SWX
Southwest Gas Holdings, Inc.
Next earnings Aug 4, 2026 · consensus $0.52 EPS, $421M rev
Last earnings +0.6% on 2026-05-05
$89.81
▲ +0.20%$89.81▲ +24.78%
over 1Y
L $70.74H $93.37
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+0.2%
1W+0.9%
1M+4.4%
3M+1.4%
YTD+13.7%
1Y+24.8%
Buy
Conviction
Horizon
Long (>12mo)
12-mo target
$•••
Street · 13 analysts
Strong Buy
Now a clean pure-play regulated gas utility post-Centuri exit, with customer growth, decoupled revenues and a fair 14.6x multiple.
Net income $440M · FY2025
The read
Quality fundamentals and an attractive price line up (~157% below fair value) — the rarer case where both the business and the entry look good.
Southwest Gas has completed a multi-year simplification and now stands as a pure-play regulated natural-gas distributor. It sold MountainWest in 2023, IPO'd Centuri in April 2024, deconsolidated Centuri in August 2025 and sold its last Centuri shares in September 2025 — leaving a single Natural Gas Distribution segment serving approximately 2,281,000 customers across Arizona, Nevada and California, where it is the largest regulated gas distributor in Arizona and Nevada. This de-risking is the heart of the story: the remaining business is a stable, rate-regulated monopoly utility rather than a holding company with a volatile infrastructure-services arm.
The quality of that utility is good. Over 99% of customers are residential/commercial, and all service territories have decoupled rate structures that sever the link between volumetric sales and revenue, sharply reducing weather and conservation risk to operating margin. The territory is a growth market — about 37,000 first-time meter sets in 2025 — supporting rate-base and customer growth. FY2025 net income more than doubled to $440M ($6.08 diluted EPS, +121%), helped by the cleaner pure-play structure and the Centuri exit, with a solid 12.1% ROE and a stable dividend ($179M).
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jun 21, 2026, 4:58 PM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $3.68B | $4.96B | $5.43B | — | — |
| Gross profit | — | — | — | — | — |
| Operating income | $370M | -$24.4M | $293M | $406M | $474M |
| Net income | $201M | -$203M | $151M | $199M | $440M |
| Diluted EPS | $3.39 | -$3.10 | $2.13 | $2.76 | $6.08 |
| Net margin | 5.5% | -4.1% | 2.8% | — | — |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$9.36B
EV / EBITDA11.6
EV / Sales1.7
EV / FCF—
P / FCF—
PEG (trailing)0.12
Earnings yield6.8%
FCF yield-3.9%
Quality & risk
ROIC (est.)5.3%
Free cash flow-$252M
Total debt$3.43B
Net cash-$2.86B
Piotroski F-Score6/8
Capital returns
Buyback yield—
Dividend yield (est.)2.7%
Shareholder yield2.7%
Shares Δ YoY+0.6%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRed flag in recent filings — agreement terminated (2026-02-12). Worth a closer look.
Recent filings
all on EDGAR ↗11-KPeriod ending 2025-12-312026-06-25open ↗4Period ending 2026-05-072026-05-13open ↗4Period ending 2026-05-072026-05-13open ↗3Period ending 2026-05-072026-05-13open ↗3Period ending 2026-05-072026-05-13open ↗8-KPeriod ending 2026-05-072026-05-11open ↗SCHEDULE 13D/AFiling2026-05-08open ↗10-QPeriod ending 2026-03-312026-05-05open ↗8-KPeriod ending 2026-05-052026-05-05open ↗SCHEDULE 13GFiling2026-04-29open ↗SCHEDULE 13G/AFiling2026-03-27open ↗ARSPeriod ending 2025-12-312026-03-23open ↗
Frequently asked
- Is Southwest Gas Holdings, Inc. (SWX) a buy?
- SWX currently carries a Buy rating with 3/5 conviction, derived from its latest SEC filings. Now a clean pure-play regulated gas utility post-Centuri exit, with customer growth, decoupled revenues and a fair 14.6x multiple.
- What is SWX's fair value?
- A Modified-Graham model based on SWX's SEC fundamentals estimates a fair value of about $231.04. It is an estimate from reported earnings, not a price target.
- Is SWX overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, SWX currently appears undervalued relative to its SEC-grounded earnings power.
- What is Southwest Gas Holdings, Inc.'s quality score?
- SWX scores 78.94414590659379/100 (grade B+) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001692115, latest 10-Q filed 2026-05-05) · EODHD · Proprietary analysis · as of 6/21/2026, 8:58:40 PM.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.