Southwest Gas Holdings Inc (SWX) valuation
Southwest Gas P/E ratio history
Southwest Gas trades at 12.3 times its earnings over the last twelve months and 20.0 times the earnings analysts expect over the next twelve. At its last 9 fiscal year ends its P/E ranged from 13.2 (year to Dec 2025) to 29.7 (year to Dec 2023), with a median of 20.7.
| Fiscal year ended | Price | EPS | P/E | Forward P/E |
|---|---|---|---|---|
| Dec 31, 2025 | $80.02 | $6.08 | 13.2 | 20.2 |
| Dec 31, 2024 | $70.71 | $2.76 | 25.6 | — |
| Dec 31, 2023 | $63.35 | $2.13 | 29.7 | 19.5 |
| Dec 31, 2022 | $61.88 | -$3.10 | n/m | 14.2 |
| Dec 31, 2021 | $70.05 | $3.39 | 20.7 | 16.0 |
| Dec 31, 2020 | $60.75 | $4.13 | 14.7 | — |
| Dec 31, 2019 | $75.97 | $3.95 | 19.2 | — |
| Dec 31, 2018 | $76.50 | $3.68 | 20.8 | — |
| Dec 31, 2017 | $80.48 | $4.03 | 20.0 | — |
| Dec 31, 2016 | $76.62 | $3.18 | 24.1 | — |
n/m: not meaningful (a loss, or earnings close to zero). The daily P/E line is a chart indicator in the app.
Southwest Gas valuation against its peers
| Company | Market value | P/E | Forward P/E | Price / sales |
|---|---|---|---|---|
| Southwest GasSWX | $6.74B | 12.3 | 20.0 | 3.9 |
| Txnm EnergyTXNM | $6.46B | 41.4 | 19.1 | 2.9 |
| Black HillsBKH | $6.24B | 20.7 | 18.3 | 2.7 |
| Ormat TechORA | $5.51B | 44.0 | 34.2 | 4.6 |
| New Jersey ResourcesNJR | $5.37B | 14.7 | 15.5 | 2.4 |
| Portland General ElectricPOR | $5.22B | 19.1 | 12.7 | 1.5 |
| SpireSR | $5.20B | 9.8 | 17.2 | 2.1 |
| One GasOGS | $4.93B | 16.9 | 15.8 | 2.1 |
| Northwestern Energy GroupNWE | $4.91B | 28.8 | 20.7 | 2.9 |
| Peer median | 19.9 | 17.7 | 2.6 |
Reading these multiples
The P/E divides the share price by earnings per share over the last twelve months; the forward P/E divides it by the earnings analysts expect over the next twelve. Price to sales compares the company's market value with its revenue over the last twelve months. A multiple reads differently from one industry to the next, so the peer group above is the fairer comparison.
See also: SWX financials · SWX returns
No forecast, no recommendation. This page describes Southwest Gas Holdings Inc from published data; it is not advice to buy, sell or hold any security.
Figures as of the close on Oct 30, 2026 unless a row says otherwise. Prices are split adjusted; returns include dividends reinvested. Data may be delayed. See the disclaimer and how TrendArc works.