NWE

NorthWestern Energy Group, Inc.

Ticker: NWEUtilitiesElectric, Gas & Water
HQ SIOUX FALLS, SDCIK 1993004FY end 12-31Book / share $46.92Shares 62M
Revenue (FY)
$1.61B+6.38%
TTM $1.69B
Op. margin
20.23%-1.13%
TTM 18.84%
Net income
$181.09M-19.20%
TTM $171.37M
Operating cash
$394.45M-3.02%
TTM $416.09M
Free cash flow
$-130.00M+8.77%
TTM $-192.16M
Return on equity
6.28%-1.57%
TTM 5.92%
Debt / equity
1.19+0.11%
TTM 1.24
Shares outstanding
61.5M+0.27%
TTM 61.7M

The business

NorthWestern Energy Group, Inc. operates as a vertically integrated utility company providing essential energy infrastructure and services across the northern United States. The company does business as NorthWestern Energy and maintains its primary web presence at www.northwesternenergy.com. As an accelerated filer with the Securities and Exchange Commission, NorthWestern Energy trades on the NASDAQ under ticker symbol NWE.

The company serves approximately 850,300 customers across Montana, South Dakota, Nebraska, and Yellowstone National Park through two primary operating subsidiaries: NorthWestern Corporation, which handles Montana operations and Yellowstone National Park service, and NorthWestern Energy Public Service Corporation, which manages South Dakota and Nebraska operations. The business operates in two reportable segments: electric utility operations encompassing generation, purchase, transmission and distribution of electricity, and natural gas utility operations including production, purchase, transmission, storage, and distribution of natural gas.

NorthWestern's electric operations span approximately 107,600 square miles in Montana, serving roughly 440,700 customers, while South Dakota electric operations serve over 65,600 customers across 25 counties. The company's natural gas operations extend to approximately 249,400 customers in Montana, 51,200 customers in South Dakota, and 43,400 customers in Nebraska. The customer base comprises residential, commercial, and industrial segments, with Montana electric revenue split approximately 46 percent residential, 46 percent commercial, and 8 percent other, while South Dakota electric revenue reflects 39 percent residential and 59 percent commercial.

The company operates an extensive infrastructure including 6,596 miles of electric transmission lines in Montana, 1,344 miles in South Dakota, and approximately 7,900 miles of natural gas distribution pipelines across its service territories. NorthWestern owns and operates multiple generation facilities including hydroelectric plants, coal-fired stations, and natural gas facilities, with owned generation resources representing approximately 67 percent of retail load in 2025. The company committed to achieving Net-Zero carbon emissions by 2050 for Scope 1 and Scope 2 emissions, with approximately 52 percent of its electric portfolio from carbon-free sources in 2025. In August 2025, NorthWestern entered into a merger agreement with Black Hills Corporation, with the combined entity to operate under the name Bright Horizon Energy Corporation.

Sector
Utilities
Industry
Electric, Gas & Water
HQ
SIOUX FALLS, SD
FY end
12-31
CIK
1993004
SIC
4931
Financial performance · annual
20232025
$-169.14M$338.28M$845.69M$1.35B$1.86B202320242025TTMTTMTTM

Ownership

Who holds NorthWestern Energy Group, Inc. — across funds, superinvestors and bonds · N-PORT 2026Q2 · 13F 2026-06-30

349
funds hold it
0 of 35
superinvestors hold it
$2.01B
fund-held value
45.8%
of shares held by funds
1
bond issues held by funds

Top fund holders

Fund% of fundValue
iShares Core S&P Mid-Cap ETF
IJH · iShares Trust
0.12%$150.87M
VANGUARD TOTAL STOCK MARKET INDEX FUND
VTI · VANGUARD INDEX FUNDS
0.01%$139.80M
iShares Russell 2000 ETF
IWM · iShares Trust
0.14%$115.26M
VANGUARD SMALL-CAP INDEX FUND
VB · VANGUARD INDEX FUNDS
0.05%$101.08M
Franklin Utilities Fund
FKUTX · Franklin Custodian Funds
1.31%$100.27M

Bonds held by funds

Funds report holding 1 issues of NorthWestern Energy Group, Inc.'s debt, $0.03M at fund-held market value — what funds hold, not the company's debt outstanding. Weighted-average coupon 4.18%, maturing 20442044.

IssueCouponMaturesFundsFund-held
NWE 4.176 11/15/444.180%2044-11-152$0.03M

Fund ownership counts N-PORT filers only, so it is a floor rather than a census — pensions, insurers and direct holders are not visible here, and the remainder is not “held by individuals”.

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15 years of NorthWestern Energy Group, Inc.'s financials

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