Logo

NWE

Northwestern Energy Group Inc

NWE

Northwestern Energy Group Inc • NASDAQ
$69.09 ▲ 1.17% (+0.80)
Market Cap $4.24 B
52w High $69.23
52w Low $50.43
Dividend Yield 2.63%
P/E 19.57
Volume 338.12K
Outstanding Shares 61.41M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $386.952M ▲ $242.532M ▲ $38.233M ▲ 9.881% ▲ $0.62 ▲ $148.184M ▲
Q2-2025 $342.7M ▼ $144.3M ▼ $21.2M ▼ 6.186% ▼ $0.35 ▼ $123.2M ▼
Q1-2025 $466.63M ▲ $146.997M ▲ $76.94M ▼ 16.488% ▼ $1.25 ▼ $191M ▲
Q4-2024 $373.466M ▲ $126.622M ▼ $80.552M ▲ 21.569% ▲ $1.31 ▲ $152.13M ▲
Q3-2024 $345.161M $133.474M $46.819M 13.564% $0.76 $134.116M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $6.203M ▲ $8.299B ▲ $5.419B ▲ $2.88B ▲
Q2-2025 $2.936M ▼ $8.136B ▲ $5.256B ▲ $2.88B ▼
Q1-2025 $56.025M ▲ $8.101B ▲ $5.205B ▲ $2.896B ▲
Q4-2024 $4.283M ▲ $7.998B ▲ $5.14B ▲ $2.858B ▲
Q3-2024 $2.527M $7.854B $5.038B $2.816B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $38.233M ▲ $126.673M ▲ $-191.806M ▼ $69.059M ▲ $3.926M ▲ $-26.882M ▲
Q2-2025 $21.228M ▼ $58.209M ▼ $-130.048M ▼ $18.321M ▲ $-53.518M ▼ $-70.645M ▼
Q1-2025 $76.94M ▼ $153.392M ▲ $-96.708M ▲ $-5.635M ▼ $51.049M ▲ $61.268M ▲
Q4-2024 $80.552M ▲ $62.837M ▼ $-149.353M ▲ $87.641M ▲ $1.125M ▲ $-85.896M ▼
Q3-2024 $46.819M $119.961M $-156.832M $33.725M $-3.146M $-33.189M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Electricity US Regulated
Electricity US Regulated
 $890.00M ▲$340.00M ▼$280.00M ▼$340.00M ▲
Natural Gas US Regulated
Natural Gas US Regulated
 $270.00M ▲$130.00M ▼$60.00M ▼$50.00M ▼

Five-Year Company Overview

Income Statement

Income Statement NorthWestern’s income statement shows a steady, slow‑and‑steady utility profile rather than big swings. Revenue has generally trended upward over the past five years, with only a small dip along the way and a new high most recently. Operating profit and EBITDA have both inched higher over time, suggesting the core business remains stable and is gradually becoming more profitable. Net income and earnings per share have also moved up over the period, though with some bumps year to year. One notable feature is the sharp squeeze in gross profit one year followed by a strong rebound, likely reflecting changing fuel and purchased power costs or regulatory timing effects. Overall, profitability looks consistent with a regulated utility: not spectacular, but relatively predictable, with modest growth and occasional regulatory or cost-related noise.

Balance Sheet

Balance Sheet The balance sheet reflects a typical capital‑intensive utility: large asset base, meaningful use of debt, and growing equity. Total assets have climbed steadily as the company invests in its grid and generation infrastructure. Debt has risen as well, but shareholders’ equity has also increased, helping keep the capital structure relatively balanced for this type of business. Cash on hand is very low, which is common for regulated utilities that rely on ongoing cash inflows and access to capital markets rather than big cash reserves. The key story is continued expansion of the asset base funded by a mix of debt and equity, with leverage that appears significant but not unusual for the sector. The main risks are sensitivity to interest rates and the need for ongoing regulatory support to earn returns on these growing assets.

Cash Flow

Cash Flow Cash flow highlights the classic utility pattern: solid cash generation from operations, but heavy reinvestment leading to consistently negative free cash flow. Operating cash flow has been positive every year, though it has moved around, with one notably softer year followed by stronger performance more recently. Capital spending has been high and rising, reflecting grid upgrades, new projects, and modernization efforts. Because of this, free cash flow has stayed negative, meaning the company depends on external financing—debt and equity—to fund its investment program. This is normal for a regulated utility pursuing growth and infrastructure renewal, but it does mean the business is continuously exposed to capital market conditions and regulatory approval of projects and cost recovery.

Competitive Edge

Competitive Edge NorthWestern operates with a significant advantage: it is a regulated monopoly in its service territories. That status provides strong barriers to entry and relatively predictable demand, because customers cannot easily switch providers and electricity and gas are essential services. Regulation can limit pricing flexibility, but it also helps stabilize revenues and returns. The company benefits from a diversified energy mix that leans meaningfully on carbon‑free sources, especially hydro in Montana, complemented by wind, solar, natural gas, and some coal. This diversity helps manage fuel cost swings and evolving environmental rules. Serving large industrial customers spreads fixed costs and supports scale. The main competitive pressures are less about rival utilities and more about regulatory decisions, political and public scrutiny, and the need to maintain reliability in regions exposed to weather and wildfire risk.

Innovation and R&D

Innovation and R&D NorthWestern’s “R&D” is less about labs and more about deploying modern technologies across its grid. It is rolling out advanced meters that allow two‑way communication, better outage detection, and more detailed usage data. This can improve reliability, reduce costs over time, and support new customer programs. The company is also leaning into wildfire mitigation with advanced tools: real‑time weather and risk analytics, smoke‑detection cameras, and LiDAR‑based vegetation management. These technologies aim to lower safety and outage risks in high‑risk areas. On the resource side, NorthWestern is testing renewable and storage pilots, exploring options like small modular nuclear reactors and pumped hydro storage in its long‑term planning, and pursuing a major transmission project that could better connect regional grids. All of this points to a utility that is not at the bleeding edge of R&D, but is actively adopting and integrating modern grid and clean‑energy technologies. Execution risk is real—projects must be approved, built on time, and recovered in rates—but the innovation agenda is clearly oriented toward reliability, decarbonization, and long‑term resilience.

Summary

Overall, NorthWestern Energy looks like a traditional regulated utility gradually modernizing its system. The income statement shows modest, fairly steady growth in revenue and earnings, with some year‑to‑year noise tied to costs and regulation. The balance sheet is asset‑heavy and debt‑funded, but broadly in line with utility norms, while cash flow underscores ongoing reliance on external capital to support a large investment program. Its regulated monopoly position in key regions provides a durable moat and predictable demand, tempered by exposure to regulatory rulings, environmental policy, and weather‑related risks such as wildfires. The company is investing heavily in grid modernization, wildfire mitigation technologies, renewable pilots, storage, and new transmission links, aiming to align reliability and growth with a long‑term decarbonization path. The opportunity is in earning stable returns on a growing, modernized asset base; the main risks lie in regulatory outcomes, cost control, project execution, and the financial burden of sustained high capital spending.

NEWS

October 29, 2025 · 7:00 PM UTC

NorthWestern Energy Reports Third Quarter 2025 Financial Results

Read more

October 7, 2025 · 7:05 PM UTC

NorthWestern to Host Third Quarter 2025 Financial Results Webinar

Read more