Southwest Gas Holdings, Inc. SWX
The Company, a Delaware corporation, is a holding company headquartered in Las Vegas, Nevada, owning all of the shares of common stock of Southwest Gas and, until the Centuri IPO on April 22, 2024, all of the shares of common stock of Centuri. The Company operated two reportable segments until August 2025, the Natural Gas Distribution segment (Southwest Gas) and Utility Infrastructure Services segment (Centuri). After the deconsolidation of Centuri in August 2025, the business is solely comprised of the Natural Gas Distribution segment. The Company is incorporated in Delaware, and Southwest Gas is incorporated in California.
The Company, through its operating wholly-owned subsidiary Southwest Gas, engages in the business of purchasing, distributing, and transporting natural gas for its customers. Southwest Gas is a dynamic energy company committed to exceeding the expectations of its more than two million customers throughout Arizona, Nevada, and California by providing safe and reliable service while innovating sustainable energy solutions to fuel the growth in its communities.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | $5.43B | $4.96B | $3.68B | $3.30B | $1.39B | $1.31B | $1.26B | $1.31B |
| Cost of revenue | — | $2.42B | $2.62B | $2.53B | $1.96B | $1.73B | $1.57B | $1.39B | $1.15B | $1.02B |
| Gross profit | — | — | $2.82B | $2.43B | $1.72B | $1.57B | -$187.9M | -$81.7M | $113.9M | $282.4M |
| Total operating expenses | $1.47B | $2.07B | $2.24B | $4.98B | $3.31B | $2.88B | $2.75B | $2.52B | $2.21B | $2.15B |
| Operating income | $473.9M | $406.5M | $293.0M | -$24.4M | $369.5M | $423.0M | $371.8M | $357.4M | $343.1M | $315.5M |
| Interest expense | — | $297.0M | $194.8M | $242.8M | $119.2M | $111.5M | $109.2M | $96.7M | $78.1M | $73.7M |
| Pre-tax income | $330.9M | $254.1M | $169.4M | -$273.3M | $246.8M | $304.7M | $272.7M | $243.3M | $259.0M | $231.5M |
| Income tax | $96.0M | $33.2M | $29.4M | $75.7M | $39.6M | $65.8M | $56.0M | $61.7M | $65.1M | $78.5M |
| Net income | $439.8M | $198.8M | $150.9M | -$203.3M | $200.8M | $232.3M | $213.9M | $182.3M | $193.8M | $152.0M |
| EPS, basic | 6.09 | 2.77 | 2.13 | -3.10 | 3.39 | 4.15 | 3.94 | 3.69 | 4.04 | 3.20 |
| EPS, diluted | 6.08 | 2.76 | 2.13 | -3.10 | 3.39 | 4.14 | 3.94 | 3.68 | 4.04 | 3.18 |
| Shares, diluted (wtd. avg.) | $72.3M | $72.0M | $71.0M | $65.6M | $59.3M | $56.1M | $54.3M | $49.5M | $48.0M | $47.8M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $576.6M | $314.8M | $106.5M | $123.1M | $222.7M | $83.4M | $49.5M | $85.4M | $43.6M | $28.1M |
| Receivables | $170.6M | $203.0M | $886.5M | $866.2M | $707.1M | $522.2M | $474.1M | $413.9M | $347.4M | $285.1M |
| Total current assets | $1.19B | $1.46B | $1.88B | $3.71B | $1.61B | $871.0M | $859.9M | $839.8M | $657.0M | $533.3M |
| Goodwill | $11.2M | $11.2M | $789.7M | $787.2M | $1.78B | $345.2M | $343.0M | $359.0M | $179.3M | $140.0M |
| Total assets | $10.43B | $12.07B | $9.28B | $13.20B | $12.77B | $8.74B | $8.17B | $7.36B | $6.24B | $5.58B |
| Accounts payable | $225.7M | $190.9M | $346.9M | $662.1M | $353.4M | $231.3M | $238.9M | $249.0M | $228.3M | $184.7M |
| Short-term debt | $75.0M | $0 | $42.6M | $44.6M | $297.3M | $40.4M | $163.5M | $33.1M | $25.3M | $50.1M |
| Total current liabilities | $879.7M | $1.83B | $1.68B | $3.42B | $3.11B | $912.0M | $1.08B | $938.6M | $815.9M | $628.4M |
| Long-term debt | $3.43B | $3.50B | $4.61B | $4.40B | $4.12B | $2.73B | $2.30B | $2.11B | $1.80B | $1.55B |
| Retained earnings | $742.5M | $758.6M | $738.8M | $747.1M | $1.11B | $1.07B | $1.04B | $944.3M | $857.4M | $759.3M |
| Total equity | $3.65B | $3.50B | $3.31B | $3.06B | $2.95B | $2.67B | $2.51B | $2.25B | $1.81B | $1.66B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $556.1M | $1.36B | $509.2M | $407.5M | $111.4M | $626.1M | $500.4M | $528.9M | $370.0M | $600.5M |
| Stock-based compensation | $14.6M | $11.4M | $6.2M | $9.4M | $9.3M | $7.1M | $6.9M | $6.1M | $10.9M | $5.5M |
| Capital expenditure | $807.9M | $846.6M | $765.9M | $859.4M | $715.6M | $825.1M | $938.1M | $765.9M | $623.6M | $529.5M |
| Investing cash flow | -$24.8M | -$921.6M | $151.0M | -$838.9M | -$3.04B | -$802.1M | -$951.6M | -$999.5M | -$700.9M | -$525.6M |
| Financing cash flow | -$318.3M | -$176.3M | -$700.8M | $356.5M | $3.06B | $209.6M | $415.3M | $512.6M | $346.2M | -$82.7M |
| Dividends paid | $178.5M | $177.6M | $174.6M | $160.6M | $138.2M | $125.5M | $116.1M | $100.2M | $92.1M | $83.3M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001692115-26-000062.
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|---|---|---|---|---|
| OKE | ONEOK INC /NEW/ | $60.16B | 17.6x | 55.0% |
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| RGCO | RGC RESOURCES INC | $228.5M | 17.0x | 16.6% |
| BIPC | Brookfield Infrastructure Corp | — | — | 0.1% |