Southwest Gas Holdings, Inc. (SWX) Key Metrics
SWX valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $6.34B
- Enterprise value
- $9.29B
- P/E (TTM)
- 21.9 10-yr median 20.7
- Forward P/E
- 17.4
- PEG ratio
- 1.86
- Price / sales
- 3.6 10-yr median 1.2
- Price / book
- 1.5 10-yr median 1.5
- EV / EBITDA
- 10.3 10-yr median 10.1
- Dividend yield
- 2.95% $2.58 a year
- Beta
- 0.56
SWX key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsSWX valuation Price multiples at each fiscal year-end price.
SWX returns How much profit the business earns on the capital it uses.
SWX per-share figures Results divided by the shares outstanding at year-end.
SWX financial health Debt, liquidity and how easily interest is covered.
SWX efficiency & capital use Working capital cycle and where the cash goes.
SWX valuation history
SWX returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
SWX debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
SWX cash returned to shareholders
SWX price vs earnings per share
SWX key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $5.79B | $5.09B | $4.50B | $4.06B | $4.15B | $3.41B | $4.13B | $3.78B | $3.86B | $3.66B |
| Enterprise value | $8.72B | $9.79B | $9.67B | $9.96B | $10.25B | $6.20B | $6.75B | $5.99B | $5.86B | $5.24B |
| P/E ratio | 13.2 | 25.6 | 29.8 | — | 20.7 | 14.7 | 19.3 | 20.8 | 19.9 | 24.1 |
| Price / sales | 3.0 | 1.0 | 0.8 | 0.8 | 1.1 | 1.0 | 1.3 | 1.3 | 1.5 | 1.5 |
| Price / book | 1.5 | 1.5 | 1.4 | 1.3 | 1.4 | 1.3 | 1.6 | 1.7 | 2.1 | 2.2 |
| Price / free cash flow | — | 12.4 | — | — | — | — | — | — | — | 53.2 |
| Price / operating cash flow | 10.4 | 3.8 | 8.8 | 10.0 | 37.3 | 5.4 | 8.2 | 7.2 | 10.4 | 6.1 |
| EV / sales | 4.5 | 1.9 | 1.8 | 2.0 | 2.8 | 1.9 | 2.2 | 2.1 | 2.3 | 2.1 |
| EV / EBITDA | 10.1 | 10.0 | 10.4 | 22.6 | 13.9 | 8.3 | 9.9 | 10.1 | 10.1 | 9.0 |
| EV / free cash flow | — | 23.9 | — | — | — | — | — | — | — | 76.0 |
| Earnings yield | 7.6% | 3.9% | 3.4% | −5.0% | 4.8% | 6.8% | 5.2% | 4.8% | 5.0% | 4.2% |
| Free cash flow yield | −4.3% | 8.0% | −8.1% | −11.1% | −14.6% | −5.8% | −10.6% | −6.3% | −6.6% | 1.9% |
| Dividend yield | 3.1% | 3.5% | 3.9% | 4.0% | 3.3% | 3.7% | 2.8% | 2.6% | 2.4% | 2.3% |
| Shareholder yield (dividends + buybacks) | 3.1% | 3.5% | 3.9% | 4.0% | 3.4% | 3.7% | 2.8% | 2.6% | 2.4% | 2.3% |
| Share price at fiscal year-end | $80.02 | $70.71 | $63.35 | $61.88 | $70.05 | $60.75 | $75.97 | $76.50 | $80.48 | $76.62 |
| Per share | ||||||||||
| Revenue per share | $26.82 | $70.97 | $76.55 | $75.66 | $62.11 | $58.83 | $57.44 | $58.21 | $53.11 | $51.46 |
| Earnings per share | $6.08 | $2.76 | $2.13 | −$3.10 | $3.39 | $4.14 | $3.94 | $3.68 | $4.04 | $3.18 |
| Operating cash flow per share | $7.69 | $18.82 | $7.17 | $6.22 | $1.88 | $11.16 | $9.21 | $10.69 | $7.71 | $12.51 |
| Free cash flow per share | −$3.48 | $5.69 | −$5.12 | −$6.89 | −$10.20 | −$3.55 | −$8.06 | −$4.79 | −$5.29 | $1.44 |
| Cash per share | $7.97 | $5.05 | $1.50 | $1.88 | $3.76 | $1.49 | $0.91 | $1.73 | $0.91 | $0.59 |
| Book value per share | $54.76 | $48.65 | $46.63 | $49.09 | $49.85 | $47.70 | $47.70 | $45.52 | $37.81 | $34.79 |
| Tangible book value per share | $54.61 | $33.07 | $30.30 | $31.05 | $12.59 | $39.05 | $38.61 | $35.03 | $32.40 | $31.08 |
| Dividends per share | $2.47 | $2.47 | $2.46 | $2.45 | $2.33 | $2.24 | $2.14 | $2.03 | $1.92 | $1.74 |
| Capex per share | $11.17 | $13.13 | $12.29 | $13.11 | $12.08 | $14.71 | $17.27 | $15.48 | $13.00 | $11.07 |
| Debt per share | $48.50 | $70.22 | $74.39 | $91.90 | $106.68 | $51.35 | $49.26 | $46.33 | $42.48 | $33.46 |
| Shares outstanding | 72.3M | 72.0M | 71.0M | 65.6M | 59.3M | 56.1M | 54.3M | 49.5M | 48.0M | 47.8M |
| Change in shares outstanding | +0.4% | +1.5% | +8.3% | +10.6% | +5.7% | +3.2% | +9.8% | +3.1% | +0.4% | +0.9% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 11.8% | 5.8% | 4.6% | −6.6% | 7.1% | 8.8% | 8.8% | 9.0% | 11.1% | 9.3% |
| Return on invested capital (ROIC) | 4.5% | 4.9% | 3.7% | −0.2% | 4.3% | 6.2% | 6.1% | 6.5% | 6.9% | 6.1% |
| Return on assets (ROA) | 3.9% | 1.7% | 1.2% | −1.6% | 1.9% | 2.7% | 2.8% | 2.7% | 3.3% | 2.8% |
| Return on tangible assets | 4.2% | 1.8% | 1.4% | −1.7% | 1.9% | 2.8% | 2.8% | 2.7% | 3.2% | 2.8% |
| Free cash flow margin | −13.0% | 8.0% | −6.7% | −9.1% | −16.4% | −6.0% | −14.0% | −8.2% | −10.0% | 2.8% |
| Income quality (OCF / net income) | 1.26 | 6.82 | 3.37 | — | 0.55 | 2.69 | 2.34 | 2.90 | 1.91 | 3.94 |
| Financial health | ||||||||||
| Total debt | $3.51B | $5.06B | $5.28B | $6.02B | $6.32B | $2.88B | $2.68B | $2.29B | $2.04B | $1.60B |
| Cash & short-term investments | $576.6M | $363.8M | $106.5M | $123.1M | $222.7M | $83.4M | $49.5M | $85.4M | $43.6M | $28.1M |
| Net debt | $2.93B | $4.69B | $5.17B | $5.90B | $6.10B | $2.80B | $2.63B | $2.21B | $1.99B | $1.57B |
| Debt / equity | 0.89 | 1.44 | 1.60 | 1.87 | 2.14 | 1.08 | 1.03 | 1.02 | 1.12 | 0.96 |
| Debt / assets | 0.34 | 0.42 | 0.44 | 0.46 | 0.50 | 0.33 | 0.33 | 0.31 | 0.33 | 0.29 |
| Net debt / EBITDA | 3.39 | 4.81 | 5.56 | 13.42 | 8.27 | 3.74 | 3.83 | 3.72 | 3.46 | 2.69 |
| Current ratio | 1.28 | 0.80 | 1.12 | 1.08 | 0.52 | 0.96 | 0.80 | 0.89 | 0.81 | 0.85 |
| Quick ratio | 1.18 | 0.75 | 1.07 | 0.44 | 0.43 | 0.95 | 0.76 | 0.89 | 0.79 | 0.84 |
| Interest coverage | 2.3 | 1.6 | 1.4 | -0.1 | 3.1 | 3.8 | 3.4 | 3.7 | 4.1 | 4.0 |
| Working capital | $257.0M | −$367.6M | $196.3M | $284.7M | −$1.50B | −$41.0M | −$220.0M | −$98.9M | −$158.8M | −$95.1M |
| Invested capital | $6.89B | $8.20B | $8.48B | $9.12B | $9.05B | $5.47B | $5.22B | $4.46B | $3.81B | $3.24B |
| Tangible asset value | $3.95B | $2.57B | $2.26B | $2.04B | $942.7M | $2.36B | $2.10B | $1.81B | $1.55B | $1.51B |
| Net current asset value | −$5.28B | −$6.87B | −$6.57B | −$6.27B | −$8.00B | −$5.02B | −$4.72B | −$4.18B | −$3.77B | −$3.36B |
| Graham number | $86.55 | $54.96 | $47.22 | — | $61.64 | $66.68 | $65.02 | $61.43 | $58.62 | $49.89 |
| Graham net-net per share | −$77.88 | −$101.45 | −$106.65 | −$122.63 | −$145.80 | −$95.39 | −$93.33 | −$92.11 | −$84.36 | −$75.16 |
| Capital allocation | ||||||||||
| Dividends paid | $178.5M | $177.8M | $174.6M | $160.6M | $138.2M | $125.5M | $116.1M | $100.2M | $92.1M | $83.3M |
| Share buybacks (net) | $0 | $0 | $2.0M | $2.7M | $1.3M | $0 | $0 | $0 | $0 | $0 |
| Dividend payout ratio | 40.6% | 89.4% | 115.7% | — | 68.8% | 54.0% | 54.3% | 55.0% | 47.5% | 54.8% |
| Dividends + buybacks / free cash flow | — | 43.4% | — | — | — | — | — | — | — | 121.0% |
| Capex / revenue | 41.6% | 18.5% | 16.1% | 17.3% | 19.4% | 25.0% | 30.1% | 26.6% | 24.5% | 21.5% |
| Capex / operating cash flow | 145.3% | 69.8% | 171.3% | 210.9% | 642.5% | 131.8% | 187.5% | 144.8% | 168.6% | 88.5% |
| Capex / depreciation | 2.44 | 2.16 | 1.98 | 1.83 | 1.93 | 2.49 | 3.09 | 3.07 | 2.49 | 1.83 |
| Stock-based compensation / revenue | 0.7% | 0.3% | 0.1% | 0.2% | 0.3% | 0.2% | 0.2% | 0.2% | 0.4% | 0.2% |
| SG&A / revenue | 0.4% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.3% |
| Efficiency | ||||||||||
| Days sales outstanding | 103.8 | 64.4 | 65.3 | 65.2 | 70.6 | 66.4 | 63.8 | 59.5 | 57.2 | 58.5 |
| Days of inventory on hand | 24.9 | 7.9 | 93.9 | 114.1 | 18.7 | 3.4 | 3.8 | 1.6 | 1.6 | 0.6 |
| Days payables outstanding | 74.1 | 30.2 | 41.7 | 46.7 | 37.3 | 34.6 | 37.4 | 39.4 | 39.3 | 35.0 |
| Cash conversion cycle (days) | 54.6 | 42.0 | 117.5 | 132.5 | 52.0 | 35.2 | 30.2 | 21.8 | 19.5 | 24.2 |
| Receivables turnover | 3.52 | 5.67 | 5.59 | 5.60 | 5.17 | 5.50 | 5.72 | 6.13 | 6.38 | 6.24 |
| Payables turnover | 4.92 | 12.09 | 8.75 | 7.81 | 9.78 | 10.55 | 9.77 | 9.27 | 9.28 | 10.43 |
| Inventory turnover | 14.63 | 46.30 | 3.89 | 3.20 | 19.51 | 106.76 | 96.58 | 226.92 | 222.96 | 588.25 |
| Asset turnover | 0.17 | 0.43 | 0.43 | 0.38 | 0.34 | 0.39 | 0.40 | 0.42 | 0.43 | 0.45 |
| Average receivables | $551.7M | $901.6M | $972.3M | $886.0M | $712.1M | $600.2M | $545.4M | $469.7M | $399.7M | $394.6M |
| Average payables | $278.8M | $339.4M | $504.5M | $507.7M | $292.3M | $235.1M | $244.0M | $238.7M | $206.5M | $174.8M |
| Average inventory | $93.8M | $88.6M | $1.14B | $1.24B | $146.6M | $23.2M | $24.7M | $9.8M | $8.6M | $3.1M |
| Intangibles / total assets | 0.1% | 9.3% | 9.8% | 9.0% | 17.3% | 5.6% | 6.0% | 7.1% | 4.2% | 3.2% |
Computed from SWX's annual financial statements (latest annual report filed February 25, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
SWX valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Southwest Gas traded at 13.2 times earnings, against a 10-year median of 20.7. Based on the latest twelve months, the trailing P/E is 21.9 and the forward P/E is 17.4. Southwest Gas earned a return on equity of 11.8% and a return on invested capital of 4.5% in fiscal 2025. It ended the year with $3.5 billion of debt and $576.6 million in cash and short-term investments, net debt of $2.9 billion. It returned $178.5 million to shareholders: $178.5 million in dividends and $0 in share buybacks. The share count rose 51.3% from 47.8M to 72.3M over 9 years.
See the SWX income statement, the SWX chart for price history, or the SWX stock overview for the latest quote and news.
SWX key metrics FAQ
What is Southwest Gas's P/E ratio?
Southwest Gas's trailing P/E ratio is 21.9 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 17.4. At the end of fiscal 2025 it was 13.2, compared with a 10-year median of 20.7.
What is Southwest Gas's EV/EBITDA?
Southwest Gas's enterprise value was 10.1 times EBITDA at the end of fiscal 2025 (enterprise value $8.7 billion, EBITDA $864.7 million); the current EV/EBITDA is 10.3.
What is Southwest Gas's return on equity?
Southwest Gas's return on equity (ROE) was 11.8% in fiscal 2025: net income of $439.8 million on average shareholders' equity of $3.7 billion.
What is Southwest Gas's ROIC?
Southwest Gas's return on invested capital was 4.5% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Southwest Gas have?
Southwest Gas had total debt of $3.5 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.89 and $2.9 billion of net debt (3.39 times EBITDA).
What is Southwest Gas's dividend yield?
Southwest Gas's forward dividend yield is 2.95%. Southwest Gas paid $178.5 million in dividends in fiscal 2025 ($2.47 per share), a payout ratio of 40.6%.
What is Southwest Gas's free cash flow yield?
Southwest Gas generated -$251.8 million of free cash flow in fiscal 2025, a free cash flow yield of −4.3% on its market value at year-end ($5.8 billion).
What is Southwest Gas's current ratio?
Southwest Gas's current ratio was 1.28 at the end of fiscal 2025: current assets were 1.28 times current liabilities.