Northwest Natural Holding Co financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Northwest Natural Holding Co 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

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	668	755	706	756	774	860	1,040	1,197	1,153	1,289
Operating expenses	517	604	574	603	625	697	870	1,013	962	1,008
Operating income	151	151	132	143	148	163	167	185	191	281
Other non-operating income	-7.15	-0.3	-3.6	-22.8	-13.9	-12.6	1.2	17.9	-1.11	-3.7
Pre-tax income	105	113	91.5	78	91.4	106	115
Income tax	43	41	24.2	12.6	21.1	27.4	29.1	32.4	31.1	41.4
Income from continuing operations	62.4	72.1	67.3	65.3	70.3	78.7	86.3	93.9	78.9
Net income	58.9	-55.6	64.6	61.7	76.8	78.7	86.3	93.9	78.9	113
EBITDA	228	232	217	235	252	277	284	311	329	446
EPS, basic	2.13	-1.94	2.24	2.07	2.51	2.56	2.54	2.59	2.03	2.77
EPS, diluted	2.12	-1.93	2.24	2.07	2.51	2.56	2.54	2.59	2.03	2.77
Shares, basic (weighted)	27.6	28.7	28.8	29.8	30.5	30.7	33.9	36.2	38.8	40.9
Shares, diluted (weighted)	27.8	28.8	28.9	29.9	30.6	30.8	34	36.3	38.9	41
Dividend per share	1.87	1.88	1.89	1.90	1.91	1.92	1.93	1.94	1.95	1.96

Balance sheet

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	3.52	3.47	12.6	9.65	30.2	18.6	29.3	32.9	38.5	36.7
Other current assets		24.9	28.5	38	56.2	59.3	61.3	65.3	60.2	75.9
Total current assets		270	296	294	323	437	744	601	558	603
Property, plant and equipment		2,244	2,421	2,439	2,655	2,871	3,114	3,358	3,672	4,352
Lease right-of-use assets			0	2.95	77.4	75	73.4	71.3	68.6	68.2
Goodwill		0	8.95	49.9	69.2	70.6	149	163	184	371
Other non-current assets		6.51	14.1	38.5	49.1	56.8	91.5	106	161	146
Total assets		3,040	3,243	3,428	3,756	4,065	4,748	4,867	5,234	6,167
Accounts payable		111	116	113	98	133	181	145	133	176
Short-term debt		96.7	30	75.1	95.3	0.35	90.7	151	30.8	161
Total current liabilities		382	509	482	627	725	899	697	649	836
Long-term debt		683	706	806	860	1,045	1,246	1,425	1,679	2,272
Lease liabilities			0	0.84	80.6	79.5	79	77.2	75.9	75
Other non-current liabilities		135	148	123	121	115	123	119	174	186
Total liabilities		2,297	2,480	2,562	2,868	3,129	3,573	3,583	3,849	4,692
Total debt		780	736	881	955	1,045	1,337	1,576	1,710	2,433
Retained earnings		302	312	318	337	356	376	400	403	436
Other comprehensive income		-8.44	-7.19	-10.7	-12.9	-11.4	-6.29	-7.05	-6.9	-4.75
Shareholders' equity		743	763	866	889	935	1,175	1,284	1,385	1,475
Total equity	850	743	763	866	889	935	1,175	1,284	1,385	1,475
Total liabilities and equity		3,040	3,243	3,428	3,756	4,065	4,748	4,867	5,234	6,167
Shares outstanding		28.7	28.9	30.5	30.6	31.1	35.5	37.6	40.2	41.6

Cash flow statement

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	58.9	-55.6	64.6	61.7	76.8	78.7	86.3	93.9	78.9	113
Depreciation and amortization	77.6	81.1	85.2	91.5	104	114	117	126	138	166
Deferred income tax	29.9	15.7	11.5	5.45	5.01	14.6	17.4	8.97	11.4	35.5
Change in inventory	16.6	5.6	3.21	-5.97	1.26	-14.6	-29.3	-24.1	-2.74	-29.2
Change in payables	12	1.09	16.8	-16.5	-15.9	12.1	24.5	-40	-14.1	10.1
Cash from operations	222	207	169	186	145	160	148	280	200	269
Capital expenditures	-138	-213	-215	-223	-273	-294	-339	-327	-394	-467
Acquisitions		0	-0.87	-56.8	-38.3	-1.29	-94.3	-7.53	-29.8	-338
Cash from investing	-137	-214	-217	-304	-294	-300	-435	-335	-429	-809
Debt issued	150	100	50	175	150	185	290	330	285	760
Debt repaid	-25	-40	-97	-30	-75	-95	0	-90	-150	-183
Stock issued	52.8	0	0	93	0	17.5	209	66.5	90.4	47.4
Share buybacks	-1.04	-2.03	0	0
Dividends paid	-51.5	-54	-51.3	-53.3	-55.4	-55.9	-62.8	-67.3	-72.9	-77.3
Cash from financing	-86.2	7.42	57.8	115	172	131	302	64.2	227	533
Net change in cash	-0.69	-0.05	9.16	-2.99	22.8	-8.33	13.8	8.66	-1.64	-6.91
Free cash flow	83.8	-6.62	-45.9	-37.5	-128	-134	-191	-47.4	-194	-198
Interest paid	36	34.8	35.3	41.2	42.7	43.7	50.8	80.2	71.2	111
Income taxes paid	-7.16	14.8	27.4	-0.1	13.6	10.6	2.78	24.3	19.4

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 $47.04 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	22.8%	Operating income / revenue.
EBITDA margin	36.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Net margin	9.7%	Net income / revenue.
FCF margin	-20.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	16.5%	Cash from operations / revenue.
Return on equity (ROE)	8.1%	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)	5.8%	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%.
Capex / revenue	37.1%	Capital expenditures / revenue.
D&A / revenue	13.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	11.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	7.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	10.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	47.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	18.8%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	13.6%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	35.7%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	16.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	12.1%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	43.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	9.5%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	8.1%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	36.5%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	2.9%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	2.0%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	34.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	22.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	13.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.5%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	0.5%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	0.5%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	6.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	7.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	10.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	17.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	9.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	10.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	5.4%	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	6.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	6.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.77x	Current assets / current liabilities.
Quick ratio	0.04x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.04x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.60x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	38.8%	Total debt / total assets.
Liabilities / assets	75.8%	Total liabilities / total assets.
Net debt	$2.48B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	5.30x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	-$147.9M	Current assets - current liabilities.
Goodwill and intangibles / assets	5.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.19B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.20x	Revenue / average total assets.
Fixed asset turnover	0.29x	Revenue / average property, plant and equipment.
FCF conversion	-211.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	224.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.99	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	$30.65	Revenue / diluted weighted shares.
FCF per share	-$6.31	Free cash flow / diluted weighted shares.
Operating cash flow per share	$5.05	Cash from operations / diluted weighted shares.
Book value per share	$37.04	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$28.22	Tangible book value / shares outstanding.
Cash per share	$0.58	(Cash + short-term investments) / shares outstanding.
Payout ratio	62.7%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.98B	Share price x shares outstanding.
Enterprise value	$4.46B	Market cap + total debt - cash - short-term investments.
P/E	15.7x	Market cap / net income. Only when net income is positive.
P/S	1.53x	Market cap / revenue.
P/B	1.27x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.67x	Market cap / tangible book value, when positive.
P/OCF	9.29x	Market cap / cash from operations, when positive.
EV/Sales	3.45x	Enterprise value / revenue.
EV/EBIT	15.1x	Enterprise value / operating income, when both are positive.
EV/EBITDA	9.54x	Enterprise value / EBITDA, when both are positive.
FCF yield	-13.4%	Free cash flow / market cap.
Earnings yield	6.4%	Net income / market cap (the inverse of P/E).
Dividend yield	4.0%	Dividends paid over the period / market cap.
Shareholder yield	4.0%	(Dividends paid + share buybacks) / market cap.
PEG	5.36x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Northwest Natural Holding Co's revenue in fiscal 2025?

Northwest Natural Holding Co reported revenue of $1.29B for fiscal 2025, 11.8% higher than the year before.

Was Northwest Natural Holding Co profitable in fiscal 2025?

Yes. Net income was $113.3M, a net margin of 8.8%.

How much free cash flow did Northwest Natural Holding Co generate in fiscal 2025?

Cash from operations of $269.1M minus capital expenditures of $466.9M left free cash flow of -$197.8M.

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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