Pinnacle West Capital Corporation (PNW) Stock Price & Analysis
Pinnacle West Capital Corporation (PNW) closed at USD 106.61 on Thursday, October 22, 2026, up 2.62% on the day. The US market is currently closed (pre-market); this is not a live price.
The prior close was USD 103.89; the Oct 22, 2026 session ranged USD 104.37–106.72 on volume of 1,372,182 shares. Market capitalization is $12.92B, with a 52-week range of USD 86.18–111.16 (NYQ). Source: Nexqual, retrieved October 23, 2026 at 10:11 UTC.
Also available as compact Markdown for AI agents: nexqual.com/PNW.md
Key facts (PNW)
- Last four reported quarters (through Jun 30, 2026): revenue $5.55B, net income $651M (11.7% margin), free cash flow -$879M (SEC filings).
- Valuation: P/E 19.8x (avg 16.2x at the last 3 fiscal year-ends), EV/EBITDA 11.0x, net debt $10.5B.
- Insider open-market sales, last ~7 months: 3 Form 4 filings, $931K; 3 not under a Rule 10b5-1 plan ($931K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 2.72 on a 1–5 scale) (18 analysts), mean target USD 104.17 (range 89–119.5).
- Total return with dividends: 1Y +19.6% vs S&P 500 +14.9%; 5Y +98.0% vs S&P 500 +80.3%.
- Next earnings: 2026-11-03, EPS estimate USD 3.32, revenue estimate $1.92B.
Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (PNW)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $3.80B | $4.32B | $4.70B | $5.12B | $5.34B | $5.55B |
| Operating income | $805M | $732M | $825M | $1.01B | $1.07B | $1.14B |
| Net income | $636M | $501M | $519M | $626M | $632M | $651M |
| EPS (diluted) | $5.47 | $4.26 | $4.41 | $5.24 | $5.05 | — |
| Free cash flow | -$613M | -$466M | -$639M | -$639M | -$820M | -$879M |
| Operating margin | 21.2% | 16.9% | 17.6% | 19.7% | 20.0% | 20.5% |
| Net margin | 16.7% | 11.6% | 11.0% | 12.2% | 11.8% | 11.7% |
| Revenue growth | +6.0% | +13.7% | +8.6% | +9.1% | +4.2% | — |
| Cash + short-term investments | $10.0M | $4.8M | $5.0M | $3.8M | $6.6M | — |
| Total debt | $7.21B | $8.08B | $8.42B | $8.86B | $9.81B | — |
Fiscal years end Dec. EPS is split-adjusted.
Valuation (price ÷ last four quarters, through Jun 30, 2026) (PNW)
P/E 19.8x · P/S 2.3x · EV/EBITDA 11.0x · EV/Sales 4.2x · P/B 1.8x · FCF yield -6.80% · Earnings yield 5.04% · Dividend yield (paid, TTM) 3.34% · Net debt $10.5B · EV $23.5B
P/E at fiscal year-ends: Dec 2025 17.1x, Dec 2024 15.7x, Dec 2023 15.8x.
Insider sales (SEC Form 4, open-market, last ~7 months) (PNW)
0 of 3 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 |
|---|---|---|---|---|---|---|---|
| 2026-08-10 | Blankenship Elizabeth A | VP, Controller and CAO | 980 | $97K | 8.2% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-07 | Esparza Jose Luis Jr | 1,800 | $184K | 26.8% | No | Too little history (no open-market trades in 2023–2025) | |
| 2026-05-13 | Tetlow Jacob | 6,567 | $650K | 41.9% | No | Too little history (no open-market trades in 2023) |
% 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 (PNW)
Consensus Hold (mean 2.72 on a 1–5 scale), 18 analysts; mean target USD 104.17 (low 89, high 119.5).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | HSBC | Initiated | Buy | $119.5 |
| 2026-10-21 | Morgan Stanley | Target raised | Equal-Weight | $89 → $91 |
| 2026-10-05 | Jefferies | Target lowered | Buy | $129 → $109 |
| 2026-10-05 | Truist Securities | Target lowered | Hold | $101 → $99 |
| 2026-10-01 | Barclays | Target lowered | Equal-Weight | $108 → $94 |
| 2026-09-29 | Scotiabank | Initiated | Sector Outperform | $104 |
| 2026-09-18 | Morgan Stanley | Target lowered | Equal-Weight | $94 → $89 |
| 2026-08-21 | Morgan Stanley | Target lowered | Equal-Weight | $97 → $94 |
| 2026-08-17 | Truist Securities | Target lowered | Hold | $107 → $101 |
| 2026-07-22 | BMO Capital | Target lowered | Market Perform | $106 → $104 |
| 2026-07-01 | Barclays | Target raised | Equal-Weight | $102 → $108 |
Total return (dividends reinvested) (PNW)
| 1Y (from 2025-10-23) | 5Y (from 2021-10-18) | |
|---|---|---|
| Total return | +19.6% | +98.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +19.7% | +14.6% |
| Volatility (annualized) | 17.1% | 20.4% |
| Max drawdown | -16.0% (Jul 2026→Sep 2026) | -21.8% (Aug 2022→Oct 2022) |
PNW revenue by business segment (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| Regulated Electricity | $1.46B | 100.0% | +7.1% |
| Total revenue | $1.46B | 100% | — |
PNW revenue by product line (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| Electric and Transmission Service | $1.45B | 99.7% | +7.9% |
| Transmission Services for Others | $29.2M | 2.0% | -8.8% |
| Wholesale Energy Sales | $13.7M | 0.9% | -23.4% |
| Other Sources | $8.9M | 0.6% | +181.3% |
| Total revenue | $1.46B | 100% | — |
As tagged by the company in its SEC 10-Q / 10-K filings (XBRL).
PNW suppliers, customers and competitors (named in its 10-K)
| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Arizona | “Actual sales growth, excluding weather-related variations, may differ from our projections as a result of numerous factors, such as macroeconomic conditions, current and future economic, regulatory, business, and other conditions, such as the Arizona housing market, customer growth, usage patterns and energy conservation, slower ramp-up of and/or fewer large data centers and manufacturing facilities, slower than e…” |
Quoted from the company's 10-K filed Feb 25, 2026.
PNW company outlook (results filed Aug 4, 2026)
- “Key factors and assumptions underlying this outlook can be found in the second-quarter 2026 earnings presentation slides at pinnaclewest.com/investors.”
- “Conference Call and Webcast Pinnacle West invites interested parties to listen to the live webcast of management's conference call to discuss the company's financial results and recent developments, and to provide an update on the company's longer-term financial outlook, at noon ET (9 a.m.”
Quoted word-for-word from the SEC 8-K results press release.
PNW analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends Sep 2026) | $3.32 | $3.14 | +5.7% | $1.92B | 8 |
| Next quarter (ends Dec 2026) | $-0.24 | $-0.11 | +120.3% | $1.18B | 5 |
| Current fiscal year (ends Dec 2026) | $4.81 | $4.72 | +2.0% | $5.59B | 11 |
| Next fiscal year (ends Dec 2027) | $5.61 | $5.65 | -0.7% | $5.94B | 11 |
PNW options: expected move
Options price a move of about ±4.9% (±$5.23) by Nov 20, 2026, which includes earnings on Nov 3, 2026. Over the last 8 reports the stock moved ±1.3% on average.
| Expiration | Days | ATM implied volatility | Expected move |
|---|---|---|---|
| Nov 20, 2026 | 28 | 21.4% | ±4.9% |
| Dec 18, 2026 | 56 | 21.0% | ±6.6% |
| Jan 15, 2027 | 84 | 21.7% | ±8.3% |
| Apr 16, 2027 | 175 | 19.6% | ±10.7% |
30-day implied volatility 18.5% vs 19.4% realized over the last 30 trading days. Put/call ratio (volume) 0.74. Cboe delayed quotes (15 min). Expected move = at-the-money straddle.
Key Statistics (as of October 23, 2026 at 10:11 UTC)
| Price | USD 106.61 |
|---|---|
| Change | ▲ 2.62% (up) |
| Previous Close | USD 103.89 |
| Open | USD 104.74 |
| Day Range | USD 104.37 – 106.72 |
| 52-Week Range | USD 86.18 – 111.16 |
| Volume | 1,372,182 shares |
| Market Cap | $12.92B |
| Exchange | NYQ |
Technical Analysis (PNW)
Nexqual's technical model rates PNW "BUY" based on 5 bullish and 2 bearish signals across 127 daily candles, as of October 23, 2026 at 10:11 UTC.
| Overall Signal | BUY |
|---|---|
| RSI (14) | 72.9 (overbought) |
| vs SMA50 | Above (USD 97.62) |
| MACD | 2.21 (positive) |
Analyst Ratings (PNW)
Wall Street analysts rate PNW "Hold" based on 18 analysts, with a mean price target of USD 104.17 (range USD 89–119.5), per Nexqual as of October 23, 2026 at 10:11 UTC.
| Consensus Rating | Hold |
|---|---|
| Analyst Count | 18 |
| Mean Target | USD 104.17 |
| High Target | USD 119.5 |
| Low Target | USD 89 |
| Buy / Hold / Sell | 6 / 11 / 1 |
Earnings (PNW)
| Next Earnings Date | 2026-11-03 |
|---|---|
| EPS Estimate | USD 3.31 |
| Revenue Estimate | $1.92B |
Recent Earnings History
| Quarter | Actual vs Estimate |
|---|---|
| 2026-06-30 | USD 1.43 vs est 1.47 ▼ miss |
| 2026-03-31 | USD 0.27 vs est 0.03 ▲ beat |
| 2025-12-31 | USD 0.13 vs est 0.05 ▲ beat |
| 2025-09-30 | USD 3.39 vs est 3.09 ▲ beat |
Source: Nexqual, October 23, 2026 at 10:11 UTC.
Financials & Fundamentals (PNW)
| Total Revenue | $5.55B |
|---|---|
| Revenue Growth (latest quarter, YoY) | +7.10% |
| Gross Margin | +43.35% |
| Operating Margin | +21.34% |
| Profit Margin | +11.53% |
| ROE | +9.37% |
| Debt / Equity | 2.33 |
| Current Ratio | 0.59 |
| Total Cash | $9.12M |
| Total Debt | $16.51B |
| Free Cash Flow (last four quarters to Jun 2026, SEC 10-Q / 10-K) | -$878.54M (-15.8% of revenue) |
Source: Nexqual, October 23, 2026 at 10:11 UTC.
Financial Health Score (PNW)
Nexqual rates Pinnacle West Capital Corporation's overall financial health "Weak" across five dimensions, as of October 23, 2026 at 10:11 UTC.
| Growth | Mixed — Revenue +4.2% YoY (annual), slow |
|---|---|
| Profitability | Strong — Gross margin 43%, operating 21% (last 12 months) |
| Balance Sheet | Critical — $9M cash and investments vs $10.6B debt (Jun 2026, SEC) |
| Cash Flow | Weak — FCF negative: -$879M (last 4 quarters to Jun 2026, SEC), burning cash |
| Efficiency | Mixed — ROE 9%, ROA 2.3% |
Ownership (PNW)
| Insider Ownership | +0.15% |
|---|---|
| Institutional Ownership | +110.52% |
| Shares Outstanding | 121.20M |
| Float | 120.53M |
| Short % of Float | +12.96% |
Source: Nexqual, October 23, 2026 at 10:11 UTC.
Leadership (PNW)
Pinnacle West Capital Corporation is led by Theodore N. Geisler, Chairman of the Board, President & CEO, per Nexqual as of October 23, 2026 at 10:11 UTC.
| Chairman of the Board, President & CEO | Theodore N. Geisler |
|---|---|
| Senior VP & CFO | Andrew D. Cooper |
| Executive VP & COO of APS | Jacob Tetlow |
| Director of Investor Relations | Amanda Ho |
Major Backers & Investors (PNW)
Notable institutional backers of Pinnacle West Capital Corporation include Capital Group, Barrow, Hanley Mewhinney & Strauss, LLC, ATLAS Infrastructure Partners (UK) Ltd., according to Nexqual as of October 23, 2026 at 10:11 UTC.
Active Investors
| Investor | Stake |
|---|---|
| Capital Group | 13.61% |
| Barrow, Hanley Mewhinney & Strauss, LLC | 5.43% |
| ATLAS Infrastructure Partners (UK) Ltd. | 4.4% |
| Capital Income Builder | 3.64% |
| Invesco | 3.44% |
| Soroban Capital Partners LP | 3.2% |
Index Funds (Passive)
| Fund | Stake |
|---|---|
| Vanguard Group | 11.46% |
| BlackRock | 9.72% |
| State Street | 5.79% |
| Geode Capital | 2.66% |
Source: Nexqual, October 23, 2026 at 10:11 UTC.
Legal & Regulatory Risks from Pinnacle West Capital Corporation's Latest 10-K (filed 2026-02-25)
- APS's ability to conduct its business operations and avoid negative operational and financial impacts depends in part upon compliance with federal, state and local laws, judicial decisions, statutes, regulations and ACC requirements, which may be revised from time to time by legislative or other action, and obtaining and maintaining certain regulatory permits, approvals, and certificates.
- Changes in laws or regulations that govern APS, new interpretations of laws and regulations, or the imposition of new or revised laws or regulations could have an adverse impact on the manner in which we operate our business and our results of operations.
Source: SEC EDGAR 10-K, Item 1A, official filing.
Peers & Related Stocks
| Symbol | Name | Price | Change |
|---|---|---|---|
| KEP | Korea Electric Power Corporatio | USD 10.72 | ▼ 0.09% |
| EMA | Emera Incorporated | USD 49.36 | ▲ 4.2% |
| ELPC | Companhia Paranaense de Energia | USD 13.83 | ▲ 0.22% |
| OGE | OGE Energy Corp | USD 48.92 | ▲ 2.02% |
| CIG-C | Comp En De Mn Cemig | USD 3.4 | ▼ 2.86% |
| LNT | Alliant Energy Corporation | USD 70.3 | ▲ 2.79% |
Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 23, 2026 at 10:11 UTC. This page is informational and not investment advice.
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