NWENorthWestern Energy Group, Inc.

Electric & Other Services Combined

Revenue: $1.6B; 6.4% YoY
Operating margin: 20.2%; 5.3% YoY
EBITDA: $575M; 4.4% YoY
Market cap: $4.9B
Employees: 1,667; $966K revenue each
Net debt / EBITDA: 5.7×; $3.3B net debt
AI in 10-K: 0.4; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
218% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
41% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
4% of assets
Over 40% of assets
Shareholder dissentNo
98% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$966K · 33rd pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.4 per 10K words · 20th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
5.7× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$4.9B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$0 net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.3B	$1.5B	$1.6B	$1.5B	$1.6B	6.4%
Operating income	$276M	$263M	$300M	$323M	$326M	0.8%
Net income	$187M	$183M	$194M	$224M	$181M	19%
Operating cash flow	$220M	$307M	$489M	$407M	$394M	3.0%
Capex	$434M	$515M	$567M	$549M	$524M	4.5%
Stock-based comp	$5M	$5M	$5M	$5M	$7M	48%
Dividends	$128M	$140M	$154M	$159M	$161M	1.8%

Deal filings

Filed	Form	Acquirer	Price	Premium
Feb 6, 2026	DEFM14A	Black Hills Corporation	$47.16	30%

13D filers

None on file.

Insider trading

No open-market trades in the last 12 months.

Pay vs performance

No pay-versus-performance disclosure yet.