NW Natural
Operator of regulated gas, water, and wastewater utilities across the western United States.
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Profile
Owns regulated natural gas utilities in the Pacific Northwest and Texas, plus water and wastewater systems across the western United States. Customer bills fund gas, water, and wastewater service, while commission-approved rates and cost recovery make regulation central to earnings.
Owns regulated gas, water, and wastewater utilities, alongside a small nonregulated renewable natural gas business. NW Natural distributes gas to residential, commercial, and industrial customers in Oregon and southwest Washington and operates storage assets; SiEnergy serves residential and commercial customers around Houston, Dallas-Fort Worth, and Austin, with related Texas transmission operations.
NW Natural Water provides regulated water and wastewater service in Oregon, Washington, Idaho, Arizona, and Texas, plus contract operations in parts of the West. Expansion comes from connecting new utility customers, investing in distribution systems, and acquiring water systems and Texas gas utilities.
The Pacific Northwest gas utility remains the largest operating business. Most activities earn through commission-approved rates and cost recovery, while interstate storage services are federally regulated.
Company facts
Categories
Key statistics
Year to date +5.9% · Average volume (30d) 214.1K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 6, 2026 | Wells Fargo | Upgrade | Underweight | Equal Weight | ||
| May 11, 2026 | Wells Fargo | Target | $55 | $50 | ||
| Apr 16, 2026 | Cowen & Co. | Target | $58 | |||
| Mar 4, 2026 | Stifel Nicolaus | Target | $45 | $58 | ||
| Jan 30, 2026 | BTIG | Target | $53 | $55 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 5, 2026Q2 FY26 | −$0.08 | $0.01 | +112.2% | $271.9M | $243.6M | −10.4% | +1.29% |
| May 6, 2026Q1 FY26 | $2.40 | $2.33 | −2.9% | $538.6M | $490.4M | −8.9% | +3.14% |
| Feb 27, 2026Q4 FY25 | $1.36 | $1.39 | +2.2% | $434.6M | $394.2M | −9.3% | −0.85% |
| Nov 5, 2025Q3 FY25 | −$0.82 | −$0.73 | +11.0% | $419.4M | $164.7M | −60.7% | +1.19% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $494.3M | $236.2M | $164.7M | $394.2M | $490.4M | $243.6M | |
| Gross profit | $218.2M | $84.3M | $6.8M | $196.9M | $255.2M | $125.1M | |
| Operating income | $154.4M | $27.2M | −$12.4M | $168.8M | $219.4M | $33.2M | |
| Net income | $87.9M | −$2.5M | −$29.9M | $57.8M | $97.5M | $600.0K | |
| Diluted EPS | $2.18 | −$0.06 | −$0.73 | $1.39 | $2.38 | $0.01 | |
| Gross margin | 44.1% | 35.7% | 4.1% | 50.0% | 52.0% | 51.4% | |
| Operating margin | 31.2% | 11.5% | -7.5% | 42.8% | 44.7% | 13.6% |
Fiscal years (4-quarter sums)FY21 $860.4M · FY22 $1.04B · FY23 $1.20B · FY24 $1.15B · FY25 $1.29B
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $24.2M · Total debt $2.70B · Total assets $6.44B · Shareholders' equity $1.56B
Dividends
Raised for 35 straight years — most recently to $0.4925 from $0.49 in Oct 2025. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jul 31, 2026 | Jul 31 | Aug 14 | $0.4925 | |
| Apr 30, 2026 | Apr 30 | May 15 | $0.4925 | |
| Jan 30, 2026 | Jan 30 | Feb 13 | $0.4925 | |
| Oct 31, 2025 | Oct 31 | Nov 14 | $0.4925 | raised from $0.49 |
| Jul 31, 2025 | Jul 31 | Aug 15 | $0.49 | |
| Apr 30, 2025 | Apr 30 | May 15 | $0.49 | |
| Jan 31, 2025 | Jan 31 | Feb 14 | $0.49 | |
| Oct 31, 2024 | Oct 31 | Nov 15 | $0.49 | raised from $0.4875 |
Ownership
Shares outstanding 42.08M · Float 41.92M · 99.6% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 6.71M | 15.95% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 2.73M | 6.50% | 13F | Aug 13, 2026 |
| Vanguard Capital Management LLC | 1.90M | 4.51% | 13F | Aug 13, 2026 |
| State Street Corp | 1.73M | 4.11% | 13F | Aug 7, 2026 |
| Vaughan Nelson Investment Management, L.P. | 1.46M | 3.47% | 13F | Jul 16, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 18, 2026 | David Hugo Anderson | director | −1,500 | $50.86 |
| Jul 20, 2026 | David Hugo Anderson | director | −1,500 | $51.18 |
| Jun 26, 2026 | David Hugo Anderson | director | −1,500 | $50.90 |
| May 12, 2026 | Peter J. Bragdon | director | +400 | $50.32 |
| May 7, 2026 | Justin Palfreyman | director, officer: President & CEO | +1,225 | $48.75 |
Peers
- The MDU Resources Group
Parent of Cascade Natural Gas — adjacent OR/WA franchise and CPP co-litigant
- Avista
Regulated electric-and-gas utility under OPUC and WUTC; CPP co-litigant
- Essential Utilities
Other public water+gas holding co; Aqua + Peoples; AWK merger pending
- ONE Gas
Pure-play OK/KS/TX gas LDC; Texas Gas Service overlaps SiEnergy in Austin metro
- American Water Works
Largest US public water utility (14 states); benchmark for NWN Water
- Southwest Gas
Pure-play AZ/NV/CA gas LDC (~2.28M customers); same-household overlap in Arizona
- Atmos Energy
Largest US pure-play gas LDC; Mid-Tex adjacent to SiEnergy in DFW/Austin
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| NW Natural | $49.50 | +0.02% | $2.08B | 16.2 | 15.7 | 1.6 | +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% |
| Essential Utilities | $41.25 | +0.39% | $11.66B | 21.0 | 17.8 | 4.5 | +3.1% |
| ONE Gas | $79.47 | −0.03% | $4.99B | 17.1 | 16.1 | 2.2 | −2.9% |
| American Water Works | $134.88 | −2.46% | $27.48B | 23.9 | 22.6 | 5.2 | +6.2% |
| Southwest Gas | $88.65 | −0.49% | $6.45B | 12.4 | 19.1 | 3.7 | −68.0% |
| Atmos Energy | $166.65 | +0.01% | $27.82B | 19.8 | 18.5 | 5.7 | +4.8% |
| Median | 19.8 | 18.5 | 3.7 | +3.1% |