Southwest Gas (SWX) Financials

$72.86 +0.78 (+1.08%)

Closing price 03:59 PM Eastern

Extended Trading

$72.72 -0.14 (-0.20%)

As of 05:07 PM Eastern

Annual Income Statements for Southwest Gas

This table shows Southwest Gas' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	278	152	194	182	214	232	201	-203	151	199
Consolidated Net Income / (Loss)	279	153	194	182	217	239	207	-198	156	205
Net Income / (Loss) Continuing Operations	0.00	153	194	182	217	239	207	-198	156	205
Total Pre-Tax Income	219	232	259	243	273	305	247	-273	197	241
Total Operating Income	288	315	343	357	372	423	370	-24	418	484
Total Gross Profit	608	657	652	667	737	818	821	995	1,019	1,011
Total Revenue	2,464	2,460	2,549	2,880	3,120	3,299	3,680	4,960	5,434	5,112
Operating Revenue	2,464	2,460	2,549	2,880	3,120	3,299	3,680	4,960	5,434	5,112
Total Cost of Revenue	1,856	1,804	1,897	2,213	2,383	2,480	2,860	3,965	4,415	4,101
Operating Cost of Revenue	1,856	1,804	1,897	2,213	2,383	2,480	2,860	3,965	4,415	4,101
Total Operating Expenses	320	342	309	309	366	395	451	1,019	601	527
Depreciation Expense	270	289	251	249	303	332	371	470	441	438
Other Operating Expenses / (Income)	49	52	58	60	62	63	80	93	89	89
Impairment Charge	-	-	-	-	-	0.00	0.00	455	71	0.00
Total Other Income / (Expense), net	-69	-84	-84	-114	-99	-118	-123	-249	-221	-242
Interest Expense	72	74	78	97	109	111	119	243	292	297
Other Income / (Expense), net	2.88	-10	-6.03	-17	10	-6.79	-3.50	-6.19	71	55
Income Tax Expense	80	78	65	62	56	66	40	-76	42	36
Net Income / (Loss) Attributable to Noncontrolling Interest	1.11	1.01	0.10	-0.63	2.71	6.66	6.42	5.61	4.63	6.02
Basic Earnings per Share	$2.94	$3.20	$4.04	$3.69	$3.94	$4.15	$3.39	($3.10)	$2.13	$2.77
Weighted Average Basic Shares Outstanding	46.99M	47.47M	47.97M	49.42M	54.25M	56.00M	59.15M	65.56M	70.79M	71.84M
Diluted Earnings per Share	$2.92	$3.18	$4.04	$3.68	$3.94	$4.14	$3.39	($3.10)	$2.13	$2.76
Weighted Average Diluted Shares Outstanding	47.38M	47.81M	47.99M	49.48M	54.31M	56.08M	59.26M	65.56M	70.99M	72.03M
Weighted Average Basic & Diluted Shares Outstanding	47M	47.20M	48M	49.40M	55.06M	57.23M	60.45M	67.15M	71.60M	71.82M
Cash Dividends to Common per Share	$1.62	$1.80	$1,980.00	$2,080.00	$2,180.00	$2,280.00	$2,380.00	$2.48	$2.48	$2.48

This table shows Southwest Gas' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Income / (Loss) Attributable to Common Shareholders	-12	-281	46	29	3.23	73	88	18	0.29	92
Consolidated Net Income / (Loss)	-11	-278	48	30	3.97	74	88	20	2.66	94
Net Income / (Loss) Continuing Operations	-11	-278	48	30	3.97	74	88	20	2.66	94
Total Pre-Tax Income	-13	-371	76	35	2.70	83	105	24	0.51	112
Total Operating Income	50	-288	135	85	60	138	158	83	61	181
Total Gross Profit	190	312	343	218	187	271	300	201	191	319
Total Revenue	1,126	1,421	1,603	1,294	1,169	1,368	1,581	1,182	1,079	1,270
Operating Revenue	1,126	1,421	1,603	1,294	1,169	1,368	1,581	1,182	1,079	1,270
Total Cost of Revenue	935	1,108	1,260	1,076	983	1,096	1,281	982	888	951
Operating Cost of Revenue	935	1,108	1,260	1,076	983	1,096	1,281	982	888	951
Total Operating Expenses	140	601	208	133	127	133	142	117	130	138
Depreciation Expense	117	123	113	112	106	111	119	96	107	116
Other Operating Expenses / (Income)	23	23	24	22	21	22	23	21	22	23
Total Other Income / (Expense), net	-63	-83	-59	-50	-58	-55	-53	-59	-61	-69
Interest Expense	64	77	77	69	72	74	72	74	78	74
Other Income / (Expense), net	1.59	-6.19	18	20	14	19	18	15	17	4.75
Income Tax Expense	-1.53	-94	29	4.77	-1.27	9.66	17	4.18	-2.15	17
Net Income / (Loss) Attributable to Noncontrolling Interest	0.99	3.05	1.74	1.38	0.74	0.77	-0.18	1.88	2.37	1.95
Basic Earnings per Share	($0.18)	($4.40)	$0.67	$0.40	$0.05	$1.01	$1.22	$0.26	$0.00	$1.29
Weighted Average Basic Shares Outstanding	67.16M	65.56M	68.27M	71.54M	71.63M	70.79M	71.73M	71.84M	71.88M	71.84M
Diluted Earnings per Share	($0.18)	($4.40)	$0.67	$0.40	$0.04	$1.02	$1.22	$0.25	$0.00	$1.29
Weighted Average Diluted Shares Outstanding	67.16M	65.56M	68.42M	71.72M	71.85M	70.99M	71.88M	72.02M	72.09M	72.03M
Weighted Average Basic & Diluted Shares Outstanding	67.07M	67.15M	71.34M	71.48M	71.52M	71.60M	71.67M	71.71M	71.74M	71.82M

This table details how cash moves in and out of Southwest Gas' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Change in Cash & Equivalents	-3.57	-7.93	15	36	-36	34	139	-76	-40	257
Net Cash From Operating Activities	273	601	370	911	500	626	111	407	509	1,356
Net Cash From Continuing Operating Activities	552	601	370	911	500	626	111	407	509	1,356
Net Income / (Loss) Continuing Operations	0.00	153	194	320	217	239	207	-198	156	205
Consolidated Net Income / (Loss)	-	153	194	320	217	239	207	-198	156	205
Depreciation Expense	270	289	251	441	303	332	371	470	441	438
Non-Cash Adjustments To Reconcile Net Income	139	-1.69	6.69	12	1.42	5.27	2.39	457	75	11
Changes in Operating Assets and Liabilities, net	143	160	-82	138	-21	50	-469	-322	-162	701
Net Cash From Investing Activities	-470	-526	-701	-1,669	-952	-802	-3,036	-839	151	-922
Net Cash From Continuing Investing Activities	-470	-526	-701	-1,669	-952	-802	-3,036	-839	151	-922
Purchase of Property, Plant & Equipment	-488	-530	-624	-1,449	-938	-825	-716	-859	-873	-946
Acquisitions	-9.26	-17	-94	-251	-48	0.00	-2,354	-19	0.00	0.00
Sale of Property, Plant & Equipment	-	-	-	-	-	-	-	0.00	0.00	21
Divestitures	-	-	-	-	-	-	0.00	0.00	1,022	0.00
Other Investing Activities, net	27	21	17	31	34	23	34	39	1.00	2.98
Net Cash From Financing Activities	-84	-83	346	793	415	210	3,063	356	-701	-176
Net Cash From Continuing Financing Activities	-84	-83	346	793	415	210	3,063	356	-701	-176
Repayment of Debt	-189	-421	-343	-344	-156	-464	-521	-970	-2,231	-593
Repurchase of Common Equity	0.00	0.00	-23	-	-	-	-	-40	-40	-93
Payment of Dividends	-74	-84	-92	-187	-116	-126	-138	-161	-175	-178
Issuance of Debt	149	424	767	863	532	662	3,511	1,068	1,495	354
Issuance of Common Equity	35	0.47	41	354	158	139	214	462	252	337
Other Financing Activities, net	-4.91	-2.12	-3.18	107	-1.86	-2.74	-1.26	-2.66	-1.99	-3.12
Other Net Changes in Cash	-	-0.19	-	-0.21	0.16	0.23	0.16	-0.85	0.27	-0.62
Cash Interest Paid	67	67	72	160	102	105	104	220	283	279
Cash Income Taxes Paid	43	-19	5.67	-4.64	2.75	-11	4.21	12	9.37	9.91

This table details how cash moves in and out of Southwest Gas' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Change in Cash & Equivalents	-41	-28	-65	139	-116	1.60	351	142	-143	-93
Net Cash From Operating Activities	40	104	-186	198	186	311	544	307	304	201
Net Cash From Continuing Operating Activities	40	104	-186	198	186	311	544	307	304	201
Net Income / (Loss) Continuing Operations	-11	-278	48	30	3.97	74	88	20	2.66	94
Consolidated Net Income / (Loss)	-11	-278	48	30	3.97	74	88	20	2.66	94
Depreciation Expense	117	123	113	112	106	111	119	96	107	116
Non-Cash Adjustments To Reconcile Net Income	-0.92	454	74	46	-43	-2.07	35	-30	2.57	3.90
Changes in Operating Assets and Liabilities, net	-65	-196	-420	9.98	120	128	302	220	191	-13
Net Cash From Investing Activities	-238	-235	836	-228	-250	-206	-200	-226	-261	-234
Net Cash From Continuing Investing Activities	-238	-235	836	-228	-250	-206	-200	-226	-261	-234
Purchase of Property, Plant & Equipment	-245	-247	-219	-220	-226	-208	-221	-223	-265	-236
Other Investing Activities, net	6.27	12	-3.48	-1.23	3.88	1.83	0.03	-2.79	3.88	1.86
Net Cash From Financing Activities	159	102	-715	169	-52	-103	7.69	61	-186	-60
Net Cash From Continuing Financing Activities	159	102	-715	169	-52	-103	7.69	61	-186	-60
Repayment of Debt	187	-156	-1,667	-475	-27	-62	-4.18	-315	-184	-90
Repurchase of Common Equity	-	-	-	-	-	-	-	-	-	-0.08
Payment of Dividends	-42	-1.93	-42	-84	-4.42	-44	-44	-137	48	-44
Issuance of Debt	11	298	756	721	17	1.26	56	182	43	73
Issuance of Common Equity	2.77	2.78	239	7.39	2.51	2.52	2.37	333	-0.50	1.90
Other Financing Activities, net	-0.02	-0.56	-1.51	-0.20	-0.04	-0.25	-1.97	-0.48	-0.02	-0.64
Other Net Changes in Cash	-0.74	-0.15	0.10	0.19	-0.20	0.17	-0.20	-0.04	0.10	-0.48
Cash Interest Paid	54	73	68	68	60	86	65	74	65	75
Cash Income Taxes Paid	2.02	1.68	2.38	1.68	1.90	3.41	1.83	3.94	2.34	1.80

This table presents Southwest Gas' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Total Assets	5,359	5,581	6,237	7,358	8,170	8,736	12,765	13,197	11,870	12,024
Total Current Assets	558	533	657	840	860	871	1,615	3,708	1,881	1,464
Cash & Equivalents	36	28	44	85	50	83	223	123	107	364
Accounts Receivable	315	361	426	491	553	605	792	954	980	819
Prepaid Expenses	95	137	165	244	181	170	292	434	219	265
Current Deferred & Refundable Income Taxes	34	4.46	7.96	15	32	11	17	8.74	1.94	2.41
Other Current Assets	78	2.61	15	4.93	44	2.05	291	2,188	574	14
Plant, Property, & Equipment, net	3,891	4,132	4,524	5,093	5,685	834	7,594	7,025	7,518	8,109
Plant, Property & Equipment, gross	5,975	6,305	6,755	7,327	7,998	8,595	10,992	9,699	10,341	11,024
Accumulated Depreciation	2,084	2,173	2,231	2,234	2,313	2,419	3,398	2,674	2,823	2,914
Total Noncurrent Assets	909	916	1,056	1,425	1,625	854	3,556	2,464	2,471	2,450
Goodwill	126	140	179	359	343	345	1,781	787	790	781
Noncurrent Deferred & Refundable Income Taxes	0.43	1.29	1.48	1.26	0.86	-	0.12	0.08	0.46	3.18
Other Noncurrent Operating Assets	783	775	876	1,064	1,281	509	1,775	1,677	1,680	1,666
Total Liabilities & Shareholders' Equity	5,359	5,581	6,237	7,358	8,170	8,736	12,765	13,197	11,870	12,024
Total Liabilities	3,750	3,897	4,425	5,024	5,580	8,134	9,615	9,979	8,455	8,335
Total Current Liabilities	535	628	816	939	1,080	912	3,112	3,423	1,685	1,832
Short-Term Debt	37	50	240	185	375	147	2,206	1,587	671	710
Accounts Payable	165	185	228	249	239	231	353	662	347	332
Customer Deposits	73	72	70	68	69	68	59	51	48	64
Current Deferred Revenue	46	90	6.84	80	61	55	5.74	-	0.00	242
Current Deferred & Payable Income Tax Liabilities	0.94	1.91	5.95	1.08	2.07	-	6.73	2.69	0.82	1.48
Other Taxes Payable	47	43	44	44	48	49	53	67	58	59
Other Current Liabilities	150	168	203	291	266	329	396	370	523	383
Other Current Nonoperating Liabilities	16	18	18	21	21	21	31	683	37	40
Total Noncurrent Liabilities	3,215	3,269	3,609	4,086	4,500	7,234	6,503	6,556	6,770	6,503
Long-Term Debt	1,551	1,550	1,799	2,107	2,300	2,732	4,116	4,403	4,610	4,348
Noncurrent Deferred Revenue	592	570	1,018	1,066	1,204	1,200	1,138	1,025	950	874
Noncurrent Deferred & Payable Income Tax Liabilities	769	841	477	529	600	647	769	682	753	809
Other Noncurrent Operating Liabilities	303	308	315	383	395	2,655	481	445	458	472
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	16	23	0.00	82	85	-	197	159	105	7.66
Total Equity & Noncontrolling Interests	1,592	1,661	1,812	2,252	2,506	2,675	2,954	3,059	3,310	3,681
Total Preferred & Common Equity	1,594	1,663	1,815	2,252	2,506	2,675	2,954	3,059	3,310	3,504
Total Common Equity	1,594	1,663	1,815	2,252	2,506	2,675	2,954	3,059	3,310	3,504
Common Stock	945	952	1,005	1,360	1,524	1,668	1,886	2,356	2,615	2,795
Retained Earnings	699	759	857	944	1,039	1,068	1,114	747	739	759
Accumulated Other Comprehensive Income / (Loss)	-50	-48	-48	-53	-57	-61	-47	-44	-44	-49
Noncontrolling Interest	-2.08	-2.22	-2.37	-0.45	-	-	-	-	0.00	177

This table presents Southwest Gas' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024
Total Assets	13,103	11,810	11,951	11,836	11,888	11,985	11,875
Total Current Assets	1,710	2,258	2,240	1,998	1,780	1,732	1,455
Cash & Equivalents	175	82	221	105	458	600	457
Accounts Receivable	821	960	979	948	902	843	721
Prepaid Expenses	317	210	220	230	215	240	261
Current Deferred & Refundable Income Taxes	16	8.14	6.80	4.27	7.17	9.66	7.40
Other Current Assets	381	970	786	712	199	40	9.27
Plant, Property, & Equipment, net	7,904	7,122	7,253	7,385	7,634	7,788	7,958
Plant, Property & Equipment, gross	11,440	9,835	9,997	10,166	10,498	10,685	10,896
Accumulated Depreciation	3,536	2,712	2,744	2,780	2,864	2,897	2,937
Total Noncurrent Assets	3,489	2,430	2,458	2,453	2,474	2,465	2,461
Goodwill	1,743	787	790	787	787	786	788
Noncurrent Deferred & Refundable Income Taxes	-	0.12	0.10	0.25	1.31	2.17	2.83
Other Noncurrent Operating Assets	1,746	1,642	1,668	1,665	1,685	1,677	1,671
Total Liabilities & Shareholders' Equity	13,103	11,810	11,951	11,836	11,888	11,985	11,875
Total Liabilities	9,575	8,387	8,530	8,452	8,524	8,311	8,235
Total Current Liabilities	1,314	1,610	1,057	1,053	1,719	1,096	1,703
Short-Term Debt	422	509	58	100	687	142	693
Accounts Payable	309	311	274	255	265	264	227
Customer Deposits	55	50	48	47	53	57	61
Current Deferred Revenue	-	-	-	-	-	121	189
Current Deferred & Payable Income Tax Liabilities	-	0.74	1.32	0.27	0.74	2.24	2.02
Other Taxes Payable	73	102	63	76	97	64	64
Other Current Liabilities	405	592	575	527	577	408	422
Other Current Nonoperating Liabilities	41	46	39	47	40	37	45
Total Noncurrent Liabilities	8,261	6,777	7,473	7,400	6,805	7,215	6,532
Long-Term Debt	5,866	4,578	5,285	5,236	4,649	5,064	4,382
Noncurrent Deferred Revenue	1,121	1,016	995	968	915	896	894
Noncurrent Deferred & Payable Income Tax Liabilities	774	733	741	742	784	792	791
Other Noncurrent Operating Liabilities	500	450	452	454	457	463	465
Redeemable Noncontrolling Interest	-	127	158	145	7.66	7.67	7.71
Total Equity & Noncontrolling Interests	3,413	3,296	3,263	3,239	3,356	3,667	3,632
Total Preferred & Common Equity	3,413	3,296	3,263	3,239	3,356	3,493	3,455
Total Common Equity	3,413	3,296	3,263	3,239	3,356	3,493	3,455
Common Stock	2,352	2,598	2,607	2,613	2,621	2,783	2,788
Retained Earnings	1,111	743	697	669	782	755	711
Accumulated Other Comprehensive Income / (Loss)	-50	-44	-41	-44	-46	-46	-44
Noncontrolling Interest	-	-	-	-	-	174	177

This table displays calculated financial ratios and metrics derived from Southwest Gas' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	16.12%	-0.13%	3.59%	13.00%	8.33%	5.74%	11.57%	34.77%	9.56%	-5.92%
EBITDA Growth	3.07%	5.88%	-1.06%	32.82%	-12.28%	9.21%	-1.49%	-40.32%	111.55%	4.97%
EBIT Growth	-0.13%	4.80%	10.46%	0.86%	12.32%	8.99%	-12.05%	-108.36%	1,700.79%	9.95%
NOPAT Growth	0.21%	13.78%	23.18%	3.86%	10.72%	12.29%	-6.49%	-105.51%	2,030.23%	24.58%
Net Income Growth	-2.01%	10.66%	26.71%	-6.34%	19.26%	10.31%	-13.30%	-195.41%	178.67%	31.71%
EPS Growth	-2.99%	8.90%	27.04%	-8.91%	7.07%	5.08%	-18.12%	-191.45%	168.71%	29.58%
Operating Cash Flow Growth	-21.83%	121.77%	-38.39%	146.34%	-45.10%	25.12%	-82.21%	265.82%	24.97%	166.25%
Free Cash Flow Firm Growth	183.70%	-25.81%	-362.76%	-59.62%	19.29%	2,295.44%	-240.87%	95.70%	391.72%	-58.42%
Invested Capital Growth	1.03%	3.04%	16.84%	19.26%	14.79%	-152.66%	436.55%	5.25%	-11.70%	-2.34%
Revenue Q/Q Growth	2.40%	-1.75%	4.04%	-13.46%	95.66%	-2.23%	-15.17%	7.28%	-0.97%	-1.87%
EBITDA Q/Q Growth	1.89%	0.20%	0.87%	6.11%	-2.93%	3.12%	-3.50%	-46.94%	89.65%	3.55%
EBIT Q/Q Growth	2.51%	-0.32%	4.52%	-30.37%	67.91%	3.89%	-10.52%	-108.09%	1,186.85%	5.65%
NOPAT Q/Q Growth	3.37%	7.40%	12.15%	-32.60%	75.43%	3.91%	-5.71%	-105.22%	5,782.17%	7.69%
Net Income Q/Q Growth	5.08%	0.40%	-15.28%	-21.15%	112.57%	5.12%	-14.21%	-230.89%	179.48%	11.28%
EPS Q/Q Growth	5.04%	-0.93%	19.17%	-15.01%	8.24%	4.28%	-17.32%	-228.10%	164.74%	10.84%
Operating Cash Flow Q/Q Growth	-45.51%	994.19%	-37.98%	90.62%	-43.30%	2.69%	-41.31%	12.18%	68.31%	-7.46%
Free Cash Flow Firm Q/Q Growth	413.09%	28.62%	-185.99%	-212.89%	51.41%	5,344.89%	-848.49%	77.81%	43.96%	-17.18%
Invested Capital Q/Q Growth	2.14%	1.74%	7.76%	11.38%	3.80%	-149.93%	30.93%	0.81%	-0.41%	1.46%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	24.67%	26.70%	25.58%	23.14%	23.63%	24.81%	22.31%	20.06%	18.76%	19.78%
EBITDA Margin	22.78%	24.15%	23.07%	27.12%	21.96%	22.68%	20.03%	8.87%	17.12%	19.11%
Operating Margin	11.70%	12.82%	13.46%	12.41%	11.92%	12.82%	10.04%	-0.49%	7.70%	9.46%
EBIT Margin	11.82%	12.40%	13.23%	11.81%	12.24%	12.62%	9.95%	-0.62%	9.01%	10.53%
Profit (Net Income) Margin	5.61%	6.22%	7.61%	6.31%	6.94%	7.24%	5.63%	-3.99%	2.86%	4.01%
Tax Burden Percent	63.06%	66.11%	74.87%	74.65%	79.45%	78.42%	83.94%	72.32%	78.80%	84.89%
Interest Burden Percent	75.32%	75.86%	76.84%	71.57%	71.40%	73.22%	67.44%	893.64%	40.31%	44.82%
Effective Tax Rate	36.43%	33.89%	25.13%	25.35%	20.55%	21.58%	16.06%	0.00%	21.20%	15.11%
Return on Invested Capital (ROIC)	5.80%	6.47%	7.24%	6.36%	6.03%	26.77%	9.51%	-0.18%	3.58%	4.82%
ROIC Less NNEP Spread (ROIC-NNEP)	2.99%	2.95%	3.74%	2.35%	2.80%	33.42%	-20.01%	-3.03%	0.62%	0.68%
Return on Net Nonoperating Assets (RNNOA)	3.08%	2.83%	3.86%	2.40%	2.77%	-17.69%	-2.40%	-6.03%	1.11%	0.95%
Return on Equity (ROE)	8.88%	9.30%	11.09%	8.76%	8.80%	9.08%	7.11%	-6.21%	4.69%	5.77%
Cash Return on Invested Capital (CROIC)	4.78%	3.47%	-8.29%	-11.20%	-7.74%	0.00%	-126.37%	-5.30%	16.01%	7.18%
Operating Return on Assets (OROA)	5.51%	5.58%	5.70%	5.00%	4.92%	4.92%	3.40%	-0.24%	3.91%	4.51%
Return on Assets (ROA)	2.62%	2.80%	3.28%	2.67%	2.79%	2.83%	1.93%	-1.52%	1.24%	1.71%
Return on Common Equity (ROCE)	8.79%	9.20%	11.04%	8.60%	8.50%	8.93%	6.87%	-5.86%	4.50%	5.53%
Return on Equity Simple (ROE_SIMPLE)	-	-	10.69%	8.07%	8.65%	8.93%	7.01%	-6.46%	4.70%	5.85%
Net Operating Profit after Tax (NOPAT)	183	209	257	267	295	332	310	-17	330	411
NOPAT Margin	7.44%	8.48%	10.08%	9.26%	9.47%	10.06%	8.43%	-0.34%	6.07%	8.03%
Net Nonoperating Expense Percent (NNEP)	2.80%	3.51%	3.50%	4.02%	3.23%	-6.66%	29.52%	2.85%	2.96%	4.14%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-0.19%	3.84%	4.70%
Cost of Revenue to Revenue	75.33%	73.30%	74.42%	76.86%	76.37%	75.19%	77.69%	79.94%	81.24%	80.22%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	12.97%	13.88%	12.12%	10.73%	11.72%	11.99%	12.26%	20.55%	11.06%	10.32%
Earnings before Interest and Taxes (EBIT)	291	305	337	340	382	416	366	-31	490	538
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	561	594	588	781	685	748	737	440	931	977
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.53	2.05	1.70	1.38	1.40	1.12	1.29	1.25	1.31	1.44
Price to Tangible Book Value (P/TBV)	1.66	2.24	1.88	1.65	1.62	1.29	3.26	1.68	1.72	1.85
Price to Revenue (P/Rev)	0.99	1.39	1.21	1.08	1.13	0.91	1.04	0.77	0.80	0.98
Price to Earnings (P/E)	17.74	22.44	15.89	17.10	16.42	12.89	19.04	0.00	28.74	25.31
Dividend Yield	3.79%	3.03%	3.00%	3.26%	3.35%	4.25%	3.72%	4.32%	4.09%	3.54%
Earnings Yield	5.64%	4.46%	6.29%	5.85%	6.09%	7.76%	5.25%	0.00%	3.48%	3.95%
Enterprise Value to Invested Capital (EV/IC)	1.26	1.53	1.33	1.18	1.19	0.00	1.09	1.01	1.11	1.18
Enterprise Value to Revenue (EV/Rev)	1.62	2.03	1.99	1.88	1.99	1.76	2.75	1.98	1.77	1.94
Enterprise Value to EBITDA (EV/EBITDA)	7.13	8.42	8.63	6.92	9.08	7.74	13.73	22.37	10.33	10.15
Enterprise Value to EBIT (EV/EBIT)	13.74	16.40	15.05	15.90	16.29	13.91	27.64	0.00	19.64	18.41
Enterprise Value to NOPAT (EV/NOPAT)	21.83	24.00	19.75	20.26	21.06	17.46	32.62	0.00	29.17	24.14
Enterprise Value to Operating Cash Flow (EV/OCF)	14.78	8.33	13.71	5.93	12.43	9.25	90.84	24.15	18.88	7.31
Enterprise Value to Free Cash Flow (EV/FCFF)	26.50	44.68	0.00	0.00	0.00	0.70	0.00	0.00	6.53	16.19
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.99	0.95	1.12	0.98	1.03	1.08	2.01	1.86	1.55	1.37
Long-Term Debt to Equity	0.96	0.92	0.99	0.90	0.89	1.02	1.31	1.37	1.35	1.18
Financial Leverage	1.03	0.96	1.03	1.02	0.99	-0.53	0.12	1.99	1.77	1.40
Leverage Ratio	3.39	3.32	3.38	3.28	3.15	3.21	3.69	4.08	3.78	3.36
Compound Leverage Factor	2.56	2.52	2.60	2.35	2.25	2.35	2.49	36.43	1.52	1.51
Debt to Total Capital	49.69%	48.72%	52.93%	49.56%	50.80%	51.84%	66.74%	65.05%	60.73%	57.83%
Short-Term Debt to Total Capital	1.17%	1.53%	6.23%	4.00%	7.11%	2.65%	23.29%	17.24%	7.72%	8.12%
Long-Term Debt to Total Capital	48.52%	47.20%	46.71%	45.56%	43.69%	49.19%	43.45%	47.82%	53.01%	49.71%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.44%	0.62%	-0.06%	1.76%	1.61%	0.00%	2.08%	1.73%	1.20%	2.11%
Common Equity to Total Capital	49.87%	50.66%	47.13%	48.69%	47.59%	48.16%	31.18%	33.22%	38.07%	40.06%
Debt to EBITDA	2.83	2.69	3.47	2.94	3.90	3.85	8.58	13.62	5.68	5.18
Net Debt to EBITDA	2.77	2.65	3.39	2.83	3.83	3.74	8.27	13.34	5.56	4.81
Long-Term Debt to EBITDA	2.76	2.61	3.06	2.70	3.36	3.65	5.58	10.01	4.95	4.45
Debt to NOPAT	8.67	7.67	7.93	8.59	9.05	8.68	20.38	-350.77	16.02	12.32
Net Debt to NOPAT	8.47	7.54	7.76	8.27	8.89	8.43	19.66	-343.56	15.70	11.43
Long-Term Debt to NOPAT	8.46	7.43	7.00	7.90	7.79	8.24	13.27	-257.83	13.98	10.59
Altman Z-Score	1.22	1.32	1.17	1.08	1.06	0.92	0.60	0.70	1.01	0.99
Noncontrolling Interest Sharing Ratio	1.02%	1.04%	0.52%	1.91%	3.37%	1.61%	3.38%	5.59%	3.98%	4.08%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.04	0.85	0.81	0.89	0.80	0.96	0.52	1.08	1.12	0.80
Quick Ratio	0.79	0.62	0.58	0.61	0.56	0.75	0.33	0.31	0.64	0.65
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	151	112	-294	-470	-379	8,326	-11,728	-505	1,472	612
Operating Cash Flow to CapEx	0.00%	113.40%	59.32%	62.91%	53.34%	75.88%	15.56%	47.41%	58.36%	146.64%
Free Cash Flow to Firm to Interest Expense	2.10	1.52	-3.77	-4.86	-3.47	74.69	-98.39	-2.08	5.04	2.06
Operating Cash Flow to Interest Expense	3.77	8.15	4.74	9.43	4.58	5.62	0.93	1.68	1.74	4.56
Operating Cash Flow Less CapEx to Interest Expense	10.56	0.96	-3.25	-5.56	-4.01	-1.79	-5.07	-1.86	-1.24	1.45
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.47	0.45	0.43	0.42	0.40	0.39	0.34	0.38	0.43	0.43
Accounts Receivable Turnover	6.61	6.56	6.48	6.28	5.98	5.70	5.27	5.68	5.62	5.68
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.65	0.61	0.59	0.60	0.58	1.01	0.87	0.68	0.75	0.65
Accounts Payable Turnover	11.15	10.32	9.19	9.27	9.77	10.55	9.78	7.81	8.75	12.09
Days Sales Outstanding (DSO)	55.18	55.67	56.35	58.09	61.09	64.05	69.25	64.26	64.95	64.21
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	32.73	35.37	39.74	39.35	37.37	34.60	37.31	46.74	41.71	30.20
Cash Conversion Cycle (CCC)	22.45	20.30	16.61	18.74	23.71	29.45	31.94	17.52	23.24	34.01
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,177	3,274	3,825	4,562	5,236	-2,758	9,281	9,768	8,626	8,424
Invested Capital Turnover	0.78	0.76	0.72	0.69	0.64	2.66	1.13	0.52	0.59	0.60
Increase / (Decrease) in Invested Capital	32	97	551	737	675	-7,994	12,038	488	-1,143	-202
Enterprise Value (EV)	4,001	5,005	5,073	5,405	6,222	5,791	10,118	9,842	9,616	9,912
Market Capitalization	2,435	3,413	3,081	3,117	3,512	2,995	3,822	3,815	4,337	5,032
Book Value per Share	$33.65	$34.79	$38.02	$45.56	$45.87	$47.37	$48.92	$45.61	$46.28	$48.84
Tangible Book Value per Share	$30.99	$31.86	$34.26	$38.30	$39.59	$41.26	$19.42	$33.87	$35.24	$37.95
Total Capital	3,197	3,284	3,851	4,626	5,265	5,555	9,473	9,209	8,696	8,747
Total Debt	1,589	1,600	2,038	2,292	2,675	2,880	6,322	5,991	5,281	5,058
Total Long-Term Debt	1,551	1,550	1,799	2,107	2,300	2,732	4,116	4,403	4,610	4,348
Net Debt	1,553	1,572	1,995	2,207	2,625	2,796	6,099	5,868	5,174	4,695
Capital Expenditures (CapEx)	-488	530	624	1,449	938	825	716	859	873	925
Debt-free, Cash-free Net Working Capital (DFCFNWC)	25	-73	37	0.82	105	23	486	1,749	761	-21
Debt-free Net Working Capital (DFNWC)	61	-45	81	86	155	106	709	1,872	867	342
Net Working Capital (NWC)	23	-95	-159	-99	-220	-41	-1,497	285	196	-368
Net Nonoperating Expense (NNE)	45	55	63	85	79	93	103	181	174	206
Net Nonoperating Obligations (NNO)	1,569	1,590	2,013	2,228	2,646	-5,433	6,130	6,550	5,211	4,735
Total Depreciation and Amortization (D&A)	270	289	251	441	303	332	371	470	441	438
Debt-free, Cash-free Net Working Capital to Revenue	1.00%	-2.97%	1.47%	0.03%	3.36%	0.70%	13.21%	35.26%	14.00%	-0.42%
Debt-free Net Working Capital to Revenue	2.46%	-1.83%	3.18%	2.99%	4.95%	3.23%	19.27%	37.74%	15.96%	6.70%
Net Working Capital to Revenue	0.94%	-3.86%	-6.23%	-3.43%	-7.05%	-1.24%	-40.68%	5.74%	3.61%	-7.19%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.94	$3.20	$4.04	$3.69	$3.94	$4.15	$3.39	($3.10)	$2.13	$2.77
Adjusted Weighted Average Basic Shares Outstanding	46.99M	47.47M	47.97M	49.42M	54.25M	56.00M	59.15M	65.56M	70.79M	71.84M
Adjusted Diluted Earnings per Share	$2.92	$3.18	$4.04	$3.68	$3.94	$4.14	$3.39	($3.10)	$2.13	$2.76
Adjusted Weighted Average Diluted Shares Outstanding	47.38M	47.81M	47.99M	49.48M	54.31M	56.08M	59.26M	65.56M	70.99M	72.03M
Adjusted Basic & Diluted Earnings per Share	$2.94	$3.20	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	46.70M	47.50M	48.16M	53.08M	55.06M	57.23M	60.45M	67.15M	71.60M	71.82M
Normalized Net Operating Profit after Tax (NOPAT)	183	209	257	267	295	332	310	302	386	411
Normalized NOPAT Margin	7.44%	8.48%	10.08%	9.26%	9.47%	10.06%	8.43%	6.08%	7.10%	8.03%
Pre Tax Income Margin	8.90%	9.41%	10.16%	8.45%	8.74%	9.24%	6.71%	-5.51%	3.63%	4.72%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	4.05	4.14	4.32	3.52	3.50	3.73	3.07	-0.13	1.68	1.81
NOPAT to Interest Expense	2.55	2.83	3.29	2.76	2.70	2.98	2.60	-0.07	1.13	1.38
EBIT Less CapEx to Interest Expense	10.84	-3.05	-3.67	-11.47	-5.09	-3.67	-2.93	-3.67	-1.31	-1.30
NOPAT Less CapEx to Interest Expense	9.34	-4.36	-4.70	-12.23	-5.88	-4.43	-3.40	-3.61	-1.86	-1.73
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-53.75%	54.72%	47.61%	103.08%	53.60%	52.52%	66.71%	-81.22%	112.25%	86.79%
Augmented Payout Ratio	-53.75%	54.72%	59.47%	103.08%	53.60%	52.52%	66.71%	-101.28%	137.91%	132.15%

This table displays calculated financial ratios and metrics derived from Southwest Gas' official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	26.66%	31.03%	26.50%	12.87%	3.90%	-3.76%	-1.39%	-8.62%	-7.72%	-7.12%
EBITDA Growth	51.00%	-179.04%	-8.96%	43.26%	6.98%	256.02%	10.97%	-10.11%	2.99%	12.49%
EBIT Growth	155.25%	-358.48%	-9.47%	143.72%	44.95%	153.25%	14.70%	-5.95%	4.75%	18.35%
NOPAT Growth	114.32%	-289.95%	-37.48%	129.11%	153.44%	160.47%	56.76%	-5.84%	261.67%	25.17%
Net Income Growth	-21.78%	-489.92%	-51.00%	597.60%	135.05%	126.53%	83.76%	-33.21%	-32.87%	28.19%
EPS Growth	5.26%	-492.86%	-57.59%	500.00%	122.22%	123.18%	82.09%	-37.50%	-100.00%	26.47%
Operating Cash Flow Growth	-20.79%	73.91%	-199.53%	157.06%	368.70%	198.52%	392.72%	54.89%	63.25%	-35.18%
Free Cash Flow Firm Growth	-65.68%	94.22%	-232.58%	130.59%	143.53%	283.43%	103.27%	-70.04%	-39.28%	-71.98%
Invested Capital Growth	36.71%	5.25%	1,271.54%	-9.96%	-10.62%	-11.70%	-1.95%	-2.76%	-4.13%	-2.34%
Revenue Q/Q Growth	-1.79%	26.24%	12.84%	-19.31%	-9.60%	16.93%	15.61%	-25.22%	-8.71%	17.69%
EBITDA Q/Q Growth	11.69%	-201.99%	254.92%	-18.82%	-16.60%	48.75%	10.19%	-34.25%	-4.44%	62.47%
EBIT Q/Q Growth	20.33%	-671.86%	152.14%	-32.07%	-28.44%	110.06%	12.33%	-44.31%	-20.29%	137.33%
NOPAT Q/Q Growth	9.37%	-677.71%	141.80%	-13.24%	20.98%	37.84%	8.36%	-47.89%	364.67%	-52.30%
Net Income Q/Q Growth	-86.12%	-2,352.16%	117.17%	-36.50%	-86.89%	1,756.34%	18.90%	-76.92%	-86.82%	3,444.91%
EPS Q/Q Growth	-80.00%	-2,344.44%	115.23%	-40.30%	-90.00%	2,450.00%	19.61%	-79.51%	-100.00%	0.00%
Operating Cash Flow Q/Q Growth	-48.39%	161.99%	-278.42%	206.56%	-5.90%	66.86%	74.95%	-43.61%	-0.82%	-33.75%
Free Cash Flow Firm Q/Q Growth	22.99%	73.13%	-1,217.15%	111.23%	9.57%	13.22%	-76.49%	2.70%	122.09%	-47.75%
Invested Capital Q/Q Growth	2.00%	0.81%	-13.53%	1.27%	1.25%	-0.41%	-3.99%	0.43%	-0.17%	1.46%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	16.90%	21.99%	21.40%	16.86%	15.98%	19.82%	18.99%	16.96%	17.71%	25.14%
EBITDA Margin	14.97%	-12.09%	16.60%	16.70%	15.41%	19.60%	18.68%	16.43%	17.20%	23.74%
Operating Margin	4.44%	-20.30%	8.43%	6.55%	5.15%	10.10%	10.00%	7.04%	5.70%	14.25%
EBIT Margin	4.58%	-20.74%	9.58%	8.07%	6.39%	11.47%	11.15%	8.30%	7.25%	14.62%
Profit (Net Income) Margin	-1.01%	-19.53%	2.97%	2.34%	0.34%	5.39%	5.54%	1.71%	0.25%	7.43%
Tax Burden Percent	88.13%	74.71%	62.43%	86.39%	147.09%	88.41%	83.68%	82.86%	521.14%	84.47%
Interest Burden Percent	-24.92%	126.06%	49.67%	33.56%	3.61%	53.09%	59.37%	24.85%	0.65%	60.18%
Effective Tax Rate	0.00%	0.00%	37.57%	13.61%	-47.09%	11.59%	16.32%	17.14%	-421.14%	15.53%
Return on Invested Capital (ROIC)	1.71%	-7.40%	7.22%	3.41%	4.53%	5.28%	5.42%	3.66%	18.24%	7.22%
ROIC Less NNEP Spread (ROIC-NNEP)	0.81%	-8.59%	-1.82%	2.64%	3.07%	4.45%	4.51%	2.67%	11.84%	6.04%
Return on Net Nonoperating Assets (RNNOA)	1.28%	-17.11%	-0.21%	4.30%	5.21%	7.89%	6.61%	3.68%	16.76%	8.46%
Return on Equity (ROE)	2.99%	-24.51%	7.00%	7.71%	9.74%	13.17%	12.03%	7.34%	35.00%	15.68%
Cash Return on Invested Capital (CROIC)	-27.11%	-5.30%	-109.01%	10.34%	11.15%	16.01%	6.54%	7.30%	8.72%	7.18%
Operating Return on Assets (OROA)	1.80%	-7.92%	4.05%	3.53%	2.81%	4.97%	5.09%	3.68%	3.19%	6.26%
Return on Assets (ROA)	-0.40%	-7.46%	1.26%	1.02%	0.15%	2.33%	2.53%	0.76%	0.11%	3.18%
Return on Common Equity (ROCE)	2.91%	-23.14%	6.87%	7.53%	9.53%	12.65%	11.79%	6.99%	33.35%	15.04%
Return on Equity Simple (ROE_SIMPLE)	4.43%	0.00%	-7.50%	-6.47%	-6.04%	0.00%	5.82%	5.31%	5.33%	0.00%
Net Operating Profit after Tax (NOPAT)	35	-202	84	73	89	122	132	69	320	153
NOPAT Margin	3.11%	-14.21%	5.26%	5.66%	7.58%	8.93%	8.37%	5.83%	29.69%	12.03%
Net Nonoperating Expense Percent (NNEP)	0.90%	1.19%	9.04%	0.77%	1.46%	0.82%	0.90%	1.00%	6.39%	1.18%
Return On Investment Capital (ROIC_SIMPLE)	-	-2.23%	-	-	-	1.42%	-	-	-	1.75%
Cost of Revenue to Revenue	83.10%	78.01%	78.60%	83.14%	84.02%	80.18%	81.01%	83.04%	82.29%	74.86%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	12.46%	42.29%	12.97%	10.30%	10.83%	9.72%	8.98%	9.92%	12.01%	10.90%
Earnings before Interest and Taxes (EBIT)	52	-295	154	104	75	157	176	98	78	186
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	168	-172	266	216	180	268	295	194	186	302
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.27	1.25	1.20	1.33	1.28	1.31	1.60	1.43	1.53	1.44
Price to Tangible Book Value (P/TBV)	2.59	1.68	1.58	1.75	1.70	1.72	2.08	1.85	1.98	1.85
Price to Revenue (P/Rev)	0.94	0.77	0.75	0.80	0.76	0.80	0.99	0.94	1.02	0.98
Price to Earnings (P/E)	29.38	0.00	0.00	0.00	0.00	28.74	27.78	27.45	29.51	25.31
Dividend Yield	3.76%	4.32%	4.21%	4.09%	4.26%	4.09%	3.31%	3.55%	3.36%	3.54%
Earnings Yield	3.40%	0.00%	0.00%	0.00%	0.00%	3.48%	3.60%	3.64%	3.39%	3.95%
Enterprise Value to Invested Capital (EV/IC)	1.08	1.01	1.08	1.12	1.10	1.11	1.24	1.18	1.22	1.18
Enterprise Value to Revenue (EV/Rev)	2.26	1.98	1.72	1.77	1.74	1.77	1.89	1.85	1.94	1.94
Enterprise Value to EBITDA (EV/EBITDA)	12.59	22.37	21.96	20.06	19.43	10.33	10.67	10.44	10.70	10.15
Enterprise Value to EBIT (EV/EBIT)	27.61	0.00	0.00	645.55	250.52	19.64	19.99	19.34	19.81	18.41
Enterprise Value to NOPAT (EV/NOPAT)	31.88	0.00	0.00	0.00	0.00	29.17	26.79	25.82	26.47	24.14
Enterprise Value to Operating Cash Flow (EV/OCF)	28.74	24.15	258.88	61.58	31.51	18.88	8.27	7.27	6.89	7.31
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	10.29	9.32	6.53	18.71	15.90	13.65	16.19
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.84	1.86	1.49	1.56	1.58	1.55	1.59	1.42	1.39	1.37
Long-Term Debt to Equity	1.72	1.37	1.34	1.54	1.55	1.35	1.38	1.38	1.20	1.18
Financial Leverage	1.58	1.99	0.12	1.62	1.70	1.77	1.46	1.38	1.42	1.40
Leverage Ratio	3.61	4.08	3.63	3.62	3.67	3.78	3.49	3.37	3.38	3.36
Compound Leverage Factor	-0.90	5.14	1.80	1.21	0.13	2.01	2.07	0.84	0.02	2.02
Debt to Total Capital	64.82%	65.05%	59.78%	60.96%	61.19%	60.73%	61.33%	58.62%	58.24%	57.83%
Short-Term Debt to Total Capital	4.36%	17.24%	5.99%	0.66%	1.15%	7.72%	7.89%	1.60%	7.95%	8.12%
Long-Term Debt to Total Capital	60.46%	47.82%	53.79%	60.31%	60.05%	53.01%	53.44%	57.02%	50.28%	49.71%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	1.73%	1.49%	1.81%	1.66%	1.20%	0.09%	2.05%	2.12%	2.11%
Common Equity to Total Capital	35.18%	33.22%	38.73%	37.23%	37.14%	38.07%	38.58%	39.33%	39.65%	40.06%
Debt to EBITDA	7.58	13.62	12.30	11.16	10.87	5.68	5.56	5.55	5.38	5.18
Net Debt to EBITDA	7.37	13.34	12.10	10.69	10.66	5.56	5.08	4.91	4.90	4.81
Long-Term Debt to EBITDA	7.08	10.01	11.07	11.04	10.67	4.95	4.84	5.40	4.65	4.45
Debt to NOPAT	19.20	-350.77	-125.96	-410.73	-919.64	16.02	13.96	13.73	13.31	12.32
Net Debt to NOPAT	18.67	-343.56	-123.93	-393.71	-901.55	15.70	12.76	12.15	12.11	11.43
Long-Term Debt to NOPAT	17.91	-257.83	-113.35	-406.30	-902.43	13.98	12.17	13.36	11.49	10.59
Altman Z-Score	0.79	0.64	0.93	0.99	0.95	0.92	0.98	0.98	0.90	0.89
Noncontrolling Interest Sharing Ratio	2.82%	5.59%	1.84%	2.30%	2.14%	3.98%	1.98%	4.79%	4.69%	4.08%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.30	1.08	1.40	2.12	1.90	1.12	1.04	1.58	0.85	0.80
Quick Ratio	0.76	0.31	0.65	1.14	1.00	0.64	0.79	1.32	0.69	0.65
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-2,567	-690	-9,083	1,020	1,117	1,265	297	305	678	354
Operating Cash Flow to CapEx	16.25%	42.16%	-84.77%	90.13%	82.46%	149.46%	272.10%	137.29%	114.60%	85.32%
Free Cash Flow to Firm to Interest Expense	-39.87	-8.98	-117.46	14.70	15.52	17.19	4.15	4.14	8.73	4.79
Operating Cash Flow to Interest Expense	0.62	1.36	-2.40	2.85	2.59	4.22	7.59	4.16	3.91	2.72
Operating Cash Flow Less CapEx to Interest Expense	-3.18	-1.86	-5.24	-0.31	-0.55	1.40	4.80	1.13	0.50	-0.47
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.39	0.38	0.42	0.44	0.44	0.43	0.46	0.44	0.44	0.43
Accounts Receivable Turnover	6.11	5.68	6.17	6.15	6.20	5.62	5.81	5.82	6.24	5.68
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.65	0.68	1.26	0.72	0.72	0.75	0.73	0.70	0.68	0.65
Accounts Payable Turnover	13.93	7.81	15.07	15.08	15.70	8.75	15.42	16.13	17.61	12.09
Days Sales Outstanding (DSO)	59.72	64.26	59.15	59.35	58.83	64.95	62.79	62.74	58.46	64.21
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	26.20	46.74	24.23	24.20	23.25	41.71	23.67	22.63	20.72	30.20
Cash Conversion Cycle (CCC)	33.52	17.52	34.92	35.15	35.57	23.24	39.11	40.11	37.74	34.01
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	9,690	9,768	8,447	8,554	8,661	8,626	8,282	8,317	8,303	8,424
Invested Capital Turnover	0.55	0.52	1.37	0.60	0.60	0.59	0.65	0.63	0.61	0.60
Increase / (Decrease) in Invested Capital	2,602	488	9,168	-946	-1,029	-1,143	-165	-236	-358	-202
Enterprise Value (EV)	10,438	9,842	9,086	9,608	9,532	9,616	10,239	9,789	10,093	9,912
Market Capitalization	4,325	3,815	3,954	4,329	4,156	4,337	5,354	5,001	5,289	5,032
Book Value per Share	$50.93	$45.61	$49.09	$45.74	$45.31	$46.28	$46.79	$48.73	$48.18	$48.84
Tangible Book Value per Share	$24.92	$33.87	$37.36	$34.67	$34.30	$35.24	$35.82	$37.77	$37.20	$37.95
Total Capital	9,701	9,209	8,510	8,763	8,719	8,696	8,700	8,880	8,715	8,747
Total Debt	6,288	5,991	5,087	5,342	5,335	5,281	5,336	5,206	5,075	5,058
Total Long-Term Debt	5,866	4,403	4,578	5,285	5,236	4,610	4,649	5,064	4,382	4,348
Net Debt	6,113	5,868	5,005	5,121	5,230	5,174	4,878	4,606	4,619	4,695
Capital Expenditures (CapEx)	245	247	219	220	226	208	200	223	265	236
Debt-free, Cash-free Net Working Capital (DFCFNWC)	643	1,749	1,075	1,019	941	761	290	178	-11	-21
Debt-free Net Working Capital (DFNWC)	818	1,872	1,157	1,240	1,046	867	748	778	446	342
Net Working Capital (NWC)	396	285	648	1,183	946	196	61	635	-247	-368
Net Nonoperating Expense (NNE)	46	76	37	43	85	48	45	49	318	58
Net Nonoperating Obligations (NNO)	6,277	6,550	5,024	5,133	5,277	5,211	4,918	4,643	4,663	4,735
Total Depreciation and Amortization (D&A)	117	123	113	112	106	111	119	96	107	116
Debt-free, Cash-free Net Working Capital to Revenue	13.91%	35.26%	20.30%	18.72%	17.15%	14.00%	5.36%	3.36%	-0.21%	-0.42%
Debt-free Net Working Capital to Revenue	17.70%	37.74%	21.85%	22.79%	19.06%	15.96%	13.82%	14.67%	8.56%	6.70%
Net Working Capital to Revenue	8.56%	5.74%	12.23%	21.73%	17.24%	3.61%	1.13%	11.99%	-4.75%	-7.19%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.18)	($4.40)	$0.67	$0.40	$0.05	$1.01	$1.22	$0.26	$0.00	$1.29
Adjusted Weighted Average Basic Shares Outstanding	67.16M	65.56M	68.27M	71.54M	71.63M	70.79M	71.73M	71.84M	71.88M	71.84M
Adjusted Diluted Earnings per Share	($0.18)	($4.40)	$0.67	$0.40	$0.04	$1.02	$1.22	$0.25	$0.00	$1.29
Adjusted Weighted Average Diluted Shares Outstanding	67.33M	65.56M	68.42M	71.72M	71.85M	70.99M	71.88M	72.02M	72.09M	72.03M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	67.07M	67.15M	71.34M	71.48M	71.52M	71.60M	71.67M	71.71M	71.74M	71.82M
Normalized Net Operating Profit after Tax (NOPAT)	35	117	129	73	42	122	132	69	43	153
Normalized NOPAT Margin	3.11%	8.22%	8.04%	5.66%	3.61%	8.93%	8.37%	5.83%	3.99%	12.03%
Pre Tax Income Margin	-1.14%	-26.14%	4.76%	2.71%	0.23%	6.09%	6.62%	2.06%	0.05%	8.80%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.80	-3.84	1.99	1.51	1.04	2.13	2.46	1.33	1.01	2.51
NOPAT to Interest Expense	0.54	-2.63	1.09	1.06	1.23	1.66	1.85	0.93	4.12	2.07
EBIT Less CapEx to Interest Expense	-3.00	-7.05	-0.85	-1.66	-2.10	-0.69	-0.33	-1.70	-2.41	-0.68
NOPAT Less CapEx to Interest Expense	-3.26	-5.84	-1.74	-2.11	-1.91	-1.17	-0.94	-2.09	0.71	-1.13
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	128.82%	-81.22%	-67.22%	-99.06%	-87.81%	112.25%	111.17%	145.82%	118.17%	86.79%
Augmented Payout Ratio	128.82%	-101.28%	-67.22%	-99.06%	-87.81%	137.91%	111.17%	145.82%	118.17%	132.15%

Frequently Asked Questions About Southwest Gas' Financials

When does Southwest Gas's financial year end?

According to the most recent income statement we have on file, Southwest Gas' fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Southwest Gas' net income changed over the last 9 years?

Southwest Gas' net income appears to be on a downward trend, with a most recent value of $204.84 million in 2024, falling from $278.86 million in 2015. The previous period was $155.52 million in 2023.

What is Southwest Gas's operating income?

Southwest Gas's total operating income in 2024 was $483.77 million, based on the following breakdown:

Total Gross Profit: $1.01 billion
Total Operating Expenses: $527.41 million

How has Southwest Gas revenue changed over the last 9 years?

Over the last 9 years, Southwest Gas' total revenue changed from $2.46 billion in 2015 to $5.11 billion in 2024, a change of 107.5%.

How much debt does Southwest Gas have?

Southwest Gas' total liabilities were at $8.33 billion at the end of 2024, a 1.4% decrease from 2023, and a 122.2% increase since 2015.

How much cash does Southwest Gas have?

In the past 9 years, Southwest Gas' cash and equivalents has ranged from $28.07 million in 2016 to $363.79 million in 2024, and is currently $363.79 million as of their latest financial filing in 2024.

How has Southwest Gas' book value per share changed over the last 9 years?

Over the last 9 years, Southwest Gas' book value per share changed from 33.65 in 2015 to 48.84 in 2024, a change of 45.2%.

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This page (NYSE:SWX) was last updated on 4/15/2025 by MarketBeat.com Staff

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Southwest Gas (SWX) Financials

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