Northwest Natural Holding Company (NWN) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-199.5%

-$50.18

vs $50.43 price

Levered DCF

-$145.33

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.69

Distress zone

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	16.87×	19.49×	15.03×	18.74×	19.05×	19.82×	35.62×	26.99×
P/B	1.29×	1.11×	1.1×	1.37×	1.6×	1.58×	2.54×	2.28×
P/S	1.48×	1.33×	1.18×	1.56×	1.74×	1.82×	2.94×	2.47×
EV / EBITDA	9.83×	9.92×	9.03×	10.83×	11.34×	11.41×	15.18×	11.11×
Gross margin	39.6%	34.5%	35.4%	32.9%	38.3%	38.8%	37.9%	37.4%
Operating margin	31.4%	16.6%	15.4%	16.1%	19.0%	19.2%	19.2%	18.7%
Net margin	8.8%	6.8%	7.8%	8.3%	9.1%	9.9%	8.3%	9.1%
Current ratio	0.72×	0.86×	0.86×	0.83×	0.6×	0.52×	0.58×	0.58×
Debt / equity	1.87×	1.41×	1.36×	1.43×	1.62×	1.51×	1.19×	1.25×
Interest coverage	3.63×	2.39×	2.42×	3.15×	3.67×	3.45×	3.36×	3.57×
Dividend yield	4.0%	4.7%	4.8%	3.9%	3.7%	3.9%	2.4%	2.9%
Payout ratio	68.2%	92.4%	71.7%	72.7%	71.1%	72.2%	86.4%	79.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.7%	5.7%	7.3%	7.3%	8.4%	8.6%	7.1%	8.5%
Return on invested capital	5.2%	2.9%	3.1%	3.0%	3.2%	3.2%	3.7%	3.3%
Return on assets	1.8%	1.5%	1.9%	1.8%	1.9%	2.0%	1.8%	2.0%
Free cash flow yield	-10.4%	-12.6%	-3.4%	-11.8%	-8.9%	-9.7%	-2.6%	-2.6%
Earnings yield	5.9%	5.1%	6.6%	5.3%	5.3%	5.5%	2.8%	3.7%
Enterprise value	$4.6B	$3.5B	$3.1B	$3.3B	$3B	$2.7B	$3.2B	$2.7B
Net debt / EBITDA	5.77×	5.51×	4.95×	5.46×	5.67×	5.51×	4.82×	3.9×
Cash conversion cycle (days)	38	55	46	41	25	28	5	8