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NWNNorthwest Natural Holding Company
$49.81$2.1B
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NWN logoNorthwest Natural Holding Company(NWN)Earnings, Financials & Key Ratios

NWN•NYSE•Utilities
$49.81
18.0× P/E·Price updated Jul 7, 2026
SectorUtilitiesIndustryGas UtilitiesSub-IndustryRegulated Gas Distribution Utilities
AboutNorthwest Natural Holding Company, through its subsidiary, Northwest Natural Gas Company, provides regulated natural gas distribution services to residential, commercial, industrial, and transportation customers in Oregon and Southwest Washington. The company also operates 5.7 billion cubic feet of the Mist gas storage facility contracted to other utilities and third-party marketers; offers natural gas asset management services; and operates an appliance retail center. In addition, it engages in the gas storage, water, non-regulated renewable natural gas, and other investments and activities. The company provides natural gas service through approximately 786,000 meters in Oregon and southwest Washington; and water services to a total of approximately 80,000 people through approximately 33,000 water and wastewater connections in the Pacific Northwest and Texas. Northwest Natural Holding Company was founded in 1859 and is headquartered in Portland, Oregon.Show more
  • Revenue$1.29B+11.8%
  • EBITDA$609M+74.4%
  • Net Income$113M+43.7%
  • Free Cash Flow-$540M-178.1%
  • EBITDA Margin47.23%+56.0%
  • Net Margin8.79%+28.5%
  • ROE7.92%+34.1%
  • Interest Coverage2.39+0.6%
  • Debt/Equity1.87+32.3%

NWN Price & Volume

Northwest Natural Holding Company (NWN) stock price & volume — 10-year historical chart

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Seasonal Earnings Volatility Masks Capital Intensity Risks

Investment Thesis • Updated 2026Q1

VerdictNeutral
Growth:Mixed
Profitability:Strained
Financial:Strained
Cash Flow:Burning
Primary Risk:Regulatory and legislative headwinds

Key Thesis Takeaways

  • Northwest Natural Holding Company faces a challenging outlook as it balances aggressive rate base expansion with significant regulatory and legislative headwinds in the Pacific Northwest.
  • While the company is attempting to pivot toward water utility diversification to mitigate carbon-intensive gas exposure, the current strategy remains heavily reliant on external financing to support its capital-intensive infrastructure cycle.
  • Investors should monitor the sustainability of the dividend, which is currently pressured by inconsistent free cash flow and a debt-to-equity ratio that has climbed to 1.70 as of 2026Q1.

Verdict Logic

while the 3.7% dividend yield provides income, the company's elevated PEG ratio of 5.08 and persistent negative free cash flow suggest significant valuation and execution risks.

NWN Growth Metrics

Northwest Natural Holding Company (NWN) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years5.94%
5 Years10.75%
3 Years7.52%
TTM5.9%

Profit CAGR

10 Years7.75%
5 Years8.1%
3 Years9.5%
TTM19.35%

EPS CAGR

10 Years3.52%
5 Years3.61%
3 Years2.93%
TTM18.31%

Return on Capital

10 Years5.2%
5 Years5.36%
3 Years5.69%
Last Year8.1%

NWN Recent Earnings

Northwest Natural Holding Company (NWN) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 8/12 qtrs (67%)●Beat Revenue 4/12 qtrs (33%)
Q2 2026Latest
May 6, 2026
Metric
Actual
Est
EPS
$2.33-2.9%
$2.40
Rev
$490M-8.9%
$539M
Q1 2026
Feb 27, 2026
Metric
Actual
Est
EPS
$1.39+2.2%
$1.36
Rev
$394M-9.3%
$435M
Q4 2025
Nov 5, 2025
Metric
Actual
Est
EPS
$0.73+11.0%
$0.82
Rev
$165M-60.7%
$419M
Q3 2025
Aug 5, 2025
Metric
Actual
Est
EPS
$0.01+114.3%
$0.07
Rev
$236M+35.2%
$175M
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMay 6, 2026
$2.33vs $2.40-2.9%
$490Mvs $539M-8.9%
Q1 2026Feb 27, 2026
$1.39vs $1.36+2.2%
$394Mvs $435M-9.3%
Q4 2025Nov 5, 2025
$0.73vs $0.82+11.0%
$165Mvs $419M-60.7%
Q3 2025Aug 5, 2025
$0.01vs $0.07+114.3%
$236Mvs $175M+35.2%
Based on last 12 quarters of dataView full earnings history →

Latest NWN News

Recent stock market news and headlines for Northwest Natural Holding Company (NWN)

Business Wire·1 day ago
NW Natural Receives 2026 Corporate Excellence Award for Energy Affordability Leadership from the National Energy and Utility Affordability Coalition (NEUAC)

PORTLAND, Ore.--(BUSINESS WIRE)--NW Natural has been selected as the 2026 recipient of the National Energy and Utility Affordability Coalition (NEUAC) Corporate Excellence Award, a national honor recognizing outstanding achievement by a company or corporate entity on behalf of economically challenged customers through innovative practices, outstanding community partnership and impressive depth of programming. The award was presented on May 19 during the NEUAC annual conference in Seattle. "This.

Business Wire·6 days ago
NW Natural Announces Another Year-Over-Year Increase in Renewable Natural Gas

PORTLAND, Ore.--(BUSINESS WIRE)--NW Natural, Oregon's largest gas utility company and one of the state's oldest businesses, recently filed its annual renewable natural gas report with the Oregon Public Utilities Commission. As part of the filing, NW Natural disclosed its 2025 renewable natural gas (RNG) purchase amount of 3.35%, marking a significant increase over 2024 volumes. The company has since secured contracts for 4% RNG in 2026 and is looking to increase its RNG percentage again in 2027.

Peers Comparison

Key metrics vs top competitors for Northwest Natural Holding Company (NWN)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
NWN logoNWNNorthwest Natural Holding CompanyCurrent
$49.81$2.1B17.9811.83%8.79%7.92%3.79%
SR logoSRSpire Inc.
$81.04$4.79B18.54-4.5%14.12%10.44%—
NFG logoNFGNational Fuel Gas Company
$80.04$7.61B14.0917.11%27.48%20.37%—
SWX logoSWXSouthwest Gas Holdings, Inc.
$88.51$6.41B14.56-62.05%18.55%11.53%—
NJR logoNJRNew Jersey Resources Corporation
$57.47$5.8B17.2613.94%15.45%18.74%—
ATO logoATOAtmos Energy Corporation
$177.58$29.64B23.8012.91%27.58%7.69%—

Compare NWN vs Peers

Northwest Natural Holding Company (NWN) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs SR

Most directly comparable listed peer for NWN.

Scale Benchmark

vs NEE

Larger-name benchmark to compare NWN against a more recognizable public peer.

Peer Set

Compare Top 5

vs SR, NFG, SWX, NJR

NWN SEC Filings & Documents

Northwest Natural Holding Company (NWN) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

May 6, 2026·SEC

Material company update

Mar 24, 2026·SEC

Material company update

Feb 27, 2026·SEC

10-K Annual Reports

2
FY 2026

Feb 27, 2026·SEC

FY 2025

Feb 28, 2025·SEC

10-Q Quarterly Reports

6
FY 2026

May 6, 2026·SEC

FY 2025

Nov 5, 2025·SEC

FY 2025

Aug 5, 2025·SEC

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NWN Frequently Asked Questions

Northwest Natural Holding Company (NWN) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is Northwest Natural Holding Company's revenue?

Northwest Natural Holding Company (NWN) reported $1.29B in revenue for fiscal year 2025. This represents a 238% increase from $380.3M in 1996.

How fast is Northwest Natural Holding Company growing?

Northwest Natural Holding Company (NWN) grew revenue by 11.8% over the past year. This is steady growth.

Is NWN profitable?

Yes, Northwest Natural Holding Company (NWN) is profitable, generating $122.9M in net income for fiscal year 2025 (8.8% net margin).

Dividend & Returns
Does NWN pay dividends?

Yes, Northwest Natural Holding Company (NWN) pays a dividend with a yield of 3.79%. This makes it attractive for income-focused investors.

What is NWN's return on equity?

Northwest Natural Holding Company (NWN) has a return on equity (ROE) of 7.9%. This is below average, suggesting room for improvement.

What is Northwest Natural Holding Company's free cash flow?

Northwest Natural Holding Company (NWN) had negative free cash flow of $333.2M in fiscal year 2025, likely due to heavy capital investments.

Industry Metrics
Is NWN's dividend sustainable?

Northwest Natural Holding Company (NWN) has a dividend payout ratio of 68%. This suggests the dividend is well-covered and sustainable.

What if you invested $1,000 in NWN back in 1996?

Total return calculator · dividends reinvested · 30+ years of data

See returns →