SWX
Hot AirSouthwest Gas Holdings, Inc. · Utilities · United States · $6.6B cap · $64.5M/day traded
$92.67 +0.7% · close 11 Nov · scored 12 Nov
Hot Air: Strong momentum and nothing else: weak business, rich price.
After its 4 Nov results, analysts left next year's EPS estimate little changed.
As of 12 Nov 2026, the MoatMap Score for Southwest Gas Holdings, Inc. (SWX) is 50/100, ranked against 25,000+ stocks in 38 markets (Quality 43, Value 37, Momentum 65, each scored against its sector).
Does the score work? Each tenth of the ranking, tracked monthly. See the record →
ABOUT SOUTHWEST GAS HOLDINGS, INC.
Read
Southwest Gas Holdings, Inc. is a regulated natural gas utility primarily serving customers across Arizona, Nevada, and California, complemented by a substantial utility infrastructure services business. The company benefits from stable cash flows inherent in its regulated monopoly operations and the diversified revenue stream from its non-regulated construction services segment.
FINANCIAL SUMMARY (USD)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 | CAGR | TTM | 2026E | 2027E | Fwd CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | 5.0B | 2.5B | 2.5B | 1.9B | -26.9% | 1.7B | 1.0B | 1.1B | -24.4% |
| EPS | 3.39 | -3.10 | 2.13 | 2.77 | 6.09 | 15.8% | 4.11 | 7.11 | 8.37 | 17.2% |
| Shares | — | 67.1M | 71.6M | 71.8M | 72.2M | +7.6% | 72.5M | — | — | — |
| Debt | — | 6.0B | 5.3B | 4.2B | 3.5B | -16.3% | 3.5B | — | — | — |
| Equity | — | 3.1B | 3.3B | 3.5B | 4.0B | 9.0% | — | — | — | — |
| Op CF | — | 407.5M | 509.2M | 1.4B | 556.1M | 10.9% | 465.2M | — | — | — |
| Inv CF | — | -838.9M | 151.0M | -921.6M | -24.8M | — | — | — | — | — |
| Fin CF | — | 356.5M | -700.8M | -176.3M | -318.3M | — | — | — | — | — |
No clear trend: not near its 52-week low, and not in a steady uptrend.
Calmer than 94% of stocks we rank over the past year (volatility 18% a year).
How this is worked out
The MoatMap Score weighs the business, its price and its trend. The price check reads only the chart: the price side of the Momentum score, in words.
The rules: Still falling is a new 52-week low in the last two weeks, at least 25% below the high. Finding a floor is no new low since. Turning up is 20 or more trading days without a new low, at least 10% off it, and back above a rising 50-day average. In an uptrend is above the 200-day average and within 15% of the high.
In 2,112 US drawdowns since 2001, buying while the price was still falling was followed by a further 20% drop 42% of the time. Waiting for a turn (the Turning up rule above) cut that to 33%, at about 7% higher prices and with no better returns. Part of that cut is simply not buying: 13% of falls never turned, and waiting kept those out. Among turns that were bought, 38% still fell another 20%, and 33% of turns were followed by a new low within six months. The benefit was largest in crashes such as 2008 and 2020.
What it measures: how much the price moved day to day over the past year, scaled to a yearly figure (annualised volatility) and ranked against every stock we cover. Very calm under 20% a year, Calm 20 to 30%, Average 30 to 40%, Bumpy 40 to 55%, Very bumpy above that.
What we found: across about 13,500 stocks in 34 markets (2002 to 2025), past swings were a good guide to the next year's, and bumpier stocks fell further. How much further changed too much between eras to put a number on it.
Calm is not safe: a calm stock can still slide steadily.
Rules fixed before any data was fetched. Describes the chart, not a recommendation.
SCORE BREAKDOWN
FUNDAMENTALS
SECTOR PEERS
Closest peers in Utilities, ranked by industry match, size, and score similarity. Cross-listings of SWX are excluded.
| Ticker | Company | Mkt Cap | Score |
|---|---|---|---|
| SWX | Southwest Gas Holdings, Inc.(you) | $6.6B | 50 |
| SR | Spire Inc. | $5.0B | 50 |
| BIPC | Brookfield Infrastructure Corporation | $4.6B | 49 |
| BKH | Black Hills Corporation | $6.1B | 59 |
| NJR | New Jersey Resources Corporation | $5.4B | 43 |
| OGS | ONE Gas, Inc. | $4.9B | 57 |
| CPK | Chesapeake Utilities Corporation | $3.4B | 47 |
| NWN | Northwest Natural Holding Company | $2.1B | 53 |
| NI | NiSource Inc. | $20.8B | 42 |
| UGI | UGI Corporation | $8.3B | 79 |
Peer medians: ROE 9.1% · P/E 20.5x · Gross margin 45.3%
Company Deep Dive
A 10,000-word report: the business and its segments, what management promised on earnings calls and whether it delivered, the competition, and how things could turn out.