SWX
Southwest Gas Holdings, Inc.
SWX's fundamentals are mixed: its operating margin rose 9 points to 20%, but revenue fell 48%. At 23x earnings, it's trading in line with its usual 21x. Analysts expect strong earnings growth.
SWX Fundamentals
| Metric | Status |
|---|---|
| Weak | |
| Healthy | |
| Unavailable | |
| Weak |
SWX's profitability is currently healthy, but its revenue and balance sheet are weak. There isn't enough data to rate its cash flow.
SWX PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 14x | $56.01 | -40% |
| Forward | 19x | $93.08 | — |
| Fair | 21x | $84.77 | -8.9% |
| Current | 23x | $93.08 | — |
| Expensive | 29x | $119 | +28% |
Historical ranges are pointers, not guarantees.
SWX's PE is in its fair range at 23x. If earnings grow as analysts expect, today's price would be 19x next year's earnings.
SWX Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Strong growth | |
| Stable | |
| Strongly improving | |
| Limited | |
| Moderate |
Analysts expect SWX's earnings to grow and its profitability to improve, with its revenue holding steady.
SWX Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $4.82 | +18% |
| Q3 2026 | $4.10 | -36% |
| Q2 2026 | $7.66 | +185% |
| Q1 2026 | $6.90 | +121% |
| Q4 2025 | $6.57 | +138% |
| Q3 2025 | $6.43 | +158% |
| Q2 2025 | $2.69 | +6.3% |
| Q1 2025 | $3.12 | +16% |
| Q4 2024 | $2.76 | +30% |
SWX earned $4.10 per share over the past year, down 36% from the year before.
SWX Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q1 2026 | $585.1M | -55% |
| Q4 2025 | $480.7M | -62% |
| Q3 2025 | $316.9M | -71% |
| Q2 2025 | $1.1B | -5.2% |
| Q1 2025 | $1.3B | -18% |
| Q4 2024 | $1.3B | -7.1% |
| Q3 2024 | $1.1B | -7.7% |
| Q2 2024 | $1.2B | -8.6% |
SWX's revenue has slid since its 2023 peak: $585M last quarter, down 55% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q1 2026 | 37% | +22 points |
| Q4 2025 | 33% | +19 points |
| Q3 2025 | 12% | +6 points |
| Q2 2025 | 8.5% | +1.5 points |
| Q1 2025 | 15% | +5.5 points |
| Q4 2024 | 14% | +4.2 points |
| Q3 2024 | 5.7% | +0.5 points |
| Q2 2024 | 7% | +0.5 points |
SWX's operating margin was 37% last quarter, up 22 points from the same quarter a year ago, near the top of its range since 2019.
SWX Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$196.4M | -$90.6M |
| Q2 2026 | -$174.3M | -$80.5M |
| Q1 2026 | -$46.6M | -145% |
| Q4 2025 | -$155.9M | -$121.3M |
| Q3 2025 | -$105.8M | -373% |
| Q2 2025 | -$93.8M | -213% |
| Q1 2025 | $103.8M | -68% |
| Q4 2024 | -$34.7M | -134% |
SWX has burned cash in most quarters: −$573M over the past year, against −$131M the year before.
SWX Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.2% | +158K shares |
| 1 year | +0.6% | +418K shares |
| 3 years | +1.4% | +972K shares |
| 5 years | +22% | +13M shares |
| Available history | +34% | +18.5M shares |
SWX has 73M diluted shares, up 0.6% from a year ago.
SWX Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 4.1x | High |
| Q2 2026 | 3.8x | Elevated |
| Q1 2026 | 3.4x | Elevated |
| Q4 2025 | 3.3x | Elevated |
| Q3 2025 | 2.9x | Moderate |
| Q2 2025 | 4.4x | High |
| Q1 2025 | 4.8x | High |
| Q4 2024 | 5.1x | High |
SWX's net debt is about 4.1 years of its operating earnings (EBITDA), up from 2.9 years a year ago.
SWX Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 59.0 | Neutral |
| Stochastic | 86.4 | Overbought |
SWX's weekly RSI is 59 (neutral) and its Stochastic is 86 (overbought).
SWX PE vs Utilities Sector
| Metric | SWX | Sector median | Relative |
|---|---|---|---|
| PE | 23x | 20x | 11% above |
| PE % | 56 | 44 | 12 pts above |
SWX is trading at 23x earnings, a 11% premium to the Utilities sector's median of 20x.
SWX Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $88.2 | 5.6% above |
| 20 week MA | $89.2 | 4.4% above |
| 50 week MA | $87.6 | 6.3% above |
| 100 week MA | $81.5 | 14% above |
| 200 week MA | $74.1 | 26% above |
SWX is in an uptrend: it's above all five of its weekly moving averages, and 26% above its 200-week average.
SWX Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $75.2 | $60.1 | -20% |
| 2021 | $60.1 | $71.3 | +19% |
| 2022 | $71.3 | $62.2 | -13% |
| 2023 | $62.2 | $63.4 | +1.8% |
| 2024 | $63.4 | $70.4 | +11% |
| 2025 | $70.4 | $80.8 | +15% |
| 2026 YTD | $80.8 | $93.1 | +15% |
SWX has finished higher in four of the last six years. It's up 15% so far in 2026.