| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 57 | 16.1x | 17.8x | Around median | |
Growth | 54 | 4.4% | 7.1% | Around median | |
Quality | 40 | 6.2% | 4.5% | Around median | |
Safety | 25 | 5.7x | 2.6x | Bottom tier | |
Capital Return | 35 | 4.03% | 2.12% | Bottom tier | |
Momentum | 62 | 22.9% | 2.9% | Around median | |
Sentiment | 39 | 4 | 3 | Bottom tier |
Estimates — analyst targets and a simplified DCF, 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 through three main utility platforms: Northwest Natural Gas, SiEnergy, and Northwest Natural Water, in addition to the MX3 gas storage project. Its economic model relies on investing capital in gas and water networks, then recovering these investments and earning a return on them through regulatory frameworks, while SiEnergy adds a high-growth engine in Texas thanks to customer growth of more than 15% and more than 260 thousand future meters in its backlog.
In Q2 fiscal 2026, revenue was $243.6 million, net income was $0.6 million, and earnings per share were $0.01, compared with the same earnings per share of $0.01 in the corresponding period. Trailing twelve-month revenue was $1.3 billion, net income was $122.9 million, and earnings per share were approximately $2.94; the data do not include a gross profit figure that would allow a reliable gross margin calculation.
At the operating mix level in Q2 fiscal 2026, Northwest Natural Gas generated earnings per share of $0.09, SiEnergy approximately $0.05, and Northwest Natural Water approximately $0.05. The gas contribution declined from $0.12 a year earlier due to higher operating and maintenance, depreciation, and financing expenses, while SiEnergy's contribution increased from $0.03, supported by customer growth and the contribution from Pines, and the water contribution declined from $0.07 due to platform integration and centralization costs.
Automated analysis for informational purposes only — not investment advice.
The analyst consensus on NWN is "Neutral," with an average price target of $55.33 and a target range of $50 to $58. The average target is close to the upper end of the 52-week range of $40.9 to $55.99, while the spread of targets between $50 and $58 reflects relatively limited disagreement over the impact of SiEnergy and MX3 growth versus regulatory and financing risks and utility cost pressures.
Figures in the text are as of 2026-09-01; the live price is shown at the top of the page.
Earnings per share in the first half of fiscal 2026 were approximately $2.33, compared with adjusted earnings per share of $2.28 in the corresponding period of fiscal 2025. Management indicated on the August 5, 2026 call that Q2 and first-half results exceeded its expectations, with improved visibility for the second half and cost discipline. It therefore now targets the upper half of the annual guidance range of $2.95 to $3.15 per share.
SiEnergy generated organic customer growth exceeding 15% in Q2 fiscal 2026, and segment earnings per share increased to $0.05 from $0.03 a year earlier. Its backlog includes more than 260 thousand future meters, while management expects customer growth of approximately 15% to 20% annually through 2030. Its results also benefited from a full-quarter contribution from Pines following its acquisition on June 2, 2025.
MX3 is a $300 million gas storage expansion project targeting the addition of 4 to 5 billion cubic feet of capacity. The project is fully contracted under 25-year agreements, with a 12.5% return on equity and a capital structure consisting of 50% equity. The company expects a notice to proceed by the end of 2027 and entry into service in 2029, and after the notice, it expects to raise its long-term earnings growth target from 4%–6% to 5%–7%.
In Washington, the company received more than 80% of the requested revenue requirement increase, with a 9.5% return on equity, and the new rates took effect on August 1, 2026. In Oregon, the multi-party agreement provides for a revenue requirement of $13 million versus an original request of $15.6 million. Management expects a decision during fiscal 2026 and the rates to begin on October 31, 2026, supporting its expectation of stronger second-half performance compared with the corresponding period.
The company plans capital expenditures of between $500 and $550 million in fiscal 2026 across its three utility platforms. Expected financing includes approximately $150 million of net long-term debt issuance, in addition to $40–50 million of equity through the ATM program. In Q2 fiscal 2026, the impact of higher depreciation and financing costs was already evident in the decline in Northwest Natural Gas earnings per share to $0.09 from $0.12 a year earlier, despite available liquidity of $628 million at quarter-end.
