At a glance
Southwest Gas Holdings Inc is worth $6.70B, about 15 times its fiscal 2025 earnings. Revenue fell 21.6% to $1.94B in fiscal 2025, with 22.7% kept as profit. It pays a 2.75% dividend yield, and returned $829.5M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +18.2% over the past year with dividends reinvested and +9.8% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 34.0% in the 2020 crash (S&P 500: 33.7%) and 28.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 1 month and 38 months after the lows.
The business in plain English
Southwest Gas Holdings, based in Las Vegas, owns Southwest Gas, a regulated natural gas utility. As of December 31, 2025, it served about 2,281,000 homes and businesses in parts of Arizona, Nevada and California. It added 37,000 first-time meter connections during 2025. The company took its utility infrastructure services unit, Centuri, public in April 2024. In August 2025 it stopped counting Centuri's results as its own, which left gas distribution as its only business.
Southwest Gas earns money through regulated rates. Utility commissions in each state set prices meant to cover approved costs plus a return on rate base, which is roughly the depreciated value of its pipes and equipment. Profit grows mainly by investing in the system and earning a return on that investment. The cost of the gas itself is passed through to customers. “Decoupled” rates separate earnings from how much gas customers use, which softens the effect of mild weather. Results peak in winter.
Homes and small businesses drive results. In 2025 they produced 85% of operating margin (revenue minus the cost of gas). Other sales customers added 4% and transportation 11%. Transportation customers secure their own gas and pay Southwest Gas to deliver it. They moved 41% of the system's gas but supplied only 11% of margin. A subsidiary, Great Basin, runs federally regulated pipelines and storage in northern Nevada. Revenue was $1.94 billion in 2025.
Price history
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SWX +18.2% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was —, and net income was $42.1M.
- For fiscal 2025, revenue was $1.94B (-21.6% year over year) with a 22.7% net margin.
Financial health check
| Operating margin | 24.4% good |
|---|---|
| Free cash flow margin | -13% weak |
| Return on equity (FY2025) | 11.1% watch |
| Return on assets (FY2025) | 4.2% watch |
| Net cash (cash minus debt) | $-3.24B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $3.30B | $232.3M | $-199.0M |
| FY2021 | $3.68B | $200.8M | $-604.2M |
| FY2022 | $4.96B | $-203.3M | $-452.0M |
| FY2023 | $2.53B | $150.9M | $-256.7M |
| FY2024 | $2.48B | $198.8M | $509.2M |
| FY2025 | $1.94B | $439.8M | $-251.8M |
Valuation snapshot
| Market value | $6.70B |
|---|---|
| P/E ratio | 15.2 |
| Dividend yield | 2.75% |
Rank among 1514 US companies
Market value at each year end
Southwest Gas Holdings’s market value went from $3.84B at the end of 2017 to $6.70B on Oct 28, 2026, up 74%; since the end of 2025 it is up 16%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $6.70B | +16.0% |
| 2025 | $5.78B | +13.9% |
| 2024 | $5.07B | +12.0% |
| 2023 | $4.53B | +9.2% |
| 2022 | $4.15B | -1.9% |
| 2021 | $4.23B | +23.3% |
| 2020 | $3.43B | -17.3% |
| 2019 | $4.15B | +9.7% |
| 2018 | $3.78B | -1.6% |
| 2017 | $3.84B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| SWX price data to Oct 28, 2026 | +18.1% | +18.2% | +21.5% | +9.8% | +5.9% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +18.1% |
| 2025 | +16.9% |
| 2024 | +15.7% |
| 2023 | +6.6% |
| 2022 | -8.6% |
| 2021 | +19.4% |
| 2020 | -17.5% |
| 2019 | +2.0% |
| 2018 | -2.3% |
| 2017 | +7.6% |
| 2016 | +42.5% |
| 2015 | -8.1% |
| 2014 | +13.6% |
| 2013 | +35.3% |
| 2012 | +2.6% |
| 2011 | +19.2% |
| 2010 | +32.6% |
| 2009 | +17.8% |
| 2008 | -12.6% |
| 2007 | -20.4% |
| 2006 | +49.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 37.1% over that stretch · deepest drop along the way 44.8%, back to its old high 12.4 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 33.8% over that stretch · deepest drop along the way 34%, back to its old high 1.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 0.1% over that stretch · deepest drop along the way 28.1%, back to its old high 37.6 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 1 sales ($205K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 28, 2026 | Julie M. Williams SVP/Cont. Improvement and Opt. | sell | $205K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 15.1% | Sep 30, 2026 |
| FMR LLC | 7.8% | Dec 31, 2025 |
| Vanguard Portfolio Management | 5.36% | Mar 31, 2026 |
| Vanguard Capital Management | 5.13% | Sep 30, 2026 |
ETFs with the most weight in SWX
| WBIG WBI BullBear Yield 3000 ETF | 3.89% |
| PKB Invesco Building & Construction ETF | 2.72% |
| CSB VictoryShares US Small Cap High Dividend Volatility Wtd ETF | 1.4% |
| XMLV Invesco S&P MidCap Low Volatility ETF | 1.01% |
| RFV Invesco S&P MidCap 400® Pure Value ETF | 0.69% |
| WCEO Hypatia Women CEO ETF | 0.59% |
| IFRA iShares U.S. Infrastructure ETF | 0.56% |
| PAMC Pacer Lunt MidCap Multi-Factor Alternator ETF | 0.51% |
What could go wrong
- Problems with accounting controls. The company found a material weakness, a serious gap in its financial-reporting controls. In January 2026 it said some earlier financial statements were no longer reliable. That raises the risk of errors or late reports.
- Earnings hinge on three state regulators. State commissions in Arizona, Nevada and California set what Southwest Gas may charge, and all its customers are in those three states. The timing and size of rate increases can swing earnings.
- Pipeline expansion could run late or over budget. The 2028 expansion of its Great Basin pipeline system needs scarce skilled labor, steel pipe and federal approval. Construction is expected to start in late 2027. Shortages could delay it, raise costs and hurt returns.
- Turnover in the executive ranks. The company had executive turnover in 2025. It filed several notices of executive or board changes between January and October 2026. Leadership changes can shift strategy, delay plans and hurt credibility with regulators.
- Climate policy and the energy transition. Laws on climate change and renewable energy, and the wider shift to lower-carbon energy, could raise costs or slow growth. Delivering natural gas is now the company's only business.
- Large debt load and interest-rate sensitivity. Total debt was about $3.5 billion as of June 30, 2026. Higher interest rates, a credit downgrade or a weak economy could raise borrowing costs, make projects harder to fund and weigh on the share price.
Recent events
- Executive or board change
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Executive or board change
- Quarterly results released
- Major agreement ended
- Executive or board change; Investor presentation or announcement
- Quarterly results released; Earlier financial statements no longer reliable; Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
For income and retirement investors
Southwest Gas Holdings pays a dividend but has not been raising it. It paid $2.38 per share in 2021, then $2.48 each year from 2022 through 2025. The yield was 2.75% as of October 28, 2026. The dividend took 40.6% of 2025's unusually high earnings ($6.08 a share, against $2.76 in 2024). In 2022 and 2023 it was larger than earnings. Free cash flow (cash from operations minus capital spending) was negative every year from 2021 through 2025 except 2024, so it did not cover the dividend in those years. There were no buybacks, and the share count rose about 20% from October 2021 to July 2026.
The shares fell 44.8% in the 2008 financial crisis and 34% in the 2020 COVID crash. They got back to their earlier highs about 12.4 and 1.4 months after the lows. In 2022 they fell 28.1% and did not recover until November 2025. A single stock carries more risk than a diversified fund.
Questions investors ask
Does Southwest Gas raise its dividend every year?
No. Southwest Gas Holdings paid $2.38 per share in 2021 and $2.48 in each year from 2022 through 2025, so it has no streak of yearly increases. The yield was 2.75% as of October 28, 2026. The dividend used 40.6% of 2025 earnings, but it was larger than earnings per share in 2022 and 2023. Free cash flow (operating cash flow minus capital spending) was negative every year from 2021 through 2025 except 2024.
How does Southwest Gas make money?
It delivers natural gas at rates set by regulators. Its utility, Southwest Gas, served about 2,281,000 customers in parts of Arizona, Nevada and California as of December 31, 2025. Commissions in each state set rates meant to cover approved costs plus a return on its investment in pipes and equipment. Gas costs are passed through to customers. In 2025, residential and small commercial customers produced 85% of operating margin (revenue minus the cost of gas).
Is Centuri still part of Southwest Gas Holdings?
Not in its financial results. Southwest Gas Holdings took Centuri, its utility infrastructure services business, public on April 22, 2024. In August 2025 it stopped counting Centuri's results as its own. Since then its only business segment has been natural gas distribution through Southwest Gas. Later filings put revenue from 2023 onward on a new basis, so 2025 revenue of $1.94 billion can't be compared directly with totals from before 2023.
How has Southwest Gas stock performed over the long term?
It returned about 5.9% a year over 10 years as of October 28, 2026. Shorter periods were stronger: 9.8% a year over five years and 21.5% a year over three years. It gained 16.91% in 2025 and 18.09% in 2026 through October 28. On that date the shares traded at 15.2 times 2025 earnings. That ratio is held down by 2025 earnings per share of $6.08, far above 2024's $2.76.
Is Southwest Gas stock safe in a stock market crash?
Not reliably. The shares fell 44.8% in the 2008 financial crisis and 34% in the 2020 COVID crash. They ended the 2022 market downturn roughly flat, but along the way fell 28.1% from a May peak to an October low. They did not regain that peak until November 2025. The deepest drop in 21.3 years of price history was 53.6%. The one-year beta was -0.17 as of October 28, 2026, which means the price had little link to the market's swings over that year.