TakeoverPE & activists

NWENorthWestern Energy Group, Inc.

Electric & Other Services Combined · $4.9B market cap · 1,667 employees

1.7×

More likely than average to be taken private

Top 8% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

Takeover signals

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

3of 15 firedHow well they predict deals →
12 other checks
  • 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
  • Low revenue per employeeNo
    $966K · 33rd pct
    Bottom quartile of its SIC industry
  • Net cashNo
    5.7× EBITDA net debt
    More cash than debt, positive EBITDA
  • AI-rollup shapedNo
    0 of 10
    10-K business scored 5+ of 10 as an AI-rollup target
  • Active 13DNo
    0 filings
    Active-intent 13D in 18 months
  • Net insider sellingNo
    $0 net
    Net sales over $10M in 12 months

Deal filings

FiledFormAcquirerPricePremium
Feb 6, 2026DEFM14ABlack Hills Corporation$47.1630%
Aug 19, 20258-KBlack Hills Corporation——

Key numbers

Revenue
$1.6BFY2021: $1.3BFY2022: $1.5BFY2023: $1.6BFY2024: $1.5BFY2025: $1.6B
6.4% YoY
Operating margin
20.2%FY2021: 20.8%FY2022: 18.0%FY2023: 19.3%FY2024: 21.4%FY2025: 20.2%
5.3% YoY
EBITDA
$575MFY2021: $463MFY2022: $458MFY2023: $511MFY2024: $551MFY2025: $575M
4.4% YoY
Net debt / EBITDA
5.7×
$3.3B net debt

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$1.3B$1.5B$1.6B$1.5B$1.6B 6.4% FY2021: $1.3BFY2022: $1.5BFY2023: $1.6BFY2024: $1.5BFY2025: $1.6B
Operating income$276M$263M$300M$323M$326M 0.8% FY2021: $276MFY2022: $263MFY2023: $300MFY2024: $323MFY2025: $326M
Net income$187M$183M$194M$224M$181M 19% FY2021: $187MFY2022: $183MFY2023: $194MFY2024: $224MFY2025: $181M
Operating cash flow$220M$307M$489M$407M$394M 3.0% FY2021: $220MFY2022: $307MFY2023: $489MFY2024: $407MFY2025: $394M
Capex$434M$515M$567M$549M$524M 4.5% FY2021: $434MFY2022: $515MFY2023: $567MFY2024: $549MFY2025: $524M
Stock-based comp$5M$5M$5M$5M$7M 48% FY2021: $5MFY2022: $5MFY2023: $5MFY2024: $5MFY2025: $7M
Dividends$128M$140M$154M$159M$161M 1.8% FY2021: $128MFY2022: $140MFY2023: $154MFY2024: $159MFY2025: $161M

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.