SWX (Southwest Gas Holdings) Cyclically Adjusted Price-to-FCF: (As of Sep. 21, 2026)

Author: Vera Yuan Vera Yuan
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Director of Data and Quant Analytics at GuruFocus
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Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

SWX Southwest Gas Holdings Inc SWX
63 GF Score
Price $84.65
GF Value $43.91
Valuation Significantly Overvalued
! 10 Warning Signs
View Full Analysis

What is Southwest Gas Holdings Cyclically Adjusted Price-to-FCF?

Shiller PE for Stocks: The True Measure of Stock Valuation


Southwest Gas Holdings  (NYSE:SWX) Cyclically Adjusted Price-to-FCF Explanation

Compared with the regular Price-to-Free-Cash-Flow, which works poorly for cyclical businesses, the Cyclically Adjusted Price-to-FCF smoothed out the fluctuations of free cash flow during business cycles. Therefore it is more accurate in reflecting the valuation of the company.

If a company has consistent business performance, the Cyclically Adjusted Price-to-FCF should give similar results to regular Price-to-Free-Cash-Flow.


Southwest Gas Holdings Cyclically Adjusted Price-to-FCF Related Terms


Southwest Gas Holdings Cyclically Adjusted Price-to-FCF Historical Data

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The historical data trend for Southwest Gas Holdings's Cyclically Adjusted Price-to-FCF can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Southwest Gas Holdings Cyclically Adjusted Price-to-FCF Chart

Southwest Gas Holdings Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Cyclically Adjusted Price-to-FCF
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Southwest Gas Holdings Quarterly Data
Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26 Jun26
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SWX vs BKH, NJR, OGS: Cyclically Adjusted Price-to-FCF Comparison

For the Utilities - Regulated Gas subindustry, Southwest Gas Holdings's Cyclically Adjusted Price-to-FCF, along with its competitors' market caps and Cyclically Adjusted Price-to-FCF data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Southwest Gas Holdings Cyclically Adjusted Price-to-FCF vs Utilities - Regulated Industry

For the Utilities - Regulated industry and Utilities sector, Southwest Gas Holdings's Cyclically Adjusted Price-to-FCF distribution charts can be found below:

* The bar in red indicates where Southwest Gas Holdings's Cyclically Adjusted Price-to-FCF falls into.


SWX
63GF Score
Southwest Gas Holdings Inc SWX
Cyclically Adjusted Price-to-FCF is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Southwest Gas Holdings Cyclically Adjusted Price-to-FCF Calculation

Like the Shiller PE Ratio, the Cyclically Adjusted Price-to-FCF takes the Free Cash Flow per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/FCF calculation. Because it considers this 10-year average, it's often referred to as the CAPFCF Ratio.

The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted Price-to-FCF.

Southwest Gas Holdings's Cyclically Adjusted FCF per Share for the quarter that ended in Jun. 2026 is calculated as:

For example, Southwest Gas Holdings's adjusted Free Cash Flow per Share data for the three months ended in Jun. 2026 was:

Adj_FreeCashFlowPerShare=Free Cash Flow per Share/CPI of Jun. 2026 (Change)*Current CPI (Jun. 2026)
=-2.399/333.9520*333.9520
=-2.399

Current CPI (Jun. 2026) = 333.9520.

Southwest Gas Holdings Quarterly Data

Free Cash Flow per Share CPI Adj_FreeCashFlowPerShare
201609 -1.647 241.428 -2.278
201612 -0.054 241.432 -0.075
201703 0.962 243.801 1.318
201706 -2.299 244.955 -3.134
201709 -1.807 246.819 -2.445
201712 -2.134 246.524 -2.891
201803 0.537 249.554 0.719
201806 -2.414 251.989 -3.199
201809 -1.227 252.439 -1.623
201812 -1.654 251.233 -2.199
201903 -0.422 254.202 -0.554
201906 -3.159 256.143 -4.119
201909 -2.699 256.759 -3.510
201912 -1.764 256.974 -2.292
202003 1.100 258.115 1.423
202006 -1.967 257.797 -2.548
202009 -1.710 260.280 -2.194
202012 -0.956 260.474 -1.226
202103 -3.557 264.877 -4.485
202106 -2.240 271.696 -2.753
202109 -1.981 274.310 -2.412
202112 -2.451 278.802 -2.936
202203 0.391 287.504 0.454
202206 -1.907 296.311 -2.149
202209 -3.043 296.808 -3.424
202212 -2.125 296.797 -2.391
202303 -5.917 301.836 -6.547
202306 -0.302 305.109 -0.331
202309 -0.551 307.789 -0.598
202312 1.430 306.746 1.557
202403 4.487 312.332 4.798
202406 1.156 314.175 1.229
202409 1.454 315.301 1.540
202412 -0.020 315.605 -0.021
202503 1.776 319.799 1.855
202506 -1.012 322.561 -1.048
202509 -1.462 324.800 -1.503
202512 -2.150 324.054 -2.216
202603 -0.642 330.213 -0.649
202606 -2.399 333.952 -2.399

Add all the adjusted free cash flow per share together and divide 10 will get our Cyclically Adjusted FCF per Share.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.

Is Southwest Gas Holdings (SWX) Overvalued in 2026?

Based on GuruFocus' analysis, Southwest Gas Holdings stock appears to be overvalued. The current stock price of $84.65 is trading 92.8% above its estimated GF Value™ of $43.91. GuruFocus considers Southwest Gas Holdings to be Significantly Overvalued.

Key valuation signals for SWX:

  • Cyclically Adjusted Price-to-FCF:
  • GF Value™: $43.91 vs. price of $84.65 (92.8% above fair value)
  • GF Score™: 63/100 with 10 warning signs

No single metric tells the full story. See the SWX stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Southwest Gas Holdings Business Description

Address 8360 South Durango Drive, Post Office Box 98510, Las Vegas, NV, USA, 89113
Southwest Gas Holdings Inc is a utility company engaged in the purchasing, distributing, and transporting of natural gas in the American Southwest. The company segments its activities into natural gas distribution segment. The Natural gas distribution segment encompasses the company's core natural gas business as distributors in the states of Arizona and Nevada. Its division is responsible for roughly half of Southwest Gas' total revenue through the sale of natural gas to mainly residential and small commercial customers.
63GF Score

Get the complete analysis for SWX

Cyclically Adjusted Price-to-FCF is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$84.65
Price
$43.91
GF Value