SWX - NYSE
Southwest Gas Holdings, Inc.
$87.17
+1.7%Southwest Gas Holdings, Inc., through its subsidiaries, distributes and transports natural gas in Arizona, Nevada, and California. The company operates through Natural Gas Distribution, Utility Infrastructure Services, and Pipeline and Storage segments. It also provides trenching, installation, and replacement of underground pipes, as well as maintenance services for energy distribution systems. As of December 31, 2021, it had 2,159,000 residential, commercial, industrial, and other natural gas customers. Southwest Gas Holdings, Inc. was incorporated in 1931 and is headquartered in Las Vegas, Nevada.
At a Glance
Live SnapshotSouthwest Gas Holdings, Inc. Cash Conversion Engine
Cash Flow Quality Analysis
FCF Conversion Rate
Negative free cash flow despite positive earnings raises concerns about cash generation ability or heavy capital requirements.
CapEx Intensity
Very high capital intensity consumes most operating cash flow. Limited flexibility for dividends or debt reduction.
FCF Growth Trend
Significant FCF decline raises concerns. Urgent review needed of operational performance and capital allocation.
Working Capital Impact
Moderate working capital outflow. Typical for growing businesses, but ensure it's supporting revenue growth, not inefficiency.
Cash Flow Quality Insight
Cash flow concerns: Despite profitability, the company is burning cash. Review working capital management, CapEx levels, and sustainability of current operations.
Southwest Gas Holdings, Inc. Cash Flow Statement
SWX • NYSE
| Southwest Gas Holdings, Inc. Cash Flow Statement | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 | Dec 2018 | Dec 2017 | Dec 2016 | Dec 2015 | Dec 2014 | Dec 2013 | Dec 2012 | Dec 2011 | Dec 2010 | Dec 2009 | Dec 2008 | Dec 2007 | Dec 2006 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
OPERATING ACTIVITIES | ||||||||||||||||||||
239.5M | 204.8M | 150.9M | -203.3M | 207.2M | 239M | 216.6M | 181.7M | 193.9M | 153.1M | 139.4M | 141.1M | 144.9M | 132.6M | 111.8M | 103.5M | 87.1M | 61M | 83.2M | 83.9M | |
330.7M | 438.4M | 440.9M | 470.5M | 371M | 332M | 303.2M | 249.2M | 251M | 289.1M | 270.1M | 253M | 236.8M | 223.4M | 200.5M | 190.5M | 190.1M | 0.0 | 0.0 | 0.0 | |
172.5M | 52.9M | 56.8M | -72M | 61.2M | 50.7M | 54.2M | 51M | 63.4M | 68.7M | 48.8M | 64.3M | 68.6M | 66.3M | 56.5M | 50.1M | 42.8M | 36.1M | 16.1M | 3.9M | |
13M | 14.9M | 0.0 | 0.0 | 9.3M | 7.1M | 6.9M | 6.1M | 10.9M | 5.5M | 2.9M | 8M | 7M | 5.1M | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |
-100.9M | -57.5M | 77.3M | 462.1M | -94.1M | -101.8M | -43.4M | 27.4M | -24.5M | -10.9M | -9.4M | -14.1M | -10.4M | -29.8M | 0.0 | 0.0 | 0.0 | 194.9M | 175.3M | 169M | |
(0.0) | (9.9M) | (0.0) | (0.0) | (4.2M) | (11M) | (2.8M) | (1.2M) | (5.7M) | (0.0) | (43.2M) | (24.2M) | (6.9M) | (2.8M) | (13.6M) | (19.2M) | (21.6M) | (22.5M) | (45M) | (39.7M) | |
-96.7M | 702.2M | -216.7M | -249.8M | -443.3M | 99.1M | -37.1M | 13.5M | -124.7M | 92.9M | 95.3M | -105.9M | -100.7M | -11.4M | -116.7M | 27M | 85.8M | 7.7M | 73.2M | 24.6M | |
556.1M | 1.4B | 509.2M | 407.5M | 111.4M | 626.1M | 500.4M | 528.9M | 370M | 598.4M | 547.1M | 346.4M | 346.2M | 386.3M | 252M | 371M | 405.8M | 299.7M | 347.8M | 281.4M | |
INVESTING ACTIVITIES | ||||||||||||||||||||
-807.9M | -945.9M | -872.5M | -859.4M | -715.6M | -825.1M | -938.1M | -765.9M | -623.6M | -529.5M | -488M | -396.9M | -364.3M | -395.7M | -381M | -215.4M | -217M | -300.2M | -340.9M | -345.3M | |
(5.3M) | (0.0) | (1B) | -18.8M | -2.4B | (0.0) | -47.6M | -251.4M | -94.2M | -17M | -9.3M | -190.5M | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | |
0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 785K | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |
777.7M | 24.4M | 1M | 39.3M | 34.2M | 23M | 34.2M | 17.8M | 17M | 20.9M | 27.4M | 31.8M | 16.2M | 21.7M | 22.2M | 12.4M | -47.9M | 47M | 8.9M | 33.2M | |
-24.8M | -921.6M | (151M) | -838.9M | -3B | -802.1M | -951.6M | -999.5M | -700.9M | -525.6M | -469.8M | -555.6M | -348M | -374M | -358.8M | -203M | -264.9M | -253.2M | -331.9M | -312.1M | |
FINANCING ACTIVITIES | ||||||||||||||||||||
19.7M | 336.6M | 251.8M | 461.8M | 213.6M | 139.2M | 157.9M | 354.4M | 41.2M | 472K | 35.4M | 405K | 1.6M | 1.6M | 7.4M | 11.1M | 18.4M | 35.4M | 35.1M | 72.5M | |
-680M | -224.1M | -720.2M | 121.7M | 3B | 198.6M | 376.8M | 327.4M | 426.6M | 4.3M | -40.6M | 274.6M | 75.3M | 64.5M | 53.1M | -71.8M | -78.4M | -48.8M | -1.5M | -19M | |
-178.5M | -177.8M | -174.6M | -160.6M | -138.2M | -125.5M | -116.1M | -100.2M | -92.1M | -83.3M | -74.2M | -66.3M | -59.5M | -53M | -47.9M | -44.8M | -42M | -38.7M | -36.3M | -33.5M | |
520.5M | -111M | -57.8M | -66.5M | 213.6M | -2.7M | 156.5M | -69M | 14.9M | -4.1M | -5M | -1.3M | 0.0 | -21.8M | 0.0 | -11.7M | 0.0 | 0.0 | 0.0 | 0.0 | |
-318.3M | -176.3M | -700.8M | 356.5M | 3.1B | 209.6M | 415.3M | 512.6M | 346.2M | -80.5M | -79.5M | 207.5M | 17.4M | -8.7M | 12.6M | -117.2M | -102M | -52.1M | -2.7M | 20M | |
CASH FLOW SUMMARY | ||||||||||||||||||||
48.9M | -624K | 24.1M | -24.7M | 160K | 228K | 158K | -208K | 301K | -194K | -1.4M | 142K | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |
261.9M | 257.3M | -16.5M | -99.6M | 139.3M | 33.8M | -35.8M | 41.7M | 15.6M | -7.9M | -3.6M | -1.5M | 15.5M | 3.6M | -94.2M | 50.8M | 38.9M | -5.6M | 13.2M | -10.8M | |
314.8M | 106.5M | 123.1M | 222.7M | 83.4M | 49.5M | 85.4M | 43.6M | 28.1M | 36M | 39.6M | 41.1M | 25.5M | 21.9M | 116.1M | 65.3M | 26.4M | 32M | 18.8M | 29.6M | |
576.6M | 363.8M | 106.5M | 123.1M | 222.7M | 83.4M | 49.5M | 85.4M | 43.6M | 28.1M | 36M | 39.6M | 41.1M | 25.5M | 21.9M | 116.1M | 65.3M | 26.4M | 32M | 18.8M | |
-251.8M | 409.9M | -363.3M | -452M | -604.2M | -199M | -437.8M | -237.1M | -253.7M | 68.9M | 59.1M | -50.5M | -18.1M | -9.4M | -128.9M | 155.6M | 188.8M | -469K | 6.9M | -64M |
SEC Filings
SWX - Filing history and reports
| Filing Type | Filing Date | Period Ending | Fiscal Year | Actions |
|---|---|---|---|---|
8-K 8-K 2026 N/A | May 11, 2026 | May 07, 2026 | 2026 | |
10-Q 10-Q 2026 Q1 Q1 | May 05, 2026 | March 31, 2026 | 2026 | |
8-K 8-K 2026 N/A | May 05, 2026 | May 05, 2026 | 2026 | |
DEF 14A DEF 14A 2026 N/A | March 23, 2026 | May 07, 2026 | 2026 | |
10-K 10-K 2025 FY FY | February 25, 2026 | December 31, 2025 | 2025 | |
8-K 8-K 2026 N/A | February 25, 2026 | February 25, 2026 | 2026 | |
8-K 8-K 2026 N/A | February 25, 2026 | February 19, 2026 | 2026 | |
8-K 8-K 2026 N/A | February 12, 2026 | February 11, 2026 | 2026 | |
8-K 8-K 2026 N/A | February 11, 2026 | February 06, 2026 | 2026 | |
8-K 8-K 2026 N/A | January 09, 2026 | January 09, 2026 | 2026 |
Related Guides
Continue your SWX research with focused valuation guides.
Research Paths
Snapshot
Start with context, operating signals, and key market metrics.
Value Model
Stress test fair value across bear, base, and bull assumptions.
Statements
Validate revenue quality, margins, and balance sheet durability.
Earnings Call
Read management commentary and compare it with reported outcomes.
Dividends
Check payout sustainability and long-term distribution behavior.
Analyst Expectations
Review consensus spread and where estimate risk is concentrated.