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Northwest Natural Holding Co (NWN) stock

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NYSE: NWN NYSE Gas Utilities Next results ~November 5, 2026

D Fundamentals grade

Northwest Natural Holding Co is a US-listed company in the gas 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

~$50

Valuation models combined (5)

Base case. Range ~$40–$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

Modestly overvalued

The price is inside our value range, 2% above our base value.

Price used: $50.65, November 3, 2026

Northwest Natural Holding Co 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.

  • Insiders2 buying, 7 selling2 purchases and 15 sales by directors and officers, last 12 monthsInsider trades
  • Funds159 adding, 131 cuttingOf 44 active managers that changed their stake, 25 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Northwest Natural Holding files

Where Northwest Natural stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $1.29bn, up 4.4% on a year earlier, slower than the 5.9% growth a quarter earlier. Free-cash-flow margin fell to -20.6% from -14.7% a year earlier. Operating margin widened to 22.8% from 20.0%. The diluted share count is up 4.3% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 0 of our 5 financial-health checks. Our cash-flow model value is $48.78 a share, against a share price of $49.98.

Source: 10-Q filed August 5, 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 5, 2026 (estimated)

Northwest Natural Holding Co's trailing-twelve-month revenue grew 4.4% year on year, with a free-cash-flow margin of -20.6%. Where it lags: free-cash-flow margin of -20.6% ranks 10 of 12 gas utilities companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 46.0% while net income grew 22.0%: a 68pp 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 Northwest Natural Holding Co's latest figures clears our strength thresholds.

Things to watch

  • Results due soon. Results are expected around 4 November; the share price can move sharply on the day.
  • Burning cash. Free cash flow was -20.6% of revenue over the last 12 months.
  • Share dilution. Diluted shares rose 4.3% in a year.
  • High debt. Long-term debt exceeds cash by $2.4bn, more than 1.5 times annual revenue.
  • Weak cash conversion. Free cash flow was -211% of net income over the last 12 months.

Latest results: FY2026 Q2

Filed August 5, 2026
Earnings per share
$0.01 against an average estimate of -$0.07: beat by 114.3%
Revenue
$244m, up 3.1% on a year earlier
Share reaction
+4.2% in the first session after the results on August 5, 2026, against -0.4% for the S&P 500
Next report
November 5, 2026; average EPS estimate -$0.87

Northwest Natural Holding's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-0.2%
  • 1 week+2.5%
  • 1 month+8.0%
  • This year+12.9%
  • 1 year+13.9%
  • 5 years+36.6%
  • 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)
$1.3B
Operating margin
22.8%
Net margin
9.7%
EPS (TTM, diluted)
$3.02

Growth

Revenue growth
+4.4%
Change in growth rate
−1.5 pts
Share count change
+4.3%

Cash

Free cash flow (TTM)
-$266M
FCF margin
-20.6%

Earnings

Last results
August 5, 2026
Next results (est.)
November 4, 2026

News & updates

Updated October 31, 2026

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

  1. Dividend
  2. Announcement
  3. Financing
  4. Results
  5. Announcement
  6. Dividend
  7. Announcement

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

Northwest Natural Holding Co valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$50
Price used
$50.56close November 3, 2026
Implied change
▼ 2%
Uncertainty
Low

How we got here: the combined value of 5 valuation models built for a business like Northwest Natural Holding Co (see the models table below and how they are combined) , with a 7% cost of equity. The models span ~$40–~$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 Northwest Natural Holding Co as an utility or power producer, with every model that fits that kind of business. Cost of equity 7%: the 10-year Treasury yield (4.9%) plus a beta of 0.45 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. ~$62 ~$51–$77 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. ~$50 ~$50–$62 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$42 ~$35–$53 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$40 ~$28–$59 Included
Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. ~$42 ~$34–$56 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. ~$50 ~$40–$62 5 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Northwest Natural Holding Co 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 2016201720182019202020212022202320242025Now
Share price$40.85$42.00$43.89$55.06$35.50$39.15$39.73$33.99$36.30$44.92$50.73
Market value$1.1bn$1.2bn$1.3bn$1.6bn$1.1bn$1.2bn$1.4bn$1.2bn$1.4bn$1.8bn$2.1bn
+ Net debt (− = net cash)−$4m$831m$941m$1.0bn$1.2bn$1.4bn$1.6bn$1.6bn$1.8bn$2.6bn$2.6bn
Enterprise value$1.1bn$2.0bn$2.2bn$2.7bn$2.3bn$2.6bn$2.9bn$2.9bn$3.3bn$4.4bn$4.7bn
Multiples
Price / sales 1.7x1.6x1.8x2.2x1.4x1.4x1.3x1.0x1.2x1.4x1.6x
Price / earnings 19.3x—19.6x26.6x14.1x15.3x15.6x13.1x17.9x16.2x16.8x
Price / free cash flow 13.5x——————————
EV / EBITDA 5.0x8.8x10.2x11.3x9.2x9.5x10.3x9.2x9.9x9.9x10.1x

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

26 /100

Weak moat

How hard Northwest Natural Holding's competitive advantage looks for rivals to wear away, judged from 9 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median 1.9% of total assets over 9 years.

  • Durability 16 / 20

    Operating margin has been a median 19.0%; its worst year was 16.0%.

  • Cash conversion 0 / 20

    Free cash flow was positive in 0 of 8 years, at a median -13.0% of revenue.

  • Discipline 5 / 20

    The diluted share count rose 36.2% over five years.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

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 5, 2026, before the open. Analysts expect revenue of $182m and EPS of −$0.87 (range −$1.22 to −$0.71) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $3.08 +5% $1.4bn +7%
Next $3.23 +5% $1.4bn +5%

Next year's EPS estimate has moved +0.1% in 90 days, across 6 analysts.

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$0.07 $0.01 +114.3%
Mar 2026 $2.40 $2.33 −3.0%
Dec 2025 $1.36 $1.39 +2.2%
Sept 2025 −$0.83 −$0.73 +11.6%

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

Analyst recommendations

7 analysts, Oct 2026
Buy343%
Hold457%
Sell00%

Monthly trend

  1. Oct 2026347
  2. Sep 2026336
  3. Aug 2026336
  4. Jul 20263216

Counts of recommendations published by analysts covering Northwest Natural Holding Co, 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
6.1%
of tradable shares
Days to cover
6.88
at average volume
Short interest, 1 month
+4%
to September 30, 2026
Held by institutions
84%
of shares
Held by insiders
0.6%
of shares
Employees
1,619
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 +15.9%

$43.75 on October 31, 2025 to $50.73

ThenNowEffect
Revenue (last 12 months) $1.2bn $1.3bn +4.4%
Net margin 8.3% 9.7% +16.9%
P/E multiple 17.0x 16.8x −0.9%
Share count 40m 42m −4.1%

Biggest factor: net margin.

Last 3 years +47.7%

$34.34 on November 3, 2023 to $50.73

ThenNowEffect
Revenue (last 12 months) $1.2bn $1.3bn +8.4%
Net margin 8.5% 9.7% +14.8%
P/E multiple 12.1x 16.8x +39.5%
Share count 36m 42m −14.9%

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
NWN+10%+2%−14%+7%+24%+13%
Industry peers (median)+16%+1%−7%+13%+15%+7%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
NWN50%42%33%50%75%82%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
NWN−21%−23%−29%−11%−10%−15%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 46% from February 18, 2020 to February 9, 2024. Getting back needed a 86% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$44.04 – $54.19
From 52-week high
−6.4%
vs 50-day average
+5.2%
vs 200-day average
+3.3%
Volatility (1 year)
20%
Beta vs S&P 500
-0.36

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
4 up, 8 down
typical move ±3.0%
After a week
6 up, 6 down
typical move ±3.8%
After a month
5 up, 7 down
typical move ±4.0%
Results releasedNext dayS&P 500 next day5 days21 days
August 5, 2026 +4.2% −0.4% +3.3% +1.4%
May 6, 2026 −4.8% +1.1% −5.7% −5.5%
February 27, 2026 +4.6% −0.4% +3.6% +6.7%
November 5, 2025 −0.3% −0.7% +3.0% −1.0%
August 5, 2025 −1.2% +0.3% +1.5% +3.4%
May 6, 2025 +0.9% −0.4% −6.9% −8.6%
February 28, 2025 +3.0% −0.2% +1.9% +3.8%
November 12, 2024 −0.4% −0.3% +1.0% +0.3%
August 2, 2024 −5.6% −4.7% −5.2% −1.8%
May 6, 2024 −0.7% +1.1% −0.4% −4.5%
February 23, 2024 −7.9% −0.3% −7.1% −8.6%
November 3, 2023 −2.2% +1.1% −6.2% −2.2%

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 Northwest Natural Holding Co’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 3, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade D (needs B+ or better).

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.

Northwest Natural Holding Co in five measures

Fundamentals grade D
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) Northwest Natural Holding Co
$1.1B $1.2B $1.2B $1.3B $1.3B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $1.2B Revenue (TTM), FY23 Q4: $1.2B Revenue (TTM), FY24 Q1: $1.2B Revenue (TTM), FY24 Q2: $1.1B Revenue (TTM), FY24 Q3: $1.1B Revenue (TTM), FY24 Q4: $1.2B Revenue (TTM), FY25 Q1: $1.2B Revenue (TTM), FY25 Q2: $1.2B Revenue (TTM), FY25 Q3: $1.3B Revenue (TTM), FY25 Q4: $1.3B Revenue (TTM), FY26 Q1: $1.3B Revenue (TTM), FY26 Q2: $1.3B $1.3B

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

View chart data
Period Revenue (TTM)
FY23 Q3 $1.2B
FY23 Q4 $1.2B
FY24 Q1 $1.2B
FY24 Q2 $1.1B
FY24 Q3 $1.1B
FY24 Q4 $1.2B
FY25 Q1 $1.2B
FY25 Q2 $1.2B
FY25 Q3 $1.3B
FY25 Q4 $1.3B
FY26 Q1 $1.3B
FY26 Q2 $1.3B
Revenue growth, TTM YoY Northwest Natural Holding Co
-10% 0% 10% 20% 30% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 27.3% Revenue growth, TTM YoY, FY23 Q4: 15.4% Revenue growth, TTM YoY, FY24 Q1: 1.7% Revenue growth, TTM YoY, FY24 Q2: -4.2% Revenue growth, TTM YoY, FY24 Q3: -6.5% Revenue growth, TTM YoY, FY24 Q4: -3.7% Revenue growth, TTM YoY, FY25 Q1: 3.9% Revenue growth, TTM YoY, FY25 Q2: 8.4% Revenue growth, TTM YoY, FY25 Q3: 11.3% Revenue growth, TTM YoY, FY25 Q4: 11.8% Revenue growth, TTM YoY, FY26 Q1: 5.9% Revenue growth, TTM YoY, FY26 Q2: 4.4% 4.4%

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

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 27.3%
FY23 Q4 15.4%
FY24 Q1 1.7%
FY24 Q2 -4.2%
FY24 Q3 -6.5%
FY24 Q4 -3.7%
FY25 Q1 3.9%
FY25 Q2 8.4%
FY25 Q3 11.3%
FY25 Q4 11.8%
FY26 Q1 5.9%
FY26 Q2 4.4%
Operating margin (TTM) Northwest Natural Holding Co
14% 16% 18% 20% 22% 24% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 15.7% Operating margin (TTM), FY23 Q4: 15.4% Operating margin (TTM), FY24 Q1: 15.5% Operating margin (TTM), FY24 Q2: 16.0% Operating margin (TTM), FY24 Q3: 15.9% Operating margin (TTM), FY24 Q4: 16.6% Operating margin (TTM), FY25 Q1: 19.4% Operating margin (TTM), FY25 Q2: 20.0% Operating margin (TTM), FY25 Q3: 20.1% Operating margin (TTM), FY25 Q4: 21.8% Operating margin (TTM), FY26 Q1: 22.5% Operating margin (TTM), FY26 Q2: 22.8% 22.8%

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

View chart data
Period Operating margin (TTM)
FY23 Q3 15.7%
FY23 Q4 15.4%
FY24 Q1 15.5%
FY24 Q2 16.0%
FY24 Q3 15.9%
FY24 Q4 16.6%
FY25 Q1 19.4%
FY25 Q2 20.0%
FY25 Q3 20.1%
FY25 Q4 21.8%
FY26 Q1 22.5%
FY26 Q2 22.8%
FCF margin (TTM) Northwest Natural Holding Co
-30% -20% -10% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -3.8% FCF margin (TTM), FY23 Q4: -4.0% FCF margin (TTM), FY24 Q1: -9.4% FCF margin (TTM), FY24 Q2: -13.4% FCF margin (TTM), FY24 Q3: -15.9% FCF margin (TTM), FY24 Q4: -16.8% FCF margin (TTM), FY25 Q1: -13.1% FCF margin (TTM), FY25 Q2: -14.7% FCF margin (TTM), FY25 Q3: -14.7% FCF margin (TTM), FY25 Q4: -15.3% FCF margin (TTM), FY26 Q1: -21.2% FCF margin (TTM), FY26 Q2: -20.6% -20.6%

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

View chart data
Period FCF margin (TTM)
FY23 Q3 -3.8%
FY23 Q4 -4.0%
FY24 Q1 -9.4%
FY24 Q2 -13.4%
FY24 Q3 -15.9%
FY24 Q4 -16.8%
FY25 Q1 -13.1%
FY25 Q2 -14.7%
FY25 Q3 -14.7%
FY25 Q4 -15.3%
FY26 Q1 -21.2%
FY26 Q2 -20.6%

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 Northwest Natural Holding 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 $1.3B
  2. Other operating costs $1B · 78.2%
  3. Operating income $281M · 21.8%
  4. Income tax $41.4M · 3.2%
  5. Interest and other $126M · 9.8%
  6. Net income $113M · 8.8%

Shares of revenue. Source: Northwest Natural Holding'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 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 668 755 706 746 774 860 1,037 1,197 1,153 1,289 1,293
EBITDA 228 232 217 235 252 277 284 311 329 446 467
Operating income 151 151 132 143 148 163 167 185 191 281 295
Net income 59 −56 65 62 77 79 86 94 79 113 126
Diluted EPS $2.12 −$1.93 $2.24 $2.07 $2.51 $2.56 $2.54 $2.59 $2.03 $2.77 $3.02
Growth (year on year)
Revenue — +13.0% −6.5% +5.7% +3.7% +11.2% +20.6% +15.4% −3.7% +11.8% +4.4%
EBITDA — +1.6% −6.3% +8.1% +7.3% +9.8% +2.7% +9.3% +6.0% +35.7% +16.7%
Operating income — +0.1% −12.4% +8.6% +3.4% +10.0% +2.7% +10.4% +3.4% +47.0% +19.5%
Net income — −194.4% — −4.4% +24.4% +2.5% +9.7% +8.8% −16.0% +43.7% +22.0%
Diluted EPS — −191.0% — −7.6% +21.3% +2.0% −0.8% +2.0% −21.6% +36.5% +17.0%
Margins
EBITDA margin 34.2% 30.7% 30.8% 31.5% 32.6% 32.2% 27.4% 25.9% 28.5% 34.6% 36.1%
Operating margin 22.6% 20.0% 18.7% 19.2% 19.2% 19.0% 16.1% 15.4% 16.6% 21.8% 22.8%
Net margin 8.8% −7.4% 9.1% 8.3% 9.9% 9.1% 8.3% 7.8% 6.8% 8.8% 9.7%
Free-cash-flow margin 12.5% −0.9% −6.5% −5.0% −16.5% −15.5% −18.4% −4.0% −16.8% −15.3% −20.6%
Cash flow
Cash from operations 222 207 169 186 145 160 148 280 200 269 213
Capital spending 138 213 215 223 273 294 339 327 394 467 479
Free cash flow 84 −7 −46 −37 −128 −134 −191 −47 −194 −198 −266
Balance sheet
Cash 4 3 13 10 30 19 29 33 38 37 24
Total debt 0 834 954 1,030 1,260 1,434 1,595 1,666 1,880 2,605 2,624
Net debt (negative = net cash) −4 831 941 1,021 1,230 1,416 1,566 1,633 1,842 2,568 2,599
Diluted shares 28m 29m 29m 30m 31m 31m 34m 36m 39m 41m 42m
Returned to shareholders
Dividends 52 54 51 53 55 56 63 67 73 77 79
Buybacks 1 2 0 0 — — — — — — —
Total returned 53 56 51 53 55 56 63 67 73 77 79

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 · $6.4bn
Short-term assets $499mLonger-term assets $5.9bn
What it owes, and who funded it · $2.2bn
Short-term liabilities $647mShareholders' equity $1.6bn
  • Short-term assets cover short-term liabilities $499m of assets due within a year against $647m of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $24m of cash against $2.5bn of debt.
  • Debt below 40% of shareholders' equity Debt is 160% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 112% to 160% over five years.
  • A year's operating cash flow covers at least 20% of debt $213m of operating cash flow against $2.5bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Northwest Natural Holding Co'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)
$79M
Returned to shareholders
-30%
of free cash flow
Diluted share count
+4.3%
year over year
Total shareholder yield
3.7%
dividends 3.7% + buybacks 0.0% of market value
Dividend payout ratio
63%
of net income paid out

Competitors: side by side with peers

Closest by revenue in gas utilities
Last 12 months unless stated NWN SPH CPK SGU NJR NFG Median
Revenue, last 12 months $1.3bn $1.4bn $994m $1.9bn $2.2bn $2.5bn $1.7bn
Revenue growth, last 12 months 4.4% −2.5% 14.6% 7.6% 6.4% 15.1% 6.4%
Revenue growth, 3-year average 2.7% −1.1% 13.9% −1.2% −2.4% 3.9% 0.8%
Revenue growth, latest quarter 3.1% 0.5% 4.7% 17.2% 16.8% 1.1% 3.7%
Gross margin — 63.1% — 22.7% 32.2% 87.7% 56.6%
Operating margin 22.8% 15.1% 27.3% 7.1% 24.8% 40.3% 19.4%
Operating margin, 3-year average 19.6% 14.6% 27.1% 5.6% 25.3% 29.2% 19.6%
Net margin 9.7% 9.4% 15.1% 4.6% 16.4% 26.9% 11.4%
Cash from operations / revenue 16.5% 13.0% 31.0% 3.7% 29.6% 50.6% 19.0%
Free-cash-flow margin −20.6% 7.3% −20.9% 3.0% 20.5% 8.8% 2.2%
Free-cash-flow margin, 3-year average −16.2% 8.1% −16.4% 4.1% 16.7% 7.2% 2.6%
Stock pay / revenue — — 0.8% — — 0.7% 0.8%
Change in share count 4.3% 1.2% −65.7% −4.2% 0.9% 2.3% 1.3%

Median of all 12 companies we cover in gas 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

12 gas utilities companies
Measure Company Peer median Rank
Revenue growth Growth 4.4% 6.5% 9 of 12
Change in growth rate Growth -1.5pp -1.1pp 7 of 12
Operating margin Profitability 22.8% 21.6% 5 of 12
Net margin Profitability 9.7% 13.1% 7 of 12
Free-cash-flow margin Cash generation -20.6% 2.6% 10 of 12
Long-term debt as % of assets Balance sheet 36.9% 39.9% 6 of 12
Change in share count Balance sheet 4.3% 2.0% 8 of 10

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
Segments
Line of business Revenue YoY
Northwest Natural Gas Company $1.1B ▲ 2.2%
NWN Gas Utility $1.1B ▲ 2.0%
Natural Gas Distribution $1.1B ▲ 2.0%
Si Energy Gas Utility $66M —
NWN Water Utility $65.6M ▲ 26.2%

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

From Northwest Natural Holding Co's 10-K filed February 27, 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
$1.7B
Institutions reporting
312
Shares held vs prior quarter
▲ 2.6%
Positions opened / closed
29 / 38

Top buyers and sellers, Q2 2026: 159 institutions bought and 131 sold ; the biggest buyer was Blackrock, Inc (+327K shares) and the biggest seller Nuveen, LLC (−207K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $329M 6.7M 19.7% ▲ 5.1%
Vanguard Portfolio Management LLC $134M 2.7M 8.0% ▲ 4.1%
Vanguard Capital Management LLC $93.2M 1.9M 5.6% ▲ 3.7%
State Street Corp $84.9M 1.7M 5.1% ▲ 7.8%
Vaughan Nelson Investment Management, L.P. $71.6M 1.5M 4.3% ▲ 22.8%
Geode Capital Management, LLC $60.2M 1.2M 3.6% ▲ 18.9%
Invesco Ltd. $45.6M 930K 2.7% ▲ 16.3%
Morgan Stanley $40M 814K 2.4% ▼ 2.0%
Dimensional Fund Advisors LP $37.4M 762K 2.2% ▲ 2.5%
First Trust Advisors LP $36.6M 746K 2.2% ▼ 1.3%
Duff & Phelps Investment Management Co $30.1M 613K 1.8% 0.0%
Goldman Sachs Group Inc $28.4M 580K 1.7% ▼ 11.7%

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 Northwest Natural Holding Co's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $79,847 2 trades by 2 insiders, last 12 months Insider sales History → $822,186 15 trades by 7 insiders · 89% under pre-set plans
Net ▼ $742,339 net selling
Insider Date Trade Shares Price Value
Anderson David Hugo Director October 19, 2026 Sell pre-set plan 1,500 $48.71 $73,061
Anderson David Hugo Director September 18, 2026 Sell pre-set plan 1,500 $48.03 $72,045
Anderson David Hugo Director August 18, 2026 Sell pre-set plan 1,500 $50.86 $76,290
Anderson David Hugo Director July 20, 2026 Sell pre-set plan 1,500 $51.18 $76,770
Anderson David Hugo Director June 26, 2026 Sell pre-set plan 1,500 $50.90 $76,350
Bragdon Peter J Director May 12, 2026 Buy 400 $50.32 $20,128
Palfreyman Justin President & CEO May 7, 2026 Buy 1,225 $48.75 $59,719
Weber David A. VP, Gas Supply March 23, 2026 Sell 1,700 $52.57 $89,369
Weber David A. VP, Gas Supply March 5, 2026 Sell 1 $52.53 $32
Karney Joseph S VP, Eng. & Utility Operations March 5, 2026 Sell 1 $52.53 $30
Rush Kimberly Heiting President March 5, 2026 Sell 0 $52.53 $20
Rush Kimberly Heiting President March 5, 2026 Sell 1 $52.53 $41

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 56 trades and filings

No trades in Northwest Natural Holding Co disclosed in the last 12 months; 56 earlier trades on record.

  • Earl Blumenauer(D-OR 3):Purchase, $1,001 - $15,000, traded November 15, 2024, filed December 7, 2024
  • Earl Blumenauer(D-OR 3):Purchase, $1,001 - $15,000, traded August 15, 2024, filed September 6, 2024
  • Earl Blumenauer(D-OR 3):Purchase, $1,001 - $15,000, traded May 15, 2024, filed June 6, 2024

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

Earnings dates and SEC filings

Results announcements

Next expected around November 4, 2026 estimated from the company's past filing pattern, not announced

  • August 5, 2026
  • May 6, 2026
  • February 27, 2026
  • November 5, 2025
  • August 5, 2025
  • May 6, 2025

Recent SEC filings

Data status

When each part of this page on Northwest Natural Holding Co 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.

Northwest Natural Holding Co in brief

What does Northwest Natural Holding Co do?
Northwest Natural Holding Co is a US-listed company in the gas utilities industry. Its financial year ends in December.
What is Northwest Natural Holding Co's stock ticker?
Northwest Natural Holding Co trades under the ticker NWN on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Northwest Natural Holding Co's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Northwest Natural Holding Co reported revenue of $1.3B, 4.4% higher than a year earlier, according to its SEC filings.
What is Northwest Natural Holding Co's free cash flow?
Northwest Natural Holding Co's free-cash-flow margin is -20.6% of revenue over the trailing twelve months, ranking 10 of the 12 gas utilities companies we cover.
Who are Northwest Natural Holding Co'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 Northwest Natural Holding Co's market cap?
On November 2, 2026, Northwest Natural Holding Co's market capitalisation was about $2.1B, with a price-to-earnings ratio of 16.8 and net debt of $2.6B. Market figures come from third-party market data and may be delayed.
Does Northwest Natural Holding Co pay a dividend?
Yes: Northwest Natural Holding Co paid $79M in dividends over the trailing twelve months, a dividend yield of 3.70% and a payout ratio of 62.7%.
How much debt does Northwest Natural Holding Co have?
Northwest Natural Holding Co's debt-to-equity ratio is 160.5%, from its latest balance sheet (111.7% five years earlier). The financial health section below sets out its other solvency checks.
Who are Northwest Natural Holding Co's competitors?
In our Gas Utilities peer group, the companies closest to Northwest Natural Holding Co are Suburban Propane Partners LP, Chesapeake Utilities Corp, Star Group, L.p., NEW Jersey Resources Corp and National Fuel GAS Co. The side-by-side comparison below sets their revenue, margins and growth against Northwest Natural Holding Co's.
Are insiders buying or selling Northwest Natural Holding Co stock?
Over the last 12 months, Northwest Natural Holding Co's directors and officers reported 2 open-market purchases and 15 sales on Form 4. The insider trading page charts every trade.
When is Northwest Natural Holding Co's next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Northwest Natural Holding Co announces its own schedule.