TakeoverPE & activists

SWXSouthwest Gas Holdings, Inc.

Natural Gas Transmisison & Distribution · $6.7B market cap

1.1×

About as likely as average to be taken private

Top 15% 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
    126% of net income
    Cash flow under 80% of net income
  • Dilutive SBCNo
    0% of revenue
    Over 10% of revenue
  • Payouts exceed cash flowNo
    32% of cash flow
    Buybacks + dividends over cash flow
  • Goodwill-heavyNo
    0% of assets
    Over 40% of assets
  • Shareholder dissentNo
    98% lowest support
    Any vote under 80% support
  • Low revenue per employeeNo
    —
    Bottom quartile of its SIC industry
  • Net cashNo
    0.6× EBITDA net debt
    More cash than debt, positive EBITDA
  • Buyout-sizedNo
    $6.7B market cap
    Market cap $500M–$5B
  • AI-rollup shapedNo
    0 of 10
    10-K business scored 5+ of 10 as an AI-rollup target
  • Net insider sellingNo
    −$450K net
    Net sales over $10M in 12 months

Deal filings

FiledFormAcquirerPricePremium
May 23, 2022SC TO-T/AIEP Utility Holdings LLC——
May 9, 2022SC TO-T/AIEP Utility Holdings LLC——
Apr 26, 2022SC TO-T/AIEP Utility Holdings LLC——
Apr 25, 2022SC TO-T/AIEP Utility Holdings LLC——
Apr 22, 2022SC TO-T/AIEP Utility Holdings LLC——
Apr 21, 2022SC TO-T/AIEP Utility Holdings LLC——
Apr 19, 2022SC TO-T/AIEP Utility Holdings LLC——
Apr 14, 2022SC TO-T/AIEP Utility Holdings LLC——
Apr 12, 2022SC TO-T/AIEP Utility Holdings LLC——
Apr 11, 2022SC TO-T/AIEP Utility Holdings LLC——
Apr 7, 2022SC TO-T/AIEP Utility Holdings LLC——
Apr 6, 2022SC TO-T/AIEP Utility Holdings LLC——
Apr 6, 2022SC TO-T/AIEP Utility Holdings LLC——
Apr 5, 2022SC TO-T/AIEP Utility Holdings LLC——
Apr 4, 2022SC TO-T/AIEP Utility Holdings LLC——
Mar 29, 2022SC TO-T/AIEP Utility Holdings LLC——
Mar 24, 2022SC TO-T/AIEP Utility Holdings LLC——
Mar 14, 2022SC TO-T/AIEP Utility Holdings LLC——
Mar 7, 2022SC TO-T/AIEP Utility Holdings LLC——
Mar 1, 2022SC TO-T/AIEP Utility Holdings LLC——

Key numbers

Revenue
—FY2021: $1.5BFY2022: $5.0BFY2023: $5.4B
Operating margin
—FY2021: 24.7%FY2022: -0.5%FY2023: 5.4%
EBITDA
$805MFY2021: $741MFY2022: $446MFY2023: $588MFY2024: $710MFY2025: $805M
13% YoY
Net debt / EBITDA
0.6×
$456M net debt

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$1.5B$5.0B$5.4B——FY2021: $1.5BFY2022: $5.0BFY2023: $5.4B
Operating income$370M−$24M$293M$406M$474M 17% FY2021: $370MFY2022: −$24MFY2023: $293MFY2024: $406MFY2025: $474M
Net income$201M−$203M$151M$199M$440M 121% FY2021: $201MFY2022: −$203MFY2023: $151MFY2024: $199MFY2025: $440M
Operating cash flow$111M$407M$509M$1.4B$556M 59% FY2021: $111MFY2022: $407MFY2023: $509MFY2024: $1.4BFY2025: $556M
Capex$716M$859M$766M$847M$808M 4.6% FY2021: $716MFY2022: $859MFY2023: $766MFY2024: $847MFY2025: $808M
Stock-based comp$9M$9M$6M$11M$15M 29% FY2021: $9MFY2022: $9MFY2023: $6MFY2024: $11MFY2025: $15M
Dividends$138M$161M$175M$178M$179M 0.5% FY2021: $138MFY2022: $161MFY2023: $175MFY2024: $178MFY2025: $179M

13D filers

FiledFilerFormStakeIntent
May 8, 2026Corvex Management LPSCHEDULE 13D/A5.0%Active
Jan 29, 2026ICAHN CARL CSCHEDULE 13D/A5.0%Passive
Jan 21, 2026ICAHN CARL CSCHEDULE 13D/A6.6%Passive
Jan 2, 2026ICAHN CARL CSCHEDULE 13D/A8.4%Passive
Nov 26, 2025ICAHN CARL CSCHEDULE 13D/A8.4%Passive
Oct 14, 2025ICAHN CARL CSCHEDULE 13D/A25.1%Active
Sep 26, 2025ICAHN CARL CSCHEDULE 13D/A8.4%Active
May 28, 2025Corvex Management LPSCHEDULE 13D/A7.0%Active
Mar 25, 2025ICAHN CARL CSCHEDULE 13D/A10.5%Passive
Nov 20, 2024ICAHN CARL CSC 13D/A13.4%Passive

Insider trading

−$450Knet selling by insiders, open market, last 12 months
Bought $0 · 0 tradesSold $450K · 2 trades

Pay vs performance

No pay-versus-performance disclosure yet.