SWX · Southwest Gas Holdings, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | - | - | $5.43B | $4.96B | $3.68B | $3.30B |
| Cost of Revenue | - | $2.42B | $2.62B | $2.53B | $1.96B | $1.73B |
| Gross Profit | - | - | $2.82B | $2.43B | $1.72B | $1.57B |
| R&D | - | - | - | - | - | - |
| SG&A | - | - | - | - | - | - |
| Total Operating Expenses | $1.47B | $4.63B | $5.02B | $4.98B | $3.31B | $2.88B |
| D&A | $330.72M | $438.44M | $440.91M | $470.45M | $371.04M | $332.03M |
| Operating Income | $473.89M | $483.77M | $418.33M | ($24.40M) | $369.55M | $423.00M |
| Interest Expense | - | $297.04M | $292.29M | $242.75M | $119.20M | $111.48M |
| Income Tax | $96.04M | $36.46M | $41.83M | ($75.65M) | $39.65M | $65.75M |
| Net Income | $439.83M | $198.81M | $150.89M | ($203.29M) | $200.78M | $232.32M |
| EPS - Basic | $6.09 | $2.77 | $2.13 | ($3.10) | $3.39 | $4.15 |
| EPS - Diluted | $6.08 | $2.76 | $2.13 | ($3.10) | $3.39 | $4.14 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $576.64M | $363.79M | $106.54M | $123.08M | $222.70M | $83.35M |
| Accounts Receivable | $170.60M | $722.62M | $886.55M | $866.25M | $707.13M | $522.17M |
| Inventory | - | - | - | - | - | - |
| Accounts Payable | $225.73M | $331.81M | $346.91M | $662.09M | $353.37M | $231.30M |
| Current Assets | $1.19B | $1.46B | $1.88B | $3.71B | $1.61B | $871.01M |
| Total Assets | $10.43B | $12.02B | $11.87B | $13.20B | $12.77B | $8.74B |
| Current Liabilities | $929.90M | $1.83B | $1.68B | $3.42B | $3.11B | $911.97M |
| Long-term Debt | $3.43B | $4.35B | $4.61B | $4.40B | $4.12B | $2.73B |
| Total Liabilities | - | - | - | - | - | - |
| Stockholders' Equity | $3.96B | $3.50B | $3.31B | $3.06B | $2.95B | $2.67B |
| Retained Earnings | $1.02B | $758.65M | $738.84M | $747.07M | $1.11B | $1.07B |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $556.08M | $1.36B | $509.21M | $407.46M | $111.38M | $626.08M |
| Investing Cash Flow | ($24.81M) | ($921.57M) | $150.97M | ($838.90M) | ($3.04B) | ($802.07M) |
| Financing Cash Flow | ($318.28M) | ($176.34M) | ($700.79M) | $356.48M | $3.06B | $209.57M |
| CapEx | $807.87M | $945.92M | $872.52M | $859.42M | $715.63M | $825.11M |
| Free Cash Flow | ($251.79M) | $409.86M | ($363.31M) | ($451.96M) | ($604.24M) | ($199.03M) |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | - | - | 51.8% | 49.0% | 46.9% | 47.6% |
| Operating margin | - | - | 7.7% | -0.5% | 10.0% | 12.8% |
| EBITDA margin | - | - | 15.8% | 9.0% | 20.1% | 22.9% |
| Net margin | - | - | 2.8% | -4.1% | 5.5% | 7.0% |
| Free cash flow margin | - | - | -6.7% | -9.1% | -16.4% | -6.0% |
| FCF / Net income | -0.57 | 2.06 | -2.41 | 2.22 | -3.01 | -0.86 |
| R&D / Revenue | - | - | - | - | - | - |
| SG&A / Revenue | - | - | - | - | - | - |
| Effective tax rate | 17.9% | 15.5% | 21.7% | - | 16.5% | 22.1% |
| Return on assets | 4.2% | 1.7% | 1.3% | -1.5% | 1.6% | 2.7% |
| Return on equity | 11.1% | 5.7% | 4.6% | -6.6% | 6.8% | 8.7% |
| Return on invested capital | 5.3% | 5.2% | 4.1% | -0.3% | 4.4% | 6.1% |
| Liquidity | ||||||
| Current ratio | 1.28 | 0.80 | 1.12 | 1.08 | 0.52 | 0.96 |
| Quick ratio | 1.28 | 0.80 | 1.12 | 1.08 | 0.52 | 0.96 |
| Cash ratio | 0.62 | 0.20 | 0.06 | 0.04 | 0.07 | 0.09 |
| Leverage | ||||||
| Debt / Equity | 0.87 | 1.24 | 1.39 | 1.44 | 1.39 | 1.02 |
| Debt / Assets | 0.33 | 0.36 | 0.39 | 0.33 | 0.32 | 0.31 |
| Debt / EBITDA | 4.27 | 4.72 | 5.37 | 9.87 | 5.56 | 3.62 |
| Interest coverage | - | 1.6x | 1.4x | -0.1x | 3.1x | 3.8x |
| Equity multiplier | 2.63 | 3.43 | 3.59 | 4.31 | 4.32 | 3.27 |
| Liabilities / Assets | - | - | - | - | - | - |
| Efficiency | ||||||
| Asset turnover | - | - | 0.46 | 0.38 | 0.29 | 0.38 |
| Inventory turnover | - | - | - | - | - | - |
| Days sales outstanding | - | - | 60d | 64d | 70d | 58d |
| Days inventory outstanding | - | - | - | - | - | - |
| Days payable outstanding | - | 50d | 48d | 96d | 66d | 49d |
| Cash conversion cycle | - | - | - | - | - | - |
| Valuation | ||||||
| P / E | 13.2x | 25.6x | 29.7x | - | 20.7x | 14.7x |
| P / B | 1.5x | 1.5x | 1.4x | 1.3x | 1.4x | 1.3x |
| P / S | - | - | 0.8x | 0.8x | 1.1x | 1.0x |
| EV / EBITDA | 10.7x | 9.8x | 10.5x | 18.7x | 10.9x | 8.0x |
| Growth | ||||||
| Revenue growth (YoY) | - | - | 9.6% | 34.8% | 11.6% | 5.7% |
| Revenue CAGR (3y) | - | - | 18.1% | 16.7% | 8.5% | 11.8% |
| Revenue CAGR (5y) | - | - | 13.5% | 16.0% | - | - |
| Gross profit growth (YoY) | - | - | 15.9% | 40.9% | 9.9% | 1.5% |
| Operating income growth (YoY) | -2.0% | 15.6% | - | - | -12.6% | 13.8% |
| Net income growth (YoY) | 121.2% | 31.8% | - | - | -13.6% | 8.6% |
| EPS growth (YoY) | 120.3% | 29.6% | - | - | -18.1% | 5.1% |
| EPS CAGR (3y) | - | -6.6% | -19.9% | - | -2.7% | 9.2% |
| EPS CAGR (5y) | 8.0% | -6.9% | -10.4% | - | - | - |
| FCF growth (YoY) | - | - | 19.6% | 25.2% | -203.6% | 54.5% |
| FCF CAGR (5y) | - | - | - | - | - | - |
| Book value growth (YoY) | 13.0% | 5.9% | 8.2% | 3.6% | 10.4% | 6.7% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2024-12-31.
Product / service
$2.64B totalGas Infrastructure Services$1.46B · 55.3%
Electric Power Infrastructure Services$1.18B · 44.7%
Stability scores
Piotroski F-score
FY 2025 · 9-point quality
7/9
Strong
- ✓Net income positive
- ✓Operating cash flow positive
- ✓ROA improved YoY
- ✓Cash flow > net income
- ✓Long-term debt decreased
- ✓Current ratio improved
- ✓No share dilution
- -Gross margin improved
- -Asset turnover improved
Peer comparison
Same SIC group: Natural Gas Transmisison & Distribution
Comparing Southwest Gas Holdings against the 5 most active filers in the same SIC group.
Dividends
$2.51/share trailing 12 months · +1.0% YoY
| Ex-date | Per share |
|---|---|
| May 15, 2026 | $0.6450 |
| Feb 17, 2026 | $0.6200 |
| Nov 17, 2025 | $0.6200 |
| Aug 15, 2025 | $0.6200 |
| May 15, 2025 | $0.6200 |
| Feb 18, 2025 | $0.6200 |
| Nov 15, 2024 | $0.6200 |
| Aug 15, 2024 | $0.6200 |
| May 14, 2024 | $0.6200 |
| Feb 14, 2024 | $0.6200 |
| Nov 14, 2023 | $0.6200 |
| Aug 14, 2023 | $0.6200 |
| May 12, 2023 | $0.6200 |
| Feb 14, 2023 | $0.6200 |
| Nov 14, 2022 | $0.6200 |
| Aug 12, 2022 | $0.6200 |
| May 13, 2022 | $0.6200 |
| Feb 14, 2022 | $0.5950 |
| Nov 12, 2021 | $0.5950 |
| Aug 13, 2021 | $0.5950 |
| May 14, 2021 | $0.5950 |
| Feb 12, 2021 | $0.5700 |
| Nov 13, 2020 | $0.5700 |
| Aug 14, 2020 | $0.5700 |