Northwest Natural Holding Company (NWN) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 6, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 5, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the NWN SEC filings page.
Northwest Natural Holding Company (NWN) reported $1.3B in revenue over the twelve months to Jun 30, 2026, up 4.4% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 10 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
The business converts improving operating performance into expansion, but capital spending and rising leverage keep cash generation structurally negative.
Operating margin rose to21.8% in FY2025 from16.6% in FY2024, while net income also recovered, indicating the stronger operating result was not merely revenue growth. Interest expense reached$122.5M , so more operating profit is being absorbed before it reaches net income.
The company generated operating cash flow of
Long-term debt increased from
Financial Health Signals
Scored against utilities for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Northwest Natural Holding Company's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Northwest Natural Holding Company has an operating margin of 21.8%, meaning the company retains $22 of operating profit per $100 of revenue. This results in a moderate score of 49/100, indicating healthy but not exceptional operating efficiency. This is up from 16.6% the prior year.
Northwest Natural Holding Company's revenue grew 11.8% year-over-year to $1.3B, a solid pace of expansion. This earns a growth score of 42/100.
Northwest Natural Holding Company has elevated debt relative to equity (D/E of 1.54), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 29/100, reflecting increased financial risk.
Northwest Natural Holding Company's current ratio of 0.72 indicates adequate short-term liquidity, earning a score of 35/100. The company can meet its near-term obligations, though with limited headroom.
While Northwest Natural Holding Company generated $269.1M in operating cash flow, capex of $466.9M consumed most of it, leaving -$197.8M in free cash flow. This results in a low score of 33/100, reflecting heavy capital investment rather than weak cash generation.
Northwest Natural Holding Company's ROE of 7.7% shows moderate profitability relative to equity, earning a score of 56/100. This is up from 5.7% the prior year.
Northwest Natural Holding Company scores 0.67, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Northwest Natural Holding Company passes 4 of 8 computable financial strength tests (1 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.
For every $1 of reported earnings, Northwest Natural Holding Company generates $2.37 in operating cash flow ($269.1M OCF vs $113.3M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Northwest Natural Holding Company earns $2.29 in operating income for every $1 of interest expense ($280.9M vs $122.5M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
Key Financial Metrics
Earnings & Revenue
Northwest Natural Holding Company generated $243.6M in revenue in Q2 2026. This represents an increase of 3.1% from the same quarter a year earlier. Against the prior quarter it is down 50.3%.
Northwest Natural Holding Company's EBITDA was $77.4M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 12.5% from the same quarter a year earlier. Against the prior quarter it is down 62.6%.
Northwest Natural Holding Company reported $600K in net income in Q2 2026. This represents an increase of 124.0% from the same quarter a year earlier. Against the prior quarter it is down 99.4%.
Northwest Natural Holding Company earned $0.01 per diluted share (EPS) in Q2 2026. This represents an increase of 116.7% from the same quarter a year earlier. Against the prior quarter it is down 99.6%.
Cash & Balance Sheet
Northwest Natural Holding Company recorded an outflow of $11.6M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents an increase of 36.8% from the same quarter a year earlier. Against the prior quarter it is down 568.4%.
Northwest Natural Holding Company held $24.2M in cash against $2.4B in long-term debt as of Q2 2026.
Northwest Natural Holding Company paid $0.49 per share in dividends in Q2 2026. This represents an increase of 0.5% from the same quarter a year earlier. It is unchanged from the prior quarter.
Margins & Returns
Northwest Natural Holding Company's operating margin was 13.6% in Q2 2026, reflecting core business profitability. This is up 2.1 percentage points from the same quarter a year earlier. Against the prior quarter it is down 19.6 percentage points.
Northwest Natural Holding Company's net profit margin was 0.3% in Q2 2026, showing the share of revenue converted to profit. This is up 1.3 percentage points from the same quarter a year earlier. Against the prior quarter it is down 19.6 percentage points.
Northwest Natural Holding Company's ROE was 0.0% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 0.2 percentage points from the same quarter a year earlier. Against the prior quarter it is down 6.1 percentage points.
Not reported for Q2 2026.
Capital Allocation
Northwest Natural Holding Company invested $121.3M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 0.7% from the same quarter a year earlier. Against the prior quarter it is up 6.7%.
Not reported for Q2 2026.
Not reported for Q2 2026.
NWN Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $243.6M+3.1% | $490.4M-0.8% | $394.2M+6.3% | $164.7M+20.3% | $236.2M+11.6% | $494.3M+14.0% | $370.9M+4.3% | $136.9M-3.2% |
| Operating Income | $33.2M+21.9% | $162.9M+5.5% | $111.7M+31.6% | -$12.4M+35.7% | $27.2M+73.3% | $154.4M+40.5% | $84.9M+13.0% | -$19.3M-10.0% |
| EBITDA | $77.4M+12.5% | $207.0M+6.2% | $154.7M+27.4% | $28.1M+84.5% | $68.7M+39.0% | $194.9M+36.3% | $121.4M+12.5% | $15.2M+21.9% |
| Interest Expense | $33.4M+9.4% | $33.4M+13.5% | $32.2M+51.9% | $30.4M+59.7% | $30.5M+57.9% | $29.4M+43.2% | $21.2M+6.5% | $19.1M-1.8% |
| Income Tax | $610K+164.9% | $32.5M-5.8% | $19.8M+11.1% | -$12.0M-16.9% | -$940K-15.8% | $34.5M+41.9% | $17.8M+16.9% | -$10.3M-24.2% |
| Net Income | $600K+124.0% | $97.5M+10.9% | $57.8M+28.4% | -$29.9M-10.0% | -$2.5M+10.3% | $87.9M+37.7% | $45.0M+0.8% | -$27.2M-14.7% |
| EPS (Basic) | $0.01+116.7% | $2.34+7.3% | $1.40+21.7% | -$0.73-2.8% | -$0.06+14.3% | $2.18+29.0% | $1.15-5.7% | -$0.71-9.2% |
| EPS (Diluted) | $0.01+116.7% | $2.33+6.9% | $1.41+22.6% | -$0.73-2.8% | -$0.06+14.3% | $2.18+29.0% | $1.15-5.7% | -$0.71-9.2% |
| Diluted Shares (Avg) | 42M+4.2% | 42M+3.8% | N/A | 41M+7.3% | 40M+5.8% | 40M+6.6% | N/A | 38M+6.0% |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses.
NWN Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $6.4B+11.3% | $6.4B+12.5% | $6.2B+17.8% | $5.9B+18.4% | $5.8B+20.0% | $5.7B+17.7% | $5.2B+7.5% | $4.9B+6.0% |
| Current Assets | $499.2M+7.1% | $584.1M+8.2% | $602.9M+8.1% | $435.6M+6.5% | $466.1M+10.2% | $539.9M+0.4% | $557.8M-7.3% | $408.9M-19.4% |
| Cash & Equivalents | $24.2M-76.4% | $34.9M-65.1% | $36.7M-4.7% | $32.2M-8.1% | $102.6M+57.3% | $100.0M+38.2% | $38.5M+16.9% | $35.0M-77.6% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $69.0M-16.1% | $69.4M-16.0% | $80.7M-1.9% | $81.1M-1.7% | $82.2M-1.9% | $82.7M-1.7% | $82.2M-20.1% | $82.5M-21.1% |
| Goodwill | $371.6M+0.2% | $371.3M+4.7% | $370.8M+101.7% | $371.0M+104.6% | $370.9M+127.3% | $354.5M+117.6% | $183.8M+12.5% | $181.4M+19.0% |
| Total Liabilities | $4.9B+12.8% | $4.8B+13.9% | $4.7B+21.9% | $4.4B+23.2% | $4.3B+24.5% | $4.3B+21.3% | $3.8B+7.4% | $3.6B+4.1% |
| Current Liabilities | $647.1M-5.4% | $730.5M+42.1% | $836.4M+28.9% | $742.8M+30.9% | $683.9M+57.0% | $514.0M+9.7% | $649.0M-6.9% | $567.4M-3.8% |
| Non-Current Liabilities | $4.2B+16.2% | $4.1B+10.0% | $3.9B+20.5% | $3.7B+21.8% | $3.6B+19.8% | $3.7B+23.0% | $3.2B+10.9% | $3.0B+5.8% |
| Long-Term Debt | $2.4B+13.9% | $2.3B+3.6% | $2.3B+35.3% | $2.1B+36.9% | $2.1B+32.5% | $2.2B+39.3% | $1.7B+17.8% | $1.6B+9.2% |
| Total Equity | $1.6B+6.9% | $1.6B+8.3% | $1.5B+6.5% | $1.4B+5.7% | $1.5B+8.4% | $1.5B+8.4% | $1.4B+7.9% | $1.4B+11.3% |
| Retained Earnings | $492.0M+9.7% | $512.2M+8.8% | $435.8M+8.2% | $398.6M+5.5% | $448.5M+5.9% | $470.8M+5.8% | $402.9M+0.8% | $377.7M+1.2% |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable.
NWN Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $109.7M+7.4% | $116.1M-35.3% | $3.3M+116.9% | -$15.9M+39.7% | $102.2M-15.6% | $179.6M+43.6% | -$19.4M+9.9% | -$26.4M-822.9% |
| Depreciation & Amortization | $44.2M+6.4% | $44.1M+9.0% | $43.0M+17.7% | $40.5M+17.2% | $41.5M+23.0% | $40.5M+22.4% | $36.5M+11.4% | $34.6M+14.9% |
| Capital Expenditures | $121.3M+0.7% | $113.7M+11.2% | $134.2M+34.1% | $110.0M+15.4% | $120.5M+3.2% | $102.2M+24.3% | $100.1M+18.4% | $95.3M-2.6% |
| Free Cash Flow | -$11.6M+36.8% | $2.5M-96.8% | -$131.0M-9.5% | -$125.9M-3.4% | -$18.3M-523.6% | $77.4M+80.8% | -$119.6M-12.6% | -$121.7M-29.2% |
| Investing Cash Flow | -$118.9M+34.3% | -$116.1M+69.1% | -$141.4M-37.7% | -$111.6M+11.3% | -$180.9M-53.4% | -$375.0M-354.6% | -$102.7M-20.8% | -$125.9M-27.2% |
| Financing Cash Flow | -$1.3M-101.7% | -$779K-100.3% | $143.4M+16.3% | $56.7M-52.0% | $78.4M+793.9% | $254.4M+8820.2% | $123.3M+904.4% | $118.0M+5.6% |
| Dividends Paid | $20.1M+5.3% | $19.8M+3.5% | $19.7M+3.4% | $19.4M+6.7% | $19.1M+6.8% | $19.1M+7.7% | $19.1M+10.7% | $18.2M+8.1% |
Not reported in any period shown, so not listed: Stock-Based Compensation, Share Buybacks.
NWN Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | 13.6%+2.1pp | 33.2%+2.0pp | 28.3%+5.4pp | -7.5%+6.6pp | 11.5%+4.1pp | 31.2%+5.9pp | 22.9%+1.8pp | -14.1%-1.7pp |
| Net Margin | 0.3%+1.3pp | 19.9%+2.1pp | 14.7%+2.5pp | -18.1%+1.7pp | -1.1%+0.3pp | 17.8%+3.1pp | 12.1%-0.4pp | -19.8%-3.1pp |
| Return on Equity | 0.0%+0.2pp | 6.2%+0.1pp | 3.9%+0.7pp | -2.1%-0.1pp | -0.2%0.0pp | 6.0%+1.3pp | 3.3%-0.2pp | -2.0%-0.1pp |
| Return on Assets | 0.0%+0.1pp | 1.5%0.0pp | 0.9%+0.1pp | -0.5%0.0pp | 0.0%0.0pp | 1.5%+0.2pp | 0.9%-0.1pp | -0.5%0.0pp |
| Current Ratio | 0.77+0.1x | 0.80-0.3x | 0.72-0.1x | 0.59-0.1x | 0.68-0.3x | 1.05-0.1x | 0.860.0x | 0.72-0.1x |
| Debt-to-Equity | 1.52+0.1x | 1.44-0.1x | 1.54+0.3x | 1.48+0.3x | 1.43+0.3x | 1.51+0.3x | 1.21+0.1x | 1.150.0x |
| Asset Turnover | 0.040.0x | 0.080.0x | 0.060.0x | 0.030.0x | 0.040.0x | 0.090.0x | 0.070.0x | 0.030.0x |
| FCF Margin | -4.8%+3.0pp | 0.5%-15.2pp | -33.2%-1.0pp | -76.4%+12.5pp | -7.8%-9.8pp | 15.7%+5.8pp | -32.2%-2.4pp | -88.9%-22.3pp |
Not reported in any period shown, so not listed: Gross Margin.
Note: The current ratio is below 1.0 (0.72), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Northwest Natural Holding Company NWN | FY2025 | $1.3B | $113.3M | 8.8% | $2.0B | 41/100 |
| Suburban Propane Partners L P SPH | FY2025 | $1.4B | $106.6M | 7.4% | $1.1B | 51/100 |
| Centuri Holdings, Inc. CTRI | FY2025 | $3.0B | $22.4M | 0.8% | $2.1B | 49/100 |
| MDU Resources Group, Inc. MDU | FY2025 | $1.9B | $190.4M | 10.2% | $3.9B | 39/100 |
| OPAL Fuels Inc. OPAL | FY2025 | $349.0M | $36.4M | 10.4% | $53.9M | 34/100 |
| Southwest Gas Holdings, Inc. SWX | FY2025 | N/A | $439.8M | N/A | $6.0B | — |
Where Northwest Natural Holding Company Ranks
Frequently Asked Questions
What is Northwest Natural Holding Company's annual revenue?
Northwest Natural Holding Company (NWN) reported $1.3B in total revenue for fiscal year 2025. This represents a 11.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Northwest Natural Holding Company's revenue growing?
Northwest Natural Holding Company (NWN) revenue grew by 11.8% year-over-year, from $1.2B to $1.3B in fiscal year 2025.
Is Northwest Natural Holding Company profitable?
Yes, Northwest Natural Holding Company (NWN) reported a net income of $113.3M in fiscal year 2025, with a net profit margin of 8.8%.
What is Northwest Natural Holding Company's EBITDA?
Northwest Natural Holding Company (NWN) had EBITDA of $446.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Northwest Natural Holding Company have?
As of fiscal year 2025, Northwest Natural Holding Company (NWN) had $36.7M in cash and equivalents against $2.3B in long-term debt.
What is Northwest Natural Holding Company's operating margin?
Northwest Natural Holding Company (NWN) had an operating margin of 21.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Northwest Natural Holding Company's net profit margin?
Northwest Natural Holding Company (NWN) had a net profit margin of 8.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Northwest Natural Holding Company pay dividends?
Yes, Northwest Natural Holding Company (NWN) paid $1.96 per share in dividends during fiscal year 2025.
What is Northwest Natural Holding Company's return on equity (ROE)?
Northwest Natural Holding Company (NWN) has a return on equity of 7.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Northwest Natural Holding Company's free cash flow?
Northwest Natural Holding Company (NWN) recorded an outflow of $197.8M in free cash flow during fiscal year 2025. This represents a -1.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Northwest Natural Holding Company's operating cash flow?
Northwest Natural Holding Company (NWN) generated $269.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Northwest Natural Holding Company's total assets?
Northwest Natural Holding Company (NWN) had $6.2B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Northwest Natural Holding Company's capital expenditures?
Northwest Natural Holding Company (NWN) invested $466.9M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Northwest Natural Holding Company's current ratio?
Northwest Natural Holding Company (NWN) had a current ratio of 0.72 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Northwest Natural Holding Company's debt-to-equity ratio?
Northwest Natural Holding Company (NWN) had a debt-to-equity ratio of 1.54 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Northwest Natural Holding Company's return on assets (ROA)?
Northwest Natural Holding Company (NWN) had a return on assets of 1.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Northwest Natural Holding Company's P/E ratio?
Northwest Natural Holding Company (NWN) trades at 15.8x earnings, its market capitalization divided by net income of $126.0M net income, trailing 12 months to June 30, 2026. The market capitalization is $2.0B as of Oct 6, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Northwest Natural Holding Company's price-to-sales ratio?
Northwest Natural Holding Company (NWN) trades at 1.5x sales, its market capitalization divided by revenue of $1.3B revenue, trailing 12 months to June 30, 2026. The market capitalization is $2.0B as of Oct 6, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Northwest Natural Holding Company's Altman Z-Score?
Northwest Natural Holding Company (NWN) has an Altman Z-Score of 0.67, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Northwest Natural Holding Company's Piotroski F-Score?
Northwest Natural Holding Company (NWN) has a Piotroski F-Score of 4 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Northwest Natural Holding Company's earnings high quality?
Northwest Natural Holding Company (NWN) has an earnings quality ratio of 2.37x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Northwest Natural Holding Company cover its interest payments?
Northwest Natural Holding Company (NWN) has an interest coverage ratio of 2.29x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Northwest Natural Holding Company?
Northwest Natural Holding Company (NWN) scores 41 out of 100 on our Financial Health Score, indicating moderate standing within its utilities peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.