olivLaw · US equity research
Southwest Gas Holdings, Inc. SWX
Natural Gas Transmisison & Distribution · SIC 4923 · Vertical: Natural Gas Transmisison & Distribution (SIC 4923)
Southwest Gas Holdings is a holding company that distributes natural gas to residential, commercial and industrial customers in Arizona, Nevada and California, operating as a regulated distributor. After deconsolidating Centuri, it now focuses on its distribution segment, and a major transmission project, Great Basin 2028, defines its growth agenda. It serves roughly 2.3 million customers and generated an operating margin of 1.4 billion USD in fiscal 2025.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Southwest Gas Holdings, Inc. (SWX) stock was 92.33 USD (−0.86% on the day), with market capitalisation 6.7 bn USD, P/E 12.2 on diluted EPS of 7.55 USD over the last 12 months, dividend yield 2.71%, beta 0.23, 52-week range 78.83–94.05 USD. Latest reported quarter (Q2 2026): net income of 42.1 m USD, diluted EPS 0.58 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)
- 64.5
- strong (55–70)
- Bollinger (20, 2)
- 82.47 – 96.23
- in the upper half of the band · %B 0.72 · band width 15.4%
- SMA 50 / 200
- 87.10 / 88.37
- mixed trend
- MACD (12, 26, 9)
- 2.10 / 1.72
- 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 | +11.5% | −1.1% | +12.6 pp | — |
| 3 months | +1.8% | −0.5% | +2.3 pp | — |
| 6 months | +1.7% | +4.4% | −2.7 pp | — |
| Year to date | +15.4% | +12.3% | +3.1 pp | — |
| 1 year | +12.1% | +13.5% | −1.4 pp | +2.1% |
| 3 years | +50.1% | +76.4% | −26.3 pp | +28.7% |
| 5 years | +29.7% | +63.7% | −33.9 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 | 1.1 bn | — | — | — | — | — | — | — |
| Cost of revenue | 644.9 m | 650.0 m | 528.6 m | 0 | — | — | — | — |
| Operating income | 20.1 m | 150.5 m | 213.7 m | 64.5 m | 37.0 m | 158.7 m | 219.3 m | 84.3 m |
| Depreciation & amortisation | 74.2 m | 82.4 m | 93.7 m | 68.9 m | 79.1 m | 89.0 m | 99.6 m | 77.8 m |
| Interest expense | 53.8 m | 144.6 m | 72.3 m | 71.6 m | 49.0 m | — | — | — |
| Pre-tax income | -17.1 m | 101.7 m | 168.5 m | 29.2 m | 3.4 m | 129.8 m | 184.6 m | 51.6 m |
| Income tax | -7.9 m | 14.9 m | 34.2 m | 29.9 m | -803.0 k | 60.0 m | 46.2 m | 9.4 m |
| Net income | 289.0 k | 92.5 m | 113.9 m | -40.2 m | 262.6 m | 103.5 m | 138.4 m | 42.1 m |
| Diluted EPS | 0.00 | 1.28 ≈ | 1.58 | -0.56 | 3.63 | 1.43 ≈ | 1.91 | 0.58 |
| Operating cash flow | 304.1 m ≈ | 201.4 m | 291.3 m | 126.3 m ≈ | 56.9 m ≈ | 81.6 m | 162.1 m | 146.1 m ≈ |
| Capex | 199.2 m ≈ | 202.9 m | 163.1 m | 199.3 m | 207.9 m ≈ | 237.5 m | 208.7 m | 320.4 m |
| Dividends paid | 44.5 m ≈ | 44.3 m | 44.5 m | 44.6 m ≈ | 44.7 m ≈ | 44.7 m | 44.8 m | 46.7 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 3 percentile of its own 35-quarter history (min 11.8, median 20.8, max 35.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.9 bn | 3.1 bn | 3.3 bn | 3.7 bn | 5.0 bn | 5.4 bn | unavailable | unavailable |
| Revenue YoY | +13.0% | +8.3% | +5.7% | +11.6% | +34.8% | +9.6% | unavailable | unavailable |
| Net income | 182.3 m | 213.9 m | 232.3 m | 200.8 m | -203.3 m | 150.9 m | 198.8 m | 439.8 m |
| Net income YoY | −6.0% | +17.4% | +8.6% | −13.6% | −201.3% | unavailable | +31.8% | +121.2% |
| Diluted EPS | 3.68 | 3.94 | 4.14 | 3.39 | -3.10 | 2.13 | 2.76 | 6.08 |
| Diluted EPS YoY | −8.9% | +7.1% | +5.1% | −18.1% | −191.4% | unavailable | +29.6% | +120.3% |
| net % | 6.3% | 6.9% | 7.0% | 5.5% | -4.1% | 2.8% | unavailable | unavailable |
| Free cash flow | -237.1 m | -437.8 m | -199.0 m | -604.2 m | -452.0 m | -256.7 m | 509.2 m | -251.8 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 576.6 m USD
- Financial debt
- 3.4 bn USD
- Net debt
- 2.9 bn USD
- Equity
- 4.0 bn USD
- Total assets
- 10.4 bn USD
- Debt / equity
- 0.87x
- Current ratio
- 1.28x
- ROE
- 11.5%
- ROA
- 3.9%
- FCF margin
- unavailable
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 | 3.3 bn | 3.7 bn | 5.0 bn | 5.4 bn | — | — | SEC (XBRL)· 28 Feb 2024verified |
| Cost of revenue | 1.7 bn | 2.0 bn | 2.5 bn | 2.6 bn | 2.4 bn | — | SEC (XBRL)· 26 Feb 2025verified |
| Gross profit | 1.6 bn ≈ | 1.7 bn ≈ | 2.4 bn ≈ | 2.8 bn ≈ | — | — | SEC (XBRL)· 28 Feb 2024derived |
| Operating income | 423.0 m | 369.5 m | -24.4 m | 293.0 m | 406.5 m | 473.9 m | SEC (XBRL)· 25 Feb 2026verified |
| Depreciation & amortisation | 332.0 m | 371.0 m | 470.5 m | 295.5 m | 303.1 m | 330.7 m | SEC (XBRL)· 25 Feb 2026verified |
| EBITDA | 755.0 m ≈ | 740.6 m ≈ | 446.1 m ≈ | 588.4 m ≈ | 709.6 m ≈ | 804.6 m ≈ | SEC (XBRL)· 25 Feb 2026derived |
| Interest expense | 111.5 m | 119.2 m | 242.8 m | 292.3 m | 297.0 m | — | SEC (XBRL)· 26 Feb 2025verified |
| Pre-tax income | 304.7 m | 246.9 m | -273.3 m | 169.4 m | 254.1 m | 330.9 m | SEC (XBRL)· 25 Feb 2026verified |
| Income tax | 65.8 m | 39.6 m | -75.7 m | 29.4 m | 33.2 m | 96.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Net income | 232.3 m | 200.8 m | -203.3 m | 150.9 m | 198.8 m | 439.8 m | SEC (XBRL)· 25 Feb 2026verified |
| Diluted EPS | 4.14 | 3.39 | -3.10 | 2.13 | 2.76 | 6.08 | SEC (XBRL)· 25 Feb 2026verified |
| Weighted average diluted shares | 56.1 m | 59.3 m | 65.6 m | 71.0 m | 72.0 m | 72.3 m | SEC (XBRL)· 25 Feb 2026verified |
| Dividend per share | 2,280.00 | 2.38 | 2.48 | 2.48 | 2.48 | 2.48 | SEC (XBRL)· 25 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 83.4 m | 222.7 m | 123.1 m | 106.5 m | 314.8 m | 576.6 m | SEC (XBRL)· 25 Feb 2026verified |
| Receivables | 522.2 m | 707.1 m | 866.2 m | 886.5 m | 203.0 m | 170.6 m | SEC (XBRL)· 25 Feb 2026verified |
| Current assets | 871.0 m | 1.6 bn | 3.7 bn | 1.9 bn | 1.5 bn | 1.2 bn | SEC (XBRL)· 25 Feb 2026verified |
| Goodwill | 345.2 m | 1.8 bn | 787.3 m | 789.7 m | 11.2 m | 11.2 m | SEC (XBRL)· 25 Feb 2026verified |
| Total assets | 8.7 bn | 12.8 bn | 13.2 bn | 9.3 bn | 12.1 bn | 10.4 bn | SEC (XBRL)· 25 Feb 2026verified |
| Accounts payable | 231.3 m | 353.4 m | 662.1 m | 346.9 m | 190.9 m | 225.7 m | SEC (XBRL)· 25 Feb 2026verified |
| Short-term debt | 107.0 m | 1.9 bn | 1.5 bn | 628.5 m | 680.0 m | 0 | SEC (XBRL)· 25 Feb 2026verified |
| Long-term debt | 2.7 bn | 4.1 bn | 4.4 bn | 4.6 bn | 3.5 bn | 3.4 bn | SEC (XBRL)· 25 Feb 2026verified |
| Current liabilities | 912.0 m | 3.1 bn | 3.4 bn | 1.7 bn | 1.8 bn | 929.9 m | SEC (XBRL)· 25 Feb 2026verified |
| Equity | 2.7 bn | 3.0 bn | 3.1 bn | 3.3 bn | 3.7 bn | 4.0 bn | SEC (XBRL)· 25 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 626.1 m | 111.4 m | 407.5 m | 509.2 m | 1.4 bn | 556.1 m | SEC (XBRL)· 25 Feb 2026verified |
| Capex | 825.1 m | 715.6 m | 859.4 m | 765.9 m | 846.6 m | 807.9 m | SEC (XBRL)· 25 Feb 2026verified |
| Free cash flow | -199.0 m ≈ | -604.2 m ≈ | -452.0 m ≈ | -256.7 m ≈ | 509.2 m ≈ | -251.8 m ≈ | SEC (XBRL)· 25 Feb 2026derived |
| Investing cash flow | -802.1 m | -3.0 bn | -838.9 m | 151.0 m | -921.6 m | -24.8 m | SEC (XBRL)· 25 Feb 2026verified |
| Financing cash flow | 209.6 m | 3.1 bn | 356.5 m | -700.8 m | -176.3 m | -318.3 m | SEC (XBRL)· 25 Feb 2026verified |
| Dividends paid | 125.5 m | 138.2 m | 160.6 m | 174.6 m | 177.6 m | 178.5 m | SEC (XBRL)· 25 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: 6.7 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation46
- Returns39
- Quality13
- Balance sheet8
- Growth50
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: 32.59 – 254.40 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 · the base of the ratio is not positive
- Peers: EV/EBITDA93.29 – 110.32 (Mid 105.53)3 companies used · median multiple 12.9x · quartiles 11.8x – 13.3xCPK, OKE, RGCO
- Peers: P/E126.60 – 254.40 (Mid 152.34)4 companies used · median multiple 20.2x · quartiles 16.8x – 33.7xCPK, CTRI, OKE, RGCO
- Dividend discount (DDM)32.59 – 43.83 (Mid 37.38)
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 | 4.4% | 20 (vs peers) | 12% |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | -96.6% | 0 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 18.1% | 100 (on a fixed band) | 9% |
| EPS CAGR 3Y · Growth | -19.9% | 0 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | 3.8x | 5 (on a fixed band) | 12% |
| Interest coverage · Balance sheet | 1.5x | 0 (on a fixed band) | 7% |
| Current ratio · Balance sheet | 1.1x | 26 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 12.2x | 100 (vs peers) | 12% |
| EV/EBITDA · Valuation | 11.8x | 30 (on a fixed band) | 12% |
| FCF yield · Valuation | -7.9% | 0 (on a fixed band) | 9% |
| Shareholder yield (distributions) · Returns | 2.7% | 39 (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 · 3/3 factors with a value
- Growth50/100 · 2/2 factors with a value
- Quality13/100 · 2/3 factors with a value
- Returns· partial39/100 · 1/2 factors with a value
- Valuation46/100 · 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
Southwest Gas Holdings, Inc. (SWX). Latest full fiscal year: 2023; data up to 2026-06-30.
Figures computed from the financial statements: revenue 5.4 bn USD in 2023; YoY growth 9.6%; ROE 14.1%; net debt/EBITDA 3.8x.
The estimated value range is 93.29–110.32 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 105.53 USD, the price of 92.33 USD leaves a potential of 14.3% (value / price − 1) and a margin of safety of 12.5% (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
- Revenue CAGR 3Y: 18.1%
- P/E (TTM): 12.2x
- The price is below the estimated value range
What contradicts it
- ROIC: 4.4%
- FCF conversion: -96.6%
- EPS CAGR 3Y: -19.9%
- Net debt / EBITDA: 3.8x
- Interest coverage: 1.5x
- Current ratio: 1.1x
- EV/EBITDA: 11.8x
- FCF yield: -7.9%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Net margin, Payout ratio (FCF).
Versus the vertical median
Natural Gas Transmisison & Distribution (SIC 4923) · same industry (4-digit SIC) · compared with 6 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 | |
|---|---|---|---|---|---|---|
| OKEONEOK, Inc. | 55.9 bn | 13.8 | 17.9% | 9.4% | +55.0% | +22% / +29% |
| SWXSouthwest Gas Holdings, Inc. | 6.7 bn | 12.2 | 14.1% | — | +9.6% | +12% / +50% |
| CPKChesapeake Utilities Corp | 3.4 bn | 22.6 | 9.5% | 15.1% | +18.1% | +2% / +48% |
| CTRICenturi Holdings, Inc. | 2.1 bn | 67.1 | 4.0% | 0.9% | +13.1% | −9% / unavailable |
| BIPCBrookfield Infrastructure Corporation | 1.7 bn | — | — | -6.6% | +0.1% | −16% / +24% |
| NEXTNextdecade Corporation | 1.7 bn | 129.9 | 292.6% | — | unavailable | +2% / +25% |
| RGCORGC Resources, Inc. | 248.3 m | 17.8 | 11.7% | 13.1% | +12.6% | +6% / +36% |
1- and 3-year price returns: for SWX 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
Scenarios are not available. input data missing
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.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
In brief
Southwest Gas Holdings is a holding company that distributes natural gas to residential, commercial and industrial customers in Arizona, Nevada and California, operating as a regulated distributor. After deconsolidating Centuri, it now focuses on its distribution segment, and a major transmission project, Great Basin 2028, defines its growth agenda. It serves roughly 2.3 million customers and generated an operating margin of 1.4 billion USD in fiscal 2025 12.
SWOT
Strengths
- The customer base is large and diversified, with revenues almost entirely regulated and mechanisms that reduce the effect of weather and volumes on earnings 1.
- The company is the largest regulated distributor in Arizona and Nevada, giving it a dominant position in its territories 1.
- The balance sheet remains solid, with high available liquidity and capacity to finance investments 2.
Weaknesses
- Reliance on delayed rate decisions can limit the speed of recovering infrastructure investments 1.
- Revenues are seasonal, with large swings between quarters, which makes interim comparisons less meaningful 1.
- The company had executive-level turnover in 2025, which could slow the execution of strategic plans 1.
Opportunities
Risks
- Dependence on pipeline transporthigh
Interruptions in interstate transport service could reduce supply, especially during the winter heating season 1.
- Execution of the Great Basin 2028 projecthigh
Shortages of labor and materials could delay the project or raise its costs above the estimated budget 1.
- Rate delaysmedium
If regulatory decisions are postponed, cost recovery may be delayed and affect cash flows 1.
- Inflation and financing costsmedium
Higher interest rates and operating costs could reduce earnings if rates do not offset the gap 1.
- Climate risks and operational incidentsmedium
Extreme weather or pipeline incidents could cause revenue losses and damage exceeding insurance coverage 1.
Investment thesis
What would need to be true (bull case)
- If the Great Basin project advances on plan, the company could benefit from a growing regulated asset base and additional revenues 3.
- Decoupling mechanisms and regulated rates provide margin stability, which supports earnings predictability 1.
- The exit from Centuri simplified the structure, and a focus on distribution could improve operational clarity 1.
What to watch
- Final CPUC decision on the cost-of-capital component of the California rate caseAugust 2026
- Filing of the FERC certificate application for the Great Basin 2028 projectlater in 2026
- Outcome of the Nevada general rate case and post-test-year plant adjustments2026
- Five-year planning refresh and any revision of capital expenditure and earnings guidanceFebruary 2027
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.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
The business
Southwest Gas Holdings, Inc. is a holding company headquartered in Las Vegas whose main operator, Southwest Gas, purchases, distributes and transports natural gas for its customers 1. After the deconsolidation of Centuri in August 2025, the business consists solely of the natural gas distribution segment 1. The company served approximately 2,293,000 customers as of June 30, 2026, across Arizona, Nevada and California 2.
Revenue depends largely on operating margin, meaning regulated operations revenues less the net cost of gas sold, a non-GAAP measure used to analyze performance in a rate-regulated environment 1. The cost of gas is passed to customers without markup through PGA mechanisms, so its fluctuations affect revenues but not margin 1. Seasonal demand, which peaks in winter months, is moderated by decoupled rate structures in all three states 1.
Rates are set by the utility commissions of Arizona, Nevada and California, while FERC regulates the interstate transmission facilities of subsidiary Great Basin 1. The company keeps investing in infrastructure to support population growth and system integrity, with capital investment reaching 840.2 million USD in 2025 1.
Segments
Market context
The company's core market is natural gas distribution in Arizona, Nevada and California, where Southwest Gas is the largest regulated distributor in Arizona and Nevada 1. Residential and commercial customers make up over 99% of the customer base 2. Customer growth comes from new construction, and in 2025 the company supplied gas to a large majority of new homes in its major metropolitan markets 1.
Demand is shaped by climate, population growth and competition from electricity, the principal competitor in the residential and small commercial segment 1. In 2025, about 53% of operating margin came from Arizona, 35% from Nevada and 12% from California 1.
Trends
- Great Basin 2028 Projecttailwind
Binding contracts have grown to about 1 Bcf per day, and the company estimates annual margin of 270 to 300 million USD once in service, which could support growth of its regulated asset base 3. FERC approval remains an essential condition.
- Recovery of infrastructure investmenttailwind
The Arizona SIM and Nevada rate filings allow faster recovery of investments, if regulatory processes stay favorable 3. Rate delays, however, could reduce this recovery.
- Cost of capital and inflationheadwind
High interest rates and inflation raise financing and operating costs, and if rates do not offset them, margins could be affected 1. Pressure grows when inflation exceeds rate adjustments 1.
- Climate policy and electrificationmixed
Legislation limiting emissions or promoting electrification could reduce demand for natural gas or raise compliance costs, though the effect remains uncertain 1. Renewable energy standards could also reduce demand for renewable gas projects 1.
Competitive position
The company's main competitor is electricity, especially for space heating and small commercial needs, where the equipment choice is made at installation 1. Once a energy source is chosen, customers generally keep it for the life of the equipment 1.
Southwest Gas strengthens its position through relationships with home builders and regulators, so that gas infrastructure is included in new developments 1. The company has no dependence on a few major customers, which reduces concentration risk 1.
- Electric utilities in the served areas
Direct competition for heating and household needs, mainly at the equipment installation stage 1.
- Transport operators and other interstate pipelines
Compete for transport capacity and pipeline contracts in the region, including through alternative projects 1.
- Other gas distributors in the region
May compete for network extensions and rate approvals in neighboring territories 1.
- Storage and regasification operators
Provide storage services that influence access to supply and operational flexibility 1.
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
- Southwest Gas’s (SWX) Pipeline Bet Just Got $600M BiggerYahoo Finance — News · 05 Sept 2026 · EN
The latest news item in our archive is from 05 Sept 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report04 Nov 2026
- Current report04 Nov 2026Results of operations · Financial statements and exhibits
- Current report20 Oct 2026Departure or appointment of officers
- Quarterly report05 Aug 2026
- Current report05 Aug 2026Results of operations · Financial statements and exhibits
- Current report11 May 2026Shareholder vote
- Quarterly report05 May 2026
- Current report05 May 2026Results of operations · Financial statements and exhibits
- Proxy statement23 Mar 2026
- Current report25 Feb 2026Departure or appointment of officers
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Southwest Gas Holdings, Inc. · 25 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Southwest Gas Holdings, Inc. · 05 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Southwest Gas Holdings, Inc. · 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.