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Stocks · Energy · Natural Gas Transmisison & Distribution

Southwest Gas Holdings, Inc.

SWX Clue Score31
United States Fiscal year ends December CIK 0001692115
$84.14 +0.75% Close, 9 Oct 2026
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Price $84.14 +31.10% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue1.31Operating income0.32Net income0.15EPS, diluted3.18Fiscal year 2017Revenue1.26 −3.4%Operating income0.34Net income0.19 +27.5%EPS, diluted4.04 +27.0%Fiscal year 2018Revenue1.31 +3.4%Operating income0.36Net income0.18 −6.0%EPS, diluted3.68 −8.9%Fiscal year 2019Revenue1.39 +6.1%Operating income0.37Net income0.21 +17.4%EPS, diluted3.94 +7.1%Fiscal year 2020Revenue1.34 −3.3%Operating income0.42Net income0.23 +8.6%EPS, diluted4.14 +5.1%Fiscal year 2021Revenue1.50 +11.8%Operating income0.37Net income0.20 −13.6%EPS, diluted3.39 −18.1%Fiscal year 2022Revenue4.96 +231.2%Operating income−0.02Net income−0.20 −201.3%EPS, diluted−3.10 −191.4%Fiscal year 2023Revenue5.43 +9.6%Operating income0.29Net income0.15EPS, diluted2.13Fiscal year 2024Operating income0.41Net income0.20 +31.8%EPS, diluted2.76 +29.6%Fiscal year 2025Operating income0.47Net income0.44 +121.2%EPS, diluted6.08 +120.3%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 1.31 1.26 1.31 1.39 1.34 1.50 4.96 5.43 n/a n/a
Growth −3.4% +3.4% +6.1% −3.3% +11.8% +231.2% +9.6%
Operating income 0.32 0.34 0.36 0.37 0.42 0.37 −0.02 0.29 0.41 0.47
Net income 0.15 0.19 0.18 0.21 0.23 0.20 −0.20 0.15 0.20 0.44
Growth +27.5% −6.0% +17.4% +8.6% −13.6% −201.3% +31.8% +121.2%
EPS, diluted 3.18 4.04 3.68 3.94 4.14 3.39 −3.10 2.13 2.76 6.08
Growth +27.0% −8.9% +7.1% +5.1% −18.1% −191.4% +29.6% +120.3%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin24.1%Net margin11.6%Free cash flow margin5.4%Fiscal year 2017Operating margin27.2%Net margin15.3%Free cash flow margin−20.1%Fiscal year 2018Operating margin27.4%Net margin14.0%Free cash flow margin−18.2%Fiscal year 2019Operating margin26.8%Net margin15.4%Free cash flow margin−31.6%Fiscal year 2020Operating margin31.6%Net margin17.3%Free cash flow margin−14.9%Fiscal year 2021Operating margin24.7%Net margin13.4%Free cash flow margin−40.3%Fiscal year 2022Operating margin−0.5%Net margin−4.1%Free cash flow margin−9.1%Fiscal year 2023Operating margin5.4%Net margin2.8%Free cash flow margin−4.7%Fiscal year 2024Fiscal year 2025
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 24.1% 27.2% 27.4% 26.8% 31.6% 24.7% −0.5% 5.4% n/a n/a
Net margin 11.6% 15.3% 14.0% 15.4% 17.3% 13.4% −4.1% 2.8% n/a n/a
Free cash flow margin 5.4% −20.1% −18.2% −31.6% −14.9% −40.3% −9.1% −4.7% n/a n/a

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow0.60Capital expenditure−0.53Free cash flow0.07Dividends paid−0.08Fiscal year 2017Operating cash flow0.37Capital expenditure−0.62Free cash flow−0.25 −457.4%Dividends paid−0.09Fiscal year 2018Operating cash flow0.53Capital expenditure−0.77Free cash flow−0.24Dividends paid−0.10Fiscal year 2019Operating cash flow0.50Capital expenditure−0.94Free cash flow−0.44Dividends paid−0.12Fiscal year 2020Operating cash flow0.63Capital expenditure−0.83Free cash flow−0.20Dividends paid−0.13Fiscal year 2021Operating cash flow0.11Capital expenditure−0.72Free cash flow−0.60Dividends paid−0.14Fiscal year 2022Operating cash flow0.41Capital expenditure−0.86Free cash flow−0.45Dividends paid−0.16Fiscal year 2023Operating cash flow0.51Capital expenditure−0.77Free cash flow−0.26Dividends paid−0.17Fiscal year 2024Operating cash flow1.36Capital expenditure−0.85Free cash flow0.51Dividends paid−0.18Fiscal year 2025Operating cash flow0.56Capital expenditure−0.81Free cash flow−0.25 −149.4%Dividends paid−0.18
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 0.60 0.37 0.53 0.50 0.63 0.11 0.41 0.51 1.36 0.56
Capital expenditure −0.53 −0.62 −0.77 −0.94 −0.83 −0.72 −0.86 −0.77 −0.85 −0.81
Free cash flow 0.07 −0.25 −0.24 −0.44 −0.20 −0.60 −0.45 −0.26 0.51 −0.25
Growth −457.4% −149.4%
Dividends paid −0.08 −0.09 −0.10 −0.12 −0.13 −0.14 −0.16 −0.17 −0.18 −0.18

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash0.03Total debt1.60Net cash (debt)−1.57Shareholders’ equity1.66Debt to equity0.96Fiscal year 2017Cash0.04Total debt1.82Net cash (debt)−1.78Shareholders’ equity1.81Debt to equity1.01Fiscal year 2018Cash0.09Total debt2.14Net cash (debt)−2.05Shareholders’ equity2.25Debt to equity0.95Fiscal year 2019Cash0.05Total debt2.46Net cash (debt)−2.41Shareholders’ equity2.51Debt to equity0.98Fiscal year 2020Cash0.08Total debt2.77Net cash (debt)−2.69Shareholders’ equity2.67Debt to equity1.04Fiscal year 2021Cash0.22Total debt4.41Net cash (debt)−4.19Shareholders’ equity2.95Debt to equity1.49Fiscal year 2022Cash0.12Total debt4.45Net cash (debt)−4.32Shareholders’ equity3.06Debt to equity1.45Fiscal year 2023Cash0.11Total debt4.65Net cash (debt)−4.55Shareholders’ equity3.31Debt to equity1.41Fiscal year 2024Cash0.31Total debt3.50Net cash (debt)−3.19Shareholders’ equity3.50Debt to equity1.00Fiscal year 2025Cash0.58Total debt3.51Net cash (debt)−2.93Shareholders’ equity3.96Debt to equity0.89
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 0.03 0.04 0.09 0.05 0.08 0.22 0.12 0.11 0.31 0.58
Total debt 1.60 1.82 2.14 2.46 2.77 4.41 4.45 4.65 3.50 3.51
Net cash (debt) −1.57 −1.78 −2.05 −2.41 −2.69 −4.19 −4.32 −4.55 −3.19 −2.93
Shareholders’ equity 1.66 1.81 2.25 2.51 2.67 2.95 3.06 3.31 3.50 3.96
Debt to equity 0.96 1.01 0.95 0.98 1.04 1.49 1.45 1.41 1.00 0.89

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Balance sheet

In billions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Assets
0.03 0.04 0.09 0.05 0.08 0.22 0.12 0.11 0.31 0.58
0.29 0.35 0.41 0.47 0.52 0.71 0.87 0.89 0.20 0.17
0.14 0.18 0.36 0.34 0.35 1.78 0.79 0.79 0.01 0.01
5.58 6.24 7.36 8.17 8.74 12.77 13.20 9.28 12.07 10.43
Growth +11.8% +18.0% +11.0% +6.9% +46.1% +3.4% −29.7% +30.1% −13.6%
Liabilities
0.05 0.03 0.03 0.16 0.04 0.30 0.04 0.04 0.00 0.08
1.55 1.80 2.11 2.30 2.73 4.12 4.40 4.61 3.50 3.43
calc 1.60 1.82 2.14 2.46 2.77 4.41 4.45 4.65 3.50 3.51
Equity
0.76 0.86 0.94 1.04 1.07 1.11 0.75 0.74 0.76 1.02
1.66 1.81 2.25 2.51 2.67 2.95 3.06 3.31 3.50 3.96
Growth +9.1% +24.1% +11.3% +6.7% +10.4% +3.6% +8.2% +5.9% +13.0%
Per share and net cash
calc −1.57 −1.78 −2.05 −2.41 −2.69 −4.19 −4.32 −4.55 −3.19 −2.93
47.5 48.1 53.0 55.0 57.2 60.4 67.1 71.6 71.8 72.2
calc 35.03 37.74 42.47 45.56 46.77 48.89 45.57 46.25 48.82 54.84

Lines marked calc are worked out here from filed figures; point at one for how.