Northwest Natural Holding Co. (NWN) intrinsic value & 10-year financials
Northwest Natural Holding Co. (NWN) has a Graham intrinsic value of $34.75 per share. At $48.99 on Oct 17, 2026, the stock trades 41% above that value. Over the last 10 fiscal years revenue grew 6.8% a year to $1.2B, with an average return on invested capital of 6.7%.
- Graham intrinsic value
- $34.75
- Share price (Oct 17, 2026)
- $48.99
- Price vs Graham value
- 41% above
- Market cap
- $2.0B
- Revenue (FY2025)
- $1.2B
- Revenue growth (10-yr CAGR)
- 6.8%
- ROIC (10-yr avg)
- 6.7%
- Free cash flow (FY2025)
- -$197.8M
NWN 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $1.2B | $113.3M | $2.77 | -$197.8M | 23.2% | 5.8% |
| FY2024 | $1.1B | $78.9M | $2.03 | -$194.1M | 17.1% | 4.5% |
| FY2023 | $1.2B | $93.9M | $2.59 | -$47.4M | 15.8% | 5.0% |
| FY2022 | $1.0B | $86.3M | $2.54 | -$190.9M | 16.1% | 5.4% |
| FY2021 | $828.2M | $78.7M | $2.56 | -$133.5M | 19.7% | 6.1% |
| FY2020 | $744.4M | $76.8M | $2.51 | -$130.0M | 19.9% | 6.4% |
| FY2019 | $756.0M | $61.7M | $2.07 | -$38.2M | 19.0% | 7.4% |
| FY2018 | $696.2M | $64.6M | $2.24 | -$45.9M | 19.0% | 6.4% |
| FY2017 | $755.0M | -$55.6M | -$1.93 | -$6.6M | 20.0% | 9.9% |
| FY2016 | $668.2M | $58.9M | $2.12 | $83.8M | 22.6% | 10.2% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Northwest Natural Holding Co has demonstrated mature, steady growth, with revenue compounding at 6.8% annually over the past decade.
Northwest Natural Holding Co has historically struggled to out-earn its cost of capital, averaging just 6.7% ROIC.
Northwest Natural Holding Co has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Northwest Natural Holding Co is modeled at 3.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $34.75 per share.