NWNNorthwest Natural Holding Co

Natural Gas Distribution

Revenue: $1.2B; 8.4% YoY
Operating margin: 23.2%; 36% YoY
EBITDA: $446M; 36% YoY
Market cap: $2.1B
Employees: 201,000; $6K revenue each
Net debt / EBITDA: 5.6×; $2.5B net debt
AI in 10-K: 0.4; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 1 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
237% of net income
Cash flow under 80% of net income
Dilutive SBCNo
—
Over 10% of revenue
Payouts exceed cash flowNo
29% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
6% of assets
Over 40% of assets
Shareholder dissentNo
—
Any vote under 80% support

Buyer economics 3 of 4

Low revenue per employeeYes
$6K · 2nd pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.4 per 10K words · 19th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
5.6× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.1B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$742K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$828M	$1.0B	$1.2B	$1.1B	$1.2B	8.4%
Operating income	$163M	$167M	$185M	$191M	$281M	47%
Net income	$79M	$86M	$94M	$79M	$113M	44%
Operating cash flow	$160M	$148M	$280M	$200M	$269M	34%
Capex	$294M	$339M	$327M	$394M	$467M	18%
Dividends	$56M	$63M	$67M	$73M	$77M	6.1%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $80K · 2
Open-market sells, 12 mo: $822K · 17
Net: −$742K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	127	143
FY2024	—	—	102	123
FY2023	—	—	96	111
FY2022	—	—	112	118
FY2021	—	—	110	117