SWX Stock Analysis: Southwest Gas Holdings | NYSE
Utilities - Regulated Gas | NYSE, USA | Market Cap: 6.614m USD | 12M Return: 19.3% | US8448951025 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 38.8M
EPS Trend: 67.8%
Qual. Beats: 0
Rev. Trend: -90.2%
Qual. Beats: 0
Warnings
Tailwinds
Seasonality 11.6 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Southwest Gas Holdings, Inc. (NYSE: SWX) is the parent company of Southwest Gas Corporation, a regulated natural gas local distribution utility that purchases, distributes, and transports natural gas to residential, commercial, and industrial customers across Arizona, Nevada, and California. The company provides both tariff sales and transportation services, and operates a pipeline transmission system that includes an LNG storage facility.
As of December 31, 2025, Southwest Gas served approximately 2,281,000 customers, with Arizona representing its largest market at roughly 1,224,000 customers, followed by Nevada with 849,000 and California with 208,000. Founded in 1931 and headquartered in Las Vegas, Nevada, the company operates as a rate-regulated utility, meaning its earnings are largely determined by approved rate structures and authorized returns on capital invested in its distribution infrastructure.
As a gas utility within the GICS Utilities sector, SWX generates revenue through a combination of fixed monthly customer charges and volumetric rates approved by state public utility commissions, and its business is characterized by high capital expenditure requirements tied to pipeline maintenance, expansion, and safety-related investments.
- Rate case decisions in Arizona and Nevada boost allowed returns
- Customer growth in Sun Belt service territories drives distribution volume
- Rising interest rates increase utility cost of capital burden
| Net Income: 519.3m TTM > 0 and > 6% of Revenue |
| FCF/TA: -0.08 > 0.02 and ΔFCF/TA -8.03 > 1.0 |
| NWC/Revenue: 5.20% < 20% (prev 0.26%; Δ 4.94% < -1%) |
| CFO/TA 0.04 > 3% & CFO 457.6m > Net Income 519.3m |
| Net Debt (3.24b) to EBITDA (877.4m): 3.69 < 3 |
| Current Ratio: 1.12 > 1.5 & < 3 |
| Outstanding Shares: last quarter (72.7m) vs 12m ago 0.80% < -2% |
| Gross Margin: 56.61% > 18% (prev 24.96%; Δ 31.65% > 0.5%) |
| Asset Turnover: 15.35% > 50% (prev 33.13%; Δ -17.78% > 0%) |
| Interest Coverage Ratio: 2.87 > 6 (EBIT TTM 531.8m / Interest Expense TTM 185.1m) |
| A: 0.01 (Total Current Assets 867.8m - Total Current Liabilities 777.3m) / Total Assets 10.5b |
| B: 0.11 (Retained Earnings 1.16b / Total Assets 10.5b) |
| C: 0.05 (EBIT TTM 531.8m / Avg Total Assets 11.3b) |
| D: 0.65 (Book Value of Equity 4.13b / Total Liabilities 6.35b) |
| Altman-Z'' = 1.41 = BB |
| DSRI: 0.40 (Receivables 131.2m/762.0m, Revenue 1.74b/4.05b) |
| GMI: 0.44 (GM 24.96% / 56.61%) |
| AQI: 0.50 (AQ_t 0.05 / AQ_t-1 0.10) |
| SGI: 0.43 (Revenue 1.74b / 4.05b) |
| TATA: 0.01 (NI 519.3m - CFO 457.6m) / TA 10.5b) |
| Beneish M = -4.73 (Cap -4..+1) = AAA |
As of August 24, 2026, the stock is trading at USD 88.87 with a total of 340,989 shares traded. Over the past week, the price has changed by -3.35%, over one month by -3.78%, over three months by +0.33% and over the past year by +19.32%.
Current recommended Stop Loss: 85.50 (which is 3.8% or 2 ATR below the current price).
Southwest Gas Holdings has received a consensus analysts rating of 3.63. Therefore, it is recommended to hold SWX.
- StrongBuy: 3
- Buy: 0
- Hold: 4
- Sell: 1
- StrongSell: 0
| Analysts Target Price | 102.7 | 15.6% |
P/E Trailing = 23.5917
P/E Forward = 22.4215
P/S = 3.7993
P/B = 1.6113
P/EG = 2.2433
Revenue TTM = 1.74b USD
EBIT TTM = 531.8m USD
EBITDA TTM = 877.4m USD
Long Term Debt = 3.41b USD (from longTermDebt, last quarter)
Short Term Debt = 100.0m USD (from shortTermDebt, last quarter)
Debt = 3.51b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 3.24b USD (calculated: Debt 3.51b - CCE 270.5m)
Enterprise Value = 9.85b USD (6.61b + Debt 3.51b - CCE 270.5m)
Interest Coverage Ratio = 2.87 (Ebit TTM 531.8m / Interest Expense TTM 185.1m)
EV/FCF = -11.88x (Enterprise Value 9.85b / FCF TTM -829.4m)
FCF Yield = -8.42% (FCF TTM -829.4m / Enterprise Value 9.85b)
FCF Margin = -47.64% (FCF TTM -829.4m / Revenue TTM 1.74b)
Net Margin = 29.83% (Net Income TTM 519.3m / Revenue TTM 1.74b)
Gross Margin = 56.61% ((Revenue TTM 1.74b - Cost of Revenue TTM 755.4m) / Revenue TTM)
Gross Margin QoQ = 89.27% (prev 58.79%)
Tobins Q-Ratio = 0.94 (Enterprise Value 9.85b / Total Assets 10.5b)
Interest Expense / Debt = 5.27% (Interest Expense 185.1m / Debt 3.51b)
Taxrate = 31.09% (114.8m / 369.3m)
NOPAT = 366.5m (EBIT 531.8m * (1 - 31.09%))
Current Ratio = 1.12 (Total Current Assets 867.8m / Total Current Liabilities 777.3m)
Debt / Equity = 0.85 (Debt 3.51b / totalStockholderEquity, last quarter 4.13b)
Debt / EBITDA = 3.69 (Net Debt 3.24b / EBITDA 877.4m)
Debt / FCF = -3.91 (negative FCF - burning cash) (Net Debt 3.24b / FCF TTM -829.4m)
Total Stockholder Equity = 4.03b (last 4 quarters mean from totalStockholderEquity)
RoA = 4.58% (Net Income 519.3m / Total Assets 10.5b)
RoE = 12.89% (Net Income TTM 519.3m / Total Stockholder Equity 4.03b)
RoCE = 7.15% (EBIT 531.8m / Capital Employed (Equity 4.03b + L.T.Debt 3.41b))
RoIC = 3.77% (NOPAT 366.5m / Invested Capital 9.71b)
WACC = 5.42% (E(6.61b)/V(10.1b) * Re(6.37%) + D(3.51b)/V(10.1b) * Rd(5.27%) * (1-Tc(0.31)))
Discount Rate = 6.37% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 94.15 | Cagr: 0.48%
[DCF] Fair Price = unknown (Cash Flow -829.4m)
EPS Correlation: 67.84 | EPS CAGR: 7.65% | SUE: -0.15 | # QB: 0
Revenue Correlation: -90.20 | Revenue CAGR: -29.54% | SUE: -0.10 | # QB: 0
EPS current Quarter (2026-09-30): EPS=0.19 | Chg30d=+103.68% | Revisions=+40% | Analysts=5
EPS current Year (2026-12-31): EPS=4.25 | Chg30d=+1.02% | Revisions=+40% | GrowthEPS=+16.5% | GrowthRev=-46.4%
EPS next Year (2027-12-31): EPS=4.94 | Chg30d=+0.84% | Revisions=+38% | GrowthEPS=+16.1% | GrowthRev=+6.5%
[Analyst] Revisions Ratio: +58% (up=8, down=1)