Reading the tape
NYSE: PNW
Pinnacle West Capital Corporation
Utilities · Regulated Electric
Market Cap
$12.53B
52w High
$104.92
52w Low
$85.32
P/E
20.10
Volume
1.56M
Outstanding Shares
121.03M
Price vs Fundamentals
Why The Stock Is Moving
Mixed / unclearLow confidence
Note: The most recent financial data is over 3 months old. Metrics shown may not reflect the latest reporting period.
1Y Price: 10.84%Revenue (TTM): 4.2%FCF (TTM): -28.18%P/E: 87th pct
What changed
The stock rose 10.84% over the last year. Revenue grew 4.2% over the trailing twelve months. Operating margin moved from 19.75% to 21.7%. Free cash flow declined 28.18% over the trailing twelve months.
What the market seems to be pricing
The stock has moved higher against modestly improving underlying metrics. The operating data does not yet tell a clear story — the move may reflect sentiment, sector rotation, or macro factors rather than company-specific earnings power.
What would invalidate this read
Operating margin currently stands at 21.7%. A decisive move in revenue — currently up 4.2% — would be the clearest signal to resolve the ambiguity.
Company profile
Pinnacle West Capital Corporation, through its subsidiary, Arizona Public Service Company, provides retail and wholesale electric services primarily in the state of Arizona.
CEOTheodore N. Geisler
SectorUtilities
IndustryRegulated Electric
Employees94
IPO dateAug 28, 1961
Valuation
Forward P/E—
EV/EBITDA13.36
Enterprise value$28.46B
Stock splits
Apr 28, 2011↑ Forward
Every 1 shares became 10
Profitability & growth
Revenue growth2.99%
Gross margin34.86%▼39.08%vs FY2024
Operating margin21.7%▲6.04%vs FY2024
ROE8.75%▼2.93%vs FY2024
Analyst consensus
RatingHold
Target price$103.11▼0.42%
7
Buy
16
Hold
1
Sell
Analyst ratings tend to be lagging indicators. Use as one signal among many.
Earnings
Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.
Next report
May 4, 2026
Q2 FY26 · EPS est -$0.03 · Revenue est $1.08B
View
Dividends
$3.63/shareQuarterlyDividend Aristocrat · 31yrEx-div May 4, 2026 · in 0dAt RiskPNW pays a dividend with a 3.5% declared yield, 31 consecutive years of growth, growing at 2.07% annually, covered -1.9× by free cash flow.
Declared Yield
3.5%
Annual Div / Share
$3.63
5yr CAGR
+2.07%
Doubles every ~33.9yr
Payout Ratio
68.58%
At Risk
Dividend Growth Rate
3yr CAGR
+1.71%
5yr CAGR
+2.07%
10yr CAGR
+3.91%
Dividend Safety
2/10At Risk
Dividend History
Annualized dividend cycles per share
YearAnnual DivYoY
2026$3.63+1.7%
2025$3.56+1.7%
2024$3.50+1.7%
2023$3.44+1.9%
2022$3.38+3.3%
2021$3.27+6.1%
2020$3.08+6.1%
Income Projection
Invest
$
Growth rate:
Reinvest dividends
Today
$35/yr
$3/mo
In 5 yrs
$39/yr+11%
$3/mo
In 10 yrs
$43/yr+23%
$4/mo
| Today | In 5 yrs | In 10 yrs |
|---|---|---|
$35/yr $3/mo | $39/yr+11% $3/mo | $43/yr+23% $4/mo |
Yield-on-cost grows from 3.5% → 4.3% over 10yr
Analysis
Dividend Strengths
Dividend Aristocrat
PNW has raised its dividend for 31 consecutive years — qualifying as a Dividend Aristocrat, demonstrating long-term commitment to shareholder income.
Risks to Watch
Dividend exceeds free cash flow
Free cash flow covers only -1.94× the dividend. The company is paying out more than it generates in cash, which is unsustainable without borrowing or asset sales.