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Pinnacle West Capital Corporation — Intrinsic Value & Fair Price

PNW
NYSEUtilitiesRegulated ElectricCIK 0000764622pinnaclewest.comAbout PNW
Last close · Oct 16, 2026103.42+1.84 (+1.81%)
Market cap$12.5B
Model value · P/E · own history
85.54
Pinnacle West Capital closed at $103.42 — overvalued by 21% vs model.
75.93the model's range93.09

P/E · own history leads for a regulated utility. From its own five-year median P/E applied to its earnings.

Other models
51.27 – 297.23
Wall St. target
101.50 2% above
Above model, 1y
5 of 20 days

Price and model value

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What the marks mean
Daily close

Dividends

Quarterly · as of Oct 16, 2026
Yield, trailing 12 months
3.52%
Past 2 years
low 3.31%high 4.32%
Dividends per share, a year at a time
$3.32Jul ’21$3.40Jul ’22$3.46Jul ’23$3.52Aug ’24$3.58Aug ’25$3.64TTM
Coverage
—
Raised
14 years in a row
Growth, 5 yrs
1.9% a year
Last change
+1.7% · Nov 2025
Every payment, with ex-dates · latest $0.91, paid Sep 1, 2026

Research on PNW

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How it is valued

Valued asRegulated utility
Low/slowing growth (~7% recent)Moderate margins (12% net margin)Strong dividend yieldHighly cyclical earningsNegative free cash flow
What growth the price implies: the reverse DCF

Key figures

FY2025 · chosen for utilities
P/E
20.5×
EV / EBITDA
10.8×
FCF yield
-6.6%
Dividend yield, TTM
3.52%
Beta
0.42
Cost of capital (WACC)
6.13%
Full financials

Analyst actions

third-party, quoted
10-05Jefferies · target109.00
10-05Truist Financial · target99.00
10-01Barclays · target94.00
12-12Keybanc · “Sector Weight” from “Overweight”downgrade
Ratings, targets and estimates

Comparable companies

by business, not by industry label
1 more company lists PNW as a comparable

The weekly

One email a week across every stock we cover: 13F filings, insider trades, earnings and new research. It covers the whole market, not just PNW. No account.

About Pinnacle West Capital

Pinnacle West Capital Corporation (PNW), primarily operating through its Arizona Public Service Company (APS) subsidiary, delivers retail and wholesale electricity services predominantly within Arizona. The company manages the full scope of electricity provision, encompassing generation, transmission, and distribution, leveraging a diverse energy portfolio that includes coal, nuclear, natural gas, oil, and solar power facilities. Its robust infrastructure for power delivery features approximately 5,814 pole miles of overhead transmission lines and roughly 74 miles of subterranean transmission lines. For distribution, the company maintains about 11,258 miles of overhead lines and an estimated 22,821 miles of underground primary cabling. This network is further supported by 475 owned and managed transmission and distribution substations. PNW possesses or leases roughly 6,323 megawatts of regulated power generation capacity and supplies electricity to an estimated 1.3 million customers. Established in 1985, Pinnacle West Capital Corporation's corporate headquarters are situated in Phoenix, Arizona.

CEO
Theodore N. Geisler
Headquarters
Phoenix, AZ
Employees
6,610
IPO
1961-08-28
Full company profile

Model estimates for research reference only, not investment advice. Every model rests on assumptions that may not match what happens; the formulas are in how we value a stock.