Pinnacle West Capital (PNW) stock
Utilities · Multi-Utilities
Pinnacle West Capital (PNW) is a Multi-Utilities company in the Utilities sector, headquartered in Phoenix, Arizona. As of October 23, 2026, PNW closed at $105.88, a market capitalization of $12.83 billion, the 472nd largest company in the S&P 500. Over the last twelve months it generated $5.55 billion in revenue (+7% year over year) and -$878.54 million in free cash flow. The stock trades at 20.3x trailing earnings and 19.0x forward earnings.
- 1-year total return: +18.8% (dividends reinvested)
- 5-year return: +14.5% a year
- 52-week range: $86.18 – $111.16
- Gross margin 43.4%, operating margin 21.3%
- Dividend yield: 3.49%, 14 straight years of increases
- FI Handbook report card: C- across 10 metrics
- 30th largest of 31 Utilities stocks in the S&P 500
PNW price chart
1Y price change: +14.4% (price only; total returns below include dividends)
| Total return | 1M | YTD | 1Y | 3Y | 5Y | 10Y | MAX |
|---|---|---|---|---|---|---|---|
| PNW | +15.0% | +22.7% | +18.8% | +18.0% | +14.5% | +7.8% | +6.2% |
Dividends reinvested. 3Y and longer are annualized; MAX is annualized since 1973.
PNW key statistics
- Market cap
- $12.8B
- #472 in S&P 500
- P/E (TTM)
- 20.3x
- Forward P/E
- 19.0x
- EPS (TTM)
- $5.21
- Revenue (TTM)
- $5.6B
- +7%
- Free cash flow
- -$878.5M
- Gross margin
- 43.4%
- Operating margin
- 21.3%
- Return on equity
- 9.4%
- Dividend yield
- 3.49%
- 52-week range
- $86.18 – $111.16
- Beta
- 0.42
- Price / sales
- 2.3x
- EV / EBITDA
- 13.7x
- Debt / equity
- 2.33x
- Employees
- 6,610
PNW report card
C-Ten fundamentals graded A to F against fixed thresholds. Not a buy or sell rating.
- Revenue growth7.1%C
- Gross margin43.4%B
- Operating margin21.3%B
- FCF margin-15.8%F
- Return on equity9.4%D
- Net debt / EBITDA7.7xF
- Forward P/E19.0xB
- PEG ratio3.6xF
- Shareholder yield3.5%B
- Share count change / yr1.6%D
Pinnacle West Capital Corporati financials
Revenue went from $3.5B in fiscal 2016 to $5.3B in fiscal 2025, growing 4.8% a year.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.5B | $3.6B | $3.7B | $3.5B | $3.6B | $3.8B | $4.3B | $4.7B | $5.1B | $5.3B |
| Gross profit | $2.4B | $2.6B | $2.6B | — | — | — | — | — | — | — |
| Operating income | $835.6M | $909.8M | $773.7M | $672.0M | $788.2M | $805.3M | $731.9M | $824.6M | $1.0B | $1.1B |
| Net income | $461.5M | $507.9M | $530.5M | $557.8M | $570.1M | $635.9M | $500.8M | $518.8M | $626.0M | $631.6M |
| EPS (diluted) | $3.95 | $4.35 | $4.54 | $4.77 | $4.87 | $5.47 | $4.26 | $4.41 | $5.24 | $5.05 |
| Free cash flow | -$252.1M | -$290.7M | $99.0M | -$234.7M | -$360.2M | -$613.5M | -$466.0M | -$638.7M | -$639.4M | -$819.5M |
| Buybacks | — | — | — | — | — | — | $2.7M | $4.1M | — | — |
| Dividends paid | $274.2M | $289.8M | $308.9M | $329.6M | $350.6M | $369.5M | $378.9M | $386.5M | $394.7M | $422.8M |
| Diluted shares | 112.0M | 112.4M | 112.5M | 112.8M | 112.9M | 113.2M | 113.4M | 113.8M | 116.2M | 122.0M |
Source: SEC filings (10-K XBRL). EPS and share counts are split-adjusted.
What's priced into PNW?
A reverse DCF asks what growth the current price requires. With an enterprise value of $29.3B and -$878.5M of trailing free cash flow, Pinnacle West Capital Corporati needs to grow free cash flow at a rate outside our model for ten years (fading to 3.0% terminal growth) to earn a 10% annual return.
P/E ratio history
Current 21.0x vs. median 17.3x (10th–90th percentile 13.7x–21.5x).
A model, not a forecast or advice. Small changes in assumptions move the answer a lot.
PNW dividend
- Dividend yield
- 3.49%
- Annual dividend
- $3.70
- Years of increases
- 14
- 5-yr dividend growth
- 2.5%
- per year
- Payout ratio
- 70%
- Payments per year
- 4
Regular dividends per share by calendar year; special dividends excluded. Current year omitted until complete.
PNW analyst price targets
15 analysts' average 12-month target is $104.17 (-2% vs. $105.88). Targets range from $89.00 to $119.50. 33% rate it a buy.
PNW earnings
Next report: November 3, 2026. Last quarter's revenue was $1.5B (+7% year over year).
| Report date | EPS estimate | EPS actual | Surprise |
|---|---|---|---|
| Aug 4, 2026 | $1.47 | $1.43 | -2.7% |
| May 4, 2026 | — | $0.27 | +15889.5% |
| Feb 25, 2026 | $0.02 | $0.13 | +472.7% |
| Nov 3, 2025 | $3.09 | $3.39 | +9.7% |
| Aug 6, 2025 | $1.59 | $1.58 | -0.4% |
| May 1, 2025 | $0.02 | $-0.04 | -339.9% |
| Feb 25, 2025 | $-0.14 | $-0.06 | +58.1% |
| Nov 6, 2024 | $3.52 | $3.37 | -4.3% |
Stocks like PNW
| Name | Today | 1Y | Mkt cap | P/E | |
|---|---|---|---|---|---|
 NEE NextEra Energy | +0.24% | +1% | $172.2B | 14.8x | Compare |
 D Dominion Energy | -0.31% | +12% | $57.3B | 22.6x | Compare |
 SRE DBA Sempra | -0.84% | -6% | $55.0B | 24.3x | Compare |
 XEL Xcel Energy | -1.08% | +0% | $48.8B | 21.4x | Compare |
 ED Consolidated Edison | -0.45% | +19% | $42.8B | 19.1x | Compare |
 PCG Pacific Gas & Electric | -2.70% | -22% | $37.9B | 9.4x | Compare |
 AEE Ameren | -0.83% | +7% | $29.9B | 19.0x | Compare |
 DTE DTE Energy | -0.88% | -4% | $27.4B | 20.9x | Compare |
PNW news
- Pinnacle West Declares Quarterly Dividend · Oct 21, 2026
- Pinnacle West's Q3 2026 Earnings: What to Expect · Oct 15, 2026
- AVA vs. PNW: Which Stock Is the Better Value Option? · Oct 14, 2026
- Will Rising Customer Demand Support PNW's Long-Term Earnings Growth? · Oct 9, 2026
- Pinnacle West Capital (PNW) Stock Sees Modest Fair Value Cut As Analysts Rework Targets · Oct 7, 2026
PNW stock FAQ
What is PNW's market cap?
Pinnacle West Capital's market capitalization is $12.83 billion as of October 23, 2026, ranking 472nd in the S&P 500.
What is PNW's P/E ratio?
PNW trades at a trailing price-to-earnings ratio of 20.3x and a forward P/E of 19.0x. Its median P/E over the period we track is 17.3x.
Does PNW pay a dividend?
Yes. Pinnacle West Capital pays $3.70 per share a year, a 3.49% yield. It has raised its dividend 14 years in a row. Dividends grew 2.5% a year over the last five years.
How much has PNW stock returned?
Including reinvested dividends, PNW returned +18.8% over one year, +14.5% a year over five years, +7.8% a year over ten years through October 23, 2026.
What is the PNW price target?
15 analysts cover PNW with an average 12-month price target of $104.17, -2% from the current price. 33% of them rate it a buy.
When does PNW report earnings?
Pinnacle West Capital is expected to report earnings on November 3, 2026.
How many employees does Pinnacle West Capital have?
Pinnacle West Capital has about 6,610 full-time employees, or $840,280 of revenue per employee.
Sources: SEC EDGAR filings, Yahoo Finance market data (delayed), FI Handbook calculations. Last close October 23, 2026. Methodology