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Northwest Natural Gas Company

NWN Utilities Utilities Regulated Gas

Northwest Natural Gas Company’s revenue for fiscal 2025 (year ended December 2025) was $1.3 billion, up 11.8% from fiscal 2024.

Revenue
+3.12%
EPS
+123.8%
Free cash flow
+36.8%
Total debt
+9.98%

Quarter to June 2026, against a year earlier

50.83 0.90 +1.80%
Market cap
$2.1B
P/E
16.9×
Fwd P/E
16.3×
Dividend yield
3.89%
F-score
5/9
Altman Z
0.66
Beneish M
−2.68
Dividend safety
39/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.08
Sold, $m 0.46
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — 2 — — — — — —
Sell 1 — — 6 — — 1 1 1 1 1 —
Insider Ownership 0.92%

Capital & Financial Ratios $m

Size
Market Cap 2,100.00
Revenue ttm 1,292.84
Net income ttm 125.99
Free cash flow ttm (265.98)
Net debt Q 2,599.43
Valuation
P/E 16.92
Forward P/E 16.30
Price / sales 1.65
Forward P/S Powerpack
Price / FCF 0.00
Price / book 1.37
Financial health
Current ratio Q 0.77 (below 1: weak)
Debt / equity Q 1.68
Interest coverage Q 0.99
Growth
Revenue growth Q +3.12% (above 0%: growing)
Operating income growth Q +21.85% (above 0%: growing)
EPS, this year +5.27%
EPS, next year A +4.82%
Revenue, next year A +6.10%
EPS, past 5 yrs +1.99%
EPS, next 5 yrs A +4.98%

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 3.7×, against a ten-year median of 3.4×; over the ten years it ranged from 2.3× in 2023 to 4.3× in 2019.
P/E against its own 10 years 24.70%
10-year low 10-year high
P/S against its own 10 years 34.03%
10-year low 10-year high
P/B against its own 10 years 30.91%
10-year low 10-year high
EV/Sales against its own 10 years 78.89%
10-year low 10-year high

Dividends raised every year since 2017

Yield
3.89%
Annual rate
1.98
Payout ratio
65.8%
Growth, 2017–26
+0.55%/yr
  1. 1.88 ’17
  2. 1.89 ’18 +1%
  3. 1.90 ’19 +0%
  4. 1.91 ’20 +1%
  5. 1.92 ’21 +1%
  6. 1.93 ’22 +1%
  7. 1.94 ’23 +1%
  8. 1.95 ’24 +1%
  9. 1.96 ’25 +1%
  10. 1.98 ’26 +1%
paid Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 33 38 37 24
Receivables 118 121 118 79
Inventory 113 107 128 143
Other 273 231 245 199
601 558 603 499
2023 2024 2025 Q'26
Payables 145 133 176 136
ST’ Debt 241 201 333 247
Other 277 279 281 221
697 649 836 647

Compound Annual Growth %

10y 5y 3y
Sales 5.94% 10.75% 7.52%
Cash Flow 3.84% 13.12% 22.15%
Earnings 7.75% 8.10% 9.50%
Book Value 6.57% 10.66% 7.86%

Earnings Trends EPS, adjusted, against the consensus

Mar 2026 Estimate 2.31 Actual 2.33

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Jun 2025 −0.07 0.01 Beat by 0.08
Sep 2025 −0.82 −0.73 Beat by 0.09
Dec 2025 1.36 1.39 Beat by 0.03
Mar 2026 2.31 2.33 Beat by 0.02

EPS $

Mar Jun Sep Dec Year
’26 2.33 0.01 — — —
’25 2.18 (0.06) (0.73) 1.39 2.77
’24 1.69 (0.07) (0.71) 1.12 2.03
’23 2.01 0.03 (0.65) 1.21 2.59
’22 1.80 0.05 (0.56) 1.36 2.54
’21 1.94 (0.02) (0.67) 1.31 2.56
’20 1.56 (0.16) (0.59) 1.70 2.51
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 490 244 — — —
’25 494 236 165 394 1,289
’24 433 212 137 371 1,153
’23 462 238 141 356 1,197
’22 350 195 117 375 1,037
’21 316 149 101 294 860
’20 285 135 93 260 774
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 116 110 — — —
’25 180 102 (16) 3 269
’24 125 121 (26) (19) 200
’23 177 121 4 (22) 280
’22 141 56 (31) (18) 148
’21 137 57 (13) (21) 160
’20 105 57 (11) (5) 145
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 2 (12) — — —
’25 77 (18) (126) (131) (198)
’24 43 4 (122) (120) (194)
’23 106 47 (94) (106) (47)
’22 73 (44) (115) (105) (191)
’21 73 (7) (94) (106) (134)
’20 3 37 (83) (85) (127)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.3
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 Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 668 755 706 746 774 860 1,037 1,197 1,153 1,289 1,293 +7.6% 1,368 1,438 1,490 +4.9%
Gross margin, % 61.00 56.98 63.81 65.85 66.04 66.03 58.58 58.26 64.23 69.32 70.76 +8.3 pt
EBT 105 113 92 78 91 106 115 126 110 155 167 +4.4%
EBT margin, % 15.78 14.98 12.96 10.44 11.81 12.33 11.13 10.54 9.54 12.00 12.91 (3.8) pt
Net income 59 (56) 65 62 77 79 86 94 79 113 126 +7.5%
Per share, $
Per share, $ Revenue 24.17 26.34 24.52 25.06 25.33 28.02 30.57 33.07 29.71 31.55 30.72 +3.0%
Earnings 2.12 (1.94) 2.24 2.07 2.51 2.56 2.54 2.59 2.03 2.77 3.00 +3.0%
Cash flow 8.04 7.21 5.86 6.25 4.76 5.22 4.35 7.73 5.16 6.59 5.07 (2.2%)
Capex (5.00) (7.44) (7.59) (8.11) (8.93) (9.57) (9.98) (9.04) (10.16) (11.43) (11.39) +9.6%
Free cash flow 3.03 (0.23) (1.73) (1.87) (4.17) (4.35) (5.63) (1.31) (5.00) (4.84) (6.32) n/m
Book value 30.76 25.91 26.48 29.07 29.10 30.46 34.64 35.45 35.70 36.10 37.05 +1.8%
Shares, m 28 29 29 30 31 31 34 36 39 41 41 +4.4%
Valuation, ×
Valuation, × P/E 28.15 0.00 26.99 35.11 18.32 19.05 18.22 15.26 19.49 16.81 16.92 19.7
P/S 2.46 2.23 2.47 2.94 1.82 1.74 1.58 1.20 1.33 1.48 1.65 1.9
P/B 1.93 2.27 2.28 2.54 1.58 1.60 1.39 1.12 1.11 1.29 1.37 1.7
EV/Sales 3.61 3.33 3.80 4.31 3.41 3.39 3.09 2.56 2.93 3.47 3.67 3.4
EV/FCF 28.78 (380.06) (53.87) (57.84) (20.67) (21.82) (16.78) (64.77) (17.40) (22.64) (17.82) (62.7)
Cash, $m
Cash, $m Operating cash flow 222 207 169 186 145 160 148 280 200 269 213 +2.2%
Capex (138) (213) (219) (242) (273) (294) (339) (327) (394) (467) (479) +14.5%
Free cash flow 84 (7) (50) (56) (127) (134) (191) (47) (194) (198) (266) n/m
Balance, $m
Balance, $m Working capital 14 (112) (213) (188) (304) (287) (155) (95) (91) (234) (148) n/m
Net debt 769 831 941 1,021 1,230 1,416 1,566 1,633 1,842 2,568 2,599 +14.3%
Shareholders’ equity 850 743 763 866 889 935 1,175 1,284 1,385 1,475 1,559 +6.3%
Returns, %
Returns, % ROA 1.92 (1.82) 2.06 1.85 2.14 2.01 1.96 1.95 1.56 1.99 2.06 +0.1 pt
ROIC 5.82 5.99 4.85 4.75 4.38 4.34 3.82 3.96 3.70 4.34 4.44 (1.5) pt
ROE 7.22 (6.98) 8.58 7.58 8.75 8.63 8.18 7.63 5.91 7.92 8.35 +0.7 pt
People
People Employees 611 1,146 1,198 1,220 1,216 1,237 1,258 1,380 1,452 1,619 — +11.4%
Revenue/emp, $m 1.09 0.66 0.59 0.61 0.64 0.70 0.82 0.87 0.79 0.80 — (3.5%)
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Northwest Natural Gas Company vs peers in Utilities Regulated Gas (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
BKH Black Hills Corporation $6.3B 20.7× 19.0× +3.14% (above 0%: growing) +31.58% (above 0%: growing) +24.09% (above 0%: growing) 74.93% 21.42% Compare
NJR NewJersey Resources Corporation $5.4B 14.6× 15.0× +16.80% (above 0%: growing) n/m −3.14% (below 0%: shrinking) 57.69% 9.13% Compare
SR Spire Inc. $5.2B 9.8× 21.9× −0.40% (below 0%: shrinking) +1,131.03% (above 0%: growing) +0.22% (above 0%: growing) 75.92% 5.57% Compare
OGS ONE Gas, Inc. $4.9B 16.9× 16.2× −2.86% (below 0%: shrinking) +39.62% (above 0%: growing) +511.45% (above 0%: growing) 78.07% 20.08% Compare
MDU MDU Resources Group, Inc. $4.2B 20.8× 20.1× +6.87% (above 0%: growing) +42.86% (above 0%: growing) −58.85% (below 0%: shrinking) 64.77% 12.78% Compare
CPK Chesapeake Utilities Corporation $3.3B 21.7× 21.2× +4.72% (above 0%: growing) +2.91% (above 0%: growing) +38.63% (above 0%: growing) 74.39% 26.20% Compare
CTRI Centuri Holdings, Inc. $2.2B 69.3× 69.5× +32.86% (above 0%: growing) −33.33% (below 0%: shrinking) +85.38% (above 0%: growing) 7.19% 2.51% Compare
NWN Northwest Natural Gas Company $2.1B 16.6× 16.3× +3.12% (above 0%: growing) n/m +36.83% (above 0%: growing) 74.64% 13.61%
SPH Suburban Propane Partners, L.P. $1.2B 9.1× 9.1× +0.47% (above 0%: growing) n/m −38.67% (below 0%: shrinking) 61.34% 0.85% Compare
Median of peers $4.5B 18.8× 19.6× +3.93% +35.60% +12.16% 69.58% 10.96%

All 14 Utilities Regulated Gas stocks →

Northwest Natural Gas Company (NWN) Latest News

27 Oct

Impact 4 · · 24/7 Wall St.

8 Oct

Impact 3 · · Business Wire

23 Sep

Impact 4 · · Business Wire

10 Aug

Impact 4 · · TheStreet

8 Aug

Impact 4 ·
Impact 3 · · MarketBeat transcript

6 Aug

Impact 3 · · Moby
Impact 3 · · The Motley Fool transcript

5 Aug

Impact 4 ·
Impact 3 ·

1 Jul

Impact 3 ·

13 May

Impact 3 · · MarketBeat

6 May

Impact 4 · · Business Wire
Impact 3 · · Moby
Impact 3 · · InvestorsHub
Impact 3 · · Zacks

20 Mar

Impact 3 · · Zacks

13 Mar

Impact 4 · · Simply Wall St.

11 Mar

Impact 4 · · Insider Monkey

2 Mar

Impact 4 ·

28 Feb

Impact 4 · · Simply Wall St.
Impact 4 · · Simply Wall St.
Impact 3 · · MarketBeat
Impact 3 · · Moby

27 Feb

Impact 4 · · Insider MonkeyAssociated Press Finance
Impact 4 · · Zacks
Impact 4 · · Business Wire
Impact 3 · · The Motley Fool transcript
Impact 3 · · Associated Press Finance

7 Feb

Impact 3 · · Simply Wall St.Insider MonkeySimply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.
stockrow.com/NWN · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com