The company's strong results, raised guidance, and strategic investments in regulated infrastructure with fixed ROE suggest continued earnings growth. The MX3 project provides visibility into future returns. Monitor execution on customer growth and capex deployment.
Price Chart
Executive Summary
Northwest Natural Holding Co (NWN) reported strong 2025 results with record adjusted EPS of $2.93, up 25.8% YoY, driven by new rates, organic growth, and acquisitions. The company initiated 2026 EPS guidance of $2.95-$3.15, reaffirmed long-term growth targets, and announced a third gas storage expansion (MX3) project with a fixed 12.5% ROE. The stock has increased its dividend for 70 consecutive years.
Key Financial Metrics
Key Facts
- 2025 adjusted EPS of $2.93, up 25.8% YoY from $2.33
- 2026 EPS guidance of $2.95-$3.15, above 2025 actual of $2.93
- Reaffirmed long-term EPS growth target of 4-6%, with potential to increase to 5-7% with MX3 project
- Announced third gas storage expansion (MX3) project with $300M capex and 12.5% fixed ROE
- Added 98,000 gas and water utility connections in 2025, 11.1% growth rate
- Invested $467M in utility systems, up from $394M in 2024
- Dividend increased for 70th consecutive year
Financial Impact
$2.93 adjusted EPS in 2025, up 25.8% YoY; $2.95-$3.15 EPS guidance for 2026
Segment Breakdown
| Segment | Revenue |
|---|---|
| NWN Gas Utility | — |
| SiEnergy | $66.0M |
| NWN Water | — |
Risk Factors
- Execution risk on large capex projects ($2.6-$2.9B from 2026-2030)
- Regulatory risk in rate cases
- Integration risk of recent acquisitions
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001733998-26-000006 |
| Document: nwn-20260227.htm | 0001733998-26-000006 |
| Document: 0001733998-26-000006-index-headers.html | 0001733998-26-000006 |
| Document: 0001733998-26-000006-index.html | 0001733998-26-000006 |
| Document: 0001733998-26-000006.txt | 0001733998-26-000006 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 19, 2026 7d ago | 144 | $47.96 $48.89 | ▲ +1.94% | ▲ +1.60% | $49.92 (+4.09%) |
Jun 26, 2026 17w ago | 144 | $50.83 $49.98 | ▲ +1.67% | ▲ +3.32% | $49.92 (+1.79%) |
May 7, 2026 24w ago | Insider Cluster | $49.94 $49.96 | ▲ +0.04% | ▼ −0.19% | $49.92 (−0.05%) |
Mar 24, 2026 30w ago | 8-K | $51.77 $52.47 | ▲ +1.36% | ▲ +0.80% | $49.92 (−3.56%) |
Mar 5, 2026 33w ago | Insider Cluster | $51.58 $52.10 | ▲ +1.01% | ▲ +2.33% | $49.92 (−3.21%) |
Mar 5, 2026 33w ago | Insider Cluster | $51.58 $52.10 | ▲ +1.01% | ▲ +2.33% | $49.92 (−3.21%) |
Mar 5, 2026 33w ago | Insider Cluster | $51.58 $52.10 | ▲ +1.01% | ▲ +2.33% | $49.92 (−3.21%) |
Feb 27, 2026 34w ago | 8-K | $52.55 $52.59 | ▲ +0.08% | ▲ +0.02% | $49.92 (−5.00%) |
US Market Status
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