Northwest Natural Holding Company
NWNNYSEUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $51.99 Prior regular-session close from the quote source.
- $51.12–$51.83 Regular-session low and high so far today.
- 304.4K Regular-session shares traded · Nov 11, 4:00 PM ET.
- Feb 26 projected Projected for 2027-02-26 from the company’s own results filings (SEC 8-K Item 2.02). The company has not confirmed the date.
- $45.69–$55.99 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own NWN if NWN is a regulated-utility compounding case: value comes from earning allowed returns on an expanding gas and water asset base, not from commodity gas upside.
NWN price history
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Investment thesis
What must happen next
Regulated utility rate recovery remains effective enough that NWN can turn infrastructure investment into higher earnings rather than stranded capital.StrengtheningMateriality: High
GAAP annual operating_income increased to $280.9 million in FY2025 from $191.1 million in FY2024 and $163.1 million in FY2021. If this holds, asset growth is value-creating; if it breaks, more capital spending can destroy owner value.
Watch: Oregon, Washington or Texas regulators deny recovery of major gas or water infrastructure spending.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating_income increased to $280.9 million in FY2025 from $191.1 million in FY2024 and $163.1 million in FY2021.
Open source ↗The holding-company mix of NW Natural, SiEnergy, NWN Water and NWN Renewables gives NWN more reinvestment channels than a single mature Oregon gas utility.HoldingMateriality: High
Profile description identifies ownership of NW Natural, SiEnergy Operating, NW Natural Water and NW Natural Renewables. If these platforms add customers and rate base, NWN can grow despite mature core-gas demand; if they stall, the company becomes a slower-growth bond proxy.
Watch: Texas housing or commercial development slows enough to reduce SiEnergy customer additions.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Profile description identifies ownership of NW Natural, SiEnergy Operating, NW Natural Water and NW Natural Renewables.
Open source ↗The regulated model continues to convert earnings into operating cash despite weather, commodity-cost and working-capital volatility.StrengtheningMateriality: Medium
GAAP annual operating_cash_flow was positive at $269.1 million in FY2025. Cash-backed earnings help fund capital spending and dividends; weak cash conversion would force more external financing.
Watch: A natural-gas price spike creates unrecovered purchased-gas balances and customer arrears before regulators allow collection.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating_cash_flow was positive at $269.1 million in FY2025.
Open source ↗NWN can keep financing utility investment without the capital structure overwhelming returns to common shareholders.HoldingMateriality: Medium
GAAP year-end equity increased to $1.48 billion at FY2025 from $1.18 billion at FY2022. Utilities must fund growth externally; if leverage or rates rise too far, allowed returns accrue to creditors instead of equity owners.
Watch: Credit-rating agencies downgrade NWN or its utility subsidiaries, raising debt costs.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP year-end equity increased to $1.48 billion at FY2025 from $1.18 billion at FY2022.
Open source ↗NWN’s gas distribution network remains a necessary local energy-delivery asset rather than being rapidly bypassed by electrification.HoldingMateriality: Medium
Profile identifies NWN’s industry as Natural Gas Distribution. This is the core durability question: if gas demand erodes structurally, rate-base growth and terminal value both weaken.
Watch: Oregon or local jurisdictions adopt building-electrification rules that materially restrict new gas connections.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Profile identifies NWN’s industry as Natural Gas Distribution.
Open source ↗
Full investment case & evidence
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Original research
Regulated utility rate recovery remains effective enough that NWN can turn infrastructure investment into higher earnings rather than stranded capital. If this holds, asset growth is value-creating; if it breaks, more capital spending can destroy owner value.
The holding-company mix of NW Natural, SiEnergy, NWN Water and NWN Renewables gives NWN more reinvestment channels than a single mature Oregon gas utility. If these platforms add customers and rate base, NWN can grow despite mature core-gas demand; if they stall, the company becomes a slower-growth bond proxy.
The regulated model continues to convert earnings into operating cash despite weather, commodity-cost and working-capital volatility. Cash-backed earnings help fund capital spending and dividends; weak cash conversion would force more external financing.
NWN can keep financing utility investment without the capital structure overwhelming returns to common shareholders. Utilities must fund growth externally; if leverage or rates rise too far, allowed returns accrue to creditors instead of equity owners.
NWN’s gas distribution network remains a necessary local energy-delivery asset rather than being rapidly bypassed by electrification. This is the core durability question: if gas demand erodes structurally, rate-base growth and terminal value both weaken.
All standing thesis claims
Original report summary
NWN is a regulated-utility compounding case: value comes from earning allowed returns on an expanding gas and water asset base, not from commodity gas upside.
Bull case and bear case
Bull case and bear case for Northwest Natural Holding Co
Where the evidence on Northwest Natural Holding Co stands: Holding on the latest evidence (Nov 9, 2026). Of its 5 thesis points, 2 strengthening and 3 holding.
Bull case: what the evidence supports
Regulated utility rate recovery remains effective enough that NWN can turn infrastructure investment into higher earnings rather than stranded capital.
The holding-company mix of NW Natural, SiEnergy, NWN Water and NWN Renewables gives NWN more reinvestment channels than a single mature Oregon gas utility.
The regulated model continues to convert earnings into operating cash despite weather, commodity-cost and working-capital volatility.
NWN can keep financing utility investment without the capital structure overwhelming returns to common shareholders.
NWN’s gas distribution network remains a necessary local energy-delivery asset rather than being rapidly bypassed by electrification.
Bear case: what would count against it
Oregon, Washington or Texas regulators deny recovery of major gas or water infrastructure spending.
Texas housing or commercial development slows enough to reduce SiEnergy customer additions.
A natural-gas price spike creates unrecovered purchased-gas balances and customer arrears before regulators allow collection.
Thesis-Break Engine
Thesis-break watch · Northwest Natural Holding Co
No break has crossed Northwest Natural Holding Co’s thesis. Its break conditions are checked against every new filing as it lands.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedReported results of operations (earnings release).
Northwest Natural Holding Co filed an SEC 8-K on 2026-11-05: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedRegulation FD disclosure.
Northwest Natural Holding Co filed an SEC 8-K on 2026-09-23: Regulation FD disclosure. It is a dated development that tests the current thesis.
- MixedCreated a direct financial obligation.
Northwest Natural Holding Co filed an SEC 8-K on 2026-09-03: Created a direct financial obligation. It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Oregon, Washington or Texas regulators deny recovery of major gas or water infrastructure spending.
- Texas housing or commercial development slows enough to reduce SiEnergy customer additions.
- A natural-gas price spike creates unrecovered purchased-gas balances and customer arrears before regulators allow collection.
- Credit-rating agencies downgrade NWN or its utility subsidiaries, raising debt costs.
- Oregon or local jurisdictions adopt building-electrification rules that materially restrict new gas connections.
NWN news
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Financial statements
NWN income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
NWN: quick answers
- When does Northwest Natural Holding Co (NWN) report earnings next?
- Northwest Natural Holding Co's next results are projected for February 26, 2027, from the dates of its own results filings with the SEC. The company has not confirmed the date. It last reported on November 5, 2026. Earnings calendar
- What is NWN's short interest?
- As of October 30, 2026, 2.4M NWN shares were sold short, 5.65% of its shares outstanding, up 21.8% from the count before. At the stock's average daily volume that is 9.1 days to cover. FINRA publishes the count twice a month. NWN short interest history
- Have members of Congress traded NWN?
- Reports made public in the last 90 days disclose 1 trade in NWN by 1 filer: 0 purchases and 1 sale. They are filed under the STOCK Act by members of Congress, the President and senior officials. Every disclosed NWN trade