NorthWestern Energy

NWE · Nasdaq · Utilities · Financials, fiscal 2016 to 2025

NWE · Last close · October 26, 2026

$78.45

NorthWestern Energy's revenue rose 6.4% to $1.6 billion in fiscal 2025. Its operating margin was 20.2%, down from 21.4% a year earlier. Free cash flow was −$130 million. It paid out $161 million in dividends and buybacks. The diluted share count rose 0.3%.

NORTHWESTERN ENERGY GROUP, INC. Latest fiscal year ended December 31, 2025 10-K filed February 12, 2026 · 0001993004-26-000006 Updated October 14, 2026

Revenue

$1.6B

6.4%

Operating margin

20.2%

1.1 pts

Net income

$181M

19.2%

Free cash flow

−$130M

Return on capital

5.1%

0.5 pts

Market cap

$4.8B

Oct 26 close

P/E

28.3x

On $2.77 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Years to 2022 come from NorthWestern Corporation, the listed company until NorthWestern Energy Group became its holding company in October 2023.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share fell 1.6% a year and net income grew 1.1% a year, as new shares raised the share count by 27% and diluted each share's earnings.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value NorthWestern Energy yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from NorthWestern Energy's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from NorthWestern Energy's cash from operations minus depreciation in fiscal 2025 (free cash flow before spending to grow: capital spending was 2.1 times depreciation, which holds its free cash flow down) of $145M, net cash of −$3.4B at December 31, 2025 and 62 million diluted shares, from its filings. The scenarios are fitted to NorthWestern Energy: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 2.9% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 8%: 7% for a stable business (Multi-Utilities), plus 1 point as a smaller company, worth $4.8B; the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target. A negative value means NorthWestern Energy's net debt is larger than what that scenario's cash flows are worth today.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus depreciation in fiscal 2025: a rough guide to cash flow before spending to grow, for a company building heavily.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to NorthWestern Energy's own revenue growth, as above. Cautious: growth of 1% then 1.5% a year, 2% after year 10, a 9% discount rate. Base: growth of 3% then 3% a year, 2.5% after year 10, a 8% discount rate. Optimistic: growth of 5% then 4% a year, 3% after year 10, a 7% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $78.45
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from NorthWestern Energy's earnings per share of $2.77 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 20.6×, the middle of NorthWestern Energy's own P/E today, its peers' median and its sector's median (the Utilities median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 9%, 8% and 7%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: MDU Resources Group, Avista, Black Hills, OGE Energy.

Earnings growth in the years ahead (% a year) Starts at NorthWestern Energy's revenue growth over the last 3 years, 2.9% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $78.45
Value at this multiple, against the last close: —
NorthWestern Energy's P/E at the last close: 28.3×

Company	Last close	Earnings per share	P/E today
NorthWestern EnergyNWE	$78.45	$2.77	28.3×
OGE EnergyOGE	$48.46	$2.24	21.6×
MDU Resources GroupMDU	$19.39	$0.95	20.4×
Black HillsBKH	$80.20	$3.97	20.2×
AvistaAVA	$37.23	$2.77	13.4×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	3	8	9	4	9
Debt incl. finance leases	2,556	2,775	2,793	3,101	3,438
Net debt (negative means net cash)	2,553	2,767	2,784	3,096	3,429
Net debt to EBITDA	5.5x	6.0x	5.5x	5.6x	6.0x
Debt to equity	1.1x	1.0x	1.0x	1.1x	1.2x
Interest coverage	2.9x	2.6x	2.6x	2.5x	2.2x
Current ratio	1.1x	0.9x	0.8x	0.5x	0.7x
Quick ratio	0.9x	0.7x	0.6x	0.4x	0.5x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

No officer, director or 10% owner of NorthWestern Energy reported buying or selling its shares on the open market between October 27, 2025 and October 26, 2026.

From Form 4 filings with the SEC. Grants, option exercises and shares withheld for tax aren't counted. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Fail	Fail
Current ratio rose	Fail	Fail	Pass
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	—	—	—
Revenue rose relative to assets	Fail	Pass	Pass
F-score	4 of 8	5 of 8	5 of 8
Accruals ratio	−4.0%	−2.3%	−2.6%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put NorthWestern Energy side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
NorthWestern Energy	FY25	6.4%	20.2%	−8.1%	5.1%	6.0x	5
MDU Resources Group	FY25	6.7%	15.5%	−15.8%	5.1%	5.3x	4	Compare
Avista	FY25	1.3%	18.0%	−5.1%	—	—	—	Compare
Black Hills	FY25	8.6%	23.3%	−6.3%	5.7%	5.5x	6	Compare
OGE Energy	FY25	9.2%	24.5%	2.5%	6.5%	4.2x	6	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	1,257	1,306	1,192	1,258	1,199	1,372	1,478	1,422	1,514	1,611
Revenue growth	3.5%	3.9%	−8.7%	5.5%	−4.7%	14.5%	7.7%	−3.8%	6.5%	6.4%
Gross profit	856	895	919	940	892	—	—	—	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	255	272	266	277	236	276	263	300	323	326
Net income	164	163	197	202	155	187	183	194	224	181
Diluted EPS (US$)	3.39	3.34	3.92	3.98	3.06	3.60	3.25	3.22	3.65	2.94
Diluted shares (millions)	48	49	50	51	51	52	56	60	61	62
Cash flow
Cash from operations	287	323	382	297	352	220	307	489	407	394
Capital expenditure	288	276	284	316	406	434	515	567	549	524
Free cash flow	−1	46	98	−19	−54	−214	−208	−78	−142	−130
Dividends paid	96	101	109	115	120	128	140	154	159	161
Share buybacks	0	0	0	0	0	0	0	0	0	0
Acquisitions	0	0	18	0	0	0	0	0	0	36
Stock-based compensation	7	6	8	8	4	5	6	5	5	7
Balance sheet at fiscal year end
Cash and short-term investments	5	8	8	5	6	3	8	9	4	9
Debt incl. finance leases	2,094	2,113	2,102	2,253	2,433	2,556	2,775	2,793	3,101	3,438
Total assets	5,499	5,421	5,806	6,084	6,389	6,780	7,318	7,601	7,998	8,460
Total liabilities	3,823	3,622	3,702	4,044	4,310	4,441	4,653	4,815	5,140	5,574
Shareholders' equity	1,676	1,799	1,942	2,039	2,079	2,340	2,665	2,785	2,858	2,886
Margins and ratios
Gross margin	68.1%	68.6%	77.1%	74.7%	74.5%	—	—	—	—	—
Operating margin	20.3%	20.8%	22.3%	22.0%	19.7%	20.1%	17.8%	21.1%	21.4%	20.2%
Net margin	13.1%	12.5%	16.5%	16.1%	12.9%	13.6%	12.4%	13.7%	14.8%	11.2%
Free cash flow margin	−0.1%	3.5%	8.2%	−1.5%	−4.5%	−15.6%	−14.1%	−5.5%	−9.4%	−8.1%
Return on capital	6.9%	6.5%	6.7%	6.7%	5.4%	5.8%	5.1%	5.3%	5.6%	5.1%
Return on equity	10.0%	9.4%	10.5%	10.2%	7.5%	8.5%	7.3%	7.1%	7.9%	6.3%
Return on assets	3.0%	3.0%	3.5%	3.4%	2.5%	2.8%	2.6%	2.6%	2.9%	2.2%
Net debt to EBITDA	5.0x	4.8x	4.8x	5.0x	5.8x	5.5x	6.0x	5.5x	5.6x	6.0x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: NorthWestern Energy's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with NorthWestern Energy.