Southwest Gas (SWX)
Market Price (4/19/2026): $90.99 | Market Cap: $6.6 BilSector: Utilities | Industry: Gas Utilities
Southwest Gas (SWX)
Market Price (4/19/2026): $90.99Market Cap: $6.6 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 9.4%, Dividend Yield is 2.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.4% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17% Low stock price volatilityVol 12M is 20% Megatrend and thematic driversMegatrends include Smart Grids & Grid Modernization, Hydrogen Economy, and Energy Transition & Decarbonization. Themes include Grid Automation, Show more. | Trading close to highsDist 52W High is -2.4%, Dist 3Y High is -2.4% Weak multi-year price returns2Y Excs Rtn is -5.8%, 3Y Excs Rtn is -4.8% | Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -13%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -5.5%, Rev Chg QQuarterly Revenue Change % is -13% Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -7.8% Key risksSWX key risks include [1] significant costs and civil penalties stemming from degrading polyethylene pipes and inaccurate pipeline mapping, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.4%, Dividend Yield is 2.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.4% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17% |
| Low stock price volatilityVol 12M is 20% |
| Megatrend and thematic driversMegatrends include Smart Grids & Grid Modernization, Hydrogen Economy, and Energy Transition & Decarbonization. Themes include Grid Automation, Show more. |
| Trading close to highsDist 52W High is -2.4%, Dist 3Y High is -2.4% |
| Weak multi-year price returns2Y Excs Rtn is -5.8%, 3Y Excs Rtn is -4.8% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -13%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -5.5%, Rev Chg QQuarterly Revenue Change % is -13% |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -7.8% |
| Key risksSWX key risks include [1] significant costs and civil penalties stemming from degrading polyethylene pipes and inaccurate pipeline mapping, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Southwest Gas (SWX) stock has gained about 15% since 12/31/2025 because of the following key factors:
1. Strong Financial Performance and Dividend Increase.
Southwest Gas reported a significant increase in its full-year 2025 adjusted net income from continuing operations, which rose by $42.8 million compared to 2024. The company's fourth-quarter 2025 adjusted net income also improved by $11.9 million year-over-year. This financial strength allowed the board to approve a 4% increase in the regular quarterly common stock dividend to $0.645 per share, resulting in an annual dividend of $2.58 per share, effective beginning with the second quarter of 2026.
2. Robust Capital Investment Plan and Positive Forward Guidance.
Despite a slight miss on Q4 2025 EPS, Southwest Gas provided optimistic guidance for 2026, projecting earnings per share in the range of $4.17-$4.32, which surpasses the Zacks Consensus Estimate of $4.13. The company plans substantial capital expenditures, allocating $1.25 billion for 2026 as part of a larger $6.3 billion total capital plan for 2026-2030. A key component of this strategy is the $1.7 billion Great Basin expansion project, which remains on schedule and is anticipated to generate an incremental annual margin of $215-$245 million upon its in-service date near the end of 2028.
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1. Strong Financial Performance and Dividend Increase.
Southwest Gas reported a significant increase in its full-year 2025 adjusted net income from continuing operations, which rose by $42.8 million compared to 2024. The company's fourth-quarter 2025 adjusted net income also improved by $11.9 million year-over-year. This financial strength allowed the board to approve a 4% increase in the regular quarterly common stock dividend to $0.645 per share, resulting in an annual dividend of $2.58 per share, effective beginning with the second quarter of 2026.
2. Robust Capital Investment Plan and Positive Forward Guidance.
Despite a slight miss on Q4 2025 EPS, Southwest Gas provided optimistic guidance for 2026, projecting earnings per share in the range of $4.17-$4.32, which surpasses the Zacks Consensus Estimate of $4.13. The company plans substantial capital expenditures, allocating $1.25 billion for 2026 as part of a larger $6.3 billion total capital plan for 2026-2030. A key component of this strategy is the $1.7 billion Great Basin expansion project, which remains on schedule and is anticipated to generate an incremental annual margin of $215-$245 million upon its in-service date near the end of 2028.
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Stock Movement Drivers
Fundamental Drivers
The 14.5% change in SWX stock from 12/31/2025 to 4/18/2026 was primarily driven by a 21.0% change in the company's P/E Multiple.| (LTM values as of) | 12312025 | 4182026 | Change |
|---|---|---|---|
| Stock Price ($) | 79.46 | 90.99 | 14.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,287 | 3,215 | -2.2% |
| Net Income Margin (%) | 14.1% | 13.7% | -3.1% |
| P/E Multiple | 12.4 | 15.0 | 21.0% |
| Shares Outstanding (Mil) | 72 | 72 | -0.2% |
| Cumulative Contribution | 14.5% |
Market Drivers
12/31/2025 to 4/18/2026| Return | Correlation | |
|---|---|---|
| SWX | 14.5% | |
| Market (SPY) | -5.4% | 11.5% |
| Sector (XLU) | 8.1% | 61.6% |
Fundamental Drivers
The 17.9% change in SWX stock from 9/30/2025 to 4/18/2026 was primarily driven by a 135.1% change in the company's Net Income Margin (%).| (LTM values as of) | 9302025 | 4182026 | Change |
|---|---|---|---|
| Stock Price ($) | 77.19 | 90.99 | 17.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,329 | 3,215 | -3.4% |
| Net Income Margin (%) | 5.8% | 13.7% | 135.1% |
| P/E Multiple | 28.7 | 15.0 | -47.9% |
| Shares Outstanding (Mil) | 72 | 72 | -0.3% |
| Cumulative Contribution | 17.9% |
Market Drivers
9/30/2025 to 4/18/2026| Return | Correlation | |
|---|---|---|
| SWX | 17.9% | |
| Market (SPY) | -2.9% | 4.0% |
| Sector (XLU) | 6.7% | 46.0% |
Fundamental Drivers
The 30.8% change in SWX stock from 3/31/2025 to 4/18/2026 was primarily driven by a 152.9% change in the company's Net Income Margin (%).| (LTM values as of) | 3312025 | 4182026 | Change |
|---|---|---|---|
| Stock Price ($) | 69.56 | 90.99 | 30.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,675 | 3,215 | -12.5% |
| Net Income Margin (%) | 5.4% | 13.7% | 152.9% |
| P/E Multiple | 25.2 | 15.0 | -40.5% |
| Shares Outstanding (Mil) | 72 | 72 | -0.6% |
| Cumulative Contribution | 30.8% |
Market Drivers
3/31/2025 to 4/18/2026| Return | Correlation | |
|---|---|---|
| SWX | 30.8% | |
| Market (SPY) | 16.3% | 26.2% |
| Sector (XLU) | 19.6% | 55.9% |
Fundamental Drivers
The 62.1% change in SWX stock from 3/31/2023 to 4/18/2026 was primarily driven by a 169.2% change in the company's P/S Multiple.| (LTM values as of) | 3312023 | 4182026 | Change |
|---|---|---|---|
| Stock Price ($) | 56.13 | 90.99 | 62.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,960 | 3,215 | -35.2% |
| P/S Multiple | 0.8 | 2.0 | 169.2% |
| Shares Outstanding (Mil) | 67 | 72 | -7.1% |
| Cumulative Contribution | 62.1% |
Market Drivers
3/31/2023 to 4/18/2026| Return | Correlation | |
|---|---|---|
| SWX | 62.1% | |
| Market (SPY) | 63.3% | 29.2% |
| Sector (XLU) | 48.5% | 53.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| SWX Return | 19% | -9% | 7% | 16% | 17% | 15% | 81% |
| Peers Return | 36% | 7% | -6% | 28% | 16% | 10% | 125% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 3% | 87% |
Monthly Win Rates [3] | |||||||
| SWX Win Rate | 67% | 42% | 50% | 50% | 75% | 75% | |
| Peers Win Rate | 62% | 53% | 52% | 58% | 60% | 60% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| SWX Max Drawdown | -5% | -9% | -12% | -9% | -5% | -1% | |
| Peers Max Drawdown | -5% | -10% | -19% | -7% | -12% | -3% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: SRE, OKE, ATO, UGI, NFG. See SWX 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 4/17/2026 (YTD)
How Low Can It Go
| Event | SWX | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -42.6% | -25.4% |
| % Gain to Breakeven | 74.3% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -34.3% | -33.9% |
| % Gain to Breakeven | 52.1% | 51.3% |
| Time to Breakeven | 44 days | 148 days |
| 2018 Correction | ||
| % Loss | -25.6% | -19.8% |
| % Gain to Breakeven | 34.4% | 24.7% |
| Time to Breakeven | 447 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -56.4% | -56.8% |
| % Gain to Breakeven | 129.3% | 131.3% |
| Time to Breakeven | 733 days | 1,480 days |
Compare to SRE, OKE, ATO, UGI, NFG
In The Past
Southwest Gas's stock fell -42.6% during the 2022 Inflation Shock from a high on 5/24/2022. A -42.6% loss requires a 74.3% gain to breakeven.
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About Southwest Gas (SWX)
Southwest Gas Holdings, Inc., through its subsidiaries, distributes and transports natural gas in Arizona, Nevada, and California. The company operates through Natural Gas Distribution, Utility Infrastructure Services, and Pipeline and Storage segments. It also provides trenching, installation, and replacement of underground pipes, as well as maintenance services for energy distribution systems. As of December 31, 2021, it had 2,159,000 residential, commercial, industrial, and other natural gas customers. Southwest Gas Holdings, Inc. was incorporated in 1931 and is headquartered in Las Vegas, Nevada.
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1. It's like your local electric company, but for natural gas.
2. Think of it as a natural gas-focused version of a large diversified utility like PG&E or Dominion Energy, serving homes and businesses in its region.
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- Natural Gas Distribution and Transport: This service involves the delivery and movement of natural gas to residential, commercial, industrial, and other customers.
- Utility Infrastructure Services: This segment provides trenching, installation, replacement, and maintenance services for underground pipes and energy distribution systems.
- Pipeline and Storage: This segment operates and manages pipelines for natural gas transportation and storage facilities.
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```htmlSouthwest Gas Holdings, Inc. (SWX) is a natural gas utility that primarily sells to a diverse base of end-users rather than to other companies. Its customer base is categorized as follows:
- Residential customers: Individuals who use natural gas in their homes for heating, cooking, water heating, and other domestic purposes.
- Commercial customers: Businesses of various sizes, including offices, retail establishments, restaurants, and other commercial enterprises that utilize natural gas for their operations.
- Industrial customers: Large manufacturing facilities, processing plants, and other industrial operations that consume natural gas as a fuel source or for specific industrial processes.
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Karen S. Haller, President and Chief Executive Officer Karen S. Haller is the President and Chief Executive Officer of Southwest Gas Holdings, Inc. and CEO of Southwest Gas Corporation. She is also a director of the Company and its operating subsidiaries, and serves as Chair of the Board of Directors of Centuri Holdings, Inc. Ms. Haller has served in multiple leadership positions during her almost three decades at Southwest Gas, including Executive Vice President and Chief Legal and Administrative Officer. Before joining Southwest Gas, she worked as a private practice lawyer. During her tenure as CEO, she guided the Company through significant milestones, including the sale of MountainWest and the separation of Centuri, transforming Southwest Gas into a fully regulated natural gas business. Ms. Haller holds a Bachelor of Science in Finance from the University of Wyoming and a J.D. from Cornell Law School. Justin S. Forsberg, Senior Vice President, Chief Financial Officer, and Treasurer Justin S. Forsberg serves as Senior Vice President, Chief Financial Officer, and Treasurer of Southwest Gas Holdings, Inc. and Southwest Gas Corporation. In this role, he oversees the companies' financial, accounting, investor relations, internal audit, and sustainability functions. Mr. Forsberg joined Southwest Gas in August 2023, initially as Vice President of Investor Relations. Prior to Southwest Gas, he spent nearly 13 years at IDACORP, Inc. and Idaho Power Company, where he was most recently Director of Investor Relations & Treasury, and President of IDACORP Financial Services, Inc. His responsibilities at IDACORP included investor relations, treasury, pension and cash management, accounts payable, and investments in affordable housing and other real estate tax credits through the financial services subsidiary. He began his career at Deloitte, where he advanced to Audit Manager serving clients in the energy and utility sectors. Mr. Forsberg holds bachelor's and master's degrees in accountancy from Brigham Young University and is a Certified Public Accountant licensed in Idaho. Justin Lee Brown, President Justin Lee Brown is the President of Southwest Gas Corporation, where he leads the Company's utility operations and Great Basin Gas Transmission Company. He has been appointed to succeed Karen Haller as Chief Executive Officer, effective May 8, 2026. Mr. Brown joined Southwest Gas in 2004 as Senior Counsel in Legal Affairs and has held various leadership positions, including Associate General Counsel/Legal Affairs, Vice President/Pricing, Vice President/Regulatory Affairs, and Senior Vice President/General Counsel, before being appointed President in 2022. He briefly joined PacifiCorp, a Berkshire Hathaway Energy company, between 2006 and 2008 before returning to Southwest Gas. Mr. Brown holds a Bachelor of Science in Accounting from Southern Utah University, and both an MBA and Juris Doctorate from Gonzaga University. Julie M. Williams, Senior Vice President/Continuous Improvement and Optimization Julie M. Williams serves as Senior Vice President/Continuous Improvement and Optimization of Southwest Gas Corporation. In this role, she is responsible for driving long-term positive change and accelerating the Company's pursuit of excellence in areas such as safety, quality, customer service, operational performance, and cost management. Ms. Williams is an alumna of Arizona State University, holding a Bachelor of Science degree in Civil Engineering and an Executive Master of Business Administration. She also serves as the Board of Directors Treasurer for the Western Energy Institute, participates in the American Gas Association Operations Managing Committee, and is on the Board of Directors for the Boys and Girls Clubs of Southern Nevada. Randall P. (Randy) Gabe, Senior Vice President/Chief Administrative Officer Randall P. (Randy) Gabe is the Senior Vice President/Chief Administrative Officer of Southwest Gas Corporation. He began his career with Southwest Gas in 1999 as a corporate accounting manager. After leaving the company in 1999 to pursue opportunities in the online commerce industry and later joining a construction equipment company in finance and accounting leadership roles, he returned to Southwest Gas in 2003 as Manager of Gas Resources Planning. Mr. Gabe was promoted to Vice President of Gas Resources in 2012 and assumed his current role in 2022. He holds a Bachelor of Science in Accounting and a Master of Business Administration from the University of Nevada, Las Vegas.AI Analysis | Feedback
Here are the key risks to Southwest Gas (SWX):
- Policy-Driven Electrification and Decarbonization: Southwest Gas faces significant risks from accelerating electrification initiatives, particularly in California, and long-term decarbonization targets across its service territories (Arizona, Nevada, and California). These policies aim to reduce reliance on natural gas, potentially leading to restrictions on new gas hookups and decreased demand for methane, which could significantly impact the company's revenue and future growth.
- Regulatory and Rate-Setting Challenges: As a regulated utility, Southwest Gas's profitability is highly dependent on regulatory approvals for rate-setting mechanisms and cost recovery. Shifting regulatory environments, including the potential for performance-based ratemaking and uncertainties in regulatory outcomes, could affect the company's ability to maintain stable operating margins and achieve timely rate relief.
- Competition from Alternative Energy Sources: The company faces competition from electric utilities and other energy alternatives, particularly in residential and small commercial markets. Large commercial and industrial customers also have the ability to switch to alternative energy sources, posing a threat to Southwest Gas's market share and potentially impacting revenue and profitability through customer bypass.
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The clear emerging threat to Southwest Gas is the accelerating trend of **electrification and decarbonization policies** impacting the use of natural gas in residential and commercial buildings. Across various jurisdictions, particularly in California where Southwest Gas operates, there is a growing push to mandate or incentivize the transition from natural gas appliances (such as furnaces, water heaters, and stoves) to electric alternatives (like heat pumps and electric induction cooktops). This movement, driven by climate change mitigation goals and local government initiatives, directly threatens the future demand for natural gas and the need for associated distribution infrastructure, potentially leading to declining customer growth and stranded assets for natural gas utilities.
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Southwest Gas Holdings, Inc. (SWX) operates in several addressable markets primarily within Arizona, Nevada, and California. The addressable markets for its main products and services can be identified as follows:
Natural Gas Distribution and Transportation
- For **Nevada**, the market size of the Natural Gas Distribution industry is projected to be approximately $2.3 billion in 2026.
- For **Arizona**, the market size of the Natural Gas Distribution industry is projected to be approximately $1.3 billion in 2026.
- For **California**, while a specific dollar value for the natural gas distribution market size was not found, California's natural gas utilities provide service to over 11 million gas meters, with customers consuming 1,904.0 billion cubic feet of natural gas each year. Southwest Gas is among the utilities regulated by the California Public Utilities Commission. The overall U.S. natural gas distribution market was valued at $225.5 billion in 2026.
Utility Infrastructure Services, and Pipeline and Storage
These segments involve the construction, maintenance, and expansion of pipeline infrastructure. The addressable markets for these services are broader:
- The **U.S. Oil & Gas Pipeline Construction Market** was valued at $52.5 billion in 2024 and is projected to reach $99 billion by 2032. This market includes the construction of gas pipelines.
- The **U.S. Pipeline and Process Services Market**, which covers activities like pre-commissioning, maintenance, and decommissioning of pipelines, was valued at $1.46 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 5.16%.
- The broader **Global Pipeline Construction Market** was valued at $55.32 billion in 2025 and is projected to grow to $84.26 billion by 2033. North America held a dominant share in the global pipeline construction market in 2021.
- The **Global Utility System Construction Market**, which encompasses various utility infrastructure including gas distribution networks, was valued at $876.679 billion in 2025 and is expected to increase to $1,283.772 billion by 2032. North America also held a significant market share in the overall Utilities Services Market, approximately $64.22 billion in 2023.
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```htmlExpected Drivers of Future Revenue Growth for Southwest Gas (SWX)
- Customer Growth in High-Growth Regions: Southwest Gas anticipates continued customer additions, projected at approximately 1-2% annually, driven by robust housing starts and commercial development in its service territories, particularly in fast-growing metropolitan areas like Phoenix, Tucson, Las Vegas, and Reno. This demographic expansion supports new main extensions and increased demand for natural gas distribution.
- Strategic Capital Investments and Rate Base Expansion: The company plans significant capital expenditures, with an estimated $0.8 billion to $1.1 billion per year, totaling approximately $2.4 billion for 2024-2026, and $4.3 billion over the 2025-2029 period. These investments are aimed at system betterment, pipeline replacement, reinforcement, and supporting new customer connections, which are expected to drive mid-to-high single-digit annual rate base growth through 2027-2029.
- Favorable Regulatory Outcomes and Rate Relief: Constructive regulatory engagement and successful outcomes in rate cases across its Arizona, Nevada, and California jurisdictions are crucial for enhancing operating margins and revenue. The company is actively pursuing rate case filings and utilizing mechanisms like infrastructure trackers and deferrals to stabilize cash flow and reduce regulatory lag.
- Growth in Utility Infrastructure Services: The Utility Infrastructure Services segment, including NPL Construction Services, is expected to maintain strong performance. This segment benefits from ongoing demand for natural gas pipeline infrastructure replacement and expansion projects across the United States, with anticipated revenues ranging between $2.4 billion and $2.6 billion for 2024.
- Renewable Natural Gas (RNG) Interconnects and Great Basin Expansion: Southwest Gas is investing in "adjacency plays" such as Renewable Natural Gas (RNG) interconnects to decarbonize delivered gas and monetize environmental attributes, with several interconnects already in service and more planned through 2026-2027. Additionally, the 2028 Great Basin Expansion Project is progressing, with potential incremental capital investment of approximately $1.2 billion to $1.6 billion and expected annual margin of $215 million to $245 million once operational in late 2028, further enhancing the company's earnings profile.
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Share Issuance
- In March 2022, Southwest Gas completed a public offering of 5,500,000 shares of common stock at $74.00 per share, generating net proceeds of approximately $392.5 million, primarily to repay borrowings for the Questar Pipelines acquisition.
- In March 2023, the company initiated a public offering of $215 million in common stock, with an option for additional shares, to repay outstanding borrowings from its credit facility and a term loan related to the MountainWest Pipelines acquisition.
- No new equity was issued in 2025, excluding issuances through the Dividend Reinvestment Plan.
Outbound Investments
- In February 2023, Southwest Gas completed the sale of MountainWest Pipelines Holding Company to Williams for $1.5 billion in an all-cash transaction, using $1.075 billion of the net proceeds to repay a related term loan.
- In April 2024, Southwest Gas conducted a partial initial public offering (IPO) of its Centuri subsidiary, raising approximately $0.25 billion to $0.30 billion, while retaining a majority ownership stake.
- The full separation of Centuri Holdings, Inc. was completed in September 2025, yielding approximately $1.35 billion in net sales proceeds through various offerings.
Capital Expenditures
- Southwest Gas's capital expenditures were approximately $855 million in 2023 and increased to about $859 million in 2024.
- The company's estimated capital expenditures for 2025 were approximately $1.25 billion.
- Southwest Gas projects approximately $1.25 billion in capital expenditures for 2026, and a total of $6.3 billion for the 2026-2030 period. These investments are primarily focused on safety initiatives ($2.3 billion), the 2028 Great Basin expansion project ($1.7 billion), new business development ($1.4 billion), and general plant investments ($900 million).
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| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 03312026 | SRE | Sempra | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 12122025 | CTRI | Centuri | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 9.9% | 9.9% | -5.5% |
| 11212025 | PEG | Public Service Enterprise | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 1.2% | 1.2% | -4.0% |
| 09302023 | SWX | Southwest Gas | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 28.7% | 28.2% | -5.7% |
| 03312023 | SWX | Southwest Gas | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | -1.3% | 27.1% | -13.5% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 89.25 |
| Mkt Cap | 19.2 |
| Rev LTM | 6,105 |
| Op Inc LTM | 1,323 |
| FCF LTM | -23 |
| FCF 3Y Avg | 76 |
| CFO LTM | 1,615 |
| CFO 3Y Avg | 1,864 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 10.2% |
| Rev Chg 3Y Avg | 0.8% |
| Rev Chg Q | 8.4% |
| QoQ Delta Rev Chg LTM | 2.1% |
| Op Inc Chg LTM | 14.6% |
| Op Inc Chg 3Y Avg | 14.2% |
| Op Mgn LTM | 19.9% |
| Op Mgn 3Y Avg | 21.9% |
| QoQ Delta Op Mgn LTM | -0.0% |
| CFO/Rev LTM | 25.3% |
| CFO/Rev 3Y Avg | 30.3% |
| FCF/Rev LTM | -2.0% |
| FCF/Rev 3Y Avg | 1.9% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 19.2 |
| P/S | 2.7 |
| P/Op Inc | 11.1 |
| P/EBIT | 10.2 |
| P/E | 15.2 |
| P/CFO | 10.6 |
| Total Yield | 10.0% |
| Dividend Yield | 2.7% |
| FCF Yield 3Y Avg | 1.3% |
| D/E | 0.6 |
| Net D/E | 0.5 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -0.8% |
| 3M Rtn | 7.3% |
| 6M Rtn | 11.4% |
| 12M Rtn | 18.3% |
| 3Y Rtn | 60.1% |
| 1M Excs Rtn | -7.8% |
| 3M Excs Rtn | 4.9% |
| 6M Excs Rtn | 3.4% |
| 12M Excs Rtn | -11.3% |
| 3Y Excs Rtn | -16.1% |
Comparison Analyses
Segment Financials
Assets by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Natural Gas Distribution | 9,534 | 9,269 | 8,804 | 7,950 | 7,257 |
| Noncurrent assets classified as discontinued operations | 1,927 | ||||
| Current assets classified as discontinued operations | 601 | ||||
| Other | 11 | 9 | 7 | 48 | 4 |
| Pipeline and Storage | 0 | 1,743 | 2,188 | ||
| Utility Infrastructure Services | 2,593 | 2,642 | 2,580 | 1,475 | |
| Total | 12,073 | 11,870 | 13,197 | 12,765 | 8,736 |
Price Behavior
Price Behavior
| Market Price | $90.99 | |
| Market Cap ($ Bil) | 6.6 | |
| First Trading Date | 12/30/1987 | |
| Distance from 52W High | -2.4% | |
| 50 Days | 200 Days | |
| DMA Price | $87.66 | $80.81 |
| DMA Trend | up | up |
| Distance from DMA | 3.8% | 12.6% |
| 3M | 1YR | |
| Volatility | 17.8% | 20.5% |
| Downside Capture | -0.15 | 0.00 |
| Upside Capture | -1.85 | 30.26 |
| Correlation (SPY) | 9.6% | 6.2% |
SWX Betas & Captures as of 3/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.50 | 0.09 | 0.18 | 0.06 | 0.30 | 0.45 |
| Up Beta | 1.74 | 0.35 | 0.08 | -0.11 | 0.24 | 0.47 |
| Down Beta | 0.29 | 0.50 | 0.44 | 0.33 | 0.44 | 0.51 |
| Up Capture | 56% | 8% | 28% | 12% | 25% | 17% |
| Bmk +ve Days | 7 | 16 | 27 | 65 | 139 | 424 |
| Stock +ve Days | 12 | 25 | 37 | 70 | 135 | 387 |
| Down Capture | 43% | -28% | -13% | -22% | 22% | 59% |
| Bmk -ve Days | 12 | 23 | 33 | 58 | 110 | 323 |
| Stock -ve Days | 10 | 17 | 26 | 55 | 116 | 361 |
[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 SWX | |
|---|---|---|---|---|
| SWX | 29.1% | 20.5% | 1.14 | - |
| Sector ETF (XLU) | 21.5% | 14.1% | 1.15 | 48.5% |
| Equity (SPY) | 21.1% | 12.9% | 1.32 | 5.6% |
| Gold (GLD) | 50.9% | 27.5% | 1.49 | 0.4% |
| Commodities (DBC) | 25.2% | 16.2% | 1.40 | -9.3% |
| Real Estate (VNQ) | 17.5% | 13.7% | 0.93 | 40.4% |
| Bitcoin (BTCUSD) | -7.8% | 42.6% | -0.08 | -2.6% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SWX | |
|---|---|---|---|---|
| SWX | 9.2% | 25.4% | 0.34 | - |
| Sector ETF (XLU) | 10.5% | 17.2% | 0.46 | 51.3% |
| Equity (SPY) | 10.8% | 17.1% | 0.49 | 30.4% |
| Gold (GLD) | 22.6% | 17.8% | 1.04 | 9.5% |
| Commodities (DBC) | 11.6% | 18.8% | 0.51 | 8.0% |
| Real Estate (VNQ) | 4.4% | 18.8% | 0.14 | 45.8% |
| Bitcoin (BTCUSD) | 5.2% | 56.5% | 0.31 | 13.6% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SWX | |
|---|---|---|---|---|
| SWX | 6.7% | 27.3% | 0.27 | - |
| Sector ETF (XLU) | 9.9% | 19.2% | 0.45 | 65.0% |
| Equity (SPY) | 14.0% | 17.9% | 0.67 | 44.6% |
| Gold (GLD) | 14.3% | 15.9% | 0.75 | 7.7% |
| Commodities (DBC) | 8.5% | 17.6% | 0.40 | 14.6% |
| Real Estate (VNQ) | 5.6% | 20.7% | 0.24 | 56.8% |
| Bitcoin (BTCUSD) | 68.4% | 66.9% | 1.07 | 10.7% |
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Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/25/2026 | -1.1% | 1.0% | -2.5% |
| 11/5/2025 | -4.1% | -1.7% | -3.2% |
| 8/6/2025 | -1.7% | 0.2% | 0.1% |
| 5/12/2025 | -7.8% | -8.0% | -3.5% |
| 2/26/2025 | -2.5% | -4.2% | -6.7% |
| 11/6/2024 | 0.0% | 5.4% | 4.7% |
| 8/6/2024 | -2.2% | -0.8% | 0.4% |
| 5/8/2024 | -0.7% | -1.9% | -0.7% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 8 | 14 | 13 |
| # Negative | 15 | 9 | 10 |
| Median Positive | 4.0% | 2.4% | 4.9% |
| Median Negative | -2.2% | -2.3% | -3.5% |
| Max Positive | 7.3% | 13.6% | 19.9% |
| Max Negative | -7.8% | -8.0% | -8.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/12/2025 | 10-Q |
| 12/31/2024 | 02/26/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| 06/30/2022 | 08/09/2022 | 10-Q |
| 03/31/2022 | 05/10/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q4 2025 Earnings Reported 2/25/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Earnings per share from continuing operations | 4.17 | 4.25 | 4.32 | ||||
| 2026 Capital expenditures | 1.25 Bil | 42.0% | Higher New | Actual: 880.00 Mil for 2025 | |||
| 2026-2030 Earnings per share from continuing operations CAGR | 0.12 | 0.13 | 0.14 | 85.7% | Higher New | Actual: 0.07 for 2029 | |
| 2026-2030 Capital expenditures | 6.30 Bil | 46.5% | Higher New | Actual: 4.30 Bil for 2029 | |||
| 2026-2030 Rate base CAGR | 0.1 | 0.1 | 0.12 | 50.0% | Higher New | Actual: 0.07 for 2029 | |
Prior: Q3 2025 Earnings Reported 11/5/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Net Income | 265.00 Mil | 270.00 Mil | 275.00 Mil | 0 | Affirmed | Guidance: 270.00 Mil for 2025 | |
| 2025 Capital Expenditures | 880.00 Mil | 0 | Affirmed | Guidance: 880.00 Mil for 2025 | |||
| 2029 Net Income CAGR | 0.06 | 0.07 | 0.08 | 0 | 0 | Affirmed | Guidance: 0.07 for 2029 |
| 2029 Capital Expenditures | 4.30 Bil | 0 | Affirmed | Guidance: 4.30 Bil for 2029 | |||
| 2029 Rate Base CAGR | 0.06 | 0.07 | 0.08 | 0 | 0 | Affirmed | Guidance: 0.07 for 2029 |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Icahn, Carl C | Please see footnotes | Sell | 9262025 | 77.91 | 1,500,000 | 116,865,000 | 470,000,178 | Form | |
| 2 | Sandoval, Brian E | Direct | Buy | 9112025 | 78.57 | 24 | 1,886 | 122,724 | Form | |
| 3 | Stefani, Robert J | SVP/CFO/Controller | Direct | Sell | 6302025 | 75.00 | 7,000 | 525,000 | 1,849,853 | Form |
| 4 | Stefani, Robert J | SVP/Chief Financial Officer | Direct | Sell | 3312025 | 72.55 | 2,000 | 145,100 | 2,297,275 | Form |
| 5 | Icahn, Carl C | Please see footnotes | Sell | 3252025 | 74.60 | 2,100,000 | 156,660,000 | 561,932,258 | Form |
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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