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Northwestern Energy Group, Inc. (NWE) stock

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NASDAQ: NWE Nasdaq Multi-Utilities Next results ~November 4, 2026

C+ Fundamentals grade

Northwestern Energy Group, Inc. is a US-listed company in the multi-utilities industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$53

Valuation models combined (5)

Base case. Range ~$46–$62. Weighted average of 5 models (utility earnings model, forward price-to-earnings vs peers, justified price-to-book, residual income, dividend discount (two-stage)), the utility earnings model counting double.

Price vs value

Overvalued

The price is above our entire value range; our base value is 34% below it.

Price used: $80.29, November 2, 2026

Northwestern Energy Group, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Northwestern Energy Group files

Where Northwestern Energy stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $1.69bn, up 10.7% on a year earlier, faster than the 9.1% growth a quarter earlier. Free-cash-flow margin fell to -11.4% from -8.4% a year earlier. Operating margin narrowed to 18.8% from 22.6%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 0 of our 5 financial-health checks. Our cash-flow model value is $49.48 a share, against a share price of $78.11.

Source: 10-Q filed July 30, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 4, 2026 (estimated)

Northwestern Energy Group, Inc.'s trailing-twelve-month revenue grew 10.7% year on year, with a free-cash-flow margin of -11.4%. Where it stands out: change in growth rate of +1.6pp ranks 2 of 17 multi-utilities companies we cover. Where it lags: net margin of 10.1% ranks 14 of 17 multi-utilities companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 49.6% while net income fell 24.0%: a 26pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

Nothing in Northwestern Energy Group, Inc.'s latest figures clears our strength thresholds.

Things to watch

  • Priced above our value. The share price of $80.29 is 34% above our value per share of $53.
  • Margins narrowing. Operating margin is down 3.7 points on a year ago.
  • Burning cash. Free cash flow was -11.4% of revenue over the last 12 months.
  • High debt. Long-term debt exceeds cash by $3.4bn, more than 1.5 times annual revenue.
  • Weak cash conversion. Free cash flow was -112% of net income over the last 12 months.
  • Below peers: net margin. Net margin of 10.1% ranks 14 of 17 multi-utilities companies we cover (median 11.8%).

Latest results: FY2026 Q2

Filed July 30, 2026
Earnings per share
$0.50 against an average estimate of $0.43: beat by 15.0%
Revenue
$393m, up 14.6% on a year earlier
Share reaction
-2.6% in the first session after the results on July 30, 2026, against +2.4% for the S&P 500
Next report
November 4, 2026; average EPS estimate $0.73

Northwestern Energy Group's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.6%
  • 1 week+2.3%
  • 1 month+15.9%
  • This year+28.0%
  • 1 year+39.9%
  • 5 years+74.1%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$1.7B
Operating margin
18.8%
Net margin
10.1%
EPS (TTM, diluted)
$2.78

Growth

Revenue growth
+10.7%
Change in growth rate
+1.6 pts
Share count change
+0.3%

Cash

Free cash flow (TTM)
-$192M
FCF margin
-11.4%
Stock pay % of revenue
0.4%

Earnings

Last results
July 30, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Northwestern Energy Group, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$53
Price used
$80.25close November 3, 2026
Implied change
▼ 34%
Uncertainty
Low

How we got here: the combined value of 5 valuation models built for a business like Northwestern Energy Group, Inc. (see the models table below and how they are combined) , with a 7.15% cost of equity. The models span ~$46–~$62; that spread sets a 15% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Valuation models

We value Northwestern Energy Group, Inc. as an utility or power producer, with every model that fits that kind of business. Cost of equity 7.2%: the 10-year Treasury yield (4.9%) plus a beta of 0.49 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Utility earnings model Net income growing 3% a year, discounted at 8%: for regulated investment that makes free cash flow negative. ~$57 ~$48–$72 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$62 ~$61–$76 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$46 ~$38–$60 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$47 ~$32–$70 Included
Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. ~$50 ~$41–$66 Included
Combined value Weighted average of the models that apply: the primary model (utility earnings model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$53 ~$46–$62 5 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Northwestern Energy Group, Inc. with utilities and power producers in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20212022202320242025Now
Share price$46.04$49.95$44.89$49.61$62.70$80.29
Market value$2.4bn$2.8bn$2.7bn$3.0bn$3.9bn$4.9bn
+ Net debt (− = net cash)−$3m$2.8bn$2.8bn$3.1bn$3.4bn$3.6bn
Enterprise value$2.4bn$5.6bn$5.5bn$6.1bn$7.3bn$8.5bn
Multiples
Price / sales 1.7x1.9x1.9x2.0x2.4x2.9x
Price / earnings 12.8x15.4x14.0x13.6x21.3x28.9x
Price / free cash flow ——————
EV / EBITDA 5.2x12.2x10.7x11.1x12.7x14.8x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 4, 2026, after the close. Analysts expect revenue of $412m and EPS of $0.73 (range $0.70 to $0.77) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $3.74 +4% $1.7bn +9%
Next $3.97 +6% $1.8bn +4%

Next year's EPS estimate has moved 0.0% in 90 days, across 8 analysts.

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.43 $0.50 +15.0%
Mar 2026 $1.29 $1.31 +1.3%
Dec 2025 $1.19 $1.17 −1.5%
Sept 2025 $0.75 $0.79 +4.8%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

8 analysts, Oct 2026
Buy563%
Hold338%
Sell00%

Monthly trend

  1. Oct 20261438
  2. Sep 20261247
  3. Aug 20261247
  4. Jul 20261247

Counts of recommendations published by analysts covering Northwestern Energy Group, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
4.2%
of tradable shares
Days to cover
4.17
at average volume
Short interest, 1 month
+8%
to September 30, 2026
Held by institutions
98%
of shares
Held by insiders
0.7%
of shares
Employees
1,667
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +39.9%

$57.41 on October 31, 2025 to $80.29

ThenNowEffect
Revenue (last 12 months) $1.5bn $1.7bn +10.7%
Net margin 14.8% 10.1% −31.4%
P/E multiple 15.6x 28.9x +84.6%
Share count 61m 62m −0.3%

Biggest factor: p/e multiple.

Last 3 years +77.5%

$45.24 on November 3, 2023 to $80.29

ThenNowEffect
Revenue (last 12 months) $1.5bn $1.7bn +12.4%
Net margin 11.7% 10.1% −13.2%
P/E multiple 15.1x 28.9x +91.2%
Share count 59m 62m −4.8%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
NWE+2%+9%−10%+11%+26%+28%
Industry peers (median)+10%+3%−2%+14%+12%+8%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
NWE50%58%50%50%75%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
NWE−21%−20%−22%−11%−14%−11%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 39% from February 19, 2020 to March 20, 2020. Getting back needed a 65% gain, reached on October 24, 2025, 2044 days after the low.

Price behaviour

52-week range
$57.77 – $80.29
From 52-week high
0.0%
vs 50-day average
+11.3%
vs 200-day average
+15.4%
Volatility (1 year)
24%
Beta vs S&P 500
0.05

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±1.7%
After a week
8 up, 4 down
typical move ±3.2%
After a month
10 up, 2 down
typical move ±4.9%
Results releasedNext dayS&P 500 next day5 days21 days
July 30, 2026 −2.6% +2.4% −0.5% +0.5%
April 30, 2026 +1.6% +1.3% +1.5% −4.4%
February 12, 2026 +1.8% −1.5% +0.7% +0.2%
October 30, 2025 −0.3% −0.8% +5.7% +13.6%
July 31, 2025 +1.7% −2.0% +5.2% +9.3%
April 30, 2025 −2.2% +0.7% −3.1% −7.0%
February 13, 2025 −4.0% +1.1% −0.4% +5.3%
October 30, 2024 −0.2% −2.3% +1.9% +3.2%
July 31, 2024 −0.1% +0.2% −3.3% +0.3%
April 26, 2024 +1.1% +1.3% +2.5% +1.9%
February 15, 2024 +4.6% +0.2% +5.1% +6.1%
October 27, 2023 −0.4% +0.7% +9.0% +6.8%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Northwestern Energy Group, Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Northwestern Energy Group, Inc. in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Northwestern Energy Group, Inc.
$1.4B $1.5B $1.6B $1.7B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $1.5B Revenue (TTM), FY23 Q4: $1.4B Revenue (TTM), FY24 Q1: $1.4B Revenue (TTM), FY24 Q2: $1.5B Revenue (TTM), FY24 Q3: $1.5B Revenue (TTM), FY24 Q4: $1.5B Revenue (TTM), FY25 Q1: $1.5B Revenue (TTM), FY25 Q2: $1.5B Revenue (TTM), FY25 Q3: $1.6B Revenue (TTM), FY25 Q4: $1.6B Revenue (TTM), FY26 Q1: $1.6B Revenue (TTM), FY26 Q2: $1.7B $1.7B

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $1.5B
FY23 Q4 $1.4B
FY24 Q1 $1.4B
FY24 Q2 $1.5B
FY24 Q3 $1.5B
FY24 Q4 $1.5B
FY25 Q1 $1.5B
FY25 Q2 $1.5B
FY25 Q3 $1.6B
FY25 Q4 $1.6B
FY26 Q1 $1.6B
FY26 Q2 $1.7B
Revenue growth, TTM YoY Northwestern Energy Group, Inc.
-5% 0% 5% 10% 15% FY24 Q2 FY24 Q4 FY25 Q2 FY25 Q4 FY26 Q2 Revenue growth, TTM YoY, FY24 Q2: -2.2% Revenue growth, TTM YoY, FY24 Q3: 0.3% Revenue growth, TTM YoY, FY24 Q4: 6.5% Revenue growth, TTM YoY, FY25 Q1: 4.3% Revenue growth, TTM YoY, FY25 Q2: 3.8% Revenue growth, TTM YoY, FY25 Q3: 4.9% Revenue growth, TTM YoY, FY25 Q4: 6.4% Revenue growth, TTM YoY, FY26 Q1: 9.1% Revenue growth, TTM YoY, FY26 Q2: 10.7% 10.7%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q2 -2.2%
FY24 Q3 0.3%
FY24 Q4 6.5%
FY25 Q1 4.3%
FY25 Q2 3.8%
FY25 Q3 4.9%
FY25 Q4 6.4%
FY26 Q1 9.1%
FY26 Q2 10.7%
Operating margin (TTM) Northwestern Energy Group, Inc.
18% 20% 22% 24% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 18.8% Operating margin (TTM), FY23 Q4: 21.1% Operating margin (TTM), FY24 Q1: 21.2% Operating margin (TTM), FY24 Q2: 21.9% Operating margin (TTM), FY24 Q3: 22.4% Operating margin (TTM), FY24 Q4: 21.4% Operating margin (TTM), FY25 Q1: 23.0% Operating margin (TTM), FY25 Q2: 22.6% Operating margin (TTM), FY25 Q3: 22.8% Operating margin (TTM), FY25 Q4: 20.2% Operating margin (TTM), FY26 Q1: 19.2% Operating margin (TTM), FY26 Q2: 18.8% 18.8%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 18.8%
FY23 Q4 21.1%
FY24 Q1 21.2%
FY24 Q2 21.9%
FY24 Q3 22.4%
FY24 Q4 21.4%
FY25 Q1 23.0%
FY25 Q2 22.6%
FY25 Q3 22.8%
FY25 Q4 20.2%
FY26 Q1 19.2%
FY26 Q2 18.8%
FCF margin (TTM) Northwestern Energy Group, Inc.
-15% -10% -5% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -7.4% FCF margin (TTM), FY23 Q4: -5.5% FCF margin (TTM), FY24 Q1: -7.1% FCF margin (TTM), FY24 Q2: -9.0% FCF margin (TTM), FY24 Q3: -10.3% FCF margin (TTM), FY24 Q4: -9.4% FCF margin (TTM), FY25 Q1: -8.9% FCF margin (TTM), FY25 Q2: -8.4% FCF margin (TTM), FY25 Q3: -7.8% FCF margin (TTM), FY25 Q4: -8.1% FCF margin (TTM), FY26 Q1: -9.0% FCF margin (TTM), FY26 Q2: -11.4% -11.4%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -7.4%
FY23 Q4 -5.5%
FY24 Q1 -7.1%
FY24 Q2 -9.0%
FY24 Q3 -10.3%
FY24 Q4 -9.4%
FY25 Q1 -8.9%
FY25 Q2 -8.4%
FY25 Q3 -7.8%
FY25 Q4 -8.1%
FY26 Q1 -9.0%
FY26 Q2 -11.4%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Northwestern Energy Group took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $1.6B
  2. Selling, general and admin $158M · 9.8%
  3. Other operating costs $1.1B · 69.9%
  4. Operating income $326M · 20.2%
  5. Interest and other $138M · 8.6%
  6. Net income $181M · 11.2%

Shares of revenue. Source: Northwestern Energy Group's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 1,372 1,478 1,422 1,514 1,611 1,691
EBITDA 463 458 511 551 575 577
Operating income 276 263 300 323 326 319
Net income 187 183 194 224 181 171
Diluted EPS $3.60 $3.25 $3.22 $3.65 $2.94 $2.78
Growth (year on year)
Revenue — +7.7% −3.8% +6.5% +6.4% +10.7%
EBITDA — −1.1% +11.5% +7.8% +4.4% −1.1%
Operating income — −4.6% +14.2% +7.6% +0.8% −7.7%
Net income — −2.1% +6.1% +15.4% −19.2% −24.0%
Diluted EPS — −9.7% −0.9% +13.4% −19.5% −24.2%
Margins
EBITDA margin 33.7% 31.0% 35.9% 36.4% 35.7% 34.1%
Operating margin 20.1% 17.8% 21.1% 21.4% 20.2% 18.8%
Net margin 13.6% 12.4% 13.7% 14.8% 11.2% 10.1%
Free-cash-flow margin −15.6% −14.1% −5.5% −9.4% −8.1% −11.4%
Cash flow
Cash from operations 220 307 489 407 394 416
Capital spending 434 515 567 549 524 608
Free cash flow −214 −208 −78 −143 −130 −192
Stock-based pay 5 5 5 5 7 7
Free cash flow after stock pay −220 −213 −83 −147 −137 −199
Balance sheet
Cash 3 8 9 4 9 4
Total debt 0 2,763 2,785 3,095 3,436 3,587
Net debt (negative = net cash) −3 2,755 2,775 3,091 3,427 3,583
Diluted shares 52m 56m 60m 61m 62m 62m
Returned to shareholders
Dividends 128 140 154 159 161 163
Total returned 128 140 154 159 161 163

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

0 of 5 checks passed · June 30, 2026
What it owns · $8.7bn
Short-term assets $482mLonger-term assets $8.2bn
What it owes, and who funded it · $8.7bn
Short-term liabilities $583mLonger-term liabilities $5.2bnShareholders' equity $2.9bn
  • Short-term assets cover short-term liabilities $482m of assets due within a year against $583m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $482m short-term assets against $5.2bn of longer-dated liabilities.
  • More cash than debt $4m of cash against $3.5bn of debt.
  • Debt below 40% of shareholders' equity Debt is 120% of equity.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt $416m of operating cash flow against $3.5bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Northwestern Energy Group, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Dividends (TTM)
$163M
Returned to shareholders
-85%
of free cash flow
Diluted share count
+0.3%
year over year
Total shareholder yield
3.3%
dividends 3.3% + buybacks 0.0% of market value
Dividend payout ratio
95%
of net income paid out
Days sales outstanding
36 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in multi-utilities
Last 12 months unless stated NWE MDU AVA BKH UTL PNW Median
Revenue, last 12 months $1.7bn $1.8bn $1.9bn $2.3bn $608m $5.6bn $9.0bn
Revenue growth, last 12 months 10.7% −1.1% −1.8% 2.5% 21.1% 5.7% 7.8%
Revenue growth, 3-year average 4.0% −5.2% 3.6% −3.8% 1.1% 6.9% 2.3%
Revenue growth, latest quarter 14.6% 6.9% 0.5% 3.1% 11.4% 7.1% 6.6%
Operating margin 18.8% 17.0% 18.8% 23.9% 18.6% 20.5% 20.4%
Operating margin, 3-year average 21.1% 35.5% 17.1% 23.6% 18.5% 19.8% 20.4%
Net margin 10.1% 10.7% 11.8% 13.0% 9.1% 11.5% 11.8%
Cash from operations / revenue 24.6% 22.1% 28.5% 27.3% 26.7% 31.9% 28.8%
Free-cash-flow margin −11.4% −21.1% −5.4% −13.3% −6.6% −15.8% −13.3%
Free-cash-flow margin, 3-year average −9.6% 6.9% −3.8% −3.3% −7.6% −14.9% −7.6%
Stock pay / revenue 0.4% 0.4% 0.6% 0.5% — 0.5% 0.5%
Change in share count 0.3% 1.2% 2.8% 4.8% 9.5% 3.9% 2.2%

Median of all 17 companies we cover in multi-utilities. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

17 multi-utilities companies
Measure Company Peer median Rank
Revenue growth Growth 10.7% 7.8% 5 of 17
Change in growth rate Growth +1.6pp -0.2pp 2 of 17
Operating margin Profitability 18.8% 20.5% 10 of 16
Net margin Profitability 10.1% 11.8% 14 of 17
Free-cash-flow margin Cash generation -11.4% -13.3% 8 of 17
Stock pay as % of revenue Cash generation 0.4% 0.5% 4 of 8
Long-term debt as % of assets Balance sheet 39.5% 39.5% 9 of 16
Change in share count Balance sheet 0.3% 2.2% 2 of 17
Days sales outstanding Balance sheet 36 days 39 days 6 of 14

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue YoY
Total Revenue $1.6B ▲ 6.4%
Regulated Electric and Natural Gas Segments $1.6B ▲ 6.4%
Electricity Us Regulated $1.3B ▲ 5.8%
Natural Gas Us Regulated $341M ▲ 8.8%

These categories overlap or exclude eliminations, so shares aren't shown.

From Northwestern Energy Group, Inc.'s 10-K filed February 12, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$4.2B
Institutions reporting
374
Shares held vs prior quarter
▼ 1.5%
Positions opened / closed
32 / 29

Top buyers and sellers, Q2 2026: 161 institutions bought and 165 sold ; the biggest buyer was Blackrock, Inc (+789K shares) and the biggest seller Qube Research & Technologies Ltd (−427K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $650M 9.1M 15.4% ▲ 9.5%
Vanguard Portfolio Management LLC $254M 3.5M 6.0% ▲ 1.7%
Vanguard Capital Management LLC $200M 2.8M 4.7% ▲ 0.3%
State Street Corp $174M 2.4M 4.1% ▲ 4.1%
Geode Capital Management, LLC $128M 1.8M 3.0% ▲ 5.6%
Franklin Resources Inc $113M 1.6M 2.7% ▼ 2.5%
Neuberger Berman Group LLC $97.3M 1.4M 2.3% ▲ 6.5%
Balyasny Asset Management L.P. $92.1M 1.3M 2.2% ▲ 41.2%
American Century Companies Inc $88.7M 1.2M 2.1% ▼ 20.5%
Systematic Financial Management LP $80.4M 1.1M 1.9% ▼ 0.9%
AQR Arbitrage LLC $78.4M 1.1M 1.9% ▲ 1.2%
Millennium Management LLC $76.2M 1.1M 1.8% ▼ 19.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Northwestern Energy Group, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 5 trades and filings

In the last 12 months, 1 member of Congress disclosed 1 purchase and 0 sales of Northwestern Energy Group, Inc. shares.

  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded March 3, 2026, filed April 7, 2026
  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded June 17, 2025, filed August 13, 2025
  • Lisa C. McClain(R-MI 9):Purchase, $1,001 - $15,000, traded June 9, 2025, filed August 13, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around October 29, 2026 estimated from the company's past filing pattern, not announced

  • July 30, 2026
  • April 30, 2026
  • February 12, 2026
  • October 30, 2025
  • July 31, 2025
  • April 30, 2025

Recent SEC filings

Data status

When each part of this page on Northwestern Energy Group, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Northwestern Energy Group, Inc. in brief

What does Northwestern Energy Group, Inc. do?
Northwestern Energy Group, Inc. is a US-listed company in the multi-utilities industry. Its financial year ends in December.
What is Northwestern Energy Group, Inc.'s stock ticker?
Northwestern Energy Group, Inc. trades under the ticker NWE on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Northwestern Energy Group, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Northwestern Energy Group, Inc. reported revenue of $1.7B, 10.7% higher than a year earlier, according to its SEC filings.
What is Northwestern Energy Group, Inc.'s free cash flow?
Northwestern Energy Group, Inc.'s free-cash-flow margin is -11.4% of revenue over the trailing twelve months, ranking 8 of the 17 multi-utilities companies we cover.
Who are Northwestern Energy Group, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Northwestern Energy Group, Inc.'s market cap?
On November 2, 2026, Northwestern Energy Group, Inc.'s market capitalisation was about $4.9B, with a price-to-earnings ratio of 28.9 and net debt of $3.6B. Market figures come from third-party market data and may be delayed.
Does Northwestern Energy Group, Inc. pay a dividend?
Yes: Northwestern Energy Group, Inc. paid $163M in dividends over the trailing twelve months, a dividend yield of 3.30% and a payout ratio of 95.0%.
How much debt does Northwestern Energy Group, Inc. have?
Northwestern Energy Group, Inc.'s debt-to-equity ratio is 120.4%, from its latest balance sheet. The financial health section below sets out its other solvency checks.
Who are Northwestern Energy Group, Inc.'s competitors?
In our Multi-Utilities peer group, the companies closest to Northwestern Energy Group, Inc. are MDU Resources Group Inc, Avista Corp, Black Hills Corp, Unitil Corp and Pinnacle West Capital. The side-by-side comparison below sets their revenue, margins and growth against Northwestern Energy Group, Inc.'s.
When is Northwestern Energy Group, Inc.'s next earnings date?
Around November 4, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Northwestern Energy Group, Inc. announces its own schedule.