Southwest Gas Holdings
SWX on NYSE. Southwest Gas Holdings sells natural gas to homes and businesses in Arizona, Nevada, and California. Market value $6.0bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Utilities stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-8.74 of spare cash in the past 12 months. A savings account pays about $4.
You pay 18.6 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 3 cents a year. Above 10 is good.
Quality score: 41 of 100. Price score: 54 of 100. Our list needs 70 on quality and 60 on price.
$83.32 a share, 9% above its 1-year low
Over the past year the price has ranged from $76.74 to $94.47.
Dividend: 3.0% a year
Paid every year for at least 5 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: a shortfall of $528 million in the past 12 months, a shortfall of $252 million in the year to December 2025.
| Revenue | |||||
| Revenue | $3.7bn | $5.0bn | $5.4bn | $2.5bn | $1.9bn |
| Operating margin | |||||
| Operating margin | 10.0% | -0.5% | 5.4% | 16.4% | 24.4% |
| Debt to equity | |||||
| Debt to equity | 2.14 | 1.96 | 1.60 | 1.19 | 0.89 |
| Shares outstanding | |||||
| Shares outstanding | 0.07bn | 0.07bn | 0.07bn | 0.07bn | 0.07bn |
Health checks
- Free cash flow positive1 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)6 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- Debt0.89× equity
- Revenue growth, five yearsShrinking, 10.1% a year
- Buying back its own sharesNo, 8% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Profit: $42 million, after a loss of $40 million a year ago.
- Over the past 12 months it spent $528 million more cash than it brought in. A year earlier it had $159 million spare.
- 1% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $3.2 billion more than cash, down from $4.3 billion a year ago.
| Quarter to | Amount |
|---|---|
| September 2024 | $1.1bn |
| December 2024 | Not reported |
| March 2025 | $746m |
| June 2025 | $396m |
| September 2025 | $317m |
| December 2025 | $481m |
| March 2026 | $585m |
| June 2026 | Not reported |
| Quarter to | Amount |
|---|---|
| September 2024 | $289,000 |
| December 2024 | $92m |
| March 2025 | $114m |
| June 2025 | -$40m |
| September 2025 | $263m |
| December 2025 | $103m |
| March 2026 | $138m |
| June 2026 | $42m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 25 February 2026
- Next quarterly (estimated, 10-Q)
- 4 November 2026
Who owns it
3 long-term investors we follow own it, unchanged from 3 last quarter. 411 funds in all.
- First Manhattan Co.First Manhattan partners
- Value
- $363,588
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Corvex ManagementKeith Meister | $285m | 8.8% | Cut |
| GAMCO InvestorsMario Gabelli | $68m | 0.6% | Cut |
| First Manhattan Co.First Manhattan partners | $363,588 | <0.1% |
Largest holders overall
- BlackRock$992mAdded
- FMR$494mAdded
- Vanguard Portfolio Management$352mAdded
- Corvex Management$285mCut
- Vanguard Capital Management$270m
- State Street$231mAdded
- Geode Capital Management$185mAdded
- Maverick Capital$168mCut
- AQR Capital Management$142mAdded
- Adage Capital Partners GP, L.L.C.$120mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%; 1 of them is pushing for change.
- FMR LLCPassive investorat least 7.8%+1.1 pts(filed with 1 related holder)Since 31 December 2025
- Vanguard Portfolio ManagementPassive investor5.4%Since 31 March 2026
- at least 5.0%−2.0 pts(filed with 1 related holder)Since 6 May 2026
- Icahn Enterprises (Carl Icahn)Activistat least 5.0%−1.6 pts(filed with 10 related holders)Since 27 January 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
FMR LLC Passive investor | at least 7.8%+1.1 pts (filed with 1 related holder) | 31 December 2025 | |
Vanguard Portfolio Management Passive investor | 5.4% | 31 March 2026 | |
at least 5.0%−2.0 pts (filed with 1 related holder) | 6 May 2026 | ||
Icahn Enterprises (Carl Icahn) Activist | at least 5.0%−1.6 pts (filed with 10 related holders) | 27 January 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 2 sold $450,029, $245,510 of it under preset trading plans.
- Williams Julie M.SVP/Cont. Improvement and Opt.Sold
- Date
- 28 September 2026
- Shares
- 2,500
- Price
- $81.81
- Value
- $204,519
- Brown Justin LPresident/Southwest Gas Corp.Soldunder a preset trading plan
- Date
- 9 January 2026
- Shares
- 3,028
- Price
- $81.08
- Value
- $245,510
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 28 September 2026 | Williams Julie M. SVP/Cont. Improvement and Opt. | Sold | 2,500 | $81.81 | $204,519 |
| 9 January 2026 | Brown Justin L President/Southwest Gas Corp. | Sold under a preset trading plan | 3,028 | $81.08 | $245,510 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
- Sales have shrunk: 10.1% a year.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.