Analyst Report: Southwest Gas Holdings Inc

Summary

Southwest Gas Holdings is a natural gas company transitioning to a pure-play regulated utility. Its primary regulated utility subsidiary, Southwest Gas Corp., purchases, transports, and distributes gas to 2.2 million customers in Arizona, Southern Nevada, and Northern California. About half of its customers are located in Arizona in the regions surrounding Phoenix and Tucson, and about 10% of customers are in Northern California. Residential and small commercial customers account for about 90% of SWX’s customer base. SWX had also previously provided gas and pipeline infrastructure services in 43 states and parts of Canada through its interest in Centuri Holdings. SWX sold its remaining shares in Centuri Holdings in 3Q25. Centuri began to trade under ticker CTRI in 2024 and is not under coverage by Argus. Transmission company Great Basin owns interstate pipelines in Idaho, California, and Nevada and operates a peak-shaving LNG storage facility in Nevada. SWX had been developing the use of RNG with six online biogas projects. SWX sold its M