# Northwest Natural Holding Company (NWN)

> Source: Nexqual · https://nexqual.com/NWN · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Northwest Natural Holding Company (NWN), nexqual.com/NWN" · informational, not investment advice.

**Price:** USD 49.93 (+2.32% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 48.8 · day 48.95–50.11 · 52w 44.45–55.99 · market cap $2.10B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.29B, net income $126M (9.7% margin), free cash flow -$266M (SEC filings).
- Valuation: P/E 16.7x (avg 17.1x at the last 3 fiscal year-ends), EV/EBITDA 9.8x, net debt $2.48B.
- Insider open-market sales, last ~7 months: 5 Form 4 filings, $375K; 0 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 2 Form 4 filings, $80K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Hold (mean 2.57 on a 1–5 scale) (7 analysts), mean target USD 55.33 (range 49–61).
- Total return with dividends: 1Y +9.9% vs S&P 500 +14.9%; 5Y +33.1% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD -0.87, revenue estimate $182M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $860M | $1.04B | $1.20B | $1.15B | $1.29B | $1.29B |
| Operating income | $163M | $167M | $185M | $191M | $281M | $295M |
| Net income | $78.7M | $86.3M | $93.9M | $78.9M | $113M | $126M |
| EPS (diluted) | $2.56 | $2.54 | $2.59 | $2.03 | $2.77 | — |
| Free cash flow | -$134M | -$191M | -$47.4M | -$194M | -$198M | -$266M |
| Operating margin | 19.0% | 16.1% | 15.4% | 16.6% | 21.8% | 22.8% |
| Net margin | 9.1% | 8.3% | 7.8% | 6.8% | 8.8% | 9.7% |
| Revenue growth | +11.2% | +20.6% | +15.4% | -3.7% | +11.8% | — |
| Cash + short-term investments | $18.6M | $29.3M | $32.9M | $38.5M | $36.7M | — |
| Total debt | $1.04B | $1.34B | $1.58B | $1.71B | $2.43B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 16.7x · P/S 1.6x · EV/EBITDA 9.8x · EV/Sales 3.5x · P/B 1.4x · FCF yield -12.66% · Earnings yield 5.99% · Dividend yield (paid, TTM) 3.76% · Net debt $2.48B · EV $4.58B
P/E at fiscal year-ends: Dec 2025 16.9x, Dec 2024 19.5x, Dec 2023 15.0x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
5 of 5 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-19 | Anderson David Hugo | Director | 1,500 | $73K | 2.6% | Yes | Too little history (no open-market trades in 2023) |
| 2026-09-18 | Anderson David Hugo | Director | 1,500 | $72K | 2.5% | Yes | Too little history (no open-market trades in 2023) |
| 2026-08-18 | Anderson David Hugo | Director | 1,500 | $76K | 2.4% | Yes | Too little history (no open-market trades in 2023) |
| 2026-07-20 | Anderson David Hugo | Director | 1,500 | $77K | 2.4% | Yes | Too little history (no open-market trades in 2023) |
| 2026-06-26 | Anderson David Hugo | Director | 1,500 | $76K | 2.3% | Yes | Too little history (no open-market trades in 2023) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
2 purchases, $80K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-05-12 | Bragdon Peter J | Director | 400 | $20K | 50.32 | Too little history (no open-market trades in 2023–2025) |
| 2026-05-07 | Palfreyman Justin | President & CEO | 1,225 | $60K | 48.75 | Too little history (no open-market trades in 2023–2025) |

## Analysts
Consensus Hold (mean 2.57 on a 1–5 scale), 7 analysts; mean target USD 55.33 (low 49, high 61).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | Mizuho | Initiated | Neutral | $51 |
| 2026-10-20 | Wells Fargo | Target lowered | Equal-Weight | $50 → $49 |
| 2026-08-06 | Wells Fargo | Upgrade | Underweight → Equal-Weight | $50 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +9.9% | +33.1% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +9.9% | +5.9% |
| Volatility (annualized) | 20.5% | 22.1% |
| Max drawdown | -14.8% (Apr 2026→Oct 2026) | -31.6% (Feb 2022→Feb 2024) |

## Peers (Utilities - Regulated Gas)
CTRI (Centuri Holdings, Inc.) USD 19.32 -2.37% · CPK (Chesapeake Utilities Corporatio) USD 134.17 +3.27% · SPH (Suburban Propane Partners, L.P.) USD 17.73 +2.49% · MDU (MDU Resources Group, Inc.) USD 19.37 +1.31% · BIPC (Brookfield Infrastructure Corpo) USD 37.63 +2.53% · OGS (ONE Gas, Inc.) USD 78.25 +3.57%

## More
Full page: https://nexqual.com/NWN · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| NW Natural | $204.8M | 84.1% | +2.0% | $22.9M | 11.2% |
| NWN Gas Utility | $204.8M | 84.1% | +2.0% | $22.9M | 11.2% |
| NWN Water Utility | $17.1M | 7.0% | +4.8% | $3.4M | 20.0% |
| SiEnergy | $13.5M | 5.6% | +17.8% | $4.9M | 36.2% |
| Other | $8.1M | 3.3% | +7.1% | $1.9M | 23.4% |
| Total revenue | $243.6M | 100% | — | $33.2M | 13.6% |
The lines above cover 184.1% of total revenue.

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.87 | $-0.86 | +0.9% | $181.5M | 6 |
| Next quarter (ends 2026-12-31) | $1.61 | $1.67 | -3.4% | $466.5M | 5 |
| Current fiscal year (ends 2026-12-31) | $3.08 | $3.06 | +0.7% | $1.37B | 6 |
| Next fiscal year (ends 2027-12-31) | $3.23 | $3.23 | +0.1% | $1.45B | 6 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-12-18 (includes earnings 2026-11-05): ±10.8%; last 8 reports averaged ±2.4%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-12-18 | 56 | 34.2% | ±10.8% |
| 2027-03-19 | 147 | 21.1% | ±10.7% |