NWN Financials Northwest Natural

10 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated 29 h ago Overview →

Growth & profitability

Revenue has grown 10.8% per year over the past 5 years.
Net income has grown slower than revenue (8.1% vs 10.8% per year).
Operating margin has expanded, at 21.8% in the latest year.

Financial health

Total debt ($2.6B) exceeds cash ($37M); net debt is $2.6B.
Total debt has grown faster than revenue (15.6% vs 10.8% per year).
Total debt is 5.8× EBITDA.

Shareholder returns

Dividends have been paid for 10 consecutive years, consuming 68.2% of earnings.
The dividend has grown 6.9% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	FCF	Total debt	Cash
2025	$1.3B	$113M	0.0%	21.8%	-$198M	$2.6B	$37M
2024	$1.2B	$79M	0.0%	16.6%	-$194M	$1.9B	$38M
2023	$1.2B	$94M	0.0%	15.4%	-$47M	$1.7B	$33M
2022	$1.0B	$86M	0.0%	16.1%	-$191M	$1.6B	$29M
2021	$860M	$79M	0.0%	19.0%	-$134M	$1.4B	$19M
2020	$774M	$77M	0.0%	19.2%	-$128M	$1.3B	$30M
2019	$746M	$62M	0.0%	19.2%	-$37M	$1.0B	$10M
2018	$706M	$65M	0.0%	18.7%	-$46M	$954M	$13M
2017	$755M	-$56M	0.0%	20.0%	-$7M	$834M	$3M
2016	$668M	$59M	0.0%	22.6%	$84M	—	$4M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	FCF	Total debt	Cash
Mar '26	$490M	$97M	0.0%	33.2%	$2M	$2.6B	$35M
Dec '25	$394M	$58M	0.0%	28.4%	-$131M	$2.6B	$37M
Sep '25	$165M	-$30M	0.0%	-7.5%	-$126M	$2.4B	$32M
Jun '25	$236M	-$3M	0.0%	11.5%	-$18M	$2.4B	$103M
Mar '25	$494M	$88M	0.0%	31.2%	$77M	$2.3B	$100M
Dec '24	$371M	$45M	0.0%	22.9%	-$120M	$1.9B	$38M
Sep '24	$137M	-$27M	0.0%	-14.1%	-$122M	$1.7B	$35M
Jun '24	$212M	-$3M	0.0%	7.4%	$4M	$1.7B	$65M
Mar '24	$433M	$64M	0.0%	25.3%	$43M	$1.7B	$72M
Dec '23	$356M	$45M	0.0%	21.1%	-$106M	$1.7B	$33M
Sep '23	$141M	-$24M	0.0%	-12.4%	-$94M	$1.7B	$157M
Jun '23	$238M	$1M	0.0%	5.8%	$47M	$1.6B	$138M
Mar '23	$462M	$72M	0.0%	24.5%	$106M	$1.6B	$141M
Dec '22	$375M	$48M	0.0%	21.6%	—	$1.6B	$29M
Sep '22	$117M	-$20M	0.0%	-12.8%	—	$1.5B	$109M
Jun '22	$195M	$2M	0.0%	6.9%	—	$1.3B	$17M
Mar '22	$350M	$56M	0.0%	25.0%	—	$1.4B	$24M
Dec '21	$294M	$41M	0.0%	23.9%	—	$1.4B	$19M
Sep '21	$101M	-$21M	0.0%	-14.2%	—	$1.3B	$20M
Jun '21	$149M	-$724000	0.0%	8.5%	—	$1.2B	$20M

Valuation over time

How the market has priced NWN against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has fallen from 23.2× (Mar '23) to 18.8× (Jun '26).
The price-to-sales ratio has fallen from 1.9× (Mar '23) to 1.6× (Jun '26).
The dividend yield has risen from 3.1% (Mar '23) to 3.6% (Jun '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is NWN growing its revenue and profit?

Over the past 5 years, Northwest Natural's revenue has grown 10.8% per year, and net income grown 8.1% per year. These are computed facts, not advice.

How much debt does NWN have?

As of FY2025, Northwest Natural reported $2.6B of total debt against $37M of cash.

What is NWN's profit margin?

In FY2025, gross margin was —, operating margin 21.8%, and net margin 8.8%.

What is NWN's P/E ratio?

As of Jun '26, Northwest Natural traded at a price-to-earnings ratio of about 18.8× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.