NorthWestern Energy Group, Inc. (NWE) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.43	$0.5	+16.3%	—	$392.6M	—
Q1 26	$1.15	$1.15	0.0%	—	$497.6M	—
Q4 25	$1.19	$1.17	-1.7%	—	$414.3M	—
Q3 25	$0.75	$0.79	+5.3%	—	$387M	—
Q2 25	$0.38	$0.4	+5.3%	—	$342.7M	—
Q1 25	$1.18	$1.22	+3.4%	—	$466.6M	—
Q4 24	$1.13	$1.13	0.0%	—	$373.5M	—
Q3 24	$0.68	$0.65	-4.4%	—	$345.2M	—
Q2 24	$0.48	$0.53	+10.4%	—	$319.9M	—
Q1 24	$1.16	$1.09	-6.0%	—	$475.3M	—
Q4 23	$1.17	$1.38	+17.9%	—	$356M	—
Q3 23	$0.54	$0.49	-9.3%	—	$321.1M	—
Q2 23	$0.52	$0.35	-32.7%	—	$290.5M	—
Q1 23	$1.11	$1.05	-5.4%	—	$454.5M	—
Q4 22	$1.16	$1.13	-2.6%	—	$425.3M	—
Q3 22	$0.59	$0.42	-28.8%	—	$335.1M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$2.95	—	—	$1.6B	—
FY24	—	$3.65	—	—	$1.5B	—
FY23	—	$3.22	—	—	$1.4B	—
FY22	—	$3.28	—	—	$1.5B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$1.3B	$1.3B	$1.2B	$1.3B	$1.2B	$1.4B	$1.5B	$1.4B	$1.5B	$1.6B
YoY change	+3.54%	+3.85%	-8.7%	+5.53%	-4.71%	+14.5%	+7.69%	-3.77%	+6.45%	+6.38%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	1.3B	1.3B	1.2B	1.3B	1.2B	1.4B	1.5B	1.4B	1.5B	1.6B
Cost of revenue	401M	410.3M	272.9M	527.1M	509.2M	633.9M	713.4M	640.8M	661.7M	694.7M
Gross profit	856.3M	895.3M	919.1M	730.8M	689.5M	738.5M	764.4M	781.4M	852.2M	915.9M
Gross margin	68.1%	68.6%	77.1%	58.1%	57.5%	53.8%	51.7%	54.9%	56.3%	56.9%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	293.9M	294.8M	307.1M	109.2M	94.1M	101.9M	113.8M	117.4M	137.4M	158.2M
Operating expenses	293.9M	294.8M	307.1M	109.2M	94.1M	101.9M	113.8M	117.4M	137.4M	158.2M
Operating income	255M	271.7M	266.3M	276.9M	236.2M	275.7M	263.1M	300.5M	323.3M	325.8M
Operating margin	20.3%	20.8%	22.3%	22%	19.7%	20.1%	17.8%	21.1%	21.4%	20.2%
Non-operating income, net	-3.5M	-3.4M	4M	413K	4.9M	8.3M	19.4M	15.8M	23M	12.1M
Pretax income	156.5M	176.1M	178.3M	182.2M	144.2M	190.3M	182.4M	201.7M	214.7M	187.6M
Income tax	-7.6M	13.4M	-18.7M	-19.9M	-11M	3.4M	-605K	7.5M	-9.4M	6.5M
Net income	164.2M	162.7M	197M	202.1M	155.2M	186.8M	183M	194.1M	224.1M	181.1M
Net margin	13.1%	12.5%	16.5%	16.1%	12.9%	13.6%	12.4%	13.7%	14.8%	11.2%
EBITDA	410.8M	434.5M	444.7M	450.2M	420.7M	471.4M	477.5M	526.8M	574M	587.4M
EPS	3.4	3.35	3.94	4.01	3.07	3.61	3.28	3.22	3.65	2.95
Diluted EPS	3.39	3.34	3.92	3.98	3.06	3.6	3.25	3.22	3.65	2.94

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	321.1M	356M	475.3M	319.9M	345.2M	373.5M	466.6M	342.7M	387M	414.3M	497.6M	392.6M
Cost of revenue	142.2M	154.8M	228.9M	133.8M	143.8M	155.1M	194.9M	137.6M	151.1M	211.1M	220.1M	168.9M
Gross profit	178.9M	201.2M	246.4M	186.1M	201.4M	218.3M	271.7M	205.1M	235.9M	203.2M	277.5M	223.7M
Gross margin	55.7%	56.5%	51.8%	58.2%	58.4%	58.5%	58.2%	59.8%	61%	49%	55.8%	57%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	29.4M	23.3M	40.4M	31.3M	34.9M	30.8M	41.4M	33.8M	46.7M	36.4M	46.1M	42.4M
Operating expenses	29.4M	23.3M	40.4M	31.3M	34.9M	30.8M	41.4M	33.8M	46.7M	36.4M	46.1M	42.4M
Operating income	55.6M	103.2M	102.1M	61.6M	67.9M	91.7M	124.7M	60.8M	80.3M	60M	114.1M	64.2M
Operating margin	17.3%	29%	21.5%	19.3%	19.7%	24.6%	26.7%	17.7%	20.7%	14.5%	22.9%	16.4%
Non-operating income, net	4.1M	2.9M	4.3M	6.2M	9.1M	3.4M	3.9M	78K	5.1M	3M	3.1M	4.5M
Pretax income	31M	76.6M	75.4M	35.9M	43.7M	59.7M	92.1M	24.6M	47M	23.8M	77.3M	28.5M
Income tax	1.7M	-6.5M	10.3M	4.2M	-3.2M	-20.8M	15.2M	3.4M	8.8M	-20.9M	13.8M	3.5M
Net income	29.3M	83.1M	65.1M	31.7M	46.8M	80.6M	76.9M	21.2M	38.2M	44.7M	63.5M	25M
Net margin	9.14%	23.4%	13.7%	9.89%	13.6%	21.6%	16.5%	6.19%	9.88%	10.8%	12.8%	6.37%
EBITDA	111.9M	158.8M	163.1M	124.7M	134M	152.1M	191.1M	123.2M	148.2M	124.9M	184M	135.8M
EPS	0.48	—	1.06	0.52	0.76	1.31	1.25	0.35	0.62	—	1.03	0.41
Diluted EPS	0.48	—	1.06	0.52	0.76	1.31	1.25	0.35	0.62	—	1.03	0.4

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	2.7B	2.9B	3B	3.6B	2.9B	3B	3.3B	3.1B	3.3B	4B	4.2B
Enterprise value	4.9B	5B	5.1B	5.9B	5.4B	5.5B	5.9B	5.9B	6.4B	7.4B	7.8B
Shares outstanding	48.3M	48.6M	50M	50.4M	50.6M	51.7M	55.8M	60.3M	61.3M	61.4M	61.4M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	16.7	17.8	15.1	17.9	19	15.8	18.1	15.8	14.6	21.9	24.6
P/S	2.18	2.22	2.49	2.87	2.46	2.15	2.24	2.16	2.17	2.46	2.48
P/B	1.64	1.61	1.53	1.77	1.42	1.26	1.24	1.1	1.15	1.37	1.45
EV/EBITDA	11.8	11.6	11.4	13	12.8	11.7	12.4	11.1	11.1	12.6	13.2
EV/Sales	3.87	3.85	4.27	4.66	4.48	4.01	4.01	4.12	4.21	4.59	4.63
Earnings yield	5.98%	5.61%	6.63%	5.59%	5.26%	6.32%	5.53%	6.32%	6.84%	4.57%	4.07%
FCF yield	-0.04%	1.6%	3.3%	-0.53%	-1.82%	-7.25%	-6.28%	-2.53%	-4.35%	-3.28%	-5.8%
PEG	—	—	—	—	—	—	—	—	—	—	1.43

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	68.1%	68.6%	77.1%	58.1%	57.5%	53.8%	51.7%	54.9%	56.3%	56.9%	57%
Operating margin	20.3%	20.8%	22.3%	22%	19.7%	20.1%	17.8%	21.1%	21.4%	20.2%	17.3%
Net margin	13.1%	12.5%	16.5%	16.1%	12.9%	13.6%	12.4%	13.7%	14.8%	11.2%	10.1%
ROE	9.79%	9.04%	10.1%	9.91%	7.47%	7.99%	6.87%	6.97%	7.84%	6.28%	5.93%
ROA	2.99%	3%	3.49%	3.32%	2.43%	2.76%	2.5%	2.55%	2.8%	2.14%	2.48%
ROIC	6.72%	6.39%	6.56%	6.46%	5.24%	5.53%	4.98%	5.19%	5.43%	4.98%	4.77%
Return on tangible assets	3.43%	3.46%	4%	3.77%	2.74%	3.08%	2.77%	2.82%	3.08%	2.34%	2.15%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.46	0.47	0.8	0.9	0.66	1.15	0.87	0.76	0.52	0.72	0.83
Quick ratio	0.38	0.39	0.65	0.74	0.53	0.94	0.69	0.55	0.37	0.53	0.58
Debt / equity	1.27	1.19	1.09	1.1	1.17	1.09	0.99	1	1.09	1.19	1.24
Debt / assets	0.39	0.39	0.38	0.37	0.38	0.38	0.36	0.37	0.39	0.41	0.41
Net debt / EBITDA	5.15	4.9	4.76	4.99	5.77	5.42	5.49	5.29	5.39	5.84	6.06
Interest coverage	2.65	2.91	2.94	2.92	2.49	3.03	2.82	2.76	2.63	2.25	2.12
Effective tax rate	0%	7.59%	0%	0%	0%	1.8%	0%	3.74%	0%	3.45%	2.92%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	26	26.9	23.8	24.9	23.7	26.5	26.5	23.6	24.7	26.2	27.5
EPS (basic)	3.4	3.35	3.94	4.01	3.07	3.61	3.28	3.22	3.65	2.95	2.95
EPS (diluted)	3.39	3.34	3.92	3.98	3.06	3.6	3.25	3.22	3.65	2.94	2.77
Book value per share	34.7	37	38.9	40.4	41.1	45.2	47.8	46.2	46.6	47	47.1
FCF per share	-0.02	0.95	1.96	-0.38	-1.06	-4.15	-3.73	-1.29	-2.32	-2.12	-3.07
Cash per share	0.11	0.17	0.16	0.1	0.11	0.05	0.15	0.15	0.07	0.14	0.07
Capex per share	5.96	5.69	5.68	6.27	8.03	8.4	9.23	9.4	8.96	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	22.9%	21.2%	23.8%	25.1%	33.9%	31.6%	34.9%	39.9%	36.3%	—	—
Capex / operating cash flow	109.1%	86.6%	84.1%	107.2%	126.5%	223.9%	177.7%	115.2%	139.8%	—	—
Payout ratio	58.3%	62.2%	55.4%	57%	77.5%	68.8%	76.5%	79.4%	70.8%	89.1%	96%
Dividend yield	3.49%	3.49%	3.68%	3.19%	4.08%	4.35%	4.23%	5.02%	4.84%	4.07%	3.94%

Yield

3.94%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.67

ex-dividend Aug 17, 2026

Payout ratio

96%

of earnings

Dividend growth

17 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 17, 2026	$0.67
Jun 15, 2026	$0.67
Mar 13, 2026	$0.67

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$321.1M	$356M	$475.3M	$319.9M	$345.2M	$373.5M	$466.6M	$342.7M	$387M	$414.3M	$497.6M	$392.6M
YoY change	-4.17%	-16.3%	+4.58%	+10.1%	+7.5%	+4.9%	-1.83%	+7.12%	+12.1%	+10.9%	+6.63%	+14.6%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	5.1M	8.5M	7.9M	5.1M	5.8M	2.8M	8.5M	9.2M	4.3M	8.8M
Receivables	159.6M	182.3M	162.4M	167.4M	168.2M	198.7M	245M	212.3M	187.8M	113.9M
Inventory	49.2M	52.4M	50.8M	53.9M	61M	80.6M	107.4M	114.5M	122.9M	132.5M
Total current assets	280.2M	296.4M	277.7M	301.7M	308.7M	437.8M	538.8M	407M	418.2M	503.9M
Property, plant & equipment	-571.8M	-678M	-699.1M	-777.3M	-757.2M	-1.5B	-1.6B	-1.9B	-2.2B	-2.3B
Goodwill & intangibles	715.2M	715.2M	715.2M	715.2M	715.2M	715.2M	715.2M	715.2M	715.2M	735.3M
Total assets	5.5B	5.4B	5.6B	6.1B	6.4B	6.8B	7.3B	7.6B	8B	8.5B
Accounts payable	79.3M	85.2M	87M	96.7M	100.4M	115.2M	201.5M	124.3M	111.8M	129.6M
Short-term debt	302.8M	321.7M	2.3M	2.5M	102.7M	2.9M	147.6M	103.3M	403.5M	256.8M
Total current liabilities	613.8M	632.2M	347M	334.3M	466.4M	379.6M	620.8M	534.9M	802.2M	697.5M
Long-term debt	1.8B	1.8B	2.1B	2.3B	2.3B	2.6B	2.5B	2.7B	2.7B	3.2B
Total liabilities	3.8B	3.6B	3.7B	4B	4.3B	4.4B	4.7B	4.8B	5.1B	5.6B
Shareholders' equity	1.7B	1.8B	1.9B	2B	2.1B	2.3B	2.7B	2.8B	2.9B	2.9B
Total debt	2.1B	2.1B	2.1B	2.3B	2.4B	2.6B	2.6B	2.8B	3.1B	3.4B
Net debt	2.1B	2.1B	2.1B	2.2B	2.4B	2.6B	2.6B	2.8B	3.1B	3.4B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	5.1M	9.2M	4.2M	6.4M	2.5M	4.3M	56M	2.9M	6.2M	8.8M	5.9M	4.2M
Receivables	148M	212.3M	186.9M	149.5M	144.2M	187.8M	187.5M	154.9M	159.1M	113.9M	199.3M	168.8M
Inventory	119.1M	114.5M	103.8M	115M	121.6M	122.9M	119.6M	125.4M	135M	132.5M	134.1M	146M
Total current assets	358.4M	407M	396.8M	364M	368.4M	418.2M	472.8M	403.1M	443.9M	503.9M	513.2M	481.6M
Property, plant & equipment	—	-1.9B	—	—	—	-2.2B	—	—	—	-2.3B	—	—
Goodwill & intangibles	715.2M	715.2M	715.2M	715.2M	715.2M	715.2M	715.2M	715.2M	735.9M	735.3M	735.3M	735.3M
Total assets	7.4B	7.6B	7.6B	7.7B	7.9B	8B	8.1B	8.1B	8.3B	8.5B	8.6B	8.7B
Accounts payable	119.3M	124.3M	96.5M	91.3M	93.7M	111.8M	88.5M	93.7M	93.5M	129.6M	121.8M	114.8M
Short-term debt	103.2M	103.3M	3.4M	328.4M	403.4M	403.5M	3.7M	163.7M	257.7M	256.8M	256.8M	146.7M
Total current liabilities	569.5M	534.9M	444.7M	699.8M	813.3M	802.2M	397.6M	537.4M	684.6M	697.5M	730.9M	583M
Long-term debt	2.6B	2.7B	2.8B	2.6B	2.6B	2.7B	3.1B	3B	3B	3.2B	3.2B	3.4B
Total liabilities	4.7B	4.8B	4.8B	4.9B	5B	5.1B	5.2B	5.3B	5.4B	5.6B	5.7B	5.8B
Shareholders' equity	2.7B	2.8B	2.8B	2.8B	2.8B	2.9B	2.9B	2.9B	2.9B	2.9B	2.9B	2.9B
Total debt	2.7B	2.8B	2.8B	2.9B	3B	3.1B	3.1B	3.2B	3.3B	3.4B	3.4B	3.6B
Net debt	2.6B	2.8B	2.8B	2.9B	3B	3.1B	3.1B	3.2B	3.3B	3.4B	3.4B	3.6B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	164.2M	162.7M	197M	202.1M	155.2M	186.8M	183M	194.1M	224.1M	181.1M
Depreciation & amortization	159.3M	166.1M	174.5M	172.9M	179.6M	187.5M	195M	210.5M	227.6M	249.5M
Stock-based compensation	6.7M	5.6M	7.7M	8M	4.1M	5.3M	5.5M	5.2M	4.7M	7M
Change in working capital	-55.7M	-26.7M	-28.7M	-73.3M	-8.7M	-180.4M	-75.7M	88.4M	-40.6M	-92M
Operating cash flow	263.9M	319.2M	337.7M	294.7M	320.8M	194M	289.9M	492.3M	392.9M	394.5M
Capital expenditure	-287.9M	-276.4M	-284M	-316M	-405.8M	-434.3M	-515.1M	-566.9M	-549.2M	—
Investing cash flow	-286.5M	-276.1M	-304.9M	-316.2M	-405.8M	-435.8M	-516.9M	-570.8M	-554.5M	-46.2M
Dividends paid	-95.8M	-101.3M	-109.2M	-115.1M	-120.3M	-128.5M	-140.1M	-154.1M	-158.6M	-161.4M
Share repurchases	-561K	—	—	—	-1.4M	—	—	—	—	—
Financing cash flow	-9.4M	-44.2M	-73.8M	16.2M	58.7M	117.5M	213.3M	-47.7M	151.6M	177.9M
Net change in cash	-32M	-1M	-41M	-5.2M	-26.3M	-124.3M	-13.6M	-126.2M	-10M	526.2M
Free cash flow	-1.1M	46.3M	98M	-19.3M	-53.6M	-214.3M	-207.9M	-77.7M	-142.5M	-130M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	—	—	—	—	—	—	—	—	38.2M	44.7M	63.5M	25M
Depreciation & amortization	—	—	—	—	—	—	—	—	62.8M	61.9M	66.8M	67M
Stock-based compensation	—	—	—	—	—	—	—	—	1.9M	933K	2M	2M
Change in working capital	—	—	—	—	—	—	—	—	-31.8M	-32.4M	-34.8M	7.5M
Operating cash flow	—	—	—	—	—	—	—	—	126.7M	56.2M	159.4M	73.8M
Capital expenditure	—	—	—	—	—	—	—	—	—	—	—	—
Investing cash flow	—	—	—	—	—	—	—	—	-2.3M	-2.1M	0	-1.1M
Dividends paid	—	—	—	—	—	—	—	—	-40.4M	-40.4M	-41M	-41.1M
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	—	—	—	—	—	—	—	—	25.1M	139.4M	-46.5M	113.4M
Net change in cash	—	—	—	—	—	—	—	—	149.4M	193.5M	112.9M	186.2M
Free cash flow	-11M	-97.4M	52.9M	-76.3M	-33.2M	-85.9M	61.3M	-70.6M	-26.9M	-93.7M	43.3M	-114.9M

NorthWestern Energy Group, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement