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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Market cap: $4.5B
P/E: 26.9×
Fwd P/E: 19.2×
Dividend yield: 3.57%
F-score: 6/9
Altman Z: 0.86
Beneish M: −2.57
Dividend safety: 31/100

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	—	—	—	—	—	—	—	—

Insider Ownership 0.70%

Capital & Financial Ratios $m

Market Cap 4,540.00

Revenue 1,691.38

Net Income 171.37

Free Cash Flow (192.16)

Net Debt 3,469.80

Current Ratio 0.83

Debt/Equity 1.21

P/E ratio 26.88

Fwd P/E 19.20

P/S ratio 2.72

P/B ratio 1.59

Past 5Y EPS Growth (0.80%)

This Y EPS Growth 4.33%

Next Y EPS Growth 6.22%

Next Y revenue growth 8.35%

Next 5Y EPS Growth 5.68%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 99.82%

10-year low 10-year high

P/S against its own 10 years 89.16%

10-year low 10-year high

P/B against its own 10 years 68.56%

10-year low 10-year high

EV/Sales against its own 10 years 97.90%

10-year low 10-year high

Dividends

Payout Ratio 0.96

Annual Dividend Rate 2.67

Annual Dividend Yield 3.57%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	2.68	0.67 0.67 0.67
2025	2.64	0.66 0.66 0.66 0.66
2024	2.60	0.65 0.65 0.65 0.65
2023	2.56	0.64 0.64 0.64 0.64
2022	2.52	0.63 0.63 0.63 0.63
2021	2.48	0.62 0.62 0.62 0.62
2020	2.40	0.60 0.60 0.60 0.60
2019	2.30	0.58 0.58 0.58 0.58
2018	2.20	0.55 0.55 0.55 0.55
2017	2.10	0.53 0.53 0.53 0.53
2016	2.00	0.50 0.50 0.50 0.50

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	25	29	31	25
Receivables	212	188	210	169
Inventory	115	123	133	146
Other	30	40	93	105
	407	418	504	482

	2023	2024	2025	Q'26
Payables	124	112	130	115
ST’ Debt	100	300	105	45
Other	61	32	39	27
	535	802	697	583

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%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	498	393	—	—	—
’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	—	—	—
’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)	—	—	—
’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.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	1.03	0.40	—	—	—
’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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	52.16	55.65	50.01	57.33	45.06	53.16	48.68	45.97	46.15	50.46	Analyst estimates 2026–2028 Powerpack
	High	63.75	64.47	65.74	76.72	80.52	70.80	63.06	61.24	57.49	69.23
People
People	Employees	1,552	1,557	1,528	1,533	1,530	1,483	1,530	1,573	1,585	1,667
	Revenue/emp, $m	0.81	0.84	0.78	0.82	0.78	0.93	0.97	0.90	0.96	0.97
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
	Gross margin, %	68.11	68.57	77.11	74.72	74.46	68.99	66.71	70.45	71.34	74.56
	EBT	157	176	178	182	144	190	182	202	215	188
	EBT margin, %	12.45	13.49	14.95	14.48	12.03	13.86	12.34	14.18	14.18	11.65
	Net income	164	163	197	202	155	187	183	194	224	181
	Depreciation	161	171	179	178	185	193	200	216	232	254
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
	Earnings	3.40	3.35	3.94	4.01	3.07	3.61	3.28	3.22	3.66	2.95
	Cash flow	5.94	6.65	7.64	5.88	6.97	4.25	5.51	8.11	6.64	6.43
	Capex	(5.93)	(5.69)	(5.68)	(6.27)	(8.03)	(8.40)	(9.24)	(9.40)	(8.96)	(8.54)
	Free cash flow	0.01	0.96	1.96	(0.38)	(1.06)	(4.15)	(3.73)	(1.29)	(2.32)	(2.12)
	Book value	34.71	37.05	38.86	40.43	41.12	45.25	47.79	46.17	46.62	47.01
	Shares, m	48	49	50	50	51	52	56	60	61	61
Valuation, ×
Valuation, ×	P/E	16.66	17.40	15.09	17.87	18.99	15.83	18.23	15.89	14.61	21.95
	P/S	2.18	2.17	2.49	2.87	2.46	2.15	2.26	2.17	2.16	2.46
	P/B	1.63	1.57	1.53	1.77	1.42	1.26	1.25	1.11	1.15	1.37
	EV/Sales	3.62	3.55	4.26	4.66	4.48	4.00	4.02	4.11	4.13	4.48
	EV/FCF	17,690.51	99.32	51.79	(303.53)	(100.05)	(25.63)	(28.57)	(75.34)	(43.82)	(55.51)
Cash, $m
Cash, $m	Operating cash flow	287	323	382	297	352	220	307	489	407	394
	Capex	(287)	(276)	(284)	(316)	(406)	(434)	(515)	(567)	(549)	(524)
	Free cash flow	0	47	98	(19)	(54)	(214)	(208)	(78)	(143)	(130)
Balance, $m
Balance, $m	Working capital	(334)	(336)	(69)	(33)	(158)	58	(82)	(128)	(384)	(194)
	Total debt	2,121	2,138	2,124	2,255	2,433	2,556	2,628	2,790	2,997	3,286
	Net debt	2,111	2,126	2,109	2,243	2,416	2,538	2,605	2,765	2,968	3,255
	Shareholders’ equity	1,676	1,799	1,942	2,039	2,079	2,340	2,665	2,785	2,858	2,886
Returns, %
Returns, %	ROA	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
	ROE	10.02	9.36	10.53	10.15	7.54	8.46	7.31	7.12	7.94	6.31

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
OGE OGE Energy Corporation	$9.7B	20.8×	19.7×	−4.00% (below 0%: shrinking)	+5.66% (above 0%: growing)	+75.81% (above 0%: growing)	69.42%	26.91%	Compare
IDA IDACORP, Inc.	$7.9B	22.5×	22.1×	+4.20% (above 0%: growing)	+3.95% (above 0%: growing)	−100.67% (below 0%: shrinking)	72.82%	27.78%	Compare
TXNM TXNM Energy, Inc.	$6.5B	32.3×	19.2×	+9.18% (above 0%: growing)	+190.91% (above 0%: growing)	+25.75% (above 0%: growing)	65.46%	22.48%	Compare
ENIC Enel Chile S.A.	$6.1B	10.6×	—	−9.01% (below 0%: shrinking)	+60.00% (above 0%: growing)	+190.61% (above 0%: growing)	34.92%	17.46%	Compare
POR Portland General Electric Company	$5.2B	19.4×	15.3×	+0.87% (above 0%: growing)	+5.36% (above 0%: growing)	−257.58% (below 0%: shrinking)	49.88%	14.86%	Compare
NWE NorthWestern Corporation	$4.5B	26.9×	19.2×	+14.56% (above 0%: growing)	+17.14% (above 0%: growing)	−62.61% (below 0%: shrinking)	77.12%	16.36%
CIG Comp En De Mn Cemig ADS	$4.4B	5.6×	9.8×	+15.97% (above 0%: growing)	0.00%	+411.73% (above 0%: growing)	17.50%	15.58%	Compare
MGEE MGE Energy Inc.	$2.7B	17.8×	19.4×	+1.09% (above 0%: growing)	+21.92% (above 0%: growing)	−419.80% (below 0%: shrinking)	82.63%	20.25%	Compare
CEPU Central Puerto S.A. Sponsored ADR	$2.0B	4.8×	—	+148.79% (above 0%: growing)	+27.30% (above 0%: growing)	0.00%	28.98%	25.61%	Compare
Median of peers	$5.6B	18.6×	19.3×	+2.65%	+13.79%	+12.88%	57.67%	21.37%

All 40 Utilities Regulated Electric stocks →

NorthWestern Corporation (NWE) key facts

Concern: Net income was $181.1 million, or $2.95 per share (basic), a net margin of 11.2%.
Strength: NorthWestern Corporation’s revenue for fiscal 2025 (year ended December 2025) was $1.6 billion, up 6.38% from fiscal 2024.
NorthWestern Corporation (NWE) is an Utilities Regulated Electric company in the Utilities sector, listed on Nasdaq.
As of October 16, 2026, NWE traded at $74.72, a market capitalization of $4.5 billion.
At that price the stock trades at 26.9× trailing-twelve-month earnings and 2.7× sales; its P/E is higher than 100% of its own readings over the past ten years.
NorthWestern Corporation pays an annual dividend of $2.67 per share, a yield of 3.57%, with a payout ratio of 96.4%.
Return on equity was 6.31% and debt-to-equity 1.21.
Its Piotroski F-score is 6 out of 9 and its Altman Z-score is 0.86 (distress zone) for fiscal 2025.