Southwest Gas Holdings (SWX) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Southwest Gas Holdings

NYSE•Utilities•Utilities - Regulated Gas

$86.74-0.08(<0.01%)Pre-market

Market Cap

$6.29B

P/E

12.1x

P/S

57.9x

P/B

1.5x

Southwest Gas Holdings, Inc., through its subsidiary, Southwest Gas Corporation, purchases, distributes, and transports natural gas for residential, commercial, and industrial customers in Arizona, Nevada, and California in the United States. The company offers tariff sales and transportation services. It also operates a pipeline transmission system, including an LNG storage facility. As of December 31, 2025, the company served approximately 2,281,000 customers with 1,224,000 in Arizona, 849,000 in Nevada, and 208,000 in California. Southwest Gas Holdings, Inc. was founded in 1931 and is headquartered in Las Vegas, Nevada.

How this company scores

AverageMetricSide Score: 51/100

Strongest: Profitability (23/25); weakest: Cash & Earnings Quality (2/25).

Profitability23/25

Growth10/25

Balance Sheet & Red Flags16/25

Cash & Earnings Quality2/25

Strengths

Strong marginsRising earningsProfit converts from growthImproving leverage

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 12.1x5y range 12.1x – 81.1x

Currently below its 20-quarter median.

P/S · 57.9x5y range 0.8x – 57.9x

Currently above its 20-quarter median.

P/B · 1.5x5y range 1.3x – 1.7x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

Free cash flow has been negative in 6 of the last 8 quarters — earnings are not translating to cash.

Price & Volume

Market Cap $6.29B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $108.63M
Q. Revenue: $0
TTM EBITDA: $481.68M
TTM Op. Income: $481.68M
Q. Op. Income: $84.33M
TTM Net Income: $519.34M
Q. Net Income: $42.12M
EPS: $0.58
Shares Out.: $72.52M

$108.63M in TTM revenue declined 97.7% YoY, reaching $0 last quarter. TTM EBITDA of $481.68M and TTM operating income of $481.68M show growth is flowing through to the bottom line. TTM net income of $519.34M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has fallen for 7 consecutive quarters — a weakening trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: N/A
Op. Margin: 8432700000.0%
Net Margin: 4212200000.0%

Op. margin of 8432700000.0% is up 8432699991.5% YoY — cost efficiency is improving. Net margin at 4212200000.0% Across the last 8 quarters, operating margin has risen for 2 consecutive quarters — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 12.1x
P/S Ratio: 57.9x
P/B Ratio: 1.5x

At 12.1x P/E, the stock trades below typical market levels. P/S of 57.9x and P/B of 1.5x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Over the past year, P/E is down 56% — an improving trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $10.48B
Cash: $270.52M
Long-Term Debt: $3.41B
Book Value: $4.13B
D/E Ratio: 0.8
Debt/EBITDA: 40.4

With $10.48B in assets and $3.41B in long-term debt, D/E is 0.8and book value is $4.13B — a conservative capital structure with a cushion to weather downturns. Across the last 8 quarters, debt/equity has fallen for 7 consecutive quarters — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $146.09M
TTM Free Cash Flow: $-482.67M
FCF Margin: -444.3%
FCF / Net Income: -0.9

TTM FCF of $-482.67M on $146.09M in operating cash flow. The FCF / Net Income ratio of -0.9x means the business consumes cash — it is not yet self-funding. Across the last 8 quarters, free cash flow has fallen for 7 consecutive quarters — a weakening trend.