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Side-by-side financial comparison of NorthWestern Energy Group, Inc. (NWE) and Public Service Enterprise Group (PEG), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
Public Service Enterprise Group is the larger business by last-quarter revenue ($2.9B vs $414.3M, roughly 7.0× NorthWestern Energy Group, Inc.). Public Service Enterprise Group runs the higher net margin — 10.8% vs 10.8%, a 0.0% gap on every dollar of revenue. On growth, Public Service Enterprise Group posted the faster year-over-year revenue change (18.3% vs 10.9%). NorthWestern Energy Group, Inc. produced more free cash flow last quarter ($-93.7M vs $-408.0M). Over the past eight quarters, Public Service Enterprise Group's revenue compounded faster (2.8% CAGR vs -6.6%).
NorthWestern Energy Group, Inc. is a utility company that serves South Dakota, Nebraska, and Montana that is based in Sioux Falls. As of 2019, the company serves approximately 718,000 customers. The company's corporate headquarters are located in Sioux Falls while the headquarters for the South Dakota operations are in Huron, South Dakota.
The Public Service Enterprise Group, Inc. (PSEG) is a publicly traded energy company based in Newark, New Jersey, where it has been based since its founding. It was founded in 1985, with its roots tracing back to 1903.
NWE vs PEG — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $414.3M | $2.9B |
| Net Profit | $44.7M | $315.0M |
| Gross Margin | — | — |
| Operating Margin | 14.5% | 17.5% |
| Net Margin | 10.8% | 10.8% |
| Revenue YoY | 10.9% | 18.3% |
| Net Profit YoY | -44.5% | 10.1% |
| EPS (diluted) | $0.72 | $0.63 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q4 25 | $414.3M | $2.9B | ||
| Q3 25 | $387.0M | $3.2B | ||
| Q2 25 | $342.7M | $2.8B | ||
| Q1 25 | $466.6M | $3.2B | ||
| Q4 24 | $373.5M | $2.5B | ||
| Q3 24 | $345.2M | $2.6B | ||
| Q2 24 | $319.9M | $2.4B | ||
| Q1 24 | $475.3M | $2.8B |
| Q4 25 | $44.7M | $315.0M | ||
| Q3 25 | $38.2M | $622.0M | ||
| Q2 25 | $21.2M | $585.0M | ||
| Q1 25 | $76.9M | $589.0M | ||
| Q4 24 | $80.6M | $286.0M | ||
| Q3 24 | $46.8M | $520.0M | ||
| Q2 24 | $31.7M | $434.0M | ||
| Q1 24 | $65.1M | $532.0M |
| Q4 25 | 14.5% | 17.5% | ||
| Q3 25 | 20.7% | 26.5% | ||
| Q2 25 | 17.7% | 29.1% | ||
| Q1 25 | 26.7% | 24.7% | ||
| Q4 24 | 24.6% | 18.1% | ||
| Q3 24 | 19.7% | 24.3% | ||
| Q2 24 | 19.3% | 24.0% | ||
| Q1 24 | 21.5% | 24.8% |
| Q4 25 | 10.8% | 10.8% | ||
| Q3 25 | 9.9% | 19.3% | ||
| Q2 25 | 6.2% | 20.9% | ||
| Q1 25 | 16.5% | 18.3% | ||
| Q4 24 | 21.6% | 11.6% | ||
| Q3 24 | 13.6% | 19.7% | ||
| Q2 24 | 9.9% | 17.9% | ||
| Q1 24 | 13.7% | 19.3% |
| Q4 25 | $0.72 | $0.63 | ||
| Q3 25 | $0.62 | $1.24 | ||
| Q2 25 | $0.35 | $1.17 | ||
| Q1 25 | $1.25 | $1.18 | ||
| Q4 24 | $1.31 | $0.57 | ||
| Q3 24 | $0.76 | $1.04 | ||
| Q2 24 | $0.52 | $0.87 | ||
| Q1 24 | $1.06 | $1.06 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $8.8M | $132.0M |
| Total DebtLower is stronger | $3.3B | $22.5B |
| Stockholders' EquityBook value | $2.9B | $17.0B |
| Total Assets | $8.5B | $57.6B |
| Debt / EquityLower = less leverage | 1.14× | 1.33× |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $8.8M | $132.0M | ||
| Q3 25 | $6.2M | $334.0M | ||
| Q2 25 | $2.9M | $186.0M | ||
| Q1 25 | $56.0M | $894.0M | ||
| Q4 24 | $4.3M | $125.0M | ||
| Q3 24 | $2.5M | $203.0M | ||
| Q2 24 | $6.4M | $113.0M | ||
| Q1 24 | $4.2M | $1.2B |
| Q4 25 | $3.3B | $22.5B | ||
| Q3 25 | — | $22.5B | ||
| Q2 25 | — | $22.6B | ||
| Q1 25 | — | $23.0B | ||
| Q4 24 | $3.0B | $21.1B | ||
| Q3 24 | — | $21.4B | ||
| Q2 24 | — | $20.5B | ||
| Q1 24 | — | $21.3B |
| Q4 25 | $2.9B | $17.0B | ||
| Q3 25 | $2.9B | $17.0B | ||
| Q2 25 | $2.9B | $16.7B | ||
| Q1 25 | $2.9B | $16.4B | ||
| Q4 24 | $2.9B | $16.1B | ||
| Q3 24 | $2.8B | $16.1B | ||
| Q2 24 | $2.8B | $15.8B | ||
| Q1 24 | $2.8B | $15.7B |
| Q4 25 | $8.5B | $57.6B | ||
| Q3 25 | $8.3B | $56.9B | ||
| Q2 25 | $8.1B | $56.0B | ||
| Q1 25 | $8.1B | $55.6B | ||
| Q4 24 | $8.0B | $54.6B | ||
| Q3 24 | $7.9B | $54.1B | ||
| Q2 24 | $7.7B | $52.4B | ||
| Q1 24 | $7.6B | $52.4B |
| Q4 25 | 1.14× | 1.33× | ||
| Q3 25 | — | 1.33× | ||
| Q2 25 | — | 1.36× | ||
| Q1 25 | — | 1.40× | ||
| Q4 24 | 1.05× | 1.31× | ||
| Q3 24 | — | 1.33× | ||
| Q2 24 | — | 1.30× | ||
| Q1 24 | — | 1.35× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $56.2M | $721.0M |
| Free Cash FlowOCF − Capex | $-93.7M | $-408.0M |
| FCF MarginFCF / Revenue | -22.6% | -14.0% |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | 36.2% | 38.7% |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | 1.26× | 2.29× |
| TTM Free Cash FlowTrailing 4 quarters | $-130.0M | $26.0M |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $56.2M | $721.0M | ||
| Q3 25 | $126.7M | $1.1B | ||
| Q2 25 | $58.2M | $478.0M | ||
| Q1 25 | $153.4M | $1.0B | ||
| Q4 24 | $62.8M | $367.0M | ||
| Q3 24 | $120.0M | $623.0M | ||
| Q2 24 | $62.3M | $482.0M | ||
| Q1 24 | $161.7M | $661.0M |
| Q4 25 | $-93.7M | $-408.0M | ||
| Q3 25 | $-26.9M | $322.0M | ||
| Q2 25 | $-70.6M | $-309.0M | ||
| Q1 25 | $61.3M | $421.0M | ||
| Q4 24 | $-85.9M | $-611.0M | ||
| Q3 24 | $-33.2M | $-145.0M | ||
| Q2 24 | $-76.3M | $-355.0M | ||
| Q1 24 | $52.9M | $-136.0M |
| Q4 25 | -22.6% | -14.0% | ||
| Q3 25 | -6.9% | 10.0% | ||
| Q2 25 | -20.6% | -11.0% | ||
| Q1 25 | 13.1% | 13.1% | ||
| Q4 24 | -23.0% | -24.8% | ||
| Q3 24 | -9.6% | -5.5% | ||
| Q2 24 | -23.9% | -14.7% | ||
| Q1 24 | 11.1% | -4.9% |
| Q4 25 | 36.2% | 38.7% | ||
| Q3 25 | 39.7% | 22.6% | ||
| Q2 25 | 37.6% | 28.1% | ||
| Q1 25 | 19.7% | 19.5% | ||
| Q4 24 | 39.8% | 39.7% | ||
| Q3 24 | 44.4% | 29.1% | ||
| Q2 24 | 43.3% | 34.5% | ||
| Q1 24 | 22.9% | 28.9% |
| Q4 25 | 1.26× | 2.29× | ||
| Q3 25 | 3.31× | 1.69× | ||
| Q2 25 | 2.74× | 0.82× | ||
| Q1 25 | 1.99× | 1.78× | ||
| Q4 24 | 0.78× | 1.28× | ||
| Q3 24 | 2.56× | 1.20× | ||
| Q2 24 | 1.97× | 1.11× | ||
| Q1 24 | 2.48× | 1.24× |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
Revenue Breakdown by Segment
NWE
| Electricity Us Regulated | $315.3M | 76% |
| Other Tariff Based Revenue | $50.5M | 12% |
| Transmission Customers | $28.4M | 7% |
| Industrial Customers | $11.0M | 3% |
| Other Customers | $6.1M | 1% |
PEG
| PSEG Power Other | $1.1B | 37% |
| Electric Distribution Contracts | $929.0M | 32% |
| Gas Distribution Contracts | $840.0M | 29% |
| Other | $71.0M | 2% |
