NWNMEDIUM SIGNALOPERATIONAL10-K

Northwest Natural completed a significant business expansion, likely through acquisition of SiEnergy Gas Utility, driving substantial growth in profitability and debt financing.

The company has undergone a material operational transformation, adding SiEnergy Operating LLC as a wholly-owned subsidiary and expanding from primarily natural gas distribution to a multi-utility platform. The substantial increase in outstanding shares (3% growth to 41.6M shares) combined with strong financial performance suggests this expansion was well-executed and accretive to shareholders.

Comparing 2026-02-27 vs 2025-02-28View on EDGAR →
FINANCIAL ANALYSIS

Northwest Natural delivered strong across-the-board financial growth with revenue increasing 11.8% to $1.3B while operating income surged 47% to $280.9M and net income grew 43.7% to $113.3M, indicating successful operational leverage from the business expansion. The company significantly increased its debt load by 42.3% to $2.4B to finance growth initiatives, but this appears well-supported by the 34.4% increase in operating cash flow to $269.1M. Total assets grew 17.8% to $6.2B, reflecting the expanded business platform, while the strong profitability improvements suggest effective integration and synergy realization from the SiEnergy acquisition.

FINANCIAL STATEMENT CHANGES
Operating Income
P&L
+47%
$191.1M→$280.9M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Net Income
P&L
+43.7%
$78.9M→$113.3M

Net income grew 43.7% — bottom-line growth signals improving overall business health.

Total Debt
Balance Sheet
+42.3%
$1.7B→$2.4B

Debt increased 42.3% — substantial leverage increase; assess whether deployed for growth or covering losses.

Operating Cash Flow
Cash Flow
+34.4%
$200.3M→$269.1M

Operating cash flow surged 34.4% — exceptional cash generation, highest quality earnings signal.

Current Liabilities
Balance Sheet
+28.9%
$649.0M→$836.4M

Current liabilities rose 28.9% — increased short-term obligations, watch current ratio.

Total Assets
Balance Sheet
+17.8%
$5.2B→$6.2B

Asset base grew 17.8% — expansion through organic growth, acquisitions, or capital deployment.

Revenue
P&L
+11.8%
$1.2B→$1.3B

Revenue growing 11.8% — solid top-line momentum, watch margins for quality of growth.

LANGUAGE CHANGES
NEW — 2026-02-27
PRIOR — 2025-02-28
ADDED
At February 12, 2026, 41,563,846 shares of Northwest Natural Holding Company's Common Stock (the only class of Common Stock) were outstanding.
Business 8 Overview 8 Business Model 8 Environmental Matters 18 Human Capital 18 Information About Our Executive Officers 19 Available Information 19 Item 1A.
Market for Registrant s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 39 Item 6.
Authorized ROR refers to the rate of return approved by a regulatory agency and is generally discussed in the context of ROE and capital structure RRC Railroad Commission of Texas; the entity that, along with the cities in which SiEnergy operates, regulates SiEnergy's natural gas business RSU Restricted Stock Unit RTC Renewable Thermal Certificate S P Standard Poor's Financial Services LLC, a credit rating agency and a subsidiary of S P Global Inc.
Sales Service Service provided whereby a customer purchases both natural gas commodity supply and transportation from the NW Natural Gas business SiEnergy SiEnergy Operating, LLC, a wholly-owned subsidiary of Northwest Natural Holding Company SEC U.S.
+7 more — sign up free →
REMOVED
At February 18, 2025, 40,238,495 shares of Northwest Natural Holding Company's Common Stock (the only class of Common Stock) were outstanding.
Business 8 Overview 8 Business Model 8 Natural Gas Distribution 8 Other 13 Environmental Matters 15 Human Capital 15 Information About Our Executive Officers 16 Available Information 16 Item 1A.
Authorized ROR refers to the rate of return approved by a regulatory agency and is generally discussed in the context of ROE and capital structure RSU Restricted Stock Unit RTC Renewable Thermal Certificate S P Standard Poor's Financial Services LLC, a credit rating agency and a subsidiary of S P Global Inc.
Sales Service Service provided whereby a customer purchases both natural gas commodity supply and transportation from the NGD business SEC U.S.
BUSINESS OVERVIEW NW Holdings is a holding company headquartered in Portland, Oregon and owns NW Natural, NW Natural Water Company, LLC (NWN Water), NW Natural Renewables Holdings, LLC, a non-regulated subsidiary established to pursue non-regulated renewable natural gas activities, and other businesses and activities.
+7 more — sign up free →
MORE OPERATIONAL SIGNALS
HOFTHIGHHOFT completed a major divestiture of its Pulaski and Samuel Lawrence furniture ...
2026-04-17
CTRNHIGHCTRN underwent a dramatic operational turnaround with a complete repositioning f...
2026-04-15
ORBSHIGHORBS has undergone a complete business transformation from packaging and e-comme...
2026-04-15
BRFHHIGHBRFH completed a transformative acquisition of Arps Dairy in October 2025, drama...
2026-04-15
ANALYZE ANY FILING FREE

See what changed in your portfolio's filings

500+ US-listed companies analyzed. Language delta, financial analysis, instant signal scoring.

Try Tracenotes free →