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PNW

Pinnacle West Capital Corporation
$106.61
+2.62% Oct 22 close
UtilitiesS&P 500 CompareTechnicals
-5%+2%+10%+18%+25%Oct 2025Oct 2026Apr 202652w high $111.1652w low $86.18
PNWSPY
1W
+5.0%
1M
+14.4%
3M
+2.0%
6M
+4.9%
YTD
+23.6%
1Y
+19.6%

Health check

Quality
WeakAverageStrong
Average
Piotroski F-score 4 of 9
See the tests
  • ✓Positive net income
  • ✗Positive operating cash flow
  • ✓Return on assets improved
  • ✗Cash flow above net income
  • ✓Long-term debt / assets fell
  • ✗Current ratio improved
  • ✗No share dilution
  • ✗Gross margin improved
  • ✓Asset turnover improved

Computed by Coteau from the company's SEC filings (latest balance sheet Jun 30, 2026). Descriptive, not a forecast.

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What they do

Pinnacle West Capital Corporation, through its subsidiary, provides retail and wholesale electric services in the state of Arizona. The company engages in the generation, transmission, and distribution of electricity using nuclear, gas, oil, coal, and solar generating facilities. Its transmission facilities include overhead lines and underground lines; and distribution facilities consist of overhead lines and underground primary cables.

Utilities · Utilities - Regulated Electric

For information only · Important disclosures

Grades vs sector

Momentum
86th percentile in sector
A-
12-1 return: +9.2%
Percentile within its GICS sector across the S&P 1500.
Growth
64th percentile in sector
B
Revenue growth (YoY): +7.1%
Percentile within its GICS sector across the S&P 1500.
Value
32nd percentile in sector
C-
Forward E/P: 5.4% · EBITDA/EV: 7.4%
Percentile within its GICS sector across the S&P 1500.
Profitability
37th percentile in sector
C-
Profit margin: +11.5% · Return on equity: +9.4%
Percentile within its GICS sector across the S&P 1500.
Revisions
Not enough data yet
–
EPS estimate change, 30 days (current FY): –
30-day change in analysts' current-year EPS estimate; graded across covered stocks.

Systematic Models

Not held by any of our 5 live models right now.

Quality Growth
Outside this model's universe or screens
Momentum Top 15
ranked 229 of 499 · 12-month momentum 13.1%
Momentum Blend
Not in the current book
New Highs Growth
Outside this model's universe or screens
Coteau Long Book
Not in the current book

News

More news
Charter Communications Now #457 Largest Company, Surpassing Pinnacle West Capital
Nasdaq · 17h ago

Key stats

Market value$12.6B
P/E (last 12 months)19.9
P/E (next 12 months, estimated)18.6
52-week range$86.18 – $111.16
Revenue growth (latest quarter vs a year ago)+7.1%
Dividend yield3.54%
Analyst consensusHold (14)
Average analyst price target$103.07 (-3%)
Valuation and fundamentals

Valuation & fundamentals

Bottom line
Leans undervalued
Model read-out from the numbers below, not advice. Score +1 (DCF counts double).
▲DCF (base case)above the price by 233%
•Forward P/E vs sector18.6x vs median 16.9x
•Piotroski F-score4/9
▼Net debt / EBITDA5.3x
•Analyst target-3% (14 analysts)

Discounted cash flow

Bear
$162
+52%
growth 2% · disc. 8.0% · term. 2.0%
Base
$355
+233%
growth 7% · disc. 7.0% · term. 2.5%
Bull
$702
+559%
growth 10% · disc. 6.0% · term. 3.0%

A DCF starts from trailing free cash flow, so it can overstate value if the last 12 months were unusually strong (or weak). Use the bear case or edit the starting cash flow if so.

Reverse DCFfor context, not a signal
Today's price implies shrinking cash flows: about -4% a year for 10 years.
Implied
-4%/yr
FCF, last 3 yrs
+13%/yr
FCF, last 5 yrs
+13%/yr
Revenue, last 3 yrs
+7%/yr
Revenue, last 5 yrs
+8%/yr
Same inputs as the DCF above: trailing free cash flow 1.8B, 7.0% discount rate, 2.5% growth after year 10, net debt and today's share count. Actual growth rates are compound annual rates from SEC annual filings through FY2025; "n/a" means too little history or a negative starting year.
Edit assumptions · recalculates instantly
Your value per share–

Free cash flow = operating cash flow − capital spending, trailing 12 months (TTM to 2026-06-30). Growth default: average of 3-year revenue CAGR and latest revenue growth, capped at 30%. Years 6–10 fade linearly to terminal growth. Discount rate = 4.25% risk-free assumption + beta 0.42 × 5% equity premium, kept within 7–13%. Bear: lower growth, +1 pt discount, 2% terminal. Bull: higher growth, −1 pt, 3%.

Multiples vs Utilities

P/E (trailing)
sector median 20.8× · 40th pct
19.9×
cheaper
Forward P/E
sector median 16.9× · 83rd pct
18.6×
pricier
EV / EBITDA
sector median 12.8× · 27th pct
11.2×
cheaper
Price / sales
sector median 3.0× · 29th pct
2.3×
cheaper
Price / book
sector median 1.9× · 41st pct
1.8×
cheaper
FCF yield
sector median 0.1% · 98th pct
14.1%
cheaper

Forward EPS $5.59 vs trailing $5.21 (+7% expected growth). Forward P/E uses analysts' next-12-month estimate.

Quality & financial health

Gross margin
81.1%
Operating margin
20.5%
FCF margin
31.9%
Net margin
5.6%
Return on equity
4.4%
Return on invested capital
5.3%
Net debt / EBITDA
5.3×
Current ratio
0.6×
Interest cover
2.5×
Cash conversion (OCF/NI)
5.7×
Piotroski F-score 4/9 · last two fiscal years
✓ Positive net income✗ Positive operating cash flow✓ Return on assets improved✗ Cash flow above net income✓ Long-term debt / assets fell✗ Current ratio improved✗ No share dilution✗ Gross margin improved✓ Asset turnover improved

Analysts

Mean target
$103
-3%
Analysts
14
Hold
Range
$89–$118
low – high
● price · ◆ mean target

Annual history

FYRevenueNet incomeFree cash flow
2025$5.3B–$1.8B
2024$5.1B–$1.6B
2023$4.7B–$1.2B
2022$4.3B–$1.2B
2021$3.8B–$860.0M
2020$3.6B–$966.4M

From the company's 10-K filings via SEC XBRL. 3-year revenue CAGR +7.3%.

Earnings

Next report: 2026-11-03 · before open · EPS est 3.32
24-1125-0225-0525-0825-1126-0226-0526-08-0.143.52
EstimateActual (beat)Actual (miss)
ReportEPS estActualSurprise
2026-08-041.471.43-2.7%
2026-05-04–0.27+15889.5%
2026-02-250.020.13+472.7%
2025-11-033.093.39+9.7%
2025-08-061.591.58-0.4%
2025-05-010.02-0.04-339.9%
2025-02-25-0.14-0.06+58.1%
2024-11-063.523.37-4.3%

Quarterly revenue

QuarterRevenueYoY
2026-06-30$1.5B+7.1%
2026-03-31$1.1B–
2025-12-31$1.1B–
2025-09-30$1.8B–
2025-06-30$1.4B–
Rating changes
Reiterated
2026-10-21 · Morgan Stanley reiterated Equal-Weight on PNW
Reiterated
2026-10-05 · Jefferies reiterated Buy on PNW
Reiterated
2026-10-05 · Truist Securities reiterated Hold on PNW
Reiterated
2026-10-01 · Barclays reiterated Equal-Weight on PNW
Initiated
2026-09-29 · Scotiabank started covering PNW at Sector Outperform
Reiterated
2026-09-18 · Morgan Stanley reiterated Equal-Weight on PNW

Third-party analyst actions, not Coteau's views. All rating changes

Recent dividends

2026-08-03: $0.910 · 2026-05-04: $0.910 · 2026-02-02: $0.910 · 2025-11-03: $0.910 · 2025-08-01: $0.895 · 2025-05-05: $0.895 · 2025-02-03: $0.895 · 2024-11-04: $0.895
Insider trades
Blankenship Elizabeth A
VP, Controller and CAO · 2026-08-10
Sell
$97.2K
Esparza Jose Luis Jr
Insider · 2026-08-07
Sell
$183.6K

Stats refreshed 2026-10-21 18:23:06 ET from Yahoo Finance (yfinance). "–" means the data isn't available. Refresh now

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Independent research · Not investment advice · Hypothetical unless marked Live · Data: Yahoo Finance (15-min delayed), SEC EDGAR, House Clerk · Important disclosures · Contact desk@coteau.app

Beta 0.9 · Oct 21, 2026