Pinnacle West Capital Corporation (PNW) vs Portland General Electric Company (POR)

Pinnacle West Capital Corporation and Portland General Electric Company are both Utilities Regulated Electric companies. Pinnacle West Capital Corporation is the larger, with a market value of $12.3B against $5.2B — 2.4× the size. Portland General Electric Company trades at the lower P/E: 19.4× against 19.5×. Pinnacle West Capital Corporation grew revenue faster over the last twelve months: 5.69% against 1.32%. Pinnacle West Capital Corporation has the higher net margin (11.5% vs 7.27%) and the higher return on invested capital (3.86% vs 3.35%). Both pay a dividend; Portland General Electric Company yields more (4.88% vs 3.51%). Across the 22 metrics below, Portland General Electric Company leads on 12 and Pinnacle West Capital Corporation on 10.

Valuation

Metric PNW POR Utilities Regulated Electric median
P/E 19.47 19.36 19.47
P/S 2.26 1.45 2.78
P/B 1.78 1.24 1.77
Price to free cash flow n/m n/m 38.27
EV/EBITDA 8.94 9.48 12.25
EV/Sales 4.31 2.91 4.74
Earnings yield 5.14% 5.16% 5.02%
Free cash flow yield (4.00%) (3.70%) (5.09%)

Profitability

Metric PNW POR Utilities Regulated Electric median
Gross margin 62.70% 60.27% 66.28%
Operating margin 20.52% 14.06% 21.79%
Net margin 11.52% 7.27% 12.94%
Free cash flow margin (9.05%) (5.35%) (11.51%)
Return on equity 9.21% 6.45% 9.75%
Return on assets 2.07% 1.95% 2.75%
Return on invested capital 3.86% 3.35% 3.87%

Growth

Metric PNW POR Utilities Regulated Electric median
Revenue growth (TTM) 5.69% 1.32% 7.43%
EPS growth (last fiscal year) (3.63%) (7.97%) 7.45%
Revenue growth, 5-year CAGR 8.28% 10.76% 6.75%
Net income growth, 5-year CAGR 2.29% 14.57% 6.44%

Health

Metric PNW POR Utilities Regulated Electric median
Debt to equity 1.61 1.26 1.53
Current ratio 0.59 0.98 0.81
Net debt to EBITDA 4.22 4.28 5.25

Dividend

Metric PNW POR Utilities Regulated Electric median
Dividend yield 3.51% 4.88% 3.29%
Payout ratio 0.70 0.95 0.66

Size

Metric PNW POR Utilities Regulated Electric median
Market cap 12.31b 5.16b 23.14b

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