Northwest Natural Holding Co key statistics and ratios

In fiscal 2025, Northwest Natural Holding Co had return on equity of 7.9%, an operating margin of 21.8%, debt equal to 176.6% of equity and a current ratio of 0.72. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Northwest Natural Holding Co: financial ratios, annual
Fiscal year	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
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%
Return on equity	6.9%	−7.0%	8.6%	7.6%	8.8%	8.6%	8.2%	7.6%	5.9%	7.9%	8.3%
Return on assets	—	−1.8%	2.1%	1.9%	2.1%	2.0%	2.0%	2.0%	1.6%	2.0%	2.0%
Asset turnover	—	0.25	0.22	0.22	0.22	0.22	0.24	0.25	0.23	0.23	0.21
Current ratio	—	0.71	0.58	0.61	0.52	0.60	0.83	0.86	0.86	0.72	0.77
Debt to equity	0.0%	112.3%	125.1%	119.0%	141.8%	153.4%	135.7%	129.8%	135.7%	176.6%	168.3%
Effective tax rate	40.8%	36.3%	26.4%	16.2%	23.1%	25.8%	25.2%	—	—	—	—
Capital spending as % of revenue	20.7%	28.3%	30.4%	29.9%	35.3%	34.2%	32.6%	27.3%	34.2%	36.2%	37.1%
Free cash flow ÷ net income	142.3%	—	−71.0%	−60.7%	−166.3%	−169.8%	−221.2%	−50.5%	−246.1%	−174.5%	−211.1%
Dividends ÷ net income	87.5%	—	79.5%	86.4%	72.2%	71.1%	72.7%	71.7%	92.4%	68.2%	62.7%
Dividends and buybacks ÷ free cash flow	62.7%	—	—	—	—	—	—	—	—	—	—

US$ thousands unless shown otherwise. Fiscal quarters.

Northwest Natural Holding Co: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Operating margin	−14.1%	22.9%	31.2%	11.5%	−7.5%	28.4%	33.2%	13.6%
Net margin	−19.8%	12.1%	17.8%	−1.1%	−18.1%	14.7%	19.9%	0.2%
Free-cash-flow margin	−88.9%	−32.2%	15.7%	−7.8%	−76.4%	−33.2%	0.5%	−4.8%
Current ratio	0.72	0.86	1.05	0.68	0.59	0.72	0.80	0.77
Debt to equity	116.1%	123.4%	153.1%	152.7%	156.5%	164.9%	154.3%	160.5%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

Head to head: NWN vs SPH CPK vs NWN NWN vs SGU

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Figures from Northwest Natural Holding Co's SEC filings (10-K and 10-Q), retrieved October 26, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Northwest Natural Holding Co.