Southwest Gas Holdings, Inc. (SWX) Stock Price & Analysis
Southwest Gas Holdings, Inc. (SWX) closed at USD 91.08 on Thursday, October 22, 2026, up 3.01% on the day. The US market is currently closed (pre-market); this is not a live price.
The prior close was USD 88.42; the Oct 22, 2026 session ranged USD 88.84–91.24 on volume of 669,968 shares. Market capitalization is $6.60B, with a 52-week range of USD 76.99–94.47 (NYQ). Source: Nexqual, retrieved October 23, 2026 at 10:12 UTC.
Also available as compact Markdown for AI agents: nexqual.com/SWX.md
Key facts (SWX)
- Valuation: P/E 12.1x (avg 22.9x at the last 3 fiscal year-ends), EV/EBITDA 11.6x, net debt $3.24B.
- Earnings quality: non-operating income -$130M vs operating income $499M over the last four quarters; P/E excluding non-operating income ≈10.4x (estimate: non-operating income taxed at the company's 31.1% effective rate).
- 1 of 80 tracked superinvestors hold SWX (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Analysts: Buy (mean 1.80 on a 1–5 scale) (10 analysts), mean target USD 99.67 (range 92–107).
- Total return with dividends: 1Y +15.7% vs S&P 500 +14.9%; 5Y +56.4% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 0.16, revenue estimate $346M.
Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (SWX)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $3.68B | $4.96B | $5.43B | — | — | — |
| Gross profit | $1.72B | $2.43B | $2.82B | — | — | — |
| Operating income | $370M | -$24.4M | $293M | $406M | $474M | $499M |
| Net income | $201M | -$203M | $151M | $199M | $440M | $547M |
| EPS (diluted) | $3.39 | -$3.10 | $2.13 | $2.76 | $6.08 | — |
| Free cash flow | -$604M | -$452M | -$257M | $509M | -$252M | -$528M |
| Gross margin | 46.9% | 49.0% | 51.8% | — | — | — |
| Operating margin | 10.0% | -0.5% | 5.4% | — | — | — |
| Net margin | 5.5% | -4.1% | 2.8% | — | — | — |
| Revenue growth | +11.6% | +34.8% | +9.6% | — | — | — |
| Cash + short-term investments | $223M | $123M | $107M | $315M | $577M | — |
| Total debt | $4.41B | $4.45B | $4.65B | $3.50B | $3.51B | — |
Fiscal years end Dec. EPS is split-adjusted.
Valuation (price ÷ last four quarters, through Jun 30, 2026) (SWX)
P/E 12.1x · P/E ex non-operating (est.) ≈10.4x · EV/EBITDA 11.6x · P/B 1.6x · FCF yield -8.00% · Earnings yield 8.28% · Dividend yield (paid, TTM) 2.74% · Net debt $3.24B · EV $9.84B
P/E at fiscal year-ends: Dec 2025 13.2x, Dec 2024 25.6x, Dec 2023 29.8x.
Superinvestors (SEC 13F-HR, Q2 2026) (SWX)
1 of 80 tracked investors hold SWX. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Lee Ainslie | Maverick Capital | 1.51% | $168M | Reduced -11.2% |
Analysts (SWX)
Consensus Buy (mean 1.80 on a 1–5 scale), 10 analysts; mean target USD 99.67 (low 92, high 107).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-20 | JP Morgan | Target lowered | Overweight | $102 → $101 |
| 2026-09-29 | Scotiabank | Initiated | Sector Outperform | $95 |
| 2026-08-07 | Wells Fargo | Target raised | Overweight | $105 → $107 |
Total return (dividends reinvested) (SWX)
| 1Y (from 2025-10-23) | 5Y (from 2021-10-18) | |
|---|---|---|
| Total return | +15.7% | +56.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +15.8% | +9.3% |
| Volatility (annualized) | 18.4% | 23.4% |
| Max drawdown | -12.2% (Apr 2026→Sep 2026) | -38.9% (May 2022→Apr 2023) |
Companies that name SWX in their SEC reports
| Relationship to SWX | Company | Filing | Sentence |
|---|---|---|---|
| partner | Centuri Holdings, Inc. (CTRI) | 10-K Feb 26, 2026 | “•On May 22, 2025 and June 18, 2025, Southwest Gas Holdings completed secondary public offerings, selling a total of 21,562,500 CTRI shares, with additional private placements closing on May 22, 2025 and July 8, 2025, in which Southwest Gas Holdings sold a total of 3,917,382 CTRI shares to Icahn Partners LP and Icahn Partners Master Fund LP, investment entities associated with Carl C.” |
SWX analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends Sep 2026) | $0.16 | $0.11 | +43.6% | $345.8M | 5 |
| Next quarter (ends Dec 2026) | $1.78 | $1.70 | +4.6% | $547.7M | 5 |
| Current fiscal year (ends Dec 2026) | $4.28 | $4.22 | +1.2% | $1.92B | 9 |
| Next fiscal year (ends Dec 2027) | $5.03 | $4.89 | +2.9% | $2.04B | 10 |
Key Statistics (as of October 23, 2026 at 10:12 UTC)
| Price | USD 91.08 |
|---|---|
| Change | ▲ 3.01% (up) |
| Previous Close | USD 88.42 |
| Open | USD 89.23 |
| Day Range | USD 88.84 – 91.24 |
| 52-Week Range | USD 76.99 – 94.47 |
| Volume | 669,968 shares |
| Market Cap | $6.60B |
| Exchange | NYQ |
Technical Analysis (SWX)
Nexqual's technical model rates SWX "BUY" based on 5 bullish and 2 bearish signals across 127 daily candles, as of October 23, 2026 at 10:12 UTC.
| Overall Signal | BUY |
|---|---|
| RSI (14) | 67.85 (neutral) |
| vs SMA50 | Above (USD 86.78) |
| MACD | 0.86 (positive) |
Analyst Ratings (SWX)
Wall Street analysts rate SWX "Buy" based on 10 analysts, with a mean price target of USD 99.67 (range USD 92–107), per Nexqual as of October 23, 2026 at 10:12 UTC.
| Consensus Rating | Buy |
|---|---|
| Analyst Count | 10 |
| Mean Target | USD 99.67 |
| High Target | USD 107 |
| Low Target | USD 92 |
| Buy / Hold / Sell | 10 / 0 / 0 |
Earnings (SWX)
| Next Earnings Date | 2026-11-04 |
|---|---|
| EPS Estimate | USD 0.16 |
| Revenue Estimate | $345.81M |
Recent Earnings History
| Quarter | Actual vs Estimate |
|---|---|
| 2026-06-30 | USD 0.45 vs est 0.44 ▲ beat |
| 2026-03-31 | USD 1.91 vs est 2.07 ▼ miss |
| 2025-12-31 | USD 1.36 vs est 1.38 ▼ miss |
| 2025-09-30 | USD 0.06 vs est 0.04 ▲ beat |
Source: Nexqual, October 23, 2026 at 10:12 UTC.
Financials & Fundamentals (SWX)
| Total Revenue | $1.74B |
|---|---|
| Revenue Growth (latest quarter, YoY) | -9.60% |
| Gross Margin | +54.03% |
| Operating Margin | +24.16% |
| Profit Margin | +31.40% |
| ROE | +6.83% |
| Debt / Equity | 0.85 |
| Current Ratio | 1.12 |
| Total Cash | $270.52M |
| Total Debt | $3.51B |
Source: Nexqual, October 23, 2026 at 10:12 UTC.
Financial Health Score (SWX)
Nexqual rates Southwest Gas Holdings, Inc.'s overall financial health "Mixed" across five dimensions, as of October 23, 2026 at 10:12 UTC.
| Growth | Critical — Revenue -30% YoY (annual), sharp decline |
|---|---|
| Profitability | Strong — Gross margin 54%, operating 24% (last 12 months) |
| Balance Sheet | Mixed — $271M cash and investments vs $3.51B debt (Jun 2026, SEC) |
| Cash Flow | Solid — Operating cash flow $556M (FY ended Dec 2025, 10-K) |
| Efficiency | Mixed — ROE 7%, ROA 2.8% |
Ownership (SWX)
| Insider Ownership | +0.61% |
|---|---|
| Institutional Ownership | +95.42% |
| Shares Outstanding | 72.45M |
| Float | 71.96M |
| Short % of Float | +5.18% |
Source: Nexqual, October 23, 2026 at 10:12 UTC.
Leadership (SWX)
Southwest Gas Holdings, Inc. is led by Justin Lee Brown, President CEO & Director, per Nexqual as of October 23, 2026 at 10:12 UTC.
| President CEO & Director | Justin Lee Brown |
|---|---|
| CFO, Treasurer & Senior VP | Justin S. Forsberg |
Major Backers & Investors (SWX)
Notable institutional backers of Southwest Gas Holdings, Inc. include FMR, LLC, Corvex Management LP, Maverick Capital Ltd., according to Nexqual as of October 23, 2026 at 10:12 UTC.
Active Investors
| Investor | Stake |
|---|---|
| FMR, LLC | 7.7% |
| Corvex Management LP | 4.43% |
| Maverick Capital Ltd. | 2.61% |
| Fidelity | 2.46% |
| AQR Capital Management, LLC | 2.21% |
| Adage Capital Partners GP L.L.C. | 1.87% |
Index Funds (Passive)
| Fund | Stake |
|---|---|
| BlackRock | 15.43% |
| Vanguard Group | 9.69% |
| State Street | 3.6% |
| Geode Capital | 2.88% |
Source: Nexqual, October 23, 2026 at 10:12 UTC.
Peers & Related Stocks
| Symbol | Name | Price | Change |
|---|---|---|---|
| BKH | Black Hills Corporation | USD 79.31 | ▲ 0.97% |
| NJR | NewJersey Resources Corporation | USD 53.63 | ▲ 2.94% |
| UGI | UGI Corporation | USD 38.61 | ▲ 0.13% |
| SR | Spire Inc. | USD 85.56 | ▲ 3.7% |
| OGS | ONE Gas, Inc. | USD 78.25 | ▲ 3.57% |
| BIPC | Brookfield Infrastructure Corpo | USD 37.63 | ▲ 2.53% |
Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 23, 2026 at 10:12 UTC. This page is informational and not investment advice.
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