HIGHBuilt-inGeographic
53%
Arizona
“10-K Item 1A: '53% of our operating margin came from Arizona, 35% came from Nevada and 12% came from California'”
SWX · Concentration risk · 10-K extracted
Southwest Gas Holdings (SWX) concentration risks
Updated
The most significant concentration Southwest Gas Holdings discloses is Arizona at 53%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Southwest Gas Holdings’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 3 disclosed concentrations
HIGH2
MEDIUM1
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
HIGHBuilt-inRegulatory
ACC (Arizona)
“10-K Item 1: 'Southwest Gas is subject to regulation by the ACC, the PUCN, and the CPUC'”
MEDIUMBuilt-inGeographic
35%
Nevada
“10-K Item 1A: '53% of our operating margin came from Arizona, 35% came from Nevada and 12% came from California'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's concentration profile is primarily geographic and regulatory, reflecting the state-utility structure of its natural gas distribution business. Arizona is the largest disclosed exposure, contributing 53% of operating margin — a high-share structural concentration. Nevada represents a further 35% of operating margin — a moderate share by disclosed size, also structural in character. California accounts for 12% of operating margin. Together, three states account for all disclosed operating margin, with Arizona and Nevada together representing the dominant share. Because these are regulated utility operations, the geographic concentration also creates regulatory dependency: the company is subject to oversight by the ACC in Arizona, the PUCN in Nevada, and the CPUC in California — a high-share structural exposure to multi-regulator governance. Rate case outcomes, allowed returns, and infrastructure investment timelines in each jurisdiction directly affect earnings, making the regulatory relationship in Arizona and Nevada the primary variables to monitor. The geographic and regulatory exposures are inseparable here: the concentration of margin in Arizona and Nevada is both the business's structural foundation and the source of its regulatory leverage point. Neither exposure is idiosyncratic to a customer or supplier that could be lost — they reflect the durable, franchise-based nature of regulated natural gas distribution — but they do mean that an adverse rate case in Arizona alone could materially affect consolidated results.
For the engine’s reasoning on SWX’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Utilities - Regulated Gas
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| MDU | MDU Resources Group, Inc. | 3 | 0 | 0 | 3 |
| SWX● | Southwest Gas Holdings, Inc. | 2 | 1 | 0 | 3 |
| ATO | Atmos Energy Corporation | 1 | 0 | 0 | 1 |
| BKH | Black Hills Corporation | 0 | 2 | 0 | 2 |
| CPK | Chesapeake Utilities Corporatio | 0 | 1 | 1 | 2 |
| CTRI | Centuri Holdings, Inc. | 0 | 1 | 0 | 1 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.