SWX // Southwest Gas Holdings Inc. Common Stock (DE)

DES <GO> NYSE CIK 0001692115 ↗

Energy • Oil & Gas Production

$93.12 ▲ +0.63 (+0.68%)

MKT CAP: $6.75B • VOL: 677.5K

52W L $77 52W H $94

ALTMAN Z

1.31 RISK

PIOTROSKI

7 / 9

SWX // ROARABLE RATING & 5-PILLAR RQD CONFIDENCE 02:00 EST DETERMINISTIC ENGINE

PRIOR: RQD 58/100 [D+] (+0 PT) • UNCHANGED AS OF 2026-11-01

ROARABLE D+

RQD CONFIDENCE

58 / 100 +0D

5 X 20-PT QUANT PILLARS

E 0 D 35 C 59 B 70 A 86+

Roarable Sell — Weak Fundamentals / Trim

01 MASSIVE / SEC XBRL

Forensic Fundamentals

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

02 OPRA GEX + SEC 13F

Whale & Options Flow

10 / 20

NEUTRAL

NET GEX +0% • CALL SWEEP 52% • P/C 0.80

03 SEC FORM 4 (90D)

Insider Conviction

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

04 FRED 90D r-MATRIX

Macro Regime Fit

16 / 20

STRONG

TAILWIND • r(10Y)=+0.00 (+23bp) • r(OAS)=+0.00

05 10-K REDLINE AUDIT

Forensic 10-K Risk

16 / 20

STRONG

20 BASE - 4 DEDUCT • 0 CRIT / 0 MED • STABLE

ALERT

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SIG <GO> CROSS-FEED TRIANGULATION // PROPRIETARY ANOMALY ENGINE (1 ACTIVE ON SWX)

STAGE 2 DETERMINISTIC Z-SCORE + STAGE 3 GEEK DESK BRIEF ALL MARKET ANOMALIES <SIG>

▼ BEARISH // F-RATED EARNINGS MIRAGE // ACCRUAL WATCHSIFTER 02 // ACCRUAL & RECEIVABLES FORENSICS

SEVERITY: 86/100 Z-SCORE: +2.72σ

SWX Accounting Gap: Net Income (+121.2%) Outpaced OCF (-59%) With +0% Working-Capital Build

CASH CONVERSION GAP

+180.2% (NI vs OCF)

RECEIVABLES / WC BLOAT

+0.0% VS REV

60D C-SUITE FORM 4 SALES

0 OPEN-MKT DUMPS

[GEEK DESK FORENSIC NOTE // SEC XBRL × FORM 4 CROSS-CHECK]

SEC EDGAR XBRL CompanyFacts10-K/10-Q Working Capital ScheduleSEC Form 4 Executive Sales

SEC EDGAR XBRL triangulation on Southwest Gas Holdings Inc. Common Stock (DE) (SWX) exposes a +180.2% Cash Conversion Gap as YoY Net Income growth (+121.2%) diverged from Operating Cash Flow growth (-59.0%). Non-cash current assets and receivables expanded +0.0% relative to top-line revenue growth. Monitor upcoming 10-Q cash realization closely for accrual mean-reversion.

SWX // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: -1.03%📐 HORIZONTAL RANGE

2026-10-30O $93.94H $94.42L $93.00C $93.08VOL 590.1K

SUP: $77.65SMA50: $86.86SMA200: $88.26

SWX // INSTITUTIONAL BULL VS. BEAR FORENSIC DEBATE

UNDERWEIGHT CONVICTION: 44/100

BEAR 0

100 BULL

Southwest Gas Holdings Inc. Common Stock (DE) (SWX) exhibits 41.0% gross margins and 5.5% return on invested capital within Energy (Oil & Gas Production), balanced against a 8.3x enterprise multiple and 6.5% implied options volatility.

▲ INSTITUTIONAL BULL THESIS (LONG)

01. Operating Leverage & Capital Efficiency Moat

Sustained 41.0% gross profitability converts into 25.1% operating margin and 5.5% ROIC, outpacing sector cost of capital.

ROIC: 5.5% // GM: 41.0%

02. Top-Line Expansion & Cash Conversion

YoY revenue trajectory of +3.3% paired with -3.73% free cash flow yield supports self-funded R&D and capital return.

REV YOY: +3.3% // FCF YLD: -3.73%

03. Balance Sheet Solvency & Forensic Quality

Altman Z-Score of 1.31 and Piotroski F-Score of 7/9 indicate low near-term refinancing stress.

ALTMAN Z: 1.31 // F-SCORE: 7/9

▼ INSTITUTIONAL BEAR THESIS (SHORT / RISK)

01. Multiple Compression & Duration Sensitivity

Trading at 15.3x trailing P/E (14.2x Fwd P/E) leaves valuation vulnerable if real 10Y TIPS yields spike.

P/E: 15.3x // EV/EBITDA: 8.3x

02. Options Skew & Event Volatility Risk

Options market prices a ±6.5% implied move with a 0.80 put/call ratio around $91.00 max pain.

IMPL MOVE: ±6.5% // P/C: 0.80

03. Competitive Margin & CapEx Cycle Pressure

Elevated industry capital intensity and customer concentration in Oil & Gas Production require continuous execution to defend 23.3% net margins.

NET MARGIN: 23.3% // D/E: 0.87x

KEY CATALYST // Upcoming 10-Q/10-K XBRL margin progression, guidance revision vs 14.2x forward consensus, and institutional 13F positioning.

MACRO REGIME // Monitor US 10Y Real Yields (DFII10) and High-Yield Credit Spreads (OAS) for beta-adjusted multiple impact (Beta 0.88).

FORM 4 & 13F FLOW OPEN OWN <GO>

FILER	SIDE	$ VALUE
INSPECT FULL OWNERSHIP LEDGER IN OWN <GO>

UNUSUAL OPTIONS TAPE OPEN OPT <GO>

STRIKE / EXP	TYPE	PREMIUM
INSPECT GEX & CHAIN IN OPT <GO>

KEY VALUATION & PROFITABILITY RATIOS XBRL FA <GO>

TRAILING P/E 15.3x

FORWARD P/E 14.2x

EV / EBITDA 8.3x

FCF YIELD -3.73%

GROSS MARGIN 41.0%

OPERATING MARGIN 25.1%

NET MARGIN 23.3%

ROIC % 5.5%

REV GROWTH YOY +3.3%

DILUTED EPS TTM $6.07

DEBT / EQUITY 0.87x

DIVIDEND YIELD 2.65%

RSI-14 MOMENTUM 71.8

5Y EQUITY BETA 0.88

FRED MACRO SENSITIVITY (PEARSON r) ECST <GO>

MACRO CORRELATION CALIBRATION ACTIVE BELOW.

FRED MACRO REGIME STRESS-TEST SIMULATOR // SWXPEARSON R VARIANCE ENGINE

01 // SELECT FEDERAL RESERVE & CREDIT SHOCK SCENARIO

02 // POSITION NOTIONAL EXPOSURE

HEADLINE STRESS SCORE

75/100SEVERE DRAWDOWN PRESSURE

PRIMARY FACTOR EXPOSURE

DFII10 // -0.61 r

Latest: 2.08%

EST. DIRECTIONAL MOVE

-8.50%

Implied Px: $85.21

EST. DOLLAR VARIANCE

-$4,248

On $50,000 Notional

[LOCKED // MULTI-FACTOR DRAWDOWN HEDGE & MACRO TRIGGER ALERT]

Unblur the exact $50,000 delta-adjusted ETF/options hedge ratio for SWX & activate live FRED threshold breach alerts.

HEAD-TO-HEAD PEER COMPARISONS COMP <GO>

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