Saturday 17 October 2026
Export NWE’s income statement to Excel — free account
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. In the quarter to June 2026, revenue grew 14.6%, EPS grew 17.1%, free cash flow fell 62.6% and total debt rose 13.1%, each against the same quarter a year earlier. Dividend growth for ten consecutive years.
74.72
0.87
+1.18%
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| Dec '25 | Dec '24 | Dec '23 | Dec '22 | Dec '21 | Dec '20 | Dec '19 | Dec '18 | Dec '17 | Dec '16 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
21.95 | 14.61 | 15.89 | 18.23 | 15.83 | 18.99 | 17.87 | 15.09 | 17.40 | 16.66 |
Piotroski F-Score |
6 | 7 | 5 | 5 | 6 | 4 | 4 | 6 | 7 | 5 |
P/S ratio |
2.46 | 2.16 | 2.17 | 2.26 | 2.15 | 2.46 | 2.87 | 2.49 | 2.17 | 2.18 |
Altman Z-Score |
0.86 | 0.80 | 0.83 | 0.88 | 0.90 | 0.84 | 1.03 | 0.97 | 0.93 | 0.84 |
Altman Z″-Score (non-manufacturers) |
1.00 | 0.90 | 1.11 | 1.11 | 1.23 | 0.93 | 1.14 | 1.10 | 0.73 | 0.61 |
P/FCF ratio |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 30.29 | 60.65 | 10,648.33 |
Beneish M-Score |
(2.57) | (2.72) | (2.81) | (2.35) | (2.31) | (2.63) | (2.41) | (2.78) | (2.60) | (2.53) |
P/Operating CF |
70.51 | 52.15 | 49.53 | (1,644.20) | (1,811.08) | 99.48 | 84.33 | 83.54 | 144.72 | 94.97 |
Dividend Safety Score |
31 | — | — | — | — | — | — | — | — | — |
P/B ratio |
1.37 | 1.15 | 1.11 | 1.25 | 1.26 | 1.42 | 1.77 | 1.53 | 1.57 | 1.63 |
Price to Tangible BV |
1.57 | 1.31 | 1.27 | 1.45 | 1.49 | 1.71 | 2.15 | 1.87 | 1.96 | 2.08 |
EV/Sales |
4.48 | 4.13 | 4.11 | 4.02 | 4.00 | 4.48 | 4.66 | 4.26 | 3.55 | 3.62 |
EV/EBITDA |
12.45 | 11.24 | 11.34 | 12.82 | 11.73 | 12.75 | 12.89 | 11.41 | 10.47 | 10.92 |
EV/Operating CF |
18.30 | 15.35 | 11.96 | 19.33 | 24.97 | 15.23 | 19.74 | 13.30 | 14.37 | 15.85 |
EV/FCF |
(55.51) | (43.82) | (75.34) | (28.57) | (25.63) | (100.05) | (303.53) | 51.79 | 99.32 | 17,690.51 |
Quick Ratio |
0.34 | 0.27 | 0.44 | 0.43 | 0.57 | 0.40 | 0.54 | 0.51 | 0.31 | 0.28 |
Current Ratio |
0.72 | 0.52 | 0.76 | 0.87 | 1.15 | 0.66 | 0.90 | 0.80 | 0.47 | 0.46 |
Net Debt/EBITDA |
5.61 | 5.34 | 5.36 | 5.62 | 5.42 | 5.74 | 4.94 | 4.74 | 4.80 | 5.07 |
Debt/Assets |
38.84% | 37.48% | 36.71% | 35.91% | 37.70% | 38.08% | 37.06% | 37.63% | 39.43% | 38.56% |
Debt/Equity |
1.14 | 1.05 | 1.00 | 0.99 | 1.09 | 1.17 | 1.11 | 1.09 | 1.19 | 1.27 |
Asset Turnover |
0.20 | 0.19 | 0.19 | 0.21 | 0.21 | 0.19 | 0.21 | 0.22 | 0.24 | 0.23 |
Operating CF/Net income |
2.18 | 1.81 | 2.52 | 1.68 | 1.18 | 2.27 | 1.47 | 1.94 | 1.98 | 1.75 |
Capex/Depreciation |
(2.07) | (2.36) | (2.63) | (2.57) | (2.25) | (2.20) | (1.78) | (1.58) | (1.61) | (1.77) |
Interest Coverage |
2.17 | 2.46 | 2.62 | 2.63 | 2.94 | 2.44 | 2.91 | 2.89 | 2.95 | 2.68 |
| 6.31% | 7.94% | 7.12% | 7.31% | 8.46% | 7.54% | 10.15% | 10.53% | 9.36% | 10.02% | |
| 2.20% | 2.87% | 2.60% | 2.60% | 2.84% | 2.49% | 3.45% | 3.56% | 2.98% | 3.05% | |
ROIC |
3.32% | 3.47% | 3.38% | 3.12% | 3.53% | 3.28% | 4.04% | 4.11% | 4.33% | 4.21% |
Return on Tangible Assets |
2.77% | 3.73% | 3.28% | 3.28% | 3.52% | 3.24% | 4.33% | 4.42% | 4.04% | 4.23% |
Average Days of Receivables |
47.54 | 45.27 | 54.48 | 60.50 | 52.84 | 51.23 | 48.57 | 49.72 | 50.96 | 46.32 |
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 |
38.83% | 34.95% | 34.52% | 35.71% | 35.24% | 39.76% | 38.96% | 40.13% | 35.03% | 35.15% |
Intangible Assets out of Total Assets |
0.04 | 0.04 | 0.05 | 0.05 | 0.05 | 0.06 | 0.06 | 0.06 | 0.07 | 0.07 |
Share Based Compensation of Revenue |
0.43% | 0.31% | 0.36% | 0.37% | 0.39% | 0.35% | 0.64% | 0.64% | 0.43% | 0.54% |
Graham Net Nets |
(1.28) | (1.44) | (1.43) | (1.23) | (1.35) | (1.36) | (1.04) | (1.15) | (1.17) | (1.29) |
Graham Number |
55.77 | 61.96 | 57.84 | 59.39 | 60.62 | 53.30 | 60.40 | 58.69 | 52.84 | 51.53 |
Earnings Yield |
4.56% | 6.85% | 6.29% | 5.49% | 6.32% | 5.26% | 5.60% | 6.63% | 5.75% | 6.00% |
Free Cash Flow Yield |
(3.28%) | (4.35%) | (2.52%) | (6.23%) | (7.25%) | (1.82%) | (0.53%) | 3.30% | 1.65% | 0.01% |
Revenue per Share |
26.24 | 24.70 | 23.58 | 26.50 | 26.54 | 23.71 | 24.94 | 23.85 | 26.89 | 26.03 |
Operating CF per Share |
6.43 | 6.64 | 8.11 | 5.51 | 4.25 | 6.97 | 5.88 | 7.64 | 6.65 | 5.94 |
Capex per Share |
(8.54) | (8.96) | (9.40) | (9.24) | (8.40) | (8.03) | (6.27) | (5.68) | (5.69) | (5.93) |
Free Cash Flow per Share |
(2.12) | (2.32) | (1.29) | (3.73) | (4.15) | (1.06) | (0.38) | 1.96 | 0.96 | 0.01 |
Cash per Share |
0.50 | 0.47 | 0.42 | 0.40 | 0.36 | 0.34 | 0.24 | 0.31 | 0.25 | 0.20 |
Shareholders Equity per Share |
47.01 | 46.62 | 46.17 | 47.79 | 45.25 | 41.12 | 40.43 | 38.86 | 37.05 | 34.71 |
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 |
47.01 | 46.62 | 46.17 | 47.79 | 45.25 | 41.12 | 40.43 | 38.86 | 37.05 | 34.71 |
Free Cash Flow |
(130.00) | (142.50) | (77.66) | (207.90) | (214.35) | (53.61) | (19.30) | 98.09 | 46.68 | 0.26 |
Working Capital |
(193.51) | (384.01) | (127.89) | (82.02) | 58.15 | (157.74) | (32.54) | (69.32) | (335.88) | (333.64) |
Capital Expenditures |
(524.46) | (549.24) | (566.89) | (515.14) | (434.33) | (405.76) | (316.02) | (283.89) | (276.06) | (286.55) |
Net Current Asset Value |
(5,070.01) | (4,721.64) | (4,408.33) | (4,113.78) | (4,002.93) | (4,001.67) | (3,742.66) | (3,424.31) | (3,325.64) | (3,542.90) |
EV/EBIT |
22.15 | 19.31 | 19.47 | 22.58 | 19.93 | 22.71 | 21.16 | 19.08 | 17.06 | 17.83 |
Capex to Sales |
0.33 | 0.36 | 0.40 | 0.35 | 0.32 | 0.34 | 0.25 | 0.24 | 0.21 | 0.23 |
Price to Operating Income |
12.16 | 10.13 | 10.27 | 12.67 | 10.72 | 12.48 | 13.05 | 11.16 | 10.42 | 10.73 |
| 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 |
(2.10%) | (2.42%) | (1.39%) | (3.91%) | (4.36%) | (1.18%) | (0.45%) | 2.40% | 1.18% | 0.01% |
Accounts Receivable Turnover |
8.10 | 7.57 | 6.22 | 6.66 | 7.48 | 7.14 | 7.63 | 6.92 | 7.64 | 8.01 |
Accounts Payable Turnover |
3.39 | 3.67 | 2.58 | 3.11 | 3.95 | 3.11 | 3.46 | 3.17 | 4.99 | 5.21 |
Inventory Turnover |
3.21 | 3.65 | 3.79 | 5.23 | 6.01 | 5.33 | 6.07 | 5.29 | 8.07 | 7.81 |
Average Days of Payables |
115.47 | 94.06 | 107.99 | 149.48 | 98.84 | 119.67 | 110.97 | 116.43 | 75.75 | 72.20 |
Days of Inventory on Hand |
118.03 | 103.44 | 99.48 | 79.64 | 69.14 | 72.73 | 61.89 | 67.97 | 46.64 | 44.79 |
Average Receivables |
198.76 | 200.01 | 228.60 | 221.81 | 183.45 | 167.82 | 164.89 | 172.33 | 170.92 | 156.98 |
Average Payables |
120.71 | 118.07 | 162.92 | 158.37 | 107.81 | 98.54 | 91.87 | 86.10 | 82.24 | 76.91 |
Average Inventory |
127.72 | 118.74 | 110.95 | 93.99 | 70.81 | 57.47 | 52.37 | 51.62 | 50.82 | 51.33 |
Average Assets |
8,228.61 | 7,799.09 | 7,459.22 | 7,049.11 | 6,584.95 | 6,236.47 | 5,863.93 | 5,532.65 | 5,460.12 | 5,382.01 |
Average Common Equity |
2,871.72 | 2,821.51 | 2,725.25 | 2,502.45 | 2,209.40 | 2,059.09 | 1,990.74 | 1,870.65 | 1,737.57 | 1,638.20 |
Columns are period end dates