Using the latest TTM figures, Southwest Gas Holdings shows a gross margin of 49.1%, an operating margin of 28.9%, an EBITDA margin of 52.1%, and a net margin of 15.2%. Margin expansion was strongest in gross margin, which increased by 9.9 percentage points. Net margin had the strongest contraction, declining by 6.1 percentage points.
SWX margin history
Over the last 3 years, Southwest Gas Holdings recorded average margins of 35.66% gross, 20.11% operating, 41.47% EBITDA, and 14.11% net. The current gross, operating, EBITDA, and net margins are all above their three-year averages.
SWX margin expansion
Gross margin expanded by 9.9 percentage points and operating margin by 5.8 percentage points, but EBITDA margin contracted by 0.1 percentage points and net margin by 6.1 percentage points.
SWX Gross margin
Over the last 3 years, Southwest Gas Holdings's gross margin averaged 35.66%. The current gross margin of 49.1% is 13.4 percentage points above its three-year average. During this period, gross margin reached a high of 49.1% in Sep 2026 and a low of 24.6% in Mar 2024.
SWX Operating margin
Across the last 3 years, Southwest Gas Holdings's operating margin stood at 20.11%. The latest operating margin for Southwest Gas Holdings is 28.9%, 8.8 percentage points above its three-year average. Operating margin was highest at 28.9% in Sep 2026 and lowest at 11.6% in Dec 2023.
SWX EBITDA margin
In the last 3 years, Southwest Gas Holdings had an average EBITDA margin of 41.47%. Against its three-year average, Southwest Gas Holdings's EBITDA margin is currently 52.1%, 10.6 percentage points above its three-year average. Looking back over the last 3 years, Southwest Gas Holdings's EBITDA margin reached 66.9% at its highest point in Jun 2026 and 26.5% at its lowest in Dec 2023.
SWX Net margin
Over the last 3 years, Southwest Gas Holdings's net margin averaged 14.11%. The current net margin of 15.2% is 1.1 percentage points above its three-year average. During this period, net margin reached a high of 29.4% in Jun 2026 and a low of 6% in Dec 2023.
SWX margin group comparison
Southwest Gas Holdings's gross margin of 49.1% is above the Utilities sector and the industry average but below its peers average. In comparison with its Utilities sector average of 42.7%, Southwest Gas Holdings's gross margin is 15% higher.
SWX margin peer comparison
Frequently asked questions
What is Southwest Gas Holdings's gross margin?
The current gross margin for SWX is 49.1% as of Sep 30, 2026.
What is Southwest Gas Holdings's operating margin?
For the period ending Sep 30, 2026, SWX recorded an operating margin of 28.9%.
What is Southwest Gas Holdings's EBITDA margin?
The current EBITDA margin for SWX is 52.1% as of Sep 30, 2026.
What is Southwest Gas Holdings's net margin?
For the period ending Sep 30, 2026, SWX recorded a net margin of 15.2%.
What are the average margins of SWX?
Looking back over 3 years, SWX recorded average margins of 35.7% gross, 20.1% operating, 41.5% EBITDA, and 14.1% net.
What are the highest historical margins of SWX?
Over the last 5 years, Southwest Gas Holdings's highest margins were 49.1% gross in Sep 2026, 28.9% operating in Sep 2026, 66.9% EBITDA in Jun 2026, and 29.4% net in Jun 2026.
What are the lowest historical margins of SWX?
Across the 5-year period, SWX posted its lowest margins at 17.5% gross in Mar 2023, -1.1% operating in Mar 2023, 7.7% EBITDA in Mar 2023, and -4.8% net in Mar 2023.