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Southwest Gas Corporation

SWX Utilities Utilities Regulated Gas

Revenue
−5.91%
EPS
−95.3%
Free cash flow
−30.1%
Total debt
+0.70%

Quarter to September 2026, against a year earlier

90.42 1.91 −2.07%
Market cap
$6.6B
P/E
22.1×
Fwd P/E
21.4×
Dividend yield
2.80%
F-score
6/9
Altman Z
1.04
Beneish M
−2.87
Dividend safety
45/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Insider Decisions last twelve months

Sold, $m 0.45
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — 1 — — — — — — — 1 — —
Insider Ownership 0.81%

Capital & Financial Ratios $m

Size
Market Cap 6,560.00
Revenue ttm 1,722.19
Net income ttm 261.64
Free cash flow ttm (573.27)
Net debt Q 3,478.42
Valuation
P/E 22.07
Forward P/E 21.40
Price / sales 3.81
Forward P/S Powerpack
Price / FCF 0.00
Price / book 1.60
Financial health
Current ratio Q 0.89 (below 1: weak)
Debt / equity Q 0.86
Interest coverage Q —
Growth
Revenue growth Q −5.91% (below 0%: shrinking)
Operating income growth Q −3.93% (below 0%: shrinking)
EPS, this year +16.68% (at or above 15%: strong)
EPS, next year A +17.76% (at or above 15%: strong)
Revenue, next year A −0.23% (below 0%: weak)
EPS, past 5 yrs +7.99%
EPS, next 5 yrs A +17.50% (at or above 15%: strong)

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 5.8×, against a ten-year median of 2.1×; over the ten years it ranged from 1.7× in 2023 to 5.9× in 2026.
P/E against its own 10 years 51.68%
10-year low 10-year high
P/S against its own 10 years 98.83%
10-year low 10-year high
P/B against its own 10 years 55.56%
10-year low 10-year high
EV/Sales against its own 10 years 99.63%
10-year low 10-year high

Dividends

Yield
2.80%
Annual rate
2.53
Payout ratio
61.8%
Growth, 2018–26
+2.76%/yr
  1. 2.06 ’18
  2. 2.16 ’19 +5
  3. 2.26 ’20 +5
  4. 2.36 ’21 +4
  5. 2.46 ’22 +4
  6. 2.48 ’23 +1
  7. 2.48 ’24 +0
  8. 2.48 ’25 +0
  9. 2.56 ’26 +3
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 107 315 577 53
Receivables 888 203 180 119
Inventory — 94 94 92
Other 114 97 102 53
1,881 1,464 1,192 664
2023 2024 2025 Q'26
Payables 347 191 226 158
ST’ Debt 671 680 75 33
Other 571 183 185 193
1,685 1,832 930 749

Compound Annual Growth %

10y 5y 3y
Sales (2.36%) (10.07%) (26.86%)
Cash Flow 0.07% (2.34%) 10.92%
Earnings 12.26% 13.62% 0.00%
Book Value 9.54% 8.17% 9.00%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.17 Actual 0.20

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 1.40 1.36 Miss by 0.04
Q1 FY26 1.88 1.91 Beat by 0.03
Q2 FY26 0.47 0.45 Miss by 0.02
Q3 FY26 0.17 0.20 Beat by 0.03
Q4 FY26 1.65 — Reports 24 February 2027

EPS $

Mar Jun Sep Dec Year
’26 1.91 0.58 0.18 — —
’25 1.58 (0.56) 3.74 1.43 6.08
’24 1.22 0.25 0.00 1.28 2.76
’23 0.67 0.40 0.04 1.01 2.13
’22 1.58 (0.10) (0.18) (4.18) (3.10)
’21 2.03 0.43 (0.19) 1.15 3.39
’20 1.31 0.68 0.32 1.82 4.14
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 585 358 298 — —
’25 746 396 317 481 1,940
’24 1,581 1,182 1,079 1,270 5,112
’23 1,603 1,294 1,169 1,368 2,535
’22 1,267 1,146 1,126 1,421 4,960
’21 886 821 889 1,084 3,680
’20 836 757 791 914 3,299
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 162 146 75 — —
’25 291 126 57 82 556
’24 544 307 304 201 1,356
’23 (186) 198 186 311 509
’22 187 77 40 104 407
’21 (52) 54 50 60 111
’20 272 104 113 138 626
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (47) (174) (196) — —
’25 128 (68) (151) (156) (246)
’24 344 83 105 (1) 531
’23 (405) (22) (40) 209 (257)
’22 24 (128) (205) (143) (452)
’21 (205) (132) (119) (149) (604)
’20 61 (109) (96) (54) (199)
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 26.6% a year for ten years. It grew 7.5% a year over the last ten.

Implied
26.6%
10 years, reported
7.5%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.1
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 Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 2,460 2,549 2,880 3,120 3,299 3,680 4,960 2,535 5,112 1,940 1,722 (2.6%) 1,936 2,061 2,194 +4.2%
Gross margin, % 83.86 86.07 85.44 87.65 89.61 88.29 83.89 50.56 25.92 74.35 86.36 (9.5) pt
EBT 232 259 243 273 305 247 (273) 169 254 331 374 +4.0%
EBT margin, % 9.41 10.16 8.45 8.74 9.24 6.71 (5.51) 6.68 4.97 17.05 21.72 +7.6 pt
Net income 153 194 182 217 239 207 (198) 156 205 435 262 +12.3%
Per share, $
Per share, $ Revenue 51.83 53.14 58.28 57.52 58.91 62.23 75.66 35.81 71.16 26.89 23.73 (7.0%)
Earnings 3.20 4.04 3.69 3.94 4.15 3.39 (3.10) 2.13 2.77 6.09 4.10 +7.4%
Cash flow 12.65 7.71 10.70 9.22 11.18 1.88 6.22 7.19 18.87 7.71 6.41 (5.4%)
Capex (11.16) (13.00) (15.50) (17.29) (14.73) (12.10) (13.11) (10.82) (11.49) (11.12) (14.31) 0.0%
Free cash flow 1.50 (5.29) (4.80) (8.07) (3.55) (10.22) (6.89) (3.63) 7.39 (3.42) (7.90) n/m
Book value 35.00 37.79 45.56 46.20 47.77 49.94 46.66 46.76 51.24 54.89 56.53 +5.1%
Shares, m 47 48 49 54 56 59 66 71 72 72 72 +4.8%
Valuation, ×
Valuation, × P/E 23.88 19.69 20.79 19.18 14.71 20.42 0.00 29.92 25.53 12.91 22.07 18.7
P/S 1.47 1.50 1.31 1.32 1.03 1.13 0.82 0.83 0.99 2.98 3.81 1.3
P/B 2.18 2.11 1.68 1.64 1.27 1.40 1.32 1.37 1.38 1.46 1.60 1.6
EV/Sales 2.11 2.28 2.08 2.16 1.88 2.78 2.00 1.79 1.75 4.49 5.83 2.3
EV/FCF 73.25 (22.94) (25.26) (15.41) (31.14) (16.95) (21.94) (37.82) 16.87 (35.32) (17.51) (11.7)
Cash, $m
Cash, $m Operating cash flow 601 370 529 500 626 111 407 509 1,356 556 465 (0.9%)
Capex (530) (624) (766) (938) (825) (716) (859) (766) (825) (803) (1,038) +4.7%
Free cash flow 71 (254) (237) (438) (199) (604) (452) (257) 531 (246) (573) n/m
Balance, $m
Balance, $m Working capital (95) (159) (99) (220) (41) (1,497) 285 196 (368) 262 (85) n/m
Net debt 1,572 1,995 2,207 2,625 2,796 6,099 5,868 5,174 3,870 2,931 3,478 +7.2%
Shareholders’ equity 1,661 1,812 2,252 2,506 2,675 2,954 3,059 3,310 3,681 3,961 4,102 +10.1%
Returns, %
Returns, % ROA 2.78 3.28 2.68 2.76 2.75 1.87 (1.57) 1.20 1.66 3.91 2.77 +1.1 pt
ROIC 6.10 5.63 5.01 4.53 4.83 2.55 (0.17) 2.16 3.36 4.30 4.11 (1.8) pt
ROE 9.35 11.16 8.97 8.99 8.97 7.13 (6.76) 4.74 5.69 11.51 7.20 +2.2 pt
People
People Employees 2,247 2,285 2,312 2,295 2,272 2,286 2,351 2,371 2,435 2,453 — +1.0%
Revenue/emp, $m 1.10 1.12 1.25 1.36 1.45 1.61 2.11 1.07 2.10 0.79 — (3.5%)
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

Southwest Gas purchases, distributes and transports natural gas to homes and businesses in parts of Arizona, Nevada and California. Its customers use gas for needs such as heating, cooking and commercial and industrial operations. The company also transports gas that some customers arrange to buy themselves.

The utility is owned by Southwest Gas Holdings, a holding company headquartered in Las Vegas, Nevada. Southwest Gas Corporation was founded in 1931. Karen S. Haller is identified as chief executive in the executive officer information.

Southwest Gas Corporation 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
UGI UGI Corporation $8.0B 11.9× 13.7× −4.52% (below 0%: shrinking) n/m −56.52% (below 0%: shrinking) 43.05% (3.31%) Compare
SWX Southwest Gas Corporation $6.6B 22.1× 21.4× −5.91% (below 0%: shrinking) −95.30% (below 0%: shrinking) −30.09% (below 0%: shrinking) 93.25% 11.92%
BKH Bright Horizon Energy Corporation $6.5B 20.6× 19.0× +8.34% (above 0%: growing) +33.81% (above 0%: growing) −10.84% (below 0%: shrinking) 0.00% 21.05% Compare
NJR NewJersey Resources Corporation $5.6B 15.0× 15.0× +16.80% (above 0%: growing) n/m −3.14% (below 0%: shrinking) 57.69% 9.13% Compare
SR Spire Inc. $5.3B 9.9× 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. $5.1B 17.3× 16.2× +3.21% (above 0%: growing) +12.59% (above 0%: growing) +12.70% (above 0%: growing) 81.13% 19.77% Compare
MDU MDU Resources Group, Inc. $3.9B 19.5× 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 $3.4B 22.3× 21.2× +9.02% (above 0%: growing) +8.54% (above 0%: growing) −35.13% (below 0%: shrinking) 0.00% 24.82% Compare
NWN Northwest Natural Gas Company $2.2B 17.1× 16.3× +8.04% (above 0%: growing) n/m −20.11% (below 0%: shrinking) 75.19% (4.89%) Compare
Median of peers $5.2B 17.2× 17.7× +7.46% +33.81% −15.47% 61.23% 10.96%

All 14 Utilities Regulated Gas stocks →

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 93.09%
Held by the ten largest 52.88%
Holder Shares Stake Change
BlackRock 11.18m 15.43% +434.07k
Vanguard 7.57m 10.45% +164.94k
Fidelity (FMR) 5.58m 7.70% +413.17k
Corvex Management LP 3.21m 4.43% −1.11m
State Street 2.61m 3.60% +185.65k
Geode Capital Management 2.09m 2.88% +378.96k
MAVERICK CAPITAL LTD 1.89m 2.61% −237.37k
AQR Capital Management 1.60m 2.21% +440.07k
ADAGE CAPITAL PARTNERS GP, L.L.C. 1.35m 1.87% −120.48k
T. Rowe Price 1.23m 1.70% +122.97k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Southwest Gas Corporation (SWX) Latest News

5 Nov

Impact 3 · · Simply Wall St.
Impact 3 · · Simply Wall St.

4 Nov

Impact 3 · · GuruFocus.com
Impact 3 · · The Motley Fool transcript
Impact 3 · · Zacks
Impact 3 · · PR Newswire

28 Oct

Impact 4 · · Zacks

27 Oct

Impact 3 ·

26 Oct

Impact 3 · · Zacks

22 Oct

Impact 3 · · PR Newswire

15 Oct

Impact 3 · · Simply Wall St.
Impact 3 ·

24 Sep

Impact 4 · · Zacks

23 Sep

Impact 3 · · Zacks

5 Sep

Impact 4 ·

12 Aug

Impact 3 · · The Motley Fool transcript

9 Aug

Impact 3 · · MarketBeat transcript

5 Aug

Impact 3 · · Moby transcript
Impact 3 ·
Impact 3 ·

29 Jul

Impact 3 ·

25 Jun

Impact 3 · · Zacks

12 Jun

Impact 3 ·

6 Jun

Impact 4 · · Simply Wall St.

17 May

Impact 4 · · Simply Wall St.

13 May

Impact 4 · · Insider Monkey

8 May

Impact 4 · · Simply Wall St.

5 May

Impact 3 · · Zacks
Impact 3 · · Zacks
Impact 3 · · PR Newswire

SWX metrics, ten years each

stockrow.com/SWX · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com