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NorthWestern (NWE) Financials

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$71.62 +0.44 (+0.62%)
Closing price 03:59 PM Eastern
Extended Trading
$71.68 +0.05 (+0.08%)
As of 04:04 PM Eastern
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Annual Income Statements for NorthWestern

Annual Income Statements for NorthWestern

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

Metric 2022 2023 2024 2025
Period end date 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 183 194 224 181
Consolidated Net Income / (Loss)		 183 194 224 181
Net Income / (Loss) Continuing Operations		 183 194 224 181
Total Pre-Tax Income 		182 202 215 188
Total Operating Income		 263 300 323 326
Total Gross Profit		 764 781 852 916
Total Revenue		 1,478 1,422 1,514 1,611
Operating Revenue		 1,478 1,422 1,514 1,611
Total Cost of Revenue		 713 641 662 695
Operating Cost of Revenue		 713 641 662 695
Total Operating Expenses		 501 481 529 590
Selling, General & Admin Expense		 114 117 137 158
Depreciation Expense		 195 210 228 250
Other Operating Expenses / (Income)		 193 153 164 182
Total Other Income / (Expense), net		 -81 -99 -109 -138
Interest Expense		 100 115 132 150
Other Income / (Expense), net		 19 16 23 12
Income Tax Expense		 -0.61 7.54 -9.44 6.47
Basic Earnings per Share		 $3.28 $3.22 $3.66 $2.95
Weighted Average Basic Shares Outstanding		 55.77M 60.32M 61.29M 61.38M
Diluted Earnings per Share		 $3.25 $3.22 $3.65 $2.94
Weighted Average Diluted Shares Outstanding		 - - 61.33M 61.44M
Weighted Average Basic & Diluted Shares Outstanding		 - - 61.33M 61.44M
Cash Dividends to Common per Share		 $2.52 $2.56 $2.60 $2.64

Quarterly Income Statements for NorthWestern

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

Metric Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 19 29 65 32 47 81 77 21 38 45 63
Consolidated Net Income / (Loss)		 19 29 65 32 47 81 77 21 38 45 63
Net Income / (Loss) Continuing Operations		 19 29 65 32 47 81 77 21 38 45 63
Total Pre-Tax Income 		21 31 75 36 44 60 92 25 47 24 77
Total Operating Income		 46 56 102 62 68 92 125 61 80 60 114
Total Gross Profit		 168 179 246 186 201 218 272 205 236 203 277
Total Revenue		 291 321 475 320 345 373 467 343 387 414 498
Operating Revenue		 291 321 475 320 345 373 467 343 387 414 498
Total Cost of Revenue		 122 142 229 134 144 155 195 138 151 211 220
Operating Cost of Revenue		 122 142 229 134 144 155 195 138 151 211 220
Total Operating Expenses		 122 123 144 124 133 127 147 144 156 143 163
Selling, General & Admin Expense		 30 29 40 31 35 31 41 34 47 36 46
Depreciation Expense		 52 52 57 57 57 57 62 62 63 62 67
Other Operating Expenses / (Income)		 40 42 47 36 42 39 43 48 46 45 50
Total Other Income / (Expense), net		 -24 -25 -27 -26 -24 -32 -33 -36 -33 -36 -37
Interest Expense		 28 29 31 32 33 35 37 36 38 39 40
Other Income / (Expense), net		 4.06 4.13 4.32 6.16 9.12 3.43 3.93 0.08 5.10 2.99 3.06
Income Tax Expense		 2.15 1.70 10 4.24 -3.17 -21 15 3.38 8.79 -21 14
Basic Earnings per Share		 $0.32 $0.48 $1.06 $0.52 $0.76 $1.32 $1.25 $0.35 $0.62 $0.73 $1.03
Weighted Average Basic Shares Outstanding		 59.80M 60.44M 61.27M 61.29M 61.30M 61.29M 61.34M 61.38M 61.40M 61.38M 61.46M
Diluted Earnings per Share		 $0.32 $0.48 $1.06 $0.52 $0.76 $1.31 $1.25 $0.35 $0.62 $0.72 $1.03
Weighted Average Diluted Shares Outstanding		 - - - 61.30M 61.31M 61.33M 61.38M 61.39M 61.41M 61.44M 61.51M
Weighted Average Basic & Diluted Shares Outstanding		 - - - 61.30M 61.31M 61.33M 61.38M 61.39M 61.41M 61.44M 61.51M
Cash Dividends to Common per Share		 $0.64 $0.64 $0.65 $0.65 $0.65 - $0.66 $0.66 $0.66 - $0.67

Annual Cash Flow Statements for NorthWestern

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

Metric 2022 2023 2024 2025
Period end date 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 3.70 2.72 3.83 1.72
Net Cash From Operating Activities		 307 489 407 394
Net Cash From Continuing Operating Activities		 307 489 407 394
Net Income / (Loss) Continuing Operations		 183 194 224 181
Consolidated Net Income / (Loss)		 183 194 224 181
Depreciation Expense		 195 210 228 250
Amortization Expense		 5.32 5.14 4.65 4.42
Non-Cash Adjustments To Reconcile Net Income		 -8.22 -12 -9.81 28
Changes in Operating Assets and Liabilities, net		 -68 92 -40 -69
Net Cash From Investing Activities		 -517 -571 -554 -571
Net Cash From Continuing Investing Activities		 -517 -571 -554 -571
Purchase of Property, Plant & Equipment		 -515 -567 -549 -524
Acquisitions		 - 0.00 0.00 -36
Purchase of Investments		 -1.72 -3.92 -4.72 -10
Other Investing Activities, net		 0.00 0.00 -0.50 0.00
Net Cash From Financing Activities		 213 84 152 178
Net Cash From Continuing Financing Activities		 213 84 152 178
Repayment of Debt		 -1.19 -136 -6.05 -313
Payment of Dividends		 -140 -154 -159 -161
Issuance of Debt		 77 300 315 652
Issuance of Common Equity		 278 75 1.19 0.71

Quarterly Cash Flow Statements for NorthWestern

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

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 3.55 -4.81 11 -3.15 1.13 51 -54 3.93 0.26 -3.13
Net Cash From Operating Activities		 62 162 62 120 63 153 58 127 56 159
Net Cash From Continuing Operating Activities		 62 162 62 120 63 153 58 127 56 159
Net Income / (Loss) Continuing Operations		 83 65 32 47 81 77 21 38 45 63
Consolidated Net Income / (Loss)		 83 65 32 47 81 77 21 38 45 63
Depreciation Expense		 53 57 57 57 57 62 62 63 62 67
Amortization Expense		 1.15 1.19 1.15 1.15 1.16 0.99 1.35 1.05 1.02 0.98
Non-Cash Adjustments To Reconcile Net Income		 -17 6.71 1.77 0.96 -19 2.43 1.89 1.59 22 2.05
Changes in Operating Assets and Liabilities, net		 -57 32 -29 14 -57 11 -29 23 -73 26
Net Cash From Investing Activities		 -160 -109 -139 -157 -149 -97 -130 -192 -152 -116
Net Cash From Continuing Investing Activities		 -160 -109 -139 -157 -149 -97 -130 -192 -152 -116
Purchase of Property, Plant & Equipment		 -160 -109 -139 -153 -149 -92 -129 -154 -150 -116
Purchase of Investments		 -0.12 -0.24 -0.68 -3.68 -0.12 -4.58 -1.19 -2.31 -2.15 0.00
Net Cash From Financing Activities		 101 -57 88 34 88 -5.64 18 69 96 -46
Net Cash From Continuing Financing Activities		 101 -57 88 34 88 -5.64 18 69 96 -46
Repayment of Debt		 271 -233 127 73 -69 -365 -41 109 -16 -5.43
Payment of Dividends		 -39 -40 -40 -40 -40 -40 -40 -40 -40 -41
Issuance of Debt		 -132 215 - - 195 400 100 - 152 0.00
Cash Interest Paid		 - 18 42 33 - 33 34 41 - 44
Cash Income Taxes Paid		 - 0.00 - - - 8.26 8.26 - - 0.00

Annual Balance Sheets for NorthWestern

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

Metric 2023 2024 2025
Period end date 12/31/2023 12/31/2024 12/31/2025
Total Assets		 7,601 7,998 8,460
Total Current Assets		 407 418 504
Cash & Equivalents		 9.16 4.28 8.78
Restricted Cash		 16 25 22
Accounts Receivable		 212 188 210
Inventories, net		 115 123 133
Other Current Assets		 55 78 131
Plant, Property, & Equipment, net		 6,040 6,398 6,739
Total Noncurrent Assets		 1,154 1,181 1,217
Goodwill		 358 358 368
Other Noncurrent Operating Assets		 796 823 849
Total Liabilities & Shareholders' Equity		 7,601 7,998 8,460
Total Liabilities		 4,815 5,140 5,574
Total Current Liabilities		 535 802 697
Short-Term Debt		 100 400 255
Accounts Payable		 124 112 130
Accrued Expenses		 246 255 272
Other Current Liabilities		 64 36 40
Total Noncurrent Liabilities		 4,280 4,338 4,877
Long-Term Debt		 2,685 2,695 3,181
Asset Retirement Reserve & Litigation Obligation		 657 661 679
Noncurrent Deferred & Payable Income Tax Liabilities		 601 663 733
Other Noncurrent Operating Liabilities		 338 318 284
Commitments & Contingencies		 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 2,785 2,858 2,886
Total Preferred & Common Equity		 2,785 2,858 2,886
Preferred Stock		 0.00 0.00 0.00
Total Common Equity		 2,785 2,858 2,886
Common Stock		 2,079 2,085 2,093
Retained Earnings		 811 877 897
Treasury Stock		 -98 -97 -98
Accumulated Other Comprehensive Income / (Loss)		 -7.66 -6.70 -6.06
Other Equity Adjustments		 - - 0.00

Quarterly Balance Sheets for NorthWestern

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

Metric Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 7,714 7,854 8,101 8,136 8,299 8,583
Total Current Assets		 364 368 473 403 444 513
Cash & Equivalents		 6.40 2.53 56 2.94 6.20 5.86
Restricted Cash		 25 25 24 24 24 22
Accounts Receivable		 150 144 187 155 159 199
Inventories, net		 115 122 120 125 135 134
Other Current Assets		 69 75 86 96 119 152
Plant, Property, & Equipment, net		 6,193 6,305 6,429 6,532 6,662 6,794
Total Noncurrent Assets		 1,157 1,181 1,200 1,201 1,193 1,275
Goodwill		 358 358 358 358 368 368
Other Noncurrent Operating Assets		 799 823 842 844 825 908
Total Liabilities & Shareholders' Equity		 7,714 7,854 8,101 8,136 8,299 8,583
Total Liabilities		 4,907 5,038 5,205 5,256 5,419 5,674
Total Current Liabilities		 700 813 398 537 685 731
Short-Term Debt		 325 400 0.00 160 255 255
Accounts Payable		 91 94 88 94 94 122
Accrued Expenses		 244 286 280 252 304 321
Other Current Liabilities		 40 30 30 32 32 33
Total Noncurrent Liabilities		 4,207 4,224 4,807 4,719 4,734 4,943
Long-Term Debt		 2,570 2,568 3,131 3,030 3,044 3,178
Asset Retirement Reserve & Litigation Obligation		 659 665 663 674 682 685
Noncurrent Deferred & Payable Income Tax Liabilities		 629 640 695 703 721 751
Other Noncurrent Operating Liabilities		 349 351 319 312 287 330
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 2,807 2,816 2,896 2,880 2,880 2,909
Total Preferred & Common Equity		 2,807 2,816 2,896 2,880 2,880 2,909
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 2,807 2,816 2,896 2,880 2,880 2,909
Common Stock		 2,084 2,085 2,087 2,089 2,091 2,095
Retained Earnings		 829 836 914 895 892 919
Treasury Stock		 -98 -98 -98 -98 -97 -99
Accumulated Other Comprehensive Income / (Loss)		 -7.43 -7.32 -6.59 -6.47 -6.36 -5.95
Other Equity Adjustments		 0.00 - 0.00 0.00 0.00 0.00

Annual Metrics And Ratios for NorthWestern

This table displays calculated financial ratios and metrics derived from NorthWestern's official financial filings.

Metric 2022 2023 2024 2025
Period end date 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - -
Revenue Growth		 0.00% -3.77% 6.45% 6.38%
EBITDA Growth		 0.00% 10.16% 8.78% 2.29%
EBIT Growth		 0.00% 11.95% 9.50% -2.43%
NOPAT Growth		 0.00% 9.57% 16.70% -6.80%
Net Income Growth		 0.00% 6.08% 15.44% -19.20%
EPS Growth		 0.00% -0.92% 13.35% -19.45%
Operating Cash Flow Growth		 0.00% 59.23% -16.86% -3.02%
Free Cash Flow Firm Growth		 0.00% 0.00% 99.21% -25.72%
Invested Capital Growth		 0.00% 0.00% 6.84% 6.20%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% 2.60%
EBITDA Q/Q Growth		 0.00% 0.00% 0.00% -4.41%
EBIT Q/Q Growth		 0.00% 0.00% 0.00% -8.68%
NOPAT Q/Q Growth		 0.00% 0.00% 0.00% -9.36%
Net Income Q/Q Growth		 0.00% 0.00% 0.00% -16.53%
EPS Q/Q Growth		 0.00% 0.00% 0.00% -16.71%
Operating Cash Flow Q/Q Growth		 0.00% 0.00% 0.13% -1.66%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 0.00%
Invested Capital Q/Q Growth		 0.00% 0.00% 0.00% 2.32%
Profitability Metrics		 - - - -
Gross Margin		 51.72% 54.94% 56.29% 56.87%
EBITDA Margin		 32.67% 37.40% 38.22% 36.75%
Operating Margin		 17.80% 21.13% 21.36% 20.23%
EBIT Margin		 19.12% 22.24% 22.88% 20.98%
Profit (Net Income) Margin		 12.38% 13.65% 14.80% 11.24%
Tax Burden Percent		 100.33% 96.26% 104.40% 96.55%
Interest Burden Percent		 64.56% 63.76% 61.98% 55.51%
Effective Tax Rate		 -0.33% 3.74% -4.40% 3.45%
Return on Invested Capital (ROIC)		 0.00% 10.43% 5.89% 5.15%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 3.54% 1.99% 1.03%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 3.51% 2.06% 1.16%
Return on Equity (ROE)		 0.00% 13.94% 7.94% 6.31%
Cash Return on Invested Capital (CROIC)		 0.00% -189.57% -0.73% -0.86%
Operating Return on Assets (OROA)		 0.00% 4.16% 4.44% 4.11%
Return on Assets (ROA)		 0.00% 2.55% 2.87% 2.20%
Return on Common Equity (ROCE)		 0.00% 13.94% 7.94% 6.31%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 6.97% 7.84% 0.00%
Net Operating Profit after Tax (NOPAT)		 264 289 338 315
NOPAT Margin		 17.86% 20.34% 22.30% 19.53%
Net Nonoperating Expense Percent (NNEP)		 0.00% 6.89% 3.89% 4.13%
Return On Investment Capital (ROIC_SIMPLE)		 - 5.19% 5.67% 4.98%
Cost of Revenue to Revenue		 48.28% 45.06% 43.71% 43.13%
SG&A Expenses to Revenue		 7.70% 8.25% 9.08% 9.82%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 33.92% 33.82% 34.94% 36.64%
Earnings before Interest and Taxes (EBIT)		 283 316 346 338
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 483 532 579 592
Valuation Ratios		 - - - -
Price to Book Value (P/BV)		 0.00 0.00 1.15 1.37
Price to Tangible Book Value (P/TBV)		 0.00 0.00 1.31 1.57
Price to Revenue (P/Rev)		 0.00 0.00 2.17 2.46
Price to Earnings (P/E)		 0.00 0.00 14.63 21.90
Dividend Yield		 4.68% 5.29% 4.86% 4.09%
Earnings Yield		 0.00% 0.00% 6.84% 4.57%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 1.07 1.17
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 4.19 4.58
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 10.97 12.45
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 18.32 21.81
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 18.80 23.43
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 15.60 18.69
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - -
Debt to Equity		 0.00 1.00 1.08 1.19
Long-Term Debt to Equity		 0.00 0.96 0.94 1.10
Financial Leverage		 0.00 0.99 1.03 1.13
Leverage Ratio		 0.00 2.73 2.76 2.87
Compound Leverage Factor		 0.00 1.74 1.71 1.59
Debt to Total Capital		 0.00% 49.99% 52.00% 54.35%
Short-Term Debt to Total Capital		 0.00% 1.79% 6.72% 4.03%
Long-Term Debt to Total Capital		 0.00% 48.20% 45.28% 50.32%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 0.00% 50.01% 48.00% 45.65%
Debt to EBITDA		 0.00 5.24 5.35 5.81
Net Debt to EBITDA		 0.00 5.19 5.30 5.75
Long-Term Debt to EBITDA		 0.00 5.05 4.66 5.37
Debt to NOPAT		 0.00 9.63 9.17 10.92
Net Debt to NOPAT		 0.00 9.54 9.08 10.83
Long-Term Debt to NOPAT		 0.00 9.28 7.99 10.11
Altman Z-Score		 0.00 0.00 0.81 0.87
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - -
Current Ratio		 0.00 0.76 0.52 0.72
Quick Ratio		 0.00 0.41 0.24 0.31
Cash Flow Metrics		 - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -5,255 -42 -52
Operating Cash Flow to CapEx		 59.64% 86.30% 74.05% 75.21%
Free Cash Flow to Firm to Interest Expense		 0.00 -45.85 -0.32 -0.35
Operating Cash Flow to Interest Expense		 3.07 4.27 3.09 2.62
Operating Cash Flow Less CapEx to Interest Expense		 -2.08 -0.68 -1.08 -0.86
Efficiency Ratios		 - - - -
Asset Turnover		 0.00 0.19 0.19 0.20
Accounts Receivable Turnover		 0.00 6.70 7.57 8.10
Inventory Turnover		 0.00 5.59 5.57 5.44
Fixed Asset Turnover		 0.00 0.24 0.24 0.25
Accounts Payable Turnover		 0.00 5.15 5.60 5.75
Days Sales Outstanding (DSO)		 0.00 54.48 48.22 45.04
Days Inventory Outstanding (DIO)		 0.00 65.24 65.50 67.11
Days Payable Outstanding (DPO)		 0.00 70.83 65.13 63.43
Cash Conversion Cycle (CCC)		 0.00 48.89 48.59 48.73
Capital & Investment Metrics		 - - - -
Invested Capital		 0.00 5,545 5,924 6,291
Invested Capital Turnover		 0.00 0.51 0.26 0.26
Increase / (Decrease) in Invested Capital		 0.00 5,545 379 367
Enterprise Value (EV)		 0.00 0.00 6,345 7,371
Market Capitalization		 0.00 0.00 3,279 3,966
Book Value per Share		 $0.00 $46.17 $46.61 $46.99
Tangible Book Value per Share		 $0.00 $40.25 $40.78 $41.01
Total Capital		 0.00 5,570 5,953 6,322
Total Debt		 0.00 2,785 3,095 3,436
Total Long-Term Debt		 0.00 2,685 2,695 3,181
Net Debt		 0.00 2,759 3,066 3,405
Capital Expenditures (CapEx)		 515 567 549 524
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 0.00 -53 -13 31
Debt-free Net Working Capital (DFNWC)		 0.00 -28 16 61
Net Working Capital (NWC)		 0.00 -128 -384 -194
Net Nonoperating Expense (NNE)		 81 95 113 133
Net Nonoperating Obligations (NNO)		 0.00 2,759 3,066 3,405
Total Depreciation and Amortization (D&A)		 200 216 232 254
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% -3.74% -0.86% 1.91%
Debt-free Net Working Capital to Revenue		 0.00% -1.96% 1.05% 3.82%
Net Working Capital to Revenue		 0.00% -8.99% -25.37% -12.02%
Earnings Adjustments		 - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 $3.66 $2.95
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 61.29M 61.38M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $3.65 $2.94
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 61.33M 61.44M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 61.33M 61.44M
Normalized Net Operating Profit after Tax (NOPAT)		 184 289 226 315
Normalized NOPAT Margin		 12.46% 20.34% 14.95% 19.53%
Pre Tax Income Margin		 12.34% 14.18% 14.18% 11.65%
Debt Service Ratios		 - - - -
EBIT to Interest Expense		 2.82 2.76 2.63 2.25
NOPAT to Interest Expense		 2.64 2.52 2.56 2.09
EBIT Less CapEx to Interest Expense		 -2.32 -2.19 -1.54 -1.24
NOPAT Less CapEx to Interest Expense		 -2.51 -2.42 -1.61 -1.40
Payout Ratios		 - - - -
Dividend Payout Ratio		 76.53% 79.35% 70.76% 89.12%
Augmented Payout Ratio		 76.53% 79.35% 70.76% 89.12%

Quarterly Metrics And Ratios for NorthWestern

This table displays calculated financial ratios and metrics derived from NorthWestern's official financial filings.

Metric Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - - 61,443,621.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 61,443,621.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 1.03
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 0.00% 0.00% 0.00% 10.13% 7.50% 0.00% -1.83% 7.12% 12.11% 10.92% 6.63%
EBITDA Growth		 0.00% 0.00% 0.00% 22.19% 19.74% 0.00% 16.87% -1.00% 10.44% -17.83% -3.68%
EBIT Growth		 0.00% 0.00% 0.00% 36.41% 28.94% 0.00% 20.92% -10.19% 10.82% -33.76% -8.93%
NOPAT Growth		 0.00% 0.00% 0.00% 32.46% 38.55% 0.00% 18.22% -3.49% -10.41% -8.85% -10.00%
Net Income Growth		 0.00% 0.00% 0.00% 65.52% 59.60% 0.00% 18.21% -32.94% -18.34% -44.52% -17.53%
EPS Growth		 0.00% 0.00% 0.00% 62.50% 58.33% 0.00% 17.92% -32.69% -18.42% -45.04% -17.60%
Operating Cash Flow Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.85% -5.12% -6.52% 5.60% -10.59% 3.93%
Free Cash Flow Firm Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 94.31% 94.31% 0.00% 95.32%
Invested Capital Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 6.56% 6.75% 6.20% 6.17%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 8.20% 0.00% -26.56% 12.91% 7.06% 20.11%
EBITDA Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 13.41% 0.00% -35.12% 19.80% -15.62% 46.86%
EBIT Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 23.46% 0.00% -52.69% 40.29% -26.20% 85.94%
NOPAT Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 69.80% 0.00% -49.66% 24.49% 72.76% -16.88%
Net Income Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 72.05% 0.00% -72.41% 80.11% 16.89% 41.99%
EPS Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 72.37% 0.00% -72.00% 77.14% 16.13% 43.06%
Operating Cash Flow Q/Q Growth		 0.00% 0.00% 159.48% 0.00% 0.00% -47.62% 144.11% -62.05% 117.62% -55.65% 183.75%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 100.00% 0.00% 94.53% -1.20% 21.38% -7.43%
Invested Capital Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 2.85% 0.00% 1.61% 1.75% 2.32% 0.36%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 57.86% 55.72% 51.84% 58.16% 58.35% 58.46% 58.23% 59.85% 60.96% 49.04% 55.76%
EBITDA Margin		 35.13% 34.86% 34.57% 38.98% 38.82% 41.04% 41.16% 36.36% 38.57% 30.40% 37.18%
Operating Margin		 15.70% 17.33% 21.48% 19.26% 19.68% 24.55% 26.73% 17.74% 20.75% 14.49% 22.93%
EBIT Margin		 17.10% 18.61% 22.38% 21.18% 22.32% 25.47% 27.57% 17.76% 22.07% 15.21% 23.55%
Profit (Net Income) Margin		 6.58% 9.14% 13.69% 9.89% 13.56% 21.57% 16.49% 6.19% 9.88% 10.79% 12.75%
Tax Burden Percent		 89.91% 94.53% 86.30% 88.18% 107.26% 134.92% 83.50% 86.26% 81.31% 187.87% 82.14%
Interest Burden Percent		 42.81% 51.93% 70.88% 52.97% 56.65% 62.76% 71.62% 40.43% 55.07% 37.75% 65.93%
Effective Tax Rate		 10.09% 5.47% 13.70% 11.82% -7.26% -34.92% 16.50% 13.74% 18.69% -87.87% 17.86%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 8.47% 11.30% 3.99% 4.45% 7.18% 5.04%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 7.06% 9.51% 2.96% 3.58% 5.07% 4.11%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 0.00% 7.57% 10.02% 3.13% 3.90% 5.72% 4.57%
Return on Equity (ROE)		 0.00% 0.00% 0.00% 0.00% 0.00% 16.04% 21.32% 7.12% 8.35% 12.90% 9.61%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% -0.70% 0.00% 0.00% 0.00% -0.86% -0.99%
Operating Return on Assets (OROA)		 0.00% 0.00% 0.00% 0.00% 0.00% 4.94% 5.12% 3.42% 4.29% 2.98% 4.63%
Return on Assets (ROA)		 0.00% 0.00% 0.00% 0.00% 0.00% 4.19% 3.06% 1.19% 1.92% 2.11% 2.51%
Return on Common Equity (ROCE)		 0.00% 0.00% 0.00% 0.00% 0.00% 16.04% 21.32% 7.12% 8.35% 12.90% 9.61%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 8.15% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 41 53 88 54 73 124 104 52 65 113 94
NOPAT Margin		 14.12% 16.38% 18.53% 16.98% 21.11% 33.13% 22.32% 15.30% 16.87% 27.22% 18.84%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00% 1.58% 1.77% 1.41% 1.78% 1.04% 0.87% 2.10% 0.94%
Return On Investment Capital (ROIC_SIMPLE)		 - - - 0.95% - 2.08% 1.73% 0.86% 1.06% 1.78% 1.48%
Cost of Revenue to Revenue		 42.14% 44.28% 48.16% 41.84% 41.65% 41.54% 41.77% 40.15% 39.04% 50.96% 44.24%
SG&A Expenses to Revenue		 10.31% 9.14% 8.51% 9.78% 10.12% 8.24% 8.86% 9.85% 12.07% 8.79% 9.27%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 42.16% 38.39% 30.37% 38.91% 38.67% 33.90% 31.50% 42.11% 40.21% 34.55% 32.83%
Earnings before Interest and Taxes (EBIT)		 50 60 106 68 77 95 129 61 85 63 117
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 102 112 164 125 134 153 192 125 149 126 185
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 0.00 1.05 0.00 1.10 1.23 1.09 1.25 1.37 1.39
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 1.21 0.00 1.25 1.40 1.25 1.43 1.57 1.60
Price to Revenue (P/Rev)		 0.00 0.00 0.00 0.00 0.00 2.07 2.36 2.06 2.29 2.46 2.47
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 13.97 15.05 13.96 16.59 21.90 24.20
Dividend Yield		 4.88% 0.00% 5.30% 5.34% 0.00% 5.09% 4.51% 5.11% 4.49% 4.09% 4.02%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 7.16% 6.64% 7.16% 6.03% 4.57% 4.13%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 1.03 0.00 1.05 1.11 1.04 1.12 1.17 1.18
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.00 0.00 0.00 4.09 4.39 4.13 4.38 4.58 4.55
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 10.71 10.89 10.43 11.09 12.45 12.76
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 17.89 17.91 17.45 18.56 21.81 22.86
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 18.36 18.71 17.85 19.79 23.43 24.39
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 13.90 0.00 15.24 16.57 16.01 17.12 18.69 18.63
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 1.03 1.05 1.08 1.08 1.11 1.15 1.19 1.18
Long-Term Debt to Equity		 0.00 0.00 0.00 0.92 0.91 0.94 1.08 1.05 1.06 1.10 1.09
Financial Leverage		 0.00 0.00 0.00 1.02 1.05 1.07 1.05 1.06 1.09 1.13 1.11
Leverage Ratio		 0.00 0.00 0.00 2.75 2.79 2.76 2.80 2.79 2.84 2.87 2.87
Compound Leverage Factor		 0.00 0.00 0.00 1.46 1.58 1.73 2.00 1.13 1.56 1.08 1.89
Debt to Total Capital		 0.00% 0.00% 0.00% 50.76% 51.31% 52.00% 51.94% 52.55% 53.39% 54.35% 54.13%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 5.70% 6.91% 6.72% 0.00% 2.64% 4.13% 4.03% 4.02%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 45.07% 44.39% 45.28% 51.94% 49.92% 49.27% 50.32% 50.11%
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% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 0.00% 0.00% 0.00% 49.24% 48.69% 48.00% 48.06% 47.45% 46.61% 45.65% 45.87%
Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 5.35 5.16 5.27 5.33 5.81 5.87
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 5.30 5.03 5.23 5.28 5.75 5.82
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 4.66 5.16 5.01 4.92 5.37 5.43
Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 9.17 8.87 9.02 9.51 10.92 11.22
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 9.08 8.65 8.94 9.42 10.83 11.13
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 7.99 8.87 8.57 8.77 10.11 10.39
Altman Z-Score		 0.00 0.00 0.00 0.00 0.00 0.69 0.82 0.71 0.74 0.76 0.78
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.00 0.00 0.00 0.52 0.45 0.52 1.19 0.75 0.65 0.72 0.70
Quick Ratio		 0.00 0.00 0.00 0.22 0.18 0.24 0.61 0.29 0.24 0.31 0.28
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 0.00 0.00 -5,616 -5,687 0.00 -5,843 -320 -323 -254 -273
Operating Cash Flow to CapEx		 0.00% 0.00% 148.66% 0.00% 0.00% 42.25% 166.51% 45.17% 82.49% 37.47% 137.33%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 -176.20 -170.29 0.00 -160.03 -8.81 -8.43 -6.48 -6.84
Operating Cash Flow to Interest Expense		 0.00 0.00 5.22 0.00 0.00 1.77 4.20 1.61 3.30 1.43 3.99
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 1.71 0.00 0.00 -2.42 1.68 -1.95 -0.70 -2.39 1.09
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.19 0.19 0.19 0.19 0.20 0.20
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 7.57 8.03 10.04 10.35 8.10 8.49
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 5.57 5.25 5.25 4.98 5.44 5.68
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.24 0.23 0.24 0.24 0.25 0.25
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 5.60 7.10 6.83 6.82 5.75 6.85
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 48.22 45.47 36.36 35.26 45.04 43.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 65.50 69.55 69.47 73.31 67.11 64.31
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 65.13 51.44 53.47 53.51 63.43 53.30
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 0.00 0.00 48.59 63.58 52.36 55.05 48.73 54.01
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 0.00 0.00 0.00 5,671 5,760 5,924 5,947 6,043 6,149 6,291 6,314
Invested Capital Turnover		 0.00 0.00 0.00 0.00 0.00 0.26 0.51 0.26 0.26 0.26 0.27
Increase / (Decrease) in Invested Capital		 0.00 0.00 0.00 5,671 5,760 0.00 5,947 372 389 367 367
Enterprise Value (EV)		 0.00 0.00 0.00 5,824 0.00 6,198 6,603 6,313 6,868 7,371 7,461
Market Capitalization		 0.00 0.00 0.00 2,960 0.00 3,132 3,552 3,149 3,599 3,966 4,056
Book Value per Share		 $0.00 $0.00 $0.00 $45.80 $45.94 $46.61 $47.23 $46.92 $46.91 $46.99 $47.34
Tangible Book Value per Share		 $0.00 $0.00 $0.00 $39.97 $40.11 $40.78 $41.40 $41.09 $40.92 $41.01 $41.36
Total Capital		 0.00 0.00 0.00 5,702 5,784 5,953 6,027 6,069 6,179 6,322 6,341
Total Debt		 0.00 0.00 0.00 2,894 2,968 3,095 3,131 3,190 3,299 3,436 3,433
Total Long-Term Debt		 0.00 0.00 0.00 2,570 2,568 2,695 3,131 3,030 3,044 3,181 3,178
Net Debt		 0.00 0.00 0.00 2,863 2,940 3,066 3,051 3,163 3,269 3,405 3,405
Capital Expenditures (CapEx)		 0.00 0.00 109 0.00 0.00 149 92 129 154 150 116
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 0.00 0.00 0.00 -42 -73 -13 -4.88 -0.94 -16 31 9.63
Debt-free Net Working Capital (DFNWC)		 0.00 0.00 0.00 -11 -45 16 75 26 14 61 37
Net Working Capital (NWC)		 0.00 0.00 0.00 -336 -445 -384 75 -134 -241 -194 -218
Net Nonoperating Expense (NNE)		 22 23 23 23 26 43 27 31 27 68 30
Net Nonoperating Obligations (NNO)		 0.00 0.00 0.00 2,863 2,943 3,066 3,051 3,163 3,269 3,405 3,405
Total Depreciation and Amortization (D&A)		 52 52 58 57 57 58 63 64 64 63 68
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% -0.86% -0.32% -0.06% -1.03% 1.91% 0.59%
Debt-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 1.05% 5.00% 1.68% 0.91% 3.82% 2.27%
Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% -25.37% 5.00% -8.79% -15.33% -12.02% -13.27%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 $0.00 $0.52 $0.76 $1.32 $1.25 $0.35 $0.62 $0.73 $1.03
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 0.00 61.29M 61.30M 61.29M 61.34M 61.38M 61.40M 61.38M 61.46M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.52 $0.76 $1.31 $1.25 $0.35 $0.62 $0.72 $1.03
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 0.00 61.30M 61.31M 61.33M 61.38M 61.39M 61.41M 61.44M 61.51M
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 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 0.00 61.30M 61.31M 61.33M 61.38M 61.39M 61.41M 61.44M 61.51M
Normalized Net Operating Profit after Tax (NOPAT)		 41 53 88 54 48 64 104 52 65 42 94
Normalized NOPAT Margin		 14.12% 16.38% 18.53% 16.98% 13.78% 17.19% 22.32% 15.30% 16.87% 10.14% 18.84%
Pre Tax Income Margin		 7.32% 9.66% 15.87% 11.22% 12.65% 15.99% 19.75% 7.18% 12.15% 5.74% 15.53%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 1.75 2.08 3.43 2.13 2.31 2.69 3.52 1.68 2.23 1.61 2.94
NOPAT to Interest Expense		 1.44 1.83 2.84 1.70 2.18 3.49 2.85 1.45 1.70 2.87 2.35
EBIT Less CapEx to Interest Expense		 0.00 0.00 -0.08 0.00 0.00 -1.51 1.00 -1.88 -1.78 -2.22 0.03
NOPAT Less CapEx to Interest Expense		 0.00 0.00 -0.67 0.00 0.00 -0.71 0.33 -2.11 -2.30 -0.95 -0.56
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 70.76% 67.50% 70.93% 74.06% 89.12% 96.73%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 70.76% 67.50% 70.93% 74.06% 89.12% 96.73%

Financials Breakdown Chart

Key Financial Trends

Here is a concise, data-driven snapshot of NorthWestern Energy Group, Inc. (NWE) based on the latest quarterly filings. The points focus on trends in the income statement, cash flow, and balance sheet over the last four years of quarterly data provided.

  • Net income attributable to common shareholders rose through 2025, hitting 44.69 million in Q4 2025 (Q3 38.23m; Q2 21.23m; Q1 65.09m), indicating improving profitability by year-end.
  • Operating cash flow remained positive in all 2025 quarters, with a peak of 126.67 million from continuing operations in Q3 2025, signaling solid cash generation from core operations.
  • Dividends per share stayed at 0.66 USD across Q1–Q4 2025, providing steady income for shareholders.
  • Total assets grew to about 8.30 billion by Q3 2025, with total equity around 2.87–2.99 billion, reflecting a stable and growing balance sheet base.
  • Revenue and margins show quarter-to-quarter volatility (Operating Revenue ranged roughly 342.7m–466.6m in 2025; Total Gross Profit generally 203–236m), suggesting seasonality rather than a clear upward trend.
  • Free cash flow was mixed in 2025: positive in Q1 (~61.3m) but negative in Q2–Q4 (e.g., Q4 FCF ≈ -93.7m), indicating a heavy capex/investment cycle affecting liquidity in most quarters.
  • Net cash from investing activities was consistently negative across 2025 quarters, aligning with ongoing asset purchases and investments.
  • Long-term debt remained sizable (around 2.56–3.04 billion on the balance sheet through 2025), implying a high leverage load and ongoing interest expense risk.
  • Capex activity is substantial (PPE purchases roughly 92–154 million per quarter), contributing to persistent negative free cash flow in several quarters.
05/14/26 04:07 PM ETAI Generated. May Contain Errors.

NorthWestern Financials - Frequently Asked Questions

According to the most recent income statement we have on file, NorthWestern's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

NorthWestern's net income were at $181.09 million at the end of 2025, a 19.2% decrease from 2024, and a 1.0% decrease since 2022. See NorthWestern's forecast for analyst expectations on what's next for the company.

NorthWestern's total operating income in 2025 was $325.82 million, based on the following breakdown:
  • Total Gross Profit: $915.88 million
  • Total Operating Expenses: $590.06 million

Over the last 3 years, NorthWestern's total revenue changed from $1.48 billion in 2022 to $1.61 billion in 2025, a change of 9.0%.

NorthWestern's total liabilities were at $5.57 billion at the end of 2025, a 8.4% increase from 2024, and a 15.8% increase since 2023.

In the past 2 years, NorthWestern's cash and equivalents has ranged from $4.28 million in 2024 to $9.16 million in 2023, and is currently $8.78 million as of their latest financial filing in 2025.

Over the last 3 years, NorthWestern's book value per share changed from 0.00 in 2022 to 46.99 in 2025, a change of 4,699.4%.


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Financial statements for NASDAQ:NWE last updated on 5/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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