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Regulated natural gas utility serving customers in Arizona, Nevada and California.
Regulated natural gas utility serving customers in Arizona, Nevada and California.
Earns an allowed return, set by state regulators, on its pipes and meters in Arizona, Nevada and California, so profit rises as regulators approve more investment and higher customer rates. In 2023 it bought Questar Pipeline from Dominion Energy. Centuri, a utility contractor, listed publicly in 2024.
Moat: wide (regulatory licence, installed base). Regulated monopoly gas-utility franchise territories with guaranteed infrastructure returns.
Headquarters: Las Vegas, Nevada, US · Founded: 1954 · Employees: 2,453
Size Southwest Gas (SWX) is a United States Utilities company (Gas Distributors) with a market value of $6.62B, the 989th largest of 3,117 United States companies the cockpit tracks. Shares closed at $91.33 on 6 Nov 2026.
Performance Over six months the shares gained 1.5%, against +2.5% for the median peer and -1.1% for the United States market (cap-weighted) — 11th highest of 21 in its peer set.
Growth Revenue fell 57.0% over the last twelve months (peer median +3.3%); the operating margin is 28.9% (peer median 21.1%).
Valuation It trades at 18.9× forward earnings against a peer median of 16.6× (5th most expensive of 21).
Capital Return on invested capital runs 1.6 points below its cost of capital (6.8% WACC).
Backlog Backlog (remaining performance obligations) was $50.1M at 30 Jun 2026. Backlog detail →
Credit Southwest Gas has 9 bonds outstanding ($3.10B), rated BBB+ by the agencies and trading like BBB+ at a weighted spread of 84 bp.
Short interest Short interest is 4.0% of the free float (15 Oct 2026).
Next results Next results expected around 3 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.72B | $1.94B | $2.48B | $5.43B | $4.96B |
| Revenue growth | — | -22% | -54% | +10% | — |
| Gross profit | $595M | $568M | $495M | $578M | $524M |
| EBITDA | $845M | $805M | $710M | $930M | $901M |
| Net income | $262M | $440M | $199M | $151M | -$203M |
| Free cash flow | -$573M | -$252M | $509M | -$363M | -$452M |
| Capital expenditure | $1.04B | $808M | $847M | $873M | $859M |
| Total debt | $3.53B | $3.51B | $4.18B | $5.44B | $6.13B |
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 |
|---|---|---|---|---|---|---|
| Southwest Gas SWX | $6.62B | +2% | -57% | 29% | 18.9× | n/a |
| Atmos Energy ATO | $29.3B | -4% | +6% | 37% | 19.3× | n/a |
| NiSource NI | $21.2B | -6% | +10% | 27% | 20.3× | n/a |
| Sempra SRE | $51.1B | -14% | +1% | 25% | 15.2× | 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 | SWX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +9.4% | +4.9% | 5th highest of 21 |
| 6-month return | +1.5% | +2.5% | 11th highest of 21 |
| Distance from 52-week high | -3.3% | -13.6% | 4th highest of 21 |
| Revenue growth (TTM) | -57.0% | +3.3% | lowest of 21 |
| Operating margin | 28.9% | 21.1% | 5th highest of 20 |
| Forward P/E | 18.9× | 16.6× | 5th most expensive of 21 |
| ROIC minus cost of capital | -1.6 pp | -0.6 pp | 8th lowest of 20 |
| EV / EBITDA | 11.9× | 10.7× | 10th most expensive of 20 |
| Net debt / EBITDA | 4.1× | 4.8× | 8th least indebted of 20 |
| Bond spread | 84 bp | 81 bp | 5th widest of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Southwest Gas SWX | United States | $6.62B | +2% | -57% | 29% | 18.9× | n/a | n/a |
| Black Hills BKH | United States | $6.47B | +13% | +3% | 24% | 18.2× | n/a | n/a |
| Enn Energy 2688.HK | Hong Kong | $7.02B | -17% | +6% | 7% | 7.6× | -3.4% | +8.6% |
| DCC Energy DCC.L | United Kingdom | $7.41B | +13% | -14% | 3% | 12.7× | 7.1% | +2.9% |
| New Jersey Resources NJR | United States | $5.51B | -2% | +7% | 24% | 16.6× | n/a | n/a |
| Spire SR | United States | $5.25B | +4% | +4% | 20% | 17.9× | n/a | n/a |
| KunLun Energy 0135.HK | Hong Kong | $8.35B | +1% | +6% | 5% | 9.5× | -13.0% | +11.4% |
| Enagas ENG.MC | Spain | $5.22B | +7% | -2% | 21% | 19.4× | 15.0% | -2.2% |
| ONE Gas OGS | United States | $5.09B | -5% | -2% | 21% | 16.6× | n/a | n/a |
| Beijing Enterprises 0392.HK | Hong Kong | $4.93B | -3% | +5% | 4% | 6.3× | 7.7% | +6.7% |
| Brookfield Infrastructure BIPC.TO | Canada | $4.91B | +5% | +6% | 60% | 22.0× | n/a | n/a |
| China Resources Gas 1193.HK | Hong Kong | $4.77B | -13% | +1% | 6% | 10.7× | 1.8% | +11.8% |
| Centrica CNA.L | United Kingdom | $9.23B | -25% | 0% | 23% | 13.1× | n/a | n/a |
| ENN Natural Gas 600803.SS | China | $9.83B | +5% | -1% | n/a | 11.8× | -6.1% | +8.4% |
| Canadian Utilities CU.TO | Canada | $10.1B | +9% | +1% | 16% | 18.9× | 20.1% | +2.7% |
| APA APA.AX | Australia | $10.4B | +7% | -6% | 38% | 49.3× | 12.5% | +3.1% |
| Italgas IG.MI | Italy | $10.4B | -12% | +9% | 49% | 12.3× | 2.4% | +11.3% |
| Excelerate Energy EE | United States | $4.17B | +9% | +49% | 22% | 18.6× | 18.1% | +23.3% |
| MDU Resources MDU | United States | $3.92B | -17% | -30% | 17% | 18.9× | n/a | n/a |
| Transportadora de Gas del Sur SA Sponsored ADR Class B RegS TGS | United States | $3.80B | -27% | +11% | 44% | 8.2× | -14.6% | +11.8% |
| AltaGas ALA.TO | Canada | $11.8B | +4% | +18% | 9% | 22.5× | n/a | n/a |
Southwest Gas has 9 bonds outstanding with $3.10B face value. The agencies rate it BBB+; its bonds trade like BBB+. Weighted yield 5.63%, a spread of 84 bp over government bonds.
Southwest Gas reported $50.1M of remaining performance obligations at 30 Jun 2026 and down 6% from the previous quarter.