Southwest Gas Holdings, Inc.

SWX

$88.69

-0.50%

N/A-$0.45

Utilities

Regulated Gas

NYSE

Active Trading

Southwest Gas Holdings, Inc., operating through its various subsidiaries, is primarily engaged in the delivery and transportation of natural gas to customers ...

Key Metrics of SWX

Snapshot

Latest / TTM · 6 periods

Market Cap

$6.39B

ROCE

5.1%

EV / EBITDA

10.97x

+0.2% YoY

FCF Yield

-13.0%

-8.6% YoY

Cash Conversion Cycle

17.8d

Current Ratio

1.12

Quick take

TTM —

Positive CCC

Key Metrics

Latest / TTM · 6 periods

Valuation trend

Valuation trend table

Metric	2021	2022	2023	2024	2025	TTM
Market CapTotal market value of all shares outstanding.	$4.14B	$4.06B	$4.48B	$5.08B	$5.77B	$6.39B
Enterprise ValueCompany value including debt and cash adjustments.	$10.24B	$9.92B	$9.66B	$9.77B	$8.71B	$9.63B
EV / SalesHow many dollars investors pay per dollar of sales.	2.78x	2.00x	1.78x	1.91x	4.49x	5.53x
EV / EBITDAValuation multiple versus operating earnings before non-cash charges.	13.90x	22.56x	10.38x	10.01x	10.07x	10.97x
Net Debt / EBITDALeverage ratio using net debt divided by EBITDA.	8.27	13.34	5.56	4.81	3.39	3.69

Returns + ROCE gauge

ROCE latest

5.1%

Prev year 5.0%

Returns + ROCE gauge table

Metric	2021	2022	2023	2024	2025	TTM
ROEProfit generated from shareholders' equity.	6.8%	-6.6%	4.6%	5.7%	11.1%	12.9%
ROAProfit generated from total assets.	1.6%	-1.5%	1.3%	1.7%	4.2%	5.0%
ROICReturn generated on invested operating capital.	3.3%	-0.2%	3.9%	4.7%	4.2%	4.0%
ROCEOperating return on long-term capital used.	3.8%	-0.2%	4.1%	4.7%	5.0%	5.1%
Earnings YieldEarnings as a percentage of market value.	4.8%	-5.0%	3.4%	3.9%	7.6%	8.1%

Cash flow quality

Cash flow quality table

Metric	2021	2022	2023	2024	2025	TTM
FCFFCash flow available to all capital providers.	$-504.19M	$-276.40M	$-132.98M	$662.02M	$-107.65M	$-701.85M
FCFECash flow available to equity holders after debt flows.	$2.39B	$-330.26M	$-1.08B	$185.72M	$-931.79M	$-1.13B
FCF YieldFree cash flow divided by market capitalization.	-14.6%	-11.1%	-8.1%	8.1%	-4.4%	-13.0%
Income QualityHow well accounting earnings are backed by cash flow.	0.54	-2.00	3.37	6.62	2.32	1.25
Capex / OCFShare of operating cash flow spent on capital expenditures.	642.5%	210.9%	171.3%	69.8%	145.3%	281.3%

Operating efficiency

Operating efficiency table

Metric	2021	2022	2023	2024	2025	TTM
DSOAverage days to collect cash from customers.	80.2d	70.9d	65.9d	58.7d	53.0d	27.5d
DIOAverage days inventory stays before being sold.	0.0d	0.0d	0.0d	0.0d	25.0d	46.2d
DPOAverage days the company takes to pay suppliers.	45.1d	60.9d	28.7d	29.5d	60.0d	55.9d
Operating CycleTime from buying inventory to collecting receivables.	80.2d	70.9d	65.9d	58.7d	78.0d	73.7d
Cash Conversion CycleNet days cash is tied in operations.	35.1d	9.9d	37.2d	29.1d	17.9d	17.8d

Snapshot

Latest / TTM: —

Market Cap

$6.39B

ROE

12.9%

FCF Yield

-13.0%

Current Ratio

1.12

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