NAS10030,534+0.17%S&P7,733−0.41%GOLD$4,322−1.25%BTC$84,521−1.92%VIX14.67−1.34%live tape · as of 15:00 UTC
The Screen · Utilities · Utilities - Regulated Gas
Northwest Natural Holding Company
NWN · the NYSE · USD · Market cap $2.0B · 1,619 employees
Northwest Natural Holding Company, through its subsidiary, Northwest Natural Gas Company, provides regulated natural gas distribution services to residential, commercial, and industrial customers in the United States.
FAIL · Does not pass the screen
48.07 USD
Screen close, 2026-09-21 · not a live quote
Screened 2026-09-21 · the tape above runs as of 15:00 UTC · two dates, stated on purpose · verdict and workings shown in full · never trimmed
PRICE · FAIR-VALUE RANGE1M3M6MYTD1Y3Y5Y
What this means: price 48.07 against the desk's fair-value range, base estimate 42.66, over the last year.
Positioning no disclosures inside 60 days, left as found
Options no verdict drawn today, left as found
Ethical does not pass the values gate
Price48.07 USD
Fair value42.66
Ethical score70.0/100
Our investment reviews on this name
2026-09-08Read Markdown50.39-4.6% to today ✓
2026-07-02Read Distribution49.86-3.6% to today ✓
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Northwest Natural Holding Company holds its Markdown at $48.07. Elevated stress, defensive posture warranted, held for 15 days.
As held on the ledger · 2026-09-21
Phase
Markdown · caution
Quantitative state
Elevated stress, defensive posture warranted, held for 15 days
Price at the screen
$48.07
Valuation
16.08 trailing · 14.87 forward price to earnings
Values screen
FAIL· score 70.0
Beta
0.43
The Workings
Five Screens, Shown in Full
Does not pass. Debt ratio
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
43.51%
Below 33%
Interest-bearing debt is 43.5% of its assets, above the one-third ceiling the screen allows.
Fail
Interest-bearing cash
0.00%
Below 33%
Cash held in interest-bearing accounts and securities is 0.0% of assets, under the one-third limit.
Pass
Receivables
2.57%
Below 49%
Money owed to the company is 2.6% of assets, under the 49% limit.
Pass
Revenue purity
0.00%
Below 5%
Only 0.0% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
Fair value range in USD, drawn from the 2026-09-21 screen. The gold marker is the market price at the same screen. The price runs 11.3% above the base estimate.
Third-party analyst targets: 5 covering, consensus None. The average target sits +21% from the screen price.
Reading the gap · Our more conservative model reads it as fully-to-richly valued here, while the Street is more bullish: a quality-at-a-fair-price name rather than a deep-value one.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-09-21 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Gas bills stay steady but earnings growth does not
Picture a winter heating bill that lands on the doormat every month without fail. Northwest Natural supplies the gas behind those bills across the Pacific Northwest, yet its revenue has slipped 1 percent and returns on equity sit at just 8 percent. At 15.9 times forward earnings the shares already price in more stability than the figures support.
We pass. The stock trades 17 percent above our fair value of 42.65 dollars while the business shows no real growth engine and an unknown competitive edge. A regulated utility can look calm on paper, but these numbers do not justify stretching the valuation further.
The sector carries cyclical risk that low multiples often mask rather than remove. Peak demand or shifting energy policy can turn what appears to be dependable earnings into a trap that leaves capital tied up for years. Analysis, not advice.
The risks · The things to watch: it carries a real debt load, which raises the stakes if revenue slips.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
NWN trades on the NYSE. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-09-08Markdown · changed$50.39-1.6%Entry 5
The framework has shifted from distribution to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 1.6% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 5% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 29%. Our forward projection puts the odds of a 10% gain over the next month near 15%. The street (6 analysts) rates it none, with a mean price target of $58.
2026-08-07Distribution$51.20+2.7%Entry 4
The framework reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved up 2.7% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 5% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 29%. Our forward projection puts the odds of a 10% gain over the next month near 15%. The street (6 analysts) rates it none, with a mean price target of $58.
2026-07-18Distribution$49.86+0.0%Entry 3
The framework reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 5% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 29%. Our forward projection puts the odds of a 10% gain over the next month near 15%. The street (6 analysts) rates it none, with a mean price target of $58.
2026-07-03Distribution$49.86+0.0%Entry 2
The framework reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows excellent risk-adjusted returns.
2026-07-02Distribution$49.86Entry 1
The framework reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows excellent risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
