NAS10029,813+0.55%S&P7,744+0.28%GOLD$4,052−0.56%BTC$79,694−1.38%VIX16.91−3.48%latest tape · as of 04:01 UTC
The Screen · Utilities · Utilities - Regulated Gas
Southwest Gas Holdings, Inc.
SWX · the NYSE · USD · Market cap $6.5B · 2,453 employees
Southwest Gas Holdings, Inc., through its subsidiary, Southwest Gas Corporation, purchases, distributes, and transports natural gas for residential, commercial, and industrial customers in Arizona, Nevada, and California…
FAIL · Does not pass the screen
91.15 USD
Price as of 23 Oct 2026Daily close, not a live quoteLast reviewed 6 days ago
Screened 2026-10-23 · the tape above runs as of 04:01 UTC · two dates, stated on purpose · verdict and workings shown in full · never trimmed
Key facts today
Price91.15 USD at the 23 Oct 2026 close
Ethical screenDoes not pass
OptionsOpen interest leans to puts (put/call 1.67)
Last reviewed23 Oct 2026 (6 days ago)
A summary of the dated readings below, not a live quote and not advice.
PRICE · FAIR-VALUE RANGE1M3M6MYTD1Y3Y5Y
What this means: price 91.15 against the desk's fair-value range, base estimate 71.68, over the last year.
Positioning no disclosures inside 60 days, left as found
Options put/call open interest 1.67, read 2026-10-24
Ethical does not pass the values gate
Price91.15 USD
Fair value71.68
Ethical score70.0/100
Our investment reviews on this name
2026-10-25Read Accumulation89.12+2.3% to today ✓Markdown gives way to Accumulation
2026-07-02Read Markdown89.01+2.4% to today First review on file: Markdown
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.
Southwest Gas Holdings, Inc. holds its Accumulation at $91.15. The statistical read favours the buyers, held for 2 days.
As held on the ledger · 2026-10-23
Phase
Accumulation
Quantitative state
The statistical read favours the buyers, held for 2 days
Price at the screen
$91.15
Valuation
22.28 trailing · 17.78 forward price to earnings
Values screen
FAIL· score 70.0
Beta
0.56
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
33.64%
Below 33%
Interest-bearing debt is 33.6% 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
7.16%
Below 49%
Money owed to the company is 7.2% of assets, under the 49% limit.
Pass
Revenue purity
1.08%
Below 5%
Only 1.1% 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.
The Ethical Read
Why It Falls Short, in Plain English
Southwest Gas Holdings,'s business is in a permissible area, but its interest-bearing debt is about 34% of the company, just over the ~33% line, so it does not pass on the financial screens.
Read as at 2026-10-28. It updates when the underlying figures move, and past reads are kept below.
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Today SWX does not pass the screen. If new figures move it to a pass, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
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Fair value range in USD, drawn from the 2026-10-23 screen. The gold marker is the market price at the same screen. The price runs 21.4% above the base estimate.
Third-party analyst targets: 9 covering, consensus Strong Buy. The average target sits +11% 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 2026-10-23 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 Keep Rising but This Utility Does Not
Picture the monthly bill arriving in a Las Vegas suburb, the one that quietly funds pipes and storage across three states. Southwest Gas sits at the centre of that flow yet trades well above our fair value with revenue already down 22 percent and return on equity stuck at just 6 percent. The forward multiple of 18.8 times offers no margin of safety and the strong-buy analyst chorus has not altered the arithmetic.
We pass because the business shows the classic cyclical trap in regulated utilities. Earnings can look steady until volumes or allowed returns shift, at which point a seemingly reasonable multiple quickly reveals itself as peak-cycle pricing. Low growth and thin capital returns leave little room for error once interest rates or weather patterns move.
Ethical screens clear, yet the combination of negative top-line momentum and stretched valuation leaves no compelling case. The market price already bakes in optimism that the numbers do not support.
The risks · The main risks here are ordinary market swings and the chance our fair-value read proves too optimistic.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
SWX 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
2026-10-28Accumulation$89.12+0.0%Entry 9
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 6% above its long-term trend line with momentum reading overbought. Over the past year the shares are up 26%. Our forward projection puts the odds of a 10% gain over the next month near 13%. The street (8 analysts) rates it none, with a mean price target of $100. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
The framework has shifted from markdown to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 4.5% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 1% above its long-term trend line with momentum reading overbought. Over the past year the shares are up 26%. Our forward projection puts the odds of a 10% gain over the next month near 13%. The street (8 analysts) rates it none, with a mean price target of $100. Insiders have been net sellers over the past quarter. Since the last review it dropped out of the Titan Ethical 500.
2026-10-18Markdown$85.30+4.3%Entry 7
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved up 4.3% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good 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 bearish. Over the past year the shares are up 26%. Our forward projection puts the odds of a 10% gain over the next month near 13%. The street (8 analysts) rates it none, with a mean price target of $100. Insiders have been net sellers over the past quarter.
2026-10-02Markdown$81.76-5.1%Entry 6
Our analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 5.1% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive 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 bearish. Over the past year the shares are up 26%. Our forward projection puts the odds of a 10% gain over the next month near 13%. The street (8 analysts) rates it none, with a mean price target of $100. Insiders have been net sellers over the past quarter.
2026-09-14Markdown$86.11-6.8%Entry 5
Our analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 6.8% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good 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 bearish. Over the past year the shares are up 26%. Our forward projection puts the odds of a 10% gain over the next month near 13%. The street (8 analysts) rates it none, with a mean price target of $100.
2026-08-14Markdown$92.40+3.8%Entry 4
Our analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved up 3.8% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good 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 bearish. Over the past year the shares are up 26%. Our forward projection puts the odds of a 10% gain over the next month near 13%. The street (8 analysts) rates it none, with a mean price target of $100.
2026-07-18Markdown$89.01+0.0%Entry 3
Our analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good 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 bearish. Over the past year the shares are up 26%. Our forward projection puts the odds of a 10% gain over the next month near 13%. The street (8 analysts) rates it none, with a mean price target of $100.
2026-07-03Markdown$89.01+0.0%Entry 2
Our analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows good risk-adjusted returns.
2026-07-02Markdown$89.01Entry 1
Our analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows good risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
