PNWPINNACLE WEST CAPITAL CORP

Electric Services

Revenue: $5.3B; 4.2% YoY
Operating margin: 20.0%; 1.2% YoY
EBITDA: $2.0B; 3.5% YoY
Market cap: $12.9B
Employees: 2,400; $2M revenue each
Net debt / EBITDA: 1.4×; $2.8B net debt
AI in 10-K: 1.5; mentions per 10K words

Takeover score 0 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
516% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
24% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
92% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$2M · 64th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.5 per 10K words · 46th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.4× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$12.9B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$931K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$3.8B	$4.3B	$4.7B	$5.1B	$5.3B	4.2%
Operating income	$805M	$732M	$825M	$1.0B	$1.1B	5.5%
Operating cash flow	$860M	$1.2B	$1.2B	$1.6B	$1.8B	12%
Capex	$1.5B	$1.7B	$1.8B	$2.2B	$2.6B	17%
Stock-based comp	$18M	$16M	$17M	$24M	$27M	17%
Buybacks	—	$3M	$4M	—	—
Dividends	$369M	$379M	$386M	$395M	$423M	7.1%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $931K · 4
Net: −$931K

Pay vs performance

No pay-versus-performance disclosure yet.