Southwest Gas Holdings Inc (SWX) Fair Value & Analysis
Utilities · US · Market cap $6.7B · ISIN US8448951025
What is Southwest Gas Holdings Inc really worth?
Southwest Gas Holdings Inc
SWX · US
Below-average quality, and trading another 26% above our fair value of $70.67.
Strengths
Risks
For context
Fair value as of: Sep 5, 2026
From 15 valuation models · updated today
Share price −0.4% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- Solid but not exceptional quality (47/100) and above fair value, neither a clear bargain nor a standout compounder.
- A fairly wide model range ($50.27 to $98.46) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 5, 2026.
How to read this chart
60‑month range $48.21 – $93.37 · fair‑value band $50.27 – $98.46 · the $88.69 price screens above the $70.67 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 5, 2026.
Analysis
Southwest Gas Holdings Inc (SWX) currently trades at $88.69, while our model-based Fair Value estimate is $70.67, implying the stock looks roughly 25.5% overvalued today. The Quality Score stands at 47/100 (below-average quality), in the Utilities sector. Bull case: the Growth Earnings group reads highest at a median of $89.08 per share, and 4 of the 15 models we run sit above the $88.69 price. Bear case: the Economic Profit group reads lowest at $15.49, and 11 of the 15 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Southwest Gas Holdings Inc generated revenue of $1.8B at a net margin of 26.1%. Revenue declined 21.6% year over year. It earns a return on equity of 6.1%. Net debt stands at $2.9B. Fundamentals as of Sep 5, 2026
Our scenario range runs from $50.27 (bear case) to $98.46 (bull case); at $88.69, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 5% below its 52-week high and 29% above its 52-week low, currently above its 200-day average. For context, the median of 10 Utilities peers we cover trades at −24% fair-value upside, at −20%, SWX screens cheaper than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly $0.5572 per share, which is 0.8 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 15 models by family
Widest divergence: Growth Earnings ($89.08) versus Economic Profit ($15.49). Highest evidence: Residual Income (74).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Sep 5, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 43 · Market factors (momentum, volatility) 65
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Southwest Gas Holdings, Inc., through its subsidiary, Southwest Gas Corporation, purchases, distributes, and transports natural gas for residential, commercial, and industrial customers in Arizona, Nevada, and California in the United States. The company offers tariff sales and transportation services.
Full company description
Southwest Gas Holdings, Inc., through its subsidiary, Southwest Gas Corporation, purchases, distributes, and transports natural gas for residential, commercial, and industrial customers in Arizona, Nevada, and California in the United States. The company offers tariff sales and transportation services. It also operates a pipeline transmission system, including an LNG storage facility. As of December 31, 2025, the company served approximately 2,281,000 customers with 1,224,000 in Arizona, 849,000 in Nevada, and 208,000 in California. Southwest Gas Holdings, Inc. was founded in 1931 and is headquartered in Las Vegas, Nevada.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Southwest Gas Holdings Inc reported revenue of $1.9B in FY2025 versus $3.7B in FY2021, a compound −14.8%/yr. Reported net income was $440M in FY2025, compounding +21.7%/yr from FY2021.
of which total revenue +6.5 % · buybacks/dilution −4.5 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
SWX screens 26% overvalued. Compare with Naturgy Energy Group →
Earlier news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- Is Southwest Gas Holdings (SWX) Fully Priced On Reaffirmed 2026 Guidance?
- OGS vs. SWX: Which Utility Stock Has Greater Investment Potential?
- Southwest Gas Holdings Inc's Dividend Analysis
- Southwest Gas (SWX) Q2 2026 Earnings Call Transcript
Peer Group
Utilities - Regulated Gas · 105 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Utilities - Regulated Gas median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Insider activity: 40/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Utilities - Regulated Gas stocks, each showing price versus our Fair Value estimate (as of Sep 5, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Naturgy Energy Group NTGY | €29.60 | €31.58 | +7% |
| Atmos Energy Corporation ATO | $166.65 | $85.67 | −49% |
| NiSource Inc NI | $40.96 | $28.59 | −30% |
| Uniper SE UN0 | €47.45 | €48.32 | +2% |
| The Hong Kong and China Gas Company 0003 | HK$7.31 | HK$4.79 | −34% |
| GAIL (India) Limited GAIL | ₹171.10 | ₹130.21 | −24% |
| Italgas S.p.A IG | €8.67 | €8.63 | −1% |
| Adani Total Gas Limited ATGL | ₹654.05 | ₹101.36 | −85% |
| ENN Natural Gas Co 600803 | ¥17.51 | ¥25.71 | +47% |
| UGI Corporation UGI | $38.01 | $26.72 | −30% |
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