{ "ok": true, "cik": "1692115", "ticker": "SWX", "name": "Southwest Gas Holdings, Inc.", "filings": [ { "form": "10-Q", "filed": "2026-08-05", "items": [], "url": "https://www.sec.gov/Archives/edgar/data/1692115/000169211526000112/0001692115-26-000112-index.htm" }, { "form": "8-K", "filed": "2026-08-05", "items": [ "2.02 Results of Operations and Financial Condition", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/1692115/000169211526000109/0001692115-26-000109-index.htm" }, { "form": "8-K", "filed": "2026-05-11", "items": [ "5.07 Submission of Matters to a Vote of Security Holders" ], "url": "https://www.sec.gov/Archives/edgar/data/1692115/000169211526000090/0001692115-26-000090-index.htm" }, { "form": "10-Q", "filed": "2026-05-05", "items": [], "url": "https://www.sec.gov/Archives/edgar/data/1692115/000169211526000088/0001692115-26-000088-index.htm" }, { "form": "8-K", "filed": "2026-05-05", "items": [ "2.02 Results of Operations and Financial Condition", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/1692115/000169211526000086/0001692115-26-000086-index.htm" }, { "form": "DEF 14A", "filed": "2026-03-23", "items": [], "url": "https://www.sec.gov/Archives/edgar/data/1692115/000169211526000080/0001692115-26-000080-index.htm" } ], "events12m": 13, "healthWatch": { "window": "last 12 months", "since": "2025-09-27", "signals": [ { "code": "4.02", "label": "Earlier statements no longer to be relied on", "count": 1, "latest": { "filed": "2026-01-09", "url": "https://www.sec.gov/Archives/edgar/data/1692115/000169211526000004/0001692115-26-000004-index.htm" } }, { "code": "5.02", "label": "Director or officer change", "count": 5, "latest": { "filed": "2026-02-25", "url": "https://www.sec.gov/Archives/edgar/data/1692115/000119312526071537/0001193125-26-071537-index.htm" } } ], "note": "Events the company itself filed with the SEC, most serious first. Shown beside the figures; they do not change the range or its receipt." }, "sources": { "facts": "https://data.sec.gov/api/xbrl/companyfacts/CIK0001692115.json", "filings": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1692115" }, "license": "Figures as filed with the SEC. Card text CC BY 4.0, POPS4.", "notAdvice": "Reporting, not investment advice. No price targets and no trading recommendations.", "edgar": "🫧 Edgar looked up Southwest Gas Holdings, Inc. ($SWX). Last filing: 10-Q, 2026-08-05. 13 event filings (8-K) in the past twelve months. Non-reliance (8-K Item 4.02) filed 2026-01-09.", "auditor": { "changes": [], "nonReliance": [ { "filed": "2026-01-09", "url": "https://www.sec.gov/Archives/edgar/data/1692115/000169211526000004/0001692115-26-000004-index.htm" } ], "restatedSince": true }, "metrics": { "fiscalYearEnd": "2023-12-31", "revenue": 5433972000, "revenueGrowth1y": 0.09555688306210741, "revenueGrowthPerYear": 0.14879778342073036, "yearsOfData": 5, "operatingMargin": 0.05391544159594492, "operatingMarginPrior": -0.0049189426874023815, "netMargin": 0.028619396640247687, "operatingCashFlow": 509211000, "capitalSpending": 765871000, "freeCashFlow": -256660000, "researchAndDevelopment": null, "researchShareOfRevenue": null, "cash": 106536000, "longTermDebt": 4652390000, "longTermDebtChange": 0.04598485202758362, "revenueHistory": [ { "fiscalYearEnd": "2019-12-31", "revenue": 3119917000 }, { "fiscalYearEnd": "2020-12-31", "revenue": 3298873000 }, { "fiscalYearEnd": "2021-12-31", "revenue": 3680451000 }, { "fiscalYearEnd": "2022-12-31", "revenue": 4960009000 }, { "fiscalYearEnd": "2023-12-31", "revenue": 5433972000 } ], "totalEquity": 3310036000, "totalAssets": 9277306000, "equityRatio": 0.3567884901069341, "returnOnEquity": 0.04698347691686737, "dividendsPaid": 174574000, "payoutRatio": 1.1225396580438152, "dividendPerShare": 2.48, "dividendYearsRising": 0, "dividendCut": false, "priceBased": "Dividend yield, price/earnings and price/book need a share price. The boards carry filings only, so they are not shown.", "earningsPerShare": 2.13, "sharesOutstanding": 70990000, "bookValuePerShare": 46.62679250598676, "revenuePerShare": 76.54559797154529, "range80": { "low": 5266298575.51466, "high": 6935557739.590636, "baseline": 6185378368.707701, "n": 4599, "band": "b1", "bandLabel": "$1B–10B", "method": "v4.1", "credibility": 0.5, "growthYears": 4, "ownVolatility": 0.10184998222732584, "classVolatility": 0.07701947805587882, "volatility": 0.09029235537880986 }, "ifPaceHeld": { "low": 5266298575.51466, "high": 6935557739.590636 } }, "edgarette": "🔖 Exposure: revenue $5.4B (FY2023), total debt $4.7B. Experience: revenue up 9.6% on the year, up 14.9% a year over 4 years; operating margin 5.4%, up from -0.5%. Soundness: equity 35.7% of assets, return on equity 4.7%, payout 112.3% of profit. Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $5.3B and $6.9B next year (method v4.1: its own 4-year record of growth weighed at 50% against $1B–10B filers; on a year the method never saw, 83.4% landed inside). In a shock year the stress range is $4.8B to $7.7B. A statistical range, not company guidance. Against peers (29 filers, $50M+ revenue, its industry group): operating margin 5.4% against a 27.5% median; growth 9.6% against 13.0%.", "peers": { "sic": 4923, "sicDescription": "Natural Gas Transmisison & Distribution", "calendarYear": 2025, "minRevenue": 50000000, "depth": 3, "group": "492", "growth": [ 0.13, 32 ], "opMargin": [ 0.2752, 29 ], "equityRatio": [ 0.3239, 20 ], "returnOnEquity": [ 0.0956, 18 ], "payoutRatio": [ 0.6706, 19 ] }, "summary": "Southwest Gas Holdings (SWX) grew revenue 9.6% in FY2023 to $5.4 billion, operating margin 5.4% against a 27.5% median for natural gas transmisison & distribution, equity 35.7% of assets. Every figure is from the company’s own annual report filed with the SEC.", "chart": "
Southwest Gas Holdings, Inc. against its own record and its peers
Operating marginPeer median 27.5%5.4%Revenue, on the yearPeer median 13.0%9.6%Equity of assetsPeer median 32.4%35.7%Return on equityPeer median 9.6%4.7%Payout of profitPeer median 67.1%112.3%Gold tick: the median of 18–20 peers with $50M+ revenue in natural gas transmisison & distribution
", "chartHorizon": "
Handed back now, or kept to compound · of each dollar of profit
112.3% paid outMore was paid out than was earned in the year.Handed back per share$2.48Growth its own profit can fund0.0%managed 9.6% last year

Gold paid out, navy kept. Kept share × return on equity = the growth it can fund itself. Facts from the filings, not a recommendation.

", "backtest": { "tests": 5, "hits": 4, "rate": 0.8, "method": "v4", "byYear": { "2019": [ 1, 1 ], "2020": [ 1, 1 ], "2021": [ 1, 1 ], "2022": [ 0, 1 ], "2023": [ 1, 1 ] }, "note": "hindsight: the same credibility-weighted range on the company's own past years. Years 2018-2023 were used to fit or tune the method, so only 2025 outcomes are fully out of sample." }, "caution": "Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.", "schema": "pops4.edgarette.card/1", "card": { "summary": "Southwest Gas Holdings (SWX) grew revenue 9.6% in FY2023 to $5.4 billion, operating margin 5.4% against a 27.5% median for natural gas transmisison & distribution, equity 35.7% of assets. Every figure is from the company’s own annual report filed with the SEC.", "exposure": { "fiscalYearEnd": "2023-12-31", "revenue": 5433972000, "totalDebt": 4652390000, "cash": 106536000 }, "experience": { "revenueGrowth1y": 0.09555688306210741, "revenueGrowthPerYear": 0.14879778342073036, "operatingMargin": 0.05391544159594492, "operatingMarginPrior": -0.0049189426874023815, "netMargin": 0.028619396640247687, "freeCashFlow": -256660000 }, "soundness": { "equityRatio": 0.3567884901069341, "returnOnEquity": 0.04698347691686737, "payoutRatio": 1.1225396580438152, "dividendPerShare": 2.48, "dividendYearsRising": 0, "dividendCut": false, "note": "Dividend yield, price/earnings and price/book need a share price. The boards carry filings only, so they are not shown." }, "peers": { "sic": 4923, "sicDescription": "Natural Gas Transmisison & Distribution", "calendarYear": 2025, "minRevenue": 50000000, "depth": 3, "group": "492", "growth": [ 0.13, 32 ], "opMargin": [ 0.2752, 29 ], "equityRatio": [ 0.3239, 20 ], "returnOnEquity": [ 0.0956, 18 ], "payoutRatio": [ 0.6706, 19 ] }, "credibility": { "auditedYears": 5, "weight": "reasonable", "standard": "ASOP No. 25", "nonReliance": { "filed": "2026-01-09", "url": "https://www.sec.gov/Archives/edgar/data/1692115/000169211526000004/0001692115-26-000004-index.htm", "restatedSince": true, "markedDown": false }, "auditorChange": null }, "healthWatch": { "window": "last 12 months", "since": "2025-09-27", "signals": [ { "code": "4.02", "label": "Earlier statements no longer to be relied on", "count": 1, "latest": { "filed": "2026-01-09", "url": "https://www.sec.gov/Archives/edgar/data/1692115/000169211526000004/0001692115-26-000004-index.htm" } }, { "code": "5.02", "label": "Director or officer change", "count": 5, "latest": { "filed": "2026-02-25", "url": "https://www.sec.gov/Archives/edgar/data/1692115/000119312526071537/0001193125-26-071537-index.htm" } } ], "note": "Events the company itself filed with the SEC, most serious first. Shown beside the figures; they do not change the range or its receipt." }, "range": { "low": 5266298575.51466, "high": 6935557739.590636, "baseline": 6185378368.707701, "coverage": 0.8, "method": "v4.1", "basis": "next fiscal year revenue: baseline = revenue x (1 + mean of one-year and three-year pace); width = the company's own volatility of yearly growth, credibility-weighted against its size class (Buhlmann), scaled to the 80% target on 2023 and tested on 2024", "calibratedOn": { "companyYears": 4599, "sizeBand": "$1B–10B", "fitYears": [ 2018, 2022 ], "tuneYear": 2023, "testYear": 2024, "coverageOnTestYear": 0.8341 }, "credibility": { "weightOnOwnRecord": 0.5, "growthYears": 4, "ownVolatility": 0.10184998222732584, "classVolatility": 0.07701947805587882, "pricedVolatility": 0.09029235537880986, "k": 3 }, "stress": { "low": 4762504114.530129, "high": 7669970188.545832, "basis": "the same range with widths set to hold 80% across 2018-2023, pandemic years included" }, "kind": "a statistical range, not company guidance; no view on the share price", "track": { "backtest": { "tests": 5, "hits": 4, "rate": 0.8, "method": "v4", "byYear": { "2019": [ 1, 1 ], "2020": [ 1, 1 ], "2021": [ 1, 1 ], "2022": [ 0, 1 ], "2023": [ 1, 1 ] }, "note": "hindsight: the same credibility-weighted range on the company's own past years. Years 2018-2023 were used to fit or tune the method, so only 2025 outcomes are fully out of sample." }, "registry": null, "scorecard": "https://www.pops4.com/boards/scorecard" } }, "caution": "Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.", "sources": { "facts": "https://data.sec.gov/api/xbrl/companyfacts/CIK0001692115.json", "filings": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1692115" }, "speedCash": null, "harbor": { "signs": [ { "key": "warning", "text": "filed earlier statements no longer to be relied on in the last 12 months" } ], "rule": "Boat condition = number of warning signs: a serious warning filing in 12 months; liabilities over assets; slow and jumpy; negative operating cash; an 80% revenue range of ±25% or wider.", "level": 1, "name": "Sound ship", "plain": "one warning sign" }, "cashFlow": { "fiscalYearEnd": "2023-12-31", "operating": 509211000, "investing": 245816000, "financing": -700795000, "capitalSpending": 765871000, "free": -256660000, "trend": [ { "fiscalYearEnd": "2019-12-31", "operating": 500372000, "free": -437776000 }, { "fiscalYearEnd": "2020-12-31", "operating": 626080000, "free": -199025000 }, { "fiscalYearEnd": "2021-12-31", "operating": 111383000, "free": -604243000 }, { "fiscalYearEnd": "2022-12-31", "operating": 407460000, "free": -451961000 }, { "fiscalYearEnd": "2023-12-31", "operating": 509211000, "free": -256660000 } ], "note": "Annual, as filed in 10-K cash flow statements; negative investing/financing = cash going out (capital spending, buybacks, dividends, debt repaid)." }, "investments": { "fiscalYearEnd": "2023-12-31", "cash": 106536000, "shortTerm": null, "longTerm": null, "equityHoldings": null, "totalAssets": 9277306000, "ladder": null, "currentRatio": 1.12, "unrealizedGain": null, "unrealizedLoss": null, "note": "Balance-sheet cash and investment securities at fiscal year end, as filed; short-term = due or saleable within a year. Insurers and banks hold most of their book here." } }, "definitions": { "operatingMargin": "Operating income divided by revenue.", "netMargin": "Net income divided by revenue.", "freeCashFlow": "Cash from operations minus spending on property and equipment.", "researchShareOfRevenue": "Research and development expense for the year as a share of revenue, both as filed.", "equityRatio": "Shareholders equity as a share of total assets, both as filed. Higher means less of the company is owed to someone else.", "returnOnEquity": "Net income for the year against shareholders equity at year end.", "payoutRatio": "Dividends paid as a share of net income, in the year the cash went out.", "dividendYearsRising": "Consecutive years, counted back from the last on record, in which dividend per share rose. A fall ends the run and is reported as dividendCut.", "revenueGrowthPerYear": "Compound annual growth between the first and latest fiscal years shown.", "credibility": "How much weight a record deserves, in the actuarial sense (ASOP No. 25): more audited years, more weight.", "peers": "Medians of SEC filers with $50M+ revenue in the same industry code (SIC), narrowest group with at least 8 filers, calendar-year figures from SEC XBRL frames.", "backtest": "The same range method applied to the company's own past years, scored against what it actually reported next. Hindsight, and labelled so.", "healthWatch": "Distress-type events the company filed in the last 12 months (late-filing notices; 8-K items 1.03, 3.01, 2.04, 4.02, 4.01, 2.05, 2.06, 1.05, 5.02), each with its count and newest filing. Display only: they do not change the range or its receipt." }, "speedCash": null, "harbor": { "signs": [ { "key": "warning", "text": "filed earlier statements no longer to be relied on in the last 12 months" } ], "rule": "Boat condition = number of warning signs: a serious warning filing in 12 months; liabilities over assets; slow and jumpy; negative operating cash; an 80% revenue range of ±25% or wider.", "level": 1, "name": "Sound ship", "plain": "one warning sign" }, "cashFlow": { "fiscalYearEnd": "2023-12-31", "operating": 509211000, "investing": 245816000, "financing": -700795000, "capitalSpending": 765871000, "free": -256660000, "trend": [ { "fiscalYearEnd": "2019-12-31", "operating": 500372000, "free": -437776000 }, { "fiscalYearEnd": "2020-12-31", "operating": 626080000, "free": -199025000 }, { "fiscalYearEnd": "2021-12-31", "operating": 111383000, "free": -604243000 }, { "fiscalYearEnd": "2022-12-31", "operating": 407460000, "free": -451961000 }, { "fiscalYearEnd": "2023-12-31", "operating": 509211000, "free": -256660000 } ], "note": "Annual, as filed in 10-K cash flow statements; negative investing/financing = cash going out (capital spending, buybacks, dividends, debt repaid)." }, "investments": { "fiscalYearEnd": "2023-12-31", "cash": 106536000, "shortTerm": null, "longTerm": null, "equityHoldings": null, "totalAssets": 9277306000, "ladder": null, "currentRatio": 1.12, "unrealizedGain": null, "unrealizedLoss": null, "note": "Balance-sheet cash and investment securities at fiscal year end, as filed; short-term = due or saleable within a year. Insurers and banks hold most of their book here." } }