Pinnacle West Capital Corporation

PNW

UtilitiesLarge CapUS Equities · NYSE / NASDAQ

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Company Profile

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. The company also owns and maintains substations, including transmission and distribution yards; and owns energy storage facilities. Pinnacle West Capital Corporation was incorporated in 1985 and is headquartered in Phoenix, Arizona.

Valuation

Market Cap$12.2B

Current Price$104.19as of Jun 23, 2026

P/E Ratio19.75

P/B Ratio1.73

EV / EBITDA12.43

EV / Sales4.96

Profitability

Operating Margin20.0%

Net Profit Margin11.5%

EBITDA Margin39.9%

Returns

ROE8.7%

ROCE4.0%

ROIC %-

ROA2.1%

Solvency

Current Ratio0.54

Debt / Equity2.03

Debt / Assets0.48

CFO / Net Profit2.93

Price History▲ 16.22% over 1Y

Technical Chart

Historical Performance Charts

5-year financial trends. Figures in USD millions.

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Latest fiscal year: 2025

Revenue$5.3B▲ 4.2%

EBITDA$2.1B▲ 2.9%

Net Profit$617M▲ 1.3%

Cash from Ops (CFO)$1.8B▲ 12.1%

Free Cash Flow (FCF)$-820M▲ 28.2%

Revenue CAGR 3Y7.3%

Revenue CAGR 5Y-

Net Profit CAGR 3Y8.4%

Net Profit CAGR 5Y-

Historical Growth

Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)

Year	Revenue	EBITDA	Net Profit	FCF	ROE	Rev Growth 1Y	NP Growth 1Y
2025	$5.3B	$2.1B	$617M	$-820M	8.7%	4.2%	1.3%
2024	$5.1B	$2.1B	$609M	$-639M	9.0%	9.1%	21.4%
2023	$4.7B	$1.8B	$502M	$-639M	8.1%	8.6%	3.7%
2022	$4.3B	$1.6B	$484M	$-466M	8.0%	-	-

Financial Statements

Income statement, balance sheet, and cash flow as reported

Consolidated Figures in USD Millions.

Metric	2021	2022	2023	2024	2025
Total Revenue	-	4,324.38	4,695.99	5,124.92	5,339.94
Operating Revenue	-	4,324.38	4,695.99	5,124.92	5,339.94
Cost Of Revenue	-	2,616.42	2,851.38	2,987.72	3,118.48
Gross Profit	-	1,707.97	1,844.61	2,137.19	2,221.45
Operating Expense	-	976.06	1,019.97	1,125.13	1,153.82
Total Expenses	-	3,592.47	3,871.35	4,112.85	4,272.31
Operating Income	-	731.91	824.64	1,012.06	1,067.63
Total Operating Income As Reported	-	731.91	824.64	1,012.06	1,067.63
EBITDA	-	1,649.01	1,781.15	2,070.22	2,129.95
Normalized EBITDA	-	1,624.28	1,725.23	2,010.02	2,103.23
EBIT	-	831.19	927.02	1,114.03	1,160.34
Interest Income	-	7.33	27.24	24.32	18.04
Interest Expense	-	255.54	331.32	377.47	421.97
Net Interest Income	-	-248.21	-304.08	-353.15	-403.93
Other Non Operating Income Expenses	-	67.23	19.21	17.46	47.95
Other Income Expense	-	91.96	75.13	77.65	74.67
Interest Income Non Operating	-	7.33	27.24	24.32	18.04
Interest Expense Non Operating	-	255.54	331.32	377.47	421.97
Net Non Operating Interest Income Expense	-	-248.21	-304.08	-353.15	-403.93
Pretax Income	-	575.65	595.69	736.56	738.37
Tax Provision	-	74.83	76.91	110.53	106.73
Tax Rate For Calcs	-	0	0	0	0
Tax Effect Of Unusual Items	-	3.21	0.36	3.24	3.86
Net Income Continuous Operations	-	500.83	518.78	626.03	631.64
Net Income From Continuing And Discontinued Operation	-	483.60	501.56	608.81	616.53
Net Income From Continuing Operation Net Minority Interest	-	483.60	501.56	608.81	616.53
Net Income	-	483.60	501.56	608.81	616.53
Net Income Common Stockholders	-	483.60	501.56	608.81	616.53
Net Income Including Noncontrolling Interests	-	500.83	518.78	626.03	631.64
Normalized Income	-	462.09	499.12	590.47	593.67
Diluted NI Availto Com Stockholders	-	483.60	501.56	608.81	616.53
Basic Average Shares	-	113.20	113.44	113.85	119.69
Diluted Average Shares	-	113.42	113.80	116.23	121.97
Reconciled Depreciation	-	817.81	854.14	956.18	969.62
Reconciled Cost Of Revenue	-	2,551.80	2,791.29	2,926.88	3,064.21
Total Unusual Items	-	24.73	55.92	60.19	26.72
Total Unusual Items Excluding Goodwill	-	24.73	55.92	60.19	26.72
Minority Interests	-	-17.22	-17.22	-17.22	-15.11
Special Income Charges	-	0	59.32	61.61	0
Gain On Sale Of Business	-	0	6.20	22.99	0
Other Special Charges	-41.74	-45.26	-53.12	-38.62	-
Gain On Sale Of Security	-	-20.54	-3.40	-1.42	26.72
Depreciation Amortization Depletion Income Statement	-	753.20	794.04	895.35	915.34
Depreciation And Amortization In Income Statement	-	753.20	794.04	895.35	915.34
Other Operating Expenses	-	2.49	1.91	2.39	3.68
Other Taxes	-	220.37	224.01	227.40	234.80

Peer Comparison

Utilities sector peers, ranked by market cap

Company	Ticker	Market Cap	P/E	P/B	ROE	EV/EBITDA
Pinnacle West Capital Corporationthis co.	PNW	$12.2B	19.75	1.73	8.7%	12.43
FirstEnergy Corp.	FE	$26.4B	25.88	2.11	8.2%	12.43
Eversource Energy	ES	$26.3B	15.53	1.62	10.4%	10.25
American Water Works Company, Inc.	AWK	$23.9B	21.49	2.20	10.3%	13.54
NiSource Inc.	NI	$22.0B

Learn while you research

Hand-picked academy chapters to deepen your understanding of Pinnacle West Capital Corporation and the metrics that matter.

01 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read 02 Leverage Ratios

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Year

Revenue

EBITDA

Net Profit

FCF

ROE

Rev Growth 1Y

NP Growth 1Y

2025

$5.3B

$2.1B

$617M

$-820M

8.7%

4.2%

1.3%

2024

$5.1B

$2.1B

$609M

$-639M

9.0%

9.1%

21.4%

2023

$4.7B

$1.8B

$502M

$-639M

8.1%

8.6%

3.7%

2022

$4.3B

$1.6B

$484M

$-466M

8.0%

Metric

2021

2022

2023

2024

2025

Total Revenue

4,324.38

4,695.99

5,124.92

5,339.94

Operating Revenue

4,324.38

4,695.99

5,124.92

5,339.94

Cost Of Revenue

2,616.42

2,851.38

2,987.72

3,118.48

Gross Profit

1,707.97

1,844.61

2,137.19

2,221.45

Operating Expense

976.06

1,019.97

1,125.13

1,153.82

Total Expenses

3,592.47

3,871.35

4,112.85

4,272.31

Operating Income

731.91

824.64

1,012.06

1,067.63

Total Operating Income As Reported

731.91

824.64

1,012.06

1,067.63

EBITDA

1,649.01

1,781.15

2,070.22

2,129.95

Normalized EBITDA

1,624.28

1,725.23

2,010.02

2,103.23

EBIT

831.19

927.02

1,114.03

1,160.34

Interest Income

7.33

27.24

24.32

18.04

Interest Expense

255.54

331.32

377.47

421.97

Net Interest Income

-248.21

-304.08

-353.15

-403.93

Other Non Operating Income Expenses

67.23

19.21

17.46

47.95

Other Income Expense

91.96

75.13

77.65

74.67

Interest Income Non Operating

7.33

27.24

24.32

18.04

Interest Expense Non Operating

255.54

331.32

377.47

421.97

Net Non Operating Interest Income Expense

-248.21

-304.08

-353.15

-403.93

Pretax Income

575.65

595.69

736.56

738.37

Tax Provision

74.83

76.91

110.53

106.73

Tax Rate For Calcs

Tax Effect Of Unusual Items

3.21

0.36

3.24

3.86

Net Income Continuous Operations

500.83

518.78

626.03

631.64

Net Income From Continuing And Discontinued Operation

483.60

501.56

608.81

616.53

Net Income From Continuing Operation Net Minority Interest

483.60

501.56

608.81

616.53

Net Income

483.60

501.56

608.81

616.53

Net Income Common Stockholders

483.60

501.56

608.81

616.53

Net Income Including Noncontrolling Interests

500.83

518.78

626.03

631.64

Normalized Income

462.09

499.12

590.47

593.67

Diluted NI Availto Com Stockholders

483.60

501.56

608.81

616.53

Basic Average Shares

113.20

113.44

113.85

119.69

Diluted Average Shares

113.42

113.80

116.23

121.97

Reconciled Depreciation

817.81

854.14

956.18

969.62

Reconciled Cost Of Revenue

2,551.80

2,791.29

2,926.88

3,064.21

Total Unusual Items

24.73

55.92

60.19

26.72

Total Unusual Items Excluding Goodwill

24.73

55.92

60.19

26.72

Minority Interests

-17.22

-15.11

Special Income Charges

59.32

61.61

Gain On Sale Of Business

6.20

22.99

Other Special Charges

-41.74

-45.26

-53.12

-38.62

Gain On Sale Of Security

-20.54

-3.40

-1.42

26.72

Depreciation Amortization Depletion Income Statement

753.20

794.04

895.35

915.34

Depreciation And Amortization In Income Statement

753.20

794.04

895.35

915.34

Other Operating Expenses

2.49

1.91

2.39

3.68

Other Taxes

220.37

224.01

227.40

234.80

Company

Ticker

Market Cap

P/E

P/B

ROE

EV/EBITDA

Pinnacle West Capital Corporationthis co.

PNW

$12.2B

19.75

1.73

8.7%

12.43

FirstEnergy Corp.

$26.4B

25.88

2.11

8.2%

12.43

Eversource Energy

$26.3B

15.53

1.62

10.4%

10.25

American Water Works Company, Inc.

AWK

$23.9B

21.49

2.20

10.3%

13.54

NiSource Inc.

$22.0B

Pinnacle West Capital Corporation

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Pinnacle West Capital Corporation

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Key concepts to brush up on