 | 10-Q |
| 12/31/2020 | 02/12/2021 | 10-K |
| 09/30/2020 | 10/22/2020 | 10-Q |
| 06/30/2020 | 07/29/2020 | 10-Q |
| 03/31/2020 | 04/23/2020 | 10-Q |
| 12/31/2019 | 02/13/2020 | 10-K |
| 09/30/2019 | 10/30/2019 | 10-Q |
Recent Forward Guidance
Updated 7/31/2026Latest: Q2 2026 Earnings Reported 7/30/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Capital Investment Plan | Reported | 3.20 Bil | 0 | Affirmed | Guidance: 3.20 Bil for 2026 | |||
| 2026 Rate Base Growth | Reported | 4.0% | 5.0% | 6.0% | 0 | Affirmed | Guidance: 5.0% for 2026 | |
| 2026 EPS | Reported | 3.68 | 3.75 | 3.83 | 0 | Affirmed | Guidance: 3.75 for 2026 | |
| 2026 EPS Growth | Reported | 4.0% | 5.0% | 6.0% | 0 | Affirmed | Guidance: 5.0% for 2026 | |
| 2026 Capital Expenditures | Reported | 683.00 Mil | ||||||
Prior: Q1 2026 Earnings Reported 4/30/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Earnings Guidance | Reported | 3.68 | 3.75 | 3.83 | 0 | Affirmed | Guidance: 3.75 for 2026 | |
| 2026 Capital Investment Plan | Reported | 3.20 Bil | 0 | Affirmed | Guidance: 3.20 Bil for 2026 | |||
| 2026 Rate Base Growth | Reported | 4.0% | 5.0% | 6.0% | 0 | Affirmed | Guidance: 5.0% for 2026 | |
| 2026 Long-term EPS Growth | Reported | 4.0% | 5.0% | 6.0% | 0 | Affirmed | Guidance: 5.0% for 2026 | |
Q4 2025 Earnings Reported 2/12/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Rate Base Growth | Reported | 4.0% | 5.0% | 6.0% | ||||
| 2026 EPS | Reported | 3.68 | 3.75 | 3.83 | 4.6% | Higher New | Actual: 3.59 for 2025 | |
| 2026 EPS Growth | Reported | 4.0% | 5.0% | 6.0% | 0 | Same New | Actual: 5.0% for 2025 | |
| 2026 Capital Expenditures | Reported | 3.20 Bil | 18.5% | Higher New | Actual: 2.70 Bil for 2025 | |||
Q3 2025 Earnings Reported 10/30/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 EPS | Reported | 3.53 | 3.59 | 3.65 | 0.0% | Affirmed | Guidance: 3.59 for 2025 | |
| 2025 EPS Growth | Reported | 4.0% | 5.0% | 6.0% | 0.0% | Affirmed | Guidance: 5.0% for 2025 | |
| 2025 Capital Expenditures | Reported | 2.70 Bil | 408.5% | Affirmed | Guidance: 531.00 Mil for 2025 | |||
Industry Resources
| Utilities Resources |
| Data.gov Energy Infrastructure |
| Data.gov Energy Resources |
| Utility Dive |
| Multi-Utilities Resources |
| Public Utilities Fortnightly |
| Power Magazine |
| Energy Central |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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