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STOCK COMPARISON

Naturgy Energy Group vs Northwest Natural Gas: Fair Value & Quality

Both stocks run through our valuation models. Here is how Naturgy Energy Group (NTGY) and Northwest Natural Gas (NWN) compare, as of Sep 24, 2026.

As of Sep 24, 2026, Fair Value Calculator sees Naturgy Energy Group as the more attractively valued of the two: Naturgy Energy Group trades at €29.22 versus a fair value of €32.79 (+12%), while Northwest Natural Gas trades at $47.23 versus $40.01 (-15%).
Naturgy Energy Group
NTGY.MC · EUR · Utilities
+12%
upside to fair value
undervalued
Price€29.22
Fair Value€32.79
Quality55/100
Northwest Natural Gas
NWN · USD · Utilities
-15%
upside to fair value
overvalued
Price$47.23
Fair Value$40.01
Quality36/100
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Head-to-head numbers

Green is the better side of a row, red the weaker one (for valuation multiples: lower = cheaper). Grey rows are for reference only and are not scored.

betterweakerfor reference, not scored

Naturgy Energy GroupNorthwest Natural Gas
Valuation
13.2×P/E (TTM)16.2×
1.69×P/S (TTM)1.68×
3.45×P/B1.46×
8.1×EV/EBITDA9.1×
6.40×PEG2.58×
+12.2%Fair value upside−15.3%
6.3%Dividend yield4.2%
n/aDividend per share$1.97
Profitability
18%Operating margin33%
1.42×EBIT margin trend (5Y)1.64×
22%Return on equity8%
6%Return on assets3%
Growth
-7%Revenue growth (YoY)-1%
n/aAvg. growth/yr (3Y)7.5%
n/aAvg. growth/yr (5Y)10.8%
+15.4%Value creation/yr+6.2%
Balance & size
7.1×Interest coverage (EBIT/interest)3.6×
1.38×Debt / equity1.54×
$32BMarket cap$2B
mixedGrowth qualityexpensive

Naturgy Energy Group leads: 9 to 5 metric wins.

n/a = not meaningfully computable, for example with negative equity.

Quality in detail

The quality score, broken down into the same factor families as on the stock page, 0 to 100 per family.

Naturgy Energy Groupof which business quality 52 · market factors 70 Northwest Natural Gasof which business quality 34 · market factors 57
ProfitabilityMargins and returns on capital today
45
26
Quality GrowthAre margins and returns improving?
37
71
CashflowEarnings quality: real cash, not paper profit
67
44
Fin. StrengthBalance sheet, leverage, solvency risk
30
15
InvestmentDisciplined investing over empire-building
71
38
Low VolatilityCalm price path (market factor)
94
94
MomentumPrice trend over the last 3–12 months (market factor)
55
41
52W MomentumDistance to the 52-week high (market factor)
68
43
Net IssuanceShare count: buybacks or dilution?
76
21

What the models say

How far the median fair value (base case) per model family sits from the current price, in percent. The amount in the currency of the trading venue is shown underneath.

above the price, more than 15% above close to the price, 85% to 115% of the price below the price, more than 15% below

Model familyNaturgy Energy GroupPrice €29.22Northwest Natural GasPrice $47.23
DCF Models+18%above the price€34.42n/a
Earnings-Based-9%close to the price€26.55-20%below the price$37.86
Dividend Discount-20%below the price€23.41-46%below the price$25.67
Multiples+38%above the price€40.200%close to the price$47.13
Asset-Based-77%below the price€6.76-50%below the price$23.49
Growth DCF+26%above the price€36.74n/a
Economic Profit-28%below the price€20.95-26%below the price$34.74
Growth Earnings+5%close to the price€30.66-15%below the price$40.01
Minimum-77%below the price€6.76-50%below the price$23.49
Maximum+38%above the price€40.200%close to the price$47.13
Median-2%close to the price€28.60-23%below the price$36.30
Geometric mean-16%below the price€24.67-28%below the price$33.82

Minimum, maximum, median and geometric mean refer to the family values in this table. Geometric because deviations are ratios: half the price and twice the price average to 100%, not 125%.

Naturgy Energy Group: 8 of 24 models see the stock below the current price.

Northwest Natural Gas: 12 of 15 models see the stock below the current price.

Scenario ranges

From our cautious bear scenario to the optimistic bull scenario. The white tick is the current price (value above it), the green tick the fair value (value below it): if the price sits left of the fair value, there is room to rise.

Naturgy Energy Group
Price €29.22
Fair Value €32.79
Bear €20.92Bull €48.33
Northwest Natural Gas
Price $47.23
Fair Value $40.01
Bear $28.01Bull $52.34

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Ranked within their sector

Where each stock sits within its sector peer group. Band = middle 50% of peers, tick = median, dot = this stock.

Naturgy Energy Group · Utilities

Quality score55 · Top 25%
Fair value upside+12% · above median

Northwest Natural Gas · Utilities

Quality score36 · bottom 25%
Fair value upside-15% · below median

Bottom line

As of Sep 24, 2026, Fair Value Calculator sees Naturgy Energy Group as the more attractively valued of the two: Naturgy Energy Group trades at €29.22 versus a fair value of €32.79 (+12%), while Northwest Natural Gas trades at $47.23 versus $40.01 (-15%).

Naturgy Energy Group has the higher quality score (55/100).

Open Naturgy Energy Group live analysis →

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A model-based valuation snapshot from 26 models. Values change with price and fundamentals; the date shown above applies.