NW Natural vs Southwest Gas
Southwest Gas reported revenue of $1.9 billion in fiscal 2025, 1.5 times NW Natural's $1.3 billion in fiscal 2025. NW Natural's revenue grew 11.8% in its latest year, and Southwest Gas' fell 21.6%. NW Natural had an operating margin of 21.8%, against 24.4% at Southwest Gas. Free cash flow was −$198 million at NW Natural and −$252 million at Southwest Gas.
Side by side
| NW Natural | Southwest Gas | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $1.3B | $1.9B |
| Revenue growth | 11.8% | −21.6% |
| Revenue growth a year, last 5 years | 10.8% | −10.1% |
| Gross margin | — | — |
| Operating margin | 21.8% | 24.4% |
| Net margin | 8.8% | 22.7% |
| Free cash flow | −$198M | −$252M |
| Free cash flow margin | −15.3% | −13.0% |
| Return on capital | 5.7% | 4.7% |
| Net debt to EBITDA | 5.8x | 3.6x |
| Dividends and buybacks | $77M | $178M |
| Change in diluted share count | 5.4% | 0.4% |
| Last close | $49.92 | $92.31 |
| P/E at the last close | 16.5× | 12.2× |
| Insider trades, last 12 months | bought $79,847, sold $749,184 | sold $450,035 |
| Piotroski F-score | 5 of 8 | 6 of 8 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
NW NaturalSouthwest Gas
Operating margin
Percent of revenue
NW NaturalSouthwest Gas
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
NW NaturalSouthwest Gas
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the NW Natural and Southwest Gas pages.