Companies: 10,795·Total market cap: $144.5T
Southwest Gas Holdings, Inc.

Southwest Gas Holdings, Inc.

SWXNYSEUtilities● Active
$88.40
$-0.32(-0.36%)
Market Cap$6.4B
P/E Ratio—
52W High$94.43
52W Low$70.03
Free Cash FlowFinancialsRevenue

Southwest Gas Holdings, Inc. (SWX) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

SWX · free cash flow · updated Jun 8, 2026

Core FCF metrics

Free cash flow was −$251.8M for FY2025 (fiscal year ending 2025-12-31), down 161.4% year-over-year The FCF margin was -13.0%.

FY2025 Free Cash Flow−$251.8M▼ -161.4% YoY
Trailing 12M (TTM)−$748.9Mtrailing 4 quarters sum
FCF Margin-13.0%−$251.8M ÷ revenue
3-Year CAGRN/AN/A — contains negative FCF
5-Year CAGRN/AN/A — contains negative FCF
FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0
Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

Positive FCFNegative FCF
Free Cash Flow
YoY Growth %
swx free cash flow history · swx free cash flow chart · swx free cash flow growth rate · swx free cash flow last 10 years

Annual free cash flow data

Fiscal YearFree Cash FlowYoY ChangeFCF Margin
FY2025Latest−$251.8M▼ 161.4%-13.0%
FY2024$409.9M▲ +212.8%8.0%
FY2023−$363.3M▲ +19.6%-6.7%
FY2022−$452.0M▲ +25.2%-9.1%
FY2021−$604.2M▼ 203.6%-16.4%
FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP
swx free cash flow 2025 · swx free cash flow 2024 · swx free cash flow 2023 · swx operating cash flow

FCF valuation metrics

Southwest Gas Holdings, Inc. (SWX) reported negative free cash flow of −$0.25B. FCF-based valuation ratios are not meaningful when FCF is negative.

FCF Yield (TTM)
N/A
Free Cash Flow ÷ Market Cap
per FMP freeCashFlowYieldTTM definition
FCF per Share (TTM)
N/A
TTM FCF ÷ Shares Outstanding
Price / FCF
N/A
Share Price ÷ FCF per Share
EV / FCF (TTM)
N/A
Enterprise Value basis
!

FCF-based valuation ratios are only meaningful when free cash flow is positive. Negative FCF indicates capital expenditures exceeded operating cash flow.

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31
swx price to free cash flow · swx free cash flow yield · swx free cash flow per share · swx price to cash flow ratio

Cash flow statement summary

For FY2025, Southwest Gas Holdings, Inc. generated $556.1M in operating cash flow and spent 808M in capital expenditures, yielding −$251.8M in free cash flow.

Operating Activities
+$556.1M
Cash from core business operations
2025-12-31
Investing Activities
−$24.8M
CapEx, acquisitions & investments
2025-12-31
Financing Activities
−$318.3M
Buybacks, dividends & debt
2025-12-31
FCF FormulaOperating CF ($556.1M) − |CapEx| (808M) = FCF (−$251.8M)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →
swx cash flow statement · swx cash flow statement 2025 · swx operating cash flow · swx cash flow from operations

Free cash flow vs peers (Utilities)

#CompanyFree Cash FlowYoY
#1
Southwest Gas Holdings, Inc.
Southwest Gas Holdings, Inc.YOU
SWX
−$251.8M-161.4%
#2
GE Vernova Inc.
GE Vernova Inc.
GEV
$3.71B+118.3%#3
NextEra Energy, Inc.
NextEra Energy, Inc.
NEE
$3.21B-32.3%#4
Constellation Energy Corporation
Constellation Energy Corporation
CEG
$1.29B+125.6%#5
Duke Energy Corporation
Duke Energy Corporation
DUK
−$1.67B-3583.3%#6
The Southern Company
The Southern Company
SO
−$3.59B-531.0%
Utilities · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Southwest Gas Holdings, Inc. (SWX) reported free cash flow of −$251.8M for FY2025 (fiscal year ending 2025-12-31), down 161.4% year-over-year. The FCF margin was -13.0%.

Based on available data, Southwest Gas Holdings, Inc. has maintained positive free cash flow for at least 3 fiscal year(s). FCF peaked at $409.9M in FY2024.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.
RevenueFinancial statementsNet incomeEarningsForecastPrice historyMarket capCash on handP/E ratio

Frequently asked questions

SWX free cash flow · 8 questions

Southwest Gas Holdings, Inc. free cash flow was −$251.8M for FY2025, down 161.4% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at −$748.9M.

SWX free cash flowSWX FCFSWX FCF 2025SWX free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Southwest Gas Holdings, Inc. · Southwest Gas Holdings, Inc. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026