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Regulated electric and natural gas utility serving customers in Montana, South Dakota and Nebraska.
Regulated electric and natural gas utility serving customers in Montana, South Dakota and Nebraska.
Earns an allowed return on the power lines, generating plants and gas pipes it has invested in, set by state regulators in rate cases, while fuel and purchased-power costs are largely passed through to customers. Montana is its largest territory, so regulator decisions there matter most.
Moat: wide (regulatory licence, scale). Exclusive regulated service territory with rate-base returns set by state utility commissions.
Headquarters: Sioux Falls, South Dakota, US · Founded: 1923 · Employees: 1,667
Size NorthWestern Energy (NWE) is a United States Utilities company (Electric Utilities) with a market value of $5.09B, the 1172nd largest of 3,117 United States companies the cockpit tracks. Shares closed at $82.73 on 6 Nov 2026.
Performance Over six months the shares gained 14.3%, against -7.3% for the median peer and -1.1% for the United States market (cap-weighted) — 2nd highest of 21 in its peer set.
Growth Revenue grew 10.7% over the last twelve months (peer median +4.4%); the operating margin is 18.8% (peer median 17.3%).
Valuation It trades at 20.6× forward earnings against a peer median of 12.9× (4th most expensive of 20).
Capital Return on invested capital runs 2.1 points below its cost of capital (6.0% WACC).
Short interest Short interest is 3.4% of the free float (15 Oct 2026).
Next results Next results expected around 17 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.69B | $1.61B | $1.51B | $1.42B | $1.48B |
| Revenue growth | — | +6% | +6% | -4% | — |
| Gross profit | $1.00B | $951M | $852M | $791M | $791M |
| EBITDA | $577M | $575M | $551M | $511M | $458M |
| Net income | $171M | $181M | $224M | $194M | $183M |
| Free cash flow | -$192M | -$130M | -$143M | -$77.7M | -$208M |
| Capital expenditure | $608M | $524M | $549M | $567M | $515M |
| Total debt | $3.60B | $3.44B | $3.10B | $2.79B | $2.63B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| NorthWestern Energy NWE | $5.09B | +14% | +11% | 19% | 20.6× | n/a |
| Avista AVA | $3.37B | -1% | -1% | 19% | 15.0× | n/a |
| MDU Resources MDU | $3.92B | -17% | -30% | 17% | 18.9× | n/a |
| Otter Tail OTTR | $3.29B | -11% | +1% | 23% | 14.6× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | NWE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +10.8% | 0.0% | highest of 21 |
| 6-month return | +14.3% | -7.3% | 2nd highest of 21 |
| Distance from 52-week high | -1.7% | -26.8% | 2nd highest of 21 |
| Revenue growth (TTM) | +10.7% | +4.4% | 6th highest of 21 |
| Operating margin | 18.8% | 17.3% | 9th highest of 21 |
| Forward P/E | 20.6× | 12.9× | 4th most expensive of 20 |
| ROIC minus cost of capital | -2.1 pp | -1.1 pp | 7th lowest of 21 |
| EV / EBITDA | 15.0× | 9.5× | 2nd most expensive of 12 |
| Net debt / EBITDA | 6.2× | 5.1× | 4th most indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| NorthWestern Energy NWE | United States | $5.09B | +14% | +11% | 19% | 20.6× | n/a | n/a |
| Beijing Jingneng Power 600578.SS | China | $5.06B | +3% | -6% | 11% | 11.0× | -2.8% | +12.2% |
| Acea ACE.MI | Italy | $5.14B | -7% | -21% | 26% | 14.3× | 5.8% | -3.3% |
| Huadian Energy 600726.SS | China | $5.01B | -33% | -7% | 10% | n/a | n/a | n/a |
| Shanghai Electric Power 600021.SS | China | $4.98B | -31% | -6% | 13% | 8.9× | n/a | n/a |
| Brookfield Renewable BEPC | United States | $4.79B | -13% | +6% | 19% | 249.6× | n/a | n/a |
| Portland General Electric POR | United States | $5.47B | -5% | +3% | 16% | 12.9× | n/a | n/a |
| China Southern Power Grid Energy Storage 600995.SS | China | $5.48B | -21% | +18% | 41% | 18.7× | n/a | n/a |
| Shaanxi Energy Investment 001286.SZ | China | $4.68B | -16% | +4% | 24% | 12.9× | -9.2% | +18.6% |
| Ormat Technologies ORA | United States | $5.65B | -24% | +31% | 19% | 41.2× | n/a | n/a |
| Wintime Energy 600157.SS | China | $4.55B | -21% | -9% | 7% | 104.2× | 0.8% | +1.4% |
| Shenzhen Energy 000027.SZ | China | $4.49B | -8% | +4% | 13% | 11.2× | n/a | n/a |
| Electric Power Development 9513.T | Japan | $4.39B | +2% | +4% | 10% | 8.2× | 4.5% | +5.4% |
| Jiangsu Guoxin 002608.SZ | China | $4.30B | -1% | +7% | 5% | 12.6× | -0.7% | +10.5% |
| China Power International Development 2380.HK | Hong Kong | $4.29B | -20% | -5% | 20% | 13.6× | n/a | n/a |
| Algonquin Power & Utilities AQN.TO | Canada | $4.29B | -9% | +6% | 20% | 14.2× | n/a | n/a |
| Enel Chile SA Sponsored ADR ENIC | United States | $6.06B | -6% | +16% | 19% | 9.4× | 3.4% | +6.9% |
| Northland Power NPI.TO | Canada | $4.22B | -4% | +15% | 34% | 14.3× | -1.7% | +3.4% |
| Hera HER.MI | Italy | $6.14B | -3% | -11% | 8% | 11.9× | -8.9% | +12.6% |
| YTL 1773.T | Japan | $6.14B | +1% | +19% | 19% | 12.5× | n/a | n/a |
| ATCO ACO-X.TO | Canada | $6.15B | +25% | +5% | 12% | 16.8× | 15.0% | +5.5% |