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Regulated electric utility (Arizona Public Service) serving most of Arizona, including fast-growing Phoenix.
Regulated electric utility (Arizona Public Service) serving most of Arizona, including fast-growing Phoenix.
The Arizona Corporation Commission, the state regulator, sets rates that allow a return on the plants and wires APS has invested in, so earnings grow as the investment base grows, if approved. APS also part-owns and operates Palo Verde, the largest US nuclear plant by output, which supplies much of its carbon-free power.
Moat: narrow (regulatory licence, scale). Regulated Arizona monopoly territory benefiting from strong population/data-center growth.
Headquarters: Phoenix, Arizona, US · Founded: 1886 · Employees: 94
Size Pinnacle West Capital (PNW) is a United States Utilities company (Electric Utilities) with a market value of $12.6B, the 674th largest of 3,117 United States companies the cockpit tracks. Shares closed at $104.22 on 6 Nov 2026.
Performance Over six months the shares gained 5.0%, against -5.5% for the median peer and -1.1% for the United States market (cap-weighted) — 7th highest of 21 in its peer set.
Growth Revenue grew 7.5% over the last twelve months (peer median +3.2%); the operating margin is 22.6% (peer median 12.7%).
Valuation It trades at 19.1× forward earnings against a peer median of 17.0× (7th most expensive of 19).
Capital Return on invested capital runs 2.0 points below its cost of capital (6.2% WACC).
Credit Pinnacle West Capital has 18 bonds outstanding ($7.93B), rated BBB+ by the agencies and trading like A- at a weighted spread of 86 bp.
Short interest Short interest is 10.3% of the free float (15 Oct 2026).
Next results Next results expected around 2 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $5.71B | $5.34B | $5.12B | $4.70B | $4.32B |
| Revenue growth | — | +4% | +9% | +9% | — |
| Gross profit | $1.54B | $1.36B | $1.33B | $1.42B | $647M |
| EBITDA | $2.42B | $2.09B | $2.06B | $2.05B | $1.24B |
| Net income | $661M | $617M | $609M | $502M | $484M |
| Free cash flow | -$932M | -$820M | -$639M | -$639M | -$466M |
| Capital expenditure | $2.76B | $2.62B | $2.25B | $1.85B | $1.71B |
| Total debt | $17.0B | $14.3B | $11.0B | $10.3B | $8.88B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Pinnacle West Capital PNW | $12.6B | +5% | +8% | 23% | 19.1× | n/a |
| Southern SO | $106B | +1% | +6% | 24% | 20.0× | n/a |
| NextEra Energy NEE | $182B | -6% | +13% | 30% | 21.0× | 18.8% |
| Edison International EIX | $22.8B | -14% | +3% | 27% | 9.2× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | PNW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +6.4% | +0.8% | 5th highest of 21 |
| 6-month return | +5.0% | -5.5% | 7th highest of 21 |
| Distance from 52-week high | -6.2% | -19.4% | 5th highest of 21 |
| Revenue growth (TTM) | +7.5% | +3.2% | 7th highest of 21 |
| Operating margin | 22.6% | 12.7% | 6th highest of 21 |
| Forward P/E | 19.1× | 17.0× | 7th most expensive of 19 |
| ROIC minus cost of capital | -2.0 pp | -1.2 pp | 7th lowest of 21 |
| EV / EBITDA | 12.2× | 11.4× | 6th most expensive of 14 |
| Net debt / EBITDA | 7.0× | 6.1× | 7th most indebted of 15 |
| Bond spread | 86 bp | 81 bp | 3rd widest of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Pinnacle West Capital PNW | United States | $12.6B | +5% | +8% | 23% | 19.1× | n/a | n/a |
| Keppel BN4.SI | Singapore | $13.0B | -13% | +11% | 11% | 18.9× | 14.8% | -1.9% |
| Sichuan Chuantou Energy 600674.SS | China | $13.0B | +16% | -1% | 29% | 17.2× | 32.3% | +10.0% |
| Tata Power TATAPOWER.NS | India | $11.9B | -20% | -4% | 13% | 25.0× | n/a | n/a |
| China Res Power 0836.HK | Hong Kong | $13.5B | +6% | +2% | 18% | 9.0× | n/a | n/a |
| Chubu Electric Power 9502.T | Japan | $11.2B | -13% | +3% | 0% | 10.3× | n/a | n/a |
| GD Power Development 600795.SS | China | $14.4B | +13% | -1% | 9% | 19.2× | -0.4% | +3.4% |
| Kepco 015760.KS | South Korea | $14.4B | -30% | +2% | 13% | 4.5× | -1.9% | +10.7% |
| Zhejiang Zheneng Electric Power 600023.SS | China | $10.8B | -5% | -7% | -1% | 17.4× | 7.0% | +9.0% |
| Datang International Power Generation 601991.SS | China | $10.8B | +14% | 0% | 12% | 12.2× | -2.3% | +4.9% |
| Guangxi Guiguan Electric Power 600236.SS | China | $10.7B | -10% | +26% | 48% | 20.7× | -2.8% | +3.0% |
| AES AES | United States | $10.6B | +4% | +12% | 20% | 6.8× | n/a | n/a |
| OGE Energy OGE | United States | $10.5B | +7% | +2% | 26% | 21.6× | 8.1% | +9.0% |
| Jiangsu Eastern Shenghong 000301.SZ | China | $10.3B | -22% | +4% | 7% | 12.4× | -2.1% | +28.4% |
| Emera EMA.TO | Canada | $15.7B | 0% | +11% | 19% | 20.2× | n/a | n/a |
| JSW Energy JSWENERGY.NS | India | $10.1B | -9% | +26% | 36% | 39.7× | n/a | n/a |
| Hikari Tsushin 9435.T | Japan | $10.0B | -5% | +7% | 15% | 12.5× | 6.7% | +5.6% |
| Edison EDNR.MI | Italy | $9.87B | -12% | +6% | 3% | n/a | n/a | n/a |
| Huaneng Power International 0902.HK | Hong Kong | $16.2B | -6% | -3% | 12% | 9.3× | n/a | n/a |
| Redeia Corporacion RED.MC | Spain | $9.47B | +8% | +15% | 43% | 16.7× | n/a | n/a |
| Brookfield Renewable Partners LP BEP-UN.TO | Canada | $9.41B | -7% | +7% | 11% | n/a | n/a | n/a |
Pinnacle West Capital has 18 bonds outstanding with $7.93B face value. The agencies rate it BBB+; its bonds trade like A-. Weighted yield 5.86%, a spread of 86 bp over government bonds.