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NWN

Northwest Natural Holding Company

NWN

Northwest Natural Holding Company • NYSE
$49.47 ▲ 0.57% (+0.28)
Market Cap $2.05 B
52w High $49.63
52w Low $38.03
Dividend Yield 1.96%
P/E 19.71
Volume 137.47K
Outstanding Shares 41.50M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $164.728M ▼ $19.181M ▼ $-29.89M ▼ -18.145% ▼ $-0.73 ▼ $36.497M ▼
Q2-2025 $236.194M ▼ $57.132M ▼ $-2.5M ▼ -1.058% ▼ $-0.062 ▼ $75.139M ▼
Q1-2025 $494.284M ▲ $63.851M ▲ $87.916M ▲ 17.787% ▲ $2.18 ▲ $197.921M ▲
Q4-2024 $370.876M ▲ $53.375M ▲ $45.002M ▲ 12.134% ▲ $1.12 ▲ $126.135M ▲
Q3-2024 $136.934M $48.149M $-27.167M -19.839% $-0.71 $21.233M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $35.83M ▼ $5.854B ▲ $4.42B ▲ $1.434B ▼
Q2-2025 $102.579M ▲ $5.787B ▲ $4.327B ▲ $1.459B ▲
Q1-2025 $100.05M ▲ $5.707B ▲ $4.251B ▲ $1.456B ▲
Q4-2024 $38.49M ▲ $5.234B ▲ $3.849B ▲ $1.385B ▲
Q3-2024 $35.047M $4.944B $3.587B $1.357B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-29.89M ▼ $-15.918M ▼ $-111.593M ▲ $56.677M ▼ $-70.834M ▼ $-125.906M ▼
Q2-2025 $-2.5M ▼ $102.16M ▼ $-180.912M ▲ $78.431M ▼ $-321K ▼ $-18.32M ▼
Q1-2025 $87.916M ▲ $179.61M ▲ $-374.975M ▼ $254.368M ▲ $59.003M ▲ $77.426M ▲
Q4-2024 $45.002M ▲ $-19.415M ▲ $-102.691M ▲ $123.28M ▲ $1.174M ▲ $-119.554M ▲
Q3-2024 $-27.167M $-26.379M $-125.854M $118.002M $-34.231M $-121.711M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Alternative revenue
Alternative revenue
 $10.00M ▲$10.00M ▲$20.00M ▲$10.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Revenue has trended upward over the past five years, and operating profit has grown gradually alongside it. However, bottom-line earnings have been broadly flat, with recent profit per share slipping a bit after a couple of stronger years. This suggests a stable but fairly thin earnings profile where higher costs, regulatory limits on pricing, or rising interest expenses may be absorbing much of the growth in revenue. Overall, performance looks consistent for a regulated utility, but not strongly expanding on a per‑share basis.

Balance Sheet

Balance Sheet The balance sheet shows a utility that has been steadily building its asset base while also taking on more debt and adding to shareholder equity. This is typical of a regulated gas company investing heavily in infrastructure. Leverage has crept higher over time, which is not unusual for the sector but does increase sensitivity to interest rates and regulatory decisions. Cash on hand is modest, so the company relies heavily on ongoing cash generation and capital markets to fund its long-lived projects.

Cash Flow

Cash Flow The core business generates positive cash from operations, but free cash flow has been negative for several years because capital spending is running well ahead of that cash generation. In simple terms, the company is in an investment-heavy phase, pouring money into systems, pipes, and new projects such as renewables. This can support future growth but also means continued dependence on borrowing or issuing securities to bridge the gap, which can pressure the balance sheet if conditions tighten.

Competitive Edge

Competitive Edge Northwest Natural operates in a classic regulated-utility niche, with strong barriers to entry due to infrastructure needs, safety requirements, and regulatory oversight. Its long-standing customer base, modernized pipeline network, and high customer satisfaction provide a durable position in its core territories. Diversification into water utilities and expansion into faster-growing regions like Texas add additional pillars of stability. The main competitive overhang is the long-term policy shift toward electrification and lower-carbon energy, which could reshape gas demand over time, though its regulatory structure provides some insulation in the near and medium term.

Innovation and R&D

Innovation and R&D For a utility, Northwest Natural is relatively active on the innovation front. It is building a dedicated renewables platform focused on renewable natural gas and is an early mover in hydrogen, including methane pyrolysis projects that try to decarbonize gas at the source. Its voluntary green programs and expertise in new fuels help differentiate it from traditional gas peers. The opportunity is to turn these initiatives into new earnings streams and regulatory support, but the technologies, economics, and policy frameworks are still evolving, so outcomes remain uncertain and will likely develop over many years.

Summary

Northwest Natural presents the profile of a traditional regulated gas utility with steady revenue growth, modest and fairly stable earnings, and a balance sheet shaped by ongoing infrastructure investment and rising debt. Cash flows show a company firmly in build-out mode, reinvesting heavily into its system and new projects. Strategically, it benefits from strong local positions, diversification into water and new regions, and a visible role in renewable gas and hydrogen. The key story to watch is whether these decarbonization and diversification moves can offset long-term structural risks to the gas utility model, while maintaining financial stability through a capital-intensive transition.

NEWS

November 5, 2025 · 6:00 AM UTC

NW Natural Holdings Reports Third Quarter 2025 Results

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October 10, 2025 · 6:00 AM UTC

NW Natural Holdings Schedules Earnings Release and Conference Call for Wednesday, Nov. 5

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October 9, 2025 · 7:02 PM UTC

NW Natural Holdings Increases Dividend for 70th Consecutive Year

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September 10, 2025 · 9:00 AM UTC

NWN Recognized as a 2024 Partner of the Year by Juniper Networks

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