| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 53 | 16.6x | 17.3x | Around median | |
Growth | 48 | 4.4% | 7.1% | Around median | |
Quality | 41 | 6.2% | 4.5% | Around median | |
Safety | 26 | 5.7x | 2.6x | Bottom tier | |
Capital Return | 34 | 3.91% | 0.06% | Bottom tier | |
Momentum | 59 | 3.4% | -1.6% | Around median | |
Sentiment | 35 | 4 | 3 | Bottom tier |
10-year US Treasury yield 4.96% as of 2026-10-22. Estimates computed from company data and analyst targets, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Northwest Natural Holding Company operates natural gas and water utilities, generating revenue by serving customers and recovering infrastructure investments through regulated rates. Its operations include Northwest Natural Gas, SiEnergy in Texas, and Northwest Natural Water, alongside the MX3 gas storage expansion project. Its ability to increase earnings therefore depends on customer growth, the timing of rate approvals, and controlling the costs of operating its networks and financing their expansion.
Revenue for the last 12 months ended 2026-06-30 was approximately 1.3 billion dollars, and net income was 126.0 million dollars. According to EL7 data, operating cash flow for the same period was 213.2 million dollars, equivalent to 169% of net income, but free cash flow as calculated by EL7 (operating cash flow minus capital expenditures) for the last 12 months was -266.0 million dollars. In fiscal year 2025 ended 2025-12-31, revenue was 1.3 billion dollars and net income was 113.3 million dollars, compared with revenue of 1.2 billion dollars and net income of 78.9 million dollars in fiscal year 2024.
In quarter 2 of fiscal year 2026 ended 2026-06-30, earnings per share were 0.01 dollars, unchanged from the same quarter of the previous fiscal year. Northwest Natural Gas recorded earnings per share of 0.09 dollars, compared with 0.12 dollars, while SiEnergy's contribution was 0.05 dollars, compared with 0.03 dollars, and the water business contributed 0.05 dollars, compared with 0.07 dollars, on the same comparison basis. The results reflect the seasonality of the business: most gas revenue and earnings are concentrated in quarters 1 and 4 of the fiscal year, while water operations are concentrated in quarter 3 of the fiscal year. Management expects SiEnergy and water together to contribute approximately 25% of earnings per share in fiscal year 2026 ending 2026-12-31.
Last 12 months to 2026-06-30
When: 2026-10-31
Approval of Oregon's 13 million dollar increase in revenue requirements and implementation of rates
When: 2026-11-05
Update to earnings-per-share guidance for fiscal year 2026 ending 2026-12-31 within the range of 2.95 to 3.15 dollars at the expected earnings release
The industry-multiple valuation is 55 dollars, within a range of 49 to 61 dollars, pricing next year's earnings at a median multiple of 17.2 across 14 comparable companies. The median analyst price target is 50 dollars, an indicative estimate with low confidence because coverage includes only 2 analysts, reflecting their growth expectations. Analyst targets fall within the range of the industry-multiple method but below its central value, reflecting differences between growth expectations and valuation based on comparable-company multiples. Analyst targets tend to be optimistic by nature, while the consensus for NWN is neutral, and the average target declined to 50 dollars as of 2026-10-19 compared with 55.33 dollars in the 2026-09-01 analysis.
Figures in the text are as of 2026-10-19; the live price is shown at the top of the page.
Earnings per share were 0.01 dollars in quarter 2 of fiscal year 2026 ended 2026-06-30, unchanged from the same quarter of the previous fiscal year. Management explained that most gas utility revenue and earnings are generated in quarters 1 and 4 of the fiscal year during the heating season, while water operations are concentrated in quarter 3 of the fiscal year. This quarter alone therefore does not represent annual profitability, and management expected to reach the upper half of the range of 2.95 to 3.15 dollars per share in fiscal year 2026 ending 2026-12-31.
SiEnergy's organic customer growth exceeded 15% in quarter 2 of fiscal year 2026 ended 2026-06-30, and it has more than 260000 future meters in its backlog. Its earnings-per-share contribution was 0.05 dollars in that quarter, compared with 0.03 dollars in the same quarter of the previous fiscal year, benefiting from customer growth, the deferral of some expenses, and a full-quarter contribution from Pines following its acquisition on 2025-06-02. Management expects annual customer growth of 15% to 20% through 2030. Recovery of expansion costs also remains tied to the rate case filed with the Railroad Commission of Texas on
Automated analysis for informational purposes only — not investment advice.
Northwest Natural Water customer growth over the last 12 months compared with the 3.4% level at the expected earnings release
The planned cost of MX3 is 300 million dollars, and it adds gas storage capacity of 4 to 5 billion cubic feet, fully contracted for 25 years. The project's financial framework includes a return on equity of 12.5% and a capital structure with a 50% equity share. Management expects authorization to proceed by the end of 2027 and operations to begin in 2029, linking authorization to an increase in the long-term earnings growth target from 4% to 6% to a range of 5% to 7%. An appeal has been filed against the conditional use permit, with management affirming that the planned schedule incorporates this procedural process.
According to EL7 data, operating cash flow for the last 12 months ended 2026-06-30 was 213.2 million dollars, equivalent to 169% of net income of 126.0 million dollars. However, free cash flow as calculated by EL7 (operating cash flow minus capital expenditures) for the last 12 months was -266.0 million dollars, illustrating the scale of investment needs that exceed operating cash. The capital expenditure plan for fiscal year 2026 ending 2026-12-31 ranges from 500 million to 550 million dollars. The financing plan includes approximately 150 million dollars in net long-term debt issuance and approximately 40 million to 50 million dollars in equity issuance, alongside operating cash.
Management targets a dividend payout ratio of 55% to 65%, and links dividend increases to bringing the ratio into line with this range, earnings growth, and cash generation. In fiscal year 2026 ending 2026-12-31, management expects earnings per share in the upper half of the range of 2.95 to 3.15 dollars, making delivery on guidance important for the dividend trajectory. According to data for the period ended 2026-06-30, the company ranks 24 out of 25 within its industry on the shareholder return dimension, which measures what the company returns to shareholders. The payout ratio target does not constitute an announcement of a specific dividend increase.
The expected earnings release date is 2026-11-05. A key point to watch is whether management continues to expect the upper half of the earnings-per-share range of 2.95 to 3.15 dollars for fiscal year 2026 ending 2026-12-31. Also worth monitoring are the impact of Washington rates effective since 2026-08-01 and the outcome of Oregon's 13 million dollar increase in revenue requirements, which was expected to take effect on 2026-10-31. The water segment's ability to improve its earnings contribution following higher integration and operational centralization expenses remains an important factor in assessing execution.