Avista Corporation (AVA) Stock

Avista Corporation (AVA) is a Utilities stock trading at $37.56 (as of 2026-08-21), with a market capitalization of $3.15B and a trailing P/E of 13.9. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Avista Corporation and its subsidiaries operate as an electric and natural gas utility through two segments: Avista Utilities and AEL&P. The company provides electric and natural gas distribution, generation, and wholesale energy trading, serving customers in parts of Washington, Idaho, Oregon, and Montana, and provides electric service in Juneau, Alaska.

Understand Avista Corporation: how it makes money

Avista Corporation operates an electric and natural gas utility, providing electricity and natural gas distribution and transmission services to customers, generating electricity, and also engaging in the wholesale purchase and sale of electricity and natural gas.

Avista’s profit model is built around regulated delivery of electricity and natural gas to a large customer base, supported by ongoing rate-setting actions (base and proposed revenue increases) and underpinned by its generation and wholesale electricity and natural gas activities.

Business quality (Solid): Clear business description and several operational KPIs, but no reportable segment revenue split is provided, so segment-level profit drivers cannot be isolated from the available facts.

Valuation: At 17× earnings, AVA trades 23% below the Utilities average (22×). Note: one-time items can distort reported P/E.

Bull case

Large retail electric and natural gas customer bases: Electric Utility Customers Avista Utilities is 429,000 and Natural Gas Utility Customers Avista Utilities is 386,000.
Potential for incremental demand from large loads: Remaining Large Load Customer Queue is 1,700 megawatts, with a Large Load Customer Queue ratio of 1.1.
Generation performance tracking against expectations: Hydroelectric Generation as a Percentage of Expectations is 91 percent.

Bear case

Operational and safety related events are tracked and can be disruptive: Fire Safe Mode is 4,000,000 (count), which indicates this operational state is a meaningful monitored metric.
Growth levers appear conditional: Incremental Revenue Mechanism Pre-Tax Expense is 0.0 USD_B, suggesting limited contribution from this specific mechanism in the provided dataset.
Cost input sensitivity is explicitly tracked: Steel is 40 percent, indicating at least some exposure to materials costs that could affect capital work.

Valuation — source: SEC EDGAR (first-party)
Price	$37.56
Market Cap	$3.15B
P/E Ratio	13.9
EV / EBITDA	5.2
Price / Book	1.12
Price / Sales	1.64
FCF Yield	-3.3%
DCF Value (model)	$73.69
DCF Upside vs Price	96.2%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$1.96B
Net Margin	9.8%
Revenue Growth (YoY)	0.5%
EPS Growth (YoY)	152.9%
FCF Growth (YoY)	-47.6%

Financial Health — source: SEC EDGAR
Altman Z-Score	0.83 (distress)

Valuation vs Sector & Industry
Stock P/E	13.9
Sector P/E (Utilities)	20.8
Industry P/E (Utilities)	20.1
vs Sector	-33.5%
vs Industry	-31.0%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	BlackRock, Inc. ($571.72M)
Institutional Holders Tracked	10

Company
Sector	Utilities
Industry	Utilities
CEO	Heather Lynn Rosentrater
Employees	1,920
Country	US
IPO Date	1981-05-22

Related Companies (Business model: Regulated Utility (Electric / Gas); 8 closest by market cap; US-domiciled)

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.