Southwest Gas Holdings, Inc. (SWX)

Neutral

Insufficient data to determine institutional momentum.

Data as of Q3 2026

FY2025 basis

$93.08▼ 0.04%

EOD close · as of 2026-10-30

Market Cap

$6.74B

Enterprise Value

$9.67B

P/E

15.3×

Revenue (FY)

—

Rev. growth

—

basis changed FY2023

Gross margin

—

Net margin

—

ROIC

Net debt / EBITDA

—

Revenue· FY2023$5.43B

Net Income· FY2025$439.8M

Free Cash Flow· FY2025-$251.8M

Deep analysis

Valuation vs. its own history

Cheap or dear — against itself

Where each multiple sits in its own 35-yr range · 68th pct blended

P/E

15.3× now

11.9×34.0×

39th

cheap

P/S

— now

0.7×1.3×

—th

P/B

1.7× now

1.1×1.7×

97th

rich

Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 35-yr history.

Quality of the business

What backs the price

Is the profit real, and how strong is the balance sheet?

✓

Cash-backed earnings

Operating cash flow 1.3× net income

1.26×

Capital intensity

Reinvests 145% of operating cash flow

high

Returns on capital

ROIC 6%

Income statement

How a revenue dollar becomes profit

FY2025 · every deduction from revenue to net income

Not enough detail.

Returns

Why ROE is 11.1%

DuPont — the three levers

Net margin

—

profit / rev

Asset turns

—

rev / assets

Leverage

2.63×

assets / year-end equity

ROE

11.1%

on year-end equity

ROE 11% against ROIC 6% — 5% of the return on equity comes from leverage and buybacks rather than from the operating business.

Leverage & liquidity

Debt structure

What the company owes vs. what it holds

Total Debt

$3.51B

Cash & Equivalents

$576.6M

Net Debt

$2.93B

Net debt / EBITDA—

This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.

Operating leverage

How profit responds to sales

Latest year: profit growth vs revenue growth

Revenue Δ

—

Op. income Δ

+16.6%

Op. leverage

—

Operating leverage needs meaningful revenue change.

Operating leverage

Common-size income statement

Each line as % of revenue — the trend in color

% of revenue	FY2022	FY2022	FY2023	FY2023	FY2023	FY2023	FY2024	FY2025
Cost of Revenue	52.0	51.0	49.7	49.6	49.3	48.2	—	—
Operating Income	8.2	-0.5	-1.1	-0.3	-0.2	5.4	—	—
Income Tax	0.5	-1.5	-1.3	-1.1	-1.1	0.5	—	—
Net Income	3.2	-4.1	-4.8	-4.0	-3.7	2.8	—	—

Green = margin-favorable vs the row's own range · red = unfavorable.

Track record · FY2022 → FY2025

How the ratios & debt developed

The metrics that matter, over time

ROE

11%

FY2025 · latest

Net margin

FY2023 · latest

ROIC

FY2025 · latest

Gross margin

52%

FY2023 · latest

Net debt / EBITDA

—

— · latest

—

Current ratio

1.3×

FY2025 · latest

FCF margin

-5%

FY2023 · latest

Free cash flow

-$251.8M

FY2025 · latest

Institutional ownership: 84 holders · 1% of shares · 88th percentile crowding — Insufficient data to determine institutional momentum. (see the 13F tab)

A 30-second read on SWX: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.

Loading snapshot...

Financials

$93.08▼ 0.04%

EOD close · as of 2026-10-30

Market Cap

$6.74B

Enterprise Value

$9.67B

Revenue → Profit Flow

How a revenue dollar becomes profit — FY2025

Not enough income-statement detail for a flow diagram.

Each value shows its share of revenue below it (common-size).

Line Item	FY2025	FY2024	FY2023	FY2023	FY2023	FY2023	FY2022	FY2022	FY2022	FY2022
Revenue	—	—	$5.43B 100.0%	$5.49B 100.0%	$5.44B 100.0%	$5.30B 100.0%	$4.96B 100.0%	$4.62B 100.0%	$4.39B 100.0%	$4.06B 100.0%
Cost of Revenue	—	$2.42B	$2.62B 48.2%	$2.70B 49.3%	$2.70B 49.6%	$2.63B 49.7%	$2.53B 51.0%	$2.40B 52.0%	$2.29B 52.2%	$2.12B 52.3%
Total Operating Expenses	$1.47B	$2.07B	$2.24B 41.3%	$5.50B 100.2%	$5.46B 100.3%	$5.35B 101.1%	$4.98B 100.5%	$4.25B 91.8%	$4.04B 92.0%	$3.70B 91.0%
Operating Income	$473.9M	$406.5M	$293.0M 5.4%	-$8.3M -0.2%	-$18.6M -0.3%	-$57.7M -1.1%	-$24.4M -0.5%	$377.6M 8.2%	$351.0M 8.0%	$364.6M 9.0%
Interest Expense	—	$297.0M	$292.3M 5.4%	$295.5M 5.4%	$287.9M 5.3%	$271.7M 5.1%	$242.8M 4.9%	$203.9M 4.4%	$170.9M 3.9%	$143.6M 3.5%
Interest & Investment Income	—	$33.6M	$50.8M 0.9%	—	—	—	$16.2M 0.3%	—	—	—
Other Income (Expense), net	-$143.0M	-$152.3M	-$123.6M -2.3%	-$249.2M -4.5%	-$254.4M -4.7%	-$260.7M -4.9%	-$248.9M -5.0%	-$203.5M -4.4%	-$175.1M -4.0%	-$146.3M -3.6%
Pretax Income	$330.9M	$254.1M	$169.4M 3.1%	-$257.4M -4.7%	-$273.0M -5.0%	-$318.4M -6.0%	-$273.3M -5.5%	$174.2M 3.8%	$175.9M 4.0%	$218.3M 5.4%
Income Tax Expense	$96.0M	$33.2M	$29.4M 0.5%	-$61.8M -1.1%	-$62.0M -1.1%	-$71.1M -1.3%	-$75.7M -1.5%	$23.1M 0.5%	$22.8M 0.5%	$32.7M 0.8%
Net Income	$439.8M	$198.8M	$150.9M 2.8%	-$202.6M -3.7%	-$218.1M -4.0%	-$253.6M -4.8%	-$203.3M -4.1%	$147.2M 3.2%	$148.0M 3.4%	$179.7M 4.4%
Per Share
EPS (Basic)	$6.09	$2.77	$2.13	-$2.91	-$3.18	-$3.76	-$3.10	$2.30	$2.39	$3.00
EPS (Diluted)	$6.08	$2.76	$2.13	-$2.91	-$3.18	-$3.76	-$3.10	$2.30	$2.38	$2.99
Weighted Avg Shares (Basic)	72.2M	71.8M	70.8M	69.7M	68.5M	67.4M	65.6M	63.9M	62.0M	59.9M
Weighted Avg Shares (Diluted)	72.3M	72.0M	71.0M	69.7M	68.5M	67.4M	65.6M	64.1M	62.2M	60.0M

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.

Loading financials...

Is the business good?

Weak

Earns -2.51pts against its cost of capital — capital is being consumed, not created.

Return on invested capital against that year's cost of capital, by fiscal year
Period	ROIC	Cost of capital	Spread
FY2022	-0.2%	8.1%	-8.4pts
FY2023	-0.6%	8.3%	-8.9pts
FY2023	-0.2%	8.3%	-8.5pts
FY2023	-0.1%	8.3%	-8.4pts
FY2023	2.8%	8.3%	-5.6pts
FY2024	4.4%	9.3%	-4.9pts
FY2025	5.5%	7.8% (today's — no rate published for this year)	-2.3pts
Now	5.9%	7.8%	-1.9pts

— ROIC (filled dot = audited fiscal year)○ current basis-- cost of capital, at each year's risk-free rate and beta (weights held at today's)○ on the dashed line = no rate published for that year end; today's WACC used⋮ reporting basis changed

ROIC − WACC spread

-2.5pts↗ widening

robust to a ±2pt WACC move

Net margin vs 3yr ago

—

not enough history

ROIC

5.3%

invested capital: average of quarter-ends

WACC

7.8%

Gross, operating and net margin by fiscal year
Fiscal year	Gross margin	Operating margin	Net margin
FY2022	47.7%	9.0%	4.4%
FY2022	47.8%	8.0%	3.4%
FY2022	48.0%	8.2%	3.2%
FY2022	49.0%	-0.5%	-4.1%
FY2023	50.3%	-1.1%	-4.8%
FY2023	50.4%	-0.3%	-4.0%
FY2023	50.7%	-0.2%	-3.7%
FY2023	51.8%	5.4%	2.8%

Shared scale — the distance between the lines is the cost structure▨ each line's own 8-year range

ROE

11%

ROIC

Gap

+5pts

Leverage and buybacks account for 5 points of the 11% return on equity in FY2025. The business earns 6% 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.

What the acquisitions cost the return

ROIC as reported

5.3% · on $7.2B

ROIC ex-goodwill

5.3% · on $7.2B

$11M of goodwill — 0% 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 other side

The spread was positive in only 0 of the last 5 years.

Basis: FY2025Source: SEC EDGAR XBRL

Are the earnings real?

Mixed

Cash conversion of 0.10x sits below the level that would make the earnings clearly cash-backed.

FCF / net income

0.10×↗ widening

3-year average; latest -0.57x

Sloan accruals

-1.1%

(net income − OCF) / assets · negative is better

Share count since FY2022

7.6%

measured from the first year on file, so a recent listing shows up here as dilution

SBC / revenue

—

not reported

Cash conversion cycle

—

receivables, inventory or cost of revenue not reported

The other side

Reported free cash flow is -$252M; after share-based compensation it is -$266M. The difference is a real cost that the cash flow statement adds back.

Basis: FY2025Source: SEC EDGAR XBRL

Can it survive?

Can't say

Debt is present but there is no positive EBITDA or no reported interest expense, so coverage cannot be measured.

A stress curve needs EBIT and a reported interest expense — one of them is not available for this company.

Can the maturities be paid?

cumulative principal duecash + free cash flow held flat at -$252M/yr exceeds resources

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.

What is on hand

Cash & equivalents

$577M

excludes restricted cash

Net debt

$2.9B

total debt less cash

Current ratio

1.28×

current assets / current liabilities

Quick ratio

1.28×

excludes inventory

Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.

The other side

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.

Basis: FY2025Source: SEC EDGAR XBRL

What's priced in?

Demanding

At $93.08, free cash flow must compound 2.27%/yr for 10 years. It has no positive compounding record to compare against, though across a reporting-basis change.

Comparing the market's assumption against the record needs a solvable growth requirement and at least two years of free cash flow growth.

Implied FCF growth

2.3%

for 10 years, discounted at 7.8% (computed WACC)

Achieved FCF growth

—

no positive start and end year to compound between

Required vs achieved

—

above 1 means the price asks for more than the record

Each multiple against its own 35-year history

P/E

15.3× FY · 12.3× TTM

11.9×34.0×

39th

31 yrs

P/S

— FY

0.7×1.3×

—th

33 yrs

P/B

1.7× FY · 1.6× TTM

1.1×1.7×

97th

32 yrs

last fiscal year TTM medianshaded = middle half

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.

P / E

15.3× · med 21.5× · 17.3×–28.9×

P / S

not reported for this company

EV / EBITDA

not reported for this company

P / B

1.7× · med 2.5× · 2.0×–5.2×

SWX cohort median p25–p7521 peersvalues clipped at p1/p99 before rankingeach row scaled to its own range

The other side

The achieved growth rate spans a reporting-basis change in FY2023, so part of it measures the restatement rather than the business.

Basis: FY2025Source: SEC EDGAR XBRL

Loading analysis...

SWX vs. Natural Gas Transmisison & Distribution peers

Ranked against 21 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.

Where it ranks

top thirdmiddlebottompeer median

ValuationCheaper than peers scores higher

P / E

SWX 15.3× · med 21.5× · p25–p75 17.3×–28.9×

90th pct

P / S

SWX — · med 3.4× · p25–p75 2.0×–4.2×

not enough peer data

—

EV / EBITDA

SWX — · med 12.9× · p25–p75 10.5×–15.9×

not enough peer data

—

P / B

SWX 1.7× · med 2.5× · p25–p75 2.0×–5.2×

85th pct

GrowthLatest fiscal-year revenue vs prior year

Revenue growth (YoY)

SWX — · med 13.1% · p25–p75 10.8%–27.0%

not enough peer data

—

ProfitabilityMargins vs the sector

Gross margin

SWX — · med 43.4% · p25–p75 27.0%–69.8%

not enough peer data

—

Operating margin

SWX — · med 27.5% · p25–p75 19.4%–37.4%

not enough peer data

—

Net margin

SWX — · med 15.1% · p25–p75 9.4%–23.8%

not enough peer data

—

FCF margin

SWX — · med 7.9% · p25–p75 -7.1%–14.7%

not enough peer data

—

Returns on capitalHow hard the capital works

Return on equity

SWX 11.1% · med 9.8% · p25–p75 7.8%–20.7%

55th pct

Return on invested capital

SWX 5.9% · med 5.5% · p25–p75 3.6%–8.1%

59th pct

LeverageLess debt scores higher

Net debt / EBITDA

SWX — · med 4.3× · p25–p75 3.3×–4.8×

not enough peer data

—

13F convictionInstitutional breadth & ownership

13F holders

SWX 84 · med 83 · p25–p75 65–308

55th pct

Institutional ownership

SWX 0.8% · med 2.1% · p25–p75 1.0%–3.0%

26th pct

Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.

Peer table

Click a column to sort · latest FY

Company	Mkt cap ▼	P/E	EV/EBITDA	P/S	Rev gr	Gross	Net	ROE	ROIC	Net D/EBITDA	13F
WMBWILLIAMS COMPANIES, IN…	$90.9B	34.7×	18.3×	7.6×	13.8%	—	21.9%	20.4%	6.3%	4.4×	566
KMIKINDER MORGAN, INC.	$75.5B	24.7×	15.0×	4.5×	12.2%	—	18.0%	9.8%	4.8%	4.5×	584
ETEnergy Transfer LP	$72.0B	—	9.8×	0.8×	3.5%	25.8%	5.2%	9.0%	3.8%	4.7×	461
TRGPTarga Resources Corp.	$67.5B	37.1×	17.5×	4.0×	3.9%	38.3%	11.3%	62.7%	9.4%	3.6×	317
LNGCheniere Energy, Inc.	$67.5B	13.7×	8.5×	3.4×	27.2%	—	26.7%	67.3%	17.3%	2.1×	403
OKEONEOK INC /NEW/	$61.2B	17.9×	12.8×	1.8×	55.0%	30.5%	10.1%	15.1%	6.3%	4.3×	14
VGVenture Global, Inc.	$37.0B	17.2×	11.3×	2.7×	177%	—	19.8%	40.5%	6.7%	5.2×	70
ATOATMOS ENERGY CORP	$29.1B	23.1×	16.5×	6.2×	12.9%	—	25.5%	8.8%	5.3%	3.8×	298
DTMDT Midstream, Inc.	$12.7B	28.9×	—	10.2×	26.7%	—	35.5%	9.3%	5.5%	—	171
AMAntero Midstream Corp	$10.1B	25.0×	16.9×	8.5×	7.4%	—	34.8%	21.0%	8.0%	3.9×	109
NFGNATIONAL FUEL GAS CO	$7.6B	14.0×	7.9×	3.3×	17.1%	90.6%	22.8%	16.8%	9.2%	2.0×	164
SWXSouthwest Gas Holdings…	$6.7B	15.3×	—	—	—	—	—	11.1%	5.9%	—	84
AROCArchrock, Inc.	$5.6B	17.3×	—	3.7×	28.7%	48.6%	21.6%	21.6%	8.3%	—	82
NJRNEW JERSEY RESOURCES C…	$5.4B	16.0×	8.0×	4.0×	9.9%	—	24.8%	14.0%	13.0%	0.3×	102
SRSPIRE INC	$5.2B	20.1×	12.0×	2.1×	-4.5%	58.8%	11.0%	8.0%	3.4%	5.7×	83
KGSKodiak Gas Services, I…	$4.7B	52.6×	11.8×	3.6×	12.8%	—	6.2%	6.7%	2.1%	4.1×	69
KNTKKinetik Holdings Inc.	$4.6B	21.5×	15.3×	2.6×	19.0%	—	10.1%	-31.5%	5.5%	7.0×	65
CPKCHESAPEAKE UTILITIES C…	$3.4B	22.9×	14.2×	3.7×	18.1%	—	15.1%	8.8%	4.5%	4.3×	77
CTRICenturi Holdings, Inc.	$2.2B	86.0×	13.6×	0.7×	13.1%	8.3%	0.8%	2.6%	1.4%	3.0×	23
NWNNorthwest Natural Hold…	$2.1B	18.0×	—	1.6×	11.8%	—	8.8%	7.7%	2.9%	—	64
SMCSummit Midstream Corp	$427M	—	—	0.8×	30.8%	73.5%	-1.1%	-1.1%	-0.4%	—	4
RGCORGC RESOURCES INC	$239M	17.8×	12.9×	2.5×	12.6%	—	13.9%	11.7%	5.1%	5.0×	17

Peers = companies sharing SWX's sector (Natural Gas Transmisison & 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.

Loading peer comparison...

Open-market buys

$0 · 0 holders

Discretionary sales

$205k · 1 holder

10b5-1 plan sales

$246k · scheduled in advance

Filed late

2 of 38 filings

0 open-market purchases and 1 discretionary sale against the share price · hover a marker

2025-10-31$77.23 – $92.422026-10-23

Shares held by reporting insiders1 → 20 insiders reporting — no comparable change

2025-11-25 · 28,4442026-09-28 · 476,029 (20 insiders)

Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.

Date	Insider	What it was	Shares	Price	Value
2026-09-28	Williams Julie M. SVP/Cont. Improvement and Opt.	Open-market sale	2,500	$81.81	$205k
2026-05-07	Carson Molly R. Director	Grant1d late	1,196	$0.00	$0
2026-05-07	Kim Leezie Director	Grant1d late	1,196	$0.00	$0
2026-02-27	Williams Julie M. SVP/Cont. Improvement and Opt.	Tax withholding	3,473	$80.02	$278k

How this is measured

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.

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Cash conversion bridge from net income to free cash flow
Step	Amount	Running total
Net income	$440M	$440M
Share-based comp	$15M	$454M
Other non-cash & working capital	$102M	$556M
Operating cash flow	$556M	$556M
Capex	−$808M	−$252M
Free cash flow	−$252M	−$252M
FCF after SBC	−$266M	−$266M

Revenue growth against receivables growth by fiscal year
Fiscal year	Revenue growth	Receivables growth	Gap
FY2023	6.8%	4.3%	-2.5 points
FY2023	2.8%	3.6%	0.9 points
FY2023	0.8%	-3.5%	-4.3 points
FY2023	-1.0%	-1.9%	-0.9 points
FY2024	not reported	-77.1%	not reported
FY2025	not reported	-16.0%	not reported

Revenue growth against receivables growth by fiscal year

Fiscal year

Revenue growth

Receivables growth

Gap

FY2023

6.8%

4.3%

-2.5 points

FY2023

2.8%

3.6%

0.9 points

FY2023

0.8%

-3.5%

-4.3 points

FY2023

-1.0%

-1.9%

-0.9 points

FY2024

not reported

-77.1%

not reported

FY2025

not reported

-16.0%

not reported

Working capital day counts by fiscal year
Fiscal year	DSO	DIO	DPO	Cash conversion cycle
FY2022	63.7 days	not reported	95.5 days	-31.8 days
FY2023	62.3 days	not reported	43.1 days	19.1 days
FY2023	62.8 days	not reported	37 days	25.7 days
FY2023	60.1 days	not reported	34.4 days	25.6 days
FY2023	59.5 days	not reported	48.4 days	11.2 days
FY2024	not reported	not reported	28.9 days	not reported
FY2025	not reported	not reported	not reported	not reported

Working capital day counts by fiscal year

Fiscal year

DSO

DIO

DPO

Cash conversion cycle

FY2022

63.7 days

not reported

95.5 days

-31.8 days

FY2023

62.3 days

not reported

43.1 days

19.1 days

FY2023

62.8 days

not reported

37 days

25.7 days

FY2023

60.1 days

not reported

34.4 days

25.6 days

FY2023

59.5 days

not reported

48.4 days

11.2 days

FY2024

not reported

28.9 days

not reported

FY2025

not reported

Accruals as a percent of assets, by fiscal year

Fiscal year

Accruals / assets

FY2022

-4.6 percent

FY2023

-2.4 percent

FY2023

-3.1 percent

FY2023

-4.3 percent

FY2023

-3.9 percent

FY2024

-9.6 percent

FY2025

-1.1 percent

Southwest Gas Holdings, Inc. (SWX)

Deep analysis

Cheap or dear — against itself

What backs the price

How a revenue dollar becomes profit

Why ROE is 11.1%

Debt structure

How profit responds to sales

Common-size income statement

How the ratios & debt developed

Financials

Revenue → Profit Flow

Reverse DCF — what growth does the price assume?

Is the business good?

Are the earnings real?

Can it survive?

What's priced in?

Dividends & Returns

Is the payout covered?

Dividends + buybacks, per year

Dividend per share

Capital Allocation

Where the cash went

Reinvest vs. return cash

Return on reinvestment

Deployment per year

Debt & Leverage

When the debt comes due · $1.51B scheduled

Capital structure over time

Net debt / EBITDA

Debt servicing

Liquidity

Short-term vs long-term debt

Performance vs. S&P 500

Hover the chart to read any quarter

Annual return vs the market

Cumulative lead over the S&P 500

Drawdown from peak · max -28%

SWX vs. Natural Gas Transmisison & Distribution peers

Where it ranks

Peer table

Ownership Map

Buy / Sell Volume by Quarter

Institutional Trends (8 Quarters)

Institutional Holders

Institutional Holders

Buy / Sell Volume by Quarter

Institutional Trends (8 Quarters)

Performance vs. S&P 500

Hover the chart to read any quarter

Annual return vs the market

Cumulative lead over the S&P 500

Drawdown from peak · max -28%

Ownership Map

SWX vs. Natural Gas Transmisison & Distribution peers

Where it ranks

Peer table

Reverse DCF — what growth does the price assume?

Dividends & Returns

Is the payout covered?

Dividends + buybacks, per year

Dividend per share

Capital Allocation

Where the cash went

Reinvest vs. return cash

Return on reinvestment

Deployment per year

Deep analysis

Cheap or dear — against itself

What backs the price

How a revenue dollar becomes profit

Why ROE is 11.1%

Debt structure

How profit responds to sales

Common-size income statement

How the ratios & debt developed

Debt & Leverage

When the debt comes due · $1.51B scheduled

Capital structure over time

Net debt / EBITDA