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Northwest Natural Gas (NWN) Financials

Northwest Natural Gas logo
$49.55 -0.92 (-1.82%)
As of 08/10/2026 03:58 PM Eastern
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Annual Income Statements for Northwest Natural Gas

Annual Income Statements for Northwest Natural Gas

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

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 59 54 59 -56 65 62 77 79 86 94 79
Consolidated Net Income / (Loss)		 59 54 59 -56 65 62 77 79 86 94 79
Net Income / (Loss) Continuing Operations		 59 54 62 72 67 65 70 79 86 94 79
Total Pre-Tax Income 		100 89 105 113 92 78 91 106 116 126 110
Total Operating Income		 143 124 151 151 132 143 148 163 167 185 191
Total Gross Profit		 389 396 408 430 451 313 331 364 383 424 446
Total Revenue		 754 724 668 755 706 746 774 860 1,037 1,197 1,153
Operating Revenue		 754 724 668 755 706 746 774 860 1,037 1,197 1,153
Total Cost of Revenue		 365 327 261 325 256 433 443 497 654 774 707
Operating Cost of Revenue		 365 327 261 325 256 433 443 497 654 774 707
Total Operating Expenses		 246 272 257 279 318 170 182 201 216 239 255
Selling, General & Admin Expense		 - - 0.00 0.00 160 3.25 3.70 3.90 3.62 5.53 5.85
Depreciation Expense		 79 81 78 81 85 91 104 114 117 126 138
Other Operating Expenses / (Income)		 166 188 166 183 62 63 65 73 83 95 97
Other Special Charges / (Income)		 0.00 3.51 13 15 11 12 9.69 9.94 12 13 14
Total Other Income / (Expense), net		 -43 -35 -45 -38 -41 -66 -57 -57 -52 -59 -81
Interest & Investment Income		 -45 -43 -38 -38 -37 -43 -43 -44 -53 -77 -80
Other Income / (Expense), net		 1.93 7.75 -7.15 -0.30 -3.60 -23 -14 -13 1.33 18 -1.14
Income Tax Expense		 42 36 43 41 24 13 21 27 29 32 31
Basic Earnings per Share		 $2.16 $1.96 $2.13 ($1.94) $2.24 $2.07 $2.51 $2.56 $2.54 $2.59 $2.03
Weighted Average Basic Shares Outstanding		 27.16M 27.35M 27.65M 28.67M 28.80M 29.79M 30.54M 30.70M 33.93M 36.21M 38.81M
Diluted Earnings per Share		 $2.16 $1.96 $2.12 ($1.93) $2.24 $2.07 $2.51 $2.56 $2.54 $2.59 $2.03
Weighted Average Diluted Shares Outstanding		 27.22M 27.42M 27.78M 28.75M 28.87M 29.86M 30.60M 30.75M 33.98M 36.27M 38.87M
Weighted Average Basic & Diluted Shares Outstanding		 27.20M 27.40M 27.70M 28.70M 28.80M 29.80M 30.61M 31.16M - 37.68M 40.24M

Quarterly Income Statements for Northwest Natural Gas

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

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q2 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 -24 43 64 -2.73 -28 46 88 -2.50 -30 0.61
Consolidated Net Income / (Loss)		 -24 45 64 -2.79 -27 45 88 -2.50 -30 0.60
Net Income / (Loss) Continuing Operations		 -24 44 64 -2.73 -28 45 88 -2.50 -30 0.61
Total Pre-Tax Income 		-32 59 89 -3.54 -38 63 122 -3.44 -42 1.22
Total Operating Income		 -18 75 110 16 -19 85 154 27 -12 33
Total Gross Profit		 31 140 184 74 34 154 238 93 49 101
Total Revenue		 141 356 433 212 137 371 494 236 165 244
Operating Revenue		 141 356 433 212 137 371 494 236 165 244
Total Cost of Revenue		 111 216 249 138 103 217 257 144 116 142
Operating Cost of Revenue		 111 216 249 138 103 217 257 144 116 142
Total Operating Expenses		 48 64 74 58 53 69 83 65 61 68
Selling, General & Admin Expense		 1.16 1.87 1.76 0.93 1.56 1.60 1.33 1.23 1.45 1.03
Depreciation Expense		 30 33 33 34 35 36 41 42 41 44
Other Operating Expenses / (Income)		 16 25 34 21 16 26 35 20 18 21
Other Special Charges / (Income)		 1.03 4.35 5.75 2.33 1.15 4.83 6.25 2.30 1.25 2.43
Total Other Income / (Expense), net		 -14 -16 -21 -19 -19 -22 -32 -31 -30 -32
Interest & Investment Income		 -19 -20 -21 -19 -19 -21 -29 -30 -30 -33
Other Income / (Expense), net		 5.18 3.69 -0.79 0.06 0.16 -0.58 -2.65 -0.16 0.89 1.42
Income Tax Expense		 -8.29 15 24 -0.81 -10 18 35 -0.94 -12 0.61
Basic Earnings per Share		 ($0.65) $1.20 $1.69 ($0.07) ($0.71) $1.12 $2.18 ($0.06) ($0.73) $0.01
Weighted Average Basic Shares Outstanding		 36.21M 36.21M 37.77M 38.26M 38.39M 38.81M 40.24M 40.48M 41.18M 42.09M
Diluted Earnings per Share		 ($0.65) $1.20 $1.69 ($0.07) ($0.71) $1.12 $2.18 ($0.06) ($0.73) $0.01
Weighted Average Diluted Shares Outstanding		 36.21M 36.27M 37.80M 38.26M 38.39M 38.87M 40.30M 40.48M 41.18M 42.18M
Weighted Average Basic & Diluted Shares Outstanding		 - 37.68M 38.03M 38.67M 40.13M 40.24M 40.31M 40.94M 41.51M 42.09M

Annual Cash Flow Statements for Northwest Natural Gas

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

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Change in Cash & Equivalents		 0.06 -5.32 -0.69 -0.05 9.16 -2.27 23 108 14 8.66 73
Net Cash From Operating Activities		 88 174 222 207 169 186 145 160 148 280 200
Net Cash From Continuing Operating Activities		 216 185 217 9.52 169 185 143 160 148 280 200
Net Income / (Loss) Continuing Operations		 59 54 59 -56 65 62 77 79 86 94 79
Consolidated Net Income / (Loss)		 59 54 59 -56 65 62 77 79 86 94 79
Depreciation Expense		 79 81 78 81 85 91 104 114 117 126 138
Amortization Expense		 19 18 16 16 17 19 18 14 16 18 20
Non-Cash Adjustments To Reconcile Net Income		 6.84 23 19 23 21 73 14 25 28 20 -40
Changes in Operating Assets and Liabilities, net		 52 9.47 46 -55 -18 -60 -69 -71 -99 23 3.72
Net Cash From Investing Activities		 -144 -115 -137 -214 -217 -304 -294 -300 -435 -335 -429
Net Cash From Continuing Investing Activities		 -144 -115 -135 -214 -218 -302 -290 -300 -435 -335 -429
Purchase of Property, Plant & Equipment		 -120 -118 -138 -213 -215 -223 -273 -294 -339 -327 -394
Acquisitions		 - - - 0.00 -0.87 -57 -38 -16 -95 -8.53 -31
Other Investing Activities, net		 -24 3.02 2.88 -0.58 -2.99 -22 -6.22 2.51 -1.58 0.38 -3.77
Net Cash From Financing Activities		 -71 -75 -86 7.42 58 115 172 131 302 64 227
Net Cash From Continuing Financing Activities		 -71 -75 -86 7.42 66 115 172 247 302 64 302
Repayment of Debt		 -80 -65 -245 -42 -98 -99 -268 -115 -133 -264 -74
Payment of Dividends		 -50 -49 -52 -54 -51 -53 -55 -56 -63 -67 -73
Issuance of Debt		 50 35 150 101 213 175 495 285 290 330 285
Issuance of Common Equity		 8.99 0.00 53 0.00 0.00 93 0.00 18 209 66 90
Other Financing Activities, net		 - 3.88 8.40 4.82 1.55 0.00 0.00 116 -1.14 -1.31 74
Cash Interest Paid		 43 40 36 35 35 41 43 44 51 80 71
Cash Income Taxes Paid		 19 17 -7.16 15 27 -0.10 14 11 2.78 24 19

Quarterly Cash Flow Statements for Northwest Natural Gas

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

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025
Net Change in Cash & Equivalents		 16 -122 40 -8.22 -34 76 59 -0.32 -71
Net Cash From Operating Activities		 3.65 -22 125 121 -26 -19 180 102 -16
Net Cash From Continuing Operating Activities		 3.65 -22 125 121 -26 -19 180 102 -16
Net Income / (Loss) Continuing Operations		 -24 45 64 -2.79 -27 45 88 -2.50 -30
Consolidated Net Income / (Loss)		 -24 45 64 -2.79 -27 45 88 -2.50 -30
Depreciation Expense		 30 33 33 34 35 36 41 42 41
Amortization Expense		 12 4.16 4.76 4.70 5.08 5.62 5.58 6.55 6.23
Non-Cash Adjustments To Reconcile Net Income		 -2.76 10 -9.25 -10 -23 -44 -0.63 2.16 6.89
Changes in Operating Assets and Liabilities, net		 -12 -113 33 96 -16 -62 46 54 -40
Net Cash From Investing Activities		 -99 -85 -82 -118 -126 -103 -375 -181 -112
Net Cash From Continuing Investing Activities		 -99 -85 -82 -118 -126 -103 -375 -181 -112
Purchase of Property, Plant & Equipment		 -98 -85 -82 -117 -95 -100 -102 -120 -110
Acquisitions		 0.00 -4.29 -1.00 - -29 -1.00 -271 -61 0.00
Other Investing Activities, net		 -1.10 3.91 0.73 -1.24 -1.70 -1.56 -1.30 0.41 -1.61
Net Cash From Financing Activities		 112 -15 -2.92 -11 118 123 254 78 57
Net Cash From Continuing Financing Activities		 112 -15 -2.92 -11 118 198 254 78 57
Repayment of Debt		 -20 -24 -146 -16 81 7.54 -101 74 -132
Payment of Dividends		 -17 -17 -18 -18 -18 -19 -19 -19 -19
Issuance of Debt		 130 - 150 - - 135 375 - 185
Issuance of Common Equity		 19 26 12 23 56 -0.19 0.96 23 23
Other Financing Activities, net		 - - -1.31 - -0.01 75 -1.54 -0.00 -0.05
Cash Interest Paid		 16 28 18 17 23 13 30 22 38
Cash Income Taxes Paid		 6.80 5.30 1.00 9.25 5.58 3.56 0.75 7.33 1.03

Annual Balance Sheets for Northwest Natural Gas

This table presents Northwest Natural 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 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 3,069 3,080 3,040 6,435 3,428 3,756 4,065 4,748 4,867 5,234 6,167
Total Current Assets		 331 288 270 569 294 323 437 744 601 558 603
Cash & Equivalents		 4.21 3.52 3.47 21 9.65 30 19 29 33 38 37
Accounts Receivable		 125 130 128 252 123 143 182 255 201 216 216
Inventories, net		 71 54 48 88 44 43 57 87 113 107 128
Other Current Assets		 122 100 88 189 102 102 180 373 255 197 224
Plant, Property, & Equipment, net		 2,183 2,261 2,244 4,839 2,439 2,655 2,871 3,114 3,358 3,672 4,352
Plant, Property & Equipment, gross		 3,089 3,209 3,205 6,825 3,477 3,734 3,997 4,262 4,557 4,919 5,640
Accumulated Depreciation		 907 948 960 1,986 1,038 1,079 1,126 1,147 1,199 1,247 1,288
Total Noncurrent Assets		 556 531 526 1,028 696 778 756 890 908 1,004 1,212
Long-Term Investments		 68 68 66 113 63 84 89 96 103 82 81
Noncurrent Note & Lease Receivables		 - - - - 146 144 139 134 130 126 121
Goodwill		 - - 0.00 8.95 50 69 71 149 163 184 371
Other Noncurrent Operating Assets		 488 462 448 905 436 482 457 510 511 613 639
Total Liabilities & Shareholders' Equity		 3,069 3,080 3,040 6,435 3,428 3,756 4,065 4,748 4,867 5,234 6,167
Total Liabilities		 2,288 2,229 2,283 4,957 2,562 2,868 3,129 3,573 3,583 3,849 4,692
Total Current Liabilities		 478 275 382 1,003 482 627 725 899 697 649 836
Short-Term Debt		 295 93 151 495 224 400 390 349 241 201 333
Accounts Payable		 73 86 111 231 113 98 133 181 145 137 178
Current Deferred & Payable Income Tax Liabilities		 10 12 19 22 12 14 16 16 15 16 18
Other Current Liabilities		 93 77 93 228 113 108 180 343 280 280 284
Other Current Nonoperating Liabilities		 5.87 5.97 8.37 28 21 7.44 7.50 10 16 18 26
Total Noncurrent Liabilities		 1,811 1,955 1,901 3,954 2,080 2,241 2,405 2,674 2,886 3,200 3,856
Long-Term Debt		 569 679 683 1,410 806 860 1,045 1,246 1,425 1,679 2,272
Capital Lease Obligations		 - - - 0.00 0.84 81 79 79 77 76 75
Asset Retirement Reserve & Litigation Obligation		 339 349 586 1,223 626 640 658 690 696 730 758
Noncurrent Deferred & Payable Income Tax Liabilities		 530 557 271 575 296 319 340 366 383 397 437
Noncurrent Employee Benefit Liabilities		 223 226 223 444 228 217 167 149 158 130 112
Other Noncurrent Operating Liabilities		 149 143 140 301 124 124 115 144 147 187 200
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 781 850 743 1,478 866 889 935 1,175 1,284 1,385 1,475
Total Preferred & Common Equity		 781 850 743 1,478 866 889 935 1,175 1,284 1,385 1,475
Total Common Equity		 781 850 743 1,478 866 889 935 1,175 1,284 1,385 1,475
Common Stock		 383 445 449 684 558 565 591 805 891 989 1,044
Retained Earnings		 405 412 302 809 318 337 356 376 400 403 436
Accumulated Other Comprehensive Income / (Loss)		 -7.16 -6.95 -8.44 -14 -11 -13 -11 -6.29 -7.05 -6.90 -4.75

Quarterly Balance Sheets for Northwest Natural Gas

This table presents Northwest Natural 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 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q2 2026
Period end date 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 6/30/2026
Total Assets		 4,665 4,849 4,822 4,944 5,707 5,787 5,854 6,442
Total Current Assets		 507 538 423 409 540 466 436 499
Cash & Equivalents		 157 72 65 35 100 103 32 24
Accounts Receivable		 77 182 81 74 210 104 97 106
Inventories, net		 95 100 107 109 90 114 119 143
Other Current Assets		 182 183 170 191 139 146 188 226
Plant, Property, & Equipment, net		 3,279 3,442 3,530 3,612 4,002 4,146 4,248 4,526
Plant, Property & Equipment, gross		 4,469 4,660 4,765 4,858 5,268 5,416 5,532 5,845
Accumulated Depreciation		 1,190 1,219 1,234 1,246 1,266 1,269 1,284 1,319
Total Noncurrent Assets		 879 870 869 923 1,165 1,174 1,171 1,417
Long-Term Investments		 105 84 84 82 83 82 81 69
Noncurrent Note & Lease Receivables		 131 129 128 127 125 124 123 119
Goodwill		 152 163 163 181 355 371 371 372
Other Noncurrent Operating Assets		 491 494 494 533 603 597 596 857
Total Liabilities & Shareholders' Equity		 4,665 4,849 4,822 4,944 5,707 5,787 5,854 6,442
Total Liabilities		 3,446 3,506 3,476 3,587 4,251 4,327 4,420 4,882
Total Current Liabilities		 590 468 436 567 514 684 743 647
Short-Term Debt		 262 96 80 181 118 299 311 247
Accounts Payable		 100 108 94 96 133 117 131 136
Current Deferred & Payable Income Tax Liabilities		 17 27 11 18 24 12 20 13
Other Current Liabilities		 198 221 233 260 223 231 264 224
Other Current Nonoperating Liabilities		 14 16 18 13 16 25 17 27
Total Noncurrent Liabilities		 2,856 3,037 3,040 3,020 3,737 3,643 3,677 4,235
Long-Term Debt		 1,425 1,575 1,575 1,555 2,193 2,087 2,128 2,377
Capital Lease Obligations		 77 77 77 77 77 77 76 75
Asset Retirement Reserve & Litigation Obligation		 683 701 706 709 730 737 743 779
Noncurrent Deferred & Payable Income Tax Liabilities		 376 394 394 389 424 427 414 471
Noncurrent Employee Benefit Liabilities		 146 158 154 139 128 125 122 105
Other Noncurrent Operating Liabilities		 148 133 134 151 184 191 193 429
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 1,220 1,343 1,347 1,357 1,456 1,459 1,434 1,559
Total Preferred & Common Equity		 1,220 1,343 1,347 1,357 1,456 1,459 1,434 1,559
Total Common Equity		 1,220 1,343 1,347 1,357 1,456 1,459 1,434 1,559
Common Stock		 851 905 929 987 992 1,017 1,042 1,072
Retained Earnings		 373 445 424 378 471 449 399 492
Accumulated Other Comprehensive Income / (Loss)		 -4.98 -6.83 -6.50 -7.18 -6.86 -6.68 -6.52 -4.52

Annual Metrics And Ratios for Northwest Natural Gas

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

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
DEI Shares Outstanding		 27,206,484.00 27,371,642.00 27,557,756.00 28,713,052.00 57,688,872.00 30,435,575.00 30,568,578.00 30,730,274.00 35,099,161.00 36,065,222.00 40,132,048.00
DEI Adjusted Shares Outstanding		 27,206,484.00 27,371,642.00 27,557,756.00 28,713,052.00 57,688,872.00 30,435,575.00 30,568,578.00 30,730,274.00 35,099,161.00 36,065,222.00 40,132,048.00
DEI Earnings Per Adjusted Shares Outstanding		 2.16 1.96 2.14 -1.94 1.12 2.03 2.51 2.56 2.46 2.60 1.97
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -0.59% -4.01% -7.68% 13.00% -6.48% 5.70% 3.66% 11.21% 20.57% 15.44% -3.71%
EBITDA Growth		 3.85% -5.14% 2.51% 4.78% -7.10% 0.39% 10.62% 8.65% 8.42% 14.83% 0.57%
EBIT Growth		 -1.71% -8.90% 8.77% 4.90% -14.64% -6.16% 11.41% 12.02% 12.12% 20.17% -6.34%
NOPAT Growth		 -1.05% -10.81% 19.63% 7.79% 1.08% 23.64% -5.07% 6.01% 3.55% 9.81% -0.32%
Net Income Growth		 -3.05% -8.50% 9.67% -194.44% 216.08% -4.39% 24.37% 2.46% 9.71% 8.77% -15.98%
EPS Growth		 -3.57% -9.26% 8.16% -191.04% 216.06% -7.59% 21.26% 1.99% -0.78% 1.97% -21.62%
Operating Cash Flow Growth		 -50.35% 99.11% 27.39% -6.95% -18.35% 10.22% -21.88% 10.35% -7.91% 89.57% -28.46%
Free Cash Flow Firm Growth		 634.56% -17.19% 31.29% 25.88% -1,282.51% 194.05% -111.54% 42.08% -151.81% 86.69% -459.41%
Invested Capital Growth		 -1.15% -0.63% -1.38% -2.80% 115.65% -43.96% 16.05% 10.59% 16.48% 6.30% 11.42%
Revenue Q/Q Growth		 -2.64% -1.30% -0.74% 1.52% -1.44% 2.83% 1.71% 4.09% 0.00% 0.00% 1.33%
EBITDA Q/Q Growth		 0.87% 0.23% -1.21% 1.59% -0.25% -0.13% 6.69% -1.66% 0.00% 0.00% 7.78%
EBIT Q/Q Growth		 -0.69% 1.07% 1.02% -0.44% -1.54% -2.33% 11.26% -2.92% 0.00% 0.00% 2.99%
NOPAT Q/Q Growth		 -0.63% 2.25% 5.32% 1.46% 5.85% 6.43% 4.60% -4.45% 0.00% 0.00% 3.50%
Net Income Q/Q Growth		 -0.91% 2.35% -2.37% -188.54% 205.12% 1.51% 24.90% -12.77% 0.00% 0.00% 0.46%
EPS Q/Q Growth		 -1.37% 2.08% -3.20% -187.33% 205.16% -3.27% 26.77% -13.22% 0.00% 0.00% -3.79%
Operating Cash Flow Q/Q Growth		 -62.55% 1,027.82% -6.68% -0.91% -2.09% 12.37% -19.94% -9.02% 0.00% 0.00% 1.08%
Free Cash Flow Firm Q/Q Growth		 19.05% 8.39% 1.10% -42.14% -0.26% 6.17% -115.26% 92.68% 0.00% 0.00% 0.00%
Invested Capital Q/Q Growth		 3.51% 3.20% 3.47% 11.45% 5.33% 4.69% 211.89% 5.42% 0.00% 0.00% 5.57%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 51.53% 54.78% 61.00% 56.98% 63.81% 41.97% 42.76% 42.29% 36.93% 35.40% 38.68%
EBITDA Margin		 32.28% 31.90% 35.42% 32.85% 32.63% 30.99% 33.07% 32.31% 29.05% 28.90% 30.19%
Operating Margin		 18.96% 17.17% 22.56% 19.99% 18.72% 19.22% 19.17% 18.96% 16.14% 15.44% 16.58%
EBIT Margin		 19.22% 18.24% 21.49% 19.95% 18.21% 16.16% 17.37% 17.50% 16.27% 16.94% 16.48%
Profit (Net Income) Margin		 7.78% 7.42% 8.81% -7.37% 9.14% 8.27% 9.92% 9.14% 8.32% 7.84% 6.84%
Tax Burden Percent		 58.50% 60.03% 55.86% -49.19% 70.57% 79.20% 84.05% 74.16% 74.68% 74.33% 71.76%
Interest Burden Percent		 69.25% 67.77% 73.44% 75.08% 71.17% 64.62% 67.97% 70.45% 68.46% 62.26% 57.85%
Effective Tax Rate		 41.50% 39.97% 40.80% 36.26% 26.44% 16.22% 23.08% 25.84% 25.21% 25.63% 28.27%
Return on Invested Capital (ROIC)		 5.23% 4.71% 5.69% 6.26% 4.07% 4.72% 5.77% 5.41% 4.93% 4.88% 4.46%
ROIC Less NNEP Spread (ROIC-NNEP)		 2.26% 2.13% 1.66% -14.28% 1.52% 0.47% 2.38% 2.22% 2.31% 2.13% 1.11%
Return on Net Nonoperating Assets (RNNOA)		 2.49% 2.23% 1.53% -13.25% 1.74% 0.55% 2.98% 3.21% 3.25% 2.76% 1.45%
Return on Equity (ROE)		 7.73% 6.94% 7.22% -6.98% 5.81% 5.27% 8.75% 8.63% 8.18% 7.63% 5.91%
Cash Return on Invested Capital (CROIC)		 6.39% 5.34% 7.08% 9.11% -69.21% 61.06% -9.08% -4.65% -10.30% -1.23% -6.34%
Operating Return on Assets (OROA)		 4.80% 4.30% 4.67% 4.92% 2.71% 2.45% 3.74% 3.85% 3.83% 4.22% 3.76%
Return on Assets (ROA)		 1.94% 1.75% 1.92% -1.82% 1.36% 1.25% 2.14% 2.01% 1.96% 1.95% 1.56%
Return on Common Equity (ROCE)		 7.73% 6.94% 7.22% -6.98% 5.81% 5.27% 8.75% 8.63% 8.18% 7.63% 5.91%
Return on Equity Simple (ROE_SIMPLE)		 7.65% 6.88% 6.92% -7.49% 4.37% 7.13% 8.64% 8.41% 7.34% 7.31% 5.69%
Net Operating Profit after Tax (NOPAT)		 84 75 89 96 97 120 114 121 125 138 137
NOPAT Margin		 11.09% 10.31% 13.35% 12.74% 13.77% 16.11% 14.75% 14.06% 12.08% 11.49% 11.89%
Net Nonoperating Expense Percent (NNEP)		 2.97% 2.58% 4.03% 20.55% 2.55% 4.25% 3.40% 3.20% 2.62% 2.75% 3.35%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - 5.12% - 4.40% 4.54% 4.10%
Cost of Revenue to Revenue		 48.47% 45.22% 39.00% 43.02% 36.19% 58.03% 57.24% 57.71% 63.07% 64.60% 61.32%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 22.65% 0.44% 0.48% 0.45% 0.35% 0.46% 0.51%
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		 32.57% 37.61% 38.44% 37.00% 45.10% 22.75% 23.58% 23.33% 20.78% 19.95% 22.10%
Earnings before Interest and Taxes (EBIT)		 145 132 144 151 129 121 134 151 169 203 190
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 243 231 237 248 230 231 256 278 301 346 348
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.24 1.29 1.46 1.79 1.89 2.14 1.30 1.42 1.27 0.99 1.13
Price to Tangible Book Value (P/TBV)		 1.24 1.29 1.46 1.79 1.90 2.27 1.41 1.54 1.45 1.14 1.31
Price to Revenue (P/Rev)		 1.26 1.40 1.86 1.76 3.96 2.48 1.49 1.54 1.44 1.06 1.36
Price to Earnings (P/E)		 16.21 18.80 21.09 0.00 43.27 29.96 15.05 16.88 17.26 13.58 19.89
Dividend Yield		 5.28% 5.05% 4.15% 4.06% 3.91% 3.13% 5.06% 4.45% 4.52% 5.31% 5.00%
Earnings Yield		 6.17% 5.32% 4.74% 0.00% 2.31% 3.34% 6.64% 5.93% 5.79% 7.37% 5.03%
Enterprise Value to Invested Capital (EV/IC)		 1.11 1.14 1.25 1.38 1.40 1.53 1.12 1.16 1.11 0.99 1.05
Enterprise Value to Revenue (EV/Rev)		 2.35 2.49 2.91 2.78 6.47 3.76 3.08 3.18 2.93 2.41 2.95
Enterprise Value to EBITDA (EV/EBITDA)		 7.27 7.80 8.21 8.45 19.82 12.14 9.31 9.83 10.08 8.33 9.78
Enterprise Value to EBIT (EV/EBIT)		 12.22 13.65 13.53 13.91 35.51 23.27 17.72 18.16 18.00 14.21 17.92
Enterprise Value to NOPAT (EV/NOPAT)		 21.17 24.16 21.78 21.78 46.96 23.35 20.88 22.60 24.26 20.95 24.83
Enterprise Value to Operating Cash Flow (EV/OCF)		 20.21 10.33 8.75 10.14 27.05 15.09 16.39 17.05 20.58 10.29 17.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 17.33 21.30 17.50 14.99 0.00 1.81 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 1.17 1.11 0.91 1.12 1.29 1.19 1.51 1.62 1.42 1.36 1.41
Long-Term Debt to Equity		 0.81 0.73 0.80 0.92 0.95 0.93 1.06 1.20 1.13 1.17 1.27
Financial Leverage		 1.10 1.05 0.92 0.93 1.15 1.17 1.25 1.45 1.41 1.29 1.30
Leverage Ratio		 3.97 3.96 3.77 3.84 4.27 4.21 4.09 4.29 4.18 3.91 3.78
Compound Leverage Factor		 2.75 2.69 2.77 2.88 3.04 2.72 2.78 3.02 2.86 2.43 2.19
Debt to Total Capital		 53.88% 52.54% 47.60% 52.90% 56.31% 54.35% 60.13% 61.82% 58.75% 57.59% 58.54%
Short-Term Debt to Total Capital		 16.51% 17.93% 5.75% 9.57% 14.63% 11.82% 17.94% 15.92% 12.24% 7.95% 6.01%
Long-Term Debt to Total Capital		 37.37% 34.61% 41.85% 43.33% 41.68% 42.53% 42.20% 45.90% 46.50% 49.64% 52.53%
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		 46.12% 47.46% 52.40% 47.10% 43.69% 45.65% 39.87% 38.18% 41.25% 42.41% 41.46%
Debt to EBITDA		 3.68 3.74 3.26 3.36 8.27 4.46 5.24 5.45 5.55 5.04 5.62
Net Debt to EBITDA		 3.36 3.43 2.96 3.08 7.69 4.14 4.79 5.06 5.14 4.64 5.27
Long-Term Debt to EBITDA		 2.55 2.47 2.87 2.75 6.12 3.49 3.68 4.04 4.40 4.34 5.04
Debt to NOPAT		 10.72 11.59 8.66 8.67 19.60 8.58 11.75 12.51 13.36 12.67 14.27
Net Debt to NOPAT		 9.79 10.62 7.85 7.95 18.22 7.97 10.75 11.62 12.37 11.69 13.39
Long-Term Debt to NOPAT		 7.43 7.63 7.61 7.10 14.51 6.71 8.24 9.29 10.58 10.92 12.80
Altman Z-Score		 0.79 0.77 0.90 0.86 0.61 0.83 0.59 0.63 0.66 0.69 0.67
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		 0.77 0.69 1.05 0.71 0.57 0.61 0.52 0.60 0.83 0.86 0.86
Quick Ratio		 0.29 0.27 0.49 0.34 0.27 0.28 0.28 0.28 0.32 0.34 0.39
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 102 85 111 140 -1,653 1,555 -179 -104 -262 -35 -195
Operating Cash Flow to CapEx		 73.03% 147.38% 160.56% 96.90% 78.81% 83.48% 54.86% 54.56% 43.61% 85.52% 50.78%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.25 0.24 0.22 0.25 0.15 0.15 0.22 0.22 0.24 0.25 0.23
Accounts Receivable Turnover		 5.62 5.74 5.23 5.85 3.72 3.98 5.81 5.30 4.75 5.26 5.54
Inventory Turnover		 5.28 4.40 4.17 6.39 3.76 6.55 10.22 9.94 9.07 7.75 6.44
Fixed Asset Turnover		 0.36 0.34 0.30 0.34 0.20 0.21 0.30 0.31 0.35 0.37 0.33
Accounts Payable Turnover		 3.90 3.98 3.28 3.30 1.50 2.52 4.19 4.29 4.17 4.75 5.08
Days Sales Outstanding (DSO)		 65.00 63.58 69.84 62.37 98.02 91.71 62.81 68.88 76.80 69.45 65.91
Days Inventory Outstanding (DIO)		 69.16 82.91 87.54 57.15 97.03 55.73 35.72 36.74 40.26 47.10 56.66
Days Payable Outstanding (DPO)		 93.62 91.77 111.27 110.52 244.15 145.03 87.09 85.07 87.62 76.91 71.92
Cash Conversion Cycle (CCC)		 40.54 54.72 46.11 9.00 -49.10 2.41 11.44 20.55 29.44 39.64 50.66
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 1,589 1,579 1,557 1,514 3,264 1,829 2,123 2,348 2,735 2,907 3,239
Invested Capital Turnover		 0.47 0.46 0.43 0.49 0.30 0.29 0.39 0.38 0.41 0.42 0.38
Increase / (Decrease) in Invested Capital		 -19 -10 -22 -44 1,750 -1,435 294 225 387 172 332
Enterprise Value (EV)		 1,770 1,802 1,943 2,095 4,565 2,807 2,382 2,734 3,039 2,882 3,404
Market Capitalization		 951 1,010 1,242 1,331 2,794 1,849 1,156 1,328 1,490 1,274 1,568
Book Value per Share		 $28.20 $28.53 $30.86 $25.87 $25.63 $28.45 $29.07 $30.43 $33.76 $36.87 $34.52
Tangible Book Value per Share		 $28.20 $28.53 $30.86 $25.87 $25.47 $26.81 $26.81 $28.13 $29.47 $32.18 $29.94
Total Capital		 1,664 1,645 1,623 1,577 3,384 1,897 2,229 2,449 2,849 3,027 3,342
Total Debt		 896 864 773 834 1,905 1,031 1,341 1,514 1,674 1,743 1,956
Total Long-Term Debt		 622 569 679 683 1,410 807 941 1,124 1,325 1,503 1,755
Net Debt		 819 792 701 764 1,771 958 1,227 1,406 1,549 1,607 1,835
Capital Expenditures (CapEx)		 120 118 138 213 214 223 265 294 339 327 394
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 158 144 103 36 40 26 66 84 165 112 71
Debt-free Net Working Capital (DFNWC)		 168 148 107 39 61 36 96 102 194 145 110
Net Working Capital (NWC)		 -107 -147 14 -112 -434 -188 -304 -287 -155 -95 -91
Net Nonoperating Expense (NNE)		 25 21 30 152 33 58 37 42 39 44 58
Net Nonoperating Obligations (NNO)		 822 798 707 771 1,786 963 1,234 1,413 1,559 1,623 1,854
Total Depreciation and Amortization (D&A)		 99 99 93 97 102 111 121 127 133 143 158
Debt-free, Cash-free Net Working Capital to Revenue		 21.00% 19.88% 15.46% 4.70% 5.68% 3.49% 8.51% 9.74% 15.92% 9.38% 6.17%
Debt-free Net Working Capital to Revenue		 22.26% 20.46% 15.99% 5.16% 8.59% 4.79% 12.41% 11.90% 18.74% 12.13% 9.51%
Net Working Capital to Revenue		 -14.17% -20.30% 2.03% -14.82% -61.52% -25.25% -39.27% -33.41% -14.90% -7.97% -7.91%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $2.16 $1.96 $2.13 ($1.94) $2.24 $2.07 $2.51 $2.56 $0.00 $2.59 $2.03
Adjusted Weighted Average Basic Shares Outstanding		 27.16M 27.35M 27.65M 28.67M 28.80M 29.79M 30.54M 30.70M 0.00 36.21M 38.81M
Adjusted Diluted Earnings per Share		 $2.16 $1.96 $2.12 ($1.94) $2.24 $2.07 $2.51 $2.56 $0.00 $2.59 $2.03
Adjusted Weighted Average Diluted Shares Outstanding		 27.22M 27.42M 27.78M 28.67M 28.87M 29.86M 30.60M 30.75M 0.00 36.27M 38.87M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $2.24 $2.07 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 27.30M 27.44M 28.63M 28.75M 57.74M 30.48M 30.61M 31.16M 0.00 37.68M 40.24M
Normalized Net Operating Profit after Tax (NOPAT)		 84 77 97 106 105 131 122 128 135 147 147
Normalized NOPAT Margin		 11.09% 10.60% 14.53% 14.03% 14.93% 17.49% 15.71% 14.92% 12.97% 12.29% 12.77%
Pre Tax Income Margin		 13.31% 12.36% 15.78% 14.98% 12.96% 10.44% 11.81% 12.33% 11.14% 10.55% 9.53%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 85.35% 91.70% 87.46% -97.00% 79.47% 86.40% 72.18% 71.08% 72.73% 71.74% 92.37%
Augmented Payout Ratio		 85.35% 91.70% 89.23% -100.66% 79.47% 86.40% 72.18% 71.08% 72.73% 71.74% 92.37%

Quarterly Metrics And Ratios for Northwest Natural Gas

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

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q2 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 6/30/2026
DEI Shares Outstanding		 36,065,222.00 36,065,222.00 36,065,222.00 38,028,137.00 38,670,272.00 40,132,048.00 40,238,495.00 40,309,760.00 40,938,429.00 41,507,042.00
DEI Adjusted Shares Outstanding		 36,065,222.00 36,065,222.00 36,065,222.00 38,028,137.00 38,670,272.00 40,132,048.00 40,238,495.00 40,309,760.00 40,938,429.00 41,507,042.00
DEI Earnings Per Adjusted Shares Outstanding		 -0.66 1.20 1.77 -0.07 -0.72 1.14 2.18 -0.06 -0.73 0.01
Growth Metrics		 - - - - - - - - - -
Revenue Growth		 0.00% 0.00% -6.26% -10.99% -3.21% 4.26% 14.03% 11.56% 20.30% 3.12%
EBITDA Growth		 0.00% 0.00% -0.07% 0.74% -30.57% 9.24% 34.65% 38.54% 72.11% 4.86%
EBIT Growth		 0.00% 0.00% -4.94% -27.32% -54.67% 6.99% 39.13% 71.53% 39.86% 27.82%
NOPAT Growth		 0.00% 0.00% -5.10% -12.80% -9.98% 9.42% 39.13% 73.25% 35.74% -12.82%
Net Income Growth		 0.00% 0.00% -10.95% -324.04% -14.69% 0.81% 37.75% 10.30% -10.02% 124.00%
EPS Growth		 0.00% 0.00% -15.92% -333.33% -9.23% -6.67% 28.99% 14.29% -2.82% 116.67%
Operating Cash Flow Growth		 0.00% 0.00% -29.30% 0.04% -822.91% 9.92% 43.64% -15.60% 39.66% 0.00%
Free Cash Flow Firm Growth		 0.00% 0.00% 46.32% -0.52% 0.00% 0.00% -290.38% -192.27% -134.25% 48.08%
Invested Capital Growth		 0.00% 0.00% 8.76% 10.63% 11.94% 11.42% 24.65% 27.65% 25.74% 11.42%
Revenue Q/Q Growth		 -40.52% 151.43% 21.86% -51.16% -35.32% 170.84% 33.27% -52.21% -30.26% 0.00%
EBITDA Q/Q Growth		 -45.27% 292.91% 26.88% -63.08% -62.28% 338.61% 56.39% -62.01% -53.14% 0.00%
EBIT Q/Q Growth		 -157.15% 735.97% 38.28% -85.54% -221.60% 539.93% 79.82% -82.17% -142.64% 0.00%
NOPAT Q/Q Growth		 -197.59% 552.77% 42.93% -86.19% -223.09% 550.45% 81.74% -82.81% -145.65% 0.00%
Net Income Q/Q Growth		 -2,004.10% 288.46% 42.97% -104.37% -874.78% 265.65% 95.36% -102.84% -1,095.60% 0.00%
EPS Q/Q Growth		 -2,266.67% 284.62% 40.83% -104.14% -914.29% 257.75% 94.64% -102.75% -1,116.67% 0.00%
Operating Cash Flow Q/Q Growth		 -96.98% -690.68% 680.12% -3.20% -121.79% 26.40% 1,025.11% -43.12% -115.58% 0.00%
Free Cash Flow Firm Q/Q Growth		 100.00% 0.00% 0.00% -72.39% -25.01% 21.17% -127.51% -29.07% -0.19% 0.00%
Invested Capital Q/Q Growth		 2.77% 6.19% 1.50% -0.12% 3.98% 5.57% 13.55% 2.28% 2.42% 0.00%
Profitability Metrics		 - - - - - - - - - -
Gross Margin		 21.75% 39.25% 42.48% 34.86% 24.90% 41.50% 48.07% 39.22% 29.45% 41.65%
EBITDA Margin		 20.83% 32.55% 33.89% 25.62% 14.94% 34.10% 40.02% 31.81% 21.37% 32.35%
Operating Margin		 -12.42% 21.13% 25.34% 7.42% -14.12% 22.90% 31.23% 11.52% -7.54% 13.61%
EBIT Margin		 -8.76% 22.17% 25.15% 7.45% -14.00% 22.75% 30.69% 11.45% -7.00% 14.20%
Profit (Net Income) Margin		 -16.74% 12.55% 14.72% -1.32% -19.84% 12.13% 17.79% -1.06% -18.15% 0.25%
Tax Burden Percent		 74.48% 75.71% 72.11% 78.71% 71.05% 71.23% 71.88% 72.65% 71.22% 49.10%
Interest Burden Percent		 256.51% 74.78% 81.17% -22.45% 199.39% 74.88% 80.62% -12.72% 363.87% 3.53%
Effective Tax Rate		 0.00% 25.89% 27.50% 0.00% 0.00% 28.24% 28.23% 0.00% 0.00% 49.92%
Return on Invested Capital (ROIC)		 0.00% 6.45% 7.58% 2.11% -3.88% 6.17% 8.21% 2.98% -1.93% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 5.77% 6.55% 1.20% -4.72% 5.25% 7.01% 1.87% -2.96% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 7.29% 7.77% 1.41% -5.91% 6.84% 9.59% 2.61% -4.38% 0.00%
Return on Equity (ROE)		 0.00% 13.75% 15.34% 3.52% -9.79% 13.00% 17.80% 5.58% -6.31% 0.00%
Cash Return on Invested Capital (CROIC)		 0.00% -1.20% -3.69% -5.35% 0.00% -6.34% -16.88% -19.03% -17.52% 0.00%
Operating Return on Assets (OROA)		 0.00% 5.52% 6.23% 1.82% -3.32% 5.19% 7.06% 2.67% -1.64% 0.00%
Return on Assets (ROA)		 0.00% 3.13% 3.64% -0.32% -4.70% 2.77% 4.09% -0.25% -4.26% 0.00%
Return on Common Equity (ROCE)		 0.00% 13.75% 15.34% 3.52% -9.79% 13.00% 17.80% 5.58% -6.31% 0.00%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 0.00% 6.40% 0.00% 0.00% 0.00% 7.07% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -12 56 80 11 -14 61 111 19 -8.70 17
NOPAT Margin		 -8.70% 15.66% 18.37% 5.19% -9.88% 16.44% 22.41% 8.06% -5.28% 6.82%
Net Nonoperating Expense Percent (NNEP)		 0.75% 0.68% 1.03% 0.91% 0.85% 0.92% 1.19% 1.10% 1.03% 0.65%
Return On Investment Capital (ROIC_SIMPLE)		 - 1.84% 2.58% 0.36% -0.43% 1.82% 2.88% 0.49% -0.22% 0.39%
Cost of Revenue to Revenue		 78.25% 60.75% 57.52% 65.14% 75.10% 58.50% 51.93% 60.78% 70.55% 58.35%
SG&A Expenses to Revenue		 0.82% 0.53% 0.41% 0.44% 1.14% 0.43% 0.27% 0.52% 0.88% 0.42%
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		 34.18% 18.12% 17.13% 27.49% 39.01% 18.57% 16.84% 27.70% 36.99% 28.04%
Earnings before Interest and Taxes (EBIT)		 -12 79 109 16 -19 84 152 27 -12 35
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 29 116 147 54 20 126 198 75 35 79
Valuation Ratios		 - - - - - - - - - -
Price to Book Value (P/BV)		 1.02 0.99 0.91 0.96 1.10 1.13 1.17 1.08 1.27 1.29
Price to Tangible Book Value (P/TBV)		 1.17 1.14 1.03 1.09 1.27 1.31 1.54 1.45 1.71 1.70
Price to Revenue (P/Rev)		 0.00 1.06 1.04 1.13 1.31 1.36 1.40 1.28 1.44 0.00
Price to Earnings (P/E)		 0.00 13.58 14.18 16.00 19.45 19.89 16.51 15.33 17.97 0.00
Dividend Yield		 5.41% 5.31% 5.55% 5.73% 5.07% 5.00% 4.63% 4.99% 4.41% 4.05%
Earnings Yield		 0.00% 7.37% 7.05% 6.25% 5.14% 5.03% 6.06% 6.52% 5.56% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 1.00 0.99 0.95 0.98 1.04 1.05 1.06 1.03 1.10 1.10
Enterprise Value to Revenue (EV/Rev)		 0.00 2.41 2.41 2.52 2.80 2.95 3.22 3.12 3.33 0.00
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 8.33 8.12 8.30 9.44 9.78 9.79 9.19 9.71 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 14.21 14.25 15.03 17.25 17.92 16.78 15.82 16.78 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 20.95 21.14 21.57 24.03 24.83 23.24 21.87 23.12 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 10.29 12.32 12.60 16.07 17.00 15.32 16.35 17.13 0.00
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
Leverage & Solvency		 - - - - - - - - - -
Debt to Equity		 1.45 1.36 1.30 1.29 1.34 1.41 1.64 1.69 1.75 1.73
Long-Term Debt to Equity		 1.23 1.17 1.23 1.23 1.20 1.27 1.56 1.48 1.54 1.57
Financial Leverage		 1.24 1.26 1.19 1.17 1.25 1.30 1.37 1.39 1.48 1.64
Leverage Ratio		 3.83 3.91 3.64 3.62 3.73 3.78 3.77 3.78 3.87 4.05
Compound Leverage Factor		 9.81 2.92 2.96 -0.81 7.44 2.83 3.04 -0.48 14.08 0.14
Debt to Total Capital		 59.12% 57.59% 56.54% 56.25% 57.18% 58.54% 62.12% 62.79% 63.69% 63.38%
Short-Term Debt to Total Capital		 8.77% 7.95% 3.09% 2.59% 5.70% 6.01% 3.07% 7.62% 7.88% 5.80%
Long-Term Debt to Total Capital		 50.35% 49.64% 53.44% 53.65% 51.48% 52.53% 59.05% 55.17% 55.81% 57.58%
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% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 40.88% 42.41% 43.46% 43.75% 42.82% 41.46% 37.88% 37.21% 36.31% 36.62%
Debt to EBITDA		 0.00 5.04 5.05 5.00 5.37 5.62 5.99 5.86 5.79 0.00
Net Debt to EBITDA		 0.00 4.64 4.60 4.57 5.02 5.27 5.53 5.42 5.53 0.00
Long-Term Debt to EBITDA		 0.00 4.34 4.77 4.77 4.84 5.04 5.69 5.15 5.07 0.00
Debt to NOPAT		 0.00 12.67 13.14 12.99 13.68 14.27 14.21 13.95 13.77 0.00
Net Debt to NOPAT		 0.00 11.69 11.97 11.87 12.79 13.39 13.13 12.91 13.15 0.00
Long-Term Debt to NOPAT		 0.00 10.92 12.42 12.39 12.32 12.80 13.51 12.26 12.07 0.00
Altman Z-Score		 0.00 0.60 0.67 0.59 0.53 0.60 0.66 0.51 0.49 0.00
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - -
Current Ratio		 0.86 0.86 1.15 0.97 0.72 0.86 1.05 0.68 0.59 0.77
Quick Ratio		 0.40 0.34 0.54 0.34 0.19 0.39 0.60 0.30 0.17 0.20
Cash Flow Metrics		 - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 0.00 -158 -272 -340 -271 -617 -796 -797 -413
Operating Cash Flow to CapEx		 3.73% -25.48% 152.08% 103.71% -27.67% -19.39% 175.77% 84.79% -14.47% 0.00%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - -
Asset Turnover		 0.00 0.25 0.25 0.24 0.24 0.23 0.23 0.23 0.23 0.00
Accounts Receivable Turnover		 0.00 5.26 5.86 13.17 15.11 5.54 6.19 13.42 14.80 0.00
Inventory Turnover		 0.00 7.75 10.55 8.17 6.95 6.44 7.51 6.51 6.45 0.00
Fixed Asset Turnover		 0.00 0.37 0.35 0.34 0.33 0.33 0.33 0.32 0.32 0.00
Accounts Payable Turnover		 0.00 4.75 6.81 7.33 7.20 5.08 5.94 6.85 6.47 0.00
Days Sales Outstanding (DSO)		 0.00 69.45 62.33 27.71 24.15 65.91 59.00 27.20 24.66 0.00
Days Inventory Outstanding (DIO)		 0.00 47.10 34.59 44.69 52.52 56.66 48.59 56.03 56.55 0.00
Days Payable Outstanding (DPO)		 0.00 76.91 53.63 49.82 50.69 71.92 61.49 53.32 56.43 0.00
Cash Conversion Cycle (CCC)		 0.00 39.64 43.29 22.58 25.98 50.66 46.10 29.90 24.78 0.00
Capital & Investment Metrics		 - - - - - - - - - -
Invested Capital		 2,738 2,907 2,951 2,947 3,065 3,239 3,678 3,762 3,853 4,192
Invested Capital Turnover		 0.00 0.41 0.41 0.41 0.39 0.38 0.37 0.37 0.37 0.00
Increase / (Decrease) in Invested Capital		 0.00 0.00 238 283 327 332 727 815 789 430
Enterprise Value (EV)		 2,750 2,882 2,811 2,876 3,183 3,404 3,905 3,859 4,222 4,621
Market Capitalization		 1,248 1,274 1,220 1,293 1,489 1,568 1,700 1,582 1,820 2,016
Book Value per Share		 $35.03 $36.87 $35.57 $35.41 $35.09 $34.52 $36.19 $36.20 $35.03 $37.57
Tangible Book Value per Share		 $30.65 $32.18 $31.26 $31.12 $30.40 $29.94 $27.38 $27.00 $25.97 $28.61
Total Capital		 2,983 3,027 3,091 3,078 3,169 3,342 3,844 3,922 3,950 4,258
Total Debt		 1,764 1,743 1,747 1,731 1,812 1,956 2,388 2,462 2,516 2,698
Total Long-Term Debt		 1,502 1,503 1,652 1,651 1,632 1,755 2,270 2,163 2,204 2,451
Net Debt		 1,503 1,607 1,591 1,582 1,695 1,835 2,206 2,278 2,402 2,605
Capital Expenditures (CapEx)		 98 85 82 117 95 100 102 120 110 0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 22 112 93 2.25 -13 71 44 -21 -28 75
Debt-free Net Working Capital (DFNWC)		 179 145 165 67 22 110 144 81 3.92 99
Net Working Capital (NWC)		 -83 -95 69 -12 -159 -91 26 -218 -307 -148
Net Nonoperating Expense (NNE)		 11 11 16 14 14 16 23 22 21 16
Net Nonoperating Obligations (NNO)		 1,518 1,623 1,607 1,600 1,708 1,854 2,222 2,303 2,419 2,633
Total Depreciation and Amortization (D&A)		 42 37 38 38 40 42 46 48 47 44
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% 9.38% 7.92% 0.20% -1.14% 6.17% 3.61% -1.73% -2.23% 0.00%
Debt-free Net Working Capital to Revenue		 0.00% 12.13% 14.12% 5.90% 1.94% 9.51% 11.85% 6.56% 0.31% 0.00%
Net Working Capital to Revenue		 0.00% -7.97% 5.94% -1.09% -13.93% -7.91% 2.14% -17.58% -24.27% 0.00%
Earnings Adjustments		 - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $1.20 $1.69 ($0.07) ($0.71) $1.12 $2.18 ($0.06) ($0.73) $0.01
Adjusted Weighted Average Basic Shares Outstanding		 0.00 36.21M 37.77M 38.26M 38.39M 38.81M 40.24M 40.48M 41.18M 42.09M
Adjusted Diluted Earnings per Share		 $0.00 $1.20 $1.69 ($0.07) ($0.71) $1.12 $2.18 ($0.06) ($0.73) $0.01
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 36.27M 37.80M 38.26M 38.39M 38.87M 40.30M 40.48M 41.18M 42.18M
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		 0.00 37.68M 38.03M 38.67M 40.13M 40.24M 40.31M 40.94M 41.51M 42.09M
Normalized Net Operating Profit after Tax (NOPAT)		 -12 59 84 13 -13 64 115 21 -7.82 18
Normalized NOPAT Margin		 -8.19% 16.57% 19.33% 5.96% -9.29% 17.37% 23.32% 8.74% -4.75% 7.32%
Pre Tax Income Margin		 -22.48% 16.58% 20.42% -1.67% -27.92% 17.03% 24.75% -1.46% -25.48% 0.50%
Debt Service Ratios		 - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - -
Dividend Payout Ratio		 0.00% 71.74% 79.70% 84.95% 90.44% 92.37% 72.07% 73.06% 76.25% 0.00%
Augmented Payout Ratio		 0.00% 71.74% 79.70% 84.95% 90.44% 92.37% 72.07% 73.06% 76.25% 0.00%

Financials Breakdown Chart

Key Financial Trends

Northwest Natural Gas’ Q2 2026 results show improved operating performance, although high financing costs and a growing debt burden remain important risks. Revenue increased to $243.6 million from $236.2 million in Q2 2025, while gross profit rose 9.5% to $101.4 million. The company also returned to profitability, reporting $0.6 million of net income versus a $2.5 million loss in the year-ago quarter.

  • Operating profitability improved: Operating income increased to $33.2 million in Q2 2026 from $27.2 million in Q2 2025. The operating margin improved to approximately 13.6% from 11.5%.
  • Gross margin expanded: Gross profit rose faster than revenue, increasing to $101.4 million from $92.6 million. Gross margin improved to approximately 41.7% from 39.2%, suggesting better spread between revenue and cost of revenue.
  • Profitability recovered year over year: Northwest Natural reported $0.01 of basic and diluted EPS in Q2 2026, compared with a $0.06 loss per share in Q2 2025. This follows a broader improvement from the $0.73 loss reported in Q3 2025.
  • Asset growth supports long-term capacity: Total assets increased to $6.44 billion from $5.79 billion in Q2 2025. Net property, plant and equipment rose 9.1% to $4.53 billion, reflecting continued investment in the company’s infrastructure base.
  • Liquidity ratios improved modestly: Current assets increased to $499.2 million, while current liabilities declined to $647.1 million from $683.9 million. The current ratio improved to approximately 0.77 from 0.68, although it remains below 1.0.
  • Cash flow remains seasonal and volatile: Operating cash flow was $102.2 million in Q2 2025 but turned negative at $15.9 million in Q3 2025. Comparable Q3 operating cash flow was negative $26.4 million in 2024. The available data does not include Q2 2026 cash flow, limiting conclusions about current cash generation.
  • Capital spending is substantial: The company spent $120.5 million on property, plant and equipment in Q2 2025 and $110.0 million in Q3 2025. These investments may support future growth, but they also require continued access to debt or equity financing.
  • Debt has increased significantly: Short- and long-term debt totaled approximately $2.62 billion in Q2 2026, up from $2.38 billion in Q2 2025. Total liabilities increased 12.8% year over year, reaching $4.88 billion.
  • Interest costs continue to pressure earnings: Net interest and investment expense was approximately $33.4 million in Q2 2026, compared with $30.5 million in Q2 2025. This expense nearly offset the company’s $33.2 million of operating income, leaving only $1.2 million of pretax income.
  • Cash reserves have fallen sharply: Cash and equivalents declined to $24.2 million from $102.6 million in Q2 2025, a decrease of approximately 76%. The lower cash balance increases the importance of operating cash flow, refinancing conditions and continued access to capital markets.

Overall, the statements indicate that Northwest Natural is generating stronger operating margins and has improved its earnings from the losses reported in several comparable quarters. However, the improvement at the operating level is being largely absorbed by interest expense. Investors should focus on whether future operating cash flow can consistently fund capital spending, dividends and debt obligations without further increases in leverage or equity issuance.

08/11/26 03:01 AM ETAI Generated. May Contain Errors.

Northwest Natural Gas Financials - Frequently Asked Questions

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

Northwest Natural Gas' net income appears to be on an upward trend, with a most recent value of $78.87 million in 2024, rising from $58.69 million in 2014. The previous period was $93.87 million in 2023. View Northwest Natural Gas' forecast to see where analysts expect Northwest Natural Gas to go next.

Northwest Natural Gas' total operating income in 2024 was $191.14 million, based on the following breakdown:
  • Total Gross Profit: $445.95 million
  • Total Operating Expenses: $254.81 million

Over the last 10 years, Northwest Natural Gas' total revenue changed from $754.04 million in 2014 to $1.15 billion in 2024, a change of 52.9%.

Northwest Natural Gas' total liabilities were at $4.69 billion at the end of 2025, a 21.9% increase from 2024, and a 105.0% increase since 2015.

In the past 10 years, Northwest Natural Gas' cash and equivalents has ranged from $3.47 million in 2017 to $38.49 million in 2024, and is currently $36.67 million as of their latest financial filing in 2025.

Over the last 10 years, Northwest Natural Gas' book value per share changed from 28.20 in 2014 to 34.52 in 2024, a change of 22.4%.


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Financial statements for NYSE:NWN last updated on 8/5/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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