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SWX, Southwest Gas Holdings

Gas Utilities capital-intensive Capital build-out

A regulated utility, earning a set return on the capital it sinks into its network.

After the deconsolidation of Centuri in August 2025, the business is solely comprised of the Natural Gas Distribution segment.

The Company, through its operating wholly-owned subsidiary Southwest Gas, engages in the business of purchasing, distributing, and transporting natural gas for its customers.

Latest annual: FY2025 10-K

SWX · Southwest Gas Holdings

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$1.9B

−21.6% YoY · −10% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $1.8B 5-yr avg $3.1B

Gross margin 27% 5-yr avg 48%

Operating margin 28.1% 5-yr avg 12.4%

ROIC 6% 5-yr avg 4%

Owner-earnings margin −30% 5-yr avg −6%

Free cash flow margin −30% 5-yr avg −6%

Next report By 11/8 · the 10-Q for the quarter ended late September · due within 40 days of period end · has filed ~37 days after · the wire records it on arrival

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

Situation: Capital build-out. Capital spending has surged to 42% of sales, today's earnings are charged less depreciation than tomorrow's will be.
What moves the needle: Gross margin has run about 50% and operating margin about 13% through the cycle, a solid spread between what it charges and what the product costs to make. The operating margin has swung widely — from −0.5% to 24% — on a steadier 50% gross margin, so what moves it sits below the gross line, in operating spend and one-off charges more than in the cost of the product itself. Capital spending runs about 25% of sales, well above depreciation, so the return earned on what it sinks into that plant weighs as much as the margin. Read this kind of business on rate base and the allowed return. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has rarely cleared the cost of capital (median 6%, above 15% in 0 of 10 years). Owner earnings, the cash-based check, have been thin too. Modest returns here are the design, not a verdict: a regulated utility's prices are set by commission, so the questions are the return the regulator allows, how fast the invested base it earns that return on is growing, and the health of the relationship with the commissions that decide both — all of which live in the 10-K, not the multiple.

Every line is arithmetic on the company's filings, shown in full in the sections below.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
											Income statement
$2.5B	$2.5B	$2.9B	$3.1B	$3.3B	$3.7B	$5.0B	$2.5B	$2.5B	$1.9B	$1.8B	RevenueRevenue
$1.4B	$1.4B	$1.5B	$1.5B	$1.6B	$1.7B	$2.4B	—	—	—	$484M	Gross profitGross prof.
58%	55%	52%	50%	48%	47%	49%	—	—	—	27%	Gross marginGross mgn
$315M	$343M	$357M	$372M	$423M	$370M	($24M)	$293M	$406M	$474M	$499M	Operating incomeOp. inc.
12.8%	13.5%	12.4%	11.9%	12.8%	10.0%	−0.5%	11.6%	16.4%	24.4%	28.1%	Operating marginOp. mgn
$232M	$259M	$243M	$273M	$305M	$247M	($273M)	$169M	$254M	$331M	—	Pretax incomePretax
$152M	$194M	$182M	$214M	$232M	$201M	($203M)	$151M	$199M	$440M	$547M	Net incomeNet inc.
34%	25%	25%	21%	22%	16%	—	17%	13%	29%	14%	Effective tax rateTax rate
											Cash flow & returns
$601M	$370M	$529M	$500M	$626M	$111M	$407M	$509M	$1.4B	$556M	$447M	Operating cash flowOp. cash
$289M	$251M	$249M	$303M	$332M	$371M	$470M	$295M	$303M	$331M	$346M	Depreciation & amortizationD&A
$154M	($86M)	$91M	($24M)	$55M	($470M)	$131M	$57M	$842M	($229M)	($460M)	Working capital & otherWC & other
$530M	$624M	$766M	$938M	$825M	$716M	$859M	$766M	$847M	$808M	$975M	CapexCapex
21.5%	24.5%	26.6%	30.1%	25.0%	19.4%	17.3%	30.2%	34.2%	41.6%	54.8%	Capex / revenueCapex/rev
$71M	($254M)	($237M)	($438M)	($199M)	($604M)	($452M)	($257M)	$509M	($252M)	($528M)	Owner earningsOwner earn.
2.9%	−10.0%	−8.2%	−14.0%	−6.0%	−16.4%	−9.1%	−10.1%	20.6%	−13.0%	−29.7%	Owner earnings marginOE mgn
$71M	($254M)	($237M)	($438M)	($199M)	($604M)	($452M)	($257M)	$509M	($252M)	($528M)	Free cash flowFCF
2.9%	−10.0%	−8.2%	−14.0%	−6.0%	−16.4%	−9.1%	−10.1%	20.6%	−13.0%	−29.7%	Free cash flow marginFCF mgn
$17M	$94M	$251M	$48M	$0	$2.4B	$19M	$0	$0	—	$0	AcquisitionsAcquis.
$83M	$92M	$100M	$116M	$126M	$138M	$161M	$175M	$178M	$179M	$181M	Dividends paidDiv. paid
($526M)	($701M)	($999M)	($952M)	($802M)	($3.0B)	($839M)	$151M	($922M)	($25M)	—	Investing cash flowInv. cash
($83M)	$346M	$513M	$415M	$210M	$3.1B	$356M	($701M)	($176M)	($318M)	—	Financing cash flowFin. cash
($194K)	$301K	($208K)	$158K	$228K	$160K	($854K)	$273K	($624K)	—	—	Exchange-rate effectFX
($8M)	$16M	$42M	($36M)	$34M	$139M	($76M)	($40M)	$257M	$213M	—	Change in cashΔ cash
6%	7%	6%	6%	6%	4%	-0%	3%	5%	6%	6%	ROICROIC
9%	11%	8%	9%	9%	7%	-7%	5%	6%	11%	13%	Return on equityROE
4%	6%	4%	4%	4%	2%	−12%	−1%	1%	7%	9%	Retained to equityRetained/eq
											Balance sheet
$28M	$44M	$85M	$50M	$83M	$223M	$123M	$107M	$315M	$577M	$485M	Cash & investmentsCash+inv
$285M	$347M	$414M	$474M	$522M	$707M	$866M	$887M	$203M	$171M	$169M	ReceivablesReceiv.
$185M	$228M	$249M	$239M	$231M	$353M	$662M	$347M	$191M	$226M	$122M	Accounts payablePayables
$100M	$119M	$165M	$235M	$291M	$354M	$204M	$540M	$12M	($55M)	$47M	Operating working capitalOper. WC
$533M	$657M	$840M	$860M	$871M	$1.6B	$3.7B	$1.9B	$1.5B	$1.2B	$1.1B	Current assetsCur. assets
$628M	$816M	$939M	$1.1B	$912M	$3.1B	$3.4B	$1.7B	$1.8B	$930M	$730M	Current liabilitiesCur. liab.
0.8×	0.8×	0.9×	0.8×	1.0×	0.5×	1.1×	1.1×	0.8×	1.3×	1.4×	Current ratioCurr. ratio
$4.1B	$4.5B	$5.1B	$5.7B	$6.2B	$7.6B	$7.0B	$7.5B	$8.1B	$8.7B	—	Net PP&ENet PP&E
$140M	$179M	$359M	$343M	$345M	$1.8B	$787M	$790M	$11M	$11M	$11M	GoodwillGoodwill
$5.6B	$6.2B	$7.4B	$8.2B	$8.7B	$12.8B	$13.2B	$9.3B	$12.1B	$10.4B	$10.4B	Total assetsAssets
$1.6B	$1.8B	$2.1B	$2.5B	$2.8B	$4.4B	$4.4B	$4.7B	$3.5B	$3.5B	$3.5B	Total debtDebt
$1.6B	$1.8B	$2.1B	$2.4B	$2.7B	$4.2B	$4.3B	$4.5B	$3.2B	$2.9B	$3.0B	Net debt / (cash)Net debt
$74M	$78M	$97M	$109M	$111M	$119M	$243M	$292M	$297M	—	$301M	Interest expenseInt. exp.
4.3×	4.4×	3.7×	3.4×	3.8×	3.1×	-0.1×	1.0×	1.4×	—	1.7×	Interest coverageInt. cov.
$23M	$0	$82M	—	—	—	—	—	—	—	—	Redeemable interestsRedeemable
($2M)	($2M)	($452K)	$0	—	—	—	$0	$177M	$0	—	Noncontrolling interestsNCI
$1.7B	$1.8B	$2.3B	$2.5B	$2.7B	$3.0B	$3.1B	$3.3B	$3.5B	$4.0B	$4.1B	Shareholders’ equityEquity
0.2%	0.4%	0.2%	0.2%	0.2%	0.3%	0.2%	0.2%	0.5%	0.8%	0.8%	Stock comp / revenueSBC/rev
											Per share
47.8M	48.0M	49.5M	54.3M	56.1M	59.3M	65.6M	71.0M	72.0M	72.3M	72.6M	Shares out (diluted)Shares
$51.46	$53.11	$58.21	$57.44	$58.83	$62.11	$75.66	$35.70	$34.36	$26.82	$24.50	Revenue / shareRev/sh
$3.18	$4.04	$3.68	$3.94	$4.14	$3.39	$-3.10	$2.13	$2.76	$6.08	$7.53	EPS (diluted)EPS
$1.48	$-5.29	$-4.79	$-8.06	$-3.55	$-10.20	$-6.89	$-3.62	$7.07	$-3.48	$-7.27	Owner earnings / shareOE/sh
$1.48	$-5.29	$-4.79	$-8.06	$-3.55	$-10.20	$-6.89	$-3.62	$7.07	$-3.48	$-7.27	Free cash flow / shareFCF/sh
$1.74	$1.92	$2.03	$2.14	$2.24	$2.33	$2.45	$2.46	$2.47	$2.47	$2.49	Dividends / shareDiv/sh
$11.07	$13.00	$15.48	$17.27	$14.71	$12.08	$13.11	$10.79	$11.75	$11.17	$13.42	Cap. spending / shareCapex/sh
$34.79	$37.81	$45.52	$46.14	$47.70	$49.85	$46.66	$46.63	$48.65	$54.76	$56.48	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	−7.0%/yr	−14.5%/yr
EPS	+7.5%/yr	+8.0%/yr
Dividends / share	+3.9%/yr	+2.0%/yr
Capital spending / share	+0.1%/yr	−5.4%/yr
Book value / share	+5.2%/yr	+2.8%/yr

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cash

Each year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.

FY2016FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business reported $440M of profit but ($252M) of owner earnings: $692M less than the profit line, taken out by capital spending and the timing of cash.

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	$440M	$199M	$151M	($203M)	$201M
Depreciation & amortizationnon-cash charge added back	+$331M	+$303M	+$295M	+$470M	+$371M
Stock-based compensationreal costnon-cash, but a real cost	+$15M	+$11M	+$6M	+$9M	+$9M
Working capital & othertiming of cash in and out, other non-cash items	−$229M	+$842M	+$57M	+$131M	−$470M
Cash from operations	$556M	$1.4B	$509M	$407M	$111M
Capital expenditurecash put back in to keep running and to grow	−$808M	−$847M	−$766M	−$859M	−$716M
Owner earnings	($252M)	$509M	($257M)	($452M)	($604M)
Owner-earnings marginowner earnings ÷ revenue	-13%	21%	-10%	-9%	-16%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $15M), owner earnings is nearer ($266M).

Much of fiscal 2025's profit didn't arrive as operating cash; it sits in “working capital & other” above. That can be a real inventory or timing swing, or profit that doesn't run through operating cash at all: a heavy tax year, equity-method earnings, or investment income booked through investing. For a year like this, owner earnings understates the cash earned; the full cash-flow statement carries the rest.

A regulated utility reads differently here. What it spends above depreciation goes into rate base, where the commission lets it earn the allowed return and recover the capital, with interest, over decades — growth that is financed, not taken out of owners' pockets this year. So the truth sits between the bridge's two ends: owner earnings excuses the build-out entirely, free cash flow charges it entirely, and the scorecard's utility-plant figure shows how fast the base earning that return is compounding.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

The allowed return, earned and credited

Earned return on equity 8.3%

Below the typical allowed band

Median over 10 readable years · latest FY2025: 11.1% (net income $440M ÷ equity $4.0B)

What this means
A commission caps what a regulated utility may earn on shareholders' capital, so the question is not whether the return is high but whether the company actually earns what it is allowed — persistent under-earning means costs the regulator will not put in rates, and a return above the band usually means unregulated businesses in the mix. Read through the record, because a single year carries rate-case timing noise.
AFUDC in earnings 1.3%

Construction credit in earnings

Equity allowance for funds used during construction $6M ÷ net income $440M

What this means
While a plant is under construction the commission lets the utility credit itself the allowed return on the capital tied up — a real, allowed profit that arrives as a bookkeeping entry now and as cash only after the plant enters rates. A large share means heavy reinvestment at the allowed return, the thing Berkshire's utility letters prize; it also means that much of this year's earnings has not yet been collected from anyone.

The invested base and the regulatory ledger

Net utility plant $8.7B

Growing ≈ 8.6%/yr

Utility plant net of depreciation, as filed · FY2016→FY2025: $4.1B → $8.7B, ≈ 8.6%/yr

What this means
The closest filed figure to the rate base — the invested capital the commission sets the allowed return on. Its growth rate is the utility's reinvestment runway: under regulation, earnings power compounds roughly as fast as the base the return is earned on, funded by capital the regulator lets the company recover with interest. Rate base itself is not tagged in any structured filing, so this is the proxy, labeled as what it is.
Regulatory assets & liabilities —

Not enough data

What this means
The regulatory balance-sheet lines are not tagged undimensioned in this filer's structured data; the regulatory-matters note in the 10-K carries them.

Graham’s defensive tests · 3 of 5 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Near

Revenue ≥ $2B · $1.9B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity —

Current ratio ≥ 2× (waived for utilities) · exempt

What this means
Graham exempted public utilities from this test: their working capital “takes care of itself” through the continuous bond-and-share financing of growth, so a thin current ratio is the industry's structure, not a warning. His substitute test — debt no more than twice book equity — is the next line.
Conservative debt Pass

Debt ≤ 2× equity (Graham's utility test) · $3.5B vs $4.0B equity

What this means
Graham's own substitution for public utilities: debt not exceeding twice the stock equity at book value, in place of the working-capital tests an industrial faces. A utility finances its plant with bonds by design; the question is whether the borrowing stays inside the equity behind it.
Earnings stability Near

A profit every year (10-yr record) · 1 loss year

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Pass

Uninterrupted dividends · paid every year (10)

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth Pass

Earnings +33% over the record · +49%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $3.63/share (latest year $6.07), the averaged base the calculator's gate runs on, and book value is $54.68/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2016–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 9 of 10

What this means
Lost money in 1 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 0 of 10 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin 13% → 17% (3-yr avg ends)

In the filing’s words Input costs rose and the filing says it recovered them in price — consistent with the margin holding here.

What this means
Through the cycle the operating margin widened — about 13% early to 17% lately, median 12% — pricing power intact or improving.
Reinvestment, incremental ROIC 2%

What this means
Reinvested capital came back at only a modest incremental return — near the cost of capital, where extra growth adds little per dollar. The record shows whether it is a soft stretch or a thinning moat.
Worst year 2022 · −0.5% op. margin

What this means
Operations went underwater in 2022, understand why before trusting the good years.
Share count +4.7%/yr

What this means
The share count is rising, dilution works against you on a per-share basis.
Dividend record rising

What this means
Paid and raised the dividend across the record, the continuity Graham prized.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Jun 30, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$868M

Cash & short-term investments$271M
Receivables$119M
Other current assets$479M

Current liabilities$777M

Debt due within a year$100M
Accounts payable$116M
Other current liabilities$562M

Current ratio1.12×all current assets ÷ what's due · Graham looked for 2×

Quick ratio1.12×stricter: inventory excluded

Cash ratio0.35×strictest: cash alone against what's due

Working capital$91Mthe cushion left after near-term bills

Debt due this year vs. cash$100M due · $271M cash covered by cash on hand, no refinancing forced · both figures from the Jun 30, 2026 balance sheet

Revenue, latest quarter vs. a year ago−21.6%the freshest read on whether the business is still growing

Current ratio, recent quarters0.9× → 1.1×

Deeper floors

Tangible book value$4.1Bequity stripped of goodwill & intangibles

Debt incl. operating leases$3.5Bno operating-lease liability tagged this quarter, so debt alone

Deferred revenue$67Mcustomer cash collected before delivery; operating float

From the company's latest filing.

How the cash was used, 2016–2025

Over the record, the business generated $5.6B of operating cash; how management split it reads as a reinvestor, most operating cash is plowed back into the business.

Reinvested$7.7B · 138%
Dividends$1.3B · 24%

Returned to owners$1.3B
$1.3B as dividends and $0 as buybacks.
Source of funding−$3.5B
Reinvestment and shareholder returns ran $3.5B beyond the operating cash the business generated, so the gap was financed off the balance sheet: debt rose from $1.6B to $3.5B.
Net change in share count51.9%
The diluted count rose from 48M to 73M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
Dividend record$2.47/sh
Paid in 10 of the years on record, the per-share dividend growing about 4% a year. It was never cut over the span.
Return on what it retained34%
Of the earnings it kept rather than paid out ($415M over the span), annual owner earnings (first three years vs last three) grew $140M, so each retained $1 added about 0.34 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Acquisitions & goodwill

from the balance sheet & the 10-year cash-flow record

Goodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.

Goodwill$11M0% of all assets; the premium carried on the balance sheet for businesses acquired

Against book equity0%goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital

Cash spent acquiring$2.8Bover 10 years since fiscal 2015 buying other businesses, against $7.7B of capital spent building over the 10-year record

None written down over the record; the goodwill is still carried at full cost. That is the deals holding their value on the books so far; whether they keep doing so is the test an owner watches, since the write-down, when it comes, is the admission the price was too high.

Beside that spending sits $137M of cumulative amortization of acquired intangibles charged against earnings since fiscal 2016 — the purchase price of past deals, expensed over time.

Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and amortization summed across the company's full tagged history, write-downs across the 10-year record, from the company's own filings.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2021	Ms. Haller	$5.7M	$6.4M	($604M)
2022	Ms. Haller	$4.4M	$3.6M	($452M)
2022	Ms. Haller	$6.1M	$1.7M	($452M)
2023	Ms. Haller	$7.1M	$5.8M	($257M)
2024	Ms. Haller	$8.2M	$7.2M	$509M
2025	Ms. Haller	$10.0M	$11.1M	($252M)

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Stock-based compensation$15M
The slice of the business handed to employees in shares in fiscal 2025, 0.8% of revenue, equal to 3.1% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

What an owner would ask, FY2025

read the 10-K →

Which reported numbers are a judgment call?
Management names Pension & retirement, Income taxes as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Gas Utilities

The same industry, side by side on owner economics. Each column names the period it is read over; the group median at the foot is the line to read each figure against.

Company	Revenuelatest FY, USD	ROEmedian over the record	Plant growthannualized over the record	Dividend / cashmedian over the record
UGIUGI Corporation	$7.3B	14%	10.0%	25%
ATOAtmos Energy Corporation	$4.7B	9%	13.2%	25%
SRSpire	$2.5B	8%	8.3%	29%
OGSONE Gas	$2.4B	8%	7.4%	28%
NJRNew Jersey Resources	$2.0B	12%	8.6%	39%
SWXSouthwest Gas Holdings	$1.9B	8%	8.6%	24%
NWNNorthwest Natural	$1.3B	7%	—	30%
CPKChesapeake Utilities Corporation	$930M	11%	13.3%	20%
Group median	—	9%	8.6%	27%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Southwest Gas Holdings has delivered.

Southwest Gas Holdings’s latest year shows negative owner earnings, the mark of a build-out: total capital spending outruns the cash the business throws off today. So the tool opens on the steady-state base (maintenance capex in place of the build-out spend), the cash it would earn at rest; clear the toggle below to read the latest year exactly as reported.

Today’s price $

Base Normalize · through-cycle ($247K) Net of stock comp (−$14M TTM) Steady-state · maintenance capex (($361M))

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The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.65% 10-year Treasury (Aug 19, 2026) + 4.35 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth, delivered—

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.65%, as of Aug 19, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Free cash flow ($528M) on 72M shares outstanding, per the 10-Q cover, as of 2026-07-31; net debt $3.0B. The base opens on the steady-state figure (the latest year is negative on total capex mid-build-out); clear Steady-state to use the year as filed. Net of stock comp treats option pay as the expense it is. Capex ($975M) runs well above depreciation ($346M), so this is a build-out; Steady-state swaps total capex for maintenance (≈ depreciation), lifting the base to about ($361M), the cash it would throw off if it stopped expanding. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh SWX against another business →

The owners of SWX: the meeting and the votes →

Cite: Owner Scorecard, "Southwest Gas Holdings (SWX), the owner's record," https://ownerscorecard.com/c/SWX, data as of 2026-08-17.

Manual order: ← SWKS its page in the Manual SXC →

Industry order: ← SR the Gas Utilities chapter UGI →