(SWX) Southwest Gas Holdings - Overview
Sector: Utilities | Industry: Utilities - Regulated Gas | Exchange: NYSE (USA) | Market Cap: 6.489m USD | Total Return: 27.9% in 12m
Avg Turnover: 43.0M
EPS Trend: -47.8%
Qual. Beats: 0
Rev. Trend: -91.7%
Qual. Beats: 0
Warnings
No concerns identified
Tailwinds
No distinct edge detected
Southwest Gas Holdings, Inc. (SWX) operates as a regulated natural gas utility provider serving over 2.2 million customers across Arizona, Nevada, and California. The company manages the purchase, distribution, and transportation of natural gas through a network that includes a pipeline transmission system and liquefied natural gas (LNG) storage infrastructure. Headquartered in Las Vegas, the firm supports a diverse client base ranging from individual residential accounts to large-scale industrial operations.
The business model relies on a regulated rate structure, where state commissions determine the prices charged to customers to ensure a fair return on capital investments. In the gas utilities sector, revenue stability is often driven by geographic monopolies and the essential nature of energy for heating and industrial processes. Investors can find further data-driven insights on these regulatory frameworks at ValueRay.
Service distribution is concentrated in high-growth regions of the Southwestern United States, with the majority of the customer base located in Arizona and Nevada. The company provides both tariff-based sales and specialized transportation services for customers who secure their own gas supplies. Founded in 1931, the company maintains a long-standing role in the regional energy infrastructure of the tier-one markets it serves.
- Rate case outcomes in Arizona and Nevada dictate regulated utility margins
- Customer growth in Southwest markets drives long term infrastructure capital expenditure
- Natural gas price volatility impacts seasonal revenue and customer acquisition costs
- Regulatory mandates for decarbonization in California increase operational compliance expenses
- Interest rate fluctuations influence financing costs for capital intensive utility projects
| Net Income: 464.3m TTM > 0 and > 6% of Revenue |
| FCF/TA: -0.07 > 0.02 and ΔFCF/TA -8.78 > 1.0 |
| NWC/Revenue: 13.09% < 20% (prev -9.12%; Δ 22.21% < -1%) |
| CFO/TA 0.04 > 3% & CFO 437.8m > Net Income 464.3m |
| Net Debt (3.02b) to EBITDA (943.6m): 3.21 < 3 |
| Current Ratio: 1.45 > 1.5 & < 3 |
| Outstanding Shares: last quarter (72.6m) vs 12m ago 0.59% < -2% |
| Gross Margin: 35.46% > 18% (prev 0.24%; Δ 3.52k% > 0.5%) |
| Asset Turnover: 22.27% > 50% (prev 34.02%; Δ -11.75% > 0%) |
| Interest Coverage Ratio: 2.69 > 6 (EBITDA TTM 943.6m / Interest Expense TTM 212.7m) |
| A: 0.03 (Total Current Assets 1.06b - Total Current Liabilities 730.0m) / Total Assets 10.4b |
| B: 0.11 (Retained Earnings 1.16b / Total Assets 10.4b) |
| C: 0.05 (EBIT TTM 572.7m / Avg Total Assets 11.2b) |
| D: 0.19 (Book Value of Equity 1.20b / Total Liabilities 6.30b) |
| Altman-Z'' = 1.11 = BB |
| DSRI: 0.52 (Receivables 241.0m/761.8m, Revenue 2.50b/4.11b) |
| GMI: 0.68 (GM 35.46% / 24.06%) |
| AQI: 0.34 (AQ_t 0.04 / AQ_t-1 0.10) |
| SGI: 0.61 (Revenue 2.50b / 4.11b) |
| TATA: 0.00 (NI 464.3m - CFO 437.8m) / TA 10.4b) |
| Beneish M = -4.38 (Cap -4..+1) = AAA |
As of May 25, 2026, the stock is trading at USD 88.89 with a total of 304,232 shares traded.
Over the past week, the price has changed by +2.52%,
over one month by +0.11%,
over three months by +2.91% and
over the past year by +27.94%.
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 | 100 | 12.5% |
P/E Forward = 21.7865
P/S = 3.6475
P/B = 1.5711
P/EG = 2.177
Revenue TTM = 2.50b USD
EBIT TTM = 572.7m USD
EBITDA TTM = 943.6m USD
Long Term Debt = 3.43b USD (from longTermDebt, last quarter)
Short Term Debt = 75.0m USD (from shortTermDebt, last quarter)
Debt = 3.51b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 3.02b USD (calculated: Debt 3.51b - CCE 484.8m)
Enterprise Value = 9.51b USD (6.49b + Debt 3.51b - CCE 484.8m)
Interest Coverage Ratio = 2.69 (Ebit TTM 572.7m / Interest Expense TTM 212.7m)
EV/FCF = -12.70x (Enterprise Value 9.51b / FCF TTM -748.9m)
FCF Yield = -7.87% (FCF TTM -748.9m / Enterprise Value 9.51b)
FCF Margin = -29.92% (FCF TTM -748.9m / Revenue TTM 2.50b)
Net Margin = 18.55% (Net Income TTM 464.3m / Revenue TTM 2.50b)
Gross Margin = 35.46% ((Revenue TTM 2.50b - Cost of Revenue TTM 1.62b) / Revenue TTM)
Gross Margin QoQ = 58.79% (prev 37.93%)
Tobins Q-Ratio = 0.91 (Enterprise Value 9.51b / Total Assets 10.4b)
Interest Expense / Debt = 6.06% (Interest Expense 212.7m / Debt 3.51b)
Taxrate = 25.04% (46.2m / 184.6m)
NOPAT = 429.3m (EBIT 572.7m * (1 - 25.04%))
Current Ratio = 1.45 (Total Current Assets 1.06b / Total Current Liabilities 730.0m)
Debt / Equity = 0.86 (Debt 3.51b / totalStockholderEquity, last quarter 4.10b)
Debt / EBITDA = 3.21 (Net Debt 3.02b / EBITDA 943.6m)
Debt / FCF = -4.04 (negative FCF - burning cash) (Net Debt 3.02b / FCF TTM -748.9m)
Total Stockholder Equity = 3.92b (last 4 quarters mean from totalStockholderEquity)
RoA = 4.13% (Net Income 464.3m / Total Assets 10.4b)
RoE = 11.86% (Net Income TTM 464.3m / Total Stockholder Equity 3.92b)
RoCE = 7.79% (EBIT 572.7m / Capital Employed (Equity 3.92b + L.T.Debt 3.43b))
RoIC = 4.50% (NOPAT 429.3m / Invested Capital 9.55b)
WACC = 6.09% (E(6.49b)/V(10.00b) * Re(6.93%) + D(3.51b)/V(10.00b) * Rd(6.06%) * (1-Tc(0.25)))
Discount Rate = 6.93% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 82.22 | Cagr: 0.40%
[DCF] Fair Price = unknown (Cash Flow -748.9m)
EPS Correlation: -47.76 | EPS CAGR: -3.55% | SUE: -0.04 | # QB: 0
Revenue Correlation: -91.74 | Revenue CAGR: -21.97% | SUE: -0.18 | # QB: 0
EPS current Quarter (2026-06-30): EPS=0.47 | Chg30d=-13.16% | Revisions=-20% | Analysts=3
EPS next Quarter (2026-09-30): EPS=0.13 | Chg30d=-20.95% | Revisions=-20% | Analysts=3
EPS current Year (2026-12-31): EPS=4.26 | Chg30d=+1.46% | Revisions=+33% | GrowthEPS=+16.8% | GrowthRev=-45.5%
EPS next Year (2027-12-31): EPS=4.89 | Chg30d=-2.54% | Revisions=-33% | GrowthEPS=+14.7% | GrowthRev=+15.5%
[Analyst] Revisions Ratio: +33%