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Southwest Gas
(NYSE:SWX)
Southwest Gas (SWX) vs. SPDR S&P 500 ETF (SPY)
Southwest Gas Business Overview & Revenue Model
Southwest Gas Earnings Call Summary
Southwest Gas Financial Statement Overview
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.94B | 5.11B | 5.43B | 4.96B | 3.68B |
| Gross Profit | 785.62M | 1.01B | 1.02B | 994.87M | 820.93M |
| EBITDA | 770.55M | 976.78M | 930.54M | 439.87M | 737.09M |
| Net Income | 439.83M | 198.81M | 150.89M | -203.29M | 200.78M |
Balance Sheet | |||||
| Total Assets | 9.99B | 12.02B | 11.87B | 13.20B | 12.77B |
| Cash, Cash Equivalents and Short-Term Investments | 226.35M | 363.79M | 106.54M | 123.08M | 222.70M |
| Total Debt | 75.00M | 5.06B | 5.28B | 5.99B | 6.32B |
| Total Liabilities | 6.47B | 8.33B | 8.46B | 9.98B | 9.61B |
| Stockholders Equity | 3.52B | 3.50B | 3.31B | 3.06B | 2.95B |
Cash Flow | |||||
| Free Cash Flow | 618.82M | 409.86M | -363.31M | -451.96M | -604.24M |
| Operating Cash Flow | 618.82M | 1.36B | 509.21M | 407.46M | 111.38M |
| Investing Cash Flow | -798.34M | -921.57M | 150.97M | -838.90M | -3.04B |
| Financing Cash Flow | -75.14M | -176.34M | -700.79M | 356.48M | 3.06B |
Southwest Gas Technical Analysis
Southwest Gas Risk Analysis
Southwest Gas Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | $5.35B | 19.56 | 8.51% | 3.45% | 15.06% | 12.27% | |
70 Outperform | $6.35B | 13.71 | 5.42% | 3.07% | -23.15% | 157.45% | |
68 Neutral | $3.19B | 23.90 | 9.13% | 2.15% | 17.15% | 15.00% | |
66 Neutral | $5.41B | 16.59 | 13.66% | 4.01% | 13.94% | 13.93% | |
66 Neutral | $17.65B | 18.10 | 5.60% | 3.62% | 6.62% | 11.55% | |
65 Neutral | $8.04B | 13.82 | 12.52% | 3.92% | 1.10% | 140.04% | |
64 Neutral | $5.35B | 19.66 | 8.46% | 3.82% | -4.50% | 2.49% |
Southwest Gas Corporate Events
On February 19, 2026, Southwest Gas Holdings announced that President, Chief Executive Officer and Director Karen S. Haller will resign as CEO of the holding company and Southwest Gas Corporation effective May 8, 2026, and as a director following the May 7, 2026 annual meeting. The company emphasized that her departure is not due to any disagreement over operations or policies, and she will remain through December 31, 2026 as an employee and advisor, receiving a $95,000 monthly salary with continued vesting of existing equity and cash incentives to support leadership transition and organizational continuity.
Following Haller’s notice on February 19, 2026, the board appointed Justin Lee Brown as President and Chief Executive Officer of Southwest Gas Holdings and CEO of Southwest Gas Corporation effective May 8, 2026, while he continues as President of Southwest Gas. Brown has been nominated to join the holding company’s board at the 2026 annual meeting and will join the Southwest Gas board the same day, with a compensation package that includes a $900,000 base salary, elevated incentive opportunities and updated change-in-control and indemnification arrangements, underscoring the board’s effort to solidify long-term leadership and align executive pay with performance and his expanded role.
The most recent analyst rating on (SWX) stock is a Buy with a $100.00 price target. To see the full list of analyst forecasts on Southwest Gas stock, see the SWX Stock Forecast page.
On February 11, 2026, Southwest Gas Holdings, Inc. and the Icahn Group mutually agreed to terminate their Amended and Restated Cooperation Agreement, originally dated October 14, 2025, ending all associated rights and obligations between the parties. Despite the agreement’s termination, directors Andrew W. Evans, Henry P. Linginfelter and Ruby Sharma, who joined the board under that pact, will remain on the board and are expected to be renominated at the company’s 2026 annual meeting, signaling continuity in board composition even as the formal activist settlement falls away.
The most recent analyst rating on (SWX) stock is a Buy with a $96.00 price target. To see the full list of analyst forecasts on Southwest Gas stock, see the SWX Stock Forecast page.
On February 6, 2026, Southwest Gas Holdings, Inc. announced that long-serving director Anne L. Mariucci will retire from its Board of Directors at the conclusion of the 2026 Annual Meeting of Stockholders and will not stand for re-election. The company praised her nearly 20 years of service, including her role as Chair of the Strategic Transactions Committee, and emphasized that her decision reflects a planned retirement with no disagreements over the company’s operations, policies, or practices, signaling board continuity and stability for investors.
In her February 6, 2026 notice to the company, Mariucci stated that Southwest Gas is in a strong position with attractive opportunities ahead and reiterated that she has no disagreements with the company or its accounting and practices. Her departure marks a significant governance transition after two decades of board involvement but is framed as occurring from a position of strength, suggesting a routine succession process rather than a response to internal conflict or strategic dispute.
The most recent analyst rating on (SWX) stock is a Buy with a $99.00 price target. To see the full list of analyst forecasts on Southwest Gas stock, see the SWX Stock Forecast page.
Southwest Gas Holdings detailed the use of non-GAAP financial measures for the periods ended June 30 and September 30, 2025, explaining adjustments made to arrive at adjusted net income and adjusted net income from continuing operations. For the three and six months ended June 30, 2025, the company reported net income attributable to Southwest Gas Holdings of a $12.9 million loss and $101.0 million profit, respectively, which were adjusted to $38.6 million and $158.0 million to exclude costs tied to the separation and partial divestiture of Centuri, nonrecurring professional fees, non-cash amortization of intangible assets, and tax effects including remeasurement of state deferred income taxes related to the Centuri divestiture. For the three and nine months ended September 30, 2025, income from continuing operations of $4.2 million and $165.0 million was reduced by estimated restatement impacts from tax remeasurement but left unchanged on an adjusted basis, underscoring management’s view that these non-cash, non-recurring tax items should be excluded to better reflect operating performance and to enhance comparability with infrastructure services peers during and after the Centuri IPO and subsequent secondary offerings completed in 2024 and 2025.
The most recent analyst rating on (SWX) stock is a Buy with a $89.00 price target. To see the full list of analyst forecasts on Southwest Gas stock, see the SWX Stock Forecast page.
On December 31, 2025, Southwest Gas Holdings director Andrew Teno resigned from the board, effective immediately, citing other time commitments and affirming he had no disagreements with the company’s financial reporting, operations, or governance practices. Teno, an Icahn Group-designated director since May 2022 under an existing cooperation agreement, will not be replaced by another Icahn nominee at this time, prompting the board to shrink from 11 to 10 members; Ruby Sharma is expected to take his seat on the Strategic Transactions Committee, while his position on the Compensation Committee will remain vacant, signaling a modest shift in board composition and activist representation as the company continues along what he described as a positive strategic and financial trajectory.
The most recent analyst rating on (SWX) stock is a Buy with a $89.00 price target. To see the full list of analyst forecasts on Southwest Gas stock, see the SWX Stock Forecast page.
On November 26, 2025, Southwest Gas Holdings, Inc. entered into a Registration Rights Agreement with the Icahn Group, granting them certain registration rights. Additionally, the company appointed Justin S. Forsberg as Senior Vice President/Chief Financial Officer, effective December 1, 2025, marking a significant leadership change. Forsberg’s extensive experience in finance and accounting, along with his previous roles at IDACORP, Inc. and Idaho Power Company, positions him well for his new responsibilities. The company also filed a prospectus supplement to register the resale of shares held by selling stockholders, although it will not receive proceeds from these sales.
The most recent analyst rating on (SWX) stock is a Buy with a $91.00 price target. To see the full list of analyst forecasts on Southwest Gas stock, see the SWX Stock Forecast page.