# Southwest Gas Holdings, Inc. (SWX) · Edgar & Edgarette company card

> 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.

SEC CIK 1692115 · fiscal year ended 2023-12-31 · 5 audited years read · [page](https://www.pops4.com/boards/company/SWX) · [JSON](https://www.pops4.com/boards/company/SWX.json)

## Figures, as filed in the 10-K

| Measure | Value |
|---|---|
| Revenue | $5.4B |
| Revenue growth, 1 year | 9.6% |
| Revenue growth per year | 14.9% |
| Operating margin | 5.4% (prior year -0.5%) |
| Net margin | 2.9% |
| Operating cash flow | $509M |
| Capital spending | $766M |
| Free cash flow | −$257M |
| Cash | $107M |
| Long-term debt | $4.7B |
| Total assets | $9.3B |
| Total equity | $3.3B |
| Equity ÷ assets | 35.7% |
| Return on equity | 4.7% |
| Dividend per share | $2.48 |
| Dividend years rising | 0 |

## Readings, computed from those figures

- Piotroski F: 7 of 9 (solid)
- Health Harbor boat: Sound ship · one warning sign · filed earlier statements no longer to be relied on in the last 12 months

## Edgarette's reading

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; across 2019–2025, 69.0% landed inside, 83.4% on the one year the method never saw). 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%.

## Health Watch, last 12 months

- Item 4.02 Earlier statements no longer to be relied on: 1, latest 2026-01-09 ([filing](https://www.sec.gov/Archives/edgar/data/1692115/000169211526000004/0001692115-26-000004-index.htm))
- Item 5.02 Director or officer change: 5, latest 2026-10-20 ([filing](https://www.sec.gov/Archives/edgar/data/1692115/000119312526426703/0001193125-26-426703-index.htm))

## Recent filings

- 10-Q · filed 2026-11-04 · [filing](https://www.sec.gov/Archives/edgar/data/1692115/000169211526000123/0001692115-26-000123-index.htm)
- 8-K · filed 2026-11-04 · 2.02 Results of Operations and Financial Condition; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1692115/000169211526000119/0001692115-26-000119-index.htm)
- 8-K · filed 2026-10-20 · 5.02 Departure or Election of Directors; Appointment of Officers · [filing](https://www.sec.gov/Archives/edgar/data/1692115/000119312526426703/0001193125-26-426703-index.htm)
- 10-Q · filed 2026-08-05 · [filing](https://www.sec.gov/Archives/edgar/data/1692115/000169211526000112/0001692115-26-000112-index.htm)
- 8-K · filed 2026-08-05 · 2.02 Results of Operations and Financial Condition; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1692115/000169211526000109/0001692115-26-000109-index.htm)
- 8-K · filed 2026-05-11 · 5.07 Submission of Matters to a Vote of Security Holders · [filing](https://www.sec.gov/Archives/edgar/data/1692115/000169211526000090/0001692115-26-000090-index.htm)

## Sources

- facts: https://data.sec.gov/api/xbrl/companyfacts/CIK0001692115.json
- filings: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1692115

## Cite

POPS4, Edgar & Edgarette: Southwest Gas Holdings, Inc. (SWX) company card, from the company's own SEC filings, accessed 2026-11-12, https://www.pops4.com/boards/company/SWX. CC BY 4.0. For a figure, add the filing URL under filings or sources.

DOI https://doi.org/10.5281/zenodo.23672509 · catalog https://www.pops4.com/boards/catalog.json · Figures as filed with the SEC. Card text CC BY 4.0, POPS4.

Reporting, not investment advice. No price targets and no trading recommendations.

Its latest audited year is FY2025, which reports no revenue; the revenue figures and the range here are from FY2023, its last year with revenue on record. 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.