Southwest Gas Holdings (SWX) Fair Value & Analysis
Utilities · US · Market cap $6.7B
Southwest Gas Holdings
SWX · US
Fair value as of: Jul 18, 2026
From 15 valuation models · updated 23 days ago
Share price +1.1% over the past month.
Below-average quality, and screening another 23% overvalued on our models.
What matters now
- Solid but not exceptional quality (47/100) and above fair value, neither a clear bargain nor a standout compounder.
- A fairly wide model range ($50.27 to $98.46) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 18, 2026.
How to read this chart
60‑month range $48.21 – $93.37 · fair‑value band $50.27 – $98.46 · the $92.09 price screens above the $70.67 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 18, 2026.
Analysis
Southwest Gas Holdings (SWX) currently trades at $92.09, while our model-based Fair Value estimate is $70.67, implying the stock looks roughly 23.3% overvalued today. The Quality Score stands at 47/100 (below-average quality), in the Utilities sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).
Over the trailing twelve months, Southwest Gas Holdings generated revenue of $1.8B at a net margin of 26.1%. Revenue declined 21.6% year over year. It earns a return on equity of 6.1%. Net debt stands at $2.9B. Fundamentals as of Jul 18, 2026
Our scenario range runs from $50.27 (bear case) to $98.46 (bull case); at $92.09, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 2% below its 52-week high and 34% above its 52-week low, currently above its 200-day average. For context, the median of 10 Utilities peers we cover trades at -19% fair-value upside, at -23%, SWX screens richer than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 15 models by family
Widest divergence: Growth Earnings ($89.08) versus Economic Profit ($15.49). Highest evidence: Residual Income (76).
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 18, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 43 · Market factors (momentum, volatility) 69
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
Southwest Gas Holdings, Inc., through its subsidiary, Southwest Gas Corporation, purchases, distributes, and transports natural gas for residential, commercial, and industrial customers in Arizona, Nevada, and California in the United States. The company offers tariff sales and transportation services.
Full company description
Southwest Gas Holdings, Inc., through its subsidiary, Southwest Gas Corporation, purchases, distributes, and transports natural gas for residential, commercial, and industrial customers in Arizona, Nevada, and California in the United States. The company offers tariff sales and transportation services. It also operates a pipeline transmission system, including an LNG storage facility. As of December 31, 2025, the company served approximately 2,281,000 customers with 1,224,000 in Arizona, 849,000 in Nevada, and 208,000 in California. Southwest Gas Holdings, Inc. was founded in 1931 and is headquartered in Las Vegas, Nevada.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Southwest Gas Holdings reported revenue of $1.9B in FY2025 versus $3.7B in FY2021, a compound −14.8%/yr. Reported net income was $440M in FY2025, compounding +21.7%/yr from FY2021.
SWX screens 23% overvalued. Compare with Naturgy Energy Group →
Recent news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- Southwest Gas Holdings, Inc. Q2 2026 Earnings Call Summary
- Southwest Gas Holdings Inc (SWX) (Q2 2026) Earnings Call Highlights: Strong Holdco Performance ...
- Southwest Gas Q2 Earnings Miss Estimates, Revenues Decline Y/Y
- Southwest Gas (SWX) Lags Q2 Earnings and Revenue Estimates
Peer Group
Utilities - Regulated Gas · 104 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Utilities - Regulated Gas median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Insider activity: 40/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Utilities - Regulated Gas stocks, each showing price versus our Fair Value estimate (as of Jul 18, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Naturgy Energy Group NTGY | €28.84 | €35.80 | +24% |
| Atmos Energy Corporation ATO | $177.68 | $85.67 | -52% |
| NiSource Inc NI | $47.07 | $28.59 | -39% |
| Uniper SE UN0 | €42.80 | €49.13 | +15% |
| The Hong Kong and China Gas Company 0003 | HK$7.03 | HK$5.08 | -28% |
| Italgas S.p.A IG | €9.98 | €8.11 | -19% |
| GAIL (India) Limited GAIL | ₹171.71 | ₹147.74 | -14% |
| Adani Total Gas Limited ATGL | ₹723.90 | ₹101.36 | -86% |
| ENN Natural Gas Co 600803 | ¥17.30 | ¥25.71 | +49% |
| UGI Corporation UGI | $35.84 | $27.13 | -24% |
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Frequently asked questions
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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