— Know what they know.
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Not Investment Advice

PNW

NYSE · USD
Pinnacle West Capital Corporation
Utilities · Regulated Electric
CEO Theodore N. Geisler Employees 6,610 R&D / revenue 0.0%
Last price
$103.42+1.81%last session
Market cap
$12.5B
P/E (TTM)
19.4x
From 52w high
−7.0%
From 52w low
+20.0%
1-year return
+12.4%
RSI 14 · vs SMA200
73.7 · +4.0%
IS score
40.3/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

PNW   SPY   XLU (sector ETF) · weekly closes
90100110120Jan 26Apr 26Jul 26Oct 26SPY 116PNW 112XLU 92

Score DNA

Each bar is a 0-100 score within the scored universe
50
Profitability
51
Growth
56
Value
80
Momentum
15
Risk (safety)
69
Quality
23
Balance sheet
74
Earnings quality

Flags

Strengths
None of the computed strength flags fires.
Warnings
▲ Altman distress zone▲ Negative free cash flow▲ Share count rising
Observations
Moat model: Weak, Switching CostsPiotroski 7 / 9Altman Z 0.7Beta 0.442 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
4 open-market sales, $930,933
Form 144 notices (12m): 3, $937,217 proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
0
No disclosed purchases
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+25
84 new holders, 52 closed
732 filers hold 109.8% · 298 added, 202 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+52
518 funds adding shares
466 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
70.5%
20-day avg 69.6%, 50-day avg 66.8%
Latest 0.9 pp over its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$5.3B
Revenue growth YoY+4.2%
Gross margin25.4%
Operating income$1.1B
Operating margin20.9%
Net income$616.5M
Net margin11.5%
EPS (diluted)$5.05
Cash flow
Operating cash flow$1.8B
Capital expenditure$2.6B
Free cash flow−$819.5M
FCF conversion (FCF / OCF)-45.4%
Stock-based compensation$0
FCF less SBC−$819.5M
Buybacks$0
Dividends$422.8M
Balance sheet & returns
Cash & short-term investments$9.9M
Total debt$14.3B
Net debt$14.3B
Shareholders' equity$7.1B
Goodwill & intangibles$576.0M
Debt / equity1.62
ROE (TTM)9.0%
ROIC (TTM)3.2%
Operating margin by fiscal year
21.2%FY202116.9%FY202217.6%FY202319.7%FY202421.7%FY2025
Revenue $3.8B (FY2021) to $5.3B (FY2025), a 8.9% CAGR.

Valuation

P/E (TTM)19.4x
EV / EBITDA10.8x
Price / sales2.26x
Price / FCFn/m
FCF yield-7.01%
Buyback yield0.00%
SBC / revenue0.2%
Price / book1.78x
Forward P/E FY202621.6x
Forward P/E FY202718.6x
Forward P/E FY202816.9x
Forward multiples divide today's price by Street EPS estimates. Street mean target $100.25 across 8 analysts last quarter is theirs, not ours.

PNW vs industry median

139 companies in Regulated Electric
Gross margin 46.9% 39.0% Operating margin 20.5% 19.1% Net margin 11.5% 13.0% ROIC 3.2% 5.7%
PNW (TTM)Industry median Asset turnover 0.17 vs industry 0.24 · financial leverage 4.63

Earnings delivery

Next report 2026-11-03 · consensus EPS $3.26
67%
beat rate, 8 of 12 quarters
+26.2%
median EPS surprise
4
longest beat streak
+3+100+1900+41-3+81-180+0+12+160+1000-2
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-11-02 to 2026-08-04. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
PNW Pinnacle West Capital Corpor $12.5B19.4x9.0%11.5%+4.2% +12.4%
OGE OGE Energy Corp. $9.8B20.8x9.8%16.9%+0.6% +6.2%
LNT Alliant Energy Corporation $17.7B21.6x11.1%17.5%+6.8% +1.8%
EVRG Evergy, Inc. $19.2B20.7x9.2%14.3%+4.1% +8.5%
IDA IDACORP, Inc. $8.0B22.4x9.4%21.8%−0.5% +2.5%
EIX Edison International $21.5B5.7x22.4%12.3%+10.7% —
CMS CMS Energy Corporation $21.5B20.3x11.3%6.6%+9.9% —
DTY DTE Energy Company $22.7B3.5x12.2%8.8%+25.4% —
12-month window: SPY +15.9%, sector ETF XLU −8.1%. Past returns describe history only.

Recent 8-K filings

2026-09-30Regulation FD; Exhibits
2026-09-04Regulation FD; Exhibits
2026-08-13Exhibits
2026-08-07Regulation FD; Exhibits
2026-08-04Earnings Release; Regulation FD; Exhibits
2026-08-04Material Agreement; Exhibits

Context

Shares outstanding121,197,000
Free float99.5%
Institutional ownership109.8%
Beta0.44
Dividend yield3.52%
Last dividend$0.91 on 2026-08-03
50 / 200-day average$97.29 / $99.56
Large-cap Utilities median P/E20.7x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Weak).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where PNW sits among 45 scored companies in Regulated Electric (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasurePNWIndustry medianIndustry percentileSector median
P/E (TTM) 19.6x 19.6x
50th		 20.7x
PEG (P/E ÷ 3-yr EPS CAGR) 1.51 1.94
32nd		 2.20
Price / sales 2.3x 2.4x
45th		 2.4x
Price / book 1.8x 1.8x
48th		 1.9x
Price / tangible book 2.0x 2.0x
52nd		 2.1x
Price / free cash flow —
Price / operating cash flow 7.1x 9.1x
35th		 9.2x
Enterprise value $23.9B $51.2B
23rd		 $25.7B
EV / sales 4.3x 3.9x
52nd		 4.5x
EV / EBITDA 10.9x 11.6x
43rd		 11.9x
EV / EBIT 19.5x 19.5x
52nd		 19.6x
EV / free cash flow —
Earnings yield 5.1% 5.1%
50th		 4.8%
FCF yield -7.0% -1.8%
32nd		 -4.2%
Operating cash flow yield 14.1% 10.7%
67th		 10.3%
Graham number (per share) $80.85 $56.02
75th		 $48.77

Profitability (TTM)

MeasurePNWIndustry medianIndustry percentileSector median
Gross margin 46.9% 43.4%
55th		 43.4%
EBITDA margin 39.6% 40.2%
45th		 38.7%
Operating margin 27.0% 22.2%
91st		 20.9%
EBIT margin 22.0% 23.8%
36th		 23.2%
Net margin 11.5% 13.5%
27th		 12.4%
NOPAT margin 23.1% 19.3%
84th		 18.1%
FCF margin -15.8% -5.6%
32nd		 -7.6%
Operating cash flow margin 31.9% 29.1%
64th		 28.3%
R&D / revenue 0.0% 0.0%
0th		 0.0%
SG&A / revenue 5.0% 3.8%
53rd		 4.2%
Stock comp / revenue 0.2% 0.0%
76th		 0.0%
Effective tax rate 14.5% 13.7%
52nd		 18.4%

Returns on capital

MeasurePNWIndustry medianIndustry percentileSector median
ROE (on average equity) 9.3% 10.5%
27th		 9.5%
ROA 2.1% 2.7%
16th		 2.6%
ROIC 7.0% 5.5%
89th		 5.5%
ROCE 4.2% 5.3%
7th		 5.1%
Return on tangible assets 4.0% 4.9%
7th		 4.7%
Cash ROIC (OCF / invested capital) 9.6% 8.6%
75th		 8.0%
Gross profitability (GP / assets) 7.7% 9.1%
30th		 8.6%
ROIC, 3-yr average 4.4% 4.4%
57th		 4.2%
ROIC, 5-yr average 4.3% 4.3%
42nd		 4.2%
ROE, 5-yr average 8.7% 10.7%
26th		 9.1%
Incremental ROIC -34.0% 21.9%
0th		 20.6%

Growth

MeasurePNWIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 5.7% 8.0%
18th		 7.2%
Revenue growth (QoQ) 26.6% -16.9%
95th		 -16.9%
Revenue CAGR, 3 yr 6.9% 2.8%
89th		 3.0%
Revenue CAGR, 5 yr 8.5% 5.6%
86th		 6.3%
Gross profit CAGR, 3 yr 14.5% 8.0%
70th		 7.9%
Operating income CAGR, 3 yr 29.7% 10.5%
98th		 9.4%
Net income growth (TTM YoY) 11.1% 8.5%
71st		 8.6%
Net income CAGR, 3 yr 16.4% 9.5%
80th		 8.8%
EPS growth (TTM YoY) 8.8% 2.3%
74th		 4.2%
EPS CAGR, 3 yr 13.0% 6.6%
75th		 6.6%
EPS CAGR, 5 yr 0.1% 4.1%
20th		 4.0%
FCF growth (TTM YoY) —
FCF CAGR, 3 yr —
Operating cash flow CAGR, 3 yr 17.5% 17.7%
49th		 12.7%
Book value CAGR, 3 yr 2.5% 4.8%
23rd		 4.7%
Dividend CAGR, 3 yr -1.2% 0.3%
21st		 0.3%
Sustainable growth rate 3.0% 3.8%
25th		 3.7%

Margin history & stability

MeasurePNWIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 42.7% 44.0%
48th		 42.6%
Operating margin, 3-yr average 21.9% 21.9%
52nd		 20.0%
Net margin, 3-yr average 11.7% 13.0%
34th		 12.5%
FCF margin, 3-yr average -14.9% -4.3%
18th		 -7.9%
Revenue stability (0-1) 1.00 0.75
98th		 0.75
Earnings stability (0-1) 0.15 0.43
30th		 0.51
Margin stability (0-1) 0.92 0.83
89th		 0.84

Liquidity (latest quarter)

MeasurePNWIndustry medianIndustry percentileSector median
Cash & short-term investments $9.1M $241.0M
5th		 $215.5M
Net cash (− = net debt) −$11.4B −$24.6B
75th		 −$12.1B
Working capital −$1.4B −$794.4M
39th		 −$284.5M
Current ratio 0.59 0.80
18th		 0.82
Quick ratio 0.41 0.66
14th		 0.69
Cash ratio (cash + ST investments / current liabilities) 0.00 0.07
5th		 0.08
Defensive interval (days) 374 days 286 days
67th		 314 days

Leverage & solvency (latest quarter)

MeasurePNWIndustry medianIndustry percentileSector median
Total debt $11.4B $25.1B
25th		 $12.5B
Debt / equity 1.62 1.68
39th		 1.61
Net debt / equity 1.61 1.67
41st		 1.60
Debt / assets 34.9% 44.6%
16th		 43.4%
Debt / capital 61.8% 62.7%
39th		 61.8%
Debt / EBITDA 5.17 5.59
27th		 5.59
Net debt / EBITDA 5.17 5.54
32nd		 5.53
Interest coverage (EBIT / interest) 2.6x 2.4x
75th		 2.4x
Cash interest coverage 3.8x 3.1x
75th		 3.0x
Debt payback (years of OCF) 6.4 yrs 7.5 yrs
23rd		 7.5 yrs
Liabilities / assets 78.3% 73.0%
86th		 70.8%
IS credit model rating B- — —
Implied credit spread (bps) 900 750
75th		 750

Efficiency

MeasurePNWIndustry medianIndustry percentileSector median
Asset turnover 0.18 0.21
18th		 0.20
Fixed asset turnover 0.21 0.27
12th		 0.27
Inventory turnover 5.3 6.7
34th		 8.7
Receivables turnover 7.0 8.7
16th		 8.4
Days sales outstanding 52 days 41 days
86th		 43 days
Days inventory outstanding 69 days 54 days
67th		 42 days
Days payables outstanding 79 days 77 days
51st		 75 days
Cash conversion cycle (days) 43 days 15 days
84th		 14 days
Capex / revenue 47.7% 33.3%
74th		 35.1%
Capex / depreciation 2.72 2.35
64th		 2.40
Operating expense ratio 40.6% 30.3%
55th		 30.7%

Cash flow & earnings quality

MeasurePNWIndustry medianIndustry percentileSector median
Operating cash flow / net income 2.77 2.19
82nd		 2.20
FCF / net income −1.37 −0.32
30th		 −0.74
FCF / operating cash flow -49.6% -20.3%
37th		 -33.3%
Capex / operating cash flow 149.6% 120.3%
63rd		 133.3%
Accruals ratio -3.7% -3.3%
36th		 -3.2%
Sloan accruals ratio -2.3% -3.7%
77th		 -3.7%
Earnings quality score (0-1) 1.00 1.00
16th		 1.00

Dividends & buybacks

MeasurePNWIndustry medianIndustry percentileSector median
Dividend yield 3.5% 3.3%
59th		 3.3%
Dividend per share (TTM) $3.64 $2.56
82nd		 $1.87
Payout ratio (dividends / net income) 67.4% 65.4%
70th		 63.9%
Dividends / FCF —
Dividend growth (YoY) 3.4% 3.9%
41st		 3.9%
Buyback yield 0.0% 0.0%
82nd		 0.0%
Shareholder yield (dividends + buybacks) 3.5% 3.3%
59th		 3.3%
Share count change (YoY) 2.2% 2.2%
48th		 2.5%
Buybacks, last 5 years $0 $0
0th		 $0

Scores & forensic checks

MeasurePNWIndustry medianIndustry percentileSector median
IS score 40 42
45th		 40
IS profitability 50 50
50th		 44
IS growth 51 49
66th		 50
IS value 56 58
48th		 56
IS momentum 80 77
73rd		 78
IS risk (safety) 15 15
0th		 15
IS quality 69 66
66th		 64
IS balance sheet 23 25
14th		 28
IS earnings quality 74 79
18th		 79
IS cash flow 35 35
20th		 35
Piotroski F-score (0-9) 7 6
64th		 6
Altman Z-score 0.7 0.8
34th		 0.9
Beneish M-score −2.55 −2.60
53rd		 −2.64
Ohlson O-score −6.47 −7.06
98th		 −7.04
IS credit score 24 27
20th		 29

Per share

MeasurePNWIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $5.14 $3.90
70th		 $3.13
Book value per share $56.51 $34.68
77th		 $32.52
Tangible book per share $53.91 $34.58
91st		 $32.45
Revenue per share $44.61 $27.50
86th		 $24.86
FCF per share −$7.06 −$1.01
14th		 −$1.64
Operating cash flow per share $14.23 $8.38
82nd		 $7.00
Cash per share $0.07 $0.80
7th		 $0.83

Size (TTM)

MeasurePNWIndustry medianIndustry percentileSector median
Market cap $12.5B $21.5B
34th		 $8.5B
Revenue $5.6B $12.5B
25th		 $5.4B
EBITDA $2.2B $4.3B
25th		 $2.7B
Net income $640.1M $1.3B
23rd		 $559.7M
Free cash flow −$878.5M −$189.0M
34th		 −$190.6M
Total assets $32.6B $56.2B
25th		 $34.0B
Shareholders' equity $7.0B $12.5B
23rd		 $5.1B
Employees 6,610 9,950
27th		 5,870

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-08-10Blankenship Elizabeth A
VP, Controller and CAO
 Open-market sale 980$99.17$97,18210,886
2026-08-07Esparza Jose Luis Jr
other: SVP Public Policy APS
 Open-market sale 1,800$102.01$183,6184,910
2026-05-14Eicher Carol S
Director
 Award / grant 1,665——1,665
2026-05-14Butler Ronald Jr
Director
 Award / grant 1,665——1,665
2026-05-14De La Melena Gonzalo A Jr
Director
 Award / grant 1,665——1,665
2026-05-14Flanagan Susan T.
Director
 Award / grant 1,665——1,665
2026-05-14Trevathan James E Jr
Director
 Award / grant 1,665——1,665
2026-05-14Sims Paula J
Director
 Award / grant 1,665$99.77$166,11711,032
2026-05-14Spence William H
Director
 Award / grant 1,665$99.77$166,1176,291
2026-05-14Svinicki Kristine L
Director
 Award / grant 1,665——1,665
2026-05-14Bryan Glynis
Director
 Award / grant 1,665——1,665
2026-05-13Tetlow Jacob
other: EVP, COO, APS
 Open-market sale 6,526$99.00$646,0746,675

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarMayAug

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired914,985$332,234
Open-market saleDisposed49,347$930,933
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 3 notices · 9,347 shares · $937,217
FiledFilerShares proposedEst. proceeds
2026-08-07Elizabeth A Blankenship980$98,804
2026-08-07Jose Esparza1,800$183,618
2026-05-12Jacob Tetlow6,567$654,796
2025-08-11Jacob Tetlow6,496$609,195
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 0 trades (0 purchases) · Senate 0 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2019-06-24Donna ShalalaHouseSale (Full)$1,001 - $15,0002020-04-27
2019-04-03Donna ShalalaHousePurchase$1,001 - $15,0002020-04-27
2019-03-19Donna ShalalaHousePurchase$1,001 - $15,0002020-04-27
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
Capital Research Global Investors16,494,147$1.8B13.61%
BlackRock, Inc.11,782,896$1.3B9.72%
VANGUARD CAPITAL MANAGEMENT LLC7,897,426$845.0M6.52%
STATE STREET CORP7,016,843$750.8M5.79%
BARROW HANLEY MEWHINNEY & STRAUSS LLC6,575,681$703.6M5.43%
VANGUARD PORTFOLIO MANAGEMENT LLC5,986,758$640.6M4.94%
Invesco Ltd.4,173,460$446.6M3.44%
GEODE CAPITAL MANAGEMENT, LLC3,223,551$344.3M2.66%
MASSACHUSETTS FINANCIAL SERVICES CO /MA/2,853,685$305.3M2.35%
TWO SIGMA INVESTMENTS, LP2,517,347$269.4M2.08%
BARCLAYS PLC1,760,271$188.3M1.45%
GOLDMAN SACHS GROUP INC1,602,618$171.5M1.32%
WELLINGTON MANAGEMENT GROUP LLP1,456,941$155.9M1.20%
AMERICAN CENTURY COMPANIES INC1,444,702$154.6M1.19%
Pictet Asset Management Holding SA1,410,457$150.9M1.16%

Institutional ownership by quarter

2023-092026-06109.8%
% of shares held by 13F filers
2023-092026-06732
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-30732109.8%8429820252
2026-03-31707102.9%10126419442
2025-12-3166299.8%9525318748
2025-09-30627100.2%6522621161
2025-06-3063296.5%8324419060
2025-03-3161994.2%7423418470
2024-12-3161893.2%11021718065
2024-09-3058094.5%8119718939
2024-06-3054393.9%6318218943
2024-03-3152992.8%6617519279
2023-12-3155180.4%8516221150
2023-09-3052580.8%7415818965

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-08-12SCHEDULE 13GBARROW HANLEY MEWHINNEY & STRAUSS LLC5.4%6,575,662
2026-05-14SCHEDULE 13G/ACapital Research Global Investors13.6%16,441,549
2026-05-13SCHEDULE 13GBARROW HANLEY MEWHINNEY & STRAUSS LLC5.8%7,000,617
2026-04-30SCHEDULE 13GVanguard Capital Management7.3%8,892,434
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.02%$358.5M
VTSAX0.02%$358.5M
VTI0.02%$358.5M
VSMPX0.02%$358.5M
VOO0.02%$296.2M
VFIAX0.02%$296.2M

Share structure

Shares outstanding121,197,000
Float120,530,649
Free float99.5%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$3.8B$4.3B$4.7B$5.1B$5.3B
Cost of revenue$2.1B$2.6B$2.9B$3.0B$4.0B
Gross profit$1.7B$1.7B$1.8B$2.1B$1.4B
R&D$0$0$0$0$0
SG&A$0$0$0$0$0
Operating income$805.3M$731.9M$824.6M$1.0B$1.1B
EBITDA$1.7B$1.6B$1.8B$2.1B$2.1B
Pretax income$746.0M$575.7M$595.7M$736.6M$738.4M
Income tax$110.1M$74.8M$76.9M$110.5M$106.7M
Net income$618.7M$483.6M$501.6M$608.8M$616.5M
EPS, diluted$5.47$4.26$4.41$5.24$5.05
Diluted shares113.2M113.4M113.8M116.2M122.0M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$10.0M$4.8M$5.0M$3.8M$9.9M
Receivables$508.1M$608.3M$659.3M$677.7M$734.0M
Inventory$367.2M$450.6M$493.5M$501.4M$565.2M
Total current assets$1.6B$1.8B$1.9B$1.7B$1.6B
PP&E, net$16.6B$17.4B$19.0B$20.2B$23.8B
Goodwill & intangibles$273.7M$258.9M$267.1M$591.3M$576.0M
Total assets$22.0B$22.7B$24.7B$26.1B$31.7B
Accounts payable$393.1M$430.4M$442.5M$485.4M$680.2M
Total current liabilities$1.8B$1.8B$2.9B$2.8B$3.2B
Long-term debt$6.9B$7.7B$7.5B$8.1B$12.8B
Total liabilities$16.0B$16.6B$18.4B$19.2B$24.6B
Shareholders' equity$6.0B$6.2B$6.3B$6.9B$7.1B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$635.9M$500.8M$518.8M$626.0M$616.5M
Depreciation & amortization$719.1M$817.8M$854.1M$956.2M$969.6M
Stock-based compensation$18.5M$15.9M$17.3M$0$0
Change in working capital−$372.1M−$13.6M−$172.4M−$80.7M$91.1M
Operating cash flow$860.0M$1.2B$1.2B$1.6B$1.8B
Capital expenditure−$1.5B−$1.7B−$1.8B−$2.2B−$2.6B
Free cash flow−$613.5M−$466.0M−$638.7M−$639.4M−$819.5M
Investing cash flow−$1.4B−$1.6B−$1.7B−$1.9B−$2.6B
Net debt issued / repaid$870.0M$774.3M$898.5M$397.2M$1.1B
Buybacks−$2.4M−$2.7M−$4.1M$0$0
Dividends paid−$369.5M−$378.9M−$386.5M−$394.7M−$422.8M

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin44.6%39.5%39.3%41.7%34.9%
Operating margin21.2%16.9%17.6%19.7%21.7%
Net margin16.3%11.2%10.7%11.9%11.5%
FCF margin-16.1%-10.8%-13.6%-12.5%-15.3%
ROE10.7%8.1%8.2%9.4%8.9%
ROIC4.9%4.3%4.4%4.8%4.0%
ROA2.9%2.2%2.1%2.4%2.1%
Debt / equity1.391.471.671.642.53
Interest coverage4.2x3.3x2.8x3.0x2.7x
Current ratio0.880.990.670.590.49
Revenue growth+6.0%+13.7%+8.6%+9.1%+4.2%
EPS growth+12.2%−21.9%+3.0%+21.1%−5.1%
P/E at year end10.8x15.6x15.0x15.3x17.5x
EV / EBITDA at year end8.8x10.0x10.0x9.8x13.5x
FCF yield at year end-9.17%-6.16%-8.49%-6.87%-7.57%
Dividend payout59.7%78.3%77.1%64.8%68.6%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Electric Service$1.9B$2.0B$2.3B$2.6B$2.5B
Wholesale Energy—$383.1M$209.0M$96.9M$108.7M
Electric and Transmission Service$99.3M$116.6M$138.6M$119.0M$129.7M

Street estimates by fiscal year

Next report 2026-11-03 · consensus EPS $3.26 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$5.5B$5.3B – $5.7B$4.79$4.66 – $5.29921.6x
2027$5.9B$5.7B – $6.1B$5.56$5.27 – $5.73918.6x
2028$6.2B$5.7B – $6.7B$6.12$6.00 – $6.27916.9x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-08-04$1.46$1.43−2.1%$1.4B$1.5B+4.2%
2026-05-04$-0.03$0.27+1,000.0%$1.1B$1.1B+6.0%
2026-02-25$0.05$0.13+160.0%$1.2B$1.1B−3.6%
2025-11-03$3.04$3.39+11.5%$1.2B$1.8B+55.7%
2025-08-06$1.58$1.580.0%$1.8B$1.4B−23.7%
2025-05-01$0.05$-0.04−180.0%$1.3B$1.0B−22.7%
2025-02-25$-0.31$-0.06+80.6%$1.1B$1.1B+4.3%
2024-11-06$3.49$3.37−3.4%$1.7B$1.8B+4.2%
2024-08-01$1.25$1.76+40.8%$1.2B$1.3B+8.4%
2024-05-02$0.01$0.15+1,900.0%$975.0M$951.7M−2.4%
2024-02-27$-0.13$-0.00+99.8%$1.1B$991.6M−11.1%
2023-11-02$3.41$3.50+2.6%$1.5B$1.6B+6.2%
2023-08-03$1.19$0.94−21.0%$1.1B$1.1B+3.2%
2023-05-04$-0.01$-0.03−180.4%$790.9M$945.0M+19.5%
2023-02-27$-0.18$-0.21−16.7%$638.3M$1.0B+58.1%
2022-11-03$2.60$2.88+10.8%$1.3B$1.5B+11.8%
2022-08-03$1.32$1.45+9.8%$974.6M$1.1B+8.9%
2022-05-04$0.06$0.15+150.0%$692.7M$783.5M+13.1%
2022-02-25$0.06$0.24+300.0%$659.7M$798.9M+21.1%
2021-11-05$2.79$3.00+7.5%$658.9M$1.3B+98.6%
2021-08-05$1.65$1.91+15.8%$948.3M$1.0B+5.5%
2021-05-05$0.25$0.32+28.0%$716.3M$696.5M−2.8%
2021-02-24$-0.03$-0.17−500.7%$4.2B$741.0M−82.2%
2020-10-30$2.85$3.07+7.7%$1.2B$1.3B+7.7%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.106-150.206-220.206-290.107-060.107-130.207-200.207-270.208-030.108-100.108-170.108-240.108-31
Week ofNotionalSharesTrades
2026-08-31$97.5M999,65235,236
2026-08-24$119.0M1,214,73436,765
2026-08-17$131.6M1,322,80941,004
2026-08-10$122.7M1,223,50338,664
2026-08-03$188.2M1,861,38450,033
2026-07-27$203.8M1,965,47445,703

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1570.5%
DateShort shareShort volumeTotal volume
2026-10-1570.5%210,327298,364
2026-10-1489.0%585,800658,456
2026-10-1388.9%381,159428,717
2026-10-1280.5%383,617476,423
2026-10-0981.5%295,987363,139
2026-10-0879.6%317,506398,850
2026-10-0772.4%466,334643,829
2026-10-0666.9%359,613537,582
2026-10-0574.3%415,335559,284
2026-10-0274.5%602,260808,082
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+1.0Jan-0.8Feb+2.6Mar+1.0Apr+0.1May-0.5Jun+2.9Jul-0.4Aug-0.8Sep+2.0Oct+2.4Nov+0.9Dec
MonthAvg returnUp yearsYears
Jan+1.0%60%20
Feb−0.8%50%20
Mar+2.6%81%21
Apr+1.0%65%20
May+0.1%45%20
Jun−0.5%40%20
Jul+2.9%60%20
Aug−0.4%50%20
Sep−0.8%50%20
Oct+2.0%75%20
Nov+2.4%60%20
Dec+0.9%50%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1473.7
MFI100.0
ADX25.8
Stochastic %K / %D93.3 / 95.1
Williams %R-2.2
CCI137
TSI / signal26.3 / 0.6
Chaikin money flow0.20
ATR$1.80
Bollinger width16.0%
Volume vs 20-day avg0.47x
SupertrendUp

Moving averages and bands

level (price vs level)
SMA 20$96.33 (+7.4%)
SMA 50$97.34 (+6.2%)
SMA 200$99.45 (+4.0%)
EMA 21$98.14 (+5.4%)
EMA 50$98.14 (+5.4%)
EMA 200$98.11 (+5.4%)
Bollinger upper$104.06 (−0.6%)
Bollinger lower$88.61 (+16.7%)
Parabolic SAR$99.15 (+4.3%)
Open the live chart, 110+ indicators

About Pinnacle West Capital Corporation

Pinnacle West Capital Corporation (PNW), primarily operating through its Arizona Public Service Company (APS) subsidiary, delivers retail and wholesale electricity services predominantly within Arizona. The company manages the full scope of electricity provision, encompassing generation, transmission, and distribution, leveraging a diverse energy portfolio that includes coal, nuclear, natural gas, oil, and solar power facilities. Its robust infrastructure for power delivery features approximately 5,814 pole miles of overhead transmission lines and roughly 74 miles of subterranean transmission lines. For distribution, the company maintains about 11,258 miles of overhead lines and an estimated 22,821 miles of underground primary cabling. This network is further supported by 475 owned and managed transmission and distribution substations. PNW possesses or leases roughly 6,323 megawatts of regulated power generation capacity and supplies electricity to an estimated 1.3 million customers. Established in 1985, Pinnacle West Capital Corporation's corporate headquarters are situated in Phoenix, Arizona.

https://www.pinnaclewest.com

Key executives

NameTitlePayBorn
Theodore N. GeislerChairman of the Board, President and Chief Executive Officer$2.8M1979
Adam C. HeflinExecutive VP & Chief Nuclear Officer of APS$1.8M1965
Jacob TetlowExecutive VP & Chief Operating Officer of APS$1.5M1973
Andrew D. CooperSenior Vice President & Chief Financial Officer$1.4M1979
Shirley A. BaumSenior VP, Corporate Secretary & General Counsel$1.0M1974
Christopher BauerVice President & Treasurer—1976
Diane WoodAssistant Vice President & Corporate Secretary——
Elizabeth A. BlankenshipVice President, Controller & Chief Accounting Officer—1972

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Theodore N. Geisler, Chairman of the Board, President and Chief Executive Officer of PNW and APS2025$938,356$5.3M$1.9M$8.4M
Jacob Tetlow, Executive Vice President and Chief Operating Officer of APS2025$700,000$1.7M$754,031$3.8M
Adam C. Heflin, Executive Vice President and Chief Nuclear Officer of PVGS, APS2025$760,000$1.5M$998,925$3.6M
Andrew D. Cooper, Senior Vice President and Chief Financial Officer, PNW and APS2025$680,000$1.8M$684,012$3.4M
Jeffrey B. Guldner, Former Chairman of the Board, President and Chief Executive Officer of PNW and Chairman of the Board, President and Chief Executive of APS and currently, Special Advisor to the CEO2025$744,247$0$541,443$2.8M
Robert E. Smith Former Executive Vice President, Chief Legal Officer and Chief Development Officer, PNW and APS and currently, Special Advisor to the CEO2025$514,658$1.4M$421,609$2.7M

Employees

3k20182k20192k20202k20212k20222k20236k20247k2025

Dividends

Ex-dateAmountPaid
2026-08-03$0.912026-09-01
2026-05-04$0.912026-06-01
2026-02-02$0.912026-03-02
2025-11-03$0.912025-12-01
2025-08-01$0.8952025-09-02
2025-05-05$0.8952025-06-02
2025-02-03$0.8952025-03-03
2024-11-04$0.8952024-12-02

Moat model

Weak · Switching Costs · 2026-06-30
Cost advantage43
Intangibles47
Switching costs58
Network effect39
Efficient scale27
Our component scores (0-100) and overall 44.8; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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