What are the investment strengths of Northwest Natural Holding Co (NWN)?

Operating margin of 20% TTM exceeds industry median (19%), with regulated rate structure providing earnings visibility and inflation pass-through Dividend yield ~4.3% (1.96/share TTM) with 68-year history; payout ratio of 78% sustainable given regulated cash flows

What are the investment risks for Northwest Natural Holding Co (NWN)?

Negative FCF (-186M TTM) forces continued debt issuance to fund capex and dividends; net debt of 2.4B already 1.3x market cap ROE of 7.2% and ROIC of 2.8% TTM both below industry medians (9.1%, 3.6%) - capital-intensive model destroying value

Northwest Natural Holding Co

NWN

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Northwest Natural Holding Co AI Insights

Informational only. Not investment advice.

As of 2026-01-23

Snapshot

FCF deeply negative (-186M TTM) despite 246M operating cash flow - capex of 433M consuming 176% of OCF, straining balance sheet[Free Cash Flow TTM]
Debt/equity of 1.76x with 2.5B total debt vs 1.4B equity; interest expense (112M) consumes 80% of pretax income (140M TTM)[Debt to Equity]
Goodwill of 371M represents 26% of equity - modest impairment risk but tangible book (1.1B) still supports current valuation[Goodwill]

Watch Triggers

Free Cash Flow TTM: Turns positive or improves to >-100M — Signals capex cycle peaking; reduces debt dependency and dividend risk
Interest Expense TTM: Exceeds 120M or coverage ratio <1.2x — At 112M already consuming 80% of pretax income; rate hikes could squeeze earnings
ROIC TTM: Falls below 2% or rises above 4% — Below cost of debt (~4.4%) indicates value destruction from capex program

Bull Case

Operating margin of 20% TTM exceeds industry median (19%), with regulated rate structure providing earnings visibility and inflation pass-through

Operating Margin TTMOperating Income TTM

Dividend yield ~4.3% (1.96/share TTM) with 68-year history; payout ratio of 78% sustainable given regulated cash flows

Dividends Paid Per Share TTMEPS TTM

Bear Case

Negative FCF (-186M TTM) forces continued debt issuance to fund capex and dividends; net debt of 2.4B already 1.3x market cap

Free Cash Flow TTMNet DebtTotal Debt

ROE of 7.2% and ROIC of 2.8% TTM both below industry medians (9.1%, 3.6%) - capital-intensive model destroying value

ROE TTMROIC TTM

Bull vs Bear Balance

AI-generated sentiment analysis based on fundamental metrics and market conditions.

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Forward Thesis

Capex cycle peak likely within 12-18 months as infrastructure buildout matures, unlocking FCF

1-3ymed

Capex at 433M TTM vs 40M depreciation signals heavy investment phase
Regulated utility model allows rate recovery of invested capital
PPE of 4.4B already 76% of total assets

Capital expenditure TTM: -433MDepreciation TTM: 41MPPE: 4.4B

Valuation Context

Caveats

NWN Fundamentals

Utilities → Utilities

Metric	Value	YoY Growth	Industry Percentile
Market Cap	$2.04B		—
Enterprise Value	$4.69B		—
P/E Ratio	17		—
Total Revenue - TTM	$1.29B	+5.9%	—
Earnings Per Share (diluted) - TTM	$2.92	+15.9%	—
Operating Margin - TTM	22.5%	+3.1%	—
Net Margin - TTM	9.56%	+1.1%	—
Free Cash Flow - TTM	$-272.72M		—
Return on Common Equity - TTM	8.10%	+0.7%	—
Beta 5Y (Monthly)	unknown		—

NWN Dividend History

106 dividends

2026

$0.9850

04/30/26$0.4925

01/30/26$0.4925

2025

$1.9625

10/31/25$0.4925

07/31/25$0.4900

04/30/25$0.4900

01/31/25$0.4900

2024

$1.9525

10/31/24$0.4900

07/31/24$0.4875

04/29/24$0.4875

01/30/24$0.4875

2023

$1.9425

10/30/23$0.4875

07/28/23$0.4850

04/27/23$0.4850

01/30/23$0.4850

2022

$1.9325

10/28/22$0.4850

07/28/22$0.4825

04/28/22$0.4825

01/28/22$0.4825

2021

$1.9225

10/28/21$0.4825

07/29/21$0.4800

04/29/21$0.4800

01/28/21$0.4800

2020

$1.9125

10/29/20$0.4800

07/30/20$0.4775

04/29/20$0.4775

01/30/20$0.4775

2019

$1.9025

10/30/19$0.4775

07/30/19$0.4750

04/29/19$0.4750

01/30/19$0.4750

2018

$1.8925

10/30/18$0.4750

07/30/18$0.4725

04/27/18$0.4725

01/30/18$0.4725

2017

$1.8825

10/30/17$0.4725

07/27/17$0.4700

04/26/17$0.4700

01/27/17$0.4700

2016

$1.8725

10/27/16$0.4700

07/27/16$0.4675

04/27/16$0.4675

01/27/16$0.4675

2015

$1.8625

10/28/15$0.4675

07/29/15$0.4650

04/28/15$0.4650

01/28/15$0.4650

2014

$1.8450

10/29/14$0.4650

07/29/14$0.4600

04/28/14$0.4600

01/29/14$0.4600

2013

$1.8250

10/29/13$0.4600

07/29/13$0.4550

04/26/13$0.4550

01/29/13$0.4550

2012

$1.7900

10/29/12$0.4550

07/27/12$0.4450

04/26/12$0.4450

01/27/12$0.4450

2011

$1.7500

10/27/11$0.4450

07/27/11$0.4350

04/27/11$0.4350

01/27/11$0.4350

2010

$1.6800

10/27/10$0.4350

07/28/10$0.4150

04/28/10$0.4150

01/27/10$0.4150

2009

$1.6000

10/28/09$0.4150

07/29/09$0.3950

04/28/09$0.3950

01/28/09$0.3950

2008

$1.5200

10/29/08$0.3950

07/29/08$0.3750

04/28/08$0.3750

01/29/08$0.3750

2007

$1.4400

10/29/07$0.3750

07/27/07$0.3550

04/26/07$0.3550

01/29/07$0.3550

2006

$1.3900

10/27/06$0.3550

07/27/06$0.3450

04/26/06$0.3450

01/27/06$0.3450

2005

$1.3200

10/27/05$0.3450

07/27/05$0.3250

04/27/05$0.3250

01/27/05$0.3250

2004

$1.3000

10/27/04$0.3250

07/28/04$0.3250

04/28/04$0.3250

01/28/04$0.3250

2003

$1.2700

10/29/03$0.3250

07/29/03$0.3150

04/28/03$0.3150

01/29/03$0.3150

2002

$1.2600

10/29/02$0.3150

07/29/02$0.3150

04/26/02$0.3150

01/29/02$0.3150

2001

$1.2450

10/29/01$0.3150

07/27/01$0.3100

04/26/01$0.3100

01/29/01$0.3100

2000

$1.2400

10/27/00$0.3100

07/27/00$0.3100

04/26/00$0.3100

01/27/00$0.3100

NWN Stock Splits

No stock splits

NWN SEC Filings

Filing Date	Report Date	Report Type	Filing Link
05/06/26	03/31/26	10-Q	0001733998-26-000087
02/27/26	12/31/25	Unknown	0001733998-26-000012
11/05/25	09/30/25	10-Q	0001733998-25-000176
08/05/25	06/30/25	10-Q	0001733998-25-000132
05/06/25	03/31/25	10-Q	0001733998-25-000094
02/28/25	12/31/24	Unknown	0001733998-25-000020
11/12/24	09/30/24	10-Q	0001733998-24-000125
08/02/24	06/30/24	10-Q	0001733998-24-000093
05/06/24	03/31/24	10-Q	0001733998-24-000075
02/23/24	12/31/23	10-K	0001733998-24-000011
11/03/23	09/30/23	10-Q	0001733998-23-000067
08/03/23	06/30/23	10-Q	0001733998-23-000042
05/04/23	03/31/23	10-Q	0001733998-23-000016
02/24/23	12/31/22	10-K	0001733998-23-000009
11/08/22	09/30/22	10-Q	0001733998-22-000048
08/04/22	06/30/22	10-Q	0001733998-22-000031
05/04/22	03/31/22	10-Q	0001733998-22-000014
02/25/22	12/31/21	10-K	0001733998-22-000005
11/05/21	09/30/21	10-Q	0001733998-21-000034
08/05/21	06/30/21	10-Q	0001733998-21-000023
05/05/21	03/31/21	10-Q	0001733998-21-000010
02/26/21	12/31/20	10-K	0001733998-21-000006
11/05/20	09/30/20	10-Q	0001733998-20-000059
08/10/20	06/30/20	10-Q	0001733998-20-000045
05/08/20	03/31/20	10-Q	0001733998-20-000025
03/02/20	12/31/19	10-K	0001733998-20-000006
11/05/19	09/30/19	10-Q	0001733998-19-000044
08/06/19	06/30/19	10-Q	0001733998-19-000030
05/07/19	03/31/19	10-Q	0001733998-19-000011
03/01/19	12/31/18	10-K	0001733998-19-000004
11/06/18	09/30/18	10-Q	0000073020-18-000040
08/07/18	06/30/18	10-Q	0000073020-18-000029
05/08/18	03/31/18	10-Q	0000073020-18-000017
02/23/18	12/31/17	10-K	0000073020-18-000008
11/03/17	09/30/17	10-Q	0000073020-17-000033
08/02/17	06/30/17	10-Q	0000073020-17-000027
05/08/17	03/31/17	10-Q	0000073020-17-000017
02/27/17	12/31/16	10-K	0000073020-17-000007
11/02/16	09/30/16	10-Q	0000073020-16-000075
08/02/16	06/30/16	10-Q	0000073020-16-000065
05/03/16	03/31/16	10-Q	0000073020-16-000044
02/26/16	12/31/15	10-K	0000073020-16-000038
11/03/15	09/30/15	10-Q	0000073020-15-000031
08/04/15	06/30/15	10-Q	0000073020-15-000024
05/05/15	03/31/15	10-Q	0000073020-15-000014
02/27/15	12/31/14	10-K	0000073020-15-000009
11/04/14	09/30/14	10-Q	0000073020-14-000028
08/05/14	06/30/14	10-Q	0000073020-14-000017
05/02/14	03/31/14	10-Q	0000073020-14-000011
02/28/14	12/31/13	10-K	0000073020-14-000004
11/07/13	09/30/13	10-Q	0000073020-13-000031
08/07/13	06/30/13	10-Q	0000073020-13-000022
05/02/13	03/31/13	10-Q	0000073020-13-000013
03/01/13	12/31/12	10-K	0000073020-13-000007
11/06/12	09/30/12	10-Q	0000073020-12-000018
08/03/12	06/30/12	10-Q	0000073020-12-000009
05/04/12	03/31/12	10-Q	0000073020-12-000005
02/28/12	12/31/11	10-K	0000073020-12-000003
11/04/11	09/30/11	10-Q	0000073020-11-000013
08/03/11	06/30/11	10-Q	0000073020-11-000011
05/04/11	03/31/11	10-Q	0000073020-11-000006
02/25/11	12/31/10	10-K	0000073020-11-000003
11/05/10	09/30/10	10-Q	0000073020-10-000024
08/04/10	06/30/10	10-Q	0000073020-10-000021
05/06/10	03/31/10	10-Q	0000073020-10-000012
02/26/10	12/31/09	10-K	0000073020-10-000005
11/05/09	09/30/09	10-Q	0000073020-09-000014
08/06/09	06/30/09	10-Q	0000073020-09-000009
05/04/09	03/30/09	10-Q	0000073020-09-000004
03/02/09	12/31/08	Unknown	--
11/05/08	09/30/08	Unknown	--
08/06/08	06/30/08	Unknown	--
05/02/08	03/30/08	Unknown	--
02/29/08	12/31/07	Unknown	--
11/08/07	09/30/07	Unknown	--
08/07/07	06/30/07	Unknown	--
05/04/07	03/30/07	Unknown	--
02/28/07	12/31/06	Unknown	--
11/02/06	09/30/06	Unknown	--
08/03/06	06/30/06	Unknown	--
05/04/06	03/30/06	Unknown	--
03/01/06	12/31/05	Unknown	--
11/03/05	09/30/05	Unknown	--
08/04/05	06/30/05	Unknown	--
05/04/05	03/30/05	Unknown	--
03/01/05	12/31/04	Unknown	--
11/08/04	09/30/04	Unknown	--
08/06/04	06/30/04	Unknown	--
05/07/04	03/30/04	Unknown	--
03/09/04	12/31/03	Unknown	--
11/12/03	09/30/03	Unknown	--
08/12/03	06/30/03	Unknown	--
05/13/03	03/30/03	Unknown	--
03/24/03	12/31/02	Unknown	--
11/12/02	09/30/02	Unknown	--
08/13/02	06/30/02	Unknown	--
05/14/02	03/30/02	Unknown	--
03/27/02	12/31/01	Unknown	--
11/14/01	09/30/01	Unknown	--
08/13/01	06/30/01	Unknown	--
05/14/01	03/30/01	Unknown	--
03/28/01	12/31/00	Unknown	--
11/13/00	09/30/00	Unknown	--
08/11/00	06/30/00	Unknown	--
05/12/00	03/30/00	Unknown	--