📈 Price History

Ratio Health

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By Category

📊 Sector Averages

About

Northwest Natural Holding Company, through its subsidiary, Northwest Natural Gas Company, provides regulated natural gas distribution services to residential, commercial, and industrial customers in the United States. It operates through three segments: NWN Gas Utility, SiEnergy, and NWN Water. The company operates mist gas storage facility contracted to utilities, third-party marketers, and electric generators; offers natural gas asset management services; interstate storage; and operates an appliance retail center. It also engages in the gas storage, water and wastewater, non-regulated renewable natural gas, and other investment businesses. In addition, the company offers natural gas services in Oregon and southwest Washington; water and wastewater connections; and operation, maintenance, and management services to water and wastewater system owners. Northwest Natural Holding Company was founded in 1859 and is headquartered in Portland, Oregon.

Key Ratios Snapshot

📈 Growth Pattern

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⭐ Superinvestors Holding NWN

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Manager	Shares	Value	% of Fund	Period
Steve Cohen Point72 Asset Management	95.1K	$5.1M	0.01%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 3 quarters analysed

Q2 2025

Confident Specific

Management used language like 'pleased to report', 'solid second quarter', 'confident that financial results are on track', and 'executing well on initiatives'. They provided specific numbers such as adjusted EPS of $2.28 for the first half, customer growth of 10.6%, and reaffirmed full-year guidance.

Q3 2025

Confident Specific

Management used phrases like 'very proud', 'strong third quarter', 'reinforced my confidence', 'highly confident', and provided specific numbers (e.g., $330 million invested, 10.9% customer growth, $20.7 million revenue requirement increase) to convey a self-assured and data-backed tone.

Q1 2026 latest

Confident Specific

The call opens with 'strong' and 'in line with expectations', reaffirms 2026 and long-term guidance, and uses phrases like 'solid footing', 'healthy customer growth', and 'meaningful progress on regulatory initiatives' without hedging.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis appears stronger after this call. Management provided concrete regulatory milestones (Washington settlement, Oregon alternative rate mechanism, SiEnergy rate case with GRIP) that aim to reduce regulatory lag and improve earnings predictability. The MX3 storage expansion offers a clear catalyst to lift long-term EPS growth by 1% if notice to proceed is achieved, with no dilution from equity financing assumed for that project until then. SiEnergy and water are increasingly contributing to diversification and growth (together 25% of 2026 EPS). However, the Oregon economy remains a soft spot with muted customer growth, and management deflected specific questions about rate base discrepancies. Key items to watch next quarter: outcome of the Washington settlement approval, progress in the Oregon multi-year rulemaking (potentially slipping into 2027), and any update on the SiEnergy rate case timeline and GRIP implementation.

AI-generated concall tone analysis · Updated 2026-06-09 · Not investment advice

🎙 Management Tone Confident Specific → Stable 3 quarters Full tone analysis in Intelligence →

📊 MIXED NWN: 16% SiEnergy customer growth, reaffirms 2026 EPS guidance $2.95-$3.15, long-term 4-6% EPS growth

Revenue & Profitability

Adjusted EPS was $2.33 in Q1 2026, up from $2.28 in Q1 2025. Adjusted net income increased by $5.7 million. Northwest Natural net income rose $2.7 million, SiEnergy EPS increased $0.08, and Water EPS was flat. Full-year 2026 EPS guidance was reaffirmed at $2.95 to $3.15. Long-term diluted EPS growth target is 4-6% (5-7% including the MX-3 project).

Outlook

Management highlighted strong demand for natural gas in the Pacific Northwest, citing an E3 study forecasting a 14-gigawatt generation shortfall by 2035, reinforcing the need for gas storage and reliability. In Texas, the housing market remains robust, supporting 15-20% annual customer growth at SiEnergy through 2030. However, the Oregon economy has been challenged, with slower customer growth, though the company’s results are in line with expectations. Regulatory outcomes in Oregon are pending, with a multi-year rate case rulemaking process expected to extend into 2027.

Growth Drivers

Key growth levers include: (1) SiEnergy’s 16% organic customer growth in Q1, with a 250,000-meter backlog and expectations of 15-20% annual growth through 2030; (2) Northwest Natural Water’s 4.1% overall customer growth (2.2% organic) and a backlog of 10,000 connections in Texas, with 25% already in development; (3) the MX-3 gas storage expansion ($300 million, fully contracted for 25 years); and (4) proactive regulatory filings to reduce lag, including multi-year rate cases in Washington and Oregon and GRIP mechanisms in Texas.

Balance Sheet & CapEx

Capital expenditures for 2026 are expected to be $500-550 million. The MX-3 storage project is a $300 million FERC-regulated expansion, not yet included in current guidance, with expected notice to proceed by end of 2027 and in-service in 2029. Over the five-year planning horizon, capital is funded largely by operating cash flows, with balanced use of long-term debt and equity (through the ATM program). The company had approximately $590 million of available liquidity.

Margins

Not discussed in this earnings call.

Key Risks

Risks mentioned include: regulatory lag (especially in Oregon under the FAIR Energy Act), economic slowdown in Oregon affecting customer growth, timing and outcomes of rate cases, weather variability (guidance assumes average conditions), and the potential need for a 'catch-up' rate increase at the end of the five-year planning period if multi-year plans are not implemented. The company also noted that guidance assumes no significant changes in laws, regulations, or regulatory policies.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-08-05

Q2 2026 results exceeded expectations, with strong EPS growth year-to-date and robust segment performance, especially in Texas and water utilities. Regulatory progress, disciplined cost management, and infrastructure investments support a positive outlook for the remainder of 2026 and beyond.

Q1 2026 Q1 2026 2026-05-06

Q1 2026 results were strong, with adjusted EPS up year-over-year and guidance reaffirmed. Regulatory progress, robust customer growth in Texas and water segments, and disciplined capital allocation support long-term EPS growth targets.

Q4 2025 Q4 2025 2026-02-27

Record-adjusted EPS and strong customer growth in 2025 were driven by strategic expansion into water and Texas gas utilities. Guidance reaffirms 4%-6% long-term EPS growth, with the MX3 storage project poised to boost this to 5%-7% upon approval.

Q3 2025 Q3 2025 2025-11-05

Strong Q3 results and robust customer growth position the company to exceed the midpoint of 2025 EPS guidance. Regulatory wins, strategic investments, and disciplined capital allocation support a 4%–6% long-term earnings growth outlook.

Q2 2025 Q2 2025 2025-08-05

Second quarter and first half 2025 results showed strong adjusted net income growth, robust customer additions, and reaffirmed full-year guidance. Key segments, including gas, water, and renewables, contributed to performance, with significant rate case and acquisition activity supporting future growth.

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