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Pinnacle West Capital Corporation

PNW
45
Regulated Electric · Utilities
Also trades as: 0KIT.L GBP 1.06 (-0.10%)
Price
$105.88
-0.73 (-0.68%)
Market Cap
$12.83B
Winston Score
45
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Oct 25, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Good
18/30
Growth
Mixed
6/20
Cash Flow
Good
6/10
Stability
Mixed
4/10
Valuation
Strong
7/10
Ownership
Weak
2/15
Dividends
Mixed
2/5

45 of 100 counted points = Winston Score 45.

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Share count rising — dilution

+7.8% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 113.2M (2021) → 122.0M (2025)

§Winston Score History

The full picture

Pinnacle West Capital is an electric utility holding company based in Arizona. Its main subsidiary, Arizona Public Service (APS), generates and delivers electricity to about 1.4 million homes and businesses across Arizona. APS operates a mix of power sources including natural gas, nuclear, solar, and coal plants.

The company earns money by charging customers for the electricity they use, under rates approved by state regulators. Because APS is a regulated monopoly, it faces little direct competition in its service territory, which gives it stable and predictable revenue. However, Arizona's fast-growing population — especially in the Phoenix metro area — requires heavy spending on new infrastructure to meet rising demand, and the company must regularly negotiate with regulators to recover those costs through customer rates.

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+7.1% YoY

YoY Growth Rate

Slow revenue growth

Reported EPS Growth

-8.7% YoY

Quarterly reporting periods ended:

30 Jun 2025: $1.61

30 Jun 2026: $1.47

Reported/statutory EPS, not adjusted or underlying earnings. One-off items can affect this figure. Provider rounding can affect the growth rate.

YoY Growth Rate

Reported EPS decreased year over year

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

0.5%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~17 months

$1.9B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Adequate runway but may need to raise capital within 2 years

Growth context

Pinnacle West Capital Corporation is growing revenue at 7% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
61.6%
Premium pricing power — 61.6% gross margin
Profit after running costs
Operating Margin
21.0%
Excellent — 21.0% operating margin
Return on the money invested
ROCE
6.2%
Weak — 6.2% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+5.7%
Slow sales growth (+5.7% YoY)
Profit growth
EPS YoY
+6.8%
Modest earnings growth (+6.8% YoY)

Single-digit earnings growth — steady but not exciting.

How steady the profit is
EPS Consistency
2/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
277%
Turns 277% of profit into real cash
Spare cash per sale
FCF Margin
-15.8%
Burning cash (-15.8%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns
Debt / Equity
1.62
Elevated debt (1.62)
Covers its interest
Interest Cover
2.46x
Tight — interest eats into profit (2.5x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit
P/E Ratio (TTM)
19.9x
Fair value — P/E 19.9

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
+4.0
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (19.9 → 15.9)

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Dividends

Dividend
Dividend Yield
3.72%
Moderate income — 3.72% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
+1.7%
Dividend flat
Payout Ratio
67%
no trend
Most of the profit goes out as dividends. Little left to reinvest, and less cushion if earnings dip.

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