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The Company, a Delaware corporation, is a holding company headquartered in Las Vegas, Nevada, owning all of the shares of common stock of Southwest Gas and, until the Centuri IPO on April 22, 2024, all of the shares of common stock of Centuri . The Company operated two reportable segments until August 2025, the Natural Gas Distribution segment (Southwest Gas) and Utility Infrastructure Services…
24.42% operating margin is above average. ROIC at 4.71%. Note that capital returns lag the margin, the business may be capital-intensive despite high margins.
Revenue declined 21.6% YoY. The question is whether this is cyclical or a structural shift.
Free cash flow declined 149% versus the prior year, cash generation momentum has weakened. Negative free cash flow of -$252M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$1.78B
▼ -21.6% YoY
Net Income (TTM)
$464M
▲ +121.2% YoY
Op. Margin
26.95%
▲ +8.0pp YoY
ROIC
5.29%
▲ +0.4pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$427M
▼ -149.4% YoY
Op. Cash Flow (TTM)
$427M
▼ -59.0% YoY
Net Debt
$3.02B
Cash & Equiv.
$485M
5Y CAGR: -10.1%
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