Northwest Natural Holding Company (NWN) Stock

Northwest Natural Holding Company (NWN) is a Utilities stock trading at $49.45 (as of 2026-08-21), with a market capitalization of $2.08B and a trailing P/E of 16.9. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Northwest Natural Holding Company, through its subsidiaries, provides regulated natural gas distribution and related services to residential, commercial, industrial, and transportation customers in Oregon and Southwest Washington. It also operates a contracted gas storage facility and offers natural gas asset management, while providing water and wastewater services through connections in the Pacific Northwest and Texas.

Understand Northwest Natural Holding Company: how it makes money

Northwest Natural Holding Company provides regulated natural gas distribution to residential, commercial, industrial, and transportation customers in Oregon and Southwest Washington, earns revenue from those utility services under regulation, and also generates income from contracted gas storage capacity, natural gas asset management services, and its appliance retail center.

For a regulated gas distributor, profit is structurally driven by regulated operating revenues tied to delivering gas service (including peak-demand therms) and by rate-setting that determines the allowed revenue requirement.

Business quality (Strong): A core, regulated utility model (natural gas distribution) can support consistent profitability, but the company also operates additional business lines and storage activities, which can add complexity and make results sensitive to operating conditions and rate-setting.

Valuation: At 17× earnings, NWN trades 21% below the Utilities average (22×). Note: one-time items can distort reported P/E.

Bull case

  • Regulated natural gas distribution business across multiple customer types in Oregon and Southwest Washington: Operating revenues come from delivering natural gas service under a regulated framework, which links results to the allowed revenue requirement.
  • Contracted Mist gas storage facility: The company operates 5.7 billion cubic feet of gas storage contracted to other utilities and third-party marketers, supporting an additional source of earnings beyond retail deliveries.

Bear case

  • Rate-setting can move results: The presence of an Oregon General Rate Case Revenue Requirement Increase in the provided bridge indicates earnings can be influenced by regulatory outcomes.
  • Demand and operating conditions can affect volumes: Weather-related and peak-demand KPIs are tracked (for example, 'Weather Was Warmer Than Average (Natural Gas Distribution Segment)' and 'Peak Day Therms Delivered'), signaling sensitivity to operating conditions.
Valuation — source: SEC EDGAR (first-party)
Price$49.45
Market Cap$2.08B
P/E Ratio16.9
EV / EBITDA9.8
Price / Book1.32
Price / Sales1.62
FCF Yield-13.1%
DCF Value (model)$37.79
DCF Upside vs Price-23.6%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$1.29B
Net Margin8.8%
Revenue Growth (YoY)-0.8%
EPS Growth (YoY)7.3%
FCF Growth (YoY)-96.8%
Financial Health — source: SEC EDGAR
Altman Z-Score0.68 (distress)
Valuation vs Sector & Industry
Stock P/E16.9
Sector P/E (Utilities)20.8
Industry P/E (Utilities)20.1
vs Sector-18.8%
vs Industry-15.7%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderBlackRock, Inc. ($339.71M)
Institutional Holders Tracked10
Congressional Trades (recent)8
Company
SectorUtilities
IndustryUtilities
CEOJustin Palfreyman
Employees1,452
CountryUS
IPO Date1990-03-26

Related Companies (Business model: Regulated Utility (Electric / Gas); 8 closest by market cap; US-domiciled)

  • National Fuel Gas Company (NFG)
  • New Jersey Resources Corporation (NJR)
  • ONE Gas, Inc. (OGS)
  • Spire Inc. (SR)
  • Chesapeake Utilities Corporation (CPK)
  • Centuri Holdings, Inc. (CTRI)
  • NextDecade Corporation (NEXT)
  • Excelerate Energy, Inc. (EE)
NWN earnings history · NWN institutional & insider holders · NWN KPIs & operating metrics · NWN financials · NWN investor presentations & press releases · NWN SEC filings · NWN peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.