Stock PNW PINNACLE WEST CAPITAL CORPORATION
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Financials Pinnacle West Capital Corporation

Equities

PNW

US7234841010

Electric Utilities

Market Closed - Nyse
Other stock markets
 04:00:02 2024-06-13 pm EDT 		5-day change 1st Jan Change
76.92 USD +0.34% Intraday chart for Pinnacle West Capital Corporation +0.48% +7.07%
Jun. 06 Ladenburg Thalmann Upgrades Pinnacle West Capital to Buy From Neutral, Price Target is $83.50 MT
Jun. 05 Wells Fargo Adjusts Price Target on Pinnacle West Capital to $80 From $77, Keeps Equalweight Rating MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 10,109 9,002 7,964 8,603 8,147 8,735 - -
Enterprise Value (EV) 1 15,846 15,425 15,160 16,731 17,167 18,054 18,578 19,138
P/E ratio 18.9 x 16.4 x 12.9 x 17.8 x 16.3 x 16.3 x 15.7 x 14.4 x
Yield 3.38% 4.04% 4.73% 4.5% 4.84% 4.59% 4.71% 4.82%
Capitalization / Revenue 2.91 x 2.51 x 2.09 x 1.99 x 1.73 x 1.78 x 1.72 x 1.65 x
EV / Revenue 4.56 x 4.3 x 3.99 x 3.87 x 3.66 x 3.69 x 3.67 x 3.61 x
EV / EBITDA 12.5 x 11 x 9.3 x 10.6 x 10.6 x 9.99 x 9.34 x 8.77 x
EV / FCF -62,571,048 x -42,822,313 x -24,711,672 x -35,899,745 x - - - -
FCF Yield -0% -0% -0% -0% - - - -
Price to Book 1.86 x 1.74 x 1.35 x 1.42 x 1.32 x 1.36 x 1.31 x 1.27 x
Nbr of stocks (in thousands) 112,411 112,597 112,819 113,140 113,398 113,559 - -
Reference price 2 89.93 79.95 70.59 76.04 71.84 76.92 76.92 76.92
Announcement Date 2/21/20 2/24/21 2/25/22 2/27/23 2/27/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 3,471 3,587 3,804 4,324 4,696 4,894 5,066 5,306
EBITDA 1 1,263 1,403 1,630 1,584 1,619 1,807 1,988 2,183
EBIT 1 672 788.2 805.3 731.9 824.6 935.9 1,052 1,155
Operating Margin 19.36% 21.97% 21.17% 16.93% 17.56% 19.12% 20.77% 21.77%
Earnings before Tax (EBT) 1 542 648.2 746 575.7 595.7 703.6 748 807.8
Net income 1 538.3 550.6 618.7 483.6 501.6 554.1 608.7 665.9
Net margin 15.51% 15.35% 16.27% 11.18% 10.68% 11.32% 12.02% 12.55%
EPS 2 4.770 4.870 5.470 4.260 4.410 4.728 4.902 5.323
Free Cash Flow -253.2 -360.2 -613.5 -466 - - - -
FCF margin -7.3% -10.04% -16.13% -10.78% - - - -
FCF Conversion (EBITDA) - - - - - - - -
FCF Conversion (Net income) - - - - - - - -
Dividend per Share 2 3.040 3.230 3.340 3.420 3.480 3.533 3.622 3.704
Announcement Date 2/21/20 2/24/21 2/25/22 2/27/23 2/27/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 798.9 783.5 1,062 1,470 1,009 945 1,122 1,638 991.6 951.7 1,212 1,697 1,051 999.5 -
EBITDA 1 258.6 241.1 409.6 637.2 230.2 242.6 378.4 719.7 278 277.1 420.7 810.3 286.1 320.4 -
EBIT 1 50.02 54.49 223.1 417.6 36.75 50.72 183.3 516.3 74.38 66.79 211.5 593 77.43 84.3 -
Operating Margin 6.26% 6.95% 21.01% 28.41% 3.64% 5.37% 16.34% 31.52% 7.5% 7.02% 17.46% 34.95% 7.37% 8.43% -
Earnings before Tax (EBT) 1 27.9 25.42 195.3 383.4 -28.44 2.192 126.9 459.6 7.07 25.06 175.9 479.8 11.25 -2.282 -
Net income 1 27.6 16.96 164.3 326.3 -23.99 -3.297 106.7 398.2 -0.023 16.86 144.6 388.9 1.591 12.24 -
Net margin 3.45% 2.16% 15.48% 22.2% -2.38% -0.35% 9.51% 24.31% -0% 1.77% 11.94% 22.92% 0.15% 1.23% -
EPS 2 0.2400 0.1500 1.450 2.880 -0.2100 -0.0300 0.9400 3.500 - 0.1500 1.242 3.340 0.0302 0.0956 -
Dividend per Share 2 0.8500 0.8500 0.8500 0.8650 0.8700 - - - 0.8700 0.8800 0.8767 0.8767 0.8892 0.8988 0.9000
Announcement Date 2/25/22 5/4/22 8/3/22 11/3/22 2/27/23 5/4/23 8/3/23 11/2/23 2/27/24 5/2/24 - - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 5,737 6,423 7,196 8,128 9,020 9,319 9,843 10,403
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 4.543 x 4.58 x 4.414 x 5.13 x 5.573 x 5.156 x 4.951 x 4.765 x
Free Cash Flow -253 -360 -613 -466 - - - -
ROE (net income / shareholders' equity) 10.1% 9.95% 10.7% 8.09% 8.2% 8.46% 8.42% 8.89%
ROA (Net income/ Total Assets) 2.98% 2.86% 2.94% 2.16% 2.12% 2.1% 2.2% 2.4%
Assets 1 18,072 19,250 21,044 22,363 23,692 26,387 27,670 27,745
Book Value Per Share 2 48.30 45.90 52.30 53.40 54.50 56.60 58.80 60.70
Cash Flow per Share 2 8.480 8.560 7.600 10.90 10.60 12.10 12.80 -
Capex 1 1,210 1,327 1,473 1,707 1,846 1,949 1,980 2,037
Capex / Sales 34.86% 36.98% 38.74% 39.49% 39.32% 39.82% 39.09% 38.39%
Announcement Date 2/21/20 2/24/21 2/25/22 2/27/23 2/27/24 - - -
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Pinnacle West Capital Corporation

Trading Rating
Investor Rating
ESG Refinitiv
B+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
15
Last Close Price
76.92 USD
Average target price
80.54 USD
Spread / Average Target
+4.71%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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