Northwest Natural Holding Company (NWN) Balance Sheet
NWN balance sheet, 2025
December 31, 2025 · U.S. dollars$6.24B assets = $4.76B liabilities + $1.48B equity
Both columns are drawn to the same scale: what NWN owns equals what it owes plus shareholders’ equity. Hover a block for its value.
NWN financial health
Descriptive bands, not a rating. Fiscal 2025.
NWN balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $3.08B2016 | $6.24B2025 | +8.2%/yr | |
| Total liabilities | $2.23B2016 | $4.76B2025 | +8.8%/yr | |
| Shareholders’ equity | $850.5M2016 | $1.48B2025 | +6.3%/yr | |
| Cash & short-term investments | $3.5M2016 | $41.1M2025 | +31.4%/yr | |
| Total debt | $772.6M2016 | $2.76B2025 | +15.2%/yr | |
| Net cash (debt) | −$769.1M2016 | −$2.72B2025 | −$1.9B | |
| Working capital | $13.5M2016 | −$233.5M2025 | −$247.0M | |
| Book value per share | $29.712016 | $36.022025 | +2.2%/yr | |
| Current ratio | 1.052016 | 0.722025 | −0.33 | |
| Debt / equity | 0.912016 | 1.872025 | +0.96 | |
| Shares outstanding | 28.6M2016 | 41.0M2025 | +4.1%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
NWN assets
NWN liabilities and equity
NWN debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
NWN balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $41.1M | $38.5M | $32.9M | $29.3M | $18.6M | $30.2M | $16.4M | $12.6M | $3.5M | $3.5M |
| Cash & equivalents | $41.1M | $38.5M | $32.9M | $29.3M | $18.6M | $30.2M | $9.6M | $12.6M | $3.5M | $3.5M |
| Short-term investments | — | $1.64B | −$130.3M | $194.4M | $48.1M | $13.7M | $6.8M | $16.6M | $15.7M | $15.9M |
| Receivables | $215.0M | $215.4M | $201.0M | $254.7M | $181.6M | $148.8M | $122.9M | $129.8M | $127.7M | $130.4M |
| Inventory | $127.7M | $107.0M | $112.6M | $87.1M | $57.3M | $42.7M | $44.0M | $44.1M | $47.6M | $54.1M |
| Other current assets | $219.1M | $196.9M | $254.9M | $373.2M | $179.8M | $101.6M | $95.1M | $109.3M | $91.2M | $100.0M |
| Total current assets | $602.9M | $557.8M | $601.4M | $744.2M | $437.3M | $323.2M | $278.4M | $295.9M | $269.9M | $288.1M |
| Property, plant & equipment (net) | $4.42B | $3.74B | $3.56B | $3.32B | $3.09B | $2.88B | $2.44B | $2.42B | $2.24B | $2.26B |
| Goodwill & intangible assets | $370.8M | $183.8M | $163.3M | $149.3M | $70.6M | $69.2M | $98.3M | $9.0M | $0 | $0 |
| Long-term investments | $80.7M | $82.2M | $103.0M | $100.7M | $100.0M | $55.4M | $98.2M | $129.8M | $150.4M | $168.6M |
| Other non-current assets | $762.0M | $669.5M | $440.1M | $431.9M | $371.3M | $432.5M | $568.8M | $386.7M | $375.2M | $362.3M |
| Total assets | $6.24B | $5.23B | $4.87B | $4.75B | $4.06B | $3.76B | $3.49B | $3.24B | $3.04B | $3.08B |
| Liabilities | ||||||||||
| Accounts payable | $175.6M | $133.3M | $145.4M | $180.7M | $133.5M | $98.0M | $113.4M | $115.9M | $111.0M | $85.7M |
| Short-term debt | $335.8M | $202.7M | $243.0M | $350.4M | $391.1M | $401.0M | $226.3M | $247.6M | $150.9M | $93.3M |
| Deferred revenue | — | — | $15.5M | — | $23.0M | $21.3M | $19.4M | $18.3M | $25.7M | $18.1M |
| Total current liabilities | $836.4M | $649.0M | $696.9M | $898.7M | $724.8M | $627.1M | $482.2M | $509.1M | $381.9M | $274.5M |
| Long-term debt | $2.27B | $1.68B | $1.43B | $1.25B | $1.04B | $860.1M | $806.0M | $706.2M | $683.2M | $679.3M |
| Lease obligations | $78.2M | $77.8M | $79.5M | $80.5M | $80.8M | $81.7M | $2.8M | — | — | — |
| Other long-term liabilities | $1.65B | $1.52B | $1.46B | $1.43B | $1.36B | $1.38B | $1.33B | $1.26B | $1.23B | $1.28B |
| Total liabilities | $4.76B | $3.85B | $3.58B | $3.57B | $3.13B | $2.87B | $2.62B | $2.48B | $2.30B | $2.23B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $1.04B | $989.3M | $891.0M | $805.3M | $590.8M | $565.1M | $558.3M | $457.6M | $897.7M | $890.4M |
| Retained earnings (deficit) | $435.8M | $402.9M | $399.9M | $376.5M | $355.8M | $336.5M | $318.4M | $312.2M | $302.3M | $412.3M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | −$4.7M | −$6.9M | −$7.0M | −$6.3M | −$11.4M | −$12.9M | −$10.7M | −$7.2M | −$8.4M | −$7.0M |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $1.48B | $1.39B | $1.28B | $1.18B | $935.1M | $888.7M | $866.0M | $762.6M | $742.8M | $850.5M |
| Key figures | ||||||||||
| Total debt | $2.76B | $1.96B | $1.75B | $1.68B | $1.52B | $1.34B | $1.03B | $953.9M | $834.1M | $772.6M |
| Net cash (debt) | −$2.72B | −$1.92B | −$1.71B | −$1.65B | −$1.50B | −$1.31B | −$1.02B | −$941.2M | −$830.6M | −$769.1M |
| Working capital | −$233.5M | −$91.2M | −$95.4M | −$154.5M | −$287.5M | −$303.8M | −$203.8M | −$213.2M | −$111.9M | $13.5M |
| Tangible book value | $1.10B | $1.20B | $1.12B | $1.03B | $864.6M | $819.5M | $767.7M | $753.7M | $742.8M | $850.5M |
| Book value per share | $36.02 | $35.64 | $35.40 | $34.59 | $30.41 | $29.04 | $29.00 | $26.41 | $25.83 | $29.71 |
| Shares outstanding | 41.0M | 38.9M | 36.3M | 34.0M | 30.8M | 30.6M | 29.9M | 28.9M | 28.8M | 28.6M |
| Current ratio | 0.72 | 0.86 | 0.86 | 0.83 | 0.60 | 0.52 | 0.58 | 0.58 | 0.71 | 1.05 |
| Quick ratio | 0.31 | 0.39 | 0.34 | 0.32 | 0.28 | 0.29 | 0.29 | 0.28 | 0.34 | 0.49 |
| Debt / equity | 1.87 | 1.41 | 1.36 | 1.43 | 1.62 | 1.51 | 1.19 | 1.25 | 1.12 | 0.91 |
| Equity / assets | 23.7% | 26.5% | 26.4% | 24.8% | 23.0% | 23.7% | 24.8% | 23.5% | 24.4% | 27.6% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $24.2M | $37.7M | $41.1M | $35.8M | $102.6M | $100.0M | $38.5M | $35.0M | $65.2M | $72.4M | $32.9M | $156.6M |
| Cash & equivalents | $24.2M | $34.9M | $41.1M | $35.8M | $102.6M | $100.0M | $38.5M | $35.0M | $65.2M | $72.4M | $32.9M | $156.6M |
| Short-term investments | — | $2.7M | — | — | — | — | — | — | −$15.8M | $5.7M | $11.4M | $23.5M |
| Receivables | $109.6M | $207.3M | $215.0M | $97.0M | $103.6M | $210.3M | $215.4M | $74.1M | $80.9M | $182.2M | $201.0M | $74.3M |
| Inventory | $142.9M | $134.7M | $127.7M | $118.6M | $113.7M | $90.3M | $107.0M | $108.7M | $107.3M | $99.9M | $112.6M | $94.6M |
| Other current assets | $222.5M | $204.4M | $219.1M | $184.1M | $146.2M | $139.3M | $196.9M | $191.1M | $169.7M | $183.3M | $254.9M | $181.9M |
| Total current assets | $499.2M | $584.1M | $602.9M | $435.6M | $466.1M | $539.9M | $557.8M | $408.9M | $423.1M | $537.7M | $601.4M | $507.4M |
| Property, plant & equipment (net) | $4.59B | $4.49B | $4.42B | $4.32B | $4.34B | $4.20B | $3.87B | $3.81B | $3.73B | $3.64B | $3.56B | $3.48B |
| Goodwill & intangible assets | $371.6M | $371.3M | $370.8M | $371.0M | $370.9M | $354.5M | $183.8M | $181.4M | $163.2M | $163.0M | $163.3M | $152.4M |
| Long-term investments | $69.0M | $69.4M | $80.7M | $81.1M | $82.2M | $82.7M | $82.2M | $82.5M | $83.8M | $84.1M | $103.0M | $104.6M |
| Other non-current assets | $908.0M | $904.6M | $762.0M | $649.4M | $527.8M | $532.9M | $543.9M | $463.2M | $424.2M | $423.4M | $440.1M | $419.7M |
| Total assets | $6.44B | $6.42B | $6.24B | $5.85B | $5.79B | $5.71B | $5.23B | $4.94B | $4.82B | $4.85B | $4.87B | $4.67B |
| Liabilities | ||||||||||||
| Accounts payable | $135.5M | $124.8M | $175.6M | $130.5M | $116.8M | $132.8M | $133.3M | $96.3M | $93.6M | $107.9M | $145.4M | $99.3M |
| Short-term debt | $250.4M | $335.2M | $335.8M | $313.8M | $301.4M | $120.6M | $202.7M | $182.5M | $81.7M | $97.6M | $243.0M | $263.5M |
| Deferred revenue | — | — | — | — | — | — | — | — | $11.3M | $27.0M | $15.5M | $31.1M |
| Total current liabilities | $647.1M | $730.5M | $836.4M | $742.8M | $683.9M | $514.0M | $649.0M | $567.4M | $435.5M | $468.3M | $696.9M | $590.1M |
| Long-term debt | $2.38B | $2.27B | $2.27B | $2.13B | $2.09B | $2.19B | $1.68B | $1.55B | $1.57B | $1.57B | $1.43B | $1.42B |
| Lease obligations | $78.2M | $78.2M | $78.2M | $79.0M | $79.2M | $79.9M | $77.8M | $78.4M | $78.5M | $79.1M | $79.5M | $79.3M |
| Other long-term liabilities | $1.86B | $1.84B | $1.65B | $1.55B | $1.56B | $1.54B | $1.52B | $1.46B | $1.47B | $1.46B | $1.46B | $1.43B |
| Total liabilities | $4.88B | $4.84B | $4.76B | $4.42B | $4.33B | $4.25B | $3.85B | $3.59B | $3.48B | $3.51B | $3.58B | $3.45B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $1.07B | $1.07B | $1.04B | $1.04B | $1.02B | $992.3M | $989.3M | $986.5M | $929.5M | $905.2M | $891.0M | $851.3M |
| Retained earnings (deficit) | $492.0M | $512.2M | $435.8M | $398.6M | $448.5M | $470.8M | $402.9M | $377.7M | $423.7M | $445.1M | $399.9M | $373.2M |
| Accumulated other comprehensive income | −$4.5M | −$4.6M | −$4.7M | −$6.5M | −$6.7M | −$6.9M | −$6.9M | −$7.2M | −$6.5M | −$6.8M | −$7.0M | −$5.0M |
| Total shareholders' equity | $1.56B | $1.58B | $1.48B | $1.43B | $1.46B | $1.46B | $1.39B | $1.36B | $1.35B | $1.34B | $1.28B | $1.22B |
| Key figures | ||||||||||||
| Total debt | $2.70B | $2.68B | $2.76B | $2.52B | $2.46B | $2.39B | $1.96B | $1.81B | $1.73B | $1.75B | $1.75B | $1.77B |
| Net cash (debt) | −$2.68B | −$2.64B | −$2.72B | −$2.48B | −$2.36B | −$2.29B | −$1.92B | −$1.78B | −$1.67B | −$1.68B | −$1.71B | −$1.61B |
| Working capital | −$147.9M | −$146.4M | −$233.5M | −$307.2M | −$217.8M | $25.9M | −$91.2M | −$158.5M | −$12.4M | $69.4M | −$95.4M | −$82.6M |
| Tangible book value | $1.19B | $1.21B | $1.10B | $1.06B | $1.09B | $1.10B | $1.20B | $1.18B | $1.18B | $1.18B | $1.12B | $1.07B |
| Book value per share | $36.97 | $38.51 | $36.02 | $34.82 | $36.05 | $36.13 | $34.44 | $35.35 | $35.20 | $35.54 | $34.12 | $33.68 |
| Shares outstanding | 42.2M | 41.0M | 41.0M | 41.2M | 40.5M | 40.3M | 40.2M | 38.4M | 38.3M | 37.8M | 37.6M | 36.2M |
| Current ratio | 0.77 | 0.80 | 0.72 | 0.59 | 0.68 | 1.05 | 0.86 | 0.72 | 0.97 | 1.15 | 0.86 | 0.86 |
| Quick ratio | 0.21 | 0.34 | 0.31 | 0.18 | 0.30 | 0.60 | 0.39 | 0.19 | 0.34 | 0.54 | 0.34 | 0.39 |
| Debt / equity | 1.73 | 1.70 | 1.87 | 1.76 | 1.69 | 1.64 | 1.41 | 1.34 | 1.29 | 1.30 | 1.36 | 1.45 |
| Equity / assets | 24.2% | 24.6% | 23.7% | 24.5% | 25.2% | 25.5% | 26.5% | 27.4% | 27.9% | 27.7% | 26.4% | 26.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 27, 2026); data from EODHD.
NWN financial position
At the end of fiscal 2025 (December 31, 2025), Northwest Natural had total assets of $6.2 billion (up 19.1% from a year earlier), total liabilities of $4.8 billion and shareholders' equity of $1.5 billion. It held $41.1 million in cash and short-term investments against $2.8 billion of debt, net debt of $2.7 billion. Its current ratio was 0.72. In the latest quarter (ended June 30, 2026) total assets were $6.4 billion and equity $1.6 billion.
Related: NWN income statement, NWN cash flow statement, NWN key metrics. See the NWN stock overview for the latest quote and news.
NWN balance sheet FAQ
What are Northwest Natural's total assets?
Northwest Natural reported total assets of $6.2 billion at the end of fiscal 2025 (December 31, 2025), compared with $5.2 billion a year earlier.
How much debt does Northwest Natural have?
Northwest Natural had $2.8 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.87.
How much cash does Northwest Natural have?
Northwest Natural held $41.1 million in cash and short-term investments at the end of fiscal 2025; with $2.8 billion of debt that is net debt of $2.7 billion.
What is Northwest Natural's book value?
Northwest Natural's shareholders' equity (book value) was $1.5 billion at the end of fiscal 2025, or $36.02 per share.
What is Northwest Natural's current ratio?
Northwest Natural had current assets of $602.9 million and current liabilities of $836.4 million, a current ratio of 0.72 (current liabilities exceed current assets).
How much goodwill does Northwest Natural have?
Northwest Natural carried $370.8 million of goodwill and intangible assets, 5.9% of total assets, at the end of fiscal 2025.