What is Southwest Gas Ho's earnings per share (EPS)?

Southwest Gas Ho (SWX) reported diluted earnings per share of $6.08 for fiscal year 2025. This represents a 120.3% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Southwest Gas Ho Financials

SWX

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows Southwest Gas Ho (SWX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 11 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI SWX FY2025 2026-05-05

Profit recovery is being funded by a still capital-hungry utility system, so stronger earnings do not yet mean durable cash surplus.

After FY2024 posted $509M of free cash flow, FY2025 fell back to -$252M even as net income more than doubled. With capital spending at $808M against operating cash flow of $556M, the business remains constrained by reinvestment needs rather than by reported profit.

The balance sheet posture improved meaningfully by FY2025: debt-to-equity had fallen to 0.9x and long-term debt to $3.43B, both below FY2023 levels. Current ratio also recovered to 1.3x from below 1.0x in FY2024, so short-term funding pressure looks lighter even though free cash flow is still uneven.

FY2025 dividends paid of $179M were covered by operating cash flow of $556M, but not by free cash flow, which stayed negative. That means shareholder payouts are presently supported by cash generation before expansion spending, not by cash left over after maintaining and expanding the asset base.

Financial Health Signals

Financial Profile 30/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Southwest Gas Ho's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Leverage

Southwest Gas Ho carries a low D/E ratio of 0.87, meaning only $0.87 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 84/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Southwest Gas Ho's current ratio of 1.28 is below the typical benchmark, resulting in a score of 21/100. However, the company holds substantial cash reserves (62% of current liabilities), which buffers actual liquidity risk. Large mature operators often run tight current ratios by design.

Returns

Southwest Gas Ho generates a 11.1% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 29/100. This is up from 5.7% the prior year.

Piotroski F-Score Neutral

5/9

Southwest Gas Ho passes 5 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass.

Earnings Quality Cash-Backed

1.26x

For every $1 of reported earnings, Southwest Gas Ho generates $1.26 in operating cash flow ($556.1M OCF vs $439.8M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

$804.6M

YoY+13.4%

5Y CAGR+1.3%

10Y CAGR+3.7%

Southwest Gas Ho's EBITDA was $804.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 13.4% from the prior year.

Net Income

$439.8M

YoY+121.2%

5Y CAGR+13.6%

10Y CAGR+12.3%

Southwest Gas Ho reported $439.8M in net income in fiscal year 2025. This represents an increase of 121.2% from the prior year.

EPS (Diluted)

$6.08

YoY+120.3%

5Y CAGR+8.0%

10Y CAGR+7.6%

Southwest Gas Ho earned $6.08 per diluted share (EPS) in fiscal year 2025. This represents an increase of 120.3% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$251.8M

YoY-149.4%

Southwest Gas Ho generated -$251.8M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 149.4% from the prior year.

Cash & Debt

$576.6M

YoY+83.2%

5Y CAGR+47.2%

10Y CAGR+32.0%

Southwest Gas Ho held $576.6M in cash against $3.4B in long-term debt as of fiscal year 2025.

Dividends Per Share

$2.48

YoY+0.0%

5Y CAGR+1.7%

10Y CAGR+4.4%

Southwest Gas Ho paid $2.48 per share in dividends in fiscal year 2025. This represents an increase of 0.0% from the prior year.

Shares Outstanding

72M

YoY+0.6%

5Y CAGR+4.8%

Southwest Gas Ho had 72M shares outstanding in fiscal year 2025. This represents an increase of 0.6% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

11.1%

YoY+5.4pp

5Y CAGR+2.4pp

10Y CAGR+2.4pp

Southwest Gas Ho's ROE was 11.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 5.4 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$807.9M

YoY-4.6%

5Y CAGR-0.4%

10Y CAGR+5.2%

Southwest Gas Ho invested $807.9M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 4.6% from the prior year.

SWX Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	N/A	N/A	$5.4B+9.6%	$5.0B+34.8%	$3.7B+11.6%	$3.3B
Cost of Revenue	N/A	$2.4B-7.7%	$2.6B+3.5%	$2.5B+29.3%	$2.0B+13.1%	$1.7B
Gross Profit	N/A	N/A	$2.8B+15.9%	$2.4B+40.9%	$1.7B+9.9%	$1.6B
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	$473.9M+16.6%	$406.5M+38.7%	$293.0M+1300.8%	-$24.4M-106.6%	$369.5M-12.6%	$423.0M
Interest Expense	N/A	$297.0M+1.6%	$292.3M+20.4%	$242.8M+103.7%	$119.2M+6.9%	$111.5M
Income Tax	$96.0M+189.6%	$33.2M+12.7%	$29.4M+138.9%	-$75.7M-290.8%	$39.6M-39.7%	$65.8M
Net Income	$439.8M+121.2%	$198.8M+31.8%	$150.9M+174.2%	-$203.3M-201.3%	$200.8M-13.6%	$232.3M
EPS (Diluted)	$6.08+120.3%	$2.76+29.6%	$2.13+168.7%	$-3.10-191.4%	$3.39-18.1%	$4.14

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$398.3M	N/A	N/A	N/A	N/A	N/A	$1.1B-8.7%	$1.2B
Cost of Revenue	N/A	N/A	N/A	$657.7M+24.4%	$528.6M	N/A	$644.9M+6.7%	$604.5M
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	$434.3M-24.8%	$577.6M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	$219.3M	N/A	$37.0M-61.2%	$95.5M-55.3%	$213.7M	N/A	$20.1M-75.8%	$83.2M
Interest Expense	N/A	N/A	$49.0M-31.6%	$71.6M-0.9%	$72.3M	N/A	$53.8M-27.1%	$73.8M
Income Tax	$46.2M	N/A	-$803K-101.0%	$79.9M+133.5%	$34.2M	N/A	-$7.9M-287.9%	$4.2M
Net Income	$138.4M	N/A	$262.6M+754.1%	-$40.2M-135.3%	$113.9M	N/A	$289K-98.4%	$18.3M
EPS (Diluted)	$1.91	N/A	$3.63+748.2%	$-0.56-135.4%	$1.58	N/A	$0.00-100.0%	$0.25

SWX Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$10.4B-13.6%	$12.1B+30.1%	$9.3B-29.7%	$13.2B+3.4%	$12.8B+46.1%	$8.7B
Current Assets	$1.2B-18.6%	$1.5B-22.2%	$1.9B-49.3%	$3.7B+129.6%	$1.6B+85.4%	$871.0M
Cash & Equivalents	$576.6M+83.2%	$314.8M+195.5%	$106.5M-13.4%	$123.1M-44.7%	$222.7M+167.2%	$83.4M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$170.6M-16.0%	$203.0M-77.1%	$886.5M+2.3%	$866.2M+22.5%	$707.1M+35.4%	$522.2M
Goodwill	$11.2M0.0%	$11.2M-98.6%	$789.7M+0.3%	$787.3M-55.8%	$1.8B+416.1%	$345.2M
Total Liabilities	$6.5B-24.5%	$8.6B+43.6%	$6.0B-41.1%	$10.1B+3.3%	$9.8B+61.9%	$6.1B
Current Liabilities	$929.9M-49.2%	$1.8B+8.7%	$1.7B-50.8%	$3.4B+10.0%	$3.1B+241.2%	$912.0M
Long-Term Debt	$3.4B-2.0%	$3.5B-24.0%	$4.6B+4.7%	$4.4B+7.0%	$4.1B+50.6%	$2.7B
Total Equity	$4.0B+13.0%	$3.5B+5.9%	$3.3B+8.2%	$3.1B+3.6%	$3.0B+10.4%	$2.7B
Retained Earnings	$1.0B+34.8%	$758.6M+2.7%	$738.8M-1.1%	$747.1M-33.0%	$1.1B+4.3%	$1.1B

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$10.4B-0.2%	$10.4B+1.0%	$10.3B-15.4%	$12.2B+1.1%	$12.1B0.0%	$12.1B+1.7%	$11.9B-0.9%	$12.0B
Current Assets	$1.1B-11.3%	$1.2B-4.1%	$1.2B-12.7%	$1.4B-0.5%	$1.4B-2.2%	$1.5B+0.6%	$1.5B-16.0%	$1.7B
Cash & Equivalents	$484.8M-15.9%	$576.6M-25.9%	$778.6M+118.9%	$355.6M-12.5%	$406.3M+29.1%	$314.8M-31.1%	$456.6M-23.8%	$599.6M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$168.8M-1.1%	$170.6M+54.3%	$110.6M-84.3%	$705.3M+1.7%	$693.8M+241.8%	$203.0M-69.8%	$673.2M-15.5%	$796.2M
Goodwill	$11.2M0.0%	$11.2M0.0%	$11.2M-98.6%	$786.5M+0.7%	$781.3M+6903.9%	$11.2M-98.6%	$787.6M+0.2%	$786.2M
Total Liabilities	$6.3B-2.5%	$6.5B+0.5%	$6.4B-24.9%	$8.6B+0.8%	$8.5B-0.8%	$8.6B+1.8%	$8.4B-0.9%	$8.5B
Current Liabilities	$730.0M-21.5%	$929.9M+5.7%	$879.7M-37.8%	$1.4B-21.7%	$1.8B-1.4%	$1.8B+7.6%	$1.7B+55.3%	$1.1B
Long-Term Debt	$3.4B0.0%	$3.4B0.0%	$3.4B-21.9%	$4.4B+1.6%	$4.3B+23.5%	$3.5B-20.0%	$4.4B-13.5%	$5.1B
Total Equity	$4.1B+3.5%	$4.0B+1.7%	$3.9B+6.7%	$3.6B+1.9%	$3.6B+2.1%	$3.5B+1.4%	$3.5B-1.1%	$3.5B
Retained Earnings	$1.2B+13.4%	$1.0B+6.1%	$964.3M+29.9%	$742.5M-10.3%	$827.5M+9.1%	$758.6M+6.7%	$710.9M-5.9%	$755.4M

SWX Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$556.1M-59.0%	$1.4B+166.3%	$509.2M+25.0%	$407.5M+265.8%	$111.4M-82.2%	$626.1M
Capital Expenditures	$807.9M-4.6%	$846.6M+10.5%	$765.9M-10.9%	$859.4M+20.1%	$715.6M-13.3%	$825.1M
Free Cash Flow	-$251.8M-149.4%	$509.2M+298.4%	-$256.7M+43.2%	-$452.0M+25.2%	-$604.2M-203.6%	-$199.0M
Investing Cash Flow	-$24.8M+97.3%	-$921.6M-710.4%	$151.0M+118.0%	-$838.9M+72.4%	-$3.0B-278.5%	-$802.1M
Financing Cash Flow	-$318.3M-80.5%	-$176.3M+74.8%	-$700.8M-296.6%	$356.5M-88.4%	$3.1B+1361.8%	$209.6M
Dividends Paid	$178.5M+0.5%	$177.6M+1.7%	$174.6M+8.7%	$160.6M+16.2%	$138.2M+10.1%	$125.5M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	$162.1M+98.8%	$81.6M+43.4%	$56.9M-55.0%	$126.3M-56.6%	$291.3M+44.6%	$201.4M-33.7%	$304.1M-0.8%	$306.6M
Capital Expenditures	$208.7M-12.1%	$237.5M+46.0%	$162.7M-33.4%	$244.5M+49.9%	$163.1M-19.6%	$202.9M+1.8%	$199.2M-10.8%	$223.3M
Free Cash Flow	-$46.6M+70.1%	-$155.9M-47.3%	-$105.8M+10.4%	-$118.1M-192.2%	$128.1M+9085.6%	-$1.4M-101.4%	$104.8M+25.9%	$83.3M
Investing Cash Flow	-$203.6M+15.2%	-$240.0M-139.3%	$611.2M+391.9%	-$209.4M-12.2%	-$186.6M+20.3%	-$234.2M+10.4%	-$261.4M-15.6%	-$226.1M
Financing Cash Flow	-$50.4M-15.7%	-$43.6M+82.2%	-$244.7M-861.9%	$32.1M+151.7%	-$62.1M-4.3%	-$59.6M+67.9%	-$185.7M-403.2%	$61.3M
Dividends Paid	$44.8M+0.3%	$44.7M-0.1%	$44.7M+0.2%	$44.6M+0.2%	$44.5M+0.4%	$44.3M-0.3%	$44.5M+0.1%	$44.4M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

SWX Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	51.8%+2.8pp	49.0%+2.1pp	46.9%-0.7pp	47.6%
Operating Margin	N/A	N/A	5.4%+5.9pp	-0.5%-10.5pp	10.0%-2.8pp	12.8%
Net Margin	N/A	N/A	2.8%+6.9pp	-4.1%-9.6pp	5.5%-1.6pp	7.0%
Return on Equity	11.1%+5.4pp	5.7%+1.1pp	4.6%+11.2pp	-6.7%-13.5pp	6.8%-1.9pp	8.7%
Return on Assets	4.2%+2.6pp	1.7%+0.0pp	1.6%+3.2pp	-1.5%-3.1pp	1.6%-1.1pp	2.7%
Current Ratio	1.28+0.5	0.80-0.3	1.12+0.0	1.08+0.6	0.52-0.4	0.96
Debt-to-Equity	0.87-0.1	1.00-0.4	1.39-0.0	1.44+0.0	1.39+0.4	1.02
FCF Margin	N/A	N/A	-4.7%+4.4pp	-9.1%+7.3pp	-16.4%-10.4pp	-6.0%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	40.2%-8.6pp	48.9%
Operating Margin	55.1%	N/A	N/A	N/A	N/A	N/A	1.9%-5.2pp	7.0%
Net Margin	34.7%	N/A	N/A	N/A	N/A	N/A	0.0%-1.5pp	1.6%
Return on Equity	3.4%	N/A	6.8%+7.8pp	-1.1%-4.3pp	3.2%	N/A	0.0%-0.5pp	0.5%
Return on Assets	1.3%	N/A	2.5%+2.9pp	-0.3%-1.3pp	0.9%	N/A	0.0%-0.1pp	0.1%
Current Ratio	1.45+0.2	1.28-0.1	1.41+0.4	1.01+0.2	0.790.0	0.80-0.1	0.85-0.7	1.58
Debt-to-Equity	0.84-0.0	0.87-0.0	0.88-0.3	1.210.0	1.21+0.2	1.00-0.3	1.27-0.2	1.45
FCF Margin	-11.7%	N/A	N/A	N/A	N/A	N/A	9.7%+2.7pp	7.0%

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Frequently Asked Questions

Is Southwest Gas Ho profitable?

Yes, Southwest Gas Ho (SWX) reported a net income of $439.8M in fiscal year 2025.

What is Southwest Gas Ho's EBITDA?

Southwest Gas Ho (SWX) had EBITDA of $804.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Southwest Gas Ho have?

As of fiscal year 2025, Southwest Gas Ho (SWX) had $576.6M in cash and equivalents against $3.4B in long-term debt.

Does Southwest Gas Ho pay dividends?

Yes, Southwest Gas Ho (SWX) paid $2.48 per share in dividends during fiscal year 2025.

What is Southwest Gas Ho's return on equity (ROE)?

Southwest Gas Ho (SWX) has a return on equity of 11.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Southwest Gas Ho's free cash flow?

Southwest Gas Ho (SWX) generated -$251.8M in free cash flow during fiscal year 2025. This represents a -149.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Southwest Gas Ho's operating cash flow?

Southwest Gas Ho (SWX) generated $556.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Southwest Gas Ho's total assets?

Southwest Gas Ho (SWX) had $10.4B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Southwest Gas Ho's capital expenditures?

Southwest Gas Ho (SWX) invested $807.9M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does Southwest Gas Ho have outstanding?

Southwest Gas Ho (SWX) had 72M shares outstanding as of fiscal year 2025.

What is Southwest Gas Ho's current ratio?

Southwest Gas Ho (SWX) had a current ratio of 1.28 as of fiscal year 2025, which is considered adequate.

What is Southwest Gas Ho's debt-to-equity ratio?

Southwest Gas Ho (SWX) had a debt-to-equity ratio of 0.87 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Southwest Gas Ho's return on assets (ROA)?

Southwest Gas Ho (SWX) had a return on assets of 4.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Southwest Gas Ho's Piotroski F-Score?

Southwest Gas Ho (SWX) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Southwest Gas Ho's earnings high quality?

Southwest Gas Ho (SWX) has an earnings quality ratio of 1.26x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Southwest Gas Ho?

Southwest Gas Ho (SWX) scores 30 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.