US · USD

PNW

Pinnacle West Capital Corp

$96.92+1.00% ($0.96)Updated 10/6/26, 11:32 AM

Day's range: $96.36 – $97.31
Day's volume: $8.3M
52-week range: $84.19 – $108.38

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PNW in numbers

Market cap: $11.7B

P/B: 1.67

Dividend yield (12m): 3.76%

Net debt/EBITDA: 5.32

The 12-month dividend yield of PNW is 3.76%, below its 5-year average of 4.46%.

PNW price history

10/06/202510/06/2026

Compare with

PNW risk and return

Monthly closes adjusted for splits and distributions.

Metric	12 months	36 months	60 months
Return	+9.66%	+44.80%	+83.05%
Volatility (annualized)	16.04%	16.42%	19.17%
Largest drawdown	-12.26%	-12.26%	-15.95%
Positive months	7/12	19/36	33/60

How much did investing in PNW return?

Amount invested

$1,000.00 invested on 11/01/2021 would be worth $1,830.49 today.

Value today in PNW: $1,830.49

Return over the period: +83.05%

Return per year: +13.05%

In the S&P 500: $1,711.60

With dividends reinvested, before taxes and costs, at month-end closes. Past returns do not guarantee future ones.

PNW fundamentals

Valuation

P/E
—
P/B
1.67
EV/EBITDA
10.81
EV/EBIT
20.24
EV/Revenue
4.15
P/EBIT
10.27
P/S
2.11
P/OCF
6.61
P/FCF
—
Earnings yield
4.94%
PEG ratio
—
Earnings per share
—
Book value per share
$58.04

Debt

Net debt
$11.4B
Net debt/EBITDA
5.32
Net debt/Equity
1.61
Debt/Equity
1.62
Current ratio
0.59
Quick ratio
—
Cash ratio
0.00

Efficiency

Gross margin
—
EBITDA margin
38.43%
Operating margin
20.52%
Net margin
—
Asset turnover
0.17

Profitability

ROE
—
ROA
—
ROIC
4.09%
Payout
—

Growth

Revenue CAGR (5 years)
8.51%
Earnings CAGR (5 years)
—
Revenue growth (year)
—
Earnings growth (year)
—
Revenue growth (quarter)
—
Earnings growth (quarter)
—

What is PNW's fair price?

Two classic value formulas, with today's numbers. The current price is $96.92.

Graham's fair price: —; PNW's earnings per share and book value per share are not available, so the formula cannot be computed.

Benjamin Graham paid no more than a P/E of 15 and a P/B of 1.5. Their product, 22.5, times earnings (EPS) and book value per share gives the fair price.

Bazin's ceiling price: $57.87; 40.29% below the price

$3.47 (5-year average) ÷ 6%

Décio Bazin only bought stocks yielding at least 6% a year in distributions. The ceiling price is the average dividend per share of recent years over 6%.

Graham ignores growth and debt; Bazin assumes past distributions repeat. They are references to compare, not a buy recommendation.

PNW's indicators by year

Multiples at each year's closing price; margins and returns from that year's statements.

Indicator	2025	2024	2023	2022	2021	2020	2019	2018
P/B	1.52	1.49	1.32	1.42	1.35	1.60	1.86	1.83
EV/EBITDA	10.45	9.92	10.23	10.77	9.95	10.47	11.26	10.01
Dividend yield	4.05%	4.17%	4.84%	4.49%	4.73%	3.98%	3.33%	3.31%
Book value per share	$58.28	$56.71	$54.46	$53.44	$52.30	$49.99	$48.30	$46.57
ROIC	5.19%	5.32%	4.73%	3.42%	4.06%	4.31%	4.28%	5.14%
Gross margin	—	—	—	—	—	—	—	70.85%
EBITDA margin	38.15%	38.41%	35.75%	35.84%	40.08%	41.10%	38.49%	38.60%
Net debt/EBITDA	5.18	4.79	5.37	5.21	4.72	4.36	3.70	3.31

PNW's financial statements

Line	2025	2024	2023	2022	2021	2020
Net revenue	$5.3B	$5.1B	$4.7B	$4.3B	$3.8B	$3.6B
Cost of revenue	—	—	—	—	—	—
Gross profit	—	—	—	—	—	—
EBITDA	$2B	$2B	$1.7B	$1.5B	$1.5B	$1.5B
EBIT	$1.1B	$1B	$824.6M	$731.9M	$805.3M	$788.2M
Financial result	$92.7M	$102M	$102.4M	$99.3M	$174M	$89M
Income before tax	$738.4M	$736.6M	$595.7M	—	—	—
Income tax	-$106.7M	-$110.5M	-$76.9M	-$74.8M	-$110.1M	-$78.2M
Net income	—	—	—	—	—	—

Figures the company filed with the CVM. Debt excludes leases; each quarter is that quarter alone.

Does PNW pay dividends?

Dividend yield per year

3.12%2017
3.31%2018
3.33%2019
3.98%2020
4.73%2021
4.49%2022
4.84%2023
4.17%2024
4.05%2025
2.83%2026

Payment history
Type	Last day to own	Payment	Per share
Dividend	07/31/2026	09/01/2026	$0.91
Dividend	05/01/2026	06/01/2026	$0.91
Dividend	01/30/2026	03/02/2026	$0.91
Dividend	10/31/2025	12/01/2025	$0.91
Dividend	07/31/2025	09/02/2025	$0.90
Dividend	05/02/2025	06/02/2025	$0.90
Dividend	01/31/2025	03/03/2025	$0.90
Dividend	11/01/2024	12/02/2024	$0.90
Dividend	07/31/2024	09/03/2024	$0.88
Dividend	04/29/2024	06/03/2024	$0.88
Dividend	01/30/2024	03/01/2024	$0.88
Dividend	10/30/2023	12/01/2023	$0.88

See all 40 distributions

Earlier distributions
Type	Last day to own	Payment	Per share
Dividend	07/28/2023	09/01/2023	$0.87
Dividend	04/27/2023	06/01/2023	$0.87
Dividend	01/30/2023	03/01/2023	$0.87
Dividend	10/28/2022	12/01/2022	$0.87
Dividend	07/28/2022	09/01/2022	$0.85
Dividend	04/28/2022	06/01/2022	$0.85
Dividend	01/28/2022	03/01/2022	$0.85
Dividend	11/12/2021	12/01/2021	$0.85
Dividend	07/29/2021	09/01/2021	$0.83
Dividend	04/29/2021	06/01/2021	$0.83
Dividend	01/28/2021	03/01/2021	$0.83
Dividend	10/29/2020	12/01/2020	$0.83
Dividend	07/30/2020	09/01/2020	$0.78
Dividend	04/30/2020	06/01/2020	$0.78
Dividend	01/30/2020	03/02/2020	$0.78
Dividend	10/31/2019	12/02/2019	$0.78
Dividend	07/30/2019	09/03/2019	$0.74
Dividend	04/29/2019	06/03/2019	$0.74
Dividend	01/30/2019	03/01/2019	$0.74
Dividend	10/30/2018	12/03/2018	$0.74
Dividend	07/30/2018	09/04/2018	$0.70
Dividend	04/27/2018	06/01/2018	$0.70
Dividend	01/30/2018	03/01/2018	$0.70
Dividend	10/30/2017	12/01/2017	$0.70
Dividend	07/27/2017	09/01/2017	$0.66
Dividend	04/26/2017	06/01/2017	$0.66
Dividend	01/27/2017	03/01/2017	$0.66
Dividend	10/27/2016	12/01/2016	$0.66

About Pinnacle West Capital

Sector: Transportation and utilities

Questions about PNW

How much is PNW today?

PNW is at $96.92 (1.00% on the day), last traded on 10/06/2026.

How much did PNW pay in dividends in 2025?

PNW paid $3.60 per share in 2025, a dividend yield of 4.05%.

How much did PNW return in 12 months?

PNW returned 9.66% in 12 months, with annualized volatility of 16.04% and a largest drawdown of -12.26%.