Pinnacle West Capital Corporation

PNW Utilities Utilities Regulated Electric

Pinnacle West Capital Corporation’s revenue for fiscal 2025 (year ended December 2025) was $5.3 billion, up 4.20% from fiscal 2024.

Revenue
+8.35%
EPS
+4.27%
Free cash flow
−24.9%
Total debt
+9.05%

Quarter to September 2026, against a year earlier

103.77 1.80 −1.71%
Market cap
$12.6B
P/E
19.0×
Fwd P/E
22.0×
Dividend yield
3.52%
F-score
3/9
Altman Z
0.69
Beneish M
−2.46
Dividend safety
40/100

Revenue by segment Fiscal 2012

  • Regulated Operation
  • Other

Every year since 2009 →

Insider Decisions last twelve months

Sold, $m 0.93
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — 1 — — 2 — — —
Insider Ownership 0.28%

Capital & Financial Ratios $m

Size
Market Cap 12,580.00
Revenue ttm 5,706.26
Net income ttm 669.91
Free cash flow ttm (527.58)
Net debt Q 11,416.81
Valuation
P/E 18.98
Forward P/E 22.00
Price / sales 2.21
Forward P/S Powerpack
Price / FCF 0.00
Price / book 1.67
Financial health
Current ratio Q 0.71 (below 1: weak)
Debt / equity Q 1.52
Interest coverage Q 4.47
Growth
Revenue growth Q +8.35% (above 0%: growing)
Operating income growth Q +6.70% (above 0%: growing)
EPS, this year −1.75% (below 0%: weak)
EPS, next year A +11.82%
Revenue, next year A +3.90%
EPS, past 5 yrs +0.73%
EPS, next 5 yrs A +6.62%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 65.20%
10-year low 10-year high
P/S against its own 10 years 42.72%
10-year low 10-year high
P/B against its own 10 years 60.21%
10-year low 10-year high
EV/Sales against its own 10 years 73.41%
10-year low 10-year high

Dividends raised every year since 2018

Yield
3.52%
Annual rate
3.66
Payout ratio
68.5%
Growth, 2018–26
+3.28%/yr
  1. 2.82 ’18
  2. 3.00 ’19 +6
  3. 3.18 ’20 +6
  4. 3.34 ’21 +5
  5. 3.42 ’22 +2
  6. 3.48 ’23 +2
  7. 3.54 ’24 +2
  8. 3.60 ’25 +2
  9. 3.66 ’26 +2
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 5 4 7 11
Receivables 659 678 734 1,210
Inventory 494 501 565 642
Other 769 506 398 290
1,927 1,689 1,704 2,154
2023 2024 2025 Q'26
Payables 442 485 680 547
ST’ Debt 1,485 1,368 1,357 1,264
Other 555 525 533 573
2,889 2,844 3,161 3,019

Compound Annual Growth %

10y 5y 3y
Sales 4.33% 8.28% 7.28%
Cash Flow 5.13% 13.31% 13.29%
Earnings 3.50% 2.29% 8.43%
Book Value 4.15% 4.26% 4.78%

Earnings Trends EPS, adjusted, against the consensus

EPS $

Mar Jun Sep Dec Year
’26 0.27 1.43 3.51 — —
’25 (0.04) 1.58 3.39 0.13 5.05
’24 0.15 1.76 3.37 (0.06) 5.24
’23 (0.03) 0.94 3.50 0.00 4.41
’22 0.15 1.45 2.88 (0.21) 4.26
’21 0.32 1.91 3.00 0.24 5.47
’20 0.27 1.71 3.07 (0.17) 4.87
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 1,150 1,456 1,973 — —
’25 1,032 1,359 1,821 1,128 5,340
’24 952 1,309 1,769 1,095 5,125
’23 945 1,122 1,638 992 4,696
’22 784 1,062 1,470 1,009 4,324
’21 696 1,000 1,308 799 3,804
’20 662 930 1,255 741 3,587
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 235 394 723 — —
’25 402 261 665 477 1,805
’24 347 190 633 439 1,610
’23 212 226 396 374 1,208
’22 341 248 444 210 1,241
’21 202 110 348 200 860
’20 184 185 403 194 966
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (303) (248) 75 — —
’25 (169) (392) 100 (53) (513)
’24 (101) (269) 59 (17) (328)
’23 (208) (212) 53 (90) (458)
’22 (23) (163) 44 (187) (329)
’21 (146) (190) 58 (229) (508)
’20 (153) (123) 119 (140) (298)
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 19.1% a year for ten years.

Implied
19.1%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.6
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 3,499 3,565 3,691 3,471 3,587 3,804 4,324 4,696 5,125 5,340 5,706 +4.8% 5,548 5,937 6,272 +5.5%
Gross margin, % 69.26 72.48 70.85 69.97 72.30 69.70 62.32 61.83 64.44 63.79 61.91 (5.5) pt
EBT 698 766 664 542 648 746 576 596 737 738 783 +0.6%
EBT margin, % 19.95 21.49 18.00 15.62 18.07 19.61 13.31 12.69 14.37 13.83 13.72 (6.1) pt
Net income 462 508 531 558 570 636 501 519 626 632 670 +3.5%
Per share, $
Per share, $ Revenue 31.40 31.88 32.92 30.87 31.84 33.69 38.20 41.40 45.02 44.62 47.03 +4.0%
Earnings 3.97 4.37 4.56 4.79 4.89 5.48 4.27 4.42 5.35 5.15 5.47 +2.9%
Cash flow 9.19 10.00 11.39 8.51 8.58 7.62 10.97 10.65 14.14 15.08 15.08 +5.7%
Capex (10.87) (12.38) (10.26) (9.97) (11.22) (12.11) (13.87) (14.68) (17.02) (19.37) (19.43) +6.6%
Free cash flow (1.69) (2.39) 1.13 (1.46) (2.64) (4.50) (2.90) (4.04) (2.88) (4.29) (4.35) +10.9%
Book value 44.30 45.92 47.70 49.39 51.06 53.33 54.42 55.40 60.23 59.21 62.00 +3.3%
Shares, m 111 112 112 112 113 113 113 113 114 120 121 +0.8%
Valuation, ×
Valuation, × P/E 19.48 19.20 18.68 18.77 16.35 12.88 17.48 16.56 15.84 17.22 18.98 17.2
P/S 2.46 2.63 2.59 2.91 2.51 2.10 1.95 1.77 1.88 1.99 2.21 2.3
P/B 1.75 1.83 1.79 1.82 1.57 1.32 1.37 1.32 1.41 1.50 1.67 1.6
EV/Sales 3.70 4.02 4.00 4.57 4.30 4.03 3.83 3.69 3.72 3.96 4.21 4.0
EV/FCF (68.85) (53.68) 116.52 (96.62) (51.83) (30.16) (50.44) (37.84) (58.15) (41.26) (45.50) (37.2)
Cash, $m
Cash, $m Operating cash flow 1,023 1,118 1,277 957 966 860 1,241 1,208 1,610 1,805 1,829 +6.5%
Capex (1,211) (1,385) (1,150) (1,121) (1,264) (1,368) (1,570) (1,666) (1,938) (2,318) (2,357) +7.5%
Free cash flow (188) (267) 127 (164) (298) (508) (329) (458) (328) (513) (528) +11.8%
Balance, $m
Balance, $m Working capital (471) (182) (724) (1,048) (162) (206) (12) (962) (1,154) (1,457) (866) +13.4%
Net debt 4,315 4,953 5,209 5,737 6,423 7,346 8,128 9,020 9,423 10,556 11,417 +10.5%
Shareholders’ equity 4,936 5,136 5,349 5,553 5,753 6,021 6,160 6,285 6,857 7,087 7,522 +4.1%
Returns, %
Returns, % ROA 2.85 2.96 2.95 2.98 2.86 2.94 2.16 2.12 2.40 2.20 2.09 (0.7) pt
ROIC 5.65 5.64 4.58 3.72 4.05 3.77 3.20 3.37 3.89 3.78 3.89 (1.9) pt
ROE 9.16 9.70 9.75 9.88 9.74 10.51 7.94 8.06 9.26 8.84 8.98 (0.3) pt
People
People Employees 6,339 6,292 6,259 6,210 6,026 5,872 5,861 6,133 6,403 6,610 — +0.5%
Revenue/emp, $m 0.55 0.57 0.59 0.56 0.60 0.65 0.74 0.77 0.80 0.81 — +4.3%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

Pinnacle West is an investor-owned electric utility holding company based in Phoenix, Arizona. Its principal subsidiary, Arizona Public Service (APS), produces, buys, moves and delivers electricity to homes, businesses and other users across Arizona. APS is the company through which Pinnacle West earns essentially all of its revenue and income.

APS’s regulated electricity business includes retail service to customers, wholesale electricity activity, power generation, high-voltage transmission and local distribution networks. In plain English, APS operates power plants or contracts for electricity, carries power over transmission lines, and delivers it over local wires to customer premises. Its active subsidiaries besides APS are El Dorado and PNW Power.

Where the money comes from and where it goes Fiscal 2012

Fiscal 2012: revenue by segment, and margins
Regulated Operation 3,294 99.76%
Other 8 0.24%
Gross margin 69.87%
Operating margin 25.80%
Pre-tax margin 19.88%

Revenue by segment since 2009

Pinnacle West Capital Corporation vs peers in Utilities Regulated Electric (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
EIX Edison International $23.4B 6.5× 9.9× −15.03% (below 0%: shrinking) −12.96% (below 0%: shrinking) +41.59% (above 0%: growing) 65.47% 20.06% Compare
CMS CMS Energy Corporation $22.2B 33.3× 19.2× +8.02% (above 0%: growing) n/m +26.30% (above 0%: growing) 63.03% 2.15% Compare
EVRG Evergy Inc. $20.2B 18.9× 20.1× +15.84% (above 0%: growing) +28.64% (above 0%: growing) −62.16% (below 0%: shrinking) 0.00% 38.56% Compare
LNT Alliant Energy Corporation $19.1B 20.3× 20.8× +6.20% (above 0%: growing) +40.37% (above 0%: growing) −103.43% (below 0%: shrinking) 81.71% 30.27% Compare
KEP Korea Electric Power Corporation $14.3B 2.6× 4.1× −0.14% (below 0%: shrinking) −77.78% (below 0%: shrinking) −689.05% (below 0%: shrinking) 8.72% 5.15% Compare
PNW Pinnacle West Capital Corporation $12.6B 19.0× 22.0× +8.35% (above 0%: growing) +4.27% (above 0%: growing) −24.89% (below 0%: shrinking) 61.58% 31.47%
OGE OGE Energy Corporation $10.5B 19.0× 19.8× +13.19% (above 0%: growing) +33.03% (above 0%: growing) −38.62% (below 0%: shrinking) 62.70% 36.23% Compare
IDA IDACORP, Inc. $8.7B 22.1× 22.7× +15.95% (above 0%: growing) +20.87% (above 0%: growing) −18.34% (below 0%: shrinking) 66.73% 29.39% Compare
TXNM TXNM Energy, Inc. $6.4B 27.3× 19.2× +13.31% (above 0%: growing) +27.05% (above 0%: growing) −2,148.16% (below 0%: shrinking) 69.76% 36.97% Compare
Median of peers $16.7B 19.7× 19.5× +10.60% +27.05% −50.39% 64.25% 29.83%

All 39 Utilities Regulated Electric stocks →

From the latest earnings call

Updated

  • On the Q2 call, CEO Ted Geisler said APS planned to include committed customer growth in its resource plan and match it with resources.
  • CFO Andrew Cooper said a planned conversion of retired coal units could add up to approximately $440 million in capital investment, mostly in 2027 and 2028.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 108.06%
Held by the ten largest 63.00%
Holder Shares Stake Change
Capital Group 16.50m 13.61% +56.81k
Vanguard 15.02m 12.40% +112.43k
BlackRock 11.78m 9.72% +14.32k
State Street 7.02m 5.79% +105.65k
BARROW HANLEY MEWHINNEY & STRAUSS LLC 6.58m 5.43% −424.94k
ATLAS Infrastructure Partners (UK) Ltd. 5.33m 4.40% +257.81k
Invesco 4.17m 3.44% −76.83k
Soroban Capital Partners LP 3.87m 3.20% +20.16k
Geode Capital Management 3.22m 2.66% +89.51k
MFS Investment Management 2.85m 2.35% +9.30k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 3 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2024 10.97m 17.20m 127.00
2023 9.32m 10.89m 103.00
2022 8.36m 9.45m 104.00
2021 8.10m 5.53m 92.00

Ownership

Directors and executive officers, together less than 1%
The Vanguard Group Inc.100 Vanguard Boulevard Malvern, PA 12.60%
Capital Research Global Investors and certain related entities333 South Hope Street, 11.30%
BlackRock, Inc. and certain related entities50 Hudson YardsNew York, NY 8.20%
State Street Corporation and certain related entitiesOne Congress Street, Suite 6.02%
Barrow Hanley Mewhinney & Strauss, LLC/Barrow Hanley Global Investors2200 Ross Avenue, 5.58%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Pinnacle West Capital Corporation (PNW) Latest News

28 Oct

26 Oct

Impact 4 · · Investing.com

21 Oct

Impact 3 · · Business Wire

15 Oct

Impact 3 · · Barchart

25 Sep

11 Aug

Impact 3 · · The Motley Fool transcript

5 Aug

Impact 3 · · MarketBeat transcript

PNW metrics, ten years each

stockrow.com/PNW · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com