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Southwest Gas Corporation

SWX Utilities Utilities Regulated Gas

In the quarter to June 2026, revenue fell 9.63%, EPS grew 422.2%, free cash flow fell 157.6% and total debt fell 25.1%, each against the same quarter a year earlier. Dividend growth for ten consecutive years.

87.75 1.55 +1.80%
Market cap
$6.2B
P/E
11.4×
Fwd P/E
20.8×
Dividend yield
2.88%
F-score
6/9
Altman Z
1.04
Beneish M
−3.18
Dividend safety
45/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 0.45
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — — 1 — — — — — — — 1 —
Insider Ownership 0.74%

Capital & Financial Ratios $m

Market Cap 6,240.00
Revenue 1,740.92
Net Income 544.09
Free Cash Flow (527.84)
Net Debt 3,239.34
Current Ratio 1.12
Debt/Equity 0.85
P/E ratio 11.44
Fwd P/E 20.80
P/S ratio 3.66
P/B ratio 1.54
Past 5Y EPS Growth 7.99%
This Y EPS Growth 16.84% (at or above 15%: strong)
Next Y EPS Growth 17.38% (at or above 15%: strong)
Next Y revenue growth (2.54%) (below 0%: weak)
Next 5Y EPS Growth 17.53% (at or above 15%: strong)

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

Valuation vs history

EV/Sales, ten years
EV/Sales is 5.5×, against a ten-year median of 2.2×; over the ten years it ranged from 1.7× in 2023 to 11.8× in 2025.
P/E against its own 10 years 1.10%
10-year low 10-year high
P/S against its own 10 years 92.55%
10-year low 10-year high
P/B against its own 10 years 48.84%
10-year low 10-year high
EV/Sales against its own 10 years 88.76%
10-year low 10-year high

Dividends

Payout Ratio 0.33
Annual Dividend Rate 2.53
Annual Dividend Yield 2.88%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 2.55
0.62
0.65
0.65
2025 2.48
0.62
0.62
0.62
0.62
2024 2.48
0.62
0.62
0.62
0.62
2023 2.48
0.62
0.62
0.62
0.62
2022 2.46
0.60
0.62
0.62
0.62
2021 2.36
0.57
0.60
0.60
0.60
2020 2.26
0.55
0.57
0.57
0.57
2019 2.16
0.52
0.55
0.55
0.55
2018 2.06
0.50
0.52
0.52
0.52
2017 1.94
0.45
0.50
0.50
0.50
2016 1.76
0.41
0.45
0.45
0.45
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 107 315 577 271
Receivables 888 203 180 131
Inventory — 94 94 96
Other 114 97 102 52
1,881 1,464 1,192 868
2023 2024 2025 Q'26
Payables 347 191 226 116
ST’ Debt 671 680 75 100
Other 571 183 185 188
1,685 1,832 930 777

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%

Revenue $m

Mar Jun Sep Dec Year
’26 585 358 — — —
’25 746 396 317 481 1,940
’24 1,581 1,182 359 — 2,475
’23 1,603 1,294 1,169 — 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.
value withheld pending a data check

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 162 146 — — —
’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) — — —
’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.

EPS $

Mar Jun Sep Dec Year
’26 1.91 0.58 — — —
’25 1.58 (0.18) 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.

Target Price Range

Analyst price targets

Recommendation Rating

1.1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 53.51 72.32 62.54 73.27 45.68 57.00 59.51 53.79 57.55 64.69

Analyst estimates 2026–2028

Powerpack
High 79.58 86.87 85.97 92.94 81.62 73.54 95.62 68.03 80.29 83.23
People
People Employees 2,247 2,285 2,312 2,295 2,272 2,286 2,351 2,371 2,435 2,453
Revenue/emp, $m 1.10 1.12 1.25 1.36 1.45 1.61 2.11 1.07 1.02 0.79
Income, $m
Income, $m Revenue 2,460 2,549 2,880 3,120 3,299 3,680 4,960 2,535 2,475 1,940
Gross margin, % 83.86 86.07 85.44 87.65 89.61 88.29 83.89 50.56 53.54 74.35
EBT 232 259 243 273 305 247 (273) 169 254 331
EBT margin, % 9.41 10.16 8.45 8.74 9.24 6.71 (5.51) 6.68 10.27 17.05
Net income 153 194 182 217 239 207 (198) 156 205 435
Depreciation 289 251 249 303 332 371 470 295 303 331
Per share, $
Per share, $ Revenue 51.83 53.14 58.28 57.52 58.91 62.23 75.66 35.81 34.45 26.89
Earnings 3.20 4.04 3.69 3.94 4.15 3.39 (3.10) 2.13 2.77 6.09
Cash flow 12.65 7.71 10.70 9.22 11.18 1.88 6.22 7.19 18.87 7.71
Capex (11.16) (13.00) (15.50) (17.29) (14.73) (12.10) (13.11) (10.82) (11.49) (11.12)
Free cash flow 1.50 (5.29) (4.80) (8.07) (3.55) (10.22) (6.89) (3.63) 7.39 (3.42)
Book value 35.00 37.79 45.56 46.20 47.77 49.94 46.66 46.76 51.24 54.89
Shares, m 47 48 49 54 56 59 66 71 72 72
Valuation, ×
Valuation, × P/E 23.88 19.69 20.79 19.18 14.71 20.42 0.00 29.92 25.53 12.16
P/S 1.47 1.50 1.31 1.32 1.03 1.13 0.82 1.79 2.05 2.98
P/B 2.18 2.11 1.68 1.64 1.27 1.40 1.32 1.37 1.38 1.46
EV/Sales 2.11 2.28 2.08 2.16 1.88 2.78 2.00 3.83 3.62 4.49
EV/FCF 73.25 (22.94) (25.26) (15.41) (31.14) (16.95) (21.94) (37.82) 16.87 (35.32)
Cash, $m
Cash, $m Operating cash flow 601 370 529 500 626 111 407 509 1,356 556
Capex (530) (624) (766) (938) (825) (716) (859) (766) (825) (803)
Free cash flow 71 (254) (237) (438) (199) (604) (452) (257) 531 (246)
Balance, $m
Balance, $m Working capital (95) (159) (99) (220) (41) (1,497) 285 196 (368) 262
Total debt 1,600 2,038 2,292 2,675 2,880 6,322 5,991 5,281 4,184 3,508
Net debt 1,572 1,995 2,207 2,625 2,796 6,099 5,868 5,174 3,870 2,931
Shareholders’ equity 1,661 1,812 2,252 2,506 2,675 2,954 3,059 3,310 3,681 3,961
Returns, %
Returns, % ROA 2.78 3.28 2.68 2.76 2.75 1.87 (1.57) 1.20 1.66 3.91
ROIC 6.10 5.63 5.01 4.53 4.83 2.55 (0.17) 2.16 3.36 4.30
ROE 9.35 11.16 8.97 8.99 8.97 7.13 (6.76) 4.74 5.69 11.51
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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 $8.1B 12.3× 11.5× −4.52% (below 0%: shrinking) n/m −56.52% (below 0%: shrinking) 43.05% (3.31%) Compare
SWX Southwest Gas Corporation $6.2B 11.4× 20.8× −9.63% (below 0%: shrinking) n/m −157.57% (below 0%: shrinking) 89.27% 23.54%
BKH Black Hills Corporation $5.8B 19.3× 16.7× +3.14% (above 0%: growing) +31.58% (above 0%: growing) +24.09% (above 0%: growing) 74.93% 21.42% Compare
NJR NewJersey Resources Corporation $5.2B 14.3× 15.9× +16.80% (above 0%: growing) n/m −3.14% (below 0%: shrinking) 57.69% 9.13% Compare
SR Spire Inc. $4.8B 9.1× 20.4× +19.21% (above 0%: growing) +1,131.03% (above 0%: growing) +0.22% (above 0%: growing) 75.92% 5.57% Compare
OGS ONE Gas, Inc. $4.7B 16.2× 16.5× −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. $3.9B 20.0× 21.8× +6.87% (above 0%: growing) +42.86% (above 0%: growing) −58.85% (below 0%: shrinking) 64.77% 12.78% Compare
CPK Chesapeake Utilities Corporation $3.2B 21.0× 19.2× +4.72% (above 0%: growing) +2.91% (above 0%: growing) +38.63% (above 0%: growing) 74.39% 26.20% Compare
NWN Northwest Natural Gas Company $2.0B 16.3× 16.5× +3.12% (above 0%: growing) n/m +36.83% (above 0%: growing) 74.64% 13.61% Compare
Median of peers $4.7B 16.3× 16.6× +3.93% +39.62% +12.16% 74.52% 13.20%

All 15 Utilities Regulated Gas stocks →

Southwest Gas Corporation (SWX) key facts

  • Southwest Gas Corporation (SWX) is an Utilities Regulated Gas company in the Utilities sector, listed on the New York Stock Exchange.
  • As of October 16, 2026, SWX traded at $87.75, a market capitalization of $6.2 billion.
  • Southwest Gas Corporation pays an annual dividend of $2.53 per share, a yield of 2.88%, with a payout ratio of 33.0%.
  • Return on equity was 11.5% and debt-to-equity 0.85.
  • Its Piotroski F-score is 6 out of 9 and its Altman Z-score is 1.04 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

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stockrow.com/SWX · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com