# Avista Corporation (AVA)

> Source: Nexqual · https://nexqual.com/AVA · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Avista Corporation (AVA), nexqual.com/AVA" · informational, not investment advice.

**Price:** USD 37.74 (+2.22% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 36.92 · day 37.03–37.94 · 52w 34.46–43.5 · market cap $3.16B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.92B, net income $227M (11.8% margin), free cash flow -$104M (SEC filings).
- Valuation: P/E 13.9x (avg 16.1x at the last 3 fiscal year-ends).
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $239K; 2 not under a Rule 10b5-1 plan ($239K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 3.14 on a 1–5 scale) (7 analysts), mean target USD 40.33 (range 35–50).
- Total return with dividends: 1Y +2.1% vs S&P 500 +14.9%; 5Y +21.4% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 0.42, revenue estimate $419M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.44B | $1.71B | $1.75B | $1.94B | $1.96B | $1.92B |
| Operating income | $228M | $190M | $258M | $306M | $354M | $360M |
| Net income | $147M | $155M | $171M | $180M | $193M | $227M |
| EPS (diluted) | $2.10 | $2.12 | $2.24 | $2.29 | $2.38 | — |
| Free cash flow | -$173M | -$328M | -$52.0M | $1.0M | -$101M | -$104M |
| Operating margin | 15.9% | 11.1% | 14.7% | 15.8% | 18.0% | 18.8% |
| Net margin | 10.2% | 9.1% | 9.8% | 9.3% | 9.8% | 11.8% |
| Revenue growth | +8.9% | +18.8% | +2.5% | +10.6% | +1.3% | — |
| Cash + short-term investments | $22.2M | $13.4M | $35.0M | $30.0M | $19.0M | — |
| Total debt | $2.15B | $2.29B | — | — | — | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 13.9x · P/S 1.6x · P/B 1.1x · FCF yield -3.29% · Earnings yield 7.18% · Dividend yield (paid, TTM) 5.09%
P/E at fiscal year-ends: Dec 2025 16.2x, Dec 2024 16.0x, Dec 2023 16.0x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 2 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-02 | Diluciano Joshua D | Vice President | 4,675 | $174K | 35.9% | No | Too little history (no open-market trades in 2023) |
| 2026-05-07 | Manuel Wayne O | Senior Vice President | 1,593 | $65K | 13.2% | No | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 3.14 on a 1–5 scale), 7 analysts; mean target USD 40.33 (low 35, high 50).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-09 | Barclays | Target lowered | Equal-Weight | $37 → $35 |
| 2026-08-04 | Barclays | Target lowered | Equal-Weight | $40 → $37 |
| 2026-07-06 | Barclays | Target raised | Equal-Weight | $39 → $40 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +2.1% | +21.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +2.1% | +4.0% |
| Volatility (annualized) | 18.6% | 21.7% |
| Max drawdown | -17.0% (Jun 2026→Sep 2026) | -27.7% (Apr 2023→Oct 2023) |

## Peers (Utilities - Diversified)
AQN (Algonquin Power & Utilities Cor) USD 5.45 +2.64% · UTL (UNITIL Corporation) USD 55.06 +2.76% · AES (The AES Corporation) USD 14.97 -0.00% · BIP (Brookfield Infrastructure Partn) USD 37.29 +2.53% · SRE (DBA Sempra) USD 84.77 +1.52%

## More
Full page: https://nexqual.com/AVA · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name AVA in their own reports (relationship from AVA's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| supplier | NorthWestern Energy Group, Inc. (NWE) | 10-K 2026-02-12 | "Avista Interests - The 222 megawatts of generation capacity from Colstrip Units 3 and 4 acquired from Avista (Avista Interests) on January 1, 2026, was identified as a key element in our strategy to a…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Avista Utilities | $335.0M | 81.1% | +1.5% |
| Alaska Electric Light Power | $12.0M | 2.9% | +9.1% |
| Total revenue | $413.0M | 100% | — |
The lines above cover 84% of total revenue.

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.42 | $0.37 | +14.9% | $418.5M | 5 |
| Next quarter (ends 2026-12-31) | $0.84 | $0.92 | -8.3% | $545.1M | 5 |
| Current fiscal year (ends 2026-12-31) | $2.64 | $2.60 | +1.2% | $2.00B | 7 |
| Next fiscal year (ends 2027-12-31) | $2.79 | $2.79 | -0.1% | $2.08B | 7 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-12-18 (includes earnings 2026-11-04): ±11.5%; last 8 reports averaged ±3.1%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-12-18 | 56 | 20.7% | ±11.5% |
| 2027-03-19 | 147 | 19.3% | ±13.7% |