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Forensic Analysis · Combined Electric & Other Services · as of Nov 9, 2026

NorthWestern Energy Group, Inc. (NWE)

A forensic read on NorthWestern Energy Group, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

B · Sound & dependable
Forensic grade
Clean
Earnings quality
2
Forensic signals
6.3%
ROE
6.4%
Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

NorthWestern Energy Group, Inc. earns a B (Sound & dependable) forensic quality grade. 2 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

3.8%
FY2025
Return on invested capital. Return on invested capital is 3.8% in the latest fiscal year and steady across FY2023–FY2025, inside a 0.2-point range. After-tax operating profit was $270M in FY2023 and $293M in FY2025, with operating income at 21.1% of revenue in FY2023, 21.4% in FY2024 and 20.2% in FY2025. The capital base behind it went from $7.2B in FY2023 to $7.7B in FY2025 (+7%), while the revenue it carried went from $1.4B to $1.6B.
FCF ($130M)
FY2025
Shareholder returns. Returned $161M to shareholders (buybacks + dividends) in FY2025, but free cash flow was ($130M) after capex — there was no free cash flow to fund the payout from at all, though operating cash flow alone was $394M — 41% of that. Capex and the payout together ran $291M past operating cash flow — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of. New debt covered it: total debt rose $291M over FY2025, while cash rose $4M.

Key fundamentals

Latest Revenue$1.61B
Revenue Growth YoY+6.4%
Revenue CAGR (2yr)+6.4%
Net Margin11.2%
Free Cash Flow-$130.0M
Return on Equity6.3%
Debt / Equity1.14x

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Data from SEC EDGAR public filings · metrics as of Nov 9, 2026. Forensic signals flag probability, not certainty.

See a wrong number? Report an error with the filing it should match.