NorthWestern Energy
Regulated electric and gas utility serving Montana, South Dakota, Nebraska and Yellowstone.
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Profile
Provides regulated electricity and natural gas across Montana, South Dakota, Nebraska and Yellowstone National Park through vertically integrated utility networks. Electric operations produce most revenue, while earnings depend on commission-approved rates, infrastructure investment and cost recovery.
Provides regulated electric service in Montana, South Dakota and Yellowstone National Park, alongside regulated natural-gas service in Montana, South Dakota and Nebraska. The Electric segment generates, purchases, transmits and distributes power; the Gas segment produces, purchases, stores, transports and distributes natural gas. Montana and Yellowstone operations sit under NW Corp, while NWE Public Service covers South Dakota and Nebraska.
Maintains generation portfolios and extensive transmission, distribution, pipeline and storage networks across a dispersed service territory, using owned resources, supply contracts and market purchases to meet demand. Revenue and returns depend on tariffs and cost recovery approved by state commissions and FERC, while weather, commodity supply, environmental rules and continuing capital investment shape operations. A proposed all-stock merger with Black Hills remains subject to Montana regulatory approval.
Company facts
Key statistics
Year to date +8.6% · Average volume (30d) 351.8K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jul 22, 2026 | Wells Fargo | Upgrade | Underweight | Equal Weight | ||
| Jul 21, 2026 | Wells Fargo | Reiterate | Underweight | $54 | $62 | |
| Apr 21, 2026 | Wells Fargo | Target | $53 | $54 | ||
| Apr 20, 2026 | Barclays | Target | $62 | $75 | ||
| Apr 1, 2026 | Ladenburg Thalmann | Upgrade | Neutral | Buy |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 29, 2026Q2 FY26 | $0.42 | $0.50 | +18.2% | $377.2M | $392.6M | +4.1% | −1.25% |
| Apr 29, 2026Q1 FY26 | $1.29 | $1.31 | +1.6% | $502.2M | $497.6M | −0.9% | +1.40% |
| Feb 11, 2026Q4 FY25 | $1.19 | $1.17 | −1.7% | $414.3M | $414.3M | 0.0% | +0.50% |
| Oct 29, 2025Q3 FY25 | $0.75 | $0.79 | +5.3% | $413.2M | $387.0M | −6.3% | +0.28% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $466.6M | $342.7M | $387.0M | $414.3M | $497.6M | $392.6M | |
| Gross profit | $271.7M | $205.0M | $322.8M | $203.2M | $285.2M | $313.5M | |
| Operating income | $124.7M | $60.7M | $80.3M | $60.0M | $114.1M | $64.2M | |
| Net income | $76.9M | $21.2M | $38.2M | $44.7M | $63.5M | $25.0M | |
| Diluted EPS | $1.25 | $0.35 | $0.62 | $0.72 | $1.03 | $0.40 | |
| Gross margin | 58.2% | 59.8% | 83.4% | 49.0% | 57.3% | 79.9% | |
| Operating margin | 26.7% | 17.7% | 20.7% | 14.5% | 22.9% | 16.4% |
Fiscal years (4-quarter sums)FY21 $1.37B · FY22 $1.48B · FY23 $1.42B · FY24 $1.51B · FY25 $1.61B
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $4.2M · Total debt $3.60B · Total assets $8.70B · Shareholders' equity $2.90B
Dividends
Raised for 17 straight years — most recently to $0.67 from $0.66 in Mar 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 17, 2026 | Aug 17 | Sep 1 | $0.67 | |
| Jun 15, 2026 | Jun 15 | Jun 30 | $0.67 | |
| Mar 13, 2026 | Mar 13 | Mar 31 | $0.67 | raised from $0.66 |
| Dec 15, 2025 | Dec 15 | Dec 31 | $0.66 | |
| Sep 15, 2025 | Sep 15 | Sep 30 | $0.66 | |
| Jun 13, 2025 | Jun 13 | Jun 30 | $0.66 | |
| Mar 14, 2025 | Mar 14 | Mar 31 | $0.66 | raised from $0.65 |
| Dec 13, 2024 | Dec 13 | Dec 31 | $0.65 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 61.52M · Float 61.11M · 99.3% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 9.07M | 14.74% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 3.55M | 5.77% | 13F | Aug 13, 2026 |
| Vanguard Capital Management LLC | 2.79M | 4.54% | 13F | Aug 13, 2026 |
| State Street Corp | 2.43M | 3.95% | 13F | Aug 7, 2026 |
| Geode Capital Management, LLC | 1.79M | 2.91% | 13F | Aug 12, 2026 |
Insider tradesForm 4
No open-market trades in the last 12 months.
View detailsPeers
- Black Hills
Closest regional electric and gas utility peer
- The MDU Resources Group
Northern plains electric and natural gas delivery peer
- Avista
Northwest electric and gas utility peer
- Otter Tail
Northern plains regulated electric utility peer
- IDACORP
Regulated Northwest electric utility peer
- Portland General Electric
Northwest integrated electric utility peer
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| NorthWestern Energy | $70.32 | −0.01% | $4.33B | 25.4 | 18.7 | 2.6 | +14.6% |
| Black Hills | $72.80 | −0.03% | $5.54B | 18.4 | 15.6 | 2.4 | +3.1% |
| The MDU Resources Group | $19.79 | 0.00% | $4.14B | 20.8 | 19.7 | 2.3 | +6.8% |
| Avista | $37.66 | 0.00% | $3.15B | 13.5 | 14.3 | 1.6 | +0.5% |
| Otter Tail | $90.55 | −0.34% | $3.81B | 19.6 | 15.8 | 2.9 | +0.4% |
| IDACORP | $135.78 | +0.04% | $7.85B | 22.5 | 20.5 | 4.4 | +10.9% |
| Portland General Electric | $49.60 | 0.00% | $5.74B | 21.8 | 13.4 | 1.7 | +0.9% |
| Median | 20.2 | 15.7 | 2.3 | +2.0% |