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Friday 6 November 2026
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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
82.21
0.19
+0.23%
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| Dec '16 | Dec '17 | Dec '18 | Dec '19 | Dec '20 | Dec '21 | Dec '22 | Dec '23 | Dec '24 | Dec '25 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
16.66 | 17.40 | 15.09 | 17.87 | 18.99 | 15.83 | 18.23 | 15.89 | 14.61 | 21.95 |
Piotroski F-Score |
5 | 7 | 6 | 4 | 4 | 6 | 5 | 5 | 7 | 6 |
P/S ratio |
2.18 | 2.17 | 2.49 | 2.87 | 2.46 | 2.15 | 2.26 | 2.17 | 2.16 | 2.46 |
Altman Z-Score |
0.84 | 0.93 | 0.97 | 1.03 | 0.84 | 0.90 | 0.88 | 0.83 | 0.80 | 0.86 |
Altman Z″-Score (non-manufacturers) |
0.61 | 0.73 | 1.10 | 1.14 | 0.93 | 1.23 | 1.11 | 1.11 | 0.90 | 1.00 |
P/FCF ratio |
10,648.33 | 60.65 | 30.29 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Beneish M-Score |
(2.53) | (2.60) | (2.78) | (2.41) | (2.63) | (2.31) | (2.35) | (2.81) | (2.72) | (2.57) |
P/Operating CF |
94.97 | 144.72 | 83.54 | 84.33 | 99.48 | (1,811.08) | (1,644.20) | 49.53 | 52.15 | 70.51 |
Dividend Safety Score |
— | — | — | — | — | — | — | — | — | 31 |
P/B ratio |
1.63 | 1.57 | 1.53 | 1.77 | 1.42 | 1.26 | 1.25 | 1.11 | 1.15 | 1.37 |
Price to Tangible BV |
2.08 | 1.96 | 1.87 | 2.15 | 1.71 | 1.49 | 1.45 | 1.27 | 1.31 | 1.57 |
EV/Sales |
3.62 | 3.55 | 4.26 | 4.66 | 4.48 | 4.00 | 4.02 | 4.11 | 4.13 | 4.48 |
EV/EBITDA |
10.92 | 10.47 | 11.41 | 12.89 | 12.75 | 11.73 | 12.82 | 11.34 | 11.24 | 12.45 |
EV/Operating CF |
15.85 | 14.37 | 13.30 | 19.74 | 15.23 | 24.97 | 19.33 | 11.96 | 15.35 | 18.30 |
EV/FCF |
17,690.51 | 99.32 | 51.79 | (303.53) | (100.05) | (25.63) | (28.57) | (75.34) | (43.82) | (55.51) |
Quick Ratio |
0.28 | 0.31 | 0.51 | 0.54 | 0.40 | 0.57 | 0.43 | 0.44 | 0.27 | 0.34 |
Current Ratio |
0.46 | 0.47 | 0.80 | 0.90 | 0.66 | 1.15 | 0.87 | 0.76 | 0.52 | 0.72 |
Net Debt/EBITDA |
5.07 | 4.80 | 4.74 | 4.94 | 5.74 | 5.42 | 5.62 | 5.36 | 5.34 | 5.61 |
Debt/Assets |
38.56% | 39.43% | 37.63% | 37.06% | 38.08% | 37.70% | 35.91% | 36.71% | 37.48% | 38.84% |
Debt/Equity |
1.27 | 1.19 | 1.09 | 1.11 | 1.17 | 1.09 | 0.99 | 1.00 | 1.05 | 1.14 |
Asset Turnover |
0.23 | 0.24 | 0.22 | 0.21 | 0.19 | 0.21 | 0.21 | 0.19 | 0.19 | 0.20 |
Operating CF/Net income |
1.75 | 1.98 | 1.94 | 1.47 | 2.27 | 1.18 | 1.68 | 2.52 | 1.81 | 2.18 |
Capex/Depreciation |
(1.77) | (1.61) | (1.58) | (1.78) | (2.20) | (2.25) | (2.57) | (2.63) | (2.36) | (2.07) |
Interest Coverage |
2.68 | 2.95 | 2.89 | 2.91 | 2.44 | 2.94 | 2.63 | 2.62 | 2.46 | 2.17 |
| 10.02% | 9.36% | 10.53% | 10.15% | 7.54% | 8.46% | 7.31% | 7.12% | 7.94% | 6.31% | |
| 3.05% | 2.98% | 3.56% | 3.45% | 2.49% | 2.84% | 2.60% | 2.60% | 2.87% | 2.20% | |
ROIC |
4.21% | 4.33% | 4.11% | 4.04% | 3.28% | 3.53% | 3.12% | 3.38% | 3.47% | 3.32% |
Return on Tangible Assets |
4.23% | 4.04% | 4.42% | 4.33% | 3.24% | 3.52% | 3.28% | 3.28% | 3.73% | 2.77% |
Average Days of Receivables |
46.32 | 50.96 | 49.72 | 48.57 | 51.23 | 52.84 | 60.50 | 54.48 | 45.27 | 47.54 |
Research and Development Expense of Revenue |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Selling, General and Administrative Expense of Revenue |
35.15% | 35.03% | 40.13% | 38.96% | 39.76% | 35.24% | 35.71% | 34.52% | 34.95% | 38.83% |
Intangible Assets out of Total Assets |
0.07 | 0.07 | 0.06 | 0.06 | 0.06 | 0.05 | 0.05 | 0.05 | 0.04 | 0.04 |
Share Based Compensation of Revenue |
0.54% | 0.43% | 0.64% | 0.64% | 0.35% | 0.39% | 0.37% | 0.36% | 0.31% | 0.43% |
Graham Net Nets |
(1.29) | (1.17) | (1.15) | (1.04) | (1.36) | (1.35) | (1.23) | (1.43) | (1.44) | (1.28) |
Graham Number |
51.53 | 52.84 | 58.69 | 60.40 | 53.30 | 60.62 | 59.39 | 57.84 | 61.96 | 55.77 |
Earnings Yield |
6.00% | 5.75% | 6.63% | 5.60% | 5.26% | 6.32% | 5.49% | 6.29% | 6.85% | 4.56% |
Free Cash Flow Yield |
0.01% | 1.65% | 3.30% | (0.53%) | (1.82%) | (7.25%) | (6.23%) | (2.52%) | (4.35%) | (3.28%) |
Revenue per Share |
26.03 | 26.89 | 23.85 | 24.94 | 23.71 | 26.54 | 26.50 | 23.58 | 24.70 | 26.24 |
Operating CF per Share |
5.94 | 6.65 | 7.64 | 5.88 | 6.97 | 4.25 | 5.51 | 8.11 | 6.64 | 6.43 |
Capex per Share |
(5.93) | (5.69) | (5.68) | (6.27) | (8.03) | (8.40) | (9.24) | (9.40) | (8.96) | (8.54) |
Free Cash Flow per Share |
0.01 | 0.96 | 1.96 | (0.38) | (1.06) | (4.15) | (3.73) | (1.29) | (2.32) | (2.12) |
Cash per Share |
0.20 | 0.25 | 0.31 | 0.24 | 0.34 | 0.36 | 0.40 | 0.42 | 0.47 | 0.50 |
Shareholders Equity per Share |
34.71 | 37.05 | 38.86 | 40.43 | 41.12 | 45.25 | 47.79 | 46.17 | 46.62 | 47.01 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
34.71 | 37.05 | 38.86 | 40.43 | 41.12 | 45.25 | 47.79 | 46.17 | 46.62 | 47.01 |
Free Cash Flow |
0.26 | 46.68 | 98.09 | (19.30) | (53.61) | (214.35) | (207.90) | (77.66) | (142.50) | (130.00) |
Working Capital |
(333.64) | (335.88) | (69.32) | (32.54) | (157.74) | 58.15 | (82.02) | (127.89) | (384.01) | (193.51) |
Capital Expenditures |
(286.55) | (276.06) | (283.89) | (316.02) | (405.76) | (434.33) | (515.14) | (566.89) | (549.24) | (524.46) |
Net Current Asset Value |
(3,542.90) | (3,325.64) | (3,424.31) | (3,742.66) | (4,001.67) | (4,002.93) | (4,113.78) | (4,408.33) | (4,721.64) | (5,070.01) |
EV/EBIT |
17.83 | 17.06 | 19.08 | 21.16 | 22.71 | 19.93 | 22.58 | 19.47 | 19.31 | 22.15 |
Capex to Sales |
0.23 | 0.21 | 0.24 | 0.25 | 0.34 | 0.32 | 0.35 | 0.40 | 0.36 | 0.33 |
Price to Operating Income |
10.73 | 10.42 | 11.16 | 13.05 | 12.48 | 10.72 | 12.67 | 10.27 | 10.13 | 12.16 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 |
Cash ROIC |
0.01% | 1.18% | 2.40% | (0.45%) | (1.18%) | (4.36%) | (3.91%) | (1.39%) | (2.42%) | (2.10%) |
Accounts Receivable Turnover |
8.01 | 7.64 | 6.92 | 7.63 | 7.14 | 7.48 | 6.66 | 6.22 | 7.57 | 8.10 |
Accounts Payable Turnover |
5.21 | 4.99 | 3.17 | 3.46 | 3.11 | 3.95 | 3.11 | 2.58 | 3.67 | 3.39 |
Inventory Turnover |
7.81 | 8.07 | 5.29 | 6.07 | 5.33 | 6.01 | 5.23 | 3.79 | 3.65 | 3.21 |
Average Days of Payables |
72.20 | 75.75 | 116.43 | 110.97 | 119.67 | 98.84 | 149.48 | 107.99 | 94.06 | 115.47 |
Days of Inventory on Hand |
44.79 | 46.64 | 67.97 | 61.89 | 72.73 | 69.14 | 79.64 | 99.48 | 103.44 | 118.03 |
Average Receivables |
156.98 | 170.92 | 172.33 | 164.89 | 167.82 | 183.45 | 221.81 | 228.60 | 200.01 | 198.76 |
Average Payables |
76.91 | 82.24 | 86.10 | 91.87 | 98.54 | 107.81 | 158.37 | 162.92 | 118.07 | 120.71 |
Average Inventory |
51.33 | 50.82 | 51.62 | 52.37 | 57.47 | 70.81 | 93.99 | 110.95 | 118.74 | 127.72 |
Average Assets |
5,382.01 | 5,460.12 | 5,532.65 | 5,863.93 | 6,236.47 | 6,584.95 | 7,049.11 | 7,459.22 | 7,799.09 | 8,228.61 |
Average Common Equity |
1,638.20 | 1,737.57 | 1,870.65 | 1,990.74 | 2,059.09 | 2,209.40 | 2,502.45 | 2,725.25 | 2,821.51 | 2,871.72 |
Columns are period end dates · fundamentals updated 5 Nov 2026