# Southwest Gas Holdings, Inc. (SWX)

> Source: Nexqual · https://nexqual.com/SWX · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Southwest Gas Holdings, Inc. (SWX), nexqual.com/SWX" · informational, not investment advice.

**Price:** USD 91.08 (+3.01% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 88.42 · day 88.84–91.24 · 52w 76.99–94.47 · market cap $6.60B · NYQ

## Key facts
- 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.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $205K; 1 not under a Rule 10b5-1 plan ($205K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- 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)
| 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)
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)
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% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 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 |
|---|---|---|---|---|---|---|---|
| 2026-09-28 | Williams Julie M. | SVP/Cont. Improvement and Opt. | 2,500 | $205K | 8% | No | Too little history (no open-market trades in 2023–2025) |
% 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.

## Analysts
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)
|  | 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) |

## Peers (Utilities - Regulated Gas)
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 +3.70% · OGS (ONE Gas, Inc.) USD 78.25 +3.57% · BIPC (Brookfield Infrastructure Corpo) USD 37.63 +2.53%

## More
Full page: https://nexqual.com/SWX · 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

## Supply chain and relationships (SEC annual reports)


Other companies that name SWX in their own reports (relationship from SWX's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Centuri Holdings, Inc. (CTRI) | 10-K 2026-02-26 | "•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 a…" |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.16 | $0.11 | +43.6% | $345.8M | 5 |
| Next quarter (ends 2026-12-31) | $1.78 | $1.70 | +4.6% | $547.7M | 5 |
| Current fiscal year (ends 2026-12-31) | $4.28 | $4.22 | +1.2% | $1.92B | 9 |
| Next fiscal year (ends 2027-12-31) | $5.03 | $4.89 | +2.9% | $2.04B | 10 |

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

Expected move by 2026-11-20 (includes earnings 2026-11-04): ±5.7%; last 8 reports averaged ±3.5%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 24.0% | ±5.7% |
| 2027-01-15 | 84 | 18.0% | ±6.9% |
| 2027-04-16 | 175 | 19.2% | ±10.5% |