NorthWestern
Financial ratios & Valuation

Forward Multiples (2025 – 2028)

2025202620272028
Price/Earnings ratio
15.8015.0914.4813.78
Price/Sales ratio
1.971.901.871.81
Earnings per Share (EPS)
$3.68$3.85$4.02$4.22

Historical Multiples (2014 – 2023)

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 TTM Median
Valuation Ratios
Price/Earnings ratio
18.8216.9616.7317.8115.0817.8818.9915.8118.0815.8914.3317.88
Price/Sales ratio
1.882.112.182.222.492.872.452.152.232.162.172.87
Price/Book Value ratio
1.531.601.631.611.521.771.411.261.241.101.151.77
Price/Cash Flow ratio
9.087.559.508.957.7712.188.3713.4310.776.307.997.77
Price/Free Cash Flow ratio
-111.6745.722.47K61.4530.31-187.26-54.98-13.78-15.91-39.73-21.09-187.26
Price/Earnings Growth ratio
0.842.682.67-12.110.8510.06-0.810.89-1.97-8.691.380.85
Dividend Yield
2.86%3.50%3.48%3.49%3.67%3.18%4.08%4.34%4.23%4.99%4.90%3.67%
Profitability Indicator Ratios
Gross Profit Margin
59.94%69.29%68.10%68.57%77.10%74.71%74.45%68.99%66.70%54.94%55.66%74.71%
Operating Profit Margin
14.77%21.89%19.56%20.02%22.33%22.01%19.70%20.08%17.80%21.12%22.37%22.33%
Pretax Profit Margin
9.16%14.92%12.44%13.48%14.95%14.48%12.03%13.86%12.34%14.18%15.47%14.95%
Net Profit Margin
10.01%12.45%13.05%12.46%16.52%16.06%12.94%13.61%12.38%13.65%15.14%16.06%
Effective Tax Rate
-9.30%16.57%-4.88%7.59%-10.49%-10.92%-7.60%1.79%-0.32%3.73%2.08%-10.49%
Return on Assets
2.42%2.86%2.98%3.00%3.48%3.41%2.42%2.75%2.50%2.55%2.88%3.41%
Return On Equity
8.16%9.44%9.79%9.04%10.14%9.91%7.46%7.98%6.86%6.96%8.08%9.91%
Return on Capital Employed
4.08%5.64%5.03%5.45%5.02%4.96%3.98%4.30%3.92%4.25%4.75%4.96%
Liquidity Ratios
Current Ratio
0.570.500.450.460.800.900.66N/AN/AN/A0.450.90
Quick Ratio
0.480.400.370.380.650.740.530.940.690.540.300.74
Cash ratio
0.030.020.000.010.020.010.010.000.010.010.000.01
Days of Sales Outstanding
49.5246.4146.3250.9549.7148.5751.2252.8460.5054.4735.1648.57
Days of Inventory outstanding
41.6652.3344.7946.6367.9661.8672.7269.1479.6465.2466.8861.86
Operating Cycle
91.1998.7491.1197.59117.68110.44123.95121.98140.14119.71102.05110.44
Days of Payables Outstanding
61.9872.9372.1975.74116.42110.98119.6698.84149.4870.8251.57110.98
Cash Conversion Cycle
29.2025.8018.9121.841.26-0.534.2823.14-9.3348.8950.471.26
Debt Ratios
Debt Ratio
0.380.370.380.390.370.370.370.370.350.360.370.37
Debt Equity Ratio
1.301.241.251.171.081.091.161.080.980.991.051.09
Long-term Debt to Capitalization
0.520.520.510.490.510.520.520.520.480.490.470.52
Total Debt to Capitalization
0.560.550.550.540.520.520.530.520.490.490.510.52
Interest Coverage Ratio
2.282.882.582.832.892.912.43N/AN/AN/A2.662.91
Cash Flow to Debt Ratio
0.120.160.130.150.180.130.140.080.110.170.130.13
Company Equity Multiplier
3.363.293.283.012.902.893.072.892.742.722.782.89
Cash Flow Ratios
Operating Cash Flow / Sales Ratio
0.200.270.220.240.320.230.290.160.200.340.270.27
Free Cash Flow / Operating Cash Flow Ratio
-0.080.160.000.140.25-0.06-0.15-0.97-0.67-0.15-0.37-0.06
Cash Flow Coverage Ratio
0.120.160.130.150.180.130.140.080.110.170.130.13
Short Term Coverage Ratio
0.921.460.951.00166.22N/A3.4276.512.084.891.01N/A
Dividend Payout Ratio
53.87%59.55%58.33%62.24%55.44%56.96%77.53%68.76%76.53%79.35%69.66%55.44%