PNW
Pinnacle West Capital Corporation
PNW's fundamentals are mixed, but it looks expensive: trading at 20x earnings, above its usual 17x. Analysts expect earnings growth, though they disagree widely on how much.
PNW Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Weak | |
| Weak |
PNW's profitability is currently healthy, and its revenue is stable, but its cash flow and balance sheet are weak.
PNW PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 14x | $75.39 | -30% |
| Fair | 17x | $89.41 | -16% |
| Expensive | 19x | $102 | -4.6% |
| Current | 20x | $107 | — |
| Forward | 20x | $107 | — |
Historical ranges are pointers, not guarantees.
PNW's PE is in its expensive range at 20.2x. On analysts' estimates for next year's earnings, today's price would be 19.7x.
PNW Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Growth | |
| Growth | |
| Stable | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for PNW, with profitability holding steady. However, they disagree widely on these estimates.
PNW Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $5.44 | +2.4% |
| Q3 2026 | $5.31 | +8.6% |
| Q2 2026 | $5.21 | +7% |
| Q1 2026 | $5.36 | +6.1% |
| Q4 2025 | $5.05 | -3.6% |
| Q3 2025 | $4.89 | -7.4% |
| Q2 2025 | $4.87 | -10% |
| Q1 2025 | $5.05 | +10% |
| Q4 2024 | $5.24 | +19% |
PNW earned $5.31 per share over the past year, up 8.6% from the year before.
PNW Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $2B | +8.3% |
| Q2 2026 | $1.5B | +7.1% |
| Q1 2026 | $1.1B | +11% |
| Q4 2025 | $1.1B | +3% |
| Q3 2025 | $1.8B | +2.9% |
| Q2 2025 | $1.4B | +3.8% |
| Q1 2025 | $1B | +8.5% |
| Q4 2024 | $1.1B | +10% |
PNW's revenue has grown year over year for 11 quarters in a row: $2B last quarter, up 8.3% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 31% | -0.5 points |
| Q2 2026 | 21% | -1.6 points |
| Q1 2026 | 11% | +5.9 points |
| Q4 2025 | 11% | +3 points |
| Q3 2025 | 32% | +1 points |
| Q2 2025 | 23% | -1.3 points |
| Q1 2025 | 5.5% | -1.5 points |
| Q4 2024 | 7.7% | +0.2 points |
PNW's operating margin was 31% last quarter, about level with the same quarter a year ago.
PNW Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$11.4M | -127% |
| Q2 2026 | -$334.7M | +$113.4M |
| Q1 2026 | -$393.1M | -$172.4M |
| Q4 2025 | -$192.7M | -$100.6M |
| Q3 2025 | $42M | +$74.6M |
| Q2 2025 | -$448.1M | -$103.9M |
| Q1 2025 | -$220.7M | -$50.3M |
| Q4 2024 | -$92.1M | +$65.9M |
PNW has burned cash in almost every quarter: −$932M over the past year, against −$719M the year before.
PNW Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.1% | -155K shares |
| 1 year | +2% | +2.4M shares |
| 3 years | +9.2% | +10.5M shares |
| 5 years | +9.8% | +11.1M shares |
| Available history | +10% | +11.6M shares |
PNW has 124M diluted shares, up 2% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2024 | $423,000 |
PNW Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 5.2x | High |
| Q2 2026 | 5.3x | High |
| Q1 2026 | 5.2x | High |
| Q4 2025 | 5.2x | High |
| Q3 2025 | 5.2x | High |
| Q2 2025 | 5.2x | High |
| Q1 2025 | 4.9x | High |
| Q4 2024 | 4.8x | High |
PNW's net debt is about 5.2 years of its operating earnings (EBITDA), about the same as a year ago.
PNW Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 60.5 | Neutral |
| Stochastic | 85.4 | Overbought |
PNW's weekly RSI is 60 (neutral) and its Stochastic is 85 (overbought).
PNW PE vs Utilities Sector
| Metric | PNW | Sector median | Relative |
|---|---|---|---|
| PE | 20x | 20x | 1.2% below |
| PE % | 89 | 44 | 45 pts above |
PNW is trading at 20x earnings, in line with the Utilities sector's median of 20x.
PNW Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $101.7 | 5.3% above |
| 20 week MA | $101.6 | 5.4% above |
| 50 week MA | $99.3 | 7.8% above |
| 100 week MA | $94.7 | 13% above |
| 200 week MA | $86.6 | 24% above |
PNW is in an uptrend: it's above all five of its weekly moving averages, and 24% above its 200-week average.
PNW Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $88.9 | $77.9 | -12% |
| 2021 | $77.9 | $68.9 | -12% |
| 2022 | $68.9 | $77.9 | +13% |
| 2023 | $77.9 | $71.8 | -7.8% |
| 2024 | $71.8 | $85.0 | +18% |
| 2025 | $85.0 | $88.4 | +4.1% |
| 2026 YTD | $88.4 | $107.0 | +21% |
PNW has finished lower in three of the last six years. It's up 21% so far in 2026.