NorthWestern Energy Group, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 5 fiscal years, taken from the XBRL data NorthWestern Energy Group, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2021	FY2023	FY2023	FY2024	FY2025
Revenue	1,372	1,478	1,555	1,514	1,611
General and administrative	102	114	117	137	158
Operating income	276	263	300	323	326
Interest expense	93.7	100	115	132	150
Other non-operating income	8.25	19.4	15.8	23	12.1
Pre-tax income	190	182	202	215	188
Income tax	3.42	-0.61	7.54	-9.44	6.47
Net income	187	183	194	224	181
EBITDA	463	458	511	551	575
EPS, basic	3.61	3.28	3.22	3.66	2.95
EPS, diluted	3.60	3.25	3.22	3.65	2.94
Shares, basic (weighted)	51.7	55.8	60.3	61.3	61.4
Shares, diluted (weighted)	51.9	56.3	60.4	61.4	61.5
Dividend per share	2.48	2.52	2.56	2.60	2.64

Balance sheet

	FY2021	FY2023	FY2023	FY2024	FY2025
Cash and equivalents	2.82	8.49	9.16	4.28	8.78
Receivables		245	212	188	210
Inventory		107	115	123	133
Other current assets		28	25.4	38.6	38
Total current assets		539	407	418	504
Property, plant and equipment		5,657	6,040	6,398	6,739
Goodwill		358	358	358	368
Other non-current assets		47.3	52.3	59.1	76.6
Total assets	6,780	7,318	7,601	7,998	8,460
Accounts payable		201	124	112	130
Accrued liabilities		251	246	255	272
Short-term debt		145	100	300	105
Total current liabilities		621	535	802	697
Long-term debt		2,474	2,685	2,695	3,181
Other non-current liabilities		355	332	316	284
Total liabilities		4,653	4,815	5,140	5,574
Total debt		2,619	2,785	2,995	3,286
Paid-in capital		1,999	2,079	2,084	2,092
Retained earnings		771	811	877	897
Treasury stock		-98.4	-97.9	-97.4	-97.5
Other comprehensive income	-7.31	-7.85	-7.66	-6.7	-6.06
Shareholders' equity	2,340	2,665	2,785	2,858	2,886
Total equity	2,340	2,665	2,785	2,858	2,886
Total liabilities and equity		7,318	7,601	7,998	8,460
Shares outstanding		59.7	61.2	61.3	61.4

Cash flow statement

	FY2021	FY2023	FY2023	FY2024	FY2025
Net income	187	183	194	224	181
Depreciation and amortization	187	195	210	228	250
Stock-based compensation	5.35	5.49	5.18	4.72	6.99
Deferred income tax	0.53	-8.99	6.58	-8.97	7.12
Change in receivables	-30.4	-46.3	32.7	24.5	-20.5
Change in inventory	-19.6	-26.7	-7.18	-8.4	-6.19
Change in payables	7.49	50.5	-54.7	7.4	-4.35
Cash from operations	220	307	489	407	394
Capital expenditures	-434	-515	-567	-549	-524
Acquisitions			0	0	-35.9
Purchases of investments	-1.51	-1.72	-3.92	-4.72	-10.2
Cash from investing	-436	-517	-571	-554	-571
Debt issued	99.9	0	300	215	602
Stock issued	196	277	73.6	0	0
Dividends paid	-128	-140	-154	-159	-161
Cash from financing	218	213	84.3	152	178
Net change in cash	1.67	3.7	2.72	3.83	1.72
Free cash flow	-214	-208	-77.7	-143	-130
Interest paid	87.2	95.4	105	128	137
Income taxes paid	4.33	4.71	-0.83	-4.28	0.23

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $68.84 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	18.8%	Operating income / revenue.
EBITDA margin	34.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	10.4%	Pre-tax income / revenue.
Net margin	10.1%	Net income / revenue.
FCF margin	-11.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	24.6%	Cash from operations / revenue.
Effective tax rate	2.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	5.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.0%	Net income / average total assets.
Return on invested capital (ROIC)	4.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	36.0%	Capital expenditures / revenue.
D&A / revenue	15.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	6.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	2.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y	0.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	7.4%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	4.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	7.9%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	-19.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-0.4%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	-19.5%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-3.3%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-3.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	8.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share growth, 1y	1.5%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	1.6%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	1.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	2.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	5.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	5.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y	0.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	3.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.83x	Current assets / current liabilities.
Quick ratio	0.30x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.01x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.20x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	40.1%	Total debt / total assets.
Liabilities / assets	66.7%	Total liabilities / total assets.
Net debt	$3.48B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	6.03x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	2.02x	Operating income / interest expense.
Working capital	-$101.4M	Current assets - current liabilities.
Goodwill and intangibles / assets	4.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	$2.53B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.19x	Revenue / average total assets.
Fixed asset turnover	0.25x	Revenue / average property, plant and equipment.
Receivables turnover	10.0x	Revenue / average receivables.
Days sales outstanding	36 days	365 x average receivables / revenue.
FCF conversion	-112.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	146.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.77	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$27.38	Revenue / diluted weighted shares.
FCF per share	-$3.11	Free cash flow / diluted weighted shares.
Operating cash flow per share	$6.74	Cash from operations / diluted weighted shares.
Book value per share	$47.07	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$41.09	Tangible book value / shares outstanding.
Cash per share	$0.07	(Cash + short-term investments) / shares outstanding.
Payout ratio	95.0%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$4.23B	Share price x shares outstanding.
Enterprise value	$7.72B	Market cap + total debt - cash - short-term investments.
P/E	24.7x	Market cap / net income. Only when net income is positive.
P/S	2.50x	Market cap / revenue.
P/B	1.46x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.68x	Market cap / tangible book value, when positive.
P/OCF	10.2x	Market cap / cash from operations, when positive.
EV/Sales	4.56x	Enterprise value / revenue.
EV/EBIT	24.2x	Enterprise value / operating income, when both are positive.
EV/EBITDA	13.4x	Enterprise value / EBITDA, when both are positive.
FCF yield	-4.5%	Free cash flow / market cap.
Earnings yield	4.0%	Net income / market cap (the inverse of P/E).
Dividend yield	3.8%	Dividends paid over the period / market cap.
Shareholder yield	3.8%	(Dividends paid + share buybacks) / market cap.

What was NorthWestern Energy Group, Inc.'s revenue in fiscal 2025?

NorthWestern Energy Group, Inc. reported revenue of $1.61B for fiscal 2025, 6.4% higher than the year before.

Was NorthWestern Energy Group, Inc. profitable in fiscal 2025?

Yes. Net income was $181.1M, a net margin of 11.2%.

How much free cash flow did NorthWestern Energy Group, Inc. generate in fiscal 2025?

Cash from operations of $394.5M minus capital expenditures of $524.5M left free cash flow of -$130.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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