--- title: Pinnacle West Capital (PNW) — intrinsic value and fair price canonical: https://sweetvaluelab.com/stocks/pnw ticker: PNW as_of: 2026-10-17 sector: Utilities industry: Regulated Electric --- # Pinnacle West Capital (PNW) Pinnacle West Capital (PNW) closed at $103.42 on Oct 16, 2026, overvalued by 21% vs its model value of $85.54 (from its own five-year median P/E applied to its earnings). ## Key figures | Figure | Value | | --- | ---: | | Last close | $103.42 (Oct 16, 2026) | | Model value (from its own five-year median P/E applied to its earnings) | $85.54 | | Price vs model | overvalued by 21% vs model | | Range of that model | $75.93 – $93.09 | | Market value | $12.5B | | P/E (fiscal 2025) | 20.5 | | Net margin (fiscal 2025) | 11.5% | | Free cash flow (fiscal 2025) | -$819.5M | | Dividend yield (trailing twelve months) | 3.52% | | Beta | 0.42 | | Cost of capital (WACC) | 6.13% | | Business classification | Dividend Payer (Low/slowing growth (~7% recent), Moderate margins (12% net margin), Strong dividend yield, Highly cyclical earnings, Negative free cash flow) | ## Dividends | Figure | Value | | --- | ---: | | Trailing dividend yield | 3.52% | | Dividends per share, last 12 months | $3.64 | | Coverage | — | | Raised | 14 years in a row | | Growth over 5 years | 1.9% a year | | Latest payment | $0.91, ex-date Aug 3, 2026, paid Sep 1, 2026 | | Year of payments | Dividends per share | | --- | ---: | | To Jul 30, 2021 | $3.32 | | To Jul 29, 2022 | $3.40 | | To Jul 31, 2023 | $3.46 | | To Aug 1, 2024 | $3.52 | | To Aug 1, 2025 | $3.58 | | Trailing twelve months (to Aug 3, 2026) | $3.64 | ## Valuation models Each model's value per share and the role the engine gave it for this business. The headline above is one model's value; every other model is listed with its own, and each has a page of its own under the valuation. Computed Oct 17, 2026. | Model | Role | Value per share | Low | High | | --- | --- | ---: | ---: | ---: | | DCF · Perpetuity growth · 5y | cross check | $124.38 | $33.53 | $383.94 | | DCF · Perpetuity growth · 10y | cross check | $143.25 | $46.81 | $431.43 | | DCF · EBITDA exit · 5y | cross check | $290.12 | $163.64 | $439.97 | | DCF · EBITDA exit · 10y | cross check | $297.23 | $157.05 | $487.51 | | P/E · peers | cross check | $99.44 | $90.43 | $114.57 | | P/E · own history | primary | $85.54 | $75.93 | $93.09 | | PEG | sanity check | $51.27 | $51.27 | $51.27 | | EV/EBITDA · peers | cross check | $126.56 | $119.09 | $140.15 | | EV/Revenue · peers | cross check | $103.95 | $66.86 | $165.82 | | Earnings power value | cross check | $0.00 | $0.00 | $0.00 | | Dividend discount | cross check | $85.85 | $56.47 | $154.61 | ## Insider activity (SEC Form 4) Past 90 days: 0 open-market buys ($0) and 2 open-market sales ($280,799.7); 10b5-1 plan sales included. | Date | Insider | Relationship | Transaction | Shares | Value | | --- | --- | --- | --- | ---: | ---: | | Aug 10, 2026 | Blankenship Elizabeth A | VP, Controller and CAO | Open-market sell | 980 | $97,181.7 | | Aug 7, 2026 | Esparza Jose Luis Jr | Other | Open-market sell | 1,800 | $183,618 | | May 14, 2026 | EICHER CAROL S | Director | Grant / award | 1,665 | — | | May 14, 2026 | Butler Ronald Jr | Director | Grant / award | 1,665 | — | | May 14, 2026 | de la Melena Gonzalo A Jr | Director | Grant / award | 1,665 | — | ## Recent SEC filings | Filed | Form | What | Filing | | --- | --- | --- | --- | | Sep 30, 2026 | 8-K | 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/764622/000076462226000049/pnw-20260930.htm | | Sep 4, 2026 | 8-K | 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/764622/000076462226000046/pnw-20260904.htm | | Aug 13, 2026 | 8-K | 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/764622/000110465926095989/tm2622461d5_8k.htm | | Aug 7, 2026 | 8-K | 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/764622/000076462226000044/pnw-20260807.htm | | Aug 4, 2026 | 8-K | 1.01 Entry into a Material Agreement; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/764622/000110465926090108/tm2621767d2_8k.htm | ## Superinvestors holding it (latest 13F) | Manager | Quarter | Shares | Value | | --- | --- | ---: | ---: | | Bridgewater | 2026-06-30 | 169,107 | $18.1M | 1 tracked managers in all. ## About 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 r… --- Source: https://sweetvaluelab.com/stocks/pnw (SweetValueLab, free, no account). Prices and statements from Financial Modeling Prep; filings from SEC EDGAR. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.