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Friday 6 November 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.

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

NorthWestern Corporation (NWE) P/B ratio

Alert me on P/B ratio

As of 5 November 2026, NorthWestern Corporation (NWE) trades at a P/B ratio of 1.7×. Over the past ten years it has ranged from 1.0× (February 2024) to 2.0× (February 2020); the current reading is higher than 87% of that period. That is in line with the Utilities Regulated Electric industry median of 1.8× and in line with the Utilities sector median of 1.7×.

P/B ratio, daily

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Annual newest first

Period P/B ratio Change
FY2025 1.4× 19.73%
FY2024 1.1× 3.48%
FY2023 1.1× (11.44%)
FY2022 1.3× (0.97%)
FY2021 1.3× (10.91%)
FY2020 1.4× (20.00%)
FY2019 1.8× 15.88%
FY2018 1.5× (2.80%)
FY2017 1.6× (3.61%)
FY2016 1.6× 1.81%

Quarterly newest first

Period P/B ratio Change
Sep 2026 1.5× (4.24%)
Jun 2026 1.5× 9.21%
Mar 2026 1.4× 1.49%
Dec 2025 1.4× 9.88%
43 more quarters

Against its own ten years

Low 1.0× High 2.0×
Ten-year median 1.5×
Current reading's percentile 86

P/B ratio against peers

Company P/B ratio
KEP Korea Electric Power Corporation compare 0.4×
CIG Comp En De Mn Cemig ADS compare 1.0×
POR Portland General Electric Company compare 1.3×
PNW Pinnacle West Capital Corporation compare 1.7×
TXNM TXNM Energy, Inc. compare 1.7×
NWE NorthWestern Corporation 1.7×
MGEE MGE Energy Inc. compare 2.0×
OGE OGE Energy Corporation compare 2.0×
IDA IDACORP, Inc. compare 2.1×
Utilities Regulated Electric industry median 1.8×
Utilities sector median 1.7×
Market median 1.7×

What P/B ratio is

Price to Book Value tells an investor how much the market pays for a company’s shares relative to the accounting net worth that belongs to common shareholders.

Stock Price ÷ (Common Equity (Total) (latest quarter) ÷ Shares (Basic, Weighted) (latest quarter))

The full definition of P/B ratio →

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