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Southwest Gas Holdings, Inc. SWX

NYSE · stock · Natural Gas Transmisison & Distribution · website · IPO 1980-03-17 · LEI

Southwest Gas Holdings, Inc. statistics & valuation

Market cap$6.6B
P / E15.0×
P / B1.7×
Dividend yield2.71%
Return on equity11.1%
Net debt$2.9B
Net debt / EBITDA3.6×
Enterprise value USD$9.4B
EV / EBITDA11.7×
Earnings yield EBIT/EV5%
Return on capital5%
Graham number -6.1%$86.55

Market cap as of 2026-06-29. Multiples are price-derived and refreshed daily; everything else from the latest financial reports. The Graham number is Benjamin Graham's rough maximum fair value ($86.55); a green figure means the price is below it.

Profitability & efficiency

Gross margin (%)
2022202220222022202320232023202320242025
Operating margin (%)
9.00% 8.00% 8.20% -0.50% -1.10% -0.30% -0.20% 5.40% 2022202220222022202320232023202320242025
Return on equity (%)
5.10% 4.30% 4.30% -6.60% -7.70% -6.70% -6.30% 4.60% 5.40% 11.10% 2022202220222022202320232023202320242025
Shares outstanding
66.8M 67.0M 67.1M 67.1M 71.3M 71.5M 71.5M 71.6M 72.0M 72.3M 2022202220222022202320232023202320242025
Net debt ($)
$3.94B $4.37B $5.69B $4.28B $4.50B $5.06B $5.13B $4.50B $3.19B $2.86B 2022202220222022202320232023202320242025
Share buybacks ($)
2022202220222022202320232023202320242025
Return on assets (%)
1.40% 1.10% 1.10% -1.50% -2.10% -1.80% -1.70% 1.60% 1.60% 4.20% 2022202220222022202320232023202320242025
Free cash flow margin (%)
-9.20% -8.50% -9.90% -9.10% -16.60% -14.20% -11.10% -4.70% 2022202220222022202320232023202320242025
Debt / equity (×)
1.31× 1.33× 1.72× 1.44× 1.39× 1.62× 1.62× 1.39× 0.95× 0.87× 2022202220222022202320232023202320242025
EPS ($)
$2.99 $2.38 $2.30 -$3.10 -$3.76 -$3.18 -$2.91 $2.13 $2.76 $6.08 2022202220222022202320232023202320242025

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

Southwest Gas Holdings, Inc. trades at about 15.2× earnings — below its 10-year norm (10-year range 13.6×–36.5×, median 27.1×).

13.6× 36.5×

Shaded band = 10-year range (13.6×–36.5×); dot = today's 15.2×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2025FY2024FY2023FY2023FY2023FY2023FY2022FY2022FY2022FY2022
Operating margin——5.4%-0.2%-0.3%-1.1%-0.5%8.2%8.0%9.0%
Net margin——2.8%-3.7%-4.0%-4.8%-4.1%3.2%3.4%4.4%
FCF margin——-4.7%-11.1%-14.2%-16.6%-9.1%-9.9%-8.5%-9.2%
Return on assets4.2%1.6%1.6%-1.7%-1.8%-2.1%-1.5%1.1%1.1%1.4%
Return on equity11.1%5.4%4.6%-6.3%-6.7%-7.7%-6.6%4.3%4.3%5.1%
Debt / equity0.87×0.95×1.39×1.62×1.62×1.39×1.44×1.72×1.33×1.31×
Current ratio1.280.801.121.902.121.401.081.300.700.78

Computed from company filings · US · as of 2025-12-31. Facts plus Stocktoria's own computed scores — not investment advice.