olivLaw · US equity research
Northwest Natural Holding Company NWN
Natural Gas Distribution · SIC 4924 · Vertical: Natural Gas Distribution (SIC 4924)
Northwest Natural Holding Company distributes natural gas in Oregon and southwest Washington and, through subsidiaries, runs a gas distribution utility in Texas and water and wastewater utilities. The company is now in a phase of heavy system investment, backed by new rates approved in Washington and long-term growth targets reaffirmed in August 2026.
At the close of 04 Nov 2026, Northwest Natural Holding Company (NWN) stock was 51.31 USD (+2.21% on the day), with market capitalisation 2.2 bn USD, P/E 17.1 on diluted EPS of 3.00 USD over the last 12 months, dividend yield 3.83%, beta 0.03, 52-week range 45.83–55.80 USD. Latest reported quarter (Q2 2026): revenue of 243.6 m USD (+3.1% YoY), net income of 600.0 k USD, diluted EPS 0.01 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 67.0
- strong (55–70)
- Bollinger (20, 2)
- 47.38 – 51.21
- above the upper band · %B 1.03 · band width 7.8%
- SMA 50 / 200
- 48.70 / 50.18
- mixed trend
- MACD (12, 26, 9)
- 0.63 / 0.43
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +8.7% | −1.1% | +9.8 pp | — |
| 3 months | +4.0% | −0.5% | +4.4 pp | — |
| 6 months | +5.4% | +4.4% | +1.1 pp | — |
| Year to date | +9.8% | +12.3% | −2.5 pp | — |
| 1 year | +9.8% | +13.5% | −3.7 pp | +2.9% |
| 3 years | +30.4% | +76.4% | −46.0 pp | +42.7% |
| 5 years | +9.1% | +63.7% | −54.6 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 136.9 m | 370.9 m | 494.3 m | 236.2 m | 164.7 m | 394.2 m | 490.4 m | 243.6 m |
| Operating income | -19.3 m | 84.9 m | 154.4 m | 27.2 m | -12.4 m | 111.7 m | 162.9 m | 33.2 m |
| Depreciation & amortisation | 34.6 m | 36.5 m | 40.5 m | 41.5 m | 40.5 m | 43.0 m | 44.1 m | 44.2 m |
| Income tax | -10.3 m | 17.8 m | 34.5 m | -940.0 k | -12.0 m | 19.8 m | 32.5 m | 610.0 k |
| Net income | -27.2 m | 45.0 m | 87.9 m | -2.5 m | -29.9 m | 57.8 m | 97.5 m | 600.0 k |
| Diluted EPS | -0.71 | 1.12 ≈ | 2.18 | -0.06 | -0.73 | 1.39 ≈ | 2.33 | 0.01 |
| Operating cash flow | -26.4 m ≈ | -19.4 m | 179.6 m | 102.2 m ≈ | -15.9 m ≈ | 3.3 m | 116.1 m | 109.7 m ≈ |
| Capex | 95.3 m ≈ | 100.1 m | 102.2 m | 120.5 m ≈ | 110.0 m ≈ | 134.2 m | 113.7 m | 121.3 m ≈ |
| Dividends paid | 18.2 m ≈ | 19.1 m | 19.1 m | 19.1 m ≈ | 19.4 m ≈ | 19.7 m | 19.8 m | 20.1 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 39 percentile of its own 31-quarter history (min 13.9, median 18.2, max 35.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 706.1 m | 746.4 m | 773.7 m | 860.4 m | 1.0 bn | 1.2 bn | 1.2 bn | 1.3 bn |
| Revenue YoY | −6.5% | +5.7% | +3.7% | +11.2% | +20.6% | +15.4% | −3.7% | +11.8% |
| Net income | 64.6 m | 61.7 m | 76.8 m | 78.7 m | 86.3 m | 93.9 m | 78.9 m | 113.3 m |
| Net income YoY | unavailable | −4.4% | +24.4% | +2.5% | +9.7% | +8.8% | −16.0% | +43.7% |
| Diluted EPS | 2.24 | 2.07 | 2.51 | 2.56 | 2.54 | 2.59 | 2.03 | 2.77 |
| Diluted EPS YoY | unavailable | −7.6% | +21.3% | +2.0% | −0.8% | +2.0% | −21.6% | +36.5% |
| net % | 9.1% | 8.3% | 9.9% | 9.1% | 8.3% | 7.8% | 6.8% | 8.8% |
| Free cash flow | -45.9 m | -37.5 m | -127.7 m | -133.5 m | -190.9 m | -47.4 m | -194.1 m | -197.8 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 36.7 m USD
- Financial debt
- 2.4 bn USD
- Net debt
- 2.4 bn USD
- Equity
- 1.5 bn USD
- Total assets
- 6.2 bn USD
- Debt / equity
- 1.66x
- Current ratio
- 0.72x
- ROE
- 7.9%
- ROA
- 2.0%
- FCF margin
- -15.3%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 773.7 m | 860.4 m | 1.0 bn | 1.2 bn | 1.2 bn | 1.3 bn | SEC (XBRL)· 27 Feb 2026verified |
| Operating income | 148.4 m | 163.1 m | 167.5 m | 184.9 m | 191.1 m | 280.9 m | SEC (XBRL)· 27 Feb 2026verified |
| Depreciation & amortisation | 103.7 m | 113.5 m | 116.7 m | 125.6 m | 137.9 m | 165.5 m | SEC (XBRL)· 27 Feb 2026verified |
| EBITDA | 252.0 m ≈ | 276.7 m ≈ | 284.2 m ≈ | 310.5 m ≈ | 329.0 m ≈ | 446.4 m ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Pre-tax income | 91.4 m | 106.1 m | 115.4 m | — | — | — | SEC (XBRL)· 24 Feb 2023verified |
| Income tax | 21.1 m | 27.4 m | 29.1 m | 32.4 m | 31.1 m | 41.4 m | SEC (XBRL)· 27 Feb 2026verified |
| Net income | 76.8 m | 78.7 m | 86.3 m | 93.9 m | 78.9 m | 113.3 m | SEC (XBRL)· 27 Feb 2026verified |
| Diluted EPS | 2.51 | 2.56 | 2.54 | 2.59 | 2.03 | 2.77 | SEC (XBRL)· 27 Feb 2026verified |
| Weighted average diluted shares | 30.6 m | 30.8 m | 34.0 m | 36.3 m | 38.9 m | 41.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Dividend per share | 1.91 | 1.92 | 1.93 | 1.94 | 1.95 | 1.96 | SEC (XBRL)· 27 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 30.2 m | 18.6 m | 29.3 m | 32.9 m | 38.5 m | 36.7 m | SEC (XBRL)· 27 Feb 2026verified |
| Current assets | 323.2 m | 437.3 m | 744.2 m | 601.4 m | 557.8 m | 602.9 m | SEC (XBRL)· 27 Feb 2026verified |
| Property, plant & equipment, net | 2.7 bn | 2.9 bn | 3.1 bn | 3.4 bn | 3.7 bn | 4.4 bn | SEC (XBRL)· 27 Feb 2026verified |
| Goodwill | 69.2 m | 70.6 m | 149.3 m | 163.3 m | 183.8 m | 370.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Total assets | 3.8 bn | 4.1 bn | 4.7 bn | 4.9 bn | 5.2 bn | 6.2 bn | SEC (XBRL)· 27 Feb 2026verified |
| Accounts payable | 98.0 m | 133.5 m | 180.7 m | 145.4 m | 133.3 m | 175.6 m | SEC (XBRL)· 27 Feb 2026verified |
| Short-term debt | 304.5 m | 389.5 m | 258.2 m | 89.8 m | 170.1 m | 172.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Long-term debt | 860.1 m | 1.0 bn | 1.2 bn | 1.4 bn | 1.7 bn | 2.3 bn | SEC (XBRL)· 27 Feb 2026verified |
| Current liabilities | 627.1 m | 724.8 m | 898.7 m | 696.9 m | 649.0 m | 836.4 m | SEC (XBRL)· 27 Feb 2026verified |
| Equity | 888.7 m | 935.1 m | 1.2 bn | 1.3 bn | 1.4 bn | 1.5 bn | SEC (XBRL)· 27 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 145.3 m | 160.4 m | 147.7 m | 279.9 m | 200.3 m | 269.1 m | SEC (XBRL)· 27 Feb 2026verified |
| Capex | 273.0 m | 293.9 m | 338.6 m | 327.3 m | 394.4 m | 466.9 m | SEC (XBRL)· 27 Feb 2026verified |
| Free cash flow | -127.7 m ≈ | -133.5 m ≈ | -190.9 m ≈ | -47.4 m ≈ | -194.1 m ≈ | -197.8 m ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Investing cash flow | -294.3 m | -300.1 m | -435.5 m | -335.5 m | -429.0 m | -808.9 m | SEC (XBRL)· 27 Feb 2026verified |
| Financing cash flow | 171.8 m | 131.4 m | 301.6 m | 64.2 m | 227.1 m | 532.9 m | SEC (XBRL)· 27 Feb 2026verified |
| Dividends paid | 55.4 m | 55.9 m | 62.8 m | 67.3 m | 72.9 m | 77.3 m | SEC (XBRL)· 27 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 31 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 2.2 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation38
- Balance sheet8
- Quality23
- Growth41
- Returns52
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 25.76 – 75.89 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDA32.63 – 75.89 (Mid 54.61)7 companies used · median multiple 10.2x · quartiles 8.2x – 12.1xATO, CQP, LNG, MDU, NFG, NJR, SR
- Peers: P/E35.07 – 62.09 (Mid 49.07)10 companies used · median multiple 16.4x · quartiles 11.7x – 20.7xATO, CQP, EE, LNG, MDU, NFG, NJR, OGS, SR, VG
- Dividend discount (DDM)25.76 – 34.64 (Mid 29.54)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 31/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 6.5% | 30 (vs peers) | 12% |
| Net margin · Quality | 9.7% | 33 (vs peers) | 7% |
| FCF conversion · Quality | -211.1% | 0 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 7.5% | 63 (on a fixed band) | 9% |
| EPS CAGR 3Y · Growth | 2.9% | 20 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | 5.3x | 11 (vs peers) | 12% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.8x | 0 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 17.1x | 50 (vs peers) | 12% |
| EV/EBITDA · Valuation | 9.9x | 57 (vs peers) | 12% |
| FCF yield · Valuation | -12.3% | 0 (on a fixed band) | 9% |
| Shareholder yield (distributions) · Returns | 3.7% | 52 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet8/100 · 2/3 factors with a value
- Growth41/100 · 2/2 factors with a value
- Quality23/100 · 3/3 factors with a value
- Returns· partial52/100 · 1/2 factors with a value
- Valuation38/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
NORTHWEST NATURAL HOLDING COMPANY (NWN). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 1.3 bn USD in 2025; YoY growth 11.8%; net margin 9.7%; ROE 8.3%; net debt/EBITDA 5.3x.
The estimated value range is 32.63–62.09 USD per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 49.07 USD, the price of 51.31 USD leaves a potential of -4.4% (value / price − 1) and a margin of safety of -4.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 31/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- ROIC: 6.5%
- FCF conversion: -211.1%
- EPS CAGR 3Y: 2.9%
- Net debt / EBITDA: 5.3x
- Current ratio: 0.8x
- FCF yield: -12.3%
Not assessed (insufficient data or a ratio without meaning): Interest coverage, Payout ratio (FCF).
Versus the vertical median
Natural Gas Distribution (SIC 4924) · same industry (4-digit SIC) · compared with 14 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| LNGCheniere Energy, Inc. | 59.6 bn | 20.3 | 45.7% | 13.1% | +27.2% | +40% / +60% |
| ATOAtmos Energy Corp | 29.8 bn | 21.0 | 9.8% | 28.5% | +12.9% | +0% / +55% |
| CQPCheniere Energy Partners, L.P. | 27.4 bn | 8.4 | — | 28.1% | +23.6% | +4% / −8% |
| NFGNational Fuel Gas Company | 7.3 bn | 10.6 | 19.6% | 26.9% | +17.1% | −7% / +51% |
| NJRNew Jersey Resources Corporation | 5.6 bn | 15.2 | 14.5% | 24.0% | +9.9% | +15% / +30% |
| SRSpire Inc. | 5.3 bn | 14.9 | 10.3% | 13.9% | −4.5% | +2% / +48% |
| OGSONE Gas, Inc. | 5.2 bn | 17.5 | 8.7% | — | +42.5% | −2% / +43% |
| MDUMdu Resources Group Inc | 4.2 bn | 20.8 | 7.0% | 10.7% | +6.7% | −7% / +87% |
| NWNNorthwest Natural Holding Company | 2.2 bn | 17.1 | 8.3% | 9.7% | +11.8% | +10% / +30% |
| NFENew Fortress Energy Inc. | 1.2 bn | — | -533.9% | -148.7% | −36.2% | +234% / −89% |
| SLNGStabilis Solutions, Inc. | 71.2 m | — | -14.0% | -17.4% | −6.9% | −18% / −16% |
| CETYClean Energy Technologies, Inc. | 10.4 m | — | -76.3% | -245.9% | −63.8% | −53% / −96% |
| EEExcelerate Energy, Inc | — | 26.8 | — | — | +44.3% | +22% / +105% |
| VGVenture Global, Inc. | — | 9.1 | 54.7% | 22.3% | +176.9% | +61% / unavailable |
| UGPUltrapar Holdings Inc. | — | — | 16.5% | 1.8% | +5.9% | +36% / +10% |
1- and 3-year price returns: for NWN from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 31.20 Total return -36% · Per year -36% | 55.09 Total return 11% · Per year 11% | 82.87 Total return 66% · Per year 66% |
| 3 years | 32.15 Total return -28% · Per year -10% | 63.68 Total return 37% · Per year 11% | 104.92 Total return 121% · Per year 30% |
| 5 years | 33.12 Total return -19% · Per year -4% | 73.62 Total return 67% · Per year 11% | 132.83 Total return 191% · Per year 24% |
- Exit P/E± 15.92
- Net margin± 11.14
- Annual revenue growth± 8.89
- Annual dilution± 0.94
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Northwest Natural Holding Company distributes natural gas in Oregon and southwest Washington and, through subsidiaries, runs a gas distribution utility in Texas and water and wastewater utilities. The company is now in a phase of heavy system investment, backed by new rates approved in Washington and long-term growth targets reaffirmed in August 2026 3.
SWOT
Strengths
- Gas distribution monopoly in an exclusively assigned service territory, with a regulated framework that allows recovery of prudent costs and a reasonable return.
- Geographic diversification through acquisitions in Texas and water utilities in several states, which lowers reliance on a single regulatory environment.
- Steady growth in customers and in the regulated asset base, supported by planned investment in safety and reliability.
Weaknesses
- High reliance on tariffs approved by regulators, which may be insufficient to cover costs or may delay their recovery.
- Rising interest and depreciation costs as investment adds to the balance sheet, which weigh on profit in some quarters.
- Volatile and seasonal quarterly results, with very small earnings per share in some summer periods.
Opportunities
- New rates approved in Washington and the Oregon settlement could raise regulated revenue in the coming years.
- The MX3 gas storage project could raise the long-term growth target if it enters service by the end of 2029.
- Population growth and new housing construction in the service area can bring new residential customers.
Threats
- Opposition from advocacy groups to natural gas and new emissions rules could restrict gas use.
- Legislative limits on rate case filings could delay recovery of operating and investment costs.
- Large industrial customers building their own pipelines could reduce delivered volumes.
Risks
- Regulatory riskhigh
Regulators may refuse to approve tariffs or cost recovery, and rulings can be challenged in court, which could affect revenue 1.
- Oregon rate filing restrictionshigh
House Bill 3179 blocks new general rate case filings for a period, which could delay cost recovery and limit financial flexibility 1.
- Reputation and climate policy riskmedium
Negative views of natural gas among customers or legislators could reduce demand or make capital harder to access 1.
- Compliance and tax riskmedium
Changes in laws or differing interpretations of tax and environmental rules could create unexpected costs or penalties 1.
- Strategic transaction risklow
Acquisitions and expansion into new states carry integration and regulatory risks that could affect financial results if poorly managed 1.
Investment thesis
What would need to be true (bull case)
- If the new Washington rates and the Oregon settlement translate into stable revenue, and investment stays on plan, the company could reach its long-term profit growth target.
- The 2026 guidance points to earnings per share in the upper half of the range, suggesting that first-half performance could be sustained.
- Organic customer growth and the Texas acquisitions could diversify income sources, and if MX3 enters service on time, the growth target could rise.
What would break the thesis
- If regulators approve tariffs below the company's requests or delay cost recovery, profit could fall short of expectations.
- Rising interest and depreciation expenses could reduce earnings per share, especially if investment runs ahead of plan.
- Legislative limits and opposition to natural gas could restrict customer growth and tariff flexibility over the medium term.
What to watch
- OPUC decision on the alternative rate mechanism (ARM) and start of new Oregon ratesQ4 2026
- Quarterly results and confirmation that 2026 EPS sits in the upper half of the guidance rangeQ3 2026
- Progress of the MX3 gas storage project and estimated in-service date2027
- Annual results and any changes to the 2026-2030 capital expenditure guidancenext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Northwest Natural Holding Company, headquartered in Portland, Oregon, owns NW Natural, SiEnergy, NWN Water and NWN Renewables 1. Its core business is NW Natural, a regulated natural gas distributor serving residential, commercial and industrial customers through approximately 810000 meters 1. Since 2025 the company reports three main segments, NWN Gas Utility, SiEnergy and NWN Water, and from 2026 the NWN Gas Utility segment was reorganized as NW Natural, including storage activities 23.
Segments
NW Natural (gas distribution in Oregon and Washington)
The segment is regulated by the OPUC and WUTC and covers a service territory in western Oregon, including the Portland metropolitan area, and part of southwest Washington 1. About 88% of customers are in Oregon 1, and residential customers generate 66% of the segment margin 1. Margin rose in 2025 because of new Oregon rates 1.
SiEnergy (gas distribution in Texas)
SiEnergy, acquired on January 7, 2025, serves residential and commercial customers in the Houston, Dallas and Austin metropolitan areas and includes a transmission utility 1. Segment margin for January to December 2025 was 44.2 million USD 1. The segment continues to grow with its customer base 2.
Market context
The company's main market is gas distribution in the Pacific Northwest, where gas competes with electricity, fuel oil and propane for residential and smaller commercial customers 1. Demand is seasonal, with higher use in winter 1. More than 60% of gas bought in 2025 came from Canada 1, and customer growth is tied to new single-family housing 1.
Trends
- Investment in utility systemstailwind
The company is investing heavily in safety and reliability of its networks, with planned capital expenditures of 2.6 to 2.9 billion USD for 2026-2030 2. The investment supports growth of the regulated rate base, which could support earnings if regulators approve timely cost recovery.
- Regulatory delays and legislative limitsheadwind
Oregon House Bill 3179 limits new general rate case filings, which could delay cost recovery until January 2, 2027 or until OPUC rules for multi-year rate plans are in place 1.
- Organic growth and acquisitionstailwind
The customer base grew 1.9% over the last 12 months, through organic growth at SiEnergy and NWN Water and the Pines and Inline acquisitions 3. If growth holds, it could support revenue without relying only on rate changes.
- Affordability pressure and climate policymixed
Opposition from some groups to natural gas use and new emissions rules, such as the programs in Washington and Oregon, could raise compliance costs and change gas policy 1. The effect depends on how these costs are recovered in rates.
Competitive position
In its service areas the gas distributor faces no direct competition from other gas distributors, but it competes with other energy forms on price, efficiency and policy 1. Large industrial customers could bypass the system by building their own pipeline connections to the interstate network 1.
- Electricity providers
Compete with gas for heating at residential and smaller commercial customers in the service area.
- Fuel oil and propane suppliers
Offer heating alternatives for residential and commercial customers in the service areas.
- Large industrial customers building their own pipelines
Could bypass the distribution system with direct pipeline connections, reducing volumes.
- Wholesale gas marketers
Compete for large industrial customers that can buy gas directly from third-party suppliers.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report23 Sept 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report03 Sept 2026Creation of a direct financial obligation · Financial statements and exhibits
- Quarterly report05 Aug 2026
- Current report05 Aug 2026Results of operations · Financial statements and exhibits
- Current report31 Jul 2026Other events
- Current report05 Jun 2026Material agreement · Creation of a direct financial obligation · Other events · Financial statements and exhibits
- Current report01 Jun 2026Shareholder vote
- Quarterly report06 May 2026
- Current report06 May 2026Results of operations · Financial statements and exhibits
- Proxy statement17 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Northwest Natural Holding Company · 27 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Northwest Natural Holding Company · 05 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Northwest Natural Holding Company · 05 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.