Pinnacle West Capital Corporation (PNW) Stock

Pinnacle West Capital Corporation (PNW) is a Utilities stock trading at $97.36 (as of 2026-08-21), with a market capitalization of $11.80B and a trailing P/E of 18.1. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Pinnacle West Capital Corporation, through its subsidiary Arizona Public Service Company, provides retail and wholesale electric services primarily in Arizona. The company generates, transmits, and distributes electricity and serves about 1.3 million customers.

Understand Pinnacle West Capital Corporation: how it makes money

Pinnacle West Capital Corporation, through Arizona Public Service Company, provides retail and wholesale electricity in Arizona, generating, transmitting, and distributing power to customers, and earns operating revenues from supplying that electricity.

As a utility focused on serving customers with regulated electricity assets, its profit model is structurally driven by operating revenues tied to customer electricity demand, supported by the operational performance and availability of its generating resources (including Palo Verde).

Business quality (Weak): Data is clear on the business model and some key operational drivers, but there is no clean segment revenue breakdown provided, and peer context is not available.

Valuation: At 20× earnings, PNW trades 9% below the Utilities average (22×). Note: one-time items can distort reported P/E.

Bull case

  • Customer base provides an anchor to electricity demand: Number of Electric Utility Customers Served is about 1,400,000.
  • Strong nuclear plant performance supports reliable generation: Palo Verde Capacity Factor (Summer) is 100 percent, and Palo Verde Capacity Factor is 99 percent.

Bear case

  • Electric demand can vary with weather: Arizona weather metrics indicate cooling degree days have changed, including Residential Cooling Degree-Day Decrease of 15.4 percent.
  • Operating results can be sensitive to generation availability: Key availability and capacity factors such as Equivalent Availability Factor (93.4 percent) indicate results can depend on plant and system performance.
Valuation — source: SEC EDGAR (first-party)
Price$97.36
Market Cap$11.80B
P/E Ratio18.1
EV / EBITDA10.5
Price / Book1.67
Price / Sales2.12
FCF Yield-7.4%
DCF Value (model)$16.42
DCF Upside vs Price-83.1%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$5.34B
Net Margin11.8%
Revenue Growth (YoY)7.1%
EPS Growth (YoY)-8.7%
FCF Growth (YoY)-25.3%
Financial Health — source: SEC EDGAR
Altman Z-Score0.72 (distress)
Valuation vs Sector & Industry
Stock P/E18.1
Sector P/E (Utilities)20.8
Industry P/E (Utilities)20.1
vs Sector-13.0%
vs Industry-9.7%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderCapital Research Global Investors ($1.66B)
Institutional Holders Tracked10
Company
SectorUtilities
IndustryUtilities
CEOTheodore N. Geisler
Employees6,400
CountryUS
IPO Date1961-08-28

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

  • NRG Energy, Inc. (NRG)
  • Talen Energy Corporation (TLN)
  • OGE Energy Corp. (OGE)
  • Oklo Inc. (OKLO)
  • IDACORP, Inc. (IDA)
  • Clearway Energy, Inc. (CWEN)
  • Ormat Technologies, Inc. (ORA)
  • TXNM Energy, Inc. (TXNM)
PNW earnings history · PNW institutional & insider holders · PNW KPIs & operating metrics · PNW financials · PNW investor presentations & press releases · PNW SEC filings · PNW peers · Congress trades · Insider trades · Short interest · Stock screener

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.