Latest Ratios: P/E Ratio 17.6x · EV/EBITDA 7.8x · ROE 7.9%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.0B | $1.9B | $1.5B | $1.4B | $1.6B | $1.5B | $1.4B | $2.2B | $1.7B | $1.7B | $1.7B |
| Enterprise Value | $4.8B | $4.6B | $3.5B | $3.1B | $3.3B | $3.0B | $2.7B | $3.2B | $2.7B | $2.5B | $2.5B |
| P/E Ratio → | 17.56 | 16.87 | 19.49 | 15.03 | 18.74 | 19.05 | 19.82 | 35.62 | 26.99 | — | 29.03 |
| P/S Ratio | 1.59 | 1.48 | 1.33 | 1.18 | 1.56 | 1.74 | 1.82 | 2.95 | 2.47 | 2.27 | 2.53 |
| P/B Ratio | 1.35 | 1.30 | 1.11 | 1.10 | 1.38 | 1.60 | 1.58 | 2.54 | 2.29 | 2.31 | 2.01 |
| P/FCF | — | — | — | — | — | — | — | — | — | — | 20.72 |
| P/OCF | 7.61 | 7.11 | 7.68 | 5.04 | 10.95 | 9.35 | 9.68 | 11.84 | 10.35 | 8.30 | 7.71 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.59 | 3.00 | 2.61 | 3.15 | 3.48 | 3.51 | 4.32 | 3.81 | 3.37 | 3.67 |
| EV / EBITDA | 7.82 | 7.60 | 9.90 | 9.57 | 10.80 | 10.83 | 10.79 | 13.72 | 10.96 | 9.70 | 9.91 |
| EV / EBIT | 11.77 | 17.40 | 18.19 | 15.41 | 19.35 | 19.90 | 20.23 | 26.73 | 20.90 | 16.90 | 15.15 |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | 30.03 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 39.6% | 39.6% | 34.5% | 35.4% | 32.9% | 38.3% | 38.8% | 37.9% | 37.4% | 36.1% | 39.3% |
| Operating Margin | 31.4% | 31.4% | 16.6% | 15.4% | 16.1% | 19.0% | 19.2% | 19.2% | 18.7% | 19.2% | 20.6% |
| Net Profit Margin | 8.8% | 8.8% | 6.8% | 7.8% | 8.3% | 9.1% | 9.9% | 8.3% | 9.1% | -7.4% | 8.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 7.9% | 7.9% | 5.9% | 7.6% | 8.2% | 8.6% | 8.8% | 7.6% | 8.6% | -7.0% | 7.2% |
| ROA | 2.0% | 2.0% | 1.6% | 2.0% | 2.0% | 2.0% | 2.1% | 1.8% | 2.1% | -1.8% | 1.9% |
| ROIC | 8.1% | 8.1% | 4.5% | 4.8% | 4.8% | 5.3% | 5.4% | 6.0% | 6.0% | 6.8% | 6.4% |
| ROCE | 8.1% | 8.1% | 4.4% | 4.6% | 4.7% | 5.0% | 4.8% | 5.0% | 4.9% | 5.3% | 5.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.87 | 1.87 | 1.41 | 1.36 | 1.43 | 1.62 | 1.51 | 1.19 | 1.25 | 1.12 | 0.91 |
| Debt / EBITDA | 4.53 | 4.53 | 5.61 | 5.34 | 5.55 | 5.48 | 5.32 | 4.40 | 3.89 | 3.18 | 3.09 |
| Net Debt / Equity | — | 1.84 | 1.39 | 1.33 | 1.40 | 1.60 | 1.48 | 1.18 | 1.23 | 1.12 | 0.90 |
| Net Debt / EBITDA | 4.46 | 4.46 | 5.50 | 5.24 | 5.45 | 5.41 | 5.20 | 4.36 | 3.84 | 3.16 | 3.07 |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | 9.31 |
| Interest Coverage | 2.39 | 2.39 | 2.37 | 2.65 | 3.17 | 3.38 | 3.12 | 2.83 | 3.47 | 3.91 | 2.55 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.72 | 0.72 | 0.86 | 0.86 | 0.83 | 0.60 | 0.52 | 0.58 | 0.58 | 0.71 | 1.05 |
| Quick Ratio | 0.57 | 0.57 | 0.69 | 0.70 | 0.73 | 0.52 | 0.45 | 0.49 | 0.49 | 0.58 | 0.85 |
| Cash Ratio | 0.05 | 0.05 | 0.06 | 0.05 | 0.03 | 0.03 | 0.05 | 0.03 | 0.02 | 0.01 | 0.01 |
| Asset Turnover | — | 0.21 | 0.22 | 0.25 | 0.22 | 0.21 | 0.21 | 0.21 | 0.22 | 0.25 | 0.22 |
| Inventory Turnover | 6.10 | 6.10 | 7.06 | 6.87 | 7.99 | 9.28 | 11.08 | 10.54 | 10.02 | 10.15 | 7.58 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.9% | 4.0% | 4.7% | 4.8% | 3.9% | 3.7% | 3.9% | 2.4% | 2.9% | 3.1% | 3.0% |
| Payout Ratio | 68.2% | 68.2% | 92.4% | 71.7% | 72.7% | 71.1% | 72.2% | 86.4% | 79.5% | — | 87.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.7% | 5.9% | 5.1% | 6.7% | 5.3% | 5.2% | 5.0% | 2.8% | 3.7% | — | 3.4% |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | 4.8% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.5% | 0.1% | 0.0% |
| Total Shareholder Yield | 3.9% | 4.0% | 4.7% | 4.8% | 3.9% | 3.7% | 3.9% | 2.4% | 3.4% | 3.3% | 3.0% |
| Shares Outstanding | — | $41M | $39M | $36M | $34M | $31M | $31M | $30M | $29M | $29M | $29M |
Regulatory and legislative headwinds
With a forward P/E of 16.63 and a dividend yield of 3.7%, NWN trades at a valuation that appears to reflect both its status as a long-term dividend payer and the market's skepticism regarding future rate base growth in the Pacific Northwest, according to recent market data.
The current valuation suggests that investors are pricing the stock as a bond proxy, yet the elevated forward PEG ratio of 4.61 indicates that the market is not currently rewarding the company for its growth initiatives. The valuation premium relative to peers may be constrained by the ongoing legislative pressure in Oregon, which complicates the long-term earnings visibility required to justify a higher multiple.
As evidenced by the quarterly ROE fluctuations ranging from -2.1% to 6.4% over the last ten quarters, NWN consistently struggles to achieve its authorized ROE, suggesting that regulatory lag and operational cost pressures are significantly impairing the company's ability to earn its allowed return on equity.
The volatility in earned ROE highlights the difficulty of managing a rate-regulated business in an environment where capital expenditures are rising faster than the regulatory recovery mechanisms can accommodate. Investors should monitor future rate case outcomes, as the inability to consistently hit authorized targets may indicate a structural erosion of the utility's earnings power.
Based on reported financial data, the debt-to-capital ratio has trended upward to 0.63 in 2026Q1, reflecting a balance sheet that is increasingly reliant on external financing to support the company's aggressive infrastructure investment cycle and maintain its long-standing dividend commitments to shareholders.
The rising leverage profile warrants caution, as the interest coverage ratio has shown significant volatility, dropping to negative levels during off-peak quarters. This trend suggests that the company's financial flexibility may be narrowing, potentially limiting its capacity to absorb further regulatory shocks or unexpected capital requirements.
According to recent financial statements, the dividend payout ratio has exhibited extreme volatility, often reaching unsustainable levels during off-peak quarters, which underscores the inherent risk in relying on seasonal cash flows to fund a dividend policy that has historically prioritized consistent, incremental increases for shareholders.
While the company's 'Dividend King' status is a key part of its investment thesis, the current cash flow profile suggests that the dividend is increasingly supported by external financing rather than organic operating cash flow. This reliance on capital markets to fund both CAPEX and dividends creates a structural vulnerability that investors should carefully evaluate.
Market participants frequently misapply standard P/E ratios to NWN by ignoring the distortive impact of regulatory decoupling and seasonal earnings, which obscures the true underlying profitability of the regulated utility business and leads to an inaccurate assessment of the company's valuation relative to its peers.
Instead of relying on TTM P/E, analysts should focus on the relationship between the rate base growth and the allowed ROE, as these are the primary drivers of long-term value. The current P/E multiple fails to account for the 'lumpy' nature of rate case settlements, which can artificially depress or inflate earnings in any given quarter.
Includes 30+ ratios · 30 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying NWN stock.
Northwest Natural Holding Company's current P/E ratio is 17.6x. The historical average is 19.3x. This places it at the 41th percentile of its historical range.
Northwest Natural Holding Company's current EV/EBITDA is 7.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.3x.
Northwest Natural Holding Company's return on equity (ROE) is 7.9%. The historical average is 8.4%.
Based on historical data, Northwest Natural Holding Company is trading at a P/E of 17.6x. This is at the 41th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Northwest Natural Holding Company's current dividend yield is 3.88% with a payout ratio of 68.2%.
Northwest Natural Holding Company has 39.6% gross margin and 31.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Northwest Natural Holding Company's Debt/EBITDA ratio is 4.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.