$49.93

+0.11 (+0.22%)

Weekly Expected Move ±4.9%

$44 $46 $48 $51 $53

NYSE · Utilities · Regulated Gas · Alpha Radar Strong Sell · Power 35 · $2.1B mcap · 42M float · 0.699% daily turnover · Short 51% 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

49.4 / 100

NoneWeakNarrowWide

Primary source: Cost Advantage · ROIC: 7.3% · 5Y Avg: 4.2%

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 (49.4/100) — 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

$50

Low

$50

Avg Target

$50

High

Based on 1 analyst since May 6, 2026 earnings

Analyst Recommendations

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

Rating Summary

ConsensusHold

Avg Target$55.33

Analysts3

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-

May 22, 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-. Areas of concern: DCF (1/5), D/E (2/5).

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.

★ ★ ★ ★ ★ 44 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 Momentum (85/100) 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

0.71

Distress Zone

Piotroski F-Score

6/9

✓ ✓ ✓ ✓ ✓ ✗ ✗ ✓ ✗

Beneish M-Score

-2.54

Unlikely Manipulator

Ohlson O-Score

-5.91

Bankruptcy prob: 0.3%

Low Risk

Credit Rating

B-

Score: 22.8/100

Trend: Deteriorating

Earnings Quality

100/100

OCF/NI: 1.67x

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 0.71, 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 6/9, indicating moderate financial health — some areas of strength offset by weaknesses in others. 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 -2.54 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 0.3% 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: 22.8/100), with a deteriorating 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

16.60x

PEG

0.89x

P/S

1.63x

P/B

1.29x

P/FCF

-7.99x

P/OCF

10.60x

EV/EBITDA

9.07x

EV/Revenue

3.81x

EV/EBIT

14.67x

EV/FCF

-17.95x

Earnings Yield

5.64%

FCF Yield

-12.51%

Shareholder Yield

3.58%

Graham Number

$49.31

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 16.6x earnings, NWN trades at a reasonable valuation. An earnings yield of 5.6% exceeds typical risk-free rates, suggesting equities are being compensated for risk. Graham's intrinsic value formula yields $49.31 per share, 1% below 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

0.757

NI / EBT

Interest Burden

0.486

EBT / EBIT

EBIT Margin

0.260

EBIT / Rev

Asset Turnover

0.224

Rev / Assets

Equity Multiplier

4.010

Assets / Equity

ROE

8.6%

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 8.6% is driven by financial leverage (equity multiplier: 4.01x). 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.

Adj. Growth Rate

1.74%

Fair P/E

11.99x

Intrinsic Value

$35.98

Price/Value

1.48x

Margin of Safety

-47.93%

Premium

47.93%

Assessment

Undervalued

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 1.7% 3-year EPS CAGR — what the company actually delivered, not what analysts hope for. At an intrinsic value of $35.98, NWN appears undervalued with a -48% margin of safety. The adjusted fair P/E of 12.0x compares to the current market P/E of 16.6x.

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

$49.91

Median 1Y

$47.60

5th Pctile

$30.00

95th Pctile

$75.41

Ann. Volatility

30.9%

Analyst Target

$55.33

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

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

201,000

+13743.0% YoY

Revenue / Employee

$6,415

Rev: $1,289,363,000

Profit / Employee

$564

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	Q2'21	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	Current
ROE	10.6%	10.3%	8.6%	8.3%	8.5%	8.7%	8.2%	9.6%	9.6%	9.2%	7.6%	7.0%	6.7%	6.4%	5.9%	7.7%	7.7%	7.5%	7.9%	8.6%	8.59%
ROA	2.6%	2.5%	2.0%	1.9%	2.0%	2.0%	2.0%	2.3%	2.3%	2.2%	2.0%	1.8%	1.7%	1.6%	1.6%	2.0%	2.0%	2.0%	2.0%	2.1%	2.14%
ROIC	5.8%	5.8%	5.0%	4.8%	4.8%	4.8%	4.4%	5.1%	5.1%	5.0%	4.6%	4.4%	4.5%	4.4%	4.1%	5.1%	5.3%	5.5%	5.9%	7.3%	7.28%
ROCE	5.0%	5.0%	4.5%	4.4%	4.5%	4.6%	4.4%	5.1%	5.3%	5.3%	4.9%	4.7%	4.6%	4.5%	4.1%	5.1%	5.3%	5.5%	4.9%	6.2%	6.18%
Gross Margin	34.9%	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%	52.04%
Operating Margin	8.5%	-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%	44.74%
Net Margin	-0.5%	-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%	19.88%
EBITDA Margin	25.6%	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%	56.3%	56.28%
FCF Margin	-12.7%	-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%	-21.22%
OCF Margin	21.7%	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%	16.00%
ROE 3Y Avg	snapshot only																				7.49%
ROE 5Y Avg	snapshot only																				7.84%
ROA 3Y Avg	snapshot only																				1.90%
ROIC 3Y Avg	snapshot only																				4.05%
ROIC Economic	snapshot only																				7.25%
Cash ROA	snapshot only																				3.30%
Cash ROIC	snapshot only																				4.91%
CROIC	snapshot only																				-6.51%
NOPAT Margin	snapshot only																				23.74%
Pretax Margin	snapshot only																				12.62%
R&D / Revenue	snapshot only																				0.00%
SGA / Revenue	snapshot only																				0.00%
SBC / Revenue	snapshot only																				0.00%

Valuation

Metric	Q2'21	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	Current
P/E Ratio	14.20	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	16.603
P/S Ratio	1.61	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	1.634
P/B Ratio	1.48	1.31	1.36	1.46	1.66	1.39	1.25	1.27	1.17	1.05	1.04	1.01	1.00	1.15	1.10	1.20	1.13	1.32	1.30	1.48	1.294
P/FCF	-12.72	-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	-7.992
P/OCF	7.43	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	10.599
EV/EBITDA	9.88	9.28	10.47	11.00	11.57	10.46	10.71	9.73	9.10	8.30	8.90	8.80	8.71	9.54	9.88	8.97	8.30	8.61	10.02	9.07	9.066
EV/Revenue	3.21	3.00	3.21	3.19	3.24	2.93	3.00	2.73	2.53	2.37	2.54	2.57	2.63	2.80	2.98	2.95	2.82	2.96	3.59	3.81	3.809
EV/EBIT	16.77	15.98	18.36	19.57	20.37	18.28	18.47	15.91	14.83	14.11	15.01	15.31	15.66	17.17	18.10	15.37	14.28	14.92	17.40	14.67	14.671
EV/FCF	-25.37	-21.38	-20.58	-21.47	-17.99	-14.77	-16.25	-19.77	-44.73	-61.32	-64.22	-27.29	-19.58	-17.65	-17.71	-22.47	-19.16	-20.12	-23.42	-17.95	-17.954
Earnings Yield	7.0%	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%	5.64%
FCF Yield	-7.9%	-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%	-12.51%
PEG Ratio	snapshot only																				0.890
Price/Tangible Book	snapshot only																				1.974
EV/OCF	snapshot only																				23.811
EV/Gross Profit	snapshot only																				9.014
Acquirers Multiple	snapshot only																				12.152
Shareholder Yield	snapshot only																				3.58%
Graham Number	snapshot only																				$49.31

Leverage & Solvency

Metric	Q2'21	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	Current
Current Ratio	0.52	0.52	0.60	0.60	0.60	0.60	0.83	0.83	0.83	0.83	0.86	0.86	0.86	0.86	0.86	0.86	0.86	0.86	0.72	0.72	0.721
Quick Ratio	0.45	0.45	0.52	0.52	0.52	0.52	0.73	0.73	0.73	0.73	0.70	0.70	0.70	0.70	0.69	0.69	0.69	0.69	0.57	0.57	0.568
Debt/Equity	1.51	1.51	1.62	1.62	1.62	1.62	1.43	1.43	1.43	1.43	1.36	1.36	1.36	1.36	1.41	1.41	1.41	1.41	1.87	1.87	1.870
Net Debt/Equity	1.48	1.48	1.60	1.60	1.60	1.60	1.40	1.40	1.40	1.40	1.33	1.33	1.33	1.33	1.39	1.39	1.39	1.39	1.84	1.84	1.842
Debt/Assets	0.36	0.36	0.37	0.37	0.37	0.37	0.35	0.35	0.35	0.35	0.36	0.36	0.36	0.36	0.37	0.37	0.37	0.37	0.44	0.44	0.442
Debt/EBITDA	5.04	5.02	5.74	5.83	5.75	5.66	5.76	5.20	5.04	4.82	5.11	5.11	5.07	5.22	5.62	4.90	4.66	4.49	5.97	5.11	5.107
Net Debt/EBITDA	4.93	4.91	5.67	5.76	5.68	5.59	5.66	5.11	4.96	4.74	5.01	5.01	4.98	5.12	5.51	4.81	4.57	4.41	5.88	5.03	5.031
Interest Coverage	3.73	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	2.89	2.890
Equity Multiplier	4.23	4.23	4.35	4.35	4.35	4.35	4.04	4.04	4.04	4.04	3.79	3.79	3.79	3.79	3.78	3.78	3.78	3.78	4.23	4.23	4.228
Cash Ratio	snapshot only																				0.049
Debt Service Coverage	snapshot only																				4.677
Cash to Debt	snapshot only																				0.015
FCF to Debt	snapshot only																				-0.099
Defensive Interval	snapshot only																				666.5 days

Efficiency & Turnover

Metric	Q2'21	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	Current
Asset Turnover	0.23	0.23	0.22	0.23	0.24	0.24	0.24	0.26	0.27	0.28	0.25	0.24	0.24	0.24	0.23	0.24	0.25	0.25	0.22	0.22	0.224
Inventory Turnover	11.27	11.45	10.63	11.42	12.30	12.60	9.64	10.76	11.27	11.62	8.24	7.95	7.63	7.55	6.88	6.96	7.00	7.46	6.68	6.33	6.327
Receivables Turnover	6.17	6.23	7.10	7.39	7.77	7.89	5.86	6.49	6.73	6.87	6.43	6.27	6.13	6.11	9.51	10.02	10.22	10.45	7.60	7.57	7.572
Payables Turnover	4.62	4.70	4.59	4.93	5.31	5.44	4.43	4.94	5.18	5.34	5.04	4.87	4.67	4.62	5.42	5.48	5.52	5.87	5.07	4.81	4.807
DSO	59	59	51	49	47	46	62	56	54	53	57	58	60	60	38	36	36	35	48	48	48.2 days
DIO	32	32	34	32	30	29	38	34	32	31	44	46	48	48	53	52	52	49	55	58	57.7 days
DPO	79	78	80	74	69	67	82	74	70	68	72	75	78	79	67	67	66	62	72	76	75.9 days
Cash Conversion Cycle	13	13	6	7	8	8	18	16	16	16	29	29	29	29	24	22	22	22	31	30	30.0 days
Fixed Asset Turnover	snapshot only																				0.291
Operating Cycle	snapshot only																				105.9 days
Cash Velocity	snapshot only																				31.294
Capital Intensity	snapshot only																				4.852

Growth (YoY)

Metric	Q2'21	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	Current
Revenue	8.0%	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%	5.90%
Net Income	54.7%	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%	19.35%
EPS	54.1%	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%	17.46%
FCF	-12.7%	-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%	-70.97%
EBITDA	20.0%	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%	35.2%	35.20%
Op. Income	24.6%	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%	70.98%
OCF Growth	snapshot only																				-19.31%
Asset Growth	snapshot only																				19.15%
Equity Growth	snapshot only																				6.48%
Debt Growth	snapshot only																				40.86%
Shares Change	snapshot only																				1.61%
Dividend Growth	snapshot only																				5.08%

Growth (CAGR)

Metric	Q2'21	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	Current
Revenue 3Y	4.5%	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%	3.80%
Revenue 5Y	3.8%	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%	9.83%
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%	1.74%
EPS 5Y	6.3%	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%	0.69%
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%	6.50%
Net Income 5Y	8.5%	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%	6.71%
EBITDA 3Y	82.3%	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%	18.8%	18.77%
EBITDA 5Y	1.3%	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%	15.8%	15.76%
Gross Profit 3Y	8.6%	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%	13.33%
Gross Profit 5Y	4.3%	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%	10.93%
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%	27.73%
Op. Income 5Y	3.3%	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%	19.32%
FCF 3Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
FCF 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
OCF 3Y	0.5%	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%	3.87%
OCF 5Y	-3.9%	-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%	2.97%
Assets 3Y	7.3%	7.3%	7.8%	7.8%	7.8%	7.8%	10.9%	10.9%	10.9%	10.9%	9.0%	9.0%	9.0%	9.0%	8.8%	8.8%	8.8%	8.8%	9.5%	9.5%	9.51%
Assets 5Y	4.1%	4.1%	5.7%	5.7%	5.7%	5.7%	9.3%	9.3%	9.3%	9.3%	8.5%	8.5%	8.5%	8.5%	8.5%	8.5%	8.5%	8.5%	10.7%	10.7%	10.67%
Equity 3Y	6.2%	6.2%	7.0%	7.0%	7.0%	7.0%	10.7%	10.7%	10.7%	10.7%	13.0%	13.0%	13.0%	13.0%	14.0%	14.0%	14.0%	14.0%	7.9%	7.9%	7.86%
Book Value 3Y	4.0%	3.9%	4.4%	4.4%	1.6%	2.2%	5.3%	5.1%	4.8%	4.6%	5.5%	5.4%	5.0%	4.9%	4.7%	4.7%	7.9%	7.9%	2.9%	3.0%	3.05%
Dividend 3Y	-1.8%	-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%	-2.87%

Growth Quality

Metric	Q2'21	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	Current
Revenue Stability	0.90	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	0.882
Earnings Stability	0.07	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	0.584
Margin Stability	0.95	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	0.877
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	1.00	0.00	0.00	0.00	1.00	0.50	0.50	0.50	1.00	1.000
Earn. Growth Consistency	0.50	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	1.000
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	0.50	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	0.923
Earnings Smoothness	0.57	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	0.824
ROE Trend	0.03	0.03	0.01	-0.01	-0.00	-0.00	-0.01	-0.00	-0.01	-0.01	-0.01	-0.02	-0.02	-0.02	-0.02	-0.00	-0.00	0.00	0.01	0.01	0.013
Gross Margin Trend	0.02	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	0.077
FCF Margin Trend	-0.04	-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	-0.099
Sustainable Growth Rate	4.3%	3.9%	2.5%	2.1%	2.1%	2.0%	2.2%	3.5%	3.4%	2.9%	2.2%	1.4%	1.0%	0.6%	0.5%	2.2%	2.1%	1.8%	2.5%	3.1%	3.14%
Internal Growth Rate	1.0%	1.0%	0.6%	0.5%	0.5%	0.5%	0.5%	0.8%	0.8%	0.7%	0.6%	0.4%	0.3%	0.2%	0.1%	0.6%	0.6%	0.5%	0.6%	0.8%	0.79%

Cash Flow Quality

Metric	Q2'21	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	Current
OCF/Net Income	1.91	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	1.673
FCF/OCF	-0.58	-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	-1.326
FCF/Net Income	snapshot only																				-2.219
OCF/EBITDA	snapshot only																				0.381
CapEx/Revenue	34.4%	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%	37.21%
CapEx/Depreciation	snapshot only																				2.318
Accruals Ratio	-0.02	-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	-0.014
Sloan Accruals	snapshot only																				-0.061
Cash Flow Adequacy	snapshot only																				0.370
Earnings Quality Score	snapshot only																				1.000

Dividends & Buybacks

Metric	Q2'21	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	Current
Dividend Yield	4.2%	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%	3.94%
Dividend/Share	$1.81	$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	$1.97
Payout Ratio	59.8%	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%	63.45%
FCF Payout Ratio	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Total Payout Ratio	59.8%	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%	63.45%
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	0.05	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	0.087
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	0.0%	-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%	-3.15%
Total Shareholder Return	4.2%	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%	0.42%

DuPont Factors

Metric	Q2'21	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	Current
Tax Burden (NI/EBT)	0.81	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	0.757
Interest Burden (EBT/EBIT)	0.73	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	0.49	0.486
EBIT Margin	0.19	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	0.26	0.260
Asset Turnover	0.23	0.23	0.22	0.23	0.24	0.24	0.24	0.26	0.27	0.28	0.25	0.24	0.24	0.24	0.23	0.24	0.25	0.25	0.22	0.22	0.224
Equity Multiplier	4.13	4.13	4.29	4.29	4.29	4.29	4.18	4.18	4.18	4.18	3.91	3.91	3.91	3.91	3.78	3.78	3.78	3.78	4.01	4.01	4.010

Per Share

Metric	Q2'21	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	Current
EPS (Diluted TTM)	$3.03	$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	$3.00
Book Value/Share	$28.98	$28.95	$30.04	$29.96	$27.22	$26.77	$33.09	$32.92	$32.60	$32.46	$34.12	$33.97	$33.56	$33.44	$34.44	$34.37	$34.22	$33.64	$36.02	$36.02	$38.59
Tangible Book/Share	$26.73	$26.70	$27.77	$27.70	$25.17	$24.75	$28.89	$28.74	$28.46	$28.34	$29.78	$29.65	$29.29	$29.18	$29.87	$29.81	$29.68	$29.18	$26.96	$26.96	$26.96
Revenue/Share	$26.69	$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	$31.46
FCF/Share	$-3.38	$-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	$-6.67
OCF/Share	$5.79	$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	$5.03
Cash/Share	$0.98	$0.98	$0.60	$0.59	$0.54	$0.53	$0.82	$0.82	$0.81	$0.81	$0.87	$0.87	$0.86	$0.86	$0.96	$0.95	$0.95	$0.93	$1.00	$1.00	$0.92
EBITDA/Share	$8.68	$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	$13.19	$13.19
Debt/Share	$43.75	$43.71	$48.67	$48.55	$44.11	$43.37	$47.17	$46.92	$46.46	$46.27	$46.39	$46.18	$45.62	$45.46	$48.68	$48.58	$48.37	$47.54	$67.35	$67.35	$67.35
Net Debt/Share	$42.77	$42.73	$48.08	$47.95	$43.57	$42.84	$46.34	$46.10	$45.65	$45.46	$45.51	$45.31	$44.76	$44.61	$47.72	$47.63	$47.42	$46.61	$66.34	$66.34	$66.34

Academic Models

Metric	Q2'21	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	Current
Altman Z-Score	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	0.710
Altman Z-Prime	snapshot only																				0.822
Piotroski F-Score	7	6	6	6	6	6	7	7	7	7	8	7	6	6	5	7	7	6	7	6	6
Beneish M-Score	-2.50	-2.45	-2.34	-2.35	-2.27	-2.32	-2.04	-1.93	-1.99	-1.96	-2.69	-2.84	-2.91	-2.86	-2.44	-2.50	-2.49	-0.23	-2.64	-2.54	-2.535
Ohlson O-Score	snapshot only																				-5.909
ROIC (Greenblatt)	snapshot only																				7.97%
Net-Net WC	snapshot only																				$-101.55
EVA	snapshot only																				$-114025290.50

Credit

Metric	Q2'21	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	Current
Credit Rating	snapshot only																				B-
Credit Score	25.82	26.48	26.94	27.32	26.77	26.69	29.50	30.87	30.95	28.50	27.35	27.04	26.29	26.92	26.81	28.49	27.69	28.18	22.56	22.76	22.759
Credit Grade	snapshot only																				16
Credit Trend	snapshot only																				-5.727
Implied Spread (bps)	snapshot only																				900.000
Industry Credit Rank	snapshot only																				10
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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