Northwest Natural (NWN)
Market Price (9/7/2026): $49.2 | Market Cap: $2.1 BilSector: Utilities | Industry: Gas Utilities
Northwest Natural (NWN)
Market Price (9/7/2026): $49.2Market Cap: $2.1 BilSector: UtilitiesIndustry: Gas 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 9.9%, Dividend Yield is 3.8%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.6% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16% Low stock price volatilityVol 12M is 20% Megatrend and thematic driversMegatrends include Energy Transition & Decarbonization, and Hydrogen Economy. Themes include Renewable Fuel Production, and Hydrogen Infrastructure. | Weak multi-year price returns2Y Excs Rtn is -3.1%, 3Y Excs Rtn is -29% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 129% Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -21% Key risksNWN key risks include [1] challenges in recovering costs through regulatory rate cases, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.9%, Dividend Yield is 3.8%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.6% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16% |
| Low stock price volatilityVol 12M is 20% |
| Megatrend and thematic driversMegatrends include Energy Transition & Decarbonization, and Hydrogen Economy. Themes include Renewable Fuel Production, and Hydrogen Infrastructure. |
| Weak multi-year price returns2Y Excs Rtn is -3.1%, 3Y Excs Rtn is -29% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 129% |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -21% |
| Key risksNWN key risks include [1] challenges in recovering costs through regulatory rate cases, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Updated on 9/1/2026
Northwest Natural (NWN) stock has remained largely at the same level since 5/31/2026 because of the following key factors:
1. Mixed fiscal Q2 2026 performance with raised full-year guidance. Northwest Natural Holdings (NWN) reported adjusted earnings per share (EPS) of $0.01 for fiscal Q2 2026 (ended June 30, 2026) on August 5, 2026, which surpassed analyst expectations of a $0.06 loss, yet revenue of $243.55 million missed forecasts by approximately 10.4%. Despite the revenue shortfall, management raised its full-year 2026 EPS guidance to the upper half of its $2.95 to $3.15 range, projecting approximately $3.05 to $3.15 per share, driven by stronger year-to-date performance and clearer visibility of second-half regulatory benefits. This combination of an earnings beat, revenue miss, and optimistic full-year outlook contributed to the stock's largely stable movement.
2. Favorable regulatory decisions providing future revenue growth. Northwest Natural secured key regulatory approvals and settlements during the period. The Washington Utilities and Transportation Commission approved new rates on July 29, 2026, providing a $20.1 million revenue increase in the first year, effective August 1, 2026. Additionally, a multi-party settlement for an Alternative Rate Mechanism was filed in Oregon on June 29, 2026, which is expected to increase the annual revenue requirement by $13.0 million, with new rates anticipated to be effective on October 31, 2026. These regulatory successes provide predictable revenue streams and contribute to the company's financial stability.
Show more
Northwest Natural (NWN) stock has remained largely at the same level since 5/31/2026 because of the following key factors:
1. Mixed fiscal Q2 2026 performance with raised full-year guidance. Northwest Natural Holdings (NWN) reported adjusted earnings per share (EPS) of $0.01 for fiscal Q2 2026 (ended June 30, 2026) on August 5, 2026, which surpassed analyst expectations of a $0.06 loss, yet revenue of $243.55 million missed forecasts by approximately 10.4%. Despite the revenue shortfall, management raised its full-year 2026 EPS guidance to the upper half of its $2.95 to $3.15 range, projecting approximately $3.05 to $3.15 per share, driven by stronger year-to-date performance and clearer visibility of second-half regulatory benefits. This combination of an earnings beat, revenue miss, and optimistic full-year outlook contributed to the stock's largely stable movement.
2. Favorable regulatory decisions providing future revenue growth. Northwest Natural secured key regulatory approvals and settlements during the period. The Washington Utilities and Transportation Commission approved new rates on July 29, 2026, providing a $20.1 million revenue increase in the first year, effective August 1, 2026. Additionally, a multi-party settlement for an Alternative Rate Mechanism was filed in Oregon on June 29, 2026, which is expected to increase the annual revenue requirement by $13.0 million, with new rates anticipated to be effective on October 31, 2026. These regulatory successes provide predictable revenue streams and contribute to the company's financial stability.
Show more
Updated on 9/1/2026
Northwest Natural (NWN) stock has remained largely at the same level since 5/31/2026 because of the following key factors:
1. Mixed fiscal Q2 2026 performance with raised full-year guidance. Northwest Natural Holdings (NWN) reported adjusted earnings per share (EPS) of $0.01 for fiscal Q2 2026 (ended June 30, 2026) on August 5, 2026, which surpassed analyst expectations of a $0.06 loss, yet revenue of $243.55 million missed forecasts by approximately 10.4%. Despite the revenue shortfall, management raised its full-year 2026 EPS guidance to the upper half of its $2.95 to $3.15 range, projecting approximately $3.05 to $3.15 per share, driven by stronger year-to-date performance and clearer visibility of second-half regulatory benefits. This combination of an earnings beat, revenue miss, and optimistic full-year outlook contributed to the stock's largely stable movement.
2. Favorable regulatory decisions providing future revenue growth. Northwest Natural secured key regulatory approvals and settlements during the period. The Washington Utilities and Transportation Commission approved new rates on July 29, 2026, providing a $20.1 million revenue increase in the first year, effective August 1, 2026. Additionally, a multi-party settlement for an Alternative Rate Mechanism was filed in Oregon on June 29, 2026, which is expected to increase the annual revenue requirement by $13.0 million, with new rates anticipated to be effective on October 31, 2026. These regulatory successes provide predictable revenue streams and contribute to the company's financial stability.
3. Steady customer growth and consistent capital investments. NW Natural continued to expand its customer base, adding nearly 18,000 gas and water utility connections over the 12 months ended June 30, 2026, representing a growth rate of 1.9%. The company also invested $235 million in its gas and water systems during the first six months of 2026 to enhance reliability and resiliency. Management projects organic customer growth of 2% to 3% in 2026 and expects its Texas gas utility, SiEnergy, to grow approximately 15% to 20% annually through 2030, supported by a backlog of over 260,000 future meters. This consistent, regulated growth and infrastructure investment underpins the stock's stability.
4. Utilities sector's defensive characteristics amidst mixed market performance. As a regulated utility, Northwest Natural's stock exhibits defensive characteristics, providing steady cash flows and dividends, which often results in less volatility compared to other sectors. While the broader utilities sector (XLU) experienced some headwinds, declining 0.64% on August 6, 2026, and being the worst-performing sector in August 2026 with a 4.8% decline, NWN's specific positive developments helped to mitigate significant negative movement. The inherent stability of the utility business model, coupled with NWN's company-specific strengths, allowed its stock to largely maintain its level during the period.
Show less
Northwest Natural (NWN) stock has remained largely at the same level since 5/31/2026 because of the following key factors:
1. Mixed fiscal Q2 2026 performance with raised full-year guidance. Northwest Natural Holdings (NWN) reported adjusted earnings per share (EPS) of $0.01 for fiscal Q2 2026 (ended June 30, 2026) on August 5, 2026, which surpassed analyst expectations of a $0.06 loss, yet revenue of $243.55 million missed forecasts by approximately 10.4%. Despite the revenue shortfall, management raised its full-year 2026 EPS guidance to the upper half of its $2.95 to $3.15 range, projecting approximately $3.05 to $3.15 per share, driven by stronger year-to-date performance and clearer visibility of second-half regulatory benefits. This combination of an earnings beat, revenue miss, and optimistic full-year outlook contributed to the stock's largely stable movement.
2. Favorable regulatory decisions providing future revenue growth. Northwest Natural secured key regulatory approvals and settlements during the period. The Washington Utilities and Transportation Commission approved new rates on July 29, 2026, providing a $20.1 million revenue increase in the first year, effective August 1, 2026. Additionally, a multi-party settlement for an Alternative Rate Mechanism was filed in Oregon on June 29, 2026, which is expected to increase the annual revenue requirement by $13.0 million, with new rates anticipated to be effective on October 31, 2026. These regulatory successes provide predictable revenue streams and contribute to the company's financial stability.
3. Steady customer growth and consistent capital investments. NW Natural continued to expand its customer base, adding nearly 18,000 gas and water utility connections over the 12 months ended June 30, 2026, representing a growth rate of 1.9%. The company also invested $235 million in its gas and water systems during the first six months of 2026 to enhance reliability and resiliency. Management projects organic customer growth of 2% to 3% in 2026 and expects its Texas gas utility, SiEnergy, to grow approximately 15% to 20% annually through 2030, supported by a backlog of over 260,000 future meters. This consistent, regulated growth and infrastructure investment underpins the stock's stability.
4. Utilities sector's defensive characteristics amidst mixed market performance. As a regulated utility, Northwest Natural's stock exhibits defensive characteristics, providing steady cash flows and dividends, which often results in less volatility compared to other sectors. While the broader utilities sector (XLU) experienced some headwinds, declining 0.64% on August 6, 2026, and being the worst-performing sector in August 2026 with a 4.8% decline, NWN's specific positive developments helped to mitigate significant negative movement. The inherent stability of the utility business model, coupled with NWN's company-specific strengths, allowed its stock to largely maintain its level during the period.
Show less
Holding a concentrated position? Know your true downside before the momentum shifts.
Protect Your Wealth →
Stock Movement Drivers
Fundamental Drivers
The 2.5% change in NWN stock from 5/31/2026 to 9/6/2026 was primarily driven by a 1.9% change in the company's Net Income Margin (%).| (LTM values as of) | 5312026 | 9062026 | Change |
|---|---|---|---|
| Stock Price ($) | 48.01 | 49.19 | 2.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,285 | 1,293 | 0.6% |
| Net Income Margin (%) | 9.6% | 9.7% | 1.9% |
| P/E Multiple | 16.3 | 16.4 | 0.8% |
| Shares Outstanding (Mil) | 42 | 42 | -0.9% |
| Cumulative Contribution | 2.5% |
Market Drivers
5/31/2026 to 9/6/2026| Return | Correlation | |
|---|---|---|
| NWN | 2.5% | |
| Market (SPY) | 1.8% | -36.3% |
| Sector (XLU) | -3.0% | 68.2% |
Fundamental Drivers
The -5.5% change in NWN stock from 2/28/2026 to 9/6/2026 was primarily driven by a -13.8% change in the company's P/E Multiple.| (LTM values as of) | 2282026 | 9062026 | Change |
|---|---|---|---|
| Stock Price ($) | 52.03 | 49.19 | -5.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,289 | 1,293 | 0.3% |
| Net Income Margin (%) | 8.8% | 9.7% | 10.9% |
| P/E Multiple | 19.1 | 16.4 | -13.8% |
| Shares Outstanding (Mil) | 42 | 42 | -1.3% |
| Cumulative Contribution | -5.5% |
Market Drivers
2/28/2026 to 9/6/2026| Return | Correlation | |
|---|---|---|
| NWN | -5.5% | |
| Market (SPY) | 12.6% | -23.3% |
| Sector (XLU) | -9.1% | 63.2% |
Fundamental Drivers
The 23.3% change in NWN stock from 8/31/2025 to 9/6/2026 was primarily driven by a 16.9% change in the company's Net Income Margin (%).| (LTM values as of) | 8312025 | 9062026 | Change |
|---|---|---|---|
| Stock Price ($) | 39.88 | 49.19 | 23.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,238 | 1,293 | 4.4% |
| Net Income Margin (%) | 8.3% | 9.7% | 16.9% |
| P/E Multiple | 15.6 | 16.4 | 5.1% |
| Shares Outstanding (Mil) | 40 | 42 | -3.8% |
| Cumulative Contribution | 23.3% |
Market Drivers
8/31/2025 to 9/6/2026| Return | Correlation | |
|---|---|---|
| NWN | 23.3% | |
| Market (SPY) | 20.4% | -21.7% |
| Sector (XLU) | 4.4% | 50.8% |
Fundamental Drivers
The 43.9% change in NWN stock from 8/31/2023 to 9/6/2026 was primarily driven by a 35.1% change in the company's P/E Multiple.| (LTM values as of) | 8312023 | 9062026 | Change |
|---|---|---|---|
| Stock Price ($) | 34.18 | 49.19 | 43.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,192 | 1,293 | 8.4% |
| Net Income Margin (%) | 8.5% | 9.7% | 14.8% |
| P/E Multiple | 12.2 | 16.4 | 35.1% |
| Shares Outstanding (Mil) | 36 | 42 | -14.4% |
| Cumulative Contribution | 43.9% |
Market Drivers
8/31/2023 to 9/6/2026| Return | Correlation | |
|---|---|---|
| NWN | 43.9% | |
| Market (SPY) | 77.1% | 10.1% |
| Sector (XLU) | 48.8% | 50.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| NWN Return | 10% | 1% | -14% | 7% | 24% | 9% | 38% |
| Peers Return | 19% | -2% | -6% | 24% | 22% | 6% | 75% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| NWN Win Rate | 50% | 42% | 33% | 50% | 75% | 89% | |
| Peers Win Rate | 52% | 48% | 50% | 57% | 65% | 56% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 56% | |
Max Drawdowns [4] | |||||||
| NWN Max Drawdown | -21% | -23% | -29% | -11% | -10% | -13% | |
| Peers Max Drawdown | -14% | -26% | -27% | -12% | -11% | -15% | |
| 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 9/4/2026 (YTD)
How Low Can It Go
| Event | NWN | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -17.6% | -9.5% |
| % Gain to Breakeven | 21.3% | 10.5% |
| Time to Breakeven | 364 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -13.6% | -6.7% |
| % Gain to Breakeven | 15.8% | 7.1% |
| Time to Breakeven | 670 days | 31 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -14.3% | -19.2% |
| % Gain to Breakeven | 16.7% | 23.8% |
| Time to Breakeven | 107 days | 105 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -13.2% | -17.9% |
| % Gain to Breakeven | 15.2% | 21.8% |
| Time to Breakeven | 77 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -11.1% | -15.4% |
| % Gain to Breakeven | 12.5% | 18.2% |
| Time to Breakeven | 53 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -20.5% | -53.4% |
| % Gain to Breakeven | 25.8% | 114.4% |
| Time to Breakeven | 362 days | 1085 days |
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.
| Event | NWN | S&P 500 |
|---|---|---|
| 2008-2009 Global Financial Crisis | ||
| % Loss | -20.5% | -53.4% |
| % Gain to Breakeven | 25.8% | 114.4% |
| Time to Breakeven | 362 days | 1085 days |
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)
- 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.
- 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.
- 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:
- 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.
- 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.
- 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.
- 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.
Peer Outperformance in Gas Utilities
NWN has trailed 78% of its 9 Gas Utilities peers over 5Y. Among the peers that beat it are ATO, NFG and SR. Gas Utilities ranks 2nd of 6 industries in Utilities by median 5Y return. That makes it one of the strongest corners of the sector.
Share of Gas Utilities constituents that NWN has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
100%
of 11 industry peers · 22.4% return
3Y
44%
of 9 industry peers · 44.5% return
5Y
22%
of 9 industry peers · 21.5% return
Gas Utilities peers with revenue growth within 4pp of NWN's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| NWN | Northwest Natural | 2.9% | 16.4x | 22.4% | 44.5% | 21.5% | — |
| ATO | Atmos Energy | 4.1% | 20.1x | 3.0% | 58.0% | 97.3% | +76pp |
| NFG | National Fuel Gas | 4.8% | 11.7x | -1.3% | 77.8% | 88.7% | +67pp |
| SR | Spire | 1.6% | 8.9x | 13.9% | 59.0% | 59.8% | +38pp |
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Utilities sector, ranked by 5Y. Gas Utilities is NWN's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Independent Power Producers & Energy Traders | 5 | -2.6% | 139.9% | 202.5% | HNRG 569% · OKLO 317% · NRG 202% |
| Gas Utilities ← | 10 | 8.3% | 51.3% | 41.8% | ATO 97% · NFG 89% · NJR 74% |
| Electric Utilities | 24 | 8.5% | 45.6% | 41.1% | VST 769% · GNE 166% · ETR 129% |
| Multi-Utilities | 18 | 8.1% | 47.8% | 40.8% | NI 97% · MDU 92% · CNP 74% |
| Water Utilities | 11 | 9.9% | 5.5% | -13.4% | CWCO 164% · ARTNA 10% · AWR 7% |
| Renewable Electricity | 4 | -48.3% | -60.5% | -30.8% | ORA 51% · CWEN 32% · AGIG -94% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 64.53 |
| Mkt Cap | 7.3 |
| Rev LTM | 3,617 |
| Op Inc LTM | 830 |
| FCF LTM | -397 |
| FCF 3Y Avg | -194 |
| CFO LTM | 790 |
| CFO 3Y Avg | 1,058 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 2.0% |
| Rev Chg 3Y Avg | 0.0% |
| Rev Chg Q | 0.1% |
| QoQ Delta Rev Chg LTM | 0.0% |
| Op Inc Chg LTM | 12.8% |
| Op Inc Chg 3Y Avg | 15.7% |
| Op Mgn LTM | 25.0% |
| Op Mgn 3Y Avg | 20.5% |
| QoQ Delta Op Mgn LTM | 0.5% |
| CFO/Rev LTM | 24.0% |
| CFO/Rev 3Y Avg | 27.8% |
| FCF/Rev LTM | -20.9% |
| FCF/Rev 3Y Avg | -12.4% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Northwest (NW) Natural | 1,097 | 1,076 | 1,136 | ||
| SiEnergy | 66 | 0 | 0 | ||
| Northwest Natural (NWN) Water | 66 | 52 | 39 | ||
| NW Holdings Other | 61 | 25 | 22 | ||
| Natural Gas Distribution (NGD) | 990 | 817 | |||
| Other (Northwest (NW) Holdings) | 23 | 17 | |||
| Other (Northwest (NW) Natural) | 25 | 26 | |||
| Total | 1,289 | 1,153 | 1,197 | 1,037 | 860 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Northwest (NW) Natural | 220 | 173 | 171 | ||
| SiEnergy | 27 | 0 | 0 | ||
| Northwest Natural (NWN) Water | 19 | 10 | 7 | ||
| NW Holdings Other | 15 | 8 | 8 | ||
| Natural Gas Distribution (NGD) | 153 | 148 | |||
| Other (Northwest (NW) Holdings) | -2 | -2 | |||
| Other (Northwest (NW) Natural) | 17 | 17 | |||
| Total | 281 | 191 | 185 | 167 | 163 |
| $ Mil | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|
| Natural Gas Distribution (NGD) | 94 | 80 | 69 | 64 | 61 |
| Other (Northwest (NW) Natural) | 11 | 12 | 12 | 7 | 8 |
| Other (Northwest (NW) Holdings) | -11 | -5 | -3 | -0 | -4 |
| Discontinued operations | -4 | ||||
| Total | 94 | 86 | 79 | 70 | 62 |
| $ Mil | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|
| Natural Gas Distribution (NGD) | 4,458 | 4,393 | 3,846 | 3,550 | 3,274 |
| Other (Northwest (NW) Holdings) | 356 | 296 | 166 | 157 | 92 |
| Other (Northwest (NW) Natural) | 53 | 60 | 52 | 49 | 48 |
| Discontinued operations | 15 | ||||
| Total | 4,867 | 4,748 | 4,065 | 3,756 | 3,428 |
Price Behavior
Price Behavior
| Market Price | $49.19 | |
| Market Cap ($ Bil) | 2.1 | |
| First Trading Date | 03/26/1990 | |
| Distance from 52W High | -10.1% | |
| 50 Days | 200 Days | |
| DMA Price | $49.94 | $49.08 |
| DMA Trend | up | up |
| Distance from DMA | -1.5% | 0.2% |
| 3M | 1YR | |
| Volatility | 20.1% | 20.4% |
| Downside Capture | -88.63 | -62.09 |
| Upside Capture | -71.20 | -25.06 |
| Correlation (SPY) | -39.5% | -21.6% |
NWN Betas & Captures as of 8/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.53 | -0.58 | -0.58 | -0.38 | -0.35 | 0.15 |
| Up Beta | -0.02 | -0.72 | -0.75 | -0.61 | -0.38 | 0.20 |
| Down Beta | -0.02 | 1.05 | 0.00 | 0.25 | -0.09 | 0.22 |
| Up Capture | -64% | -69% | -56% | -34% | -14% | 3% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 10 | 18 | 28 | 58 | 136 | 400 |
| Down Capture | -129% | -128% | -98% | -64% | -106% | 3% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 11 | 24 | 36 | 68 | 111 | 343 |
[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 | |
|---|---|---|---|---|
| NWN | 23.4% | 20.4% | 0.92 | - |
| Sector ETF (XLU) | 5.1% | 15.2% | 0.12 | 50.8% |
| Equity (SPY) | 19.7% | 12.8% | 1.13 | -21.8% |
| Gold (GLD) | 24.6% | 29.2% | 0.75 | -12.1% |
| Commodities (DBC) | 43.8% | 20.3% | 1.67 | -9.7% |
| Real Estate (VNQ) | 9.1% | 13.6% | 0.39 | 36.1% |
| Bitcoin (BTCUSD) | -28.1% | 43.8% | -0.63 | -23.8% |
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 | |
|---|---|---|---|---|
| NWN | 3.7% | 22.8% | 0.11 | - |
| Sector ETF (XLU) | 7.8% | 17.4% | 0.30 | 56.7% |
| Equity (SPY) | 12.8% | 17.2% | 0.57 | 22.0% |
| Gold (GLD) | 19.1% | 18.8% | 0.82 | 9.1% |
| Commodities (DBC) | 10.7% | 19.5% | 0.43 | 6.0% |
| Real Estate (VNQ) | 1.7% | 18.9% | -0.01 | 48.4% |
| Bitcoin (BTCUSD) | 10.2% | 52.6% | 0.38 | 9.2% |
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 | |
|---|---|---|---|---|
| NWN | 1.5% | 28.2% | 0.09 | - |
| Sector ETF (XLU) | 8.9% | 19.3% | 0.39 | 68.0% |
| Equity (SPY) | 15.3% | 17.9% | 0.72 | 39.3% |
| Gold (GLD) | 12.4% | 16.3% | 0.62 | 6.5% |
| Commodities (DBC) | 7.9% | 18.1% | 0.35 | 10.8% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.19 | 56.5% |
| Bitcoin (BTCUSD) | 63.7% | 66.2% | 1.03 | 9.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/7/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | 2.9% | 2.0% | 0.1% |
| 5/6/2026 | 3.1% | 2.2% | 2.3% |
| 2/27/2026 | 5.5% | 3.6% | 5.1% |
| 11/5/2025 | 1.2% | 4.5% | 0.3% |
| 8/5/2025 | 0.6% | 3.4% | 5.2% |
| 5/6/2025 | 0.7% | -7.1% | -8.8% |
| 2/28/2025 | 3.6% | 2.6% | 4.5% |
| 11/12/2024 | 0.5% | 0.4% | 1.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 15 | 14 |
| # Negative | 10 | 9 | 10 |
| Median Positive | 1.6% | 3.0% | 4.8% |
| Median Negative | -2.4% | -3.4% | -4.4% |
| Max Positive | 5.5% | 12.6% | 12.3% |
| Max Negative | -4.0% | -8.0% | -11.7% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | 2.9% | 2.0% | 0.1% |
| 5/6/2026 | 3.1% | 2.2% | 2.3% |
| 2/27/2026 | 5.5% | 3.6% | 5.1% |
| 11/5/2025 | 1.2% | 4.5% | 0.3% |
| 8/5/2025 | 0.6% | 3.4% | 5.2% |
| 5/6/2025 | 0.7% | -7.1% | -8.8% |
| 2/28/2025 | 3.6% | 2.6% | 4.5% |
| 11/12/2024 | 0.5% | 0.4% | 1.0% |
| 8/2/2024 | -2.1% | -1.7% | 1.8% |
| 5/6/2024 | -2.0% | 0.0% | -3.3% |
| 2/23/2024 | 2.1% | 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% |
| 2/24/2023 | 0.4% | 1.5% | -1.6% |
| 11/8/2022 | 2.0% | 7.6% | 7.4% |
| 8/4/2022 | -1.6% | -3.4% | -11.1% |
| 5/4/2022 | -0.3% | 1.3% | 12.2% |
| 2/25/2022 | 4.6% | 12.6% | 9.8% |
| 11/5/2021 | -2.8% | -2.0% | -2.1% |
| 8/5/2021 | -0.1% | -1.6% | -4.6% |
| 5/5/2021 | 1.2% | -1.4% | -0.4% |
| 2/26/2021 | 0.5% | 7.8% | 12.3% |
| 11/5/2020 | -2.8% | 6.3% | 6.4% |
| SUMMARY STATS | |||
| # Positive | 14 | 15 | 14 |
| # Negative | 10 | 9 | 10 |
| Median Positive | 1.6% | 3.0% | 4.8% |
| Median Negative | -2.4% | -3.4% | -4.4% |
| Max Positive | 5.5% | 12.6% | 12.3% |
| Max Negative | -4.0% | -8.0% | -11.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 02/28/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 05/06/2024 | 10-Q |
| 12/31/2023 | 02/23/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 02/28/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 05/06/2024 | 10-Q |
| 12/31/2023 | 02/23/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/04/2022 | 10-Q |
| 12/31/2021 | 02/25/2022 | 10-K |
| 09/30/2021 | 11/05/2021 | 10-Q |
| 06/30/2021 | 08/05/2021 | 10-Q |
| 03/31/2021 | 05/05/2021 | 10-Q |
| 12/31/2020 | 02/26/2021 | 10-K |
| 09/30/2020 | 11/05/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-Q |
| 03/31/2020 | 05/08/2020 | 10-Q |
| 12/31/2019 | 03/02/2020 | 10-K |
| 09/30/2019 | 11/05/2019 | 10-Q |
Recent Forward Guidance
Updated 8/6/2026Latest: Q2 2026 Earnings Reported 8/5/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Rate Base | Reported | 0.06 | 0.07 | 0.08 | 0.0% | Affirmed | Guidance: 0.07 for 2026 | |
| 2026 Customer Growth | Reported | 2.0% | 2.5% | 3.0% | 0.0% | Affirmed | Guidance: 2.5% for 2026 | |
| 2026 EPS | Reported | 2.95 | 3.05 | 3.15 | 0.0% | Affirmed | Guidance: 3.05 for 2026 | |
| 2026 EPS Growth | Reported | 4.0% | 5.0% | 6.0% | 0.0% | Affirmed | Guidance: 5.0% for 2026 | |
| 2026 EPS Growth including MX3 | Reported | 5.0% | 6.0% | 7.0% | ||||
| 2026 Capital Expenditures | Reported | 2.60 Bil | 2.75 Bil | 2.90 Bil | 0.0% | Affirmed | Guidance: 2.75 Bil for 2026 | |
Prior: Q1 2026 Earnings Reported 5/6/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 EPS | Reported | 2.95 | 3.05 | 3.15 | 0 | Affirmed | Guidance: 3.05 for 2026 | |
| 2026 Capital Expenditures | Reported | 500.00 Mil | 525.00 Mil | 550.00 Mil | 0 | Affirmed | Guidance: 525.00 Mil for 2026 | |
| 2026-2030 Rate Base Growth | Reported | 6.0% | 7.0% | 8.0% | 0 | Affirmed | Guidance: 7.0% for 2030 | |
| 2026-2030 Customer Growth | Reported | 2.0% | 2.5% | 3.0% | 0 | Affirmed | Guidance: 2.5% for 2030 | |
| 2026-2030 EPS Growth | Reported | 4.0% | 5.0% | 6.0% | 0 | Affirmed | Guidance: 5.0% for 2030 | |
| 2026-2030 Capital Expenditures | Reported | 2.60 Bil | 2.75 Bil | 2.90 Bil | 0 | Affirmed | Guidance: 2.75 Bil for 2030 | |
Q4 2025 Earnings Reported 2/27/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 EPS | Reported | 2.95 | 3.05 | 3.15 | 7.0% | Higher New | Actual: 2.85 for 2025 | |
| 2026 Capital Expenditures | Reported | 500.00 Mil | 525.00 Mil | 550.00 Mil | 10.5% | Higher New | Actual: 475.00 Mil for 2025 | |
| 2030 Rate Base Growth | Reported | 6.0% | 7.0% | 8.0% | ||||
| 2030 Customer Growth | Reported | 2.0% | 2.5% | 3.0% | ||||
| 2030 EPS Growth | Reported | 4.0% | 5.0% | 6.0% | 0.0% | Same New | Actual: 5.0% for 2025 | |
| 2030 Capital Expenditures | Reported | 2.60 Bil | 2.75 Bil | 2.90 Bil | ||||
Q3 2025 Earnings Reported 11/5/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 GAAP EPS | Reported | 2.59 | 2.69 | 2.79 | -0.4% | Lowered | Guidance: 2.7 for 2025 | |
| 2025 Adjusted EPS | Reported | 2.75 | 2.85 | 2.95 | 0 | Affirmed | Guidance: 2.85 for 2025 | |
| 2025 EPS Growth Rate | Reported | 4.0% | 5.0% | 6.0% | 0 | Affirmed | Guidance: 5.0% for 2025 | |
| 2025 Capital Expenditures | Reported | 450.00 Mil | 475.00 Mil | 500.00 Mil | 0 | Affirmed | Guidance: 475.00 Mil for 2025 | |
Insider Activity
Updated 9/3/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Anderson, David Hugo | Direct | Sell | 8182026 | 50.86 | 1,500 | 76,294 | 2,581,730 | Form | |
| 2 | Anderson, David Hugo | Direct | Sell | 7212026 | 51.18 | 1,500 | 76,775 | 2,674,793 | Form | |
| 3 | Anderson, David Hugo | Direct | Sell | 6292026 | 50.90 | 1,500 | 76,351 | 2,736,365 | Form | |
| 4 | Bragdon, Peter J | Direct | Buy | 5132026 | 50.32 | 400 | 20,128 | 40,256 | Form | |
| 5 | Weber, David A | VP, Gas Supply | Direct | Sell | 3252026 | 52.57 | 1,700 | 89,371 | 7,833 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Anderson, David Hugo | Direct | Sell | 8182026 | 50.86 | 1,500 | 76,294 | 2,581,730 | Form | |
| 2 | Anderson, David Hugo | Direct | Sell | 7212026 | 51.18 | 1,500 | 76,775 | 2,674,793 | Form | |
| 3 | Anderson, David Hugo | Direct | Sell | 6292026 | 50.90 | 1,500 | 76,351 | 2,736,365 | Form | |
| 4 | Bragdon, Peter J | Direct | Buy | 5132026 | 50.32 | 400 | 20,128 | 40,256 | Form | |
| 5 | Weber, David A | VP, Gas Supply | Direct | Sell | 3252026 | 52.57 | 1,700 | 89,371 | 7,833 | Form |
| 6 | Kravitz, Zachary D | VP, Regulatory Affairs and | Direct | Sell | 3092026 | 52.53 | 1 | 55 | 143,827 | Form |
| 7 | Rogers, Melinda B | VP, Chief HR and | Direct | Sell | 3092026 | 52.53 | 0 | 7 | 116,301 | Form |
| 8 | Rush, Kimberly Heiting | President | Direct | Sell | 3092026 | 52.53 | 1 | 61 | 1,421,619 | Form |
| 9 | Karney, Joseph S | VP, Eng. & Utility Operations | Direct | Sell | 3092026 | 52.53 | 1 | 60 | 236,910 | Form |
| 10 | Weber, David A | VP, Gas Supply | Direct | Sell | 3092026 | 52.53 | 1 | 32 | 97,128 | Form |
| 11 | Saathoff, Mardilyn | Gen'l Counsel, CCO & SVP, Reg | Direct | Sell | 12232025 | 46.90 | 1 | 53 | 1,334,680 | Form |
| 12 | Anderson, David Hugo | Direct | Sell | 11182025 | 47.95 | 7,468 | 358,083 | 1,771,907 | Form | |
| 13 | Anderson, David Hugo | Direct | Sell | 10222025 | 46.39 | 7,500 | 347,951 | 2,060,892 | Form | |
| 14 | Anderson, David Hugo | Direct | Sell | 10162025 | 45.00 | 10,509 | 472,912 | 2,336,526 | Form | |
| 15 | Anderson, David Hugo | Direct | Sell | 10142025 | 45.00 | 4,930 | 221,850 | 2,809,395 | Form | |
| 16 | Anderson, David Hugo | Direct | Sell | 10022025 | 45.00 | 328 | 14,760 | 3,031,245 | Form | |
| 17 | Anderson, David Hugo | Direct | Sell | 10022025 | 45.01 | 4,233 | 190,518 | 3,046,526 | Form | |
| 18 | Anderson, David Hugo | Direct | Sell | 9192025 | 42.13 | 7,795 | 328,434 | 3,030,354 | Form |
Industry Resources
| Utilities Resources |
| Data.gov Energy Infrastructure |
| Data.gov Energy Resources |
| Utility Dive |
| Gas Utilities Resources |
| American Gas Association (AGA) |
| Natural Gas Intelligence (NGI) |
| Pipeline & Gas Journal |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.
Core Cache Last Updated: 9/6/2026