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 Aug 9, 2026, 10:12 UTC 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

Return on equity & assets (ROE / ROA)

ROEROA

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	ROE	ROA	FCF	Total debt	Cash
2025	$1.3B	$113M	0.0%	21.8%	7.7%	1.8%	-$198M	$2.6B	$37M
2024	$1.2B	$79M	0.0%	16.6%	5.7%	1.5%	-$194M	$1.9B	$38M
2023	$1.2B	$94M	0.0%	15.4%	7.3%	1.9%	-$47M	$1.7B	$33M
2022	$1.0B	$86M	0.0%	16.1%	7.3%	1.8%	-$191M	$1.6B	$29M
2021	$860M	$79M	0.0%	19.0%	8.4%	1.9%	-$134M	$1.4B	$19M
2020	$774M	$77M	0.0%	19.2%	8.6%	2.0%	-$128M	$1.3B	$30M
2019	$746M	$62M	0.0%	19.2%	7.1%	1.8%	-$37M	$1.0B	$10M
2018	$706M	$65M	0.0%	18.7%	8.5%	2.0%	-$46M	$954M	$13M
2017	$755M	-$56M	0.0%	20.0%	-7.5%	-1.8%	-$7M	$834M	$3M
2016	$668M	$59M	0.0%	22.6%	—	—	$84M	—	$4M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

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	ROE	ROA	FCF	Total debt	Cash
Jun '26	$244M	$600000	0.0%	13.6%	0.0%	0.0%	-$12M	$2.6B	$24M
Mar '26	$490M	$97M	0.0%	33.2%	6.2%	1.5%	$2M	$2.6B	$35M
Dec '25	$394M	$58M	0.0%	28.4%	3.9%	0.9%	-$131M	$2.6B	$37M
Sep '25	$165M	-$30M	0.0%	-7.5%	-2.1%	-0.5%	-$126M	$2.4B	$32M
Jun '25	$236M	-$3M	0.0%	11.5%	-0.2%	-0.0%	-$18M	$2.4B	$103M
Mar '25	$494M	$88M	0.0%	31.2%	6.0%	1.5%	$77M	$2.3B	$100M
Dec '24	$371M	$45M	0.0%	22.9%	3.2%	0.9%	-$120M	$1.9B	$38M
Sep '24	$137M	-$27M	0.0%	-14.1%	-2.0%	-0.5%	-$122M	$1.7B	$35M
Jun '24	$212M	-$3M	0.0%	7.4%	-0.2%	-0.1%	$4M	$1.7B	$65M
Mar '24	$433M	$64M	0.0%	25.3%	4.8%	1.3%	$43M	$1.7B	$72M
Dec '23	$356M	$45M	0.0%	21.1%	3.5%	0.9%	-$106M	$1.7B	$33M
Sep '23	$141M	-$24M	0.0%	-12.4%	-1.9%	-0.5%	-$94M	$1.7B	$157M
Jun '23	$238M	$1M	0.0%	5.8%	0.1%	0.0%	$47M	$1.6B	$138M
Mar '23	$462M	$72M	0.0%	24.5%	5.7%	1.6%	$106M	$1.6B	$141M
Dec '22	$375M	$48M	0.0%	21.6%	4.1%	1.0%	—	$1.6B	$29M
Sep '22	$117M	-$20M	0.0%	-12.8%	-1.7%	-0.5%	—	$1.5B	$109M
Jun '22	$195M	$2M	0.0%	6.9%	0.2%	0.0%	—	$1.3B	$17M
Mar '22	$350M	$56M	0.0%	25.0%	5.7%	1.4%	—	$1.4B	$24M
Dec '21	$294M	$41M	0.0%	23.9%	4.3%	1.0%	—	$1.4B	$19M
Sep '21	$101M	-$21M	0.0%	-14.2%	-2.3%	-0.5%	—	$1.3B	$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 18.7× (Nov '26).
The price-to-sales ratio has fallen from 1.9× (Mar '23) to 1.6× (Nov '26).
The dividend yield has risen from 3.1% (Mar '23) to 3.7% (Nov '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?

Northwest Natural's P/E (TTM) is 16.79 as of the 2026-11-03 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the NWN stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 18.7× as of Nov '26) can differ. 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), split-adjusted; price return — dividends not reinvested · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.