Southwest Gas Holdings, Inc. (SWX) Balance Sheet
SWX balance sheet, 2025
December 31, 2025 · U.S. dollars$10.43B assets = $6.47B liabilities + $3.96B equity
Both columns are drawn to the same scale: what SWX owns equals what it owes plus shareholders’ equity. Hover a block for its value.
SWX financial health
Descriptive bands, not a rating. Fiscal 2025.
SWX balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $5.58B2016 | $10.43B2025 | +7.2%/yr | |
| Total liabilities | $3.90B2016 | $6.47B2025 | +5.8%/yr | |
| Shareholders’ equity | $1.66B2016 | $3.96B2025 | +10.1%/yr | |
| Cash & short-term investments | $28.1M2016 | $576.6M2025 | +39.9%/yr | |
| Total debt | $1.60B2016 | $3.51B2025 | +9.1%/yr | |
| Net cash (debt) | −$1.57B2016 | −$2.93B2025 | −$1.4B | |
| Working capital | −$95.1M2016 | $257.0M2025 | +$352.0M | |
| Book value per share | $34.792016 | $54.762025 | +5.2%/yr | |
| Current ratio | 0.852016 | 1.282025 | +0.43 | |
| Debt / equity | 0.962016 | 0.892025 | −0.08 | |
| Shares outstanding | 47.8M2016 | 72.3M2025 | +4.7%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
SWX assets
SWX liabilities and equity
SWX debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
SWX balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $576.6M | $363.8M | $106.5M | $123.1M | $222.7M | $83.4M | $49.5M | $85.4M | $43.6M | $28.1M |
| Cash & equivalents | $576.6M | $363.8M | $106.5M | $123.1M | $222.7M | $83.4M | $49.5M | $85.4M | $43.6M | $28.1M |
| Short-term investments | $169.9M | $1.19B | $1.27B | — | — | $152.7M | $3,000 | $1.8M | $4.5M | $3.6M |
| Receivables | $281.8M | $821.6M | $981.5M | $963.1M | $808.8M | $615.5M | $584.9M | $505.8M | $433.5M | $365.8M |
| Inventory | $93.8M | $93.8M | $83.4M | $2.19B | $291.1M | $2.1M | $44.4M | $4.9M | $14.6M | $2.6M |
| Other current assets | $234.6M | $185.3M | $709.7M | $433.9M | $292.1M | $170.2M | $181.0M | $243.7M | $165.3M | $136.8M |
| Total current assets | $1.19B | $1.46B | $1.88B | $3.71B | $1.61B | $871.0M | $859.9M | $839.8M | $657.0M | $533.3M |
| Property, plant & equipment (net) | $8.70B | $9.30B | $8.78B | $8.31B | $8.91B | $7.01B | $6.47B | $5.72B | $4.87B | $4.44B |
| Goodwill & intangible assets | $11.2M | $1.12B | $1.16B | $1.18B | $2.21B | $485.4M | $493.5M | $518.9M | $260.0M | $177.7M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $140.9M | $132.1M | $114.4M | $117.3M | $106.7M |
| Other non-current assets | $527.6M | $137.0M | $45.4M | $782,000 | $32.2M | $228.3M | $215.2M | $167.9M | $331.5M | $326.8M |
| Total assets | $10.43B | $12.02B | $11.87B | $13.20B | $12.77B | $8.74B | $8.17B | $7.36B | $6.24B | $5.58B |
| Liabilities | ||||||||||
| Accounts payable | $225.7M | $331.8M | $346.9M | $662.1M | $353.4M | $231.3M | $238.9M | $249.0M | $228.3M | $184.7M |
| Short-term debt | $75.0M | $710.0M | $671.1M | $1.59B | $2.21B | $147.4M | $374.5M | $185.1M | $239.8M | $50.1M |
| Deferred revenue | $67.2M | $63.9M | $48.5M | $51.2M | $59.3M | $67.9M | $69.2M | $67.9M | $69.8M | $72.3M |
| Total current liabilities | $929.9M | $1.83B | $1.68B | $3.42B | $3.11B | $912.0M | $1.08B | $938.6M | $815.9M | $628.4M |
| Long-term debt | $3.43B | $4.36B | $4.63B | $4.44B | $4.12B | $2.73B | $2.30B | $2.11B | $1.80B | $1.55B |
| Other long-term liabilities | $2.11B | $2.14B | $2.14B | $2.12B | $2.39B | $2.25B | $2.20B | $1.98B | $1.81B | $1.72B |
| Total liabilities | $6.47B | $8.33B | $8.46B | $9.98B | $9.61B | $5.90B | $5.58B | $5.02B | $4.42B | $3.90B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $73.9M | $73.4M | $73.2M | $68.7M | $62.1M | $58.8M | $56.6M | $54.7M | $49.7M | $49.1M |
| Retained earnings (deficit) | $1.02B | $758.6M | $738.8M | $747.1M | $1.11B | $1.07B | $1.04B | $944.3M | $857.4M | $759.3M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | −$34.5M | −$49.2M | −$43.8M | −$44.2M | −$46.8M | −$61.0M | −$56.7M | −$52.7M | −$47.7M | −$48.0M |
| Minority interest | $0 | $184.9M | $104.7M | $159.3M | — | — | — | −$452,000 | −$2.4M | $0 |
| Total shareholders' equity | $3.96B | $3.50B | $3.31B | $3.22B | $2.95B | $2.67B | $2.59B | $2.25B | $1.81B | $1.66B |
| Key figures | ||||||||||
| Total debt | $3.51B | $5.06B | $5.28B | $6.02B | $6.32B | $2.88B | $2.68B | $2.29B | $2.04B | $1.60B |
| Net cash (debt) | −$2.93B | −$4.69B | −$5.17B | −$5.90B | −$6.10B | −$2.80B | −$2.63B | −$2.21B | −$1.99B | −$1.57B |
| Working capital | $257.0M | −$367.6M | $196.3M | $284.7M | −$1.50B | −$41.0M | −$220.0M | −$98.9M | −$158.8M | −$95.1M |
| Tangible book value | $3.95B | $2.38B | $2.15B | $2.04B | $746.0M | $2.19B | $2.10B | $1.73B | $1.55B | $1.49B |
| Book value per share | $54.76 | $48.65 | $46.63 | $49.09 | $49.85 | $47.70 | $47.70 | $45.52 | $37.81 | $34.79 |
| Shares outstanding | 72.3M | 72.0M | 71.0M | 65.6M | 59.3M | 56.1M | 54.3M | 49.5M | 48.0M | 47.8M |
| Current ratio | 1.28 | 0.80 | 1.12 | 1.08 | 0.52 | 0.96 | 0.80 | 0.89 | 0.81 | 0.85 |
| Quick ratio | 0.92 | 0.65 | 0.65 | 0.32 | 0.33 | 0.77 | 0.59 | 0.63 | 0.58 | 0.63 |
| Debt / equity | 0.89 | 1.44 | 1.60 | 1.87 | 2.14 | 1.08 | 1.03 | 1.02 | 1.12 | 0.96 |
| Equity / assets | 38.0% | 29.1% | 27.9% | 24.4% | 23.1% | 30.6% | 31.7% | 30.6% | 29.1% | 29.8% |
| 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 | $270.5M | $484.8M | $576.6M | $778.6M | $355.6M | $406.3M | $363.8M | $456.6M | $599.6M | $458.0M | $106.5M | $104.9M |
| Cash & equivalents | $270.5M | $484.8M | $576.6M | $778.6M | $355.6M | $406.3M | $363.8M | $456.6M | $599.6M | $458.0M | $106.5M | $104.9M |
| Short-term investments | — | $167.6M | $169.9M | $166.1M | $1.17B | $1.17B | — | $1.19B | $1.23B | $1.25B | $1.27B | $1.25B |
| Receivables | $131.2M | $241.0M | $281.8M | $162.3M | $762.0M | $761.8M | $821.6M | $728.4M | $852.3M | $908.8M | $981.5M | $952.2M |
| Inventory | $95.6M | $93.7M | $93.8M | $91.2M | $90.8M | $0 | $93.8M | $0 | $82.7M | $198.7M | $83.4M | $711.6M |
| Other current assets | $370.5M | $238.3M | $234.6M | $211.4M | $216.7M | $263.8M | $185.3M | $270.3M | $197.0M | $214.5M | $709.7M | $229.7M |
| Total current assets | $867.8M | $1.06B | $1.19B | $1.24B | $1.43B | $1.43B | $1.46B | $1.46B | $1.73B | $1.78B | $1.88B | $2.00B |
| Property, plant & equipment (net) | $9.06B | $8.82B | $8.70B | $8.67B | $9.52B | $9.38B | $9.30B | $9.15B | $9.02B | $8.89B | $8.78B | $8.64B |
| Goodwill & intangible assets | $11.2M | $48.8M | $11.2M | $11.2M | $786.5M | $781.3M | $781.2M | $787.6M | $786.2M | $787.2M | $789.7M | $787.4M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $532.3M | $481.3M | $527.6M | $405.8M | $483.8M | $477.7M | $477.9M | $480.7M | $444.2M | $433.5M | $414.5M | $411.0M |
| Total assets | $10.48B | $10.41B | $10.43B | $10.33B | $12.21B | $12.08B | $12.02B | $11.87B | $11.99B | $11.89B | $11.87B | $11.84B |
| Liabilities | ||||||||||||
| Accounts payable | $115.7M | $122.0M | $225.7M | $118.9M | $254.6M | $253.3M | $331.8M | $227.0M | $264.3M | $264.6M | $346.9M | $255.3M |
| Short-term debt | $100.0M | $75.0M | $75.0M | $0 | $288.1M | $718.9M | $710.0M | $693.3M | $142.2M | $686.8M | $671.1M | $99.8M |
| Deferred revenue | $66.7M | $67.6M | $67.2M | $67.0M | $67.1M | $66.3M | $63.9M | $60.8M | $57.4M | $52.6M | $48.5M | $47.2M |
| Total current liabilities | $777.3M | $730.0M | $929.9M | $804.7M | $1.41B | $1.81B | $1.83B | $1.70B | $1.10B | $1.72B | $1.68B | $1.05B |
| Long-term debt | $3.41B | $3.43B | $3.43B | $3.51B | $4.40B | $4.33B | $4.35B | $4.38B | $5.06B | $4.65B | $4.61B | $5.24B |
| Other long-term liabilities | $2.16B | $2.14B | $2.11B | $2.09B | $2.28B | $2.18B | $2.15B | $2.15B | $2.15B | $2.16B | $2.16B | $2.16B |
| Total liabilities | $6.35B | $6.30B | $6.47B | $6.40B | $8.09B | $8.32B | $8.33B | $8.23B | $8.31B | $8.52B | $8.46B | $8.45B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $74.1M | $74.0M | $73.9M | $73.8M | $73.6M | $73.5M | $73.4M | $73.4M | $73.3M | $73.3M | $73.2M | $73.1M |
| Retained earnings (deficit) | $1.16B | $1.16B | $1.02B | $999.4M | $769.7M | $827.5M | $758.6M | $710.9M | $755.4M | $781.7M | $738.8M | $669.4M |
| Accumulated other comprehensive income | −$9.9M | −$34.1M | −$34.5M | −$37.6M | −$41.4M | −$48.9M | −$49.2M | −$43.9M | −$45.6M | −$46.2M | −$43.8M | −$43.5M |
| Minority interest | — | — | $0 | $0 | $448.8M | — | — | — | — | — | — | — |
| Total shareholders' equity | $4.13B | $4.10B | $3.96B | $3.93B | $3.67B | $3.58B | $3.50B | $3.46B | $3.49B | $3.36B | $3.31B | $3.24B |
| Key figures | ||||||||||||
| Total debt | $3.51B | $3.51B | $3.51B | $3.51B | $4.68B | $5.05B | $5.06B | $5.08B | $5.21B | $5.34B | $5.28B | $5.34B |
| Net cash (debt) | −$3.24B | −$3.02B | −$2.93B | −$2.73B | −$4.33B | −$4.64B | −$4.69B | −$4.62B | −$4.61B | −$4.88B | −$5.17B | −$5.23B |
| Working capital | $90.5M | $327.7M | $257.0M | $438.8M | $10.6M | −$374.6M | −$367.6M | −$247.3M | $635.4M | $61.3M | $196.3M | $946.0M |
| Tangible book value | $4.11B | $4.05B | $3.95B | $3.92B | $2.89B | $2.80B | $2.72B | $2.67B | $2.71B | $2.57B | $2.52B | $2.45B |
| Book value per share | $56.77 | $56.52 | $54.60 | $54.26 | $50.97 | $49.61 | $48.51 | $47.93 | $48.50 | $46.69 | $46.03 | $45.08 |
| Shares outstanding | 72.7M | 72.6M | 72.5M | 72.4M | 72.1M | 72.1M | 72.2M | 72.1M | 72.0M | 71.9M | 71.9M | 71.9M |
| Current ratio | 1.12 | 1.45 | 1.28 | 1.55 | 1.01 | 0.79 | 0.80 | 0.85 | 1.58 | 1.04 | 1.12 | 1.90 |
| Quick ratio | 0.52 | 0.99 | 0.92 | 1.17 | 0.79 | 0.65 | 0.65 | 0.70 | 1.32 | 0.80 | 0.65 | 1.00 |
| Debt / equity | 0.85 | 0.86 | 0.89 | 0.89 | 1.27 | 1.41 | 1.44 | 1.47 | 1.49 | 1.59 | 1.60 | 1.65 |
| Equity / assets | 39.4% | 39.4% | 38.0% | 38.0% | 30.1% | 29.6% | 29.1% | 29.1% | 29.1% | 28.2% | 27.9% | 27.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 25, 2026); data from EODHD.
SWX financial position
At the end of fiscal 2025 (December 31, 2025), Southwest Gas had total assets of $10.4 billion (down 13.3% from a year earlier), total liabilities of $6.5 billion and shareholders' equity of $4.0 billion. It held $576.6 million in cash and short-term investments against $3.5 billion of debt, net debt of $2.9 billion. Its current ratio was 1.28. In the latest quarter (ended June 30, 2026) total assets were $10.5 billion and equity $4.1 billion.
Related: SWX income statement, SWX cash flow statement, SWX key metrics. See the SWX stock overview for the latest quote and news.
SWX balance sheet FAQ
What are Southwest Gas's total assets?
Southwest Gas reported total assets of $10.4 billion at the end of fiscal 2025 (December 31, 2025), compared with $12.0 billion a year earlier.
How much debt does Southwest Gas have?
Southwest Gas had $3.5 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.89.
How much cash does Southwest Gas have?
Southwest Gas held $576.6 million in cash and short-term investments at the end of fiscal 2025; with $3.5 billion of debt that is net debt of $2.9 billion.
What is Southwest Gas's book value?
Southwest Gas's shareholders' equity (book value) was $4.0 billion at the end of fiscal 2025, or $54.76 per share.
What is Southwest Gas's current ratio?
Southwest Gas had current assets of $1.2 billion and current liabilities of $929.9 million, a current ratio of 1.28 (it can cover its short-term obligations).
How much goodwill does Southwest Gas have?
Southwest Gas carried $11.2 million of goodwill and intangible assets, 0.1% of total assets, at the end of fiscal 2025.