Southwest Gas Holdings, Inc. financials
Source: EDGAR filings · Built 2026-06-02T04:07:47Z
Key metrics by reporting period
Up to six most-recent periods side-by-side. Rows are the curated key lines — revenue, margins, cash, debt, equity, cash-flow totals, plus the derived and valuation metrics we compute on top. For every tag a filer reported in one period, use the single-filing drilldown below.
Derived Metrics
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Free Cash Flow | -251.79M | 509.19M | -256.66M | -451.96M | -604.24M | -199.03M |
| EBITDA | 804.61M | 709.57M | 588.44M | 446.06M | 740.59M | 755.03M |
| Working Capital | 262.19M | -367.62M | 196.27M | 284.70M | -1.50B | -40.95M |
| Net Debt | 2.93B | 3.87B | 5.17B | 5.87B | 6.10B | 2.80B |
| Gross Margin | — | — | 51.83% | 49.01% | -30.56% | -29.14% |
| Operating Margin | — | — | 5.39% | -0.49% | 24.67% | 31.59% |
| Net Margin | — | — | 2.78% | -4.10% | 13.41% | 17.35% |
| Return on Equity (ROE) | 11.10% | 5.67% | 4.56% | -6.65% | 6.80% | 8.69% |
| Return on Assets (ROA) | 4.22% | 1.65% | 1.63% | -1.54% | 1.57% | 2.66% |
| Current Ratio | 1.28× | 0.80× | 1.12× | 1.08× | 0.52× | 0.96× |
| Debt-to-Equity | 0.89× | 1.19× | 1.60× | 1.96× | 2.14× | 1.08× |
| Effective Tax Rate | 29.03% | 13.05% | 17.36% | 27.68% | 16.06% | 21.58% |
| Cash Conversion Ratio | 1.26× | 6.82× | 3.37× | -2.00× | 0.55× | 2.69× |
| Accruals Ratio | -0.01× | -0.10× | -0.04× | -0.05× | 0.01× | -0.05× |
| SBC % of Revenue | — | — | 0.11% | 0.19% | 0.62% | 0.53% |
| CapEx Coverage | 0.69× | 1.60× | 0.66× | 0.47× | 0.16× | 0.76× |
| Free Cash Flow Per Share | $-3.48 | $7.07 | $-3.62 | $-6.89 | $-10.20 | $-3.55 |
Valuation Metrics
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| P/E Trailing (Diluted) | 13.16× | 25.62× | 29.74× | — | 20.66× | 14.67× |
| P/FCF | — | 10.00× | — | — | — | — |
| FCF Yield | — | 10.00% | — | — | — | — |
| EV / EBITDA | 10.83× | 12.61× | 16.50× | 22.47× | 13.95× | 8.31× |
| P/S | — | — | 0.83× | 0.84× | 2.83× | 2.59× |
| P/B | 1.46× | 1.45× | 1.37× | 1.36× | 1.43× | 1.30× |
Income Statement
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue from Contract with Customer, Excluding Assessed Tax | — | — | — | — | 1.50B | 1.34B |
| Revenues | — | — | 5.43B | 4.96B | 3.68B | 3.30B |
| Cost of Goods and Services Sold | — | 2.42B | 2.62B | 2.53B | 1.96B | 1.73B |
| Operating Income (Loss) | 473.89M | 406.47M | 292.98M | -24.40M | 369.55M | 423.00M |
| Income Tax Expense (Benefit) | 96.04M | 33.16M | 29.41M | -75.65M | 39.65M | 65.75M |
| Net Income (Loss) Attributable to Parent | 439.83M | 198.81M | 150.89M | -203.29M | 200.78M | 232.32M |
| Earnings Per Share, Basic | $6.09 | $2.77 | $2.13 | $-3.10 | $3.39 | $4.15 |
| Weighted Average Number of Shares Outstanding, Basic | 72.16M | 71.84M | 70.79M | 65.56M | 59.15M | 56.00M |
| Earnings Per Share, Diluted | $6.08 | $2.76 | $2.13 | $-3.10 | $3.39 | $4.14 |
| Weighted Average Number of Shares Outstanding, Diluted | 72.34M | 72.03M | 70.99M | 65.56M | 59.26M | 56.08M |
Balance Sheet
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash and Cash Equivalents, at Carrying Value | 576.64M | 314.77M | 106.54M | 123.08M | 222.70M | 83.35M |
| Assets, Current | 1.19B | 1.46B | 1.88B | 3.71B | 1.61B | 871.01M |
| Assets | 10.43B | 12.07B | 9.28B | 13.20B | 12.77B | 8.74B |
| Long-term Debt | — | — | — | 726.41M | 690.35M | — |
| Liabilities, Current | 929.90M | 1.83B | 1.68B | 3.42B | 3.11B | 911.97M |
| Long-term Debt, Excluding Current Maturities | 3.43B | 3.50B | 4.61B | 4.40B | 4.12B | 2.73B |
| Stockholders' Equity Attributable to Parent | 3.96B | 3.50B | 3.31B | 3.06B | 2.95B | 2.67B |
| Common Stock, Shares, Outstanding | 72.22M | 71.78M | 71.56M | 67.12M | 60.42M | 57.19M |
Cash Flow Statement
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Net Cash Provided by (Used in) Operating Activities | 556.08M | 1.36B | 509.21M | 407.46M | 111.38M | 626.08M |
| Payments to Acquire Property, Plant, and Equipment | 807.87M | 846.59M | 765.87M | 859.42M | 715.63M | 825.11M |
| Net Cash Provided by (Used in) Investing Activities | -24.81M | -921.57M | 150.97M | -838.90M | -3.04B | -802.07M |
| Net Cash Provided by (Used in) Financing Activities | -318.28M | -176.34M | -700.79M | 356.48M | 3.06B | 209.57M |
Derived Metrics
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| Free Cash Flow | -46.59M | -155.95M | -95.84M | 9.99M | 128.13M | -1.43M |
| EBITDA | 318.95M | 247.69M | 116.08M | 198.62M | 307.41M | 232.97M |
| Working Capital | 327.72M | 262.19M | 363.79M | 10.58M | -374.62M | -367.62M |
| Net Debt | 3.02B | 2.93B | 2.73B | 4.33B | 4.64B | 3.87B |
| Return on Equity (ROE) | 3.37% | 2.61% | 6.75% | -1.10% | 3.18% | 2.64% |
| Return on Assets (ROA) | 1.33% | 0.99% | 2.54% | -0.33% | 0.94% | 0.77% |
| Current Ratio | 1.45× | 1.28× | 1.41× | 1.01× | 0.79× | 0.80× |
| Debt-to-Equity | 0.86× | 0.89× | 0.90× | 1.28× | 1.41× | 1.19× |
| Effective Tax Rate | 25.04% | 46.20% | -23.81% | 188.96% | 20.30% | 14.64% |
| Cash Conversion Ratio | 1.17× | 0.79× | 1.81× | -10.40× | 2.56× | 2.18× |
| Accruals Ratio | -0.00× | 0.00× | -0.02× | -0.04× | -0.01× | -0.01× |
| CapEx Coverage | 0.78× | 0.34× | 0.83× | 1.02× | 1.79× | 0.99× |
| Free Cash Flow Per Share | $-0.64 | $-2.16 | $-1.32 | $0.14 | $1.78 | $-0.02 |
Valuation Metrics
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| P/E Trailing (Diluted) | 13.56× | 13.16× | 13.21× | 32.34× | 23.09× | 25.71× |
| EV / EBITDA | 10.57× | 10.01× | 9.80× | 11.62× | 12.04× | 11.41× |
| P/B | 1.53× | 1.46× | 1.45× | 1.47× | 1.44× | 1.45× |
Income Statement
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| Cost of Goods and Services Sold | — | — | — | 657.67M | 528.57M | 649.99M |
| Operating Income (Loss) | 219.35M | 158.67M | 37.01M | 95.46M | 213.72M | 150.54M |
| Income Tax Expense (Benefit) | 46.22M | 59.98M | -803.00K | 79.86M | 34.21M | 14.90M |
| Net Income (Loss) Attributable to Parent | 138.37M | 103.48M | 262.63M | -40.15M | 113.87M | 92.46M |
| Earnings Per Share, Basic | $1.91 | $1.43 | $3.64 | $-0.56 | $1.58 | $1.29 |
| Weighted Average Number of Shares Outstanding, Basic | 72.44M | 72.16M | 72.21M | 72.09M | 72.01M | 71.84M |
| Earnings Per Share, Diluted | $1.91 | $1.43 | $3.63 | $-0.56 | $1.58 | $1.28 |
| Weighted Average Number of Shares Outstanding, Diluted | 72.57M | 72.34M | 72.41M | 72.09M | 72.14M | 72.03M |
Balance Sheet
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| Cash and Cash Equivalents, at Carrying Value | 484.75M | 576.64M | 778.63M | 355.63M | 406.30M | 314.77M |
| Assets, Current | 1.06B | 1.19B | 1.24B | 1.43B | 1.43B | 1.46B |
| Assets | 10.41B | 10.43B | 10.33B | 12.21B | 12.08B | 12.07B |
| Liabilities, Current | 729.96M | 929.90M | 879.70M | 1.41B | 1.81B | 1.83B |
| Long-term Debt, Excluding Current Maturities | 3.43B | 3.43B | 3.43B | 4.40B | 4.33B | 3.50B |
| Stockholders' Equity Attributable to Parent | 4.10B | 3.96B | 3.89B | 3.65B | 3.58B | 3.50B |
| Common Stock, Shares, Outstanding | 72.37M | 72.22M | 72.18M | 71.98M | 71.91M | 71.78M |
Cash Flow Statement
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| Net Cash Provided by (Used in) Operating Activities | 162.13M | 81.57M | 474.51M | 417.61M | 291.27M | 201.44M |
| Payments to Acquire Property, Plant, and Equipment | 208.72M | 237.51M | 570.35M | 407.62M | 163.13M | 202.87M |
| Net Cash Provided by (Used in) Investing Activities | -203.63M | -240.00M | 215.19M | -396.01M | -186.65M | -234.25M |
| Net Cash Provided by (Used in) Financing Activities | -50.40M | -43.55M | -274.73M | -30.01M | -62.13M | -59.57M |
Raw XBRL tagging for a single filing
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Methodology
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