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Southwest Gas Holdings (SWX)
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Southwest Gas Holdings Balance Sheet 2025-2011 | SWX
Brief overview of Southwest Gas Holdings's balance sheet structure
The review uses the five latest available annual reports between 2015 and 2019.
Assets advanced +52.5% to $8.2 billion from $5.4 billion; annual growth near 11.1% reflects a fast increase in scale.
Asset and liability trends were close, at +52.5% and +50.4%. Expansion did not materially reshape funding sources.
Shareholders' equity accounts for 30.7% of assets, previously 29.7%. Dependence on liabilities is moderate.
Net debt equals about 1.05x of equity. The burden is manageable, but further growth would warrant attention.
Retained earnings stand at $1 billion; the five-period change was +48.6%. This reflects accumulated business performance.
Conclusion
Southwest Gas Holdings's financial position is more positive than negative: the funding mix is workable, although the cushion is not unlimited.
Annual Balance Sheet Southwest Gas Holdings
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Debt |
2.93 B | 3.22 B | 4.55 B | 4.32 B | 4.19 B | 2.69 B | 2.63 B | 2.21 B | 1.99 B | 1.57 B | 1.55 B | 1.62 B | 1.35 B | 1.29 B | 1.23 B |
Long Term Debt |
3.43 B | 3.5 B | 4.61 B | 4.4 B | 4.12 B | 2.73 B | 2.3 B | 2.11 B | 1.8 B | 1.55 B | 1.55 B | 1.64 B | 1.38 B | 1.27 B | 931 M |
Long Term Debt Current |
75 M | 30 M | 42.6 M | 44.6 M | 297 M | 40.4 M | 164 M | 33.1 M | 25.3 M | 50.1 M | - | - | - | - | - |
Total Non Current Liabilities |
- | - | - | - | - | - | 4.58 B | 4.17 B | 3.61 B | 3.29 B | 3.23 B | 3.26 B | 2.72 B | 2.64 B | 2.2 B |
Total Current Liabilities |
930 M | 1.83 B | 1.68 B | 3.42 B | 3.11 B | 912 M | 1.08 B | 939 M | 816 M | 628 M | - | - | - | - | - |
Total Liabilities |
- | - | - | - | - | - | 5.66 B | 5.11 B | 4.42 B | 3.92 B | 3.77 B | 3.73 B | 3.15 B | 3.18 B | 3.05 B |
Deferred Revenue |
67.2 M | 63.9 M | 48.5 M | 51.2 M | 59.3 M | 67.9 M | 69.2 M | 67.9 M | 69.8 M | 72.3 M | 72.6 M | 71.5 M | 73.4 M | 77.9 M | 83.8 M |
Retained Earnings |
1.02 B | 759 M | 739 M | 747 M | 1.11 B | 1.07 B | 1.04 B | 944 M | 857 M | 759 M | 699 M | 639 M | 568 M | 484 M | 406 M |
Total Assets |
10.4 B | 12.1 B | 9.28 B | 13.2 B | 12.8 B | 8.74 B | 8.17 B | 7.36 B | 6.24 B | 5.58 B | 5.36 B | 5.21 B | 4.57 B | 4.49 B | 4.28 B |
Cash and Cash Equivalents |
577 M | 315 M | 107 M | 123 M | 223 M | 83.4 M | 49.5 M | 85.4 M | 43.6 M | 28.1 M | - | - | - | - | - |
Book Value |
10.4 B | 12.1 B | 9.28 B | 13.2 B | 12.8 B | 8.74 B | 2.51 B | 2.25 B | 1.81 B | 1.66 B | 1.59 B | 1.49 B | 1.41 B | 1.31 B | 1.23 B |
Total Shareholders Equity |
3.96 B | 3.5 B | 3.31 B | 3.06 B | 2.95 B | 2.67 B | 2.51 B | 2.25 B | 1.81 B | 1.66 B | 1.59 B | - | - | - | - |
Annual performance
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All numbers in USD currency
Quarterly Balance Sheet Southwest Gas Holdings
| 2026-Q2 | 2026-Q1 | 2025-Q4 | 2025-Q3 | 2025-Q2 | 2025-Q1 | 2024-Q4 | 2024-Q3 | 2024-Q2 | 2024-Q1 | 2023-Q4 | 2023-Q3 | 2023-Q2 | 2023-Q1 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Long Term Debt |
3.41 B | 3.43 B | 3.43 B | 3.51 B | 4.4 B | - | 3.5 B | 4.38 B | 5.06 B | 4.65 B | 4.61 B | 5.24 B | 5.28 B | 4.58 B | 726 M | 5.87 B | 4.59 B | 4.56 B | 690 M | 3.57 B | 2.48 B | 2.7 B | 2.73 B | 2.69 B | 2.64 B | 2.31 B | 355 K | 400 K | 394 K | 239 K | 2.11 B | 2.12 B | 2.04 B | 2 B | 1.8 B | 1.73 B | 1.69 B | 1.8 B | 1.55 B | 1.55 B | 1.55 B | 1.55 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Deferred Revenue |
66.7 M | 67.6 M | 67.2 M | 67 M | 67.1 M | - | 63.9 M | 60.8 M | 57.4 M | 52.6 M | 48.5 M | 47.2 M | 48.4 M | 50.4 M | 51.2 M | 55 M | 54 M | 57.6 M | 59.3 M | 51.8 M | 44.1 M | 67.1 M | 67.9 M | 69.1 M | 69.9 M | 69.9 M | 69.2 M | 69.2 M | 69.2 M | 69.2 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Retained Earnings |
1.16 B | 1.16 B | 1.02 B | 999 M | 770 M | - | 759 M | 711 M | 755 M | 782 M | 739 M | 669 M | 697 M | 743 M | 747 M | 1.11 B | 1.16 B | 1.19 B | 1.11 B | 1.08 B | 1.11 B | 1.11 B | 1.07 B | 1.05 B | 1.09 B | 1.08 B | 1.04 B | 977 M | 1 B | 1.01 B | 944 M | 903 M | 916 M | 920 M | 857 M | 785 M | 801 M | 857 M | 759 M | 759 M | 759 M | 759 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Assets |
10.5 B | 10.4 B | 10.4 B | 10.3 B | 12.2 B | - | 12.1 B | 11.9 B | 12 B | 11.9 B | 9.28 B | 11.8 B | 12 B | 11.8 B | 13.2 B | 13.1 B | 12.9 B | 13.2 B | 12.8 B | 10.4 B | 9.04 B | 8.93 B | 8.74 B | 8.43 B | 8.43 B | 8.09 B | 8.17 B | 7.84 B | 7.67 B | 7.57 B | 7.36 B | 6.65 B | 6.48 B | 6.33 B | 6.24 B | 5.86 B | 5.67 B | 6.24 B | 5.58 B | 5.58 B | 5.58 B | 5.58 B | 5.36 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Cash and Cash Equivalents |
271 M | 485 M | 577 M | 779 M | 356 M | - | 364 M | 457 M | 600 M | 458 M | 107 M | 105 M | 221 M | 82.1 M | 123 M | 175 M | 216 M | 625 M | 223 M | 187 M | 47.6 M | 92.3 M | 83.4 M | 23.9 M | 200 M | 61 M | 49.5 M | 28.5 M | 38.4 M | 97 M | 85.4 M | 69.2 M | 34.7 M | 65.1 M | 43.6 M | 59.2 M | 29.7 M | 43.6 M | 28.1 M | 28.1 M | 28.1 M | 28.1 M | 36 M | 33 M | 48.9 M | 38 M | 39.6 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Book Value |
10.5 B | 10.4 B | 10.4 B | 10.3 B | 12.2 B | - | 12.1 B | 11.9 B | 12 B | 11.9 B | 9.28 B | 11.8 B | 12 B | 11.8 B | 13.2 B | 13.1 B | 12.9 B | 13.2 B | 12.8 B | 10.4 B | 9.04 B | 8.93 B | 8.74 B | 8.43 B | 8.43 B | 8.09 B | 8.17 B | 7.84 B | 7.67 B | 7.57 B | 7.36 B | 6.65 B | 6.48 B | 6.33 B | 6.24 B | 5.86 B | 5.67 B | 6.24 B | 5.58 B | 5.58 B | 5.58 B | 5.58 B | 5.36 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Shareholders Equity |
4.13 B | 4.1 B | 3.96 B | 3.93 B | 3.67 B | 3.75 B | 3.68 B | 3.63 B | 3.67 B | 3.36 B | 3.31 B | 3.24 B | 3.26 B | 3.3 B | 3.06 B | 3.41 B | 3.46 B | 3.49 B | 2.95 B | 2.91 B | 2.85 B | 2.77 B | 2.67 B | 2.62 B | 2.61 B | 2.55 B | 2.51 B | 2.42 B | 2.42 B | 2.35 B | 2.25 B | 1.95 B | 1.93 B | 1.88 B | 1.81 B | 1.71 B | 1.71 B | 1.81 B | 1.66 B | 1.66 B | 1.66 B | 1.66 B | 1.59 B | - | - | - | 1.49 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quarterly performance
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All numbers in USD currency
Balance Sheet is a fundamental financial report of Southwest Gas Holdings, providing a complete picture of the company’s financial position at a specific point in time. Unlike the income statement, which records the results of operations over a certain period, the balance sheet shows what assets the company owns, what liabilities it has to creditors, and what equity is available to the owners.
For an investor, the balance sheet is important because it allows assessing the company’s financial stability, understanding how much debt it carries, and how dependent it is on borrowed financing. It helps calculate key liquidity and leverage ratios. When analyzing, attention should be paid to the debt-to-equity ratio (Debt/Equity), the amount of cash on the balance sheet, and the ratio of current liabilities to liquid assets.
Features of balance sheet analysis- Vertical and horizontal analysis
Vertical analysis shows the structure of the balance sheet as a percentage of total assets or liabilities, while horizontal analysis shows the dynamics of changes over multiple periods. - Asset quality
It is important to evaluate not only the amount of assets but also their liquidity and realizability. - Accounting for off-balance sheet liabilities
Some liabilities may not be directly reflected in the balance sheet, which requires additional attention.
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