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Insufficient data to determine institutional momentum.
Data as of Q3 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Ranked against 20 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| WMB | $90.9B | 34.7× | 18.3× | 7.6× | 13.8% | — | 21.9% | 20.4% | 6.3% | 4.4× | 566 |
| KMI | $75.5B | 24.7× | 15.0× | 4.5× | 12.2% | — | 18.0% | 9.8% | 4.8% | 4.5× | 584 |
| ET | $72.0B | — | 9.8× | 0.8× | 3.5% | 25.8% | 5.2% | 9.0% | 3.8% | 4.7× | 461 |
| TRGP | $67.5B | 37.1× | 17.5× | 4.0× | 3.9% | 38.3% | 11.3% | 62.7% | 9.4% | 3.6× | 317 |
| LNG | $67.5B | 13.7× | 8.5× | 3.4× | 27.2% | — | 26.7% | 67.3% | 17.3% | 2.1× | 403 |
| OKE | $61.2B | 17.9× | 12.8× | 1.8× | 55.0% | 30.5% | 10.1% | 15.1% | 6.3% | 4.3× | 14 |
| VG | $37.0B | 17.2× | 11.3× | 2.7× | 177% | — | 19.8% | 40.5% | 6.7% | 5.2× | 70 |
| ATO | $29.1B | 23.1× | 16.5× | 6.2× | 12.9% | — | 25.5% | 8.8% | 5.3% | 3.8× | 298 |
| DTM | $12.7B | 28.9× | — | 10.2× | 26.7% | — | 35.5% | 9.3% | 5.5% | — | 171 |
| AM | $10.1B | 25.0× | 16.9× | 8.5× | 7.4% | — | 34.8% | 21.0% | 8.0% | 3.9× | 109 |
| NFG | $7.6B | 14.0× | 7.9× | 3.3× | 17.1% | 90.6% | 22.8% | 16.8% | 9.2% | 2.0× | 164 |
| AROC | $5.6B | 17.3× | — | 3.7× | 28.7% | 48.6% | 21.6% | 21.6% | 8.3% | — | 82 |
| NJR | $5.4B | 16.0× | 8.0× | 4.0× | 9.9% | — | 24.8% | 14.0% | 13.0% | 0.3× | 102 |
| SR | $5.2B | 20.1× | 12.0× | 2.1× | -4.5% | 58.8% | 11.0% | 8.0% | 3.4% | 5.7× | 83 |
| KGS | $4.7B | 52.6× | 11.8× | 3.6× | 12.8% | — | 6.2% | 6.7% | 2.1% | 4.1× | 69 |
| KNTK | $4.6B | 21.5× | 15.3× | 2.6× | 19.0% | — | 10.1% | -31.5% | 5.5% | 7.0× | 65 |
| CPK | $3.4B | 22.9× | 14.2× | 3.7× | 18.1% | — | 15.1% | 8.8% | 4.5% | 4.3× | 77 |
| CTRI | $2.2B | 86.0× | 13.6× | 0.7× | 13.1% | 8.3% | 0.8% | 2.6% | 1.4% | 3.0× | 23 |
| NWN | $2.1B | 18.0× | — | 1.6× | 11.8% | — | 8.8% | 7.7% | 2.9% | — | 64 |
| SMC | $427M | — | — | 0.8× | 30.8% | 73.5% | -1.1% | -1.1% | -0.4% | — | 4 |
| RGCO | $239M | 17.8× | 12.9× | 2.5× | 12.6% | — | 13.9% | 11.7% | 5.1% | 5.0× | 17 |
Peers = companies sharing NWN's sector (Natural Gas Distribution) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Solve the discounted cash flow backwards, then stress-test the assumptions.
This company doesn't have positive free cash flow on any basis, so a reverse DCF can't be run.
What the company returns to shareholders — and whether it's covered by cash.
Free-cash-flow coverage unavailable. Last year: $77.3M dividends + $0 buybacks = $77.3M returned on -$197.8M FCF.
3 consecutive years of dividend increases · -0%/yr.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Modest payoff on reinvested capital. Current ROIC on all capital: 3%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $36.7M is below the $160.7M due within a year — relies on refinancing or operating cash flow. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (10-K).
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest expense isn't separately reported — often netted into “other income (expense), net.”
Cash of $36.7M is below short-term debt of $172.0M — relies on refinancing/operations.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
EOD close · as of 2026-10-30
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.29B 100.0% | $1.15B 100.0% | $1.20B 100.0% | $1.04B 100.0% | $860.4M 100.0% | $773.7M 100.0% | $746.4M 100.0% | $706.1M 100.0% | $755.0M 100.0% | $668.2M 100.0% |
| Total Operating Expenses | $1.01B 78.2% | $961.9M 83.4% | $1.01B 84.6% | $869.9M 83.9% | $697.3M 81.0% | $625.3M 80.8% | $602.9M 80.8% | $574.0M 81.3% | $604.1M 80.0% | $517.5M 77.4% |
| Operating Income | $280.9M 21.8% | $191.1M 16.6% | $184.9M 15.4% | $167.5M 16.1% | $163.1M 19.0% | $148.4M 19.2% | $143.5M 19.2% | $132.2M 18.7% | $150.9M 20.0% | $150.7M 22.6% |
| Other Income (Expense), net | -$3.7M -0.3% | -$1.1M -0.1% | $17.9M 1.5% | $1.2M 0.1% | -$12.6M -1.5% | -$13.9M -1.8% | -$22.8M -3.1% | -$3.6M -0.5% | -$295K -0.0% | -$7.2M -1.1% |
| Pretax Income | — | — | — | $115.4M 11.1% | $106.1M 12.3% | $91.4M 11.8% | $78.0M 10.4% | $91.5M 13.0% | $113.1M 15.0% | $105.4M 15.8% |
| Income Tax Expense | $41.4M 3.2% | $31.1M 2.7% | $32.4M 2.7% | $29.1M 2.8% | $27.4M 3.2% | $21.1M 2.7% | $12.6M 1.7% | $24.2M 3.4% | $41.0M 5.4% | $43.0M 6.4% |
| Net Income | $113.3M 8.8% | $78.9M 6.8% | $93.9M 7.8% | $86.3M 8.3% | $78.7M 9.1% | $76.8M 9.9% | $61.7M 8.3% | $64.6M 9.1% | -$55.6M -7.4% | $58.9M 8.8% |
| Per Share | ||||||||||
| EPS (Basic) | $2.77 | $2.03 | $2.59 | $2.54 | $2.56 | $2.51 | $2.07 | $2.24 | -$1.94 | $2.13 |
| EPS (Diluted) | $2.77 | $2.03 | $2.59 | $2.54 | $2.56 | $2.51 | $2.07 | $2.24 | -$1.93 | $2.12 |
| Weighted Avg Shares (Basic) | 40.9M | 38.8M | 36.2M | 33.9M | 30.7M | 30.5M | 29.8M | 28.8M | 28.7M | 27.6M |
| Weighted Avg Shares (Diluted) | 41.0M | 38.9M | 36.3M | 34.0M | 30.8M | 30.6M | 29.9M | 28.9M | 28.8M | 27.8M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
EOD close · as of 2026-10-30
Where each multiple sits in its own 10-yr range · 62th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 10-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 8% against ROIC 3% — 5% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 4.0× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Operating Income | 18.7 | 19.2 | 19.2 | 19.0 | 16.1 | 15.4 | 16.6 | 21.8 |
| Income Tax | 3.4 | 1.7 | 2.7 | 3.2 | 2.8 | 2.7 | 2.7 | 3.2 |
| Net Income | 9.1 | 8.3 | 9.9 | 9.1 | 8.3 | 7.8 | 6.8 | 8.8 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on NWN: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Earns 1.95pts above its cost of capital, without much margin of safety.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 5.9% | 3.4% (today's — no rate published for this year) | 2.5pts |
| FY2020 | 5.3% | 3.4% (today's — no rate published for this year) | 1.9pts |
| FY2021 | 5.0% | 3.4% (today's — no rate published for this year) | 1.6pts |
| FY2022 | 4.6% | 3.4% (today's — no rate published for this year) | 1.2pts |
| FY2023 | 4.8% | 3.4% (today's — no rate published for this year) | 1.4pts |
| FY2024 | 4.4% | 3.4% (today's — no rate published for this year) | 1.0pts |
| FY2025 | 5.3% | 3.4% (today's — no rate published for this year) | 1.9pts |
| Now | 2.9% | 3.4% | -0.5pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | not reported | 22.6% | 8.8% |
| FY2017 | not reported | 20.0% | -7.4% |
| FY2018 | not reported | 18.7% | 9.1% |
| FY2019 | not reported | 19.2% | 8.3% |
| FY2020 | not reported | 19.2% | 9.9% |
| FY2021 | not reported | 19.0% | 9.1% |
| FY2022 | not reported | 16.1% | 8.3% |
| FY2023 | not reported | 15.4% | 7.8% |
| FY2024 | not reported | 16.6% | 6.8% |
| FY2025 | not reported | 21.8% | 8.8% |
Leverage and buybacks account for 5 points of the 8% return on equity in FY2025. The business earns 3% on the capital it employs; the rest is balance sheet.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
$372M of goodwill — 9% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer.
The spread is 1.95pts and would invert under a ±2% move in WACC, so the verdict rests on the cost-of-capital assumption rather than on the business.
Free cash flow has fallen short of reported profit in 3 of the last three years.
Shares outstanding are up 36% since FY2019 — per-share cash flow has grown more slowly than the totals above, and the gap is the owners'.
Missing from our data, so excluded from this answer: share_based_compensation.
Debt is present but there is no positive EBITDA or no reported interest expense, so coverage cannot be measured.
Ladder as of 2025-12-31 (10-K); cash from the 2025-12-31 balance sheet; FCF from FY2025. Free cash flow is negative, so projected resources fall rather than accumulate.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
No material counter-signal in the checked set: net debt / EBITDA, interest coverage, stressed coverage, maturity schedule vs cash and one year of FCF, liquidity ratios.
Missing from our data, so excluded from this answer: ebitda, interest_expense.
No positive free cash flow to discount, so the price cannot be expressed as a growth requirement.
The percentile ranks the FISCAL-YEAR point, because the distribution behind each strip is built from fiscal-year closes — ranking a TTM figure inside it would compare two different bases. TTM basis: TTM.
No material counter-signal in the checked set: reverse-DCF implied growth, historical FCF CAGR, per-year FCF growth distribution, reporting-basis breaks, discount rate used, free-cash-flow basis (stock comp charged?).
Missing from our data, so excluded from this answer: free_cash_flow.
Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.
| Step | Amount | Running total |
|---|---|---|
| Net income | $113M | $113M |
| Share-based comp | not reported | not reported |
| Other non-cash & working capital | $156M | $269M |
| Operating cash flow | $269M | $269M |
| Capex | −$467M | −$198M |
| Free cash flow | −$198M | −$198M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 3.7% | not reported | not reported |
| FY2021 | 11.2% | not reported | not reported |
| FY2022 | 20.6% | not reported | not reported |
| FY2023 | 15.4% | not reported | not reported |
| FY2024 | -3.7% | not reported | not reported |
| FY2025 | 11.8% | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -3.6 percent |
| FY2020 | -1.8 percent |
| FY2021 | -2.0 percent |
| FY2022 | -1.3 percent |
| FY2023 | -3.8 percent |
| FY2024 | -2.3 percent |
| FY2025 | -2.5 percent |
| Date | Insider | What it was | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-10-19 | Anderson David Hugo Director | 10b5-1 plan sale | 1,500 | $48.71 | $73k |
| 2026-10-01 | Patterson Kyra VP and Chief People Officer | Tax withholding | 244 | $46.67 | $11k |
| 2026-09-18 | Anderson David Hugo Director | 10b5-1 plan sale | 1,500 | $48.03 | $72k |
| 2026-09-01 | Wilson Brody J VP, Treas, Controller & CAO | Tax withholding | 341 | $49.07 | $17k |
| 2026-09-01 | Kaszuba Raymond J Iii SVP & Chief Financial Officer | Tax withholding | 705 | $49.07 | $35k |
| 2026-08-18 | Anderson David Hugo Director | 10b5-1 plan sale | 1,500 | $50.86 | $76k |
| 2026-08-06 | Mcdonough Sandra Director | Otherindirect | 248 | $50.77 | $13k |
| 2026-08-06 | Bragdon Peter J Director | Otherindirect | 1,141 | $50.77 | $58k |
| 2026-08-06 | Ludford Mary E Director | Otherindirect | 507 | $50.77 | $26k |
| 2026-07-20 | Anderson David Hugo Director | 10b5-1 plan sale | 1,500 | $51.18 | $77k |
| 2026-06-26 | Anderson David Hugo Director | 10b5-1 plan sale | 1,500 | $50.90 | $76k |
| 2026-05-12 | Bragdon Peter J Director | Plan purchase | 400 | $50.32 | $20k |
| 2026-05-07 | Lee Karen Director | Otherindirect | 1,014 | $50.19 | $51k |
| 2026-05-07 | Ludford Mary E Director | Otherindirect | 513 | $50.19 | $26k |
| 2026-05-07 | Mcdonough Sandra Director | Otherindirect | 250 | $50.19 | $13k |
| 2026-05-07 | Bragdon Peter J Director | Otherindirect | 1,152 | $50.19 | $58k |
| 2026-05-07 | Palfreyman Justin President & CEO | Plan purchase | 1,225 | $48.75 | $60k |
| 2026-03-23 | Weber David A. VP, Gas Supply | Open-market sale | 1,700 | $52.57 | $89k |
| 2026-03-05 | 2 co-filers VP, Treas, Controller & CAO | Tax withholding | 546 | $52.53 | $29k |
| 2026-03-05 | 2 co-filers Group filing | Tax withholding | 3,747 | $52.53 | $197k |
| 2026-03-05 | 2 co-filers VP, Chief PA & Sustainability | Tax withholding | 533 | $52.53 | $28k |
| 2026-03-05 | 4 co-filers VP, Regulatory Affairs and | Tax withholding | 207 | $52.53 | $11k |
| 2026-03-05 | Fellon Brian VP, CIO & CISO | Tax withholding | 175 | $52.53 | $9k |
| 2026-03-05 | Kaszuba Raymond J Iii SVP & Chief Financial Officer | Tax withholding | 802 | $52.53 | $42k |
| 2026-03-05 | 3 co-filers VP, Chief HR and | Tax withholding | 531 | $52.53 | $28k |
| 2026-03-05 | Berge Megan H SVP, GC, CCO & Corp. Sec. | Tax withholding | 1,485 | $52.53 | $78k |
| 2026-03-05 | 2 co-filers Chief Legal Officer & SVP, Reg | Tax withholding | 2,095 | $52.53 | $110k |
| 2026-03-05 | 4 co-filers President | Tax withholding | 1,871 | $52.53 | $98k |
| 2026-03-05 | Palfreyman Justin President & CEO | Tax withholding | 3,909 | $52.53 | $205k |
| 2026-03-05 | 4 co-filers VP, Eng. & Utility Operations | Tax withholding | 136 | $52.53 | $7k |
| 2026-03-05 | 3 co-filers VP, Gas Supply | Tax withholding | 546 | $52.53 | $29k |
| 2026-03-05 | 4 co-filers VP, Regulatory Affairs and | Tax withholding | 937 | $52.53 | $49k |
| 2026-03-05 | 3 co-filers VP, Gas Supply | Tax withholding | 937 | $52.53 | $49k |
| 2026-03-05 | 4 co-filers President | Tax withholding | 3,000 | $52.53 | $158k |
| 2026-03-05 | 2 co-filers Group filing | Tax withholding | 5,844 | $52.53 | $307k |
| 2026-03-05 | 3 co-filers VP, Chief HR and | Tax withholding | 132 | $52.53 | $7k |
| 2026-03-05 | 2 co-filers VP, Chief PA & Sustainability | Tax withholding | 849 | $52.53 | $45k |
| 2026-03-05 | 2 co-filers VP, Treas, Controller & CAO | Tax withholding | 937 | $52.53 | $49k |
| 2026-03-05 | 4 co-filers VP, Eng. & Utility Operations | Tax withholding | 636 | $52.53 | $33k |
| 2026-03-05 | 2 co-filers Chief Legal Officer & SVP, Reg | Tax withholding | 3,747 | $52.53 | $197k |
Every row is classified by what it MEANT, not by its SEC code. A code is not a meaning: code P (“purchase”) also covers dividend reinvestment and employee stock purchase plans, and code S (“sale”) also covers 10b5-1 plan sales scheduled months earlier and option exercises sold the same day.
Across 30 days of all filings, $5.08bn of insider selling contained $3.50bn of plan sales and $0.46bn of exercise-and-sell. Only 29% was discretionary. Reading an unclassified feed badly overstates how much insiders decided.
Buys and sales are counted separately and never netted. They are different decisions by different people; a company where one officer bought while another sold is not “neutral”.
The holding line carries each insider's last reported position forward, so it shows the total held rather than a sawtooth of whoever traded that day. It covers only insiders who filed in the window.
“Filed late” counts calendar days past the two-business-day deadline with five days' grace, so a Thursday or Friday trade crossing a weekend is never flagged. It describes the company's filing discipline, not the trade.
Insider activity is descriptive. Nothing here is investment advice.