Pinnacle West Capital Corporation

PNW

Regulated Electric · Utilities

Price

$107.72

-1.57 (-1.44%)

Market Cap

$13.05B

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

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)

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.

Winston Score History

Politician Trades

2 trades / 12mo

1 Congressional buy and 1 sell on PNW in the last 12 months.

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Growth Profile

For growth stock investors

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

Revenue Growth

+11.4% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+775.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

0.5%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~0 months

$6M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

Pinnacle West Capital Corporation has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

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.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin

62.0%

Premium pricing power — 62.0% gross margin

Operating Margin

34.9%

Excellent — 34.9% operating margin

ROCE

2.2%

Weak — 2.2% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+4.8%

Slow sales growth (4.8% YoY)

EPS YoY

+5.8%

Modest earnings growth (5.8% YoY)

Single-digit earnings growth — steady but not exciting.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

250%

Turns 250% of profit into real cash

FCF Margin

-18.2%

Burning cash (-18.2%)

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

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Stability

Debt / Equity

1.56

Elevated debt (1.56)

Interest Cover

3.39x

Tight — interest eats into profit (3.4x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

19.7x

Fair value — P/E 19.7

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

P/E vs Forward

+2.0

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend Yield

3.33%

Moderate income — 3.33% yield

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

Dividend Growth

+1.7%

Dividend flat

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