Southwest Gas (SWX) Financials

$69.09 -1.97 (-2.78%)

Closing price 05/21/2025 03:59 PM Eastern

Extended Trading

$70.17 +1.09 (+1.57%)

As of 05/21/2025 07:47 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	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	199	151	-203	201	232	214	182	194	152	278
Consolidated Net Income / (Loss)	205	156	-198	207	239	217	182	194	153	279
Net Income / (Loss) Continuing Operations	205	156	-198	207	239	217	182	194	153	0.00
Total Pre-Tax Income	241	197	-273	247	305	273	243	259	232	219
Total Operating Income	484	418	-24	370	423	372	357	343	315	288
Total Gross Profit	1,011	1,019	995	821	818	737	667	652	657	608
Total Revenue	5,112	5,434	4,960	3,680	3,299	3,120	2,880	2,549	2,460	2,464
Operating Revenue	5,112	5,434	4,960	3,680	3,299	3,120	2,880	2,549	2,460	2,464
Total Cost of Revenue	4,101	4,415	3,965	2,860	2,480	2,383	2,213	1,897	1,804	1,856
Operating Cost of Revenue	4,101	4,415	3,965	2,860	2,480	2,383	2,213	1,897	1,804	1,856
Total Operating Expenses	527	601	1,019	451	395	366	309	309	342	320
Depreciation Expense	438	441	470	371	332	303	249	251	289	270
Other Operating Expenses / (Income)	89	89	93	80	63	62	60	58	52	49
Impairment Charge	0.00	71	455	0.00	0.00	-	-	-	-	-
Total Other Income / (Expense), net	-242	-221	-249	-123	-118	-99	-114	-84	-84	-69
Interest Expense	297	292	243	119	111	109	97	78	74	72
Other Income / (Expense), net	55	71	-6.19	-3.50	-6.79	10	-17	-6.03	-10	2.88
Income Tax Expense	36	42	-76	40	66	56	62	65	78	80
Net Income / (Loss) Attributable to Noncontrolling Interest	6.02	4.63	5.61	6.42	6.66	2.71	-0.63	0.10	1.01	1.11
Basic Earnings per Share	$2.77	$2.13	($3.10)	$3.39	$4.15	$3.94	$3.69	$4.04	$3.20	$2.94
Weighted Average Basic Shares Outstanding	71.84M	70.79M	65.56M	59.15M	56.00M	54.25M	49.42M	47.97M	47.47M	46.99M
Diluted Earnings per Share	$2.76	$2.13	($3.10)	$3.39	$4.14	$3.94	$3.68	$4.04	$3.18	$2.92
Weighted Average Diluted Shares Outstanding	72.03M	70.99M	65.56M	59.26M	56.08M	54.31M	49.48M	47.99M	47.81M	47.38M
Weighted Average Basic & Diluted Shares Outstanding	71.82M	71.60M	67.15M	60.45M	57.23M	55.06M	49.40M	48M	47.20M	47M
Cash Dividends to Common per Share	$2.48	$2.48	$2.48	$2,380.00	$2,280.00	$2,180.00	$2,080.00	$1,980.00	$1.80	$1.62

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

Metric	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	92	0.29	18	88	73	3.23	29	46	-281	-12
Consolidated Net Income / (Loss)	94	2.66	20	88	74	3.97	30	48	-278	-11
Net Income / (Loss) Continuing Operations	94	2.66	20	88	74	3.97	30	48	-278	-11
Total Pre-Tax Income	112	0.51	24	105	83	2.70	35	76	-371	-13
Total Operating Income	181	61	83	158	138	60	85	135	-288	50
Total Gross Profit	319	191	201	300	271	187	218	343	312	190
Total Revenue	1,270	1,079	1,182	1,581	1,368	1,169	1,294	1,603	1,421	1,126
Operating Revenue	1,270	1,079	1,182	1,581	1,368	1,169	1,294	1,603	1,421	1,126
Total Cost of Revenue	951	888	982	1,281	1,096	983	1,076	1,260	1,108	935
Operating Cost of Revenue	951	888	982	1,281	1,096	983	1,076	1,260	1,108	935
Total Operating Expenses	138	130	117	142	133	127	133	208	601	140
Depreciation Expense	116	107	96	119	111	106	112	113	123	117
Other Operating Expenses / (Income)	23	22	21	23	22	21	22	24	23	23
Total Other Income / (Expense), net	-69	-61	-59	-53	-55	-58	-50	-59	-83	-63
Interest Expense	74	78	74	72	74	72	69	77	77	64
Other Income / (Expense), net	4.75	17	15	18	19	14	20	18	-6.19	1.59
Income Tax Expense	17	-2.15	4.18	17	9.66	-1.27	4.77	29	-94	-1.53
Net Income / (Loss) Attributable to Noncontrolling Interest	1.95	2.37	1.88	-0.18	0.77	0.74	1.38	1.74	3.05	0.99
Basic Earnings per Share	$1.29	$0.00	$0.26	$1.22	$1.01	$0.05	$0.40	$0.67	($4.40)	($0.18)
Weighted Average Basic Shares Outstanding	71.84M	71.88M	71.84M	71.73M	70.79M	71.63M	71.54M	68.27M	65.56M	67.16M
Diluted Earnings per Share	$1.29	$0.00	$0.25	$1.22	$1.02	$0.04	$0.40	$0.67	($4.40)	($0.18)
Weighted Average Diluted Shares Outstanding	72.03M	72.09M	72.02M	71.88M	70.99M	71.85M	71.72M	68.42M	65.56M	67.16M
Weighted Average Basic & Diluted Shares Outstanding	71.82M	71.74M	71.71M	71.67M	71.60M	71.52M	71.48M	71.34M	67.15M	67.07M

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

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	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	-93	-143	142	351	1.60	-116	139	-65	-28	-41
Net Cash From Operating Activities	201	304	307	544	311	186	198	-186	104	40
Net Cash From Continuing Operating Activities	201	304	307	544	311	186	198	-186	104	40
Net Income / (Loss) Continuing Operations	94	2.66	20	88	74	3.97	30	48	-278	-11
Consolidated Net Income / (Loss)	94	2.66	20	88	74	3.97	30	48	-278	-11
Depreciation Expense	116	107	96	119	111	106	112	113	123	117
Non-Cash Adjustments To Reconcile Net Income	3.90	2.57	-30	35	-2.07	-43	46	74	454	-0.92
Changes in Operating Assets and Liabilities, net	-13	191	220	302	128	120	9.98	-420	-196	-65
Net Cash From Investing Activities	-234	-261	-226	-200	-206	-250	-228	836	-235	-238
Net Cash From Continuing Investing Activities	-234	-261	-226	-200	-206	-250	-228	836	-235	-238
Purchase of Property, Plant & Equipment	-236	-265	-223	-221	-208	-226	-220	-219	-247	-245
Other Investing Activities, net	1.86	3.88	-2.79	0.03	1.83	3.88	-1.23	-3.48	12	6.27
Net Cash From Financing Activities	-60	-186	61	7.69	-103	-52	169	-715	102	159
Net Cash From Continuing Financing Activities	-60	-186	61	7.69	-103	-52	169	-715	102	159
Repayment of Debt	-90	-184	-315	-4.18	-62	-27	-475	-1,667	-156	187
Repurchase of Common Equity	-0.08	-	-	-	-	-	-	-	-	-
Payment of Dividends	-44	48	-137	-44	-44	-4.42	-84	-42	-1.93	-42
Issuance of Debt	73	43	182	56	1.26	17	721	756	298	11
Issuance of Common Equity	1.90	-0.50	333	2.37	2.52	2.51	7.39	239	2.78	2.77
Other Financing Activities, net	-0.64	-0.02	-0.48	-1.97	-0.25	-0.04	-0.20	-1.51	-0.56	-0.02
Other Net Changes in Cash	-0.48	0.10	-0.04	-0.20	0.17	-0.20	0.19	0.10	-0.15	-0.74
Cash Interest Paid	75	65	74	65	86	60	68	68	73	54
Cash Income Taxes Paid	1.80	2.34	3.94	1.83	3.41	1.90	1.68	2.38	1.68	2.02

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

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 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022
Period end date	9/30/2024	6/30/2024	3/31/2024	9/30/2023	6/30/2023	3/31/2023	9/30/2022
Total Assets	11,875	11,985	11,888	11,836	11,951	11,810	13,103
Total Current Assets	1,455	1,732	1,780	1,998	2,240	2,258	1,710
Cash & Equivalents	457	600	458	105	221	82	175
Accounts Receivable	721	843	902	948	979	960	821
Prepaid Expenses	261	240	215	230	220	210	317
Current Deferred & Refundable Income Taxes	7.40	9.66	7.17	4.27	6.80	8.14	16
Other Current Assets	9.27	40	199	712	786	970	381
Plant, Property, & Equipment, net	7,958	7,788	7,634	7,385	7,253	7,122	7,904
Plant, Property & Equipment, gross	10,896	10,685	10,498	10,166	9,997	9,835	11,440
Accumulated Depreciation	2,937	2,897	2,864	2,780	2,744	2,712	3,536
Total Noncurrent Assets	2,461	2,465	2,474	2,453	2,458	2,430	3,489
Goodwill	788	786	787	787	790	787	1,743
Noncurrent Deferred & Refundable Income Taxes	2.83	2.17	1.31	0.25	0.10	0.12	-
Other Noncurrent Operating Assets	1,671	1,677	1,685	1,665	1,668	1,642	1,746
Total Liabilities & Shareholders' Equity	11,875	11,985	11,888	11,836	11,951	11,810	13,103
Total Liabilities	8,235	8,311	8,524	8,452	8,530	8,387	9,575
Total Current Liabilities	1,703	1,096	1,719	1,053	1,057	1,610	1,314
Short-Term Debt	693	142	687	100	58	509	422
Accounts Payable	227	264	265	255	274	311	309
Customer Deposits	61	57	53	47	48	50	55
Current Deferred Revenue	189	121	-	-	-	-	-
Current Deferred & Payable Income Tax Liabilities	2.02	2.24	0.74	0.27	1.32	0.74	-
Other Taxes Payable	64	64	97	76	63	102	73
Other Current Liabilities	422	408	577	527	575	592	405
Other Current Nonoperating Liabilities	45	37	40	47	39	46	41
Total Noncurrent Liabilities	6,532	7,215	6,805	7,400	7,473	6,777	8,261
Long-Term Debt	4,382	5,064	4,649	5,236	5,285	4,578	5,866
Noncurrent Deferred Revenue	894	896	915	968	995	1,016	1,121
Noncurrent Deferred & Payable Income Tax Liabilities	791	792	784	742	741	733	774
Other Noncurrent Operating Liabilities	465	463	457	454	452	450	500
Redeemable Noncontrolling Interest	7.71	7.67	7.66	145	158	127	-
Total Equity & Noncontrolling Interests	3,632	3,667	3,356	3,239	3,263	3,296	3,413
Total Preferred & Common Equity	3,455	3,493	3,356	3,239	3,263	3,296	3,413
Total Common Equity	3,455	3,493	3,356	3,239	3,263	3,296	3,413
Common Stock	2,788	2,783	2,621	2,613	2,607	2,598	2,352
Retained Earnings	711	755	782	669	697	743	1,111
Accumulated Other Comprehensive Income / (Loss)	-44	-46	-46	-44	-41	-44	-50
Noncontrolling Interest	177	174	-	-	-	-	-

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

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

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

Metric	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-7.12%	-7.72%	-8.62%	-1.39%	-3.76%	3.90%	12.87%	26.50%	31.03%	26.66%
EBITDA Growth	12.49%	2.99%	-10.11%	10.97%	256.02%	6.98%	43.26%	-8.96%	-179.04%	51.00%
EBIT Growth	18.35%	4.75%	-5.95%	14.70%	153.25%	44.95%	143.72%	-9.47%	-358.48%	155.25%
NOPAT Growth	25.17%	261.67%	-5.84%	56.76%	160.47%	153.44%	129.11%	-37.48%	-289.95%	114.32%
Net Income Growth	28.19%	-32.87%	-33.21%	83.76%	126.53%	135.05%	597.60%	-51.00%	-489.92%	-21.78%
EPS Growth	26.47%	-100.00%	-37.50%	82.09%	123.18%	122.22%	500.00%	-57.59%	-492.86%	5.26%
Operating Cash Flow Growth	-35.18%	63.25%	54.89%	392.72%	198.52%	368.70%	157.06%	-199.53%	73.91%	-20.79%
Free Cash Flow Firm Growth	-71.98%	-39.28%	-70.04%	103.27%	283.43%	143.53%	130.59%	-232.58%	94.22%	-65.68%
Invested Capital Growth	-2.34%	-4.13%	-2.76%	-1.95%	-11.70%	-10.62%	-9.96%	1,271.54%	5.25%	36.71%
Revenue Q/Q Growth	17.69%	-8.71%	-25.22%	15.61%	16.93%	-9.60%	-19.31%	12.84%	26.24%	-1.79%
EBITDA Q/Q Growth	62.47%	-4.44%	-34.25%	10.19%	48.75%	-16.60%	-18.82%	254.92%	-201.99%	11.69%
EBIT Q/Q Growth	137.33%	-20.29%	-44.31%	12.33%	110.06%	-28.44%	-32.07%	152.14%	-671.86%	20.33%
NOPAT Q/Q Growth	-52.30%	364.67%	-47.89%	8.36%	37.84%	20.98%	-13.24%	141.80%	-677.71%	9.37%
Net Income Q/Q Growth	3,444.91%	-86.82%	-76.92%	18.90%	1,756.34%	-86.89%	-36.50%	117.17%	-2,352.16%	-86.12%
EPS Q/Q Growth	0.00%	-100.00%	-79.51%	19.61%	2,450.00%	-90.00%	-40.30%	115.23%	-2,344.44%	-80.00%
Operating Cash Flow Q/Q Growth	-33.75%	-0.82%	-43.61%	74.95%	66.86%	-5.90%	206.56%	-278.42%	161.99%	-48.39%
Free Cash Flow Firm Q/Q Growth	-47.75%	122.09%	2.70%	-76.49%	13.22%	9.57%	111.23%	-1,217.15%	73.13%	22.99%
Invested Capital Q/Q Growth	1.46%	-0.17%	0.43%	-3.99%	-0.41%	1.25%	1.27%	-13.53%	0.81%	2.00%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	25.14%	17.71%	16.96%	18.99%	19.82%	15.98%	16.86%	21.40%	21.99%	16.90%
EBITDA Margin	23.74%	17.20%	16.43%	18.68%	19.60%	15.41%	16.70%	16.60%	-12.09%	14.97%
Operating Margin	14.25%	5.70%	7.04%	10.00%	10.10%	5.15%	6.55%	8.43%	-20.30%	4.44%
EBIT Margin	14.62%	7.25%	8.30%	11.15%	11.47%	6.39%	8.07%	9.58%	-20.74%	4.58%
Profit (Net Income) Margin	7.43%	0.25%	1.71%	5.54%	5.39%	0.34%	2.34%	2.97%	-19.53%	-1.01%
Tax Burden Percent	84.47%	521.14%	82.86%	83.68%	88.41%	147.09%	86.39%	62.43%	74.71%	88.13%
Interest Burden Percent	60.18%	0.65%	24.85%	59.37%	53.09%	3.61%	33.56%	49.67%	126.06%	-24.92%
Effective Tax Rate	15.53%	-421.14%	17.14%	16.32%	11.59%	-47.09%	13.61%	37.57%	0.00%	0.00%
Return on Invested Capital (ROIC)	7.22%	18.24%	3.66%	5.42%	5.28%	4.53%	3.41%	7.22%	-7.40%	1.71%
ROIC Less NNEP Spread (ROIC-NNEP)	6.04%	11.84%	2.67%	4.51%	4.45%	3.07%	2.64%	-1.82%	-8.59%	0.81%
Return on Net Nonoperating Assets (RNNOA)	8.46%	16.76%	3.68%	6.61%	7.89%	5.21%	4.30%	-0.21%	-17.11%	1.28%
Return on Equity (ROE)	15.68%	35.00%	7.34%	12.03%	13.17%	9.74%	7.71%	7.00%	-24.51%	2.99%
Cash Return on Invested Capital (CROIC)	7.18%	8.72%	7.30%	6.54%	16.01%	11.15%	10.34%	-109.01%	-5.30%	-27.11%
Operating Return on Assets (OROA)	6.26%	3.19%	3.68%	5.09%	4.97%	2.81%	3.53%	4.05%	-7.92%	1.80%
Return on Assets (ROA)	3.18%	0.11%	0.76%	2.53%	2.33%	0.15%	1.02%	1.26%	-7.46%	-0.40%
Return on Common Equity (ROCE)	15.04%	33.35%	6.99%	11.79%	12.65%	9.53%	7.53%	6.87%	-23.14%	2.91%
Return on Equity Simple (ROE_SIMPLE)	0.00%	5.33%	5.31%	5.82%	0.00%	-6.04%	-6.47%	-7.50%	0.00%	4.43%
Net Operating Profit after Tax (NOPAT)	153	320	69	132	122	89	73	84	-202	35
NOPAT Margin	12.03%	29.69%	5.83%	8.37%	8.93%	7.58%	5.66%	5.26%	-14.21%	3.11%
Net Nonoperating Expense Percent (NNEP)	1.18%	6.39%	1.00%	0.90%	0.82%	1.46%	0.77%	9.04%	1.19%	0.90%
Return On Investment Capital (ROIC_SIMPLE)	1.75%	-	-	-	1.42%	-	-	-	-2.23%	-
Cost of Revenue to Revenue	74.86%	82.29%	83.04%	81.01%	80.18%	84.02%	83.14%	78.60%	78.01%	83.10%
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	10.90%	12.01%	9.92%	8.98%	9.72%	10.83%	10.30%	12.97%	42.29%	12.46%
Earnings before Interest and Taxes (EBIT)	186	78	98	176	157	75	104	154	-295	52
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	302	186	194	295	268	180	216	266	-172	168
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.44	1.53	1.43	1.60	1.31	1.28	1.33	1.20	1.25	1.27
Price to Tangible Book Value (P/TBV)	1.85	1.98	1.85	2.08	1.72	1.70	1.75	1.58	1.68	2.59
Price to Revenue (P/Rev)	0.98	1.02	0.94	0.99	0.80	0.76	0.80	0.75	0.77	0.94
Price to Earnings (P/E)	25.31	29.51	27.45	27.78	28.74	0.00	0.00	0.00	0.00	29.38
Dividend Yield	3.54%	3.36%	3.55%	3.31%	4.09%	4.26%	4.09%	4.21%	4.32%	3.76%
Earnings Yield	3.95%	3.39%	3.64%	3.60%	3.48%	0.00%	0.00%	0.00%	0.00%	3.40%
Enterprise Value to Invested Capital (EV/IC)	1.18	1.22	1.18	1.24	1.11	1.10	1.12	1.08	1.01	1.08
Enterprise Value to Revenue (EV/Rev)	1.94	1.94	1.85	1.89	1.77	1.74	1.77	1.72	1.98	2.26
Enterprise Value to EBITDA (EV/EBITDA)	10.15	10.70	10.44	10.67	10.33	19.43	20.06	21.96	22.37	12.59
Enterprise Value to EBIT (EV/EBIT)	18.41	19.81	19.34	19.99	19.64	250.52	645.55	0.00	0.00	27.61
Enterprise Value to NOPAT (EV/NOPAT)	24.14	26.47	25.82	26.79	29.17	0.00	0.00	0.00	0.00	31.88
Enterprise Value to Operating Cash Flow (EV/OCF)	7.31	6.89	7.27	8.27	18.88	31.51	61.58	258.88	24.15	28.74
Enterprise Value to Free Cash Flow (EV/FCFF)	16.19	13.65	15.90	18.71	6.53	9.32	10.29	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.37	1.39	1.42	1.59	1.55	1.58	1.56	1.49	1.86	1.84
Long-Term Debt to Equity	1.18	1.20	1.38	1.38	1.35	1.55	1.54	1.34	1.37	1.72
Financial Leverage	1.40	1.42	1.38	1.46	1.77	1.70	1.62	0.12	1.99	1.58
Leverage Ratio	3.36	3.38	3.37	3.49	3.78	3.67	3.62	3.63	4.08	3.61
Compound Leverage Factor	2.02	0.02	0.84	2.07	2.01	0.13	1.21	1.80	5.14	-0.90
Debt to Total Capital	57.83%	58.24%	58.62%	61.33%	60.73%	61.19%	60.96%	59.78%	65.05%	64.82%
Short-Term Debt to Total Capital	8.12%	7.95%	1.60%	7.89%	7.72%	1.15%	0.66%	5.99%	17.24%	4.36%
Long-Term Debt to Total Capital	49.71%	50.28%	57.02%	53.44%	53.01%	60.05%	60.31%	53.79%	47.82%	60.46%
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	2.11%	2.12%	2.05%	0.09%	1.20%	1.66%	1.81%	1.49%	1.73%	0.00%
Common Equity to Total Capital	40.06%	39.65%	39.33%	38.58%	38.07%	37.14%	37.23%	38.73%	33.22%	35.18%
Debt to EBITDA	5.18	5.38	5.55	5.56	5.68	10.87	11.16	12.30	13.62	7.58
Net Debt to EBITDA	4.81	4.90	4.91	5.08	5.56	10.66	10.69	12.10	13.34	7.37
Long-Term Debt to EBITDA	4.45	4.65	5.40	4.84	4.95	10.67	11.04	11.07	10.01	7.08
Debt to NOPAT	12.32	13.31	13.73	13.96	16.02	-919.64	-410.73	-125.96	-350.77	19.20
Net Debt to NOPAT	11.43	12.11	12.15	12.76	15.70	-901.55	-393.71	-123.93	-343.56	18.67
Long-Term Debt to NOPAT	10.59	11.49	13.36	12.17	13.98	-902.43	-406.30	-113.35	-257.83	17.91
Altman Z-Score	0.89	0.90	0.98	0.98	0.92	0.95	0.99	0.93	0.64	0.79
Noncontrolling Interest Sharing Ratio	4.08%	4.69%	4.79%	1.98%	3.98%	2.14%	2.30%	1.84%	5.59%	2.82%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.80	0.85	1.58	1.04	1.12	1.90	2.12	1.40	1.08	1.30
Quick Ratio	0.65	0.69	1.32	0.79	0.64	1.00	1.14	0.65	0.31	0.76
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	354	678	305	297	1,265	1,117	1,020	-9,083	-690	-2,567
Operating Cash Flow to CapEx	85.32%	114.60%	137.29%	272.10%	149.46%	82.46%	90.13%	-84.77%	42.16%	16.25%
Free Cash Flow to Firm to Interest Expense	4.79	8.73	4.14	4.15	17.19	15.52	14.70	-117.46	-8.98	-39.87
Operating Cash Flow to Interest Expense	2.72	3.91	4.16	7.59	4.22	2.59	2.85	-2.40	1.36	0.62
Operating Cash Flow Less CapEx to Interest Expense	-0.47	0.50	1.13	4.80	1.40	-0.55	-0.31	-5.24	-1.86	-3.18
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.43	0.44	0.44	0.46	0.43	0.44	0.44	0.42	0.38	0.39
Accounts Receivable Turnover	5.68	6.24	5.82	5.81	5.62	6.20	6.15	6.17	5.68	6.11
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	0.70	0.73	0.75	0.72	0.72	1.26	0.68	0.65
Accounts Payable Turnover	12.09	17.61	16.13	15.42	8.75	15.70	15.08	15.07	7.81	13.93
Days Sales Outstanding (DSO)	64.21	58.46	62.74	62.79	64.95	58.83	59.35	59.15	64.26	59.72
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)	30.20	20.72	22.63	23.67	41.71	23.25	24.20	24.23	46.74	26.20
Cash Conversion Cycle (CCC)	34.01	37.74	40.11	39.11	23.24	35.57	35.15	34.92	17.52	33.52
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	8,424	8,303	8,317	8,282	8,626	8,661	8,554	8,447	9,768	9,690
Invested Capital Turnover	0.60	0.61	0.63	0.65	0.59	0.60	0.60	1.37	0.52	0.55
Increase / (Decrease) in Invested Capital	-202	-358	-236	-165	-1,143	-1,029	-946	9,168	488	2,602
Enterprise Value (EV)	9,912	10,093	9,789	10,239	9,616	9,532	9,608	9,086	9,842	10,438
Market Capitalization	5,032	5,289	5,001	5,354	4,337	4,156	4,329	3,954	3,815	4,325
Book Value per Share	$48.84	$48.18	$48.73	$46.79	$46.28	$45.31	$45.74	$49.09	$45.61	$50.93
Tangible Book Value per Share	$37.95	$37.20	$37.77	$35.82	$35.24	$34.30	$34.67	$37.36	$33.87	$24.92
Total Capital	8,747	8,715	8,880	8,700	8,696	8,719	8,763	8,510	9,209	9,701
Total Debt	5,058	5,075	5,206	5,336	5,281	5,335	5,342	5,087	5,991	6,288
Total Long-Term Debt	4,348	4,382	5,064	4,649	4,610	5,236	5,285	4,578	4,403	5,866
Net Debt	4,695	4,619	4,606	4,878	5,174	5,230	5,121	5,005	5,868	6,113
Capital Expenditures (CapEx)	236	265	223	200	208	226	220	219	247	245
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-21	-11	178	290	761	941	1,019	1,075	1,749	643
Debt-free Net Working Capital (DFNWC)	342	446	778	748	867	1,046	1,240	1,157	1,872	818
Net Working Capital (NWC)	-368	-247	635	61	196	946	1,183	648	285	396
Net Nonoperating Expense (NNE)	58	318	49	45	48	85	43	37	76	46
Net Nonoperating Obligations (NNO)	4,735	4,663	4,643	4,918	5,211	5,277	5,133	5,024	6,550	6,277
Total Depreciation and Amortization (D&A)	116	107	96	119	111	106	112	113	123	117
Debt-free, Cash-free Net Working Capital to Revenue	-0.42%	-0.21%	3.36%	5.36%	14.00%	17.15%	18.72%	20.30%	35.26%	13.91%
Debt-free Net Working Capital to Revenue	6.70%	8.56%	14.67%	13.82%	15.96%	19.06%	22.79%	21.85%	37.74%	17.70%
Net Working Capital to Revenue	-7.19%	-4.75%	11.99%	1.13%	3.61%	17.24%	21.73%	12.23%	5.74%	8.56%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.29	$0.00	$0.26	$1.22	$1.01	$0.05	$0.40	$0.67	($4.40)	($0.18)
Adjusted Weighted Average Basic Shares Outstanding	71.84M	71.88M	71.84M	71.73M	70.79M	71.63M	71.54M	68.27M	65.56M	67.16M
Adjusted Diluted Earnings per Share	$1.29	$0.00	$0.25	$1.22	$1.02	$0.04	$0.40	$0.67	($4.40)	($0.18)
Adjusted Weighted Average Diluted Shares Outstanding	72.03M	72.09M	72.02M	71.88M	70.99M	71.85M	71.72M	68.42M	65.56M	67.33M
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	71.82M	71.74M	71.71M	71.67M	71.60M	71.52M	71.48M	71.34M	67.15M	67.07M
Normalized Net Operating Profit after Tax (NOPAT)	153	43	69	132	122	42	73	129	117	35
Normalized NOPAT Margin	12.03%	3.99%	5.83%	8.37%	8.93%	3.61%	5.66%	8.04%	8.22%	3.11%
Pre Tax Income Margin	8.80%	0.05%	2.06%	6.62%	6.09%	0.23%	2.71%	4.76%	-26.14%	-1.14%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.51	1.01	1.33	2.46	2.13	1.04	1.51	1.99	-3.84	0.80
NOPAT to Interest Expense	2.07	4.12	0.93	1.85	1.66	1.23	1.06	1.09	-2.63	0.54
EBIT Less CapEx to Interest Expense	-0.68	-2.41	-1.70	-0.33	-0.69	-2.10	-1.66	-0.85	-7.05	-3.00
NOPAT Less CapEx to Interest Expense	-1.13	0.71	-2.09	-0.94	-1.17	-1.91	-2.11	-1.74	-5.84	-3.26
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	86.79%	118.17%	145.82%	111.17%	112.25%	-87.81%	-99.06%	-67.22%	-81.22%	128.82%
Augmented Payout Ratio	132.15%	118.17%	145.82%	111.17%	137.91%	-87.81%	-99.06%	-67.22%	-101.28%	128.82%

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. Check out Southwest Gas' forecast to explore projected trends and price targets.

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 5/22/2025 by MarketBeat.com Staff

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Southwest Gas (SWX) Financials

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Southwest Gas (SWX) Financials

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