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NorthWestern Corporation

NWE Utilities Utilities Regulated Electric

NorthWestern Corporation’s revenue for fiscal 2025 (year ended December 2025) was $1.6 billion, up 6.38% from fiscal 2024.

Revenue
+9.51%
EPS
−19.4%
Free cash flow
−5.54%
Total debt
+13.3%

Quarter to September 2026, against a year earlier

81.89 0.11 −0.13%
Market cap
$5.1B
P/E
30.8×
Fwd P/E
23.6×
Dividend yield
3.26%
F-score
6/9
Altman Z
0.86
Beneish M
−2.57
Dividend safety
31/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 0.71%

Capital & Financial Ratios $m

Size
Market Cap 5,050.00
Revenue ttm 1,728.19
Net income ttm 163.88
Free cash flow ttm (193.65)
Net debt Q 3,540.74
Valuation
P/E 30.79
Forward P/E 23.60
Price / sales 2.92
Forward P/S Powerpack
Price / FCF 0.00
Price / book 1.74
Financial health
Current ratio Q 0.90 (below 1: weak)
Debt / equity Q 1.24
Interest coverage Q 1.77
Growth
Revenue growth Q +9.51% (above 0%: growing)
Operating income growth Q −7.05% (below 0%: shrinking)
EPS, this year +4.33%
EPS, next year A +6.24%
Revenue, next year A +8.60%
EPS, past 5 yrs −0.80% (below 0%: weak)
EPS, next 5 yrs A +5.67%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 5.0×, against a ten-year median of 4.1×; over the ten years it ranged from 3.3× in 2018 to 5.0× in 2026.
P/E against its own 10 years 99.96%
10-year low 10-year high
P/S against its own 10 years 94.28%
10-year low 10-year high
P/B against its own 10 years 86.03%
10-year low 10-year high
EV/Sales against its own 10 years 99.93%
10-year low 10-year high

Dividends raised every year since 2017

Yield
3.26%
Annual rate
2.67
Payout ratio
100.8%
Growth, 2017–25
+2.90%/yr
  1. 2.10 ’17
  2. 2.20 ’18 +5
  3. 2.30 ’19 +5
  4. 2.40 ’20 +4
  5. 2.48 ’21 +3
  6. 2.52 ’22 +2
  7. 2.56 ’23 +2
  8. 2.60 ’24 +2
  9. 2.64 ’25 +2
  10. 2.68 ’26e +2
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 25 29 31 26
Receivables 212 188 210 183
Inventory 115 123 133 153
Other 30 40 93 109
407 418 504 524
2023 2024 2025 Q'26
Payables 124 112 130 112
ST’ Debt 100 300 105 —
Other 61 32 39 28
535 802 697 580

Compound Annual Growth %

10y 5y 3y
Sales 2.86% 6.09% 2.91%
Cash Flow 1.50% 2.29% 8.69%
Earnings 1.82% 3.13% (0.35%)
Book Value 6.07% 6.78% 2.69%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 0.42 Actual 0.50

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 0.75 0.79 Beat by 0.04
Q4 FY25 1.19 1.17 Miss by 0.02
Q1 FY26 1.29 1.31 Beat by 0.02
Q2 FY26 0.42 0.50 Beat by 0.08
Q3 FY26 0.73 — Reports 4 November 2026

EPS $

Mar Jun Sep Dec Year
’26 1.03 0.40 0.50 — —
’25 1.25 0.35 0.62 0.72 2.94
’24 1.06 0.52 0.76 1.31 3.65
’23 1.05 0.32 0.48 1.37 3.22
’22 1.08 0.54 0.47 1.16 3.25
’21 1.24 0.72 0.68 0.96 3.60
’20 1.00 0.43 0.58 1.06 3.06
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 498 393 424 — —
’25 467 343 387 414 1,611
’24 475 320 345 373 1,514
’23 455 291 321 356 1,422
’22 394 323 335 425 1,478
’21 401 298 326 347 1,372
’20 335 269 281 313 1,199
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 159 74 131 — —
’25 153 58 127 56 394
’24 162 62 120 63 407
’23 214 80 133 62 489
’22 196 37 76 (2) 307
’21 66 39 117 (2) 220
’20 158 61 103 30 352
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 43 (115) (28) — —
’25 61 (71) (27) (94) (130)
’24 53 (76) (33) (86) (143)
’23 77 (46) (11) (97) (78)
’22 80 (82) (76) (131) (208)
’21 (12) (65) (12) (125) (214)
’20 80 (37) (3) (93) (54)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.9
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 1,257 1,306 1,192 1,258 1,199 1,372 1,478 1,422 1,514 1,611 1,728 +2.8% 1,749 1,827 1,887 +5.4%
Gross margin, % 68.11 68.57 77.11 74.72 74.46 68.99 66.71 70.45 71.34 74.56 0.00 +6.5 pt
EBT 157 176 178 182 144 190 182 202 215 188 165 +2.0%
EBT margin, % 12.45 13.49 14.95 14.48 12.03 13.86 12.34 14.18 14.18 11.65 9.54 (0.8) pt
Net income 164 163 197 202 155 187 183 194 224 181 164 +1.1%
Per share, $
Per share, $ Revenue 26.03 26.89 23.85 24.94 23.71 26.54 26.50 23.58 24.70 26.24 28.09 +0.1%
Earnings 3.40 3.35 3.94 4.01 3.07 3.61 3.28 3.22 3.66 2.95 2.66 (1.6%)
Cash flow 5.94 6.65 7.64 5.88 6.97 4.25 5.51 8.11 6.64 6.43 6.83 +0.9%
Capex (5.93) (5.69) (5.68) (6.27) (8.03) (8.40) (9.24) (9.40) (8.96) (8.54) (9.98) +4.1%
Free cash flow 0.01 0.96 1.96 (0.38) (1.06) (4.15) (3.73) (1.29) (2.32) (2.12) (3.15) n/m
Book value 34.71 37.05 38.86 40.43 41.12 45.25 47.79 46.17 46.62 47.01 46.93 +3.4%
Shares, m 48 49 50 50 51 52 56 60 61 61 61 +2.7%
Valuation, ×
Valuation, × P/E 16.66 17.40 15.09 17.87 18.99 15.83 18.23 15.89 14.61 21.95 30.79 17.3
P/S 2.18 2.17 2.49 2.87 2.46 2.15 2.26 2.17 2.16 2.46 2.92 2.3
P/B 1.63 1.57 1.53 1.77 1.42 1.26 1.25 1.11 1.15 1.37 1.74 1.4
EV/Sales 3.62 3.55 4.26 4.66 4.48 4.00 4.02 4.11 4.13 4.48 4.99 4.1
EV/FCF 17,690.51 99.32 51.79 (303.53) (100.05) (25.63) (28.57) (75.34) (43.82) (55.51) (44.53) 1,720.9
Cash, $m
Cash, $m Operating cash flow 287 323 382 297 352 220 307 489 407 394 420 +3.6%
Capex (287) (276) (284) (316) (406) (434) (515) (567) (549) (524) (614) +6.9%
Free cash flow 0 47 98 (19) (54) (214) (208) (78) (143) (130) (194) n/m
Balance, $m
Balance, $m Working capital (334) (336) (69) (33) (158) 58 (82) (128) (384) (194) (56) (5.9%)
Net debt 2,111 2,126 2,109 2,243 2,416 2,538 2,605 2,765 2,968 3,255 3,541 +4.9%
Shareholders’ equity 1,676 1,799 1,942 2,039 2,079 2,340 2,665 2,785 2,858 2,886 2,887 +6.2%
Returns, %
Returns, % ROA 3.05 2.98 3.56 3.45 2.49 2.84 2.60 2.60 2.87 2.20 1.91 (0.9) pt
ROIC 4.21 4.33 4.11 4.04 3.28 3.53 3.12 3.38 3.47 3.32 3.04 (0.9) pt
ROE 10.02 9.36 10.53 10.15 7.54 8.46 7.31 7.12 7.94 6.31 5.68 (3.7) pt
People
People Employees 1,552 1,557 1,528 1,533 1,530 1,483 1,530 1,573 1,585 1,667 — +0.8%
Revenue/emp, $m 0.81 0.84 0.78 0.82 0.78 0.93 0.97 0.90 0.96 0.97 — +2.0%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

NorthWestern Corporation vs peers in Utilities Regulated Electric (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
KEP Korea Electric Power Corporation $14.3B 2.6× 4.1× −0.14% (below 0%: shrinking) −77.78% (below 0%: shrinking) −689.05% (below 0%: shrinking) 8.72% 5.15% Compare
PNW Pinnacle West Capital Corporation $12.6B 19.0× 22.0× +8.35% (above 0%: growing) +4.27% (above 0%: growing) −24.89% (below 0%: shrinking) 61.58% 31.47% Compare
OGE OGE Energy Corporation $10.5B 19.0× 19.8× +13.19% (above 0%: growing) +33.03% (above 0%: growing) −38.62% (below 0%: shrinking) 62.70% 36.23% Compare
IDA IDACORP, Inc. $8.7B 22.1× 22.7× +15.95% (above 0%: growing) +20.87% (above 0%: growing) −18.34% (below 0%: shrinking) 66.73% 29.39% Compare
TXNM TXNM Energy, Inc. $6.4B 27.3× 19.2× +13.31% (above 0%: growing) +27.05% (above 0%: growing) −2,148.16% (below 0%: shrinking) 69.76% 36.97% Compare
POR Portland General Electric Company $5.5B 19.5× 14.9× +2.00% (above 0%: growing) +7.45% (above 0%: growing) −227.00% (below 0%: shrinking) 60.56% 19.26% Compare
NWE NorthWestern Corporation $5.1B 30.8× 23.6× +9.51% (above 0%: growing) −19.35% (below 0%: shrinking) −5.54% (below 0%: shrinking) 0.00% 17.61%
CIG Comp En De Mn Cemig ADS $3.5B 6.1× 7.8× +15.97% (above 0%: growing) 0.00% +411.73% (above 0%: growing) 17.50% 15.58% Compare
MGEE MGE Energy Inc. $3.0B 18.1× 18.7× +8.38% (above 0%: growing) +22.13% (above 0%: growing) +122.24% (above 0%: growing) 0.00% 30.51% Compare
Median of peers $7.6B 19.0× 19.0× +10.79% +14.16% −31.75% 61.07% 29.95%

All 39 Utilities Regulated Electric stocks →

NorthWestern Corporation (NWE) Latest News

6 Nov

Impact 3 · · MarketBeat
Impact 3 · · GuruFocus.com

5 Nov

Impact 4 · · The Motley Fool transcript

4 Nov

Impact 4 · · Business Wire

22 Oct

Impact 4 · · GlobeNewswire

8 Oct

Impact 3 · · Simply Wall St.

7 Oct

Impact 4 · · The Motley Fool

7 Aug

Impact 3 · · The Motley Fool transcript

30 Jul

Impact 4 · transcript
Impact 3 · · MarketBeat
Impact 3 · · Moby transcript

24 Jun

Impact 4 · · keloland.com

19 Jun

Impact 3 · · keloland.com

1 May

Impact 4 · · GuruFocus.com

30 Apr

Impact 3 · · MarketBeat
Impact 3 · · InvestorsHub
Impact 3 · · Moby

29 Apr

Impact 3 · · Business Wire

2 Apr

Impact 5 · · GlobeNewswire
Impact 4 · · MarketBeat

31 Mar

Impact 4 · · Business Wire

17 Feb

Impact 4 · · Simply Wall St.

12 Feb

Impact 4 · · GuruFocus.com
Impact 4 · · MarketBeat transcript
Impact 4 · · Moby transcript

11 Feb

Impact 4 ·
Impact 3 · · Associated Press Finance

2 Feb

Impact 4 · · Simply Wall St.
Impact 4 · · Insider Monkey

29 Jan

Impact 4 · · Zacks

NWE metrics, ten years each

stockrow.com/NWE · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com