Credit and interest ratesmixed · 4 filings
“This increase was due to higher borrowings and interest rates partly offset by higher capitalization of Allowance for Funds Used During Construction (AFUDC).”10-Q · Apr 30, 2026 ↗
NorthWestern Energy Group, Inc.
NWE
Market read
NorthWestern Energy Group, Inc.'s current read is isolated; its market group is not confirming.
The latest filing evidence is available. 0 of 2 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 7 directly disclosed connections are confirming.
What changed
- Revenue increased 6.6% versus the comparable filing period.
- Operating margin fell 3.8 percentage points.
Company-1.5% todayVolume comparison unavailable
Market group0 of 2 activeRegulated Utilities · unavailable
Disclosed network0 of 7 confirmingNo filing-linked name is confirming now
What would change this read
Watch this read- NWE's market-adjusted activity becomes unusual and at least one connected name confirms.
Invalidation: The isolated read changes if NWE's group or a disclosed connection begins moving with it.
Research brief
The story so far
The latest filing evidence is available. 0 of 2 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 7 directly disclosed connections are confirming.
Evidence that supports
- Revenue increased 6.6% versus the comparable filing period.
- Operating cash flow covered net income at 2.51x, improving versus the comparable period.
Evidence that challenges
- Operating margin fell 3.8 percentage points.
- Net income decreased 17.5% versus the comparable filing period.
- Net margin fell 3.7 percentage points.
What would clarify the read
- NWE's market-adjusted activity becomes unusual and at least one connected name confirms.
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods5
Price observations327
Usable filing statements76
Verified relationships4
Evidence supporting the case
- Latest annual revenue changed +6.4% year over year.
- Operating cash flow covered net income at 2.18x in the latest annual period.
- Energy and commodity prices has repeated favorable evidence across 4 filings.
- Demand and volume has repeated favorable evidence across 3 filings.
Evidence challenging the case
- Operating margin changed -1.1 percentage points in the latest annual period.
- Net margin changed -3.6 percentage points in the latest annual period.
- Credit and interest rates has repeated adverse evidence across 4 filings.
- Supply chain and availability has repeated adverse evidence across 4 filings.
Questions before a position
No credible peer-relative valuation comparison is available yet.
Longer-term price context
Price as of Sep 10, 2026
70.086m+4.6%12m+23.7%24m—
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2021-12-31$1.4B—$3.60—
2022-12-31$1.5B+7.7%$3.25+8.5%
2023-12-31$1.4B-3.8%$3.22+7.2%
2024-12-31$1.5B+6.5%$3.65+1.7%
2025-12-31$1.6B+6.4%$2.94+0.3%
What management says matters
Persistent and emerging business drivers
Energy and commodity pricesmixed · 4 filings
“Natural gas retail volumes were driven by unfavorable weather in all jurisdictions, partly offset by customer growth and the acquisition of Energy West operations.”10-Q · Apr 30, 2026 ↗
Legal and regulatory exposurenegative · 4 filings
“We anticipate the transaction closing in the second half of 2026, subject to the satisfaction or waiver of certain closing conditions.”10-Q · Apr 30, 2026 ↗
Supply chain and availabilitynegative · 4 filings
“This decrease was primarily due to higher non-service component pension expense and a decrease in the value of deferred shares held in trust for deferred compensation partly offset by higher capitalization of AFUDC.”10-Q · Apr 30, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 2.7× · EV/sales 4.6×. Comparisons use only industry-matched filing peers.
Scenario scaffold
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
69.51-1.5% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 11 Sept, 15:10 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for NWE. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Latest filing assessment · baseline
The latest filing shows material pressure
10-Q filed 2026-04-30 against the comparable filing from 2025-04-30.
OperationscautiousEvidence score -1
liquidityconstructiveEvidence score +1
valuationmixed
What improved
- Revenue increased 6.6% versus the comparable filing period.
- Operating cash flow covered net income at 2.51x, improving versus the comparable period.
What weakened
- Operating margin fell 3.8 percentage points.
- Net income decreased 17.5% versus the comparable filing period.
- Net margin fell 3.7 percentage points.
Filing receipts
“The change in regulatory amortization revenue is primarily due to timing differences between when we incur electric supply costs and property taxes and when we recover these costs in rates from our customers, which has a minimal impact on utility margin.”
“This decrease was primarily due to retail volumes, operating, administrative, and general costs, including merger-related costs and costs associated with our additional ownership interests in Colstrip Units 3 and 4, depreciation expense, and interest expense.”
“This decrease was primarily due to higher non-service component pension expense and a decrease in the value of deferred shares held in trust for deferred compensation partly offset by higher capitalization of AFUDC.”
Retrospective baseline calibration. It was generated after the filing date and is not part of Jodie's live track record.
Business ecosystem
The relationships behind NWE
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
YSGLFiling-linked namecustomerApr 30, 2026 ▾
“OVERVIEW NorthWestern Energy Group, doing business as NorthWestern Energy, provides electricity and/or natural gas to approximately 842,100 customers in Montana, South Dakota, Nebraska and Yellowstone National Park.”
DCDakota Gold Corp.customerApr 30, 2026 ▾
“OVERVIEW NorthWestern Energy Group, doing business as NorthWestern Energy, provides electricity and/or natural gas to approximately 842,100 customers in Montana, South Dakota, Nebraska and Yellowstone National Park.”
AVAAvista CorporationpartnerOct 30, 2025 ▾
“Colstrip Acquisitions and Requests for Cost Recovery As previously disclosed, we entered into definitive agreements with Avista and Puget to acquire their respective interests in Colstrip Units 3 and 4 for $0 and expect to complete these acquisitions on Janua…”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 8 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
NWE is currently a Early Follower in the organic co-movement group Regulated Utilities. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.