$47.38

+0.72 (+1.54%)

Weekly Expected Move ±1.8%

$46 $46 $47 $48 $49

NYSE · Utilities · Regulated Gas · Tech Score Strong Sell · Power 36 · $2.0B mcap · 42M float · 0.625% daily turnover · Short 56% of daily vol

Edge Score

Quantitative competitive moat analysis scoring five pillars of durable advantage — cost leadership, brand intangibles, switching costs, network effects, and efficient scale — using industry percentile rankings on a 0–100 scale.

WEAK EDGE

41.1 / 100

NoneWeakNarrowWide

Primary source: Cost Advantage · ROIC: 7.3% · 5Y Avg: 4.1%

Cost Advantage ★

Intangibles

Switching Cost

Network Effect

Scale

The Edge Score quantifies a company's competitive moat using five pillars: Cost Advantage (20%, operating margin and SG&A efficiency vs industry peers), Intangible Assets (25%, gross margin premium, R&D intensity, brand pricing power), Switching Costs (25%, revenue stability, earnings consistency, customer retention proxied by operating leverage), Network Effects (15%, revenue growth with expanding margins, market share dominance), and Efficient Scale (15%, market concentration, ROIC sustainability). Each pillar is scored 0–100 using industry percentile rankings, then weighted into a composite. Wide ≥ 70, Narrow ≥ 55, Weak ≥ 40, None < 40. NWN shows a Weak competitive edge (41.1/100) — limited structural advantages that may face competitive pressure. The primary source of advantage is Cost Advantage. ROIC of 7.3% suggests modest returns relative to capital deployed.

Analyst Insights

Wall Street analyst consensus based on price targets and buy/sell/hold recommendations from institutional research coverage over the trailing 12 months.

Analyst Price Targets

Low

$55

Avg Target

$55

High

Based on 5 analyst ratings (12 mo)

Analyst Recommendations

Strong Buy: 0Buy: 2Hold: 6Sell: 0Strong Sell: 0

Rating Summary

ConsensusHold

Avg Target$54.80

Analysts5

Price Target Change History

Date	Firm	Analyst	Old	New	Change	Upside @ Call	Stock@Call
2026-05-11	Wells Fargo	—	$55	$50	-5	-0.9%	$50.46
2026-04-16	Cowen & Co.	—	Initiated	$58	—	+6.4%	$54.53
2026-03-04	Stifel Nicolaus	Selman Akyol	$45	$58	+13	+10.4%	$52.53
2026-01-30	BTIG	—	$53	$55	+2	+16.9%	$47.05
2025-10-21	BTIG	Alex Kania	Initiated	$53	—	+12.9%	$46.95
2024-08-05	Stifel Nicolaus	Selman Akyol	$40	$45	+5	+19.4%	$37.69
2024-08-05	Janney Montgomery	Michael Gaugler	$39	$43	+4	+14.1%	$37.69
2024-06-04	Janney Montgomery	Michael Gaugler	Initiated	$39	—	+3.8%	$37.58
2024-05-07	Stifel Nicolaus	Selman Akyol	Initiated	$40	—	+5.7%	$37.86
2023-06-01	RBC Capital	Shelby Tucker	Initiated	$52	—	+23.3%	$42.18
2022-08-08	Wells Fargo	—	Initiated	$55	—	+4.6%	$52.56

Financial Rating

Composite financial health rating (A+ to F) based on discounted cash flow valuation, return on equity, return on assets, debt-to-equity leverage, and relative P/E and P/B multiples.

B-

Oct 02, 2026

DCF

ROE

ROA

D/E

P/E

P/B

The Financial Rating evaluates six fundamental factors — discounted cash flow (DCF) valuation, return on equity (ROE), return on assets (ROA), debt-to-equity leverage (D/E), and relative price-to-earnings (P/E) and price-to-book (P/B) multiples — each scored 1–5. NWN receives an overall rating of B-. Strongest factors: ROA (4/5). Areas of concern: DCF (1/5), D/E (1/5).

Rating Change History

Date	From	To
2026-05-11	C	B-
2026-05-06	B-	C
2026-04-01	C+	B-
2026-03-23	B-	C+
2026-03-20	C+	B-
2026-03-02	C-	C+
2026-02-27	C+	C-
2026-02-17	B-	C+
2026-02-10	C+	B-

InsiderStreet Scorecard

Proprietary multi-factor scorecard rating companies across seven fundamental dimensions — profitability, balance sheet strength, earnings quality, growth, value, momentum, and safety — each scored 0–100.

★ ★ ★ ★ ★ 41 Grade B

Profitability

Balance Sheet

Earnings Quality

Growth

Value

Momentum

Safety

Cash Flow

The InsiderStreet Scorecard rates companies across eight dimensions: Profitability (margins, ROA, ROE), Balance Sheet (leverage, liquidity, coverage), Earnings Quality (accruals, cash conversion), Growth (revenue and earnings trajectory), Value (P/E, P/B, earnings yield, Graham criteria), Momentum (revenue and earnings acceleration), Safety (Altman Z-Score risk adjustment), and Cash Flow (operating cash flow quality, FCF conversion, cash coverage). The overall score blends 35% quality, 35% value, and 30% momentum, with a penalty for distress-zone Altman scores. NWN scores highest in Earnings Quality (89/100) and lowest in Safety (15/100). A grade of B indicates above-average fundamentals with room for improvement in select areas.

Risk & Quality Signals

Academic financial models used by institutional investors to assess bankruptcy risk, earnings manipulation, financial strength, and credit quality.

Altman Z-Score

0.68

Distress Zone

Piotroski F-Score

7/9

✓ ✓ ✓ ✓ ✓ ✓ ✗ ✓ ✗

Beneish M-Score

-2.52

Unlikely Manipulator

Ohlson O-Score

-5.99

Bankruptcy prob: 0.2%

Low Risk

Credit Rating

B-

Score: 22.1/100

Trend: Stable

Earnings Quality

100/100

OCF/NI: 1.69x

Accruals: -1.4%

The Altman Z-Score (1968) combines five ratios — working capital, retained earnings, EBIT, market value of equity, and sales, all relative to total assets or liabilities — into a single bankruptcy predictor. NWN scores 0.68, placing it in the Distress Zone (safe > 2.99, distress < 1.81). Historically, companies in this range face elevated bankruptcy risk. The Piotroski F-Score (2000) is a 9-point binary checklist — four profitability tests (positive ROA, positive cash flow, improving ROA, cash flow exceeding net income), three leverage tests (declining debt ratio, improving current ratio, no share dilution), and two efficiency tests (improving gross margin, improving asset turnover). Each pass scores 1 point. NWN scores 7/9, signaling strong financial health across all three dimensions. The Beneish M-Score (1999) is an 8-variable model that detects earnings manipulation by comparing year-over-year changes in receivables, gross margins, asset quality, sales growth, depreciation, SG&A, leverage, and accruals. Scores above −1.78 statistically resemble past manipulators. NWN's score of -2.52 falls below this threshold, suggesting earnings are unlikely to be manipulated. The Ohlson O-Score (1980) is a 9-variable logistic regression that estimates bankruptcy probability using firm size, leverage, working capital, current ratio, profitability (ROA), cash flow coverage, negative equity flag, consecutive losses flag, and earnings trajectory. The raw score is converted to a probability via logistic transformation. NWN's implied 0.2% bankruptcy probability is well within safe territory. Our Credit Rating model scores companies on five weighted components — solvency (30%), earning power (25%), leverage (20%), liquidity (15%), and cash flow quality (10%) — then blends the absolute score with sector and industry peer rankings. For companies with large buyback programs, equity is adjusted by adding back cumulative 5-year repurchases (capped at 80% of FCF generated) to avoid penalizing shareholder-friendly capital allocation. NWN receives an estimated rating of B- (score: 22.1/100), with a stable trend. The Earnings Quality score measures how well reported earnings are backed by real cash. It evaluates the operating cash flow to net income ratio (OCF/NI ≥ 1.0 means every dollar of earnings is cash-backed) and the accruals ratio (the gap between earnings and cash flow relative to assets — lower is better). NWN's score of 100/100 is high — cash flows strongly support reported earnings.

Valuation

Key valuation multiples comparing the stock's market price to its earnings, revenue, book value, and cash flows. Lower multiples may indicate relative undervaluation versus peers.

P/E

15.46x

PEG

0.74x

P/S

1.54x

P/B

1.28x

P/FCF

-7.78x

P/OCF

9.71x

EV/EBITDA

9.79x

EV/Revenue

3.67x

EV/EBIT

16.81x

EV/FCF

-17.85x

Earnings Yield

6.09%

FCF Yield

-12.85%

Shareholder Yield

3.82%

Graham Number

$49.85

Equity-based multiples (P/E, P/B, P/FCF) compare the stock price to per-share fundamentals and are affected by capital structure. Enterprise value multiples (EV/EBITDA, EV/Revenue, EV/FCF) strip out debt and cash, making them more useful for cross-company comparisons regardless of how companies are financed. The Graham Number — √(22.5 × EPS × Book Value) — is Benjamin Graham's formula for the maximum price a defensive investor should pay. At 15.5x earnings, NWN trades at a reasonable valuation. An earnings yield of 6.1% exceeds typical risk-free rates, suggesting equities are being compensated for risk. Graham's intrinsic value formula yields $49.85 per share, suggesting a potential 5% margin of safety at the current price.

DuPont Decomposition (5-Factor)

The 5-factor DuPont framework breaks Return on Equity into its component drivers — tax efficiency, interest burden, operating profitability, asset utilization, and financial leverage — to reveal what truly drives shareholder returns.

Tax Burden

0.755

NI / EBT

Interest Burden

0.591

EBT / EBIT

EBIT Margin

0.218

EBIT / Rev

Asset Turnover

0.211

Rev / Assets

Equity Multiplier

4.051

Assets / Equity

ROE

8.3%

The 5-factor DuPont identity decomposes ROE as: Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Equity Multiplier = ROE. This reveals whether returns are driven by operating performance, financial leverage, or tax efficiency — three very different sources of profitability. NWN's ROE of 8.3% is driven by financial leverage (equity multiplier: 4.05x). Note: high leverage means ROE is amplified by debt rather than operational performance.

Graham-Dodd Adjusted Valuation

Our adaptation of Graham's growth formula (Fair P/E = 8.5 + 2g) from The Intelligent Investor. The classic version relies on analyst growth projections, which can be unreliable. This adjusted model substitutes the company's realized 3-year EPS CAGR — a backward-looking, verifiable measure of actual earnings power — grounding the valuation in demonstrated performance rather than forecasts.

Two adjustments we make, and why. Growth is capped at 15%. Graham defined g as expected growth over the next seven to ten years, not last year's rate. Across US companies since 1994 the median realized 7-year EPS growth is 5–8% regardless of how fast a company grew beforehand, and of 4,457 company-quarters that grew faster than 200%, none sustained it. Uncapped, the formula assigned fair multiples in the hundreds to companies that had never held that rate — and scored worse than simply reading the P/E. Capped, it carries real information. The verdict has three states, not two. Tested over 377,249 stock-months, this ratio only separates outcomes at its extremes: below 0.25 beat the universe by 1.3 points a year, above 3.0 lagged by 2.7, and everything in between sat inside a one-point band. Rather than call two-thirds of the market "undervalued" on a threshold of 1.0, we say Neutral where the model cannot tell — which is most of the time.

Adj. Growth Rate

2.08%

Fair P/E

12.66x

Intrinsic Value

$37.83

Price/Value

1.30x

Margin of Safety

-29.68%

Premium

29.68%

Assessment

Neutral

Graham's classic formula uses analyst-projected growth to estimate a fair P/E (8.5 + 2g). Our adjusted version replaces that projection with NWN's realized 2.1% 3-year EPS CAGR, capped at 15% — demonstrated performance rather than forecasts, held to a rate companies have historically sustained. NWN trades at a 30% premium to its adjusted intrinsic value of $37.83, suggesting the market is pricing in future growth beyond what historical earnings support. The adjusted fair P/E of 12.7x compares to the current market P/E of 15.5x.

Profitability Trends

Historical profitability ratios tracking how efficiently the company converts revenue into returns for shareholders over time.

Leverage & Solvency Trends

Debt and liquidity metrics showing the company's financial leverage and ability to meet short-term and long-term obligations.

Efficiency & Working Capital Trends

Operating efficiency metrics measuring how quickly the company converts inventory to sales, collects receivables, and manages its cash conversion cycle.

Growth Trends (YoY %)

Year-over-year growth rates for key financial metrics, showing the trajectory of revenue, earnings, and cash flow generation.

Earnings Stability

R-squared of linear regression measuring how predictably revenue, earnings, and margins follow a trend over the trailing 5 years. 1.0 = perfectly predictable; lower values indicate erratic or cyclical behavior.

Monte Carlo Price Simulation

Geometric Brownian Motion with 1,000 antithetic paths over 1 year, seeded from 1800 days of historical volatility. Percentile bands show the range of statistically plausible outcomes — this is a statistical model, not a forecast.

Current Price

$47.34

Median 1Y

$44.27

5th Pctile

$27.88

95th Pctile

$70.20

Ann. Volatility

31.0%

25th–75th percentile 5th–95th percentile Median path Historical

Executive Compensation

C-suite compensation breakdown including salary, stock awards, options, and incentive pay. The CEO-to-employee pay ratio and Gini coefficient measure pay distribution fairness.

C-Suite Compensation

Executive	Salary	Stock	Total
Justin B. Palfreyman President and Chief Executive Officer, NW Holdings	$812,500	$1,726,208	$3,695,467
Kimberly H. Rush President, NW Natural	$506,667	$456,980	$1,853,657
Raymond J. Kaszuba III Senior Vice President and Chief Financial Officer	$542,500	$583,858	$1,646,098
MardiLyn Saathoff Counsel, Counsel, Chief Compliance Officer, and SVP Regulation, NW Holdings	$483,833	$507,637	$1,429,613
Megan H. Berge Deputy General Counsel and Corporate Secretary, NW Holdings	$341,667	$613,013	$1,299,197
David H. Anderson Former Chief Executive Officer	$230,833	$—	$575,775

CEO Pay Ratio

Insufficient data for pay ratio.

C-Suite Pay Equality (Gini)

CEO Compensation Mix

Workforce & Productivity

Workforce efficiency metrics measuring revenue, profit, and R&D spend per employee — key indicators of operational leverage and human capital productivity.

Employees

1,619

+11.5% YoY

Revenue / Employee

$796,395

Rev: $1,289,363,000

Profit / Employee

$69,993

NI: $113,319,000

SGA / Employee

—

Avg labor cost proxy

Scaling Efficiency

All Ratios & Metrics

Complete fundamental data with up to 20 periods of history, sparkline trends, and current values across 13 categories and 130+ financial metrics.

Profitability

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
ROE	10.3%	8.6%	7.8%	7.6%	7.8%	8.2%	9.1%	8.5%	8.3%	7.6%	6.6%	6.3%	6.1%	5.9%	7.4%	7.4%	7.2%	7.9%	8.1%	8.3%	8.35%
ROA	2.4%	2.0%	1.9%	2.0%	1.9%	2.0%	2.4%	2.3%	2.2%	2.0%	1.8%	1.8%	1.6%	1.6%	2.0%	1.9%	1.9%	2.0%	2.0%	2.1%	2.06%
ROIC	5.6%	5.0%	4.8%	4.7%	4.5%	4.4%	5.1%	5.2%	5.0%	4.6%	4.4%	4.4%	4.2%	4.1%	4.5%	4.6%	4.7%	5.9%	7.2%	7.3%	7.28%
ROCE	4.9%	4.5%	4.3%	4.2%	4.0%	4.4%	5.0%	5.1%	5.0%	4.9%	4.5%	4.4%	4.2%	4.1%	4.5%	4.8%	4.9%	4.9%	4.9%	4.9%	4.87%
Gross Margin	24.6%	38.5%	38.2%	27.6%	21.9%	34.1%	35.9%	25.0%	17.8%	35.1%	38.3%	30.5%	21.0%	37.3%	44.1%	35.7%	4.1%	50.0%	52.0%	51.4%	51.36%
Operating Margin	-14.2%	23.9%	25.0%	6.9%	-12.8%	21.6%	24.5%	5.8%	-12.4%	21.1%	25.3%	7.4%	-14.1%	22.9%	31.2%	11.5%	-7.5%	42.8%	44.7%	13.6%	13.61%
Net Margin	-20.4%	13.8%	16.1%	0.9%	-16.8%	12.8%	15.5%	0.5%	-16.7%	12.5%	14.7%	-1.3%	-19.8%	12.1%	17.8%	-1.1%	-18.1%	14.7%	19.9%	0.2%	0.25%
EBITDA Margin	11.7%	32.2%	32.9%	21.5%	13.5%	31.5%	31.7%	21.8%	21.9%	31.6%	33.8%	25.6%	15.5%	34.0%	40.0%	31.8%	22.2%	38.7%	44.9%	31.2%	31.19%
FCF Margin	-14.0%	-15.6%	-14.9%	-18.0%	-19.8%	-18.5%	-13.8%	-5.7%	-3.9%	-4.0%	-9.4%	-13.4%	-15.9%	-16.8%	-13.1%	-14.7%	-14.7%	-15.3%	-21.2%	-20.6%	-20.57%
OCF Margin	21.3%	18.6%	18.4%	17.3%	15.1%	14.2%	16.0%	20.9%	23.3%	23.4%	19.5%	20.0%	17.4%	17.4%	21.0%	19.1%	19.5%	20.9%	16.0%	16.5%	16.49%
ROE 3Y Avg	snapshot only																				7.08%
ROE 5Y Avg	snapshot only																				7.25%
ROA 3Y Avg	snapshot only																				1.81%
ROIC 3Y Avg	snapshot only																				3.88%
ROIC Economic	snapshot only																				7.28%
Cash ROA	snapshot only																				3.31%
Cash ROIC	snapshot only																				5.03%
CROIC	snapshot only																				-6.28%
NOPAT Margin	snapshot only																				23.87%
Pretax Margin	snapshot only																				12.91%
R&D / Revenue	snapshot only																				0.00%
SGA / Revenue	snapshot only																				0.00%
SBC / Revenue	snapshot only																				0.00%

Valuation

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
P/E Ratio	12.94	16.12	18.07	19.97	16.52	17.02	14.64	13.59	12.75	14.18	15.04	15.70	18.82	19.26	16.16	15.22	18.21	16.89	17.74	16.42	15.462
P/S Ratio	1.41	1.47	1.52	1.65	1.36	1.42	1.30	1.15	1.02	1.11	1.11	1.13	1.30	1.32	1.37	1.27	1.45	1.48	1.70	1.60	1.542
P/B Ratio	1.31	1.36	1.38	1.36	1.16	1.25	1.19	1.11	1.02	1.04	0.96	0.96	1.09	1.10	1.14	1.08	1.28	1.30	1.38	1.33	1.282
P/FCF	-10.07	-9.44	-10.23	-9.16	-6.87	-7.66	-9.39	-20.37	-26.33	-28.08	-11.75	-8.40	-8.18	-7.83	-10.43	-8.63	-9.82	-9.68	-7.99	-7.78	-7.780
P/OCF	6.62	7.91	8.29	9.56	9.01	9.95	8.12	5.53	4.37	4.75	5.67	5.64	7.46	7.59	6.53	6.66	7.43	7.11	10.60	9.71	9.706
EV/EBITDA	9.53	10.47	10.76	10.95	10.29	10.71	9.42	8.71	8.20	8.90	8.69	8.59	9.74	9.88	9.90	9.36	9.90	10.02	9.97	9.79	9.790
EV/Revenue	3.08	3.21	3.12	3.07	2.88	3.00	2.64	2.43	2.34	2.54	2.54	2.59	2.86	2.98	3.26	3.18	3.41	3.59	3.75	3.67	3.672
EV/EBIT	16.40	18.36	19.14	19.26	17.98	18.47	15.41	14.20	13.92	15.01	15.13	15.42	17.53	18.10	16.96	16.09	17.15	17.40	17.37	16.81	16.807
EV/FCF	-21.95	-20.58	-20.99	-17.01	-14.52	-16.25	-19.14	-42.84	-60.52	-64.22	-26.97	-19.29	-18.02	-17.71	-24.79	-21.60	-23.14	-23.42	-17.69	-17.85	-17.847
Earnings Yield	7.7%	6.2%	5.5%	5.0%	6.1%	5.9%	6.8%	7.4%	7.8%	7.1%	6.6%	6.4%	5.3%	5.2%	6.2%	6.6%	5.5%	5.9%	5.6%	6.1%	6.09%
FCF Yield	-9.9%	-10.6%	-9.8%	-10.9%	-14.5%	-13.1%	-10.6%	-4.9%	-3.8%	-3.6%	-8.5%	-11.9%	-12.2%	-12.8%	-9.6%	-11.6%	-10.2%	-10.3%	-12.5%	-12.9%	-12.85%
PEG Ratio	snapshot only																				0.738
Price/Tangible Book	snapshot only																				1.742
EV/OCF	snapshot only																				22.265
EV/Gross Profit	snapshot only																				8.129
Acquirers Multiple	snapshot only																				11.609
Shareholder Yield	snapshot only																				3.82%
Graham Number	snapshot only																				$49.85

Leverage & Solvency

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Current Ratio	0.49	0.60	0.59	0.66	0.94	0.83	0.89	0.80	0.86	0.86	1.15	0.97	0.72	0.86	1.05	0.68	0.59	0.72	0.80	0.77	0.772
Quick Ratio	0.41	0.52	0.54	0.54	0.75	0.73	0.83	0.68	0.70	0.70	0.93	0.73	0.53	0.69	0.87	0.52	0.43	0.57	0.62	0.55	0.551
Debt/Equity	1.57	1.62	1.48	1.18	1.39	1.43	1.35	1.34	1.45	1.36	1.30	1.29	1.34	1.41	1.64	1.69	1.76	1.87	1.70	1.73	1.733
Net Debt/Equity	1.54	1.60	1.45	1.17	1.29	1.40	1.24	1.22	1.32	1.33	1.25	1.24	1.31	1.39	1.57	1.62	1.73	1.84	1.68	1.72	1.717
Debt/Assets	0.36	0.37	0.36	0.33	0.36	0.35	0.37	0.37	0.38	0.36	0.36	0.36	0.37	0.37	0.42	0.43	0.43	0.44	0.42	0.42	0.419
Debt/EBITDA	5.23	5.74	5.61	5.12	5.82	5.76	5.24	4.98	5.08	5.11	5.12	5.03	5.42	5.62	5.99	5.86	5.78	5.97	5.54	5.57	5.572
Net Debt/EBITDA	5.16	5.67	5.52	5.05	5.42	5.66	4.80	4.57	4.63	5.01	4.91	4.85	5.32	5.51	5.73	5.62	5.70	5.88	5.46	5.52	5.522
Interest Coverage	3.52	3.38	3.25	3.30	3.24	3.17	3.28	3.02	2.77	2.65	2.49	2.42	2.36	2.37	2.62	2.44	2.25	2.39	2.41	2.39	2.387
Equity Multiplier	4.41	4.35	4.10	3.60	3.84	4.04	3.68	3.66	3.83	3.79	3.61	3.58	3.64	3.78	3.92	3.97	4.08	4.23	4.07	4.13	4.131
Cash Ratio	snapshot only																				0.037
Debt Service Coverage	snapshot only																				4.098
Cash to Debt	snapshot only																				0.009
FCF to Debt	snapshot only																				-0.098
Defensive Interval	snapshot only																				279.1 days

Efficiency & Turnover

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Asset Turnover	0.22	0.22	0.23	0.24	0.23	0.24	0.27	0.28	0.27	0.25	0.25	0.24	0.24	0.23	0.23	0.23	0.23	0.22	0.21	0.21	0.211
Inventory Turnover	9.44	10.63	19.14	11.71	7.93	9.64	20.77	12.19	8.68	8.24	11.23	8.72	7.42	6.88	8.03	6.95	7.20	6.68	6.60	5.53	5.525
Receivables Turnover	15.51	7.10	6.26	12.04	16.09	5.86	6.40	13.41	17.40	6.43	6.85	15.17	18.27	9.51	8.70	18.52	21.44	7.60	7.10	16.28	16.282
Payables Turnover	5.55	4.59	5.57	5.27	5.91	4.43	6.83	6.87	7.71	5.04	7.24	7.82	7.71	5.42	6.35	7.31	7.22	5.07	5.76	5.62	5.618
DSO	24	51	58	30	23	62	57	27	21	57	53	24	20	38	42	20	17	48	51	22	22.4 days
DIO	39	34	19	31	46	38	18	30	42	44	33	42	49	53	45	52	51	55	55	66	66.1 days
DPO	66	80	66	69	62	82	53	53	47	72	50	47	47	67	58	50	51	72	63	65	65.0 days
Cash Conversion Cycle	-4	6	12	-8	7	18	21	4	16	29	35	19	22	24	30	22	17	31	43	24	23.5 days
Fixed Asset Turnover	snapshot only																				0.281
Operating Cycle	snapshot only																				88.5 days
Cash Velocity	snapshot only																				53.348
Capital Intensity	snapshot only																				4.983

Growth (YoY)

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Revenue	8.7%	11.2%	11.2%	15.0%	15.7%	20.6%	28.5%	26.7%	27.3%	15.4%	1.7%	-4.2%	-6.5%	-3.7%	3.9%	8.4%	11.3%	11.8%	5.9%	4.4%	4.41%
Net Income	46.7%	2.5%	-15.1%	-16.3%	-12.5%	9.7%	34.9%	30.1%	23.2%	8.8%	-15.4%	-19.0%	-19.2%	-16.0%	19.7%	25.9%	28.0%	43.7%	19.4%	22.0%	22.02%
EPS	46.1%	0.8%	-16.7%	-25.2%	-23.1%	-3.9%	18.0%	23.9%	18.8%	2.7%	-20.1%	-23.7%	-23.8%	-21.4%	12.2%	19.0%	19.4%	41.1%	17.5%	17.1%	17.12%
FCF	-4.0%	2.2%	-26.7%	-63.6%	-63.6%	-42.7%	-19.1%	60.2%	75.2%	75.3%	30.5%	-1.3%	-2.8%	-3.1%	-44.8%	-18.9%	-3.1%	-1.9%	-71.0%	-46.0%	-46.01%
EBITDA	20.6%	10.9%	0.1%	-1.0%	0.2%	10.1%	24.0%	26.0%	29.9%	17.5%	6.0%	3.6%	-3.7%	1.8%	16.9%	22.1%	30.2%	32.7%	21.2%	15.3%	15.33%
Op. Income	24.3%	10.0%	-6.3%	-7.8%	-6.6%	2.7%	23.9%	23.4%	22.1%	10.4%	-6.3%	-5.4%	-5.0%	3.4%	30.0%	35.0%	40.1%	76.8%	71.0%	65.4%	65.43%
OCF Growth	snapshot only																				-9.65%
Asset Growth	snapshot only																				11.32%
Equity Growth	snapshot only																				6.86%
Debt Growth	snapshot only																				9.62%
Shares Change	snapshot only																				4.19%
Dividend Growth	snapshot only																				0.51%

Growth (CAGR)

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Revenue 3Y	4.7%	6.8%	7.1%	9.0%	9.6%	11.6%	15.5%	16.3%	17.0%	15.7%	13.3%	11.8%	11.2%	10.2%	10.7%	9.6%	9.8%	7.5%	3.8%	2.7%	2.73%
Revenue 5Y	4.2%	4.9%	4.5%	4.5%	4.8%	6.4%	9.5%	10.7%	11.0%	11.1%	9.9%	9.5%	9.4%	9.1%	10.2%	10.3%	10.7%	10.8%	9.8%	9.6%	9.58%
EPS 3Y	—	4.2%	1.8%	-0.9%	4.2%	6.3%	9.6%	12.6%	10.1%	-0.2%	-7.7%	-10.9%	-11.4%	-8.1%	1.9%	4.0%	2.6%	4.4%	1.7%	2.1%	2.08%
EPS 5Y	6.1%	4.2%	2.1%	0.6%	0.6%	—	—	—	—	2.2%	-0.1%	-1.6%	0.5%	-0.6%	3.4%	5.3%	3.9%	2.0%	0.7%	-0.3%	-0.29%
Net Income 3Y	—	6.8%	4.4%	4.4%	9.1%	11.8%	15.5%	19.0%	16.5%	6.9%	-1.1%	-4.1%	-4.5%	0.1%	11.0%	9.9%	8.4%	9.5%	6.5%	7.6%	7.55%
Net Income 5Y	8.4%	6.0%	3.8%	4.2%	4.7%	—	—	—	—	7.8%	5.4%	3.7%	5.2%	5.0%	9.3%	11.4%	10.3%	8.1%	6.7%	6.3%	6.28%
EBITDA 3Y	84.2%	5.1%	6.5%	6.9%	8.0%	11.1%	12.6%	14.4%	16.2%	12.8%	9.6%	8.9%	7.8%	9.6%	15.4%	16.8%	17.6%	16.7%	14.5%	13.4%	13.43%
EBITDA 5Y	1.6%	1.4%	0.6%	1.1%	1.4%	37.9%	48.1%	49.9%	52.1%	8.5%	9.7%	9.8%	9.5%	10.4%	12.1%	13.6%	14.5%	14.2%	13.3%	12.7%	12.74%
Gross Profit 3Y	8.6%	7.6%	5.4%	5.0%	5.2%	6.4%	9.7%	10.2%	10.0%	7.7%	5.1%	4.8%	5.1%	6.5%	11.6%	13.0%	11.1%	14.0%	13.3%	15.5%	15.52%
Gross Profit 5Y	4.4%	4.4%	3.7%	3.6%	3.7%	4.6%	7.3%	8.0%	8.0%	7.3%	6.3%	6.2%	6.5%	7.0%	9.8%	10.6%	9.5%	11.0%	10.9%	12.1%	12.08%
Op. Income 3Y	—	7.4%	3.6%	1.9%	2.6%	5.3%	10.4%	12.3%	12.3%	7.6%	2.8%	2.5%	2.7%	5.4%	14.7%	16.3%	17.5%	26.4%	27.7%	28.3%	28.29%
Op. Income 5Y	3.3%	3.2%	2.0%	2.0%	2.3%	—	—	—	—	7.0%	5.2%	4.3%	4.6%	5.9%	10.4%	12.6%	13.5%	17.9%	19.3%	19.1%	19.15%
FCF 3Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
FCF 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
OCF 3Y	0.7%	-1.7%	-0.9%	0.1%	-4.4%	-7.3%	0.0%	9.5%	16.5%	25.0%	8.7%	8.7%	4.0%	7.7%	15.8%	13.2%	19.5%	22.1%	3.9%	-5.0%	-5.04%
OCF 5Y	-4.2%	-6.3%	-5.8%	-5.6%	-7.1%	-6.5%	2.0%	7.3%	10.4%	10.7%	6.2%	7.1%	3.7%	1.6%	6.8%	4.5%	6.6%	13.4%	3.0%	3.7%	3.73%
Assets 3Y	8.4%	7.8%	8.3%	8.2%	9.8%	10.9%	4.7%	7.6%	8.8%	9.0%	8.9%	8.4%	8.0%	8.8%	12.1%	12.2%	10.8%	9.5%	11.8%	12.4%	12.40%
Assets 5Y	5.8%	5.7%	5.7%	6.0%	6.7%	9.3%	8.7%	8.7%	8.6%	8.5%	8.7%	8.3%	8.7%	8.5%	7.4%	9.7%	10.1%	10.7%	11.3%	11.2%	11.23%
Equity 3Y	6.5%	7.0%	7.5%	9.1%	9.9%	10.7%	11.4%	11.9%	12.7%	13.0%	12.8%	13.4%	15.0%	14.0%	13.8%	8.6%	8.6%	7.9%	8.1%	7.9%	7.93%
Book Value 3Y	4.3%	4.4%	4.9%	3.6%	4.9%	5.3%	5.8%	5.9%	6.5%	5.5%	5.2%	5.4%	6.8%	4.7%	4.5%	2.8%	2.8%	2.9%	3.3%	2.4%	2.44%
Dividend 3Y	-1.8%	-2.2%	-1.8%	-3.5%	-1.8%	-1.2%	-0.6%	-1.6%	-2.5%	-4.4%	-5.0%	-5.3%	-5.1%	-5.7%	-5.7%	-2.8%	-2.9%	-2.7%	-2.9%	-3.6%	-3.62%

Growth Quality

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Revenue Stability	0.90	0.88	0.76	0.60	0.61	0.63	0.72	0.78	0.78	0.89	0.88	0.87	0.85	0.90	0.91	0.89	0.88	0.92	0.88	0.84	0.837
Earnings Stability	0.07	0.27	0.25	0.26	0.27	0.59	0.62	0.62	0.64	0.93	0.54	0.38	0.45	0.52	0.56	0.46	0.43	0.53	0.58	0.47	0.469
Margin Stability	0.96	0.98	0.96	0.94	0.94	0.93	0.92	0.91	0.91	0.91	0.90	0.90	0.90	0.91	0.92	0.92	0.93	0.90	0.88	0.86	0.856
Rev. Growth Consistency	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	0.00	0.00	0.00	1.00	0.50	0.50	0.50	1.00	1.00	1.000
Earn. Growth Consistency	1.00	1.00	0.00	0.00	0.00	1.00	0.50	0.50	0.50	1.00	0.00	0.00	0.00	0.00	0.50	0.50	0.50	0.50	1.00	1.00	1.000
FCF Positive Streak	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Earnings Persistence	0.81	0.99	0.94	0.93	0.95	0.96	0.86	0.88	0.91	0.96	0.94	0.92	0.92	0.94	0.92	0.90	0.89	0.83	0.92	0.91	0.912
Earnings Smoothness	0.62	0.98	0.84	0.82	0.87	0.91	0.70	0.74	0.79	0.92	0.83	0.79	0.79	0.83	0.82	0.77	0.75	0.64	0.82	0.80	0.802
ROE Trend	0.03	0.01	-0.01	-0.02	-0.02	-0.01	-0.00	-0.00	-0.01	-0.01	-0.01	-0.01	-0.02	-0.02	-0.00	-0.00	0.00	0.01	0.01	0.01	0.015
Gross Margin Trend	0.02	-0.00	-0.03	-0.04	-0.05	-0.06	-0.06	-0.06	-0.06	-0.04	-0.02	0.00	0.01	0.02	0.05	0.05	0.03	0.06	0.08	0.10	0.096
FCF Margin Trend	-0.04	-0.03	-0.03	-0.06	-0.05	-0.02	0.00	0.10	0.13	0.13	0.05	-0.02	-0.04	-0.06	-0.02	-0.05	-0.05	-0.05	-0.10	-0.07	-0.065
Sustainable Growth Rate	3.9%	2.5%	2.0%	1.9%	1.8%	2.2%	3.3%	3.0%	2.6%	2.2%	1.3%	1.0%	0.6%	0.5%	2.1%	2.0%	1.7%	2.5%	3.0%	3.1%	3.11%
Internal Growth Rate	0.9%	0.6%	0.5%	0.5%	0.4%	0.5%	0.9%	0.8%	0.7%	0.6%	0.4%	0.3%	0.2%	0.1%	0.5%	0.5%	0.4%	0.6%	0.7%	0.8%	0.77%

Cash Flow Quality

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
OCF/Net Income	1.95	2.04	2.18	2.09	1.83	1.71	1.80	2.46	2.91	2.98	2.65	2.78	2.52	2.54	2.48	2.29	2.45	2.37	1.67	1.69	1.692
FCF/OCF	-0.66	-0.84	-0.81	-1.04	-1.31	-1.30	-0.86	-0.27	-0.17	-0.17	-0.48	-0.67	-0.91	-0.97	-0.63	-0.77	-0.76	-0.73	-1.33	-1.25	-1.248
FCF/Net Income	snapshot only																				-2.111
OCF/EBITDA	snapshot only																				0.440
CapEx/Revenue	35.3%	34.2%	33.2%	35.3%	34.9%	32.7%	29.8%	26.5%	27.1%	27.3%	29.0%	33.4%	33.3%	34.2%	34.1%	33.8%	34.2%	36.2%	37.2%	37.1%	37.06%
CapEx/Depreciation	snapshot only																				2.367
Accruals Ratio	-0.02	-0.02	-0.02	-0.02	-0.02	-0.01	-0.02	-0.03	-0.04	-0.04	-0.03	-0.03	-0.02	-0.02	-0.03	-0.03	-0.03	-0.03	-0.01	-0.01	-0.014
Sloan Accruals	snapshot only																				-0.022
Cash Flow Adequacy	snapshot only																				0.382
Earnings Quality Score	snapshot only																				1.000

Dividends & Buybacks

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Dividend Yield	4.8%	4.4%	4.1%	3.8%	4.6%	4.3%	4.4%	4.8%	5.4%	5.1%	5.3%	5.4%	4.8%	4.8%	4.5%	4.8%	4.2%	4.0%	3.6%	3.8%	4.16%
Dividend/Share	$1.82	$1.80	$1.81	$1.70	$1.73	$1.77	$1.82	$1.82	$1.83	$1.79	$1.81	$1.82	$1.85	$1.81	$1.84	$1.86	$1.86	$1.89	$1.90	$1.87	$1.97
Payout Ratio	61.8%	71.1%	75.0%	75.0%	76.7%	72.7%	63.7%	64.9%	68.4%	71.7%	79.7%	84.9%	90.4%	92.4%	72.1%	73.1%	76.3%	68.2%	63.5%	62.7%	62.70%
FCF Payout Ratio	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Total Payout Ratio	61.8%	71.1%	75.0%	75.0%	76.7%	72.7%	63.7%	64.9%	68.4%	71.7%	79.7%	84.9%	90.4%	92.4%	72.1%	73.1%	76.3%	68.2%	63.5%	62.7%	62.70%
Div. Increase Streak	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
Chowder Number	0.06	0.05	0.06	0.09	0.13	0.17	0.19	0.17	0.15	0.12	0.11	0.11	0.12	0.13	0.13	0.13	0.12	0.10	0.09	0.09	0.085
Buyback Yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.00%
Net Buyback Yield	-0.2%	-1.4%	-2.0%	-12.3%	-15.8%	-14.2%	-14.5%	-4.1%	-4.7%	-5.0%	-4.8%	-6.2%	-7.9%	-5.9%	-4.8%	-5.1%	-2.6%	-2.5%	-3.2%	-2.2%	-2.19%
Total Shareholder Return	4.6%	3.0%	2.1%	-8.6%	-11.2%	-9.9%	-10.1%	0.7%	0.6%	0.1%	0.5%	-0.8%	-3.1%	-1.2%	-0.3%	-0.3%	1.6%	1.6%	0.4%	1.6%	1.63%

DuPont Factors

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Tax Burden (NI/EBT)	0.81	0.74	0.74	0.75	0.75	0.75	0.74	0.74	0.74	0.74	0.73	0.73	0.73	0.72	0.71	0.72	0.72	0.73	0.76	0.75	0.755
Interest Burden (EBT/EBIT)	0.72	0.70	0.69	0.70	0.69	0.68	0.70	0.67	0.64	0.62	0.60	0.59	0.58	0.58	0.62	0.59	0.56	0.58	0.58	0.59	0.591
EBIT Margin	0.19	0.17	0.16	0.16	0.16	0.16	0.17	0.17	0.17	0.17	0.17	0.17	0.16	0.16	0.19	0.20	0.20	0.21	0.22	0.22	0.218
Asset Turnover	0.22	0.22	0.23	0.24	0.23	0.24	0.27	0.28	0.27	0.25	0.25	0.24	0.24	0.23	0.23	0.23	0.23	0.22	0.21	0.21	0.211
Equity Multiplier	4.33	4.29	4.06	3.82	4.09	4.18	3.87	3.63	3.83	3.91	3.64	3.62	3.73	3.78	3.77	3.78	3.87	4.01	4.00	4.05	4.051

Per Share

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
EPS (Diluted TTM)	$2.94	$2.53	$2.42	$2.27	$2.26	$2.43	$2.85	$2.81	$2.68	$2.49	$2.28	$2.14	$2.04	$1.96	$2.55	$2.55	$2.44	$2.77	$3.00	$2.99	$2.99
Book Value/Share	$29.04	$30.04	$31.65	$33.15	$32.08	$33.09	$34.96	$34.39	$33.68	$34.12	$35.54	$35.20	$35.35	$34.44	$36.13	$36.05	$34.82	$36.02	$38.51	$36.97	$36.97
Tangible Book/Share	$26.77	$27.77	$29.39	$31.09	$29.94	$28.89	$30.76	$30.16	$29.47	$29.78	$31.23	$30.93	$30.62	$29.87	$27.33	$26.88	$25.81	$26.96	$29.44	$28.16	$28.16
Revenue/Share	$26.93	$27.64	$28.67	$27.39	$27.37	$29.20	$32.19	$33.06	$33.61	$31.82	$30.92	$29.86	$29.64	$28.67	$30.12	$30.59	$30.74	$31.48	$31.39	$30.65	$30.65
FCF/Share	$-3.78	$-4.32	$-4.27	$-4.94	$-5.43	$-5.40	$-4.44	$-1.87	$-1.30	$-1.26	$-2.91	$-4.01	$-4.71	$-4.83	$-3.96	$-4.50	$-4.52	$-4.83	$-6.66	$-6.31	$-6.31
OCF/Share	$5.74	$5.15	$5.26	$4.73	$4.14	$4.16	$5.14	$6.90	$7.82	$7.44	$6.04	$5.96	$5.16	$4.98	$6.32	$5.83	$5.98	$6.57	$5.02	$5.05	$5.05
Cash/Share	$0.64	$0.60	$0.78	$0.50	$3.11	$0.82	$3.94	$3.82	$4.32	$0.87	$1.91	$1.70	$0.91	$0.96	$2.48	$2.53	$0.87	$1.00	$0.92	$0.57	$0.57
EBITDA/Share	$8.70	$8.48	$8.33	$7.67	$7.66	$8.19	$9.03	$9.21	$9.59	$9.08	$9.04	$9.00	$8.71	$8.65	$9.91	$10.39	$10.58	$11.28	$11.82	$11.50	$11.50
Debt/Share	$45.50	$48.67	$46.71	$39.26	$44.60	$47.17	$47.27	$45.92	$48.75	$46.39	$46.29	$45.30	$47.25	$48.68	$59.32	$60.89	$61.15	$67.35	$65.50	$64.06	$64.06
Net Debt/Share	$44.87	$48.08	$45.93	$38.76	$41.50	$46.34	$43.32	$42.10	$44.43	$45.51	$44.37	$43.60	$46.33	$47.72	$56.84	$58.35	$60.28	$66.34	$64.58	$63.48	$63.48

Academic Models

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Altman Z-Score	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	0.679
Altman Z-Prime	snapshot only																				0.838
Piotroski F-Score	6	5	5	6	5	7	6	6	5	7	6	6	5	4	5	5	5	6	6	7	7
Beneish M-Score	-2.52	-2.34	-2.56	-2.32	-2.29	-2.04	-1.87	-2.24	-2.18	-2.69	-2.80	-2.83	-2.65	-2.44	-2.40	-2.28	0.01	-2.64	-2.50	-2.52	-2.524
Ohlson O-Score	snapshot only																				-5.989
ROIC (Greenblatt)	snapshot only																				6.35%
Net-Net WC	snapshot only																				$-103.92
EVA	snapshot only																				$-115047155.01

Credit

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Credit Rating	snapshot only																				B-
Credit Score	26.57	27.17	29.61	28.73	29.99	29.08	32.63	32.56	27.54	26.54	29.60	25.40	24.05	26.65	28.53	21.74	20.79	21.87	22.14	22.12	22.125
Credit Grade	snapshot only																				16
Credit Trend	snapshot only																				0.382
Implied Spread (bps)	snapshot only																				900.000
Industry Credit Rank	snapshot only																				6
Sector Credit Rank	snapshot only																				17

NWN NYSE

Edge Score

Analyst Insights

Financial Rating

InsiderStreet Scorecard

Risk & Quality Signals

Valuation

DuPont Decomposition (5-Factor)

Graham-Dodd Adjusted Valuation

Profitability Trends

Leverage & Solvency Trends

Efficiency & Working Capital Trends

Growth Trends (YoY %)

Earnings Stability

Monte Carlo Price Simulation

Executive Compensation

C-Suite Compensation

CEO Pay Ratio

C-Suite Pay Equality (Gini)

CEO Compensation Mix

Workforce & Productivity

Scaling Efficiency

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