Northwest Natural (NWN)


Market Price (7/23/2026): $51.4 | Market Cap: $2.1 BilSector: Utilities | Industry: Gas Utilities

Northwest Natural (NWN)


Market Price (7/23/2026): $51.4
Market Cap: $2.1 Bil
Sector: Utilities
Industry: Gas Utilities

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.3%, Dividend Yield is 3.6%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.0%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16%

Low stock price volatility
Vol 12M is 20%

Megatrend and thematic drivers
Megatrends include Energy Transition & Decarbonization, and Hydrogen Economy. Themes include Renewable Fuel Production, and Hydrogen Infrastructure.

Weak multi-year price returns
3Y Excs Rtn is -27%

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 123%

Weak revenue growth
Rev Chg QQuarterly Revenue Change % is -0.8%

Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -21%

Key risks
NWN key risks include [1] challenges in recovering costs through regulatory rate cases, Show more.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.3%, Dividend Yield is 3.6%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.0%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16%
2 Low stock price volatility
Vol 12M is 20%
3 Megatrend and thematic drivers
Megatrends include Energy Transition & Decarbonization, and Hydrogen Economy. Themes include Renewable Fuel Production, and Hydrogen Infrastructure.
4 Weak multi-year price returns
3Y Excs Rtn is -27%
5 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 123%
6 Weak revenue growth
Rev Chg QQuarterly Revenue Change % is -0.8%
7 Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -21%
8 Key risks
NWN key risks include [1] challenges in recovering costs through regulatory rate cases, Show more.

NWN in ETFs

Weight = NWN's share of each fund

VTI0.00%
ITOT0.00%
IWM0.07%
IJR0.12%
VYM0.01%
VB0.02%
ESML0.17%
IWN0.14%
+13 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 7/16/2026

Northwest Natural (NWN) stock has remained largely at the same level since 3/31/2026 because of the following key factors:

1. Reaffirmed Full-Year Earnings Guidance Despite Q1 Miss: Northwest Natural Holding Company reported adjusted earnings per share (EPS) of $2.33 for fiscal Q1 2026, falling short of analysts' consensus estimates of $2.40. Despite this miss, management reaffirmed its full-year 2026 EPS guidance of $2.95 to $3.15 per share, signaling confidence in its future performance and likely preventing a significant downturn in the stock price.

2. Regulated Utility Stability and Attractive Dividend Yield: As a regulated natural gas and water utility, Northwest Natural's business model inherently provides a degree of stability. The company's consistent declaration of a quarterly dividend of 49.25 cents per share, translating to an approximate dividend yield of 3.90%, continued to attract income-oriented investors, offering a steadying influence on the stock amidst broader market fluctuations.

Show more
Updated on 7/16/2026

Northwest Natural (NWN) stock has remained largely at the same level since 3/31/2026 because of the following key factors:

1. Reaffirmed Full-Year Earnings Guidance Despite Q1 Miss: Northwest Natural Holding Company reported adjusted earnings per share (EPS) of $2.33 for fiscal Q1 2026, falling short of analysts' consensus estimates of $2.40. Despite this miss, management reaffirmed its full-year 2026 EPS guidance of $2.95 to $3.15 per share, signaling confidence in its future performance and likely preventing a significant downturn in the stock price.

2. Regulated Utility Stability and Attractive Dividend Yield: As a regulated natural gas and water utility, Northwest Natural's business model inherently provides a degree of stability. The company's consistent declaration of a quarterly dividend of 49.25 cents per share, translating to an approximate dividend yield of 3.90%, continued to attract income-oriented investors, offering a steadying influence on the stock amidst broader market fluctuations.

3. Balancing Act of Operational Growth and Elevated Costs: While the company demonstrated strong organic customer growth, including a 16% increase in its C Energy segment and a backlog exceeding 250,000 future meters, these positive operational developments were largely counteracted by higher operating expenses, increased depreciation from infrastructure investments, and elevated financing needs, particularly due to higher interest costs in fiscal Q1 2026.

4. Neutralizing Macroeconomic Headwinds and Tailwinds: The stock's stability was also influenced by a mixed macroeconomic environment. Persistent inflation and rising Treasury yields, partly due to ongoing geopolitical conflicts, posed potential headwinds for interest-rate-sensitive utility stocks. However, the overall strength of the U.S. economy and the defensive investment appeal of utilities during periods of market uncertainty likely served as a balancing tailwind, contributing to the stock's relatively unchanged level.

5. Mixed Analyst Sentiment and Valuation Equilibrium: Analyst coverage presented a somewhat balanced view, with a consensus "Hold" rating among surveyed analysts and an average price target of $56.50, suggesting a modest potential upside of approximately 12% from current levels. Conversely, some analyses indicated the stock was overvalued, with a GF Value™ of $42.55 compared to a market price around $50.19, creating a valuation equilibrium that limited significant price movements in either direction.

Show less
Holding a concentrated position? Know your true downside before the momentum shifts.
Protect Your Wealth →

Stock Movement Drivers

Fundamental Drivers

The -2.2% change in NWN stock from 3/31/2026 to 7/22/2026 was primarily driven by a -9.5% change in the company's P/E Multiple.
(LTM values as of)33120267222026Change
Stock Price ($)52.7351.56-2.2%
Change Contribution By: 
Total Revenues ($ Mil)1,2891,285-0.3%
Net Income Margin (%)8.8%9.6%8.8%
P/E Multiple19.317.5-9.5%
Shares Outstanding (Mil)4242-0.4%
Cumulative Contribution-2.2%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 7/22/2026
ReturnCorrelation
NWN-2.2% 
Market (SPY)14.9%-32.0%
Sector (XLU)0.1%63.8%

Fundamental Drivers

The 12.5% change in NWN stock from 12/31/2025 to 7/22/2026 was primarily driven by a 20.4% change in the company's Net Income Margin (%).
(LTM values as of)123120257222026Change
Stock Price ($)45.8251.5612.5%
Change Contribution By: 
Total Revenues ($ Mil)1,2661,2851.5%
Net Income Margin (%)7.9%9.6%20.4%
P/E Multiple18.817.5-6.8%
Shares Outstanding (Mil)4142-1.3%
Cumulative Contribution12.5%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 7/22/2026
ReturnCorrelation
NWN12.5% 
Market (SPY)9.9%-24.8%
Sector (XLU)8.3%58.2%

Fundamental Drivers

The 35.5% change in NWN stock from 6/30/2025 to 7/22/2026 was primarily driven by a 17.6% change in the company's P/E Multiple.
(LTM values as of)63020257222026Change
Stock Price ($)38.0651.5635.5%
Change Contribution By: 
Total Revenues ($ Mil)1,2141,2855.9%
Net Income Margin (%)8.5%9.6%12.7%
P/E Multiple14.917.517.6%
Shares Outstanding (Mil)4042-3.5%
Cumulative Contribution35.5%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2025 to 7/22/2026
ReturnCorrelation
NWN35.5% 
Market (SPY)22.0%-15.4%
Sector (XLU)14.9%50.5%

Fundamental Drivers

The 37.8% change in NWN stock from 6/30/2023 to 7/22/2026 was primarily driven by a 33.6% change in the company's P/E Multiple.
(LTM values as of)63020237222026Change
Stock Price ($)37.4251.5637.8%
Change Contribution By: 
Total Revenues ($ Mil)1,1491,28511.8%
Net Income Margin (%)8.9%9.6%8.0%
P/E Multiple13.117.533.6%
Shares Outstanding (Mil)3642-14.6%
Cumulative Contribution37.8%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2023 to 7/22/2026
ReturnCorrelation
NWN37.8% 
Market (SPY)74.6%11.4%
Sector (XLU)52.6%50.5%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
NWN Return10%1%-14%7%24%10%40%
Peers Return19%-2%-6%24%22%7%77%
S&P 500 Return27%-19%24%23%16%10%100%

Monthly Win Rates [3]
NWN Win Rate50%42%33%50%75%86% 
Peers Win Rate52%48%50%57%65%54% 
S&P 500 Win Rate75%42%67%75%67%57% 

Max Drawdowns [4]
NWN Max Drawdown-21%-23%-29%-11%-10%-13% 
Peers Max Drawdown-14%-26%-27%-12%-11%-13% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: ATO, NI, UGI, SWX, OGS.
[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 7/22/2026 (YTD)

How Low Can It Go

EventNWNS&P 500
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-17.6%-9.5%
  % Gain to Breakeven21.3%10.5%
  Time to Breakeven364 days24 days
2023 SVB Regional Banking Crisis
  % Loss-13.6%-6.7%
  % Gain to Breakeven15.8%7.1%
  Time to Breakeven670 days31 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-14.3%-19.2%
  % Gain to Breakeven16.7%23.8%
  Time to Breakeven107 days105 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-13.2%-17.9%
  % Gain to Breakeven15.2%21.8%
  Time to Breakeven77 days123 days
2010 Eurozone Sovereign Debt Crisis / Flash Crash
  % Loss-11.1%-15.4%
  % Gain to Breakeven12.5%18.2%
  Time to Breakeven53 days125 days
2008-2009 Global Financial Crisis
  % Loss-20.5%-53.4%
  % Gain to Breakeven25.8%114.4%
  Time to Breakeven362 days1085 days

Compare to ATO, NI, UGI, SWX, OGS

In The Past

Northwest Natural's stock fell -3.1% during the 2025 US Tariff Shock. Such a loss loss requires a 3.2% 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.

EventNWNS&P 500
2008-2009 Global Financial Crisis
  % Loss-20.5%-53.4%
  % Gain to Breakeven25.8%114.4%
  Time to Breakeven362 days1085 days

Compare to ATO, NI, UGI, SWX, OGS

In The Past

Northwest Natural's stock fell -3.1% during the 2025 US Tariff Shock. Such a loss loss requires a 3.2% 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 Northwest Natural (NWN)

Northwest Natural Holding Company (NWN) is primarily a regulated utility providing essential natural gas distribution services. It delivers natural gas to approximately 786,000 meters across residential, commercial, industrial, and transportation sectors in Oregon and Southwest Washington, serving as a critical infrastructure provider in these regions.

Beyond its core gas distribution, NWN diversifies its operations. The company owns and operates the Mist gas storage facility, which is contracted to other utilities and third-party marketers, and offers natural gas asset management services. Additionally, NWN has a growing presence in water services, supplying approximately 80,000 people through 33,000 connections in the Pacific Northwest and Texas, and invests in non-regulated renewable natural gas and other related activities.

AI Analysis | Feedback

Here are 1-3 brief analogies for Northwest Natural (NWN):

  • It's like Con Edison, but primarily for natural gas and water services in the Pacific Northwest and Texas.
  • Essentially, it's the natural gas and water utility for its regions, similar to a large power and gas provider like Duke Energy.

AI Analysis | Feedback

  • Natural Gas Distribution: Delivers regulated natural gas to residential, commercial, industrial, and transportation customers in Oregon and Southwest Washington.
  • Gas Storage: Operates the Mist gas storage facility, contracted to other utilities and third-party marketers.
  • Water Services: Provides water and wastewater services to customers in the Pacific Northwest and Texas.
  • Natural Gas Asset Management: Offers services for managing natural gas assets.
  • Appliance Retail: Operates a retail center for selling appliances.
  • Renewable Natural Gas (RNG) Activities: Engages in non-regulated investments and activities related to renewable natural gas.

AI Analysis | Feedback

Northwest Natural (NWN) sells its natural gas and water services primarily to a broad base of end-users across different segments. Its major customers can be categorized as:

  • Residential Customers: This category includes individual households and homeowners who use natural gas for heating, cooking, and other domestic purposes, as well as those receiving water and wastewater services.
  • Commercial Customers: This category encompasses various businesses, offices, retail establishments, and other non-industrial enterprises that utilize natural gas for heating, water heating, and other operational needs.
  • Industrial Customers: This category includes manufacturing facilities, processing plants, and other large-scale industrial operations that require significant volumes of natural gas for their production processes and heating requirements.

While Northwest Natural also provides gas storage facilities and asset management services to other utilities and third-party marketers, its core business of natural gas distribution and water services is directly supplied to these defined categories of end-users.

AI Analysis | Feedback

null

AI Analysis | Feedback

Justin B. Palfreyman, President and Chief Executive Officer

Mr. Palfreyman is President and Chief Executive Officer of NW Natural Holdings and Chief Executive Officer of NW Natural, effective as of April 1, 2025. He previously served as President of NW Natural Holdings and NW Natural from May 2023 to March 2025. Prior to joining NW Natural, he was a Director in Lazard, Freres & Co.'s Power, Energy & Infrastructure Group from 2009 to 2016, where he provided strategic and financial advice to corporations, institutional investors, private equity funds, and government clients. Before Lazard, he was an associate in the Infrastructure Investment Banking Group at Goldman Sachs in New York. He has also held various positions in finance, strategy, and business development at Apex Learning and Accenture in Seattle, Washington.

Raymond Kaszuba, Senior Vice President and Chief Financial Officer

Mr. Kaszuba was appointed Senior Vice President and Chief Financial Officer, effective August 31, 2024. He joined NW Natural Holdings from AmeriGas, where he served as Interim President and previously as Vice President and Chief Financial Officer. Prior to AmeriGas, he was Treasurer of UGI Corporation. His experience also includes roles as Senior Vice President, Finance and Treasurer at Enviva, and positions in treasury, finance, and audit at ExxonMobil, Allegheny Energy, and US Bank.

Kim Rush, President, Northwest Natural Gas Company

Ms. Rush was appointed President of Northwest Natural Gas Company, the company's largest subsidiary, effective April 1, 2025. She previously served as Senior Vice President and Chief Operating Officer from May 2023 to March 2025. Ms. Rush has been with NW Natural since 1998 and has held various significant leadership roles within the company.

Melinda B. Rogers, Vice President, Chief Human Resources and Diversity Officer

Ms. Rogers is the Vice President, Chief Human Resources and Diversity Officer. She was appointed to this role in July 2018, having previously served as Senior Director of Human Resources since January 2018, and Senior Manager, Organizational Effectiveness and Talent Acquisition from October 2015 to January 2018 at NW Natural. Before joining NW Natural, Ms. Rogers was a Senior Associate at Point B, a management consulting firm, and Director of the Executive Development Center of Willamette University. She also held various human resources roles over 14 years at Knowledge Universe, Qualcomm, and Hewlett-Packard, and had ten years of experience in management positions in sales, engineering, and supply chain.

MardiLyn Saathoff, General Counsel, Chief Compliance Officer, and Senior Vice President, Regulatory

Ms. Saathoff serves as General Counsel, Chief Compliance Officer, and Senior Vice President, Regulatory for Northwest Natural Holding Company.

AI Analysis | Feedback

Key Risks to Northwest Natural (NWN)

  1. Regulatory and Rate-Setting Risk: As a regulated natural gas and water utility, Northwest Natural's financial performance and ability to recover costs and earn a reasonable return are heavily dependent on approvals from regulatory bodies such as the Oregon Public Utility Commission (OPUC) and the Washington Utilities and Transportation Commission (WUTC). Unfavorable regulatory decisions regarding rates, allowed investments, or cost recovery could significantly impact the company's revenues, profitability, and financial stability.
  2. Environmental Risks, Climate Change Impacts, and Infrastructure Integrity: Northwest Natural's operations involve the distribution of natural gas and water, which inherently carry environmental risks, including potential methane leaks from natural gas facilities and pipelines, and contamination from pipeline incidents. Such events could lead to regulatory penalties, significant remediation costs, and reputational damage. Furthermore, the company is exposed to physical risks from climate change, as extreme weather events can damage infrastructure, disrupt service, and necessitate costly upgrades to enhance resilience. Maintaining the integrity of its extensive natural gas and water pipeline networks is critical to preventing service disruptions, environmental harm, and ensuring public safety.
  3. Cybersecurity Threats: As an operator of critical infrastructure, Northwest Natural faces a significant risk from cybersecurity threats. Cyberattacks could lead to operational disruptions of its natural gas and water systems, compromise sensitive customer or company data, and result in substantial financial losses, regulatory fines, and damage to its reputation. Northwest Natural explicitly identifies cybersecurity as a key risk in its enterprise risk management assessment.

AI Analysis | Feedback

The clear emerging threat is the accelerating trend of building electrification and decarbonization mandates. Governments and regulatory bodies in Northwest Natural's service territories (Oregon and Washington) are increasingly implementing policies that restrict or prohibit new natural gas hookups in buildings and incentivize existing buildings to convert to electric heating and cooking solutions (e.g., heat pumps, induction stoves). This directly threatens the core business of natural gas distribution by potentially curtailing customer growth, reducing demand from existing customers, and risking the stranding of natural gas infrastructure assets.

AI Analysis | Feedback

Here are the addressable markets for Northwest Natural's main products and services:

  • Natural Gas Distribution Services: The natural gas distribution market in Oregon, a key service area for Northwest Natural, is projected to be approximately $1.6 billion in 2026. Northwest Natural serves around 2.5 million people across more than 780,000 to 800,000 meters in Oregon and Southwest Washington. For broader context, the U.S. natural gas distribution market was valued at $170.0 billion in 2024 and is expected to grow to $186.0 billion by 2032.
  • Water Services: The global water utility services market was valued at approximately $72.86 billion in 2024 and is forecast to reach around $108.37 billion by 2034. North America is anticipated to lead this global market. Northwest Natural Water serves nearly 175,000 people through about 70,000 connections across five states, including the Pacific Northwest, Texas, and Arizona, as of February 2024. In Texas, a significant region for NW Natural Water, the total estimated water use was about 15 million acre-feet in 2023, with municipal water use reaching 5.2 million acre-feet in the same year. Municipal water demand in Texas is projected to increase from 5.2 million acre-feet in 2020 to 8.5 million by 2070.
  • Non-regulated Renewable Natural Gas (RNG): The global renewable natural gas market was estimated at $15.17 billion in 2024 and is projected to grow to $30.13 billion by 2033. North America holds a substantial share of this market, approximately 45% in 2024. Specifically for Oregon, the state has the potential to produce 30.4 tBtu of RNG annually by 2040.
  • Gas Storage: Northwest Natural owns and operates 21.6 billion cubic feet (Bcf) of underground gas storage capacity in Oregon.

AI Analysis | Feedback

Northwest Natural (NWN) anticipates several key drivers of revenue growth over the next two to three years:

  1. Customer Growth and Market Expansion in Natural Gas: The company expects continued customer growth in its regulated natural gas distribution services, particularly driven by its expansion into high-growth markets like Texas through strategic acquisitions such as SiEnergy. SiEnergy is projected to achieve 15% to 20% annual customer growth through 2030. Overall, Northwest Natural added approximately 98,000 gas and water utility connections in the last 12 months, reflecting an 11.1% growth rate, primarily due to the SiEnergy acquisition. The company also anticipates 2% to 3% consolidated organic customer growth.
  2. Growth in Water and Wastewater Utility Segment: Northwest Natural's water and wastewater utility platform is positioned for organic customer growth of 2% to 3% annually through 2030. This segment is bolstered by new rates in its service areas, including Arizona, and additional revenues from acquisitions, and is expected to contribute 10% to 15% of consolidated earnings per share in 2026.
  3. Strategic Capital Investments and Rate Base Growth, Including Mist Gas Storage Expansion (MX3 Project): The company plans significant capital expenditures, totaling between $2.6 billion and $2.9 billion through 2030, with approximately $500 million to $550 million allocated for 2026. These investments are aimed at supporting infrastructure, safety, reliability, and growth across its utility systems, driving expected rate base growth of 6% to 8% through 2030. Additionally, the third Mist Gas Storage Expansion project (MX3) is expected to add 4-5 billion cubic feet (Bcf) of capacity with an estimated capital expenditure of $300 million. This project is backed by 25-year customer contracts and is anticipated to enhance regional reliability and long-term contracted revenues, potentially increasing the long-term EPS growth target from 4-6% to 5-7% upon completion. New gas utility rates in Oregon have also contributed to revenue.
  4. Renewable Natural Gas (RNG) and Other Clean Energy Initiatives: Northwest Natural is investing in clean energy initiatives, including renewable natural gas and hydrogen strategies. The company's non-regulated business, NWN Renewables, is positioned to capitalize on the increasing demand for sustainable energy solutions, with contributions from renewable natural gas production noted in 2025.

AI Analysis | Feedback

Share Issuance

  • Net cash provided by financing activities in 2024, totaling $227.1 million, included the issuance of equity.

Outbound Investments

  • In 2025, Northwest Natural Holdings acquired SiEnergy Gas Utility and Pines, which significantly contributed to adding approximately 98,000 gas and water utility connections.
  • The company invested $29.8 million in water and wastewater acquisitions during 2024.
  • A record capital investment of $467 million in 2025 included $340 million specifically allocated to acquisitions.

Capital Expenditures

  • Northwest Natural Holdings' capital expenditures were $394.4 million in 2024, primarily for utility infrastructure to support growth and safety.
  • For 2025, the company made a record capital investment of $467 million in its utility systems, focusing on greater reliability and resiliency. Projected capital expenditures for 2025 were in the range of $450 million to $500 million.
  • Expected capital expenditures for 2026 are anticipated to be approximately $500 million to $550 million. Long-term capital expenditures are projected to be between $2.6 billion and $2.9 billion from 2026 to 2030, aimed at bolstering infrastructure, expansion initiatives, and supporting customer growth.

Better Bets vs. Northwest Natural (NWN)

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

NWNATONIUGISWXOGSMedian
NameNorthwes.Atmos En.NiSource UGI Southwes.ONE Gas  
Mkt Price51.56178.4746.5736.8392.8680.2765.91
Mkt Cap2.229.722.37.96.75.17.3
Rev LTM1,2854,8816,8227,3592,5032,3243,692
Op Inc LTM2891,7511,8921,151518467835
FCF LTM-273-1,991-1,206238-427-220-350
FCF 3Y Avg-181-1,515-952413120-164-172
CFO LTM2061,8762,1181,109427478793
CFO 3Y Avg2301,7941,9461,2749235311,098

Growth & Margins

NWNATONIUGISWXOGSMedian
NameNorthwes.Atmos En.NiSource UGI Southwes.ONE Gas  
Rev Chg LTM5.9%8.8%15.0%0.6%-11.9%2.8%4.4%
Rev Chg 3Y Avg3.8%2.8%5.5%-8.7%-17.1%-3.3%-0.3%
Rev Chg Q-0.8%0.6%8.2%0.7%-21.6%-11.1%-0.1%
QoQ Delta Rev Chg LTM-0.3%0.2%2.7%0.3%-6.1%-4.3%-0.0%
Op Inc Chg LTM22.8%17.2%15.4%-5.6%10.8%7.6%13.1%
Op Inc Chg 3Y Avg15.5%20.5%16.5%129.3%8.7%9.3%16.0%
Op Mgn LTM22.5%35.9%27.7%15.6%20.7%20.1%21.6%
Op Mgn 3Y Avg19.1%33.5%27.0%15.4%16.6%19.0%19.1%
QoQ Delta Op Mgn LTM0.7%2.7%0.1%1.6%1.5%1.2%1.3%
CFO/Rev LTM16.0%38.4%31.0%15.1%17.1%20.6%18.8%
CFO/Rev 3Y Avg18.8%40.1%32.5%17.1%35.1%24.0%28.2%
FCF/Rev LTM-21.2%-40.8%-17.7%3.2%-17.0%-9.5%-17.4%
FCF/Rev 3Y Avg-14.6%-33.6%-15.9%5.5%4.3%-7.3%-10.9%

Valuation

NWNATONIUGISWXOGSMedian
NameNorthwes.Atmos En.NiSource UGI Southwes.ONE Gas  
Mkt Cap2.229.722.37.96.75.17.3
P/S1.76.13.31.12.72.22.4
P/Op Inc7.417.011.86.913.010.811.3
P/EBIT7.416.211.57.011.710.711.1
P/E17.522.123.212.314.518.518.0
P/CFO10.515.810.57.115.810.610.6
Total Yield9.3%6.6%6.8%12.2%9.6%8.6%9.0%
Dividend Yield3.6%2.0%2.5%4.1%2.7%3.2%2.9%
FCF Yield 3Y Avg-10.5%-6.4%-5.5%6.5%2.9%-3.8%-4.6%
D/E1.20.30.80.90.50.70.7
Net D/E1.20.30.70.80.40.70.7

Returns

NWNATONIUGISWXOGSMedian
NameNorthwes.Atmos En.NiSource UGI Southwes.ONE Gas  
1M Rtn5.9%5.2%-2.2%9.0%4.9%5.0%5.1%
3M Rtn-0.3%-1.6%0.0%3.0%5.8%-7.1%-0.1%
6M Rtn11.6%7.2%7.7%-1.2%11.4%2.7%7.5%
12M Rtn27.0%14.9%13.6%3.4%20.3%10.3%14.3%
3Y Rtn34.4%55.8%82.5%62.5%56.6%10.4%56.2%
1M Excs Rtn5.5%4.9%-2.6%8.6%4.5%4.7%4.8%
3M Excs Rtn-6.5%-8.0%-6.3%-4.2%-0.7%-13.9%-6.4%
6M Excs Rtn2.2%-2.9%-1.6%-9.1%0.7%-7.4%-2.3%
12M Excs Rtn8.6%-3.6%-4.3%-14.2%2.5%-8.4%-4.0%
3Y Excs Rtn-27.3%-5.4%20.7%0.4%-4.5%-51.0%-4.9%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
NWN Gas Utility1,0971,076   
SiEnergy Gas Utility660   
NWN Water Utility6652   
NW Holdings Other6125   
Natural Gas Distribution (NGD)  1,136990817
Other (Northwest (NW) Holdings)  392317
Other (Northwest (NW) Natural)  222526
Total1,2891,1531,1971,037860


Operating Income by Segment
$ Mil20252024202320222021
NWN Gas Utility220173   
SiEnergy Gas Utility270   
NWN Water Utility1910   
NW Holdings Other158   
Natural Gas Distribution (NGD)  171153148
Other (Northwest (NW) Holdings)  -1-2-2
Other (Northwest (NW) Natural)  151717
Total281191185167163


Net Income by Segment
$ Mil20232022202120202019
Natural Gas Distribution (NGD)9480696461
Other (Northwest (NW) Natural)11121278
Other (Northwest (NW) Holdings)-11-5-3-0-4
Discontinued operations   7-4
Total9486797762


Assets by Segment
$ Mil20232022202120202019
Natural Gas Distribution (NGD)4,4584,3933,8463,5503,274
Other (Northwest (NW) Holdings)35629616615792
Other (Northwest (NW) Natural)5360524948
Discontinued operations    15
Total4,8674,7484,0653,7563,428


Price Behavior

Price Behavior
Market Price$51.56 
Market Cap ($ Bil)2.2 
First Trading Date03/26/1990 
Distance from 52W High-6.7% 
   50 Days200 Days
DMA Price$49.76$48.67
DMA Trendupdown
Distance from DMA3.6%5.9%
 3M1YR
Volatility26.5%20.3%
Downside Capture-112.97-54.91
Upside Capture-87.47-14.84
Correlation (SPY)-38.3%-16.7%
NWN Betas & Captures as of 6/30/2026

 1M2M3M6M1Y3Y
Beta-0.58-0.76-0.49-0.36-0.220.17
Up Beta-0.84-1.42-0.71-0.56-0.200.22
Down Beta-0.540.06-0.110.01-0.240.18
Up Capture-47%-88%-38%-23%-2%5%
Bmk +ve Days11244067140429
Stock +ve Days10182764140404
Down Capture-60%-82%-55%-72%-66%23%
Bmk -ve Days10172358112321
Stock -ve Days11233558108339

[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 NWN
NWN27.6%20.2%1.09-
Sector ETF (XLU)11.7%15.0%0.5351.1%
Equity (SPY)20.0%12.6%1.16-17.0%
Gold (GLD)21.2%28.1%0.67-8.7%
Commodities (DBC)33.0%19.1%1.36-7.1%
Real Estate (VNQ)13.9%14.0%0.7038.2%
Bitcoin (BTCUSD)-43.6%42.9%-1.21-17.3%

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 NWN
NWN4.2%22.8%0.14-
Sector ETF (XLU)10.3%17.3%0.4456.9%
Equity (SPY)12.8%17.1%0.5822.9%
Gold (GLD)17.3%18.4%0.7610.3%
Commodities (DBC)9.3%19.5%0.376.9%
Real Estate (VNQ)2.7%18.9%0.0448.7%
Bitcoin (BTCUSD)15.2%53.5%0.469.8%

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 NWN
NWN1.6%28.1%0.10-
Sector ETF (XLU)9.2%19.3%0.4168.1%
Equity (SPY)15.1%17.9%0.7239.5%
Gold (GLD)11.5%16.1%0.587.1%
Commodities (DBC)7.1%17.9%0.3111.1%
Real Estate (VNQ)5.0%20.7%0.2056.6%
Bitcoin (BTCUSD)58.5%66.2%0.999.9%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date6302026
Short Interest: Shares Quantity1.6 Mil
Short Interest: % Change Since 61520267.2%
Average Daily Volume0.4 Mil
Days-to-Cover Short Interest3.8 days
Basic Shares Quantity41.7 Mil
Short % of Basic Shares3.8%

Earnings Returns History

Updated 6/9/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/6/20263.1%2.2%2.3%
2/27/20265.5%3.6%5.1%
11/5/20251.2%4.5%0.3%
8/5/20250.6%3.4%5.2%
5/6/20250.7%-7.1%-8.8%
2/28/20253.6%2.6%4.5%
11/12/20240.5%0.4%1.0%
8/2/2024-2.1%-1.7%1.8%
...
SUMMARY STATS   
# Positive131413
# Negative111011
Median Positive1.2%3.2%5.1%
Median Negative-2.1%-3.0%-4.6%
Max Positive5.5%12.6%12.3%
Max Negative-4.0%-8.0%-12.9%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/6/20263.1%2.2%2.3%
2/27/20265.5%3.6%5.1%
11/5/20251.2%4.5%0.3%
8/5/20250.6%3.4%5.2%
5/6/20250.7%-7.1%-8.8%
2/28/20253.6%2.6%4.5%
11/12/20240.5%0.4%1.0%
8/2/2024-2.1%-1.7%1.8%
5/6/2024-2.0%0.0%-3.3%
2/23/20242.1%3.0%1.4%
11/3/2023-4.0%-8.0%-4.1%
8/3/2023-2.7%-3.7%-8.4%
5/4/2023-2.6%-4.9%-11.7%
2/24/20230.4%1.4%-1.6%
11/8/20222.0%7.6%7.4%
8/4/2022-1.6%-3.4%-11.1%
5/4/2022-0.3%1.3%12.2%
2/25/20224.6%12.6%9.8%
11/5/2021-2.8%-2.0%-2.1%
8/5/2021-0.1%-1.6%-4.6%
5/5/20211.2%-1.4%-0.4%
2/26/20210.5%7.8%12.3%
11/5/2020-2.8%6.3%6.4%
8/7/2020-1.1%-2.7%-12.9%
SUMMARY STATS   
# Positive131413
# Negative111011
Median Positive1.2%3.2%5.1%
Median Negative-2.1%-3.0%-4.6%
Max Positive5.5%12.6%12.3%
Max Negative-4.0%-8.0%-12.9%

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202605/06/202610-Q
12/31/202502/27/202610-K
09/30/202511/05/202510-Q
06/30/202508/05/202510-Q
03/31/202505/06/202510-Q
12/31/202402/28/202510-K
09/30/202411/12/202410-Q
06/30/202408/02/202410-Q
03/31/202405/06/202410-Q
12/31/202302/23/202410-K
09/30/202311/03/202310-Q
06/30/202308/03/202310-Q
03/31/202305/04/202310-Q
12/31/202202/24/202310-K
09/30/202211/08/202210-Q
06/30/202208/04/202210-Q
Collapse to Preview
Report DateFiling DateFiling
03/31/202605/06/202610-Q
12/31/202502/27/202610-K
09/30/202511/05/202510-Q
06/30/202508/05/202510-Q
03/31/202505/06/202510-Q
12/31/202402/28/202510-K
09/30/202411/12/202410-Q
06/30/202408/02/202410-Q
03/31/202405/06/202410-Q
12/31/202302/23/202410-K
09/30/202311/03/202310-Q
06/30/202308/03/202310-Q
03/31/202305/04/202310-Q
12/31/202202/24/202310-K
09/30/202211/08/202210-Q
06/30/202208/04/202210-Q
03/31/202205/04/202210-Q
12/31/202102/25/202210-K
09/30/202111/05/202110-Q
06/30/202108/05/202110-Q
03/31/202105/05/202110-Q
12/31/202002/26/202110-K
09/30/202011/05/202010-Q
06/30/202008/10/202010-Q
03/31/202005/08/202010-Q
12/31/201903/02/202010-K
09/30/201911/05/201910-Q
06/30/201908/06/201910-Q

Recent Forward Guidance

Updated 7/12/2026

Latest: Q1 2026 Earnings Reported 5/6/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 EPS2.953.053.150 AffirmedGuidance: 3.05 for 2026
2026 Capital Expenditures500.00 Mil525.00 Mil550.00 Mil0 AffirmedGuidance: 525.00 Mil for 2026
2026-2030 EPS Growth4.0%5.0%6.0% 0AffirmedGuidance: 5.0% for 2030
2026-2030 Capital Expenditures2.60 Bil2.75 Bil2.90 Bil0 AffirmedGuidance: 2.75 Bil for 2030
2026-2030 Rate Base Growth6.0%7.0%8.0% 0AffirmedGuidance: 7.0% for 2030
2026-2030 Customer Growth2.0%2.5%3.0% 0AffirmedGuidance: 2.5% for 2030

Prior: Q4 2025 Earnings Reported 2/27/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 EPS2.953.053.157.0% Higher NewActual: 2.85 for 2025
2026 Capital Expenditures500.00 Mil525.00 Mil550.00 Mil10.5% Higher NewActual: 475.00 Mil for 2025
2030 EPS Growth4.0%5.0%6.0% 0.0%Same NewActual: 5.0% for 2025
2030 Capital Expenditures2.60 Bil2.75 Bil2.90 Bil   
2030 Rate Base Growth6.0%7.0%8.0%   
2030 Customer Growth2.0%2.5%3.0%   

Q3 2025 Earnings Reported 11/5/2025

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2025 GAAP EPS2.592.692.79-0.4% LoweredGuidance: 2.7 for 2025
2025 Adjusted EPS2.752.852.950 AffirmedGuidance: 2.85 for 2025
2025 EPS Growth Rate4.0%5.0%6.0% 0AffirmedGuidance: 5.0% for 2025
2025 Capital Expenditures450.00 Mil475.00 Mil500.00 Mil0 AffirmedGuidance: 475.00 Mil for 2025

Insider Activity

Updated 7/21/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Anderson, David Hugo DirectSell721202651.181,50076,7752,674,793Form
2Anderson, David Hugo DirectSell629202650.901,50076,3512,736,365Form
3Bragdon, Peter J DirectBuy513202650.3240020,12840,256Form
4Weber, David AVP, Gas SupplyDirectSell325202652.571,70089,3717,833Form
5Kravitz, Zachary DVP, Regulatory Affairs andDirectSell309202652.53155143,827Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Anderson, David Hugo DirectSell721202651.181,50076,7752,674,793Form
2Anderson, David Hugo DirectSell629202650.901,50076,3512,736,365Form
3Bragdon, Peter J DirectBuy513202650.3240020,12840,256Form
4Weber, David AVP, Gas SupplyDirectSell325202652.571,70089,3717,833Form
5Kravitz, Zachary DVP, Regulatory Affairs andDirectSell309202652.53155143,827Form
6Rogers, Melinda BVP, Chief HR andDirectSell309202652.5307116,301Form
7Rush, Kimberly HeitingPresidentDirectSell309202652.531611,421,619Form
8Karney, Joseph SVP, Eng. & Utility OperationsDirectSell309202652.53160236,910Form
9Weber, David AVP, Gas SupplyDirectSell309202652.5313297,128Form
10Saathoff, MardilynGen'l Counsel, CCO & SVP, RegDirectSell1223202546.901531,334,680Form
11Anderson, David Hugo DirectSell1118202547.957,468358,0831,771,907Form
12Anderson, David Hugo DirectSell1022202546.397,500347,9512,060,892Form
13Anderson, David Hugo DirectSell1016202545.0010,509472,9122,336,526Form
14Anderson, David Hugo DirectSell1014202545.004,930221,8502,809,395Form
15Anderson, David Hugo DirectSell1002202545.0032814,7603,031,245Form
16Anderson, David Hugo DirectSell1002202545.014,233190,5183,046,526Form
17Anderson, David Hugo DirectSell919202542.137,795328,4343,030,354Form
18Anderson, David Hugo DirectSell820202540.437,574306,2123,222,903Form
19Anderson, David Hugo DirectSell722202541.967,500314,6683,662,364Form
Core Cache Last Updated: 7/22/2026