Southwest Gas Ho Financials
This page shows Southwest Gas Ho (SWX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 11 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).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Southwest Gas Ho has an operating margin of 37.1%, meaning the company retains $37 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power.
Southwest Gas Ho carries a low D/E ratio of 0.87, meaning only $0.87 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 79/100, indicating a strong balance sheet with room for future borrowing.
Southwest Gas Ho's current ratio of 1.28 indicates adequate short-term liquidity, earning a score of 31/100. The company can meet its near-term obligations, though with limited headroom.
While Southwest Gas Ho generated $556.1M in operating cash flow, capex of $807.9M consumed most of it, leaving -$251.8M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Southwest Gas Ho's ROE of 11.1% shows moderate profitability relative to equity, earning a score of 44/100. This is up from 5.7% the prior year.
Southwest Gas Ho scores 1.02, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($6.3B) relative to total liabilities ($6.5B). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Southwest Gas Ho passes 5 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass.
For every $1 of reported earnings, Southwest Gas Ho generates $1.26 in operating cash flow ($556.1M OCF vs $439.8M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Southwest Gas Ho earns $3.2 in operating income for every $1 of interest expense ($473.9M vs $149.8M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
Key Financial Metrics
Southwest Gas Ho generated $1.3B in revenue in fiscal year 2025.
Southwest Gas Ho's EBITDA was $804.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 12.8% from the prior year.
Southwest Gas Ho generated -$251.8M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 161.4% from the prior year.
Southwest Gas Ho reported $439.8M in net income in fiscal year 2025. This represents an increase of 121.2% from the prior year.
Southwest Gas Ho earned $6.08 per diluted share (EPS) in fiscal year 2025. This represents an increase of 120.3% from the prior year.
Southwest Gas Ho held $576.6M in cash against $3.4B in long-term debt as of fiscal year 2025.
Southwest Gas Ho paid $2.48 per share in dividends in fiscal year 2025. This represents an increase of 0.0% from the prior year.
Southwest Gas Ho had 72M shares outstanding in fiscal year 2025. This represents an increase of 0.7% from the prior year.
Southwest Gas Ho's operating margin was 37.1% in fiscal year 2025, reflecting core business profitability.
Southwest Gas Ho's net profit margin was 34.4% in fiscal year 2025, showing the share of revenue converted to profit.
Southwest Gas Ho's ROE was 11.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 5.4 percentage points from the prior year.
Southwest Gas Ho invested $807.9M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 14.6% from the prior year.
SWX Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | N/A | N/A | $848.1M-21.4% | $1.1B-8.7% | $1.2B-25.2% | $1.6B+15.6% | $1.4B |
| Cost of Revenue | N/A | $657.7M+24.4% | $528.6M+26.2% | $419.0M-35.0% | $644.9M+6.7% | $604.5M+17.2% | $515.6M-15.8% | $612.3M |
| Gross Profit | N/A | N/A | N/A | $429.1M-1.2% | $434.3M-24.8% | $577.6M-45.8% | $1.1B+41.1% | $755.2M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Income | $37.0M-61.2% | $95.5M-52.4% | $200.4M+45.0% | $138.2M+586.8% | $20.1M-75.8% | $83.2M-47.4% | $158.1M+14.5% | $138.1M |
| Interest Expense | $49.0M-31.6% | $71.6M-0.9% | $72.3M+153.0% | $28.6M-46.9% | $53.8M-27.1% | $73.8M+3.0% | $71.6M-2.7% | $73.6M |
| Income Tax | -$803K-101.5% | $52.6M+90.1% | $27.7M+31.8% | $21.0M+367.1% | -$7.9M-287.9% | $4.2M-75.5% | $17.1M+76.8% | $9.7M |
| Net Income | $270.5M+2199.5% | -$12.9M-111.3% | $113.9M+24.2% | $91.7M+31636.3% | $289K-98.4% | $18.3M-79.1% | $87.7M+20.4% | $72.9M |
| EPS (Diluted) | $3.74+2177.8% | $-0.18-111.4% | $1.58-5.4% | $1.67 | $0.00-100.0% | $0.25-79.5% | $1.22+19.6% | $1.02 |
SWX Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $10.3B-15.4% | $12.2B+1.1% | $12.1B0.0% | $12.1B+1.7% | $11.9B-0.9% | $12.0B+0.8% | $11.9B+0.2% | $11.9B |
| Current Assets | $1.2B-12.7% | $1.4B-0.5% | $1.4B-2.2% | $1.5B+0.6% | $1.5B-16.0% | $1.7B-2.7% | $1.8B-5.4% | $1.9B |
| Cash & Equivalents | $778.6M+118.9% | $355.6M-12.5% | $406.3M+29.1% | $314.8M-31.1% | $456.6M-23.8% | $599.6M+30.9% | $458.0M+329.9% | $106.5M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $110.6M-84.3% | $705.3M+1.7% | $693.8M+241.8% | $203.0M-69.8% | $673.2M-15.5% | $796.2M-5.6% | $843.1M-4.9% | $886.5M |
| Goodwill | $11.2M-98.6% | $786.5M+0.7% | $781.3M+6903.9% | $11.2M-98.6% | $787.6M+0.2% | $786.2M-0.1% | $787.2M-0.3% | $789.7M |
| Total Liabilities | $6.4B-25.1% | $8.5B+0.5% | $8.5B-0.8% | $8.6B+1.8% | $8.4B-0.9% | $8.5B-0.5% | $8.5B-0.3% | $8.6B |
| Current Liabilities | $804.7M-43.1% | $1.4B-21.7% | $1.8B-1.4% | $1.8B+7.6% | $1.7B+55.3% | $1.1B-36.2% | $1.7B+2.0% | $1.7B |
| Long-Term Debt | $3.5B-20.2% | $4.4B+1.6% | $4.3B+23.5% | $3.5B-20.0% | $4.4B-13.5% | $5.1B+8.9% | $4.6B+0.8% | $4.6B |
| Total Equity | $3.9B+6.9% | $3.7B+2.7% | $3.6B+2.1% | $3.5B+1.4% | $3.5B-1.1% | $3.5B+4.1% | $3.4B+1.4% | $3.3B |
| Retained Earnings | $999.4M+29.8% | $769.7M-7.0% | $827.5M+9.1% | $758.6M+6.7% | $710.9M-5.9% | $755.4M-3.4% | $781.7M+5.8% | $738.8M |
SWX Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $56.9M-55.0% | $126.3M-56.6% | $291.3M+44.6% | $201.4M-33.7% | $304.1M-0.8% | $306.6M-43.6% | $543.7M+75.0% | $310.8M |
| Capital Expenditures | $162.7M-26.1% | $220.1M+17.4% | $187.5M-38.0% | $302.2M+51.7% | $199.2M-10.8% | $223.3M+1.0% | $221.2M+6.4% | $207.9M |
| Free Cash Flow | -$105.8M-12.9% | -$93.8M-190.4% | $103.8M+203.0% | -$100.8M-196.1% | $104.8M+25.9% | $83.3M-74.2% | $322.5M+213.6% | $102.8M |
| Investing Cash Flow | $611.2M+391.9% | -$209.4M-12.2% | -$186.6M+20.3% | -$234.2M+10.4% | -$261.4M-15.6% | -$226.1M-13.2% | -$199.8M+3.1% | -$206.1M |
| Financing Cash Flow | -$244.7M-861.9% | $32.1M+151.7% | -$62.1M-4.3% | -$59.6M+67.9% | -$185.7M-403.2% | $61.3M+696.1% | $7.7M+107.5% | -$103.3M |
| Dividends Paid | $44.7M+0.2% | $44.6M+0.2% | $44.5M+0.1% | $44.5M+0.1% | $44.5M+0.1% | $44.4M+0.1% | $44.4M+0.1% | $44.3M |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
SWX Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | 50.6%+10.4pp | 40.2%-8.6pp | 48.9%-18.5pp | 67.4%+12.2pp | 55.2% |
| Operating Margin | N/A | N/A | N/A | 16.3%+14.4pp | 1.9%-5.2pp | 7.0%-3.0pp | 10.0%-0.1pp | 10.1% |
| Net Margin | N/A | N/A | N/A | 10.8%+10.8pp | 0.0%-1.5pp | 1.6%-4.0pp | 5.5%+0.2pp | 5.3% |
| Return on Equity | 6.9% | N/A | 3.2%-0.5pp | 3.7%+3.6pp | 0.0%-0.5pp | 0.5%-2.1pp | 2.6%+0.4pp | 2.2% |
| Return on Assets | 2.6%+2.7pp | -0.1%-1.1pp | 0.9%-0.2pp | 1.1%+1.1pp | 0.0%-0.1pp | 0.1%-0.6pp | 0.7%+0.1pp | 0.6% |
| Current Ratio | 1.55+0.5 | 1.01+0.2 | 0.790.0 | 0.80-0.1 | 0.85-0.7 | 1.58+0.5 | 1.04-0.1 | 1.12 |
| Debt-to-Equity | 0.89-0.3 | 1.20-0.0 | 1.21+0.2 | 1.00-0.3 | 1.27-0.2 | 1.45+0.1 | 1.390.0 | 1.39 |
| FCF Margin | N/A | N/A | N/A | -11.4%-21.1pp | 9.7%+2.7pp | 7.0%-13.4pp | 20.4%+12.9pp | 7.5% |
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Frequently Asked Questions
What is Southwest Gas Ho's annual revenue?
Southwest Gas Ho (SWX) reported $1.3B in total revenue for fiscal year 2025. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
Is Southwest Gas Ho profitable?
Yes, Southwest Gas Ho (SWX) reported a net income of $439.8M in fiscal year 2025, with a net profit margin of 34.4%.
What is Southwest Gas Ho's earnings per share (EPS)?
Southwest Gas Ho (SWX) reported diluted earnings per share of $6.08 for fiscal year 2025. This represents a 120.3% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Southwest Gas Ho's EBITDA?
Southwest Gas Ho (SWX) had EBITDA of $804.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Southwest Gas Ho have?
As of fiscal year 2025, Southwest Gas Ho (SWX) had $576.6M in cash and equivalents against $3.4B in long-term debt.
What is Southwest Gas Ho's operating margin?
Southwest Gas Ho (SWX) had an operating margin of 37.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Southwest Gas Ho's net profit margin?
Southwest Gas Ho (SWX) had a net profit margin of 34.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Southwest Gas Ho pay dividends?
Yes, Southwest Gas Ho (SWX) paid $2.48 per share in dividends during fiscal year 2025.
What is Southwest Gas Ho's return on equity (ROE)?
Southwest Gas Ho (SWX) has a return on equity of 11.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Southwest Gas Ho's free cash flow?
Southwest Gas Ho (SWX) generated -$251.8M in free cash flow during fiscal year 2025. This represents a -161.4% 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 Southwest Gas Ho's operating cash flow?
Southwest Gas Ho (SWX) generated $556.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Southwest Gas Ho's total assets?
Southwest Gas Ho (SWX) had $10.4B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Southwest Gas Ho's capital expenditures?
Southwest Gas Ho (SWX) invested $807.9M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How many shares does Southwest Gas Ho have outstanding?
Southwest Gas Ho (SWX) had 72M shares outstanding as of fiscal year 2025.
What is Southwest Gas Ho's current ratio?
Southwest Gas Ho (SWX) had a current ratio of 1.28 as of fiscal year 2025, which is considered adequate.
What is Southwest Gas Ho's debt-to-equity ratio?
Southwest Gas Ho (SWX) had a debt-to-equity ratio of 0.87 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Southwest Gas Ho's return on assets (ROA)?
Southwest Gas Ho (SWX) had a return on assets of 4.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Southwest Gas Ho's Altman Z-Score?
Southwest Gas Ho (SWX) has an Altman Z-Score of 1.02, 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 Southwest Gas Ho's Piotroski F-Score?
Southwest Gas Ho (SWX) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. 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 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Southwest Gas Ho's earnings high quality?
Southwest Gas Ho (SWX) has an earnings quality ratio of 1.26x, 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 Southwest Gas Ho cover its interest payments?
Southwest Gas Ho (SWX) has an interest coverage ratio of 3.2x, 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 Southwest Gas Ho?
Southwest Gas Ho (SWX) scores 51 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.