Northwest Natural Holding Company (NWN) 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 %
Q4 26	-$0.07	$0.01	+114.3%	—	—	—
Q3 26	$1.36	$1.39	+2.2%	—	—	—
Q2 26	-$0.83	-$0.73	+12.0%	—	—	—
Q1 26	-$0.13	$0.01	+107.7%	—	—	—
Q4 25	$2.01	$2.28	+13.4%	—	—	—
Q3 25	$1.41	$1.41	0.0%	—	—	—
Q2 25	-$0.8	-$0.71	+11.3%	—	—	—
Q1 25	-$0.13	-$0.07	+46.2%	—	—	—
Q4 24	$1.81	$1.69	-6.6%	—	—	—
Q3 24	$1.28	$1.21	-5.5%	—	—	—
Q2 24	-$0.67	-$0.65	+3.0%	—	—	—
Q1 24	-$0.01	$0.03	+400.0%	—	—	—
Q4 23	$1.9	$2.01	+5.8%	—	—	—
Q3 23	$1.33	$1.36	+2.3%	—	—	—
Q2 23	-$0.72	-$0.56	+22.2%	—	—	—
Q1 23	-$0.06	$0.05	+183.3%	—	—	—

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	—	$2.73	—	—	$1.3B	—
FY24	—	$1.96	—	—	$1.2B	—
FY23	—	$2.49	—	—	$1.2B	—
FY22	—	$2.43	—	—	$1B

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	$668.2M	$755M	$706.1M	$746.4M	$773.7M	$860.4M	$1B	$1.2B	$1.2B	$1.3B
YoY change	-7.68%	+13%	-6.48%	+5.7%	+3.66%	+11.2%	+20.6%	+15.4%	-3.71%	+11.8%

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	668.2M	755M	706.1M	746.4M	773.7M	860.4M	1B	1.2B	1.2B	1.3B
Cost of revenue	397.3M	477.2M	442.3M	463.4M	473.2M	531.3M	696.1M	822.3M	755.4M	771.1M
Gross profit	270.9M	277.9M	263.8M	282.9M	300.5M	329.1M	341.2M	375.2M	397.6M	518.3M
Gross margin	40.5%	36.8%	37.4%	37.9%	38.8%	38.3%	32.9%	31.3%	34.5%	40.2%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	13.3M	15.3M	11.1M	12.3M	9.7M	9.9M	12.4M	—	—	—
Operating expenses	26.6M	30.6M	14.4M	15.6M	13.4M	23.8M	28.4M	18.4M	19.9M	19.8M
Operating income	150.7M	150.9M	132.2M	143.5M	148.4M	163.1M	167.5M	184.9M	191.1M	280.9M
Operating margin	22.6%	20%	18.7%	19.2%	19.2%	19%	16.1%	15.4%	16.6%	21.8%
Non-operating income, net	-7.2M	-295K	-3.6M	-22.8M	-13.9M	-12.6M	1.2M	17.9M	-1.1M	-3.7M
Pretax income	105.4M	113.1M	91.5M	78M	91.4M	106.1M	115.4M	126.2M	109.9M	154.7M
Income tax	43M	41M	24.2M	12.6M	21.1M	27.4M	29.1M	32.4M	31.1M	41.4M
Net income	58.9M	-55.6M	64.6M	61.7M	76.8M	78.7M	86.3M	93.9M	78.9M	113.3M
Net margin	8.81%	-7.37%	9.14%	8.27%	9.92%	9.14%	8.32%	7.84%	6.84%	8.79%
EBITDA	221.2M	231.7M	213.7M	212.1M	238.1M	264.1M	285.4M	328.4M	348.1M	466.9M
EPS	2.06	-1.94	2.24	2.03	2.51	2.53	2.43	2.49	1.96	2.73
Diluted EPS	2.06	-1.94	2.24	2.03	2.51	2.53	2.43	2.49	1.96	2.73

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	141.5M	355.7M	433.5M	211.7M	136.9M	370.9M	494.3M	236.2M	164.7M	394.2M	490.4M	243.6M
Cost of revenue	116.2M	231M	267.6M	147.1M	108.1M	232.6M	276.1M	151.9M	121.9M	221.3M	259.4M	150.5M
Gross profit	25.3M	124.7M	165.9M	64.6M	28.8M	138.3M	218.2M	84.3M	42.8M	172.9M	231M	93M
Gross margin	17.8%	35.1%	38.3%	30.5%	21%	37.3%	44.1%	35.7%	26%	43.9%	47.1%	38.2%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	—	—	—	—	—	—	—	—	—	—
Operating expenses	2.2M	6.2M	7.5M	3.3M	2.7M	6.4M	7.6M	3.5M	2.7M	6M	7.7M	3.5M
Operating income	-17.6M	75.2M	109.8M	15.7M	-19.3M	84.9M	154.4M	27.2M	-12.4M	111.7M	162.9M	33.2M
Operating margin	-12.4%	21.1%	25.3%	7.42%	-14.1%	22.9%	31.2%	11.5%	-7.54%	28.4%	33.2%	13.6%
Non-operating income, net	5M	4.6M	-1.1M	6K	930K	-910K	-2.5M	-160K	929K	-2M	512K	1.4M
Pretax income	-32M	59.9M	88.2M	-3.6M	-37.5M	62.8M	122.4M	-3.4M	-41.9M	77.6M	130M	1.2M
Income tax	-8.3M	15.3M	24.3M	-812K	-10.3M	17.8M	34.5M	-940K	-12M	19.8M	32.5M	610K
Net income	-23.7M	44.6M	63.8M	-2.8M	-27.2M	45M	87.9M	-2.5M	-29.9M	57.8M	97.5M	600K
Net margin	-16.7%	12.5%	14.7%	-1.32%	-19.8%	12.1%	17.8%	-1.06%	-18.1%	14.7%	19.9%	0.25%
EBITDA	31M	112.6M	141.8M	49.5M	21.2M	126.1M	197.9M	75.1M	35.3M	158.6M	213.6M	84.8M
EPS	-0.65	1.19	1.68	-0.07	-0.71	1.12	2.18	-0.06	-0.72	1.39	2.32	0.01
Diluted EPS	-0.65	1.19	1.68	-0.07	-0.71	1.12	2.18	-0.06	-0.73	1.39	2.32	0.01

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	1.7B	1.7B	1.7B	2.2B	1.4B	1.5B	—	1.5B	1.6B	1.9B	2B
Enterprise value	2.5B	2.5B	2.7B	3.3B	2.7B	3B	—	3.2B	3.5B	4.6B	4.7B
Shares outstanding	28.6M	28.7M	28.9M	30.5M	30.6M	31.1M	35.5M	37.6M	40.2M	41.6M	41.6M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	29.1	—	27	36.4	18.3	19.3	—	15.6	20.2	17.1	15.7
P/S	2.56	2.26	2.47	3.01	1.82	1.76	—	1.22	1.38	1.51	1.53
P/B	2.01	2.3	2.29	2.59	1.58	1.62	—	1.14	1.15	1.32	1.27
EV/EBITDA	11.1	10.9	12.5	15.3	11.4	11.4	—	9.68	10.1	9.83	9.51
EV/Sales	3.69	3.34	3.78	4.36	3.51	3.5	—	2.65	3.04	3.56	3.6
Earnings yield	3.44%	—	3.7%	2.75%	5.46%	5.18%	—	6.41%	4.96%	5.83%	6.36%
FCF yield	4.89%	-0.39%	-2.88%	-2.5%	-9.64%	-8.79%	—	-3.23%	-12.2%	-10.2%	-13.6%
PEG	—	—	—	—	—	—	—	—	—	—	-0.13

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	40.5%	36.8%	37.4%	37.9%	38.8%	38.3%	32.9%	31.3%	34.5%	40.2%	38.2%
Operating margin	22.6%	20%	18.7%	19.2%	19.2%	19%	16.1%	15.4%	16.6%	21.8%	13.6%
Net margin	8.81%	-7.37%	9.14%	8.27%	9.92%	9.14%	8.32%	7.84%	6.84%	8.79%	9.74%
ROE	6.92%	-7.49%	8.47%	7.13%	8.64%	8.41%	7.34%	7.31%	5.69%	7.68%	8.35%
ROA	1.91%	-1.83%	1.99%	1.8%	2.04%	1.94%	1.82%	1.93%	1.51%	1.84%	2.84%
ROIC	5.56%	6.17%	5.76%	6.41%	5.19%	4.97%	4.44%	4.59%	4.15%	4.99%	5.26%
Return on tangible assets	1.91%	-1.83%	2%	1.85%	2.12%	2.01%	1.94%	2.07%	1.62%	2.09%	2.21%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.05	0.71	0.58	0.61	0.52	0.6	0.83	0.86	0.86	0.72	0.77
Quick ratio	0.85	0.58	0.49	0.52	0.45	0.52	0.73	0.7	0.69	0.57	0.55
Debt / equity	0.91	1.12	1.25	1.19	1.51	1.62	1.43	1.36	1.41	1.82	1.73
Debt / assets	0.25	0.27	0.29	0.3	0.36	0.37	0.35	0.36	0.37	0.44	0.42
Net debt / EBITDA	3.41	3.52	4.33	4.75	5.51	5.67	5.77	5.22	5.51	5.67	5.44
Interest coverage	3.76	4.01	3.47	2.83	3.12	3.38	3.17	2.65	2.37	2.26	2.29
Effective tax rate	40.8%	36.3%	26.4%	16.2%	23.1%	25.8%	25.2%	25.6%	28.3%	26.7%	24.5%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	23.3	26.3	24.5	24.5	25.3	27.6	29.2	31.8	28.7	31	31.1
EPS (basic)	2.06	-1.94	2.24	2.03	2.51	2.53	2.43	2.49	1.96	2.73	2.73
EPS (diluted)	2.06	-1.94	2.24	2.03	2.51	2.53	2.43	2.49	1.96	2.73	2.99
Book value per share	29.7	25.9	26.4	28.4	29.1	30	33.1	34.1	34.4	35.5	37
FCF per share	2.93	-0.23	-1.74	-1.85	-4.43	-4.29	-5.37	-1.26	-4.83	-4.76	-6.31
Cash per share	0.68	0.67	1.01	0.82	0.99	0.6	0.82	0.87	0.96	0.88	0.64
Capex per share	—	0	0.15	0.62	0.26	0.04	0.02	—	—	11.2	11.4

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	0%	0.63%	2.52%	1.02%	0.16%	0.07%	—	—	36.2%	37.1%
Capex / operating cash flow	—	0%	2.74%	11.9%	6.3%	0.95%	0.53%	—	—	173.5%	224.8%
Payout ratio	87.5%	-97%	79.5%	86.4%	72.2%	71.1%	72.7%	71.7%	92.4%	68.2%	65.8%
Dividend yield	3.01%	3.16%	2.94%	2.37%	3.94%	3.68%	—	4.6%	4.58%	3.98%	4.21%

Yield

4.21%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.493

ex-dividend Jul 31, 2026

Payout ratio

66%

of earnings

Dividend growth

16 years

consecutive annual raises

Dividend per share

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

Recent payouts

Ex-dividend	Amount
Jul 31, 2026	$0.493
Apr 30, 2026	$0.493
Jan 30, 2026	$0.493

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	$141.5M	$355.7M	$433.5M	$211.7M	$136.9M	$370.9M	$494.3M	$236.2M	$164.7M	$394.2M	$490.4M	$243.6M
YoY change	+21.1%	-5.21%	-6.26%	-11%	-3.21%	+4.26%	+14%	+11.6%	+20.3%	+6.28%	-0.79%	+3.12%

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	19.4M	19.2M	29.3M	24.9M	30.2M	18.6M	29.3M	32.9M	38.5M	36.7M
Receivables	66.7M	66.2M	67M	67.1M	88.1M	101.5M	168.9M	121.3M	124.5M	121.9M
Inventory	54.1M	47.6M	44.1M	44M	42.7M	57.3M	87.1M	112.6M	107M	127.7M
Total current assets	288.1M	269.9M	295.9M	293.7M	323.2M	437.3M	744.2M	601.4M	557.8M	602.9M
Property, plant & equipment	-582.3M	-731.1M	-712.8M	-713.9M	-672.6M	-636.5M	-670.5M	-647.2M	-637.8M	-926.5M
Goodwill & intangibles	—	0	17.9M	99.9M	138.4M	141.1M	298.6M	326.7M	367.6M	741.6M
Total assets	3.1B	3B	3.2B	3.4B	3.8B	4.1B	4.7B	4.9B	5.2B	6.2B
Accounts payable	85.7M	111M	115.9M	113.4M	98M	133.5M	180.7M	145.4M	133.3M	175.6M
Short-term debt	93.3M	150.9M	247.6M	226.3M	401M	391.1M	350.4M	243M	202.7M	335.8M
Total current liabilities	274.5M	381.9M	509.1M	482.2M	627.1M	724.8M	898.7M	696.9M	649M	836.4M
Long-term debt	679.3M	683.2M	706.2M	806.8M	940.7M	1.1B	1.3B	1.5B	1.8B	2.3B
Total liabilities	2.2B	2.3B	2.5B	2.6B	2.9B	3.1B	3.6B	3.6B	3.8B	4.7B
Shareholders' equity	850.5M	742.8M	762.6M	866M	888.7M	935.1M	1.2B	1.3B	1.4B	1.5B
Total debt	772.6M	834.1M	953.9M	1B	1.3B	1.5B	1.7B	1.7B	2B	2.7B
Net debt	769.1M	830.6M	941.2M	1B	1.3B	1.5B	1.6B	1.7B	1.9B	2.6B

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	156.6M	32.9M	72.4M	65.2M	35M	38.5M	100M	102.6M	32.2M	36.7M	34.9M	24.2M
Receivables	52M	121.3M	128.4M	61.8M	53.1M	124.5M	154.7M	78.9M	70.5M	121.9M	150.5M	83.2M
Inventory	94.6M	112.6M	99.9M	107.3M	108.7M	107M	90.3M	113.7M	118.6M	127.7M	134.7M	142.9M
Total current assets	507.4M	601.4M	537.7M	423.1M	408.9M	557.8M	539.9M	466.1M	435.6M	602.9M	584.1M	499.2M
Property, plant & equipment	-615.5M	-647.2M	-627.3M	-602.4M	-605.8M	-637.8M	-894.3M	4.3B	4.4B	-926.5M	4.6B	-879.2M
Goodwill & intangibles	304.8M	326.7M	325.9M	326.3M	362.8M	367.6M	709.1M	741.8M	742.1M	741.6M	742.5M	743.2M
Total assets	4.7B	4.9B	4.8B	4.8B	4.9B	5.2B	5.7B	5.8B	5.9B	6.2B	6.4B	6.4B
Accounts payable	99.3M	145.4M	107.9M	93.6M	96.3M	133.3M	132.8M	116.8M	130.5M	175.6M	124.8M	135.5M
Short-term debt	263.5M	243M	97.6M	81.7M	182.5M	202.7M	120.6M	301.4M	313.8M	335.8M	335.2M	250.4M
Total current liabilities	590.1M	696.9M	468.3M	435.5M	567.4M	649M	514M	683.9M	742.8M	836.4M	730.5M	647.1M
Long-term debt	1.5B	1.5B	1.7B	1.7B	1.6B	1.8B	2.3B	2.2B	2.2B	2.3B	2.3B	2.5B
Total liabilities	3.4B	3.6B	3.5B	3.5B	3.6B	3.8B	4.3B	4.3B	4.4B	4.7B	4.8B	4.9B
Shareholders' equity	1.2B	1.3B	1.3B	1.3B	1.4B	1.4B	1.5B	1.5B	1.4B	1.5B	1.6B	1.6B
Total debt	1.8B	1.7B	1.7B	1.7B	1.8B	2B	2.4B	2.5B	2.5B	2.7B	2.7B	2.7B
Net debt	1.6B	1.7B	1.7B	1.7B	1.8B	1.9B	2.3B	2.4B	2.5B	2.6B	2.6B	2.7B

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	58.9M	-55.6M	64.6M	61.7M	76.8M	78.7M	86.3M	93.9M	78.9M	113.3M
Depreciation & amortization	77.6M	81.1M	85.2M	91.5M	103.7M	113.5M	116.7M	125.6M	158.1M	189.7M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Change in working capital	33.2M	29.7M	-10M	-20.3M	-31.9M	-70.6M	-58.4M	51.4M	33.4M	-54.5M
Operating cash flow	211.8M	3.4M	161.3M	158.3M	125.1M	143.8M	142.3M	282.4M	233.9M	269.1M
Capital expenditure	—	0	-4.4M	-18.8M	-7.9M	-1.4M	-761K	—	—	-466.9M
Investing cash flow	2.9M	-577K	-3.4M	-78.5M	-29.3M	-7.6M	-97.6M	-8.2M	-34.6M	-808.9M
Dividends paid	-51.5M	-54M	-51.3M	-53.3M	-55.4M	-55.9M	-62.8M	-67.3M	-72.9M	-77.3M
Share repurchases	0	0	-8M	0	0	—	—	—	—	—
Financing cash flow	-93.6M	4.6M	56.3M	47M	132.2M	-163.6M	170.3M	-104.3M	230.4M	532.9M
Net change in cash	121.1M	7.4M	214.2M	126.8M	227.9M	-27.4M	215M	169.9M	429.7M	-6.9M
Free cash flow	83.8M	-6.6M	-50.3M	-56.3M	-135.6M	-133.5M	-190.9M	-47.4M	-194.1M	-197.8M

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	-23.7M	44.6M	63.8M	-2.8M	-27.2M	45M	87.9M	-2.5M	-29.9M	57.8M	97.5M	600K
Depreciation & amortization	43.5M	32.8M	33.1M	29M	39.6M	42.1M	46.1M	48.1M	46.7M	48.8M	50.3M	50.3M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	-841K	-99.4M	30.7M	98.4M	6.2M	-101.8M	34.8M	50.4M	-16.4M	-123.2M	-37.3M	59.8M
Operating cash flow	4.3M	-20.9M	124M	120M	-1.2M	-8.7M	176.9M	102.2M	-15.9M	3.3M	116.1M	109.7M
Capital expenditure	—	—	—	—	—	—	—	-120.5M	-110M	-134.2M	-113.7M	-121.3M
Investing cash flow	-1.1M	-377K	-271K	-1.2M	-30.5M	-2.6M	-272.8M	-180.9M	-111.6M	-141.4M	-116.1M	-118.9M
Dividends paid	-16.8M	-17.2M	-17.7M	-17.9M	-18.2M	-19.1M	-19.1M	-19.1M	-19.4M	-19.7M	-19.8M	-20.1M
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	111.7M	-183.9M	-2.2M	-11.3M	118.2M	125.7M	254.4M	78.4M	56.7M	143.4M	-779K	-1.3M
Net change in cash	115M	-205.2M	121.5M	107.4M	86.4M	114.4M	158.5M	-321K	-70.8M	5.2M	-705K	-10.5M
Free cash flow	-94.2M	-106.2M	42.8M	4.3M	-121.7M	-119.6M	77.4M	-18.3M	-125.9M	-131M	2.5M	-11.6M

Northwest Natural Holding Company 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

Split history