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NW Holdings is a holding company headquartered in Portland, Oregon and owns NW Natural, SiEnergy Operating, LLC (SiEnergy Gas Utility or SiEnergy), NW Natural Water Company, LLC (NWN Water Utility or NWN Water), and NW Natural Renewables Holdings, LLC (NWN Renewables). NW Natural distributes natural gas to residential, commercial, and industrial customers in Oregon and southwest Washington.
21.79% operating margin is above average. ROIC at 6.39%. Note that capital returns lag the margin, the business may be capital-intensive despite high margins.
Revenue up 11.8% YoY with margins expanding 5.2pp.
Negative free cash flow of -$198M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$1.29B
▲ +11.8% YoY
Net Income (TTM)
$123M
▲ +43.7% YoY
Op. Margin
22.51%
▲ +5.2pp YoY
ROIC
6.14%
▲ +1.4pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$273M
▼ -1.9% YoY
Op. Cash Flow (TTM)
$206M
▲ +34.4% YoY
Net Debt
$2.65B
Cash & Equiv.
$35M
5Y CAGR: +10.8%
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