At a glance
NorthWestern Corporation is worth $4.84B, about 27 times its fiscal 2025 earnings. Revenue grew 6.4% to $1.61B in fiscal 2025, with 11.2% kept as profit; over 4 years it has grown 4.1% a year. It pays a 3.39% dividend yield, raised every year for at least 4 years, and returned $742.6M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +33.2% over the past year with dividends reinvested and +11.5% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 39.3% in the 2020 crash (S&P 500: 33.7%) and 19.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 67 months and 6 months after the lows.
The business in plain English
NorthWestern Energy Group, which does business as NorthWestern Energy, supplies electricity, natural gas or both to about 850,300 customers in Montana, South Dakota, Nebraska and Yellowstone National Park. It is a regulated utility: state and federal regulators set its prices in formal "rate reviews." It earns money by building power plants, lines and pipelines, then charging rates meant to cover its costs and give it a chance to earn a reasonable return on that investment.
Electricity is the bigger business. In fiscal 2025, electric sales brought in about $1.27 billion, or 78.9% of total revenue of $1.61 billion. Natural gas brought in about $341 million, or 21.1%. In Montana, it serves about 440,700 electric customers across roughly 73% of the state's land area, and homes and businesses each supplied about 46% of retail electric revenue there. No single customer is critical. Demand peaks with summer cooling and winter heating, and much of its gas revenue arrives in the first and fourth quarters.
On August 18, 2025, NorthWestern agreed to an all-stock "merger of equals" with Black Hills Corporation. Each NorthWestern share would become 0.98 Black Hills shares, and the combined parent company would be called Bright Horizon Energy. The deal was still pending when NorthWestern filed its annual report on February 12, 2026.
Price history
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NWE +33.2% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Electric | $1.27B | 78.9% |
| Gas Domestic Regulated | $340.6M | 21.1% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $392.6M, up 14.6% from a year earlier, and net income was $25.0M (+17.7%).
- For fiscal 2025, revenue was $1.61B (+6.4% year over year; +4.1% a year from FY2021 to FY2025) with a 11.2% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2025) | +4.1% watch |
|---|---|
| Operating margin | 20.2% good |
| Free cash flow margin | -8.1% weak |
| Return on equity (FY2025) | 6.3% weak |
| Return on assets (FY2025) | 2.1% weak |
| Net cash (cash minus debt) | $-3.58B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $1.37B | $186.8M | $-214.3M |
| FY2022 | $1.48B | $183.0M | $-207.9M |
| FY2023 | $1.42B | $194.1M | $-77.7M |
| FY2024 | $1.51B | $224.1M | $-142.5M |
| FY2025 | $1.61B | $181.1M | $-130.0M |
Valuation snapshot
| Market value | $4.84B |
|---|---|
| P/E ratio | 26.8 |
| Dividend yield | 3.39% |
Rank among 1514 US companies
Market value at each year end
NorthWestern’s market value went from $3.12B at the end of 2023 to $4.84B on Oct 28, 2026, up 55%; since the end of 2025 it is up 22%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $4.84B | +22.1% |
| 2025 | $3.96B | +20.9% |
| 2024 | $3.28B | +5.2% |
| 2023 | $3.12B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| NWE price data to Oct 28, 2026 | +25.4% | +33.2% | +24.7% | +11.5% | +7.8% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +25.4% |
| 2025 | +26.4% |
| 2024 | +10.5% |
| 2023 | -10.1% |
| 2022 | +8.5% |
| 2021 | +2.1% |
| 2020 | -15.1% |
| 2019 | +24.5% |
| 2018 | +3.5% |
| 2017 | +8.8% |
| 2016 | +8.4% |
| 2015 | -0.5% |
| 2014 | +35.0% |
| 2013 | +29.5% |
| 2012 | +1.2% |
| 2011 | +29.9% |
| 2010 | +16.5% |
| 2009 | +17.7% |
| 2008 | -16.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 38.4% over that stretch · deepest drop along the way 39.3%, back to its old high 67.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 9.7% over that stretch · deepest drop along the way 19.6%, back to its old high 6.1 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 13% | Mar 31, 2025 |
| Vanguard Portfolio Management | 5.71% | Mar 31, 2026 |
| Vanguard Capital Management | 5.32% | Mar 31, 2026 |
| American Century Investment Management, Inc. | 4.8% | Jun 30, 2025 |
ETFs with the most weight in NWE
| RNWZ TrueShares Eagle Global Renewable Energy Income ETF | 2.96% |
| DIV Global X SuperDividend U.S. ETF | 2.36% |
| PEY Invesco High Yield Equity Dividend Achievers™ ETF | 2.34% |
| REGL ProShares S&P MidCap 400 Dividend Aristocrats ETF | 2.17% |
| CSB VictoryShares US Small Cap High Dividend Volatility Wtd ETF | 1.72% |
| XMLV Invesco S&P MidCap Low Volatility ETF | 1.38% |
| ALTY Global X Alternative Income ETF | 1.34% |
| SMDV ProShares Russell 2000 Dividend Growers ETF | 1.14% |
What could go wrong
- Pending Black Hills merger brings uncertainty. Each NorthWestern share would become 0.98 Black Hills shares, so the deal's value tracks Black Hills' stock. Approvals could delay or block the deal, and the combined company's dividend is not guaranteed.
- Regulators may block recovery of costs. State commissions set its prices and can refuse to pass on costs they consider unwisely spent. In 2025, Montana's regulator disallowed $30.9 million of capital costs for building its YCGS gas plant near Laurel.
- Bigger bet on the Colstrip coal plant. On January 1, 2026, it added 592 megawatts of the Colstrip coal plant, lifting its stake in Units 3 & 4 to 55%. Environmental rules, lawsuits or policy changes could force early closure.
- Buying power on volatile wholesale markets. It relies heavily on market purchases to meet demand peaks. Federal rules also force it to buy from small "qualifying facility" producers, and if they fail during price spikes, it must cover the shortfall.
- Wildfires and weather can hit hard. Its Montana service area covers about 73% of the state's land. The annual report flags rising fire risk that could bring large claims or penalties, while weather swings affect demand, hydropower output and earnings.
- Spending outpaces cash, so debt matters. Spending on plants and lines exceeded operating cash every year from 2021 to 2025, and debt was $3.59 billion as of June 30, 2026. Higher rates or a credit downgrade would raise borrowing costs.
Recent events
- Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Major agreement signed; New debt or financial obligation
- Major agreement signed; New debt or financial obligation
- Investor presentation or announcement
- Investor presentation or announcement
- Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Shareholder vote results; Other company announcement
- Executive or board change
For income and retirement investors
NorthWestern raised its dividend each year from fiscal 2021 to fiscal 2025, from $2.48 to $2.64 a share, making at least four straight increases. Growth was slow, about 1.6% a year. Dividends took 89.1% of fiscal 2025 earnings, a high share. Free cash flow (cash from operations minus spending on plants and equipment) was negative every year in that span, so the dividend relied partly on outside financing. The company did not repurchase any shares over those five years, and its share count rose 0.5% from October 2023 to July 2026. The yield was 3.39% as of October 28, 2026. In the 2020 COVID crash, the stock fell 39.3% and took about 67 months to recover. In the 2022 bear market, it fell 19.6% and recovered in about six months. If the Black Hills merger closes, the annual report warns the combined company's dividends are not guaranteed. A single stock carries more risk than a diversified fund.
Questions investors ask
How does NorthWestern Energy make money?
NorthWestern Energy makes money selling electricity and natural gas as a regulated utility. It serves about 850,300 customers in Montana, South Dakota, Nebraska and Yellowstone National Park. Regulators set its rates to cover prudent costs and give it a chance to earn a reasonable return on the plants, power lines and pipelines it builds. In fiscal 2025, electricity produced 78.9% of its $1.61 billion in revenue and natural gas the other 21.1%.
Is NorthWestern Energy merging with Black Hills?
Yes. The two companies agreed to merge, and the deal was pending as of NorthWestern's annual report filed February 12, 2026. Under the all-stock agreement signed August 18, 2025, each NorthWestern share would become 0.98 Black Hills shares, and the combined parent would be called Bright Horizon Energy. Because the ratio is fixed, the value NorthWestern holders receive rises and falls with Black Hills' stock price. Required approvals could delay, change or block the deal.
Does NorthWestern Energy raise its dividend every year?
Yes, at least from fiscal 2021 through fiscal 2025. The dividend rose each year, from $2.48 to $2.64 a share, for at least four straight increases, and the streak may go back further. The raises were small, about 1.6% a year. Dividends took 89.1% of fiscal 2025 earnings, a high share of profits. The annual report also warns there is no guarantee the combined company will pay dividends after the Black Hills merger.
What is NorthWestern Energy's dividend yield?
The dividend yield was 3.39% as of October 28, 2026. That income came with a high payout: dividends took 89.1% of fiscal 2025 earnings. Free cash flow, the cash left after spending on plants and equipment, was negative every year from fiscal 2021 to 2025, so the company relied on borrowing and other financing to pay for both its building program and its dividend. Total debt was about $3.59 billion as of June 30, 2026.
How has NorthWestern Energy stock performed?
It returned 33.2% in the year to October 28, 2026, well above its pace of about 11.5% a year over five years and 7.8% a year over ten years. Single years swing widely: it lost about 15% in 2020 and 10% in 2023, then gained about 26% in 2025. As of October 28, 2026, it traded at 26.8 times fiscal 2025 earnings, a year when net income fell 19.2%.