Southwest Gas Holdings, Inc.(SWX)Earnings, Financials & Key Ratios

SWX•NYSE•Utilities

$88.51

14.6× P/E·Price updated Jul 6, 2026

SectorUtilities IndustryGas Utilities Sub-IndustryRegulated Gas Distribution Utilities

AboutSouthwest 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.Show more

Revenue$1.94B-62.0%
EBITDA$805M-12.8%
Net Income$440M+121.2%
Free Cash Flow-$252M-161.4%
EBITDA Margin41.47%+129.9%
Net Margin22.67%+482.9%
ROE11.5%+105.4%
Interest Coverage2.63+45.1%
Debt/Equity0.89-35.4%

SWX Price & Volume

Southwest Gas Holdings, Inc. (SWX) stock price & volume — 10-year historical chart

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Regulated Utility Pivot Drives Margin Expansion Potential

Investment Thesis • Updated 2026Q1

VerdictNeutral

Growth:Mixed

Profitability:Strong

Financial:Mixed

Cash Flow:Burning

Primary Risk:Regulatory ROE compression risk

Key Thesis Takeaways

Southwest Gas Holdings has successfully transitioned into a pure-play regulated utility, evidenced by a 37.5% operating margin in 2026Q1 following the deconsolidation of its infrastructure services segment.
Future earnings growth is tethered to aggressive rate base expansion, supported by $9.0 billion in net PPE, though investors must weigh this against the persistent negative free cash flow of $46.6 million in 2026Q1.
The company's ability to maintain its current dividend yield of 2.7% while navigating potential regulatory ROE compression in Arizona remains a critical factor for long-term valuation.

Verdict Logic

while the company has improved its balance sheet with a 0.86 debt-to-equity ratio, the forward P/E of 21.41 and persistent negative free cash flow of $46.6 million suggest limited near-term upside.

SWX Growth Metrics

Southwest Gas Holdings, Inc. (SWX) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-2.36%

5 Years-10.07%

3 Years-26.86%

TTM-39.07%

Profit CAGR

10 Years12.26%

5 Years13.62%

3 Years-

TTM106.42%

EPS CAGR

10 Years7.61%

5 Years7.99%

3 Years-

TTM105.84%

Return on Capital

10 Years4.72%

5 Years3.55%

3 Years4.58%

Last Year4.81%

SWX Recent Earnings

Southwest Gas Holdings, Inc. (SWX) 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 5, 2026

Metric

Actual

Est

EPS

$1.91+1.6%

$1.88

Rev

$585M-15.9%

$696M

Q1 2026

Feb 25, 2026

Metric

Actual

Est

EPS

$1.36-2.9%

$1.40

Rev

$481M-18.1%

$587M

Q4 2025

Nov 5, 2025

Metric

Actual

Est

EPS

$0.06-33.3%

$0.09

Rev

$317M-46.0%

$587M

Q3 2025

Aug 6, 2025

Metric

Actual

Est

EPS

$0.53+26.2%

$0.42

Rev

$1.1B+1.5%

$1.1B

Quarter	Date	EPS (Act vs Est)	Revenue (Act vs Est)
Q2 2026Latest	May 5, 2026	$1.91vs $1.88+1.6%	$585Mvs $696M-15.9%
Q1 2026	Feb 25, 2026	$1.36vs $1.40-2.9%	$481Mvs $587M-18.1%
Q4 2025	Nov 5, 2025	$0.06vs $0.09-33.3%	$317Mvs $587M-46.0%
Q3 2025	Aug 6, 2025	$0.53vs $0.42+26.2%	$1.1Bvs $1.1B+1.5%

Based on last 12 quarters of dataView full earnings history →

Latest SWX News

Recent stock market news and headlines for Southwest Gas Holdings, Inc. (SWX)

24/7 Wall Street·Jun 25, 2026

After Tepper, Icahn, and Druckenmiller Dumped These 3 Stocks, They Kept Climbing. Time to Sell?

The smart money exited, but Wall Street did not follow. Three legendary investors—Stanley Druckenmiller, David Tepper, and Carl Icahn—unloaded positions in Alphabet (NASDAQ: GOOGL | GOOGL Price Prediction), Delta Air Lines (NYSE: DAL), and Southwest Gas (NYSE: SWX) as of Q1 2026 13F disclosures, yet sell-side consensus on all three remains firmly bullish, and the stocks have continued higher since the exit quarter closed.

Zacks Investment Research·Jun 19, 2026

SWX vs. SR: Which Gas Distributor Stock Offers Better Returns?

Southwest Gas and Spire face off as rising natural gas demand, rate hikes and infrastructure spending shape their growth prospects.

Peers Comparison

Key metrics vs top competitors for Southwest Gas Holdings, Inc. (SWX)

Full Screener →

Company	Price	Market Cap	P/E Ratio	Rev Growth (1Y)	Net Margin	ROE	Div Yield
SWXSouthwest Gas Holdings, Inc.Current	$88.51	$6.41B	14.56	-62.05%	22.67%	11.5%	2.79%
NJRNew Jersey Resources Corporation	$56.26	$5.68B	16.89	13.94%	15.45%	18.74%	—
SRSpire Inc.	$78.46	$4.64B	17.95	-4.5%	14.12%	10.44%	—
NWNNorthwest Natural Holding Company	$48.65	$2.05B	17.56	11.83%	9.56%	8.27%	—
ATOAtmos Energy Corporation	$173.83	$29.02B	23.30	12.91%	27.58%	7.69%	—
WECWEC Energy Group, Inc.	$116.63	$37.99B	24.15	13.96%	16.25%	11.64%	—

Compare SWX vs Peers

Southwest Gas Holdings, Inc. (SWX) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs NJR

Most directly comparable listed peer for SWX.

Scale Benchmark

vs NEE

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

Peer Set

Compare Top 5

vs NJR, SR, NWN, ATO

SWX SEC Filings & Documents

Southwest Gas Holdings, Inc. (SWX) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

Material company update

May 11, 2026·SEC

Material company update

May 5, 2026·SEC

Material company update

Feb 25, 2026·SEC

10-K Annual Reports

FY 2026

Feb 25, 2026·SEC

FY 2025

Feb 26, 2025·SEC

10-Q Quarterly Reports

FY 2026

May 5, 2026·SEC

FY 2025

Nov 5, 2025·SEC

FY 2025

Aug 6, 2025·SEC

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SWX Frequently Asked Questions

Southwest Gas Holdings, Inc. (SWX) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

What is Southwest Gas Holdings, Inc.'s revenue?

Southwest Gas Holdings, Inc. (SWX) reported $2.50B in revenue for fiscal year 2025. This represents a 289% increase from $644.1M in 1996.

How fast is Southwest Gas Holdings, Inc. growing?

Southwest Gas Holdings, Inc. (SWX) saw revenue decline by 62.0% over the past year.

Is SWX profitable?

Yes, Southwest Gas Holdings, Inc. (SWX) is profitable, generating $464.3M in net income for fiscal year 2025 (22.7% net margin).

Dividend & Returns

Does SWX pay dividends?

Yes, Southwest Gas Holdings, Inc. (SWX) pays a dividend with a yield of 2.79%. This makes it attractive for income-focused investors.

What is SWX's return on equity?

Southwest Gas Holdings, Inc. (SWX) has a return on equity (ROE) of 11.5%. This is reasonable for most industries.

What is Southwest Gas Holdings, Inc.'s free cash flow?

Southwest Gas Holdings, Inc. (SWX) generated $25.1M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

Industry Metrics

Is SWX's dividend sustainable?

Southwest Gas Holdings, Inc. (SWX) has a dividend payout ratio of 41%. This suggests the dividend is well-covered and sustainable.

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

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

See returns →

Quarter

Date

EPS (Act vs Est)

Revenue (Act vs Est)

Q2 2026Latest

May 5, 2026

$1.91vs $1.88+1.6%

$585Mvs $696M-15.9%

Q1 2026

Feb 25, 2026

$1.36vs $1.40-2.9%

$481Mvs $587M-18.1%

Q4 2025

Nov 5, 2025

$0.06vs $0.09-33.3%

$317Mvs $587M-46.0%

Q3 2025

Aug 6, 2025

$0.53vs $0.42+26.2%

$1.1Bvs $1.1B+1.5%

Company

Price

Market Cap

P/E Ratio

Rev Growth (1Y)

Net Margin

ROE

Div Yield

SWXSouthwest Gas Holdings, Inc.Current

$88.51

$6.41B

14.56

-62.05%

22.67%

11.5%

2.79%

NJRNew Jersey Resources Corporation

$56.26

$5.68B

16.89

13.94%

15.45%

18.74%

—

SRSpire Inc.

$78.46

$4.64B

17.95

-4.5%

14.12%

10.44%

—

NWNNorthwest Natural Holding Company

$48.65

$2.05B

17.56

11.83%

9.56%

8.27%

—

ATOAtmos Energy Corporation

$173.83

$29.02B

23.30

12.91%

27.58%

7.69%

—

WECWEC Energy Group, Inc.

$116.63

$37.99B

24.15

13.96%

16.25%

11.64%

—