NWN
Northwest Natural Holding Company
NWN's fundamentals are mixed: its operating margin rose 3 points to 23%, but free cash flow was negative. At 17x earnings, it's trading in line with its usual 18x. Analysts expect earnings growth, though they disagree widely on how much.
NWN Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| Weak | |
| Weak |
NWN's profitability is currently strong, and its revenue is stable, but its cash flow and balance sheet are weak.
NWN PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 16x | $47.38 | -8.4% |
| Current | 17x | $51.74 | — |
| Forward | 17x | $51.74 | — |
| Fair | 18x | $55.54 | +7.3% |
| Expensive | 23x | $67.77 | +31% |
Historical ranges are pointers, not guarantees.
NWN's PE is in its fair range at 17.2x. On analysts' estimates for next year's earnings, today's price would be 16.7x, in its cheap range.
NWN Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Growth | |
| Stable | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect NWN's earnings to grow and its profitability to improve, with its revenue holding steady. However, they disagree widely on these estimates.
NWN Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $3.10 | +2.9% |
| Q3 2026 | $3.01 | +20% |
| Q2 2026 | $2.99 | +18% |
| Q1 2026 | $2.92 | +16% |
| Q4 2025 | $2.77 | +36% |
| Q3 2025 | $2.51 | +19% |
| Q2 2025 | $2.53 | +17% |
| Q1 2025 | $2.52 | +11% |
| Q4 2024 | $2.03 | -22% |
NWN earned $3.01 per share over the past year, up 20% from the year before.
NWN Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $178M | +8% |
| Q2 2026 | $243.6M | +3.1% |
| Q1 2026 | $490.4M | -0.8% |
| Q4 2025 | $394.2M | +6.3% |
| Q3 2025 | $164.7M | +20% |
| Q2 2025 | $236.2M | +12% |
| Q1 2025 | $494.3M | +14% |
| Q4 2024 | $370.9M | +4.3% |
NWN's revenue is recovering but still below its 2025 peak: $178M last quarter, up 8% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -4.9% | +2.7 points |
| Q2 2026 | 14% | +2.1 points |
| Q1 2026 | 33% | +2 points |
| Q4 2025 | 28% | +5.5 points |
| Q3 2025 | -7.5% | +6.6 points |
| Q2 2025 | 12% | +4.1 points |
| Q1 2025 | 31% | +5.9 points |
| Q4 2024 | 23% | +1.8 points |
NWN's operating margin was −4.9% last quarter, up 2.7 points from the same quarter a year ago.
NWN Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$151.2M | -$25.3M |
| Q2 2026 | -$11.6M | +$6.7M |
| Q1 2026 | $2.5M | -97% |
| Q4 2025 | -$131M | -$11.4M |
| Q3 2025 | -$125.9M | -$4.2M |
| Q2 2025 | -$18.3M | -524% |
| Q1 2025 | $77.4M | +81% |
| Q3 2024 | -$121.7M | -3435% |
NWN has burned cash in six of the last eight quarters: −$291M over the past year, against −$186M the year before.
NWN Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.1% | -61K shares |
| 1 year | +2.3% | +933K shares |
| 3 years | +16% | +5.9M shares |
| 5 years | +37% | +11.4M shares |
| Available history | +38% | +11.6M shares |
NWN has 42M diluted shares, up 2.3% from a year ago.
NWN Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 5.8x | High |
| Q2 2026 | 5.6x | High |
| Q1 2026 | 5.6x | High |
| Q4 2025 | 5.8x | High |
| Q3 2025 | 5.8x | High |
| Q2 2025 | 5.7x | High |
| Q1 2025 | 5.8x | High |
| Q4 2024 | 5.6x | High |
NWN's net debt is about 5.8 years of its operating earnings (EBITDA), about the same as a year ago.
NWN Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 59.3 | Neutral |
| Stochastic | 64.0 | Neutral |
NWN's weekly RSI is 59 (neutral) and its Stochastic is 64 (neutral).
NWN PE vs Utilities Sector
| Metric | NWN | Sector median | Relative |
|---|---|---|---|
| PE | 17x | 20x | 16% below |
| PE % | 36 | 44 | 8 pts below |
NWN is trading at 17x earnings, a 16% discount to the Utilities sector's median of 20x.
NWN Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $49.3 | 4.9% above |
| 20 week MA | $49.6 | 4.3% above |
| 50 week MA | $49.8 | 3.9% above |
| 100 week MA | $46.0 | 13% above |
| 200 week MA | $43.3 | 19% above |
NWN is in an uptrend: it's above all five of its weekly moving averages, and 19% above its 200-week average.
NWN Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $72.6 | $45.7 | -37% |
| 2021 | $45.7 | $48.3 | +5.6% |
| 2022 | $48.3 | $47.7 | -1.2% |
| 2023 | $47.7 | $38.9 | -18% |
| 2024 | $38.9 | $39.5 | +1.4% |
| 2025 | $39.5 | $46.8 | +19% |
| 2026 YTD | $46.8 | $51.7 | +10% |
NWN has finished lower in three of the last six years. It's up 10% so far in 2026.