SWX · CIK 1692115
What Southwest Gas Holdings, Inc. told the SEC could break it.
2 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
A limited set so far, we surface every cited disclosure we’ve extracted for SWX. More may follow as additional filings are processed.
In its own words
What could break it.
Geographic concentration
- Operations entirely in AZ, NV, CAmedium
All consolidated operations are in just three desert-Southwest states — Arizona, Nevada and California — with 53% of 2025 operating margin from Arizona, 35% from Nevada and 12% from California, tying results to those states' economies, weather and utility regulators.
“All of our consolidated operations are located in the States of Arizona, Nevada and California. For the year ended December 31, 2025, 53% of our operating margin came from Arizona, 35% came from Nevada and 12% came from California.”
SEC filing →As of 2026
Regulatory & policy
- Electrification / decarbonization policy on gas demandmedium
As a natural-gas distribution utility (notably in California), it faces state electrification and fossil-fuel-reduction policy risk: new legislation or regulation could raise compliance costs, impose operating restrictions, cut demand for natural gas, or constrain the prices it charges customers.
“Any resulting legislation or regulations could result in increased compliance costs or additional operating restrictions on our business, affect the demand for natural gas, or impact the prices we charge our customers.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its suppliers
“Revenue from Southwest Gas Corporation totaled $97.6 million during the fiscal year ended December 28, 2025”
Cited →
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