Northwest Natrl Financials
Northwest Natrl (NWN) reported $1.3B in revenue for fiscal year 2025, up 11.8% from the prior fiscal year. 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).
Northwest Natural’s earnings recovery is being absorbed by a capital-intensive funding model, leaving free cash flow persistently negative.
From FY2023 to FY2025, operating income rose from$184.9M to$280.9M . But operating cash flow did not follow that trajectory, and with capital spending still at$466.9M in FY2025, the profit rebound has not made the business self-funding. In practical terms, better reported earnings are being reinvested into the asset base rather than released as spare cash.
The jump in operating margin from
The balance sheet shows external financing doing real work: free cash flow stayed negative at
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 Natrl'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 Natrl scores 0.68, 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 Natrl 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 Natrl 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.
Key Financial Metrics
Earnings & Revenue
Northwest Natrl generated $1.3B in revenue in fiscal year 2025. This represents an increase of 11.8% from the prior year.
Northwest Natrl's EBITDA was $446.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 35.7% from the prior year.
Northwest Natrl reported $113.3M in net income in fiscal year 2025. This represents an increase of 43.7% from the prior year.
Northwest Natrl earned $2.77 per diluted share (EPS) in fiscal year 2025. This represents an increase of 36.5% from the prior year.
Cash & Balance Sheet
Northwest Natrl recorded an outflow of $197.8M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 1.9% from the prior year.
Northwest Natrl held $36.7M in cash against $2.3B in long-term debt as of fiscal year 2025.
Northwest Natrl paid $1.96 per share in dividends in fiscal year 2025. This represents an increase of 0.5% from the prior year.
Margins & Returns
Northwest Natrl's operating margin was 21.8% in fiscal year 2025, reflecting core business profitability. This is up 5.2 percentage points from the prior year.
Northwest Natrl's net profit margin was 8.8% in fiscal year 2025, showing the share of revenue converted to profit. This is up 2.0 percentage points from the prior year.
Northwest Natrl's ROE was 7.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 2.0 percentage points from the prior year.
Not reported for fiscal year 2025.
Capital Allocation
Northwest Natrl invested $466.9M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 18.4% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
NWN Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.3B | $1.3B+11.8% | $1.2B-3.7% | $1.2B+15.4% | $1.0B+20.6% | $860.4M+11.2% | $773.7M+3.7% | $746.4M+5.7% | $706.1M-6.5% | $755.0M+13.0% | $668.2M |
| Operating Income | $295.4M | $280.9M+47.0% | $191.1M+3.4% | $184.9M+10.4% | $167.5M+2.7% | $163.1M+10.0% | $148.4M+3.4% | $143.5M+8.6% | $132.2M-12.4% | $150.9M+0.1% | $150.7M |
| Income Tax | $40.9M | $41.4M+33.1% | $31.1M-4.0% | $32.4M+11.1% | $29.1M+6.3% | $27.4M+30.0% | $21.1M+66.8% | $12.6M-47.7% | $24.2M-41.0% | $41.0M-4.7% | $43.0M |
| Net Income | $126.0M | $113.3M+43.7% | $78.9M-16.0% | $93.9M+8.8% | $86.3M+9.7% | $78.7M+2.5% | $76.8M+24.4% | $61.7M-4.4% | $64.6M+216.1% | -$55.6M-194.4% | $58.9M |
| EPS (Diluted) | — | $2.77+36.5% | $2.03-21.6% | $2.59+2.0% | $2.54-0.8% | $2.56+2.0% | $2.51+21.3% | $2.07-7.6% | $2.24+216.1% | -$1.93-191.0% | $2.12 |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Interest Expense.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
NWN Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $6.2B+17.8% | $5.2B+7.5% | $4.9B+2.5% | $4.7B+16.8% | $4.1B+8.2% | $3.8B+9.6% | $3.4B+5.7% | $3.2B+6.7% | $3.0B | N/A |
| Current Assets | $602.9M+8.1% | $557.8M-7.3% | $601.4M-19.2% | $744.2M+70.2% | $437.3M+35.3% | $323.2M+10.1% | $293.7M-0.8% | $295.9M+9.6% | $269.9M | N/A |
| Cash & Equivalents | $36.7M-4.7% | $38.5M+16.9% | $32.9M+12.5% | $29.3M+57.7% | $18.6M-38.5% | $30.2M+212.7% | $9.6M-23.6% | $12.6M+263.9% | $3.5M-1.4% | $3.5M |
| Goodwill | $370.8M+101.7% | $183.8M+12.5% | $163.3M+9.4% | $149.3M+111.5% | $70.6M+1.9% | $69.2M+38.6% | $49.9M+457.6% | $9.0M | $0 | N/A |
| Total Liabilities | $4.7B+21.9% | $3.8B+7.4% | $3.6B+0.3% | $3.6B+14.2% | $3.1B+9.1% | $2.9B+11.9% | $2.6B+3.3% | $2.5B+8.0% | $2.3B | N/A |
| Current Liabilities | $836.4M+28.9% | $649.0M-6.9% | $696.9M-22.5% | $898.7M+24.0% | $724.8M+15.6% | $627.1M+30.1% | $482.2M-5.3% | $509.1M+33.3% | $381.9M | N/A |
| Long-Term Debt | $2.3B+35.3% | $1.7B+17.8% | $1.4B+14.4% | $1.2B+19.3% | $1.0B+21.5% | $860.1M+6.7% | $806.0M+14.1% | $706.2M+3.4% | $683.2M | N/A |
| Total Equity | $1.5B+6.5% | $1.4B+7.9% | $1.3B+9.2% | $1.2B+25.7% | $935.1M+5.2% | $888.7M+2.6% | $866.0M+13.6% | $762.6M+2.7% | $742.8M-12.7% | $850.5M |
| Retained Earnings | $435.8M+8.2% | $402.9M+0.8% | $399.9M+6.2% | $376.5M+5.8% | $355.8M+5.7% | $336.5M+5.7% | $318.4M+2.0% | $312.2M+3.3% | $302.3M | N/A |
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.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $213.2M | $269.1M+34.4% | $200.3M-28.5% | $279.9M+89.6% | $147.7M-7.9% | $160.4M+10.3% | $145.3M-21.9% | $186.0M+10.2% | $168.8M-18.4% | $206.7M-7.0% | $222.1M |
| Capital Expenditures | $479.2M | $466.9M+18.4% | $394.4M+20.5% | $327.3M-3.3% | $338.6M+15.2% | $293.9M+7.6% | $273.0M+22.2% | $223.5M+4.1% | $214.6M+0.6% | $213.3M+54.2% | $138.4M |
| Free Cash Flow | -$266.0M | -$197.8M-1.9% | -$194.1M-309.5% | -$47.4M+75.2% | -$190.9M-43.0% | -$133.5M-4.6% | -$127.7M-240.9% | -$37.5M+18.3% | -$45.9M-592.7% | -$6.6M-107.9% | $83.8M |
| Investing Cash Flow | -$488.0M | -$808.9M-88.6% | -$429.0M-27.9% | -$335.5M+23.0% | -$435.5M-45.1% | -$300.1M-2.0% | -$294.3M+3.1% | -$303.8M-39.7% | -$217.5M-1.5% | -$214.2M-56.8% | -$136.6M |
| Financing Cash Flow | $198.0M | $532.9M+134.7% | $227.1M+253.6% | $64.2M-78.7% | $301.6M+129.5% | $131.4M-23.5% | $171.8M+48.7% | $115.5M+99.7% | $57.8M+679.7% | $7.4M+108.6% | -$86.2M |
| Dividends Paid | $79.0M | $77.3M+6.1% | $72.9M+8.2% | $67.3M+7.3% | $62.8M+12.3% | $55.9M+0.9% | $55.4M+3.9% | $53.3M+4.0% | $51.3M-4.9% | $54.0M+4.8% | $51.5M |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $0 | $0-100.0% | $2.0M+95.2% | $1.0M |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
NWN Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 21.8%+5.2pp | 16.6%+1.1pp | 15.4%-0.7pp | 16.1%-2.8pp | 19.0%-0.2pp | 19.2%-0.1pp | 19.2%+0.5pp | 18.7%-1.3pp | 20.0%-2.6pp | 22.6% |
| Net Margin | 8.8%+2.0pp | 6.8%-1.0pp | 7.8%-0.5pp | 8.3%-0.8pp | 9.1%-0.8pp | 9.9%+1.7pp | 8.3%-0.9pp | 9.1%+16.5pp | -7.4%-16.2pp | 8.8% |
| Return on Equity | 7.7%+2.0pp | 5.7%-1.6pp | 7.3%0.0pp | 7.3%-1.1pp | 8.4%-0.2pp | 8.6%+1.5pp | 7.1%-1.3pp | 8.5%+16.0pp | -7.5%-14.4pp | 6.9% |
| Return on Assets | 1.8%+0.3pp | 1.5%-0.4pp | 1.9%+0.1pp | 1.8%-0.1pp | 1.9%-0.1pp | 2.0%+0.2pp | 1.8%-0.2pp | 2.0%+3.8pp | -1.8% | N/A |
| Current Ratio | 0.72-0.1x | 0.860.0x | 0.860.0x | 0.83+0.2x | 0.60+0.1x | 0.52-0.1x | 0.610.0x | 0.58-0.1x | 0.71 | N/A |
| Debt-to-Equity | 1.54+0.3x | 1.21+0.1x | 1.11+0.1x | 1.06-0.1x | 1.12+0.1x | 0.970.0x | 0.930.0x | 0.930.0x | 0.92 | N/A |
| FCF Margin | -15.3%+1.5pp | -16.8%-12.9pp | -4.0%+14.5pp | -18.4%-2.9pp | -15.5%+1.0pp | -16.5%-11.5pp | -5.0%+1.5pp | -6.5%-5.6pp | -0.9%-13.4pp | 12.5% |
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.
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Where Northwest Natrl Ranks
Frequently Asked Questions
What is Northwest Natrl's annual revenue?
Northwest Natrl (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 Natrl's revenue growing?
Northwest Natrl (NWN) revenue grew by 11.8% year-over-year, from $1.2B to $1.3B in fiscal year 2025.
Is Northwest Natrl profitable?
Yes, Northwest Natrl (NWN) reported a net income of $113.3M in fiscal year 2025, with a net profit margin of 8.8%.
What is Northwest Natrl's EBITDA?
Northwest Natrl (NWN) had EBITDA of $446.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Northwest Natrl have?
As of fiscal year 2025, Northwest Natrl (NWN) had $36.7M in cash and equivalents against $2.3B in long-term debt.
What is Northwest Natrl's operating margin?
Northwest Natrl (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 Natrl's net profit margin?
Northwest Natrl (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 Natrl pay dividends?
Yes, Northwest Natrl (NWN) paid $1.96 per share in dividends during fiscal year 2025.
What is Northwest Natrl's return on equity (ROE)?
Northwest Natrl (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 Natrl's free cash flow?
Northwest Natrl (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 Natrl's operating cash flow?
Northwest Natrl (NWN) generated $269.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Northwest Natrl's total assets?
Northwest Natrl (NWN) had $6.2B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Northwest Natrl's capital expenditures?
Northwest Natrl (NWN) invested $466.9M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Northwest Natrl's current ratio?
Northwest Natrl (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 Natrl's debt-to-equity ratio?
Northwest Natrl (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 Natrl's return on assets (ROA)?
Northwest Natrl (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 Natrl's Altman Z-Score?
Northwest Natrl (NWN) has an Altman Z-Score of 0.68, 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 Natrl's Piotroski F-Score?
Northwest Natrl (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 Natrl's earnings high quality?
Northwest Natrl (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.
How financially healthy is Northwest Natrl?
Northwest Natrl (NWN) scores 40 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.