Stock

Northwest Natural Holding Company

NWN
47
Regulated Gas · Utilities
Price
$48.99
+0.64 (+1.32%)
Market Cap
$2.06B
Exchange
New York Stock Exchange
Winston Score
47
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Oct 18, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Good
15/30
Growth
Good
11/20
Cash Flow
Good
6/10
Stability
Mixed
4/10
Valuation
Good
6/10
Ownership
Weak
2/15
Dividends
Good
3/5

47 of 100 counted points = Winston Score 47.

Share count rising — dilution

+33.2% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 30.8M (2021) → 41.0M (2025)

§Winston Score History

The full picture

Northwest Natural Holding Company distributes natural gas to homes and businesses across Oregon and southwest Washington. It is one of the oldest natural gas utilities in the western United States, serving roughly 800,000 customers through an extensive network of underground pipelines. The company also has a small water utility business serving communities in the Pacific Northwest and other states.

Northwest Natural earns most of its revenue by charging customers a regulated rate for delivering natural gas, set by state utility commissions rather than open markets. This regulation limits competition but also caps how much profit the company can earn, making revenue relatively stable and predictable. The company operates almost entirely in the Pacific Northwest, giving it a regional monopoly in its service areas. The key risk it faces is long-term decline in natural gas demand, as more customers and regulators push toward electric heating and appliances to reduce carbon emissions.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+3.1% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+116.2% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

0.4%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~3 years

$93M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

$93M cash & investments at current burn rate

Growth context

Northwest Natural Holding Company is growing revenue at 3% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
51.4%
Healthy — 51.4% gross margin
Profit after running costs
Operating Margin
13.6%
Healthy — 13.6% operating margin
Return on the money invested
ROCE
9.8%
Below par — 9.8% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+4.4%
Slow sales growth (+4.4% YoY)
Profit growth
EPS YoY
+21.0%
Earnings growing fast (+21.0% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
261%
Turns 261% of profit into real cash
Spare cash per sale
FCF Margin
-20.4%
Burning cash (-20.4%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns
Debt / Equity
1.68
Elevated debt (1.68)
Covers its interest
Interest Cover
3.46x
Tight — interest eats into profit (3.5x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
16.0x
Fair value — P/E 16.0

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
+2.4
GROWING
Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend
Dividend Yield
4.15%
Healthy income — 4.15% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record
Dividend Growth
+0.5%
Dividend flat
Payout Ratio
63%
no trend
Most of the profit goes out as dividends. Little left to reinvest, and less cushion if earnings dip.

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