Pinnacle West Capital (PNW)
Forward P/E is 21.17x against a peer median of 19.90x, a ratio of 1.06x — inside the fair range — with trailing P/E 20.44x and PEG 2.99. Latest-quarter revenue grew 7.1% year over year (PRIMARY, EDGAR), ahead of the group pace, which supports a multiple near the peer median even though the PEG is high. Delivered demand check: the multi-utilities, gas & water group's median growth was 3.2% year over year — demand steady, and this company is growing faster than that pace.
What would change this label: Move to UNDERVALUED if the forward P/E compresses to about 17.9x or below (0.90x the peer median) at unchanged estimates while revenue growth stays above the group median of 3.2%. Move to OVERVALUED if the forward P/E rises above about 22.9x (1.15x the peer median) without a matching rise in growth, or if revenue growth falls to 0% or below while the forward multiple stays above 21x.
Pinnacle West supplies electricity in Arizona. Its shares cost about the same as similar utility companies, and its sales are growing a bit faster than those companies. The price looks broadly fair — neither a bargain nor clearly too expensive.
Both lines start at 100 on 2020-09-01. Over the full window Pinnacle West Capital returned +48.60% and the S&P 500 +118.28% (price returns; dividends not reinvested). Worst peak-to-trough fall for Pinnacle West Capital: -34.3% (2020-11-10 to 2022-10-12). Source: Nasdaq official daily history.
What the label rests on
Forward P/E is 21.17x against a peer median of 19.90x, a ratio of 1.06x — inside the fair range — with trailing P/E 20.44x and PEG 2.99. Latest-quarter revenue grew 7.1% year over year (PRIMARY, EDGAR), ahead of the group pace, which supports a multiple near the peer median even though the PEG is high. Delivered demand check: the multi-utilities, gas & water group's median growth was 3.2% year over year — demand steady, and this company is growing faster than that pace. The company’s forward P/E is 21.2× against a peer median of 19.9×. Its own history: UNVERIFIED — no sourced range available. Sector demand read: Delivered demand check: the multi-utilities, gas & water group's median latest-quarter revenue growth was 3.2% year over year (SEC filings) — demand steady. Pinnacle West grew faster than that group pace, at 7.1%. Latest-quarter sales growth was +7.1% versus a year earlier (SEC filings).
| Company | Price (Oct 28, 2026) | Forward P/E | Trailing P/E |
|---|---|---|---|
| Pinnacle West Capital (PNW) | $106.14 | 21.2× | 20.4× |
| NI | $44.40 | 19.9× | 22.8× |
| CMS | $68.71 | 17.0× | 24.6× |
| CNP | $42.15 | 20.6× | 24.2× |
| DTE | $132.65 | 16.4× | 21.0× |
| AWK | $141.00 | 24.2× | 24.4× |
| Peer median | 19.9× |
Multiples: stockanalysis.com (SECONDARY, S&P Global data), fetched Oct 28, 2026. Peer set chosen by sector; the median is the middle value of the set. The label and its numbers were recorded in the programme’s label registry on Oct 28, 2026 and will be scored at 6 and 12 months.
Sales, profit and cash
This company does not report a gross-profit line in its SEC facts (normal for banks, payment networks and some health insurers), so profit is shown as net income instead — gross margin is marked UNVERIFIED-absent rather than estimated.
Free cash flow = cash from operations minus spending on plant and equipment, both from the company’s SEC cash-flow statement. Gaps are quarters where that spending line is not separately tagged in the filings — shown as gaps, never estimated.
| Quarter | Sales | Gross margin | Net income | EPS (GAAP, diluted) | Free cash flow |
|---|---|---|---|---|---|
| Q/E Jun 2026 2026-06-30 | $1.5B | — | $179M | 1.43 | $-335M |
| Q/E Mar 2026 2026-03-31 | $1.1B | — | $33M | 0.27 | $-393M |
| Q/E Dec 2025 2025-12-31 | $1.1B | — | $15M | — | $-193M |
| Q/E Sep 2025 2025-09-30 | $1.8B | — | $413M | 3.39 | $42M |
| Q/E Jun 2025 2025-06-30 | $1.4B | — | $193M | 1.58 | $-448M |
| Q/E Mar 2025 2025-03-31 | $1.0B | — | $-5M | -0.04 | $-221M |
| Q/E Dec 2024 2024-12-31 | $1.1B | — | $-7M | — | $-92M |
| Q/E Sep 2024 2024-09-30 | $1.8B | — | $395M | 3.37 | $-33M |
| Q/E Jun 2024 2024-06-30 | $1.3B | — | $204M | 1.76 | $-344M |
| Q/E Mar 2024 2024-03-31 | $952M | — | $17M | 0.15 | $-170M |
| Q/E Dec 2023 2023-12-31 | $992M | — | $-23,000 | — | $-158M |
| Q/E Sep 2023 2023-09-30 | $1.6B | — | $398M | 3.50 | $-48,000 |
The last twelve reported quarters. Full 24-quarter history sits in the data pack behind this page. A dash means the figure is not tagged as a standalone quarter in the company’s SEC facts (the usual case is the fourth quarter, which many companies only report inside the full-year filing) — it is missing, not zero.
Earnings: getting better or worse?
Each box is one quarter’s earnings per share (EPS). Green means EPS was higher than the same quarter a year earlier; red means lower; a dash means the figure is not tagged in the filings.
Basis: GAAP diluted EPS from SEC company facts, compared with the same quarter a year earlier.
Key facts
| Item | Value |
|---|---|
| Company (legal name in filings) | PINNACLE WEST CAPITAL CORP |
| Chief executive | Ted Geisler (source: https://www.centralcharts.com/en/4655-pinnacle-west-capital/news/5714872-pinnacle-west-reports-lower-2026-second-quarter-financial-results-compared-to-a-year-ago) |
| Sector | Utilities — Multi-Utilities — sells electricity and related utility services to homes and businesses in Arizona |
| Share price (Oct 28, 2026) | $106.14 |
| Market value (market cap) | $12.9B — share price times shares outstanding of 121,197,234 (SEC filings; SEC EDGAR dei EntityCommonStockSharesOutstanding (latest)) |
| Sales, last twelve months | $5.6B |
| Net income, last twelve months | $640M |
| Free cash flow, last twelve months | $-879M |
| Latest reported quarter | Q/E Jun 2026 (of 24 quarters in the data pack) |
| Six-year price return vs S&P 500 | +48.60% vs +118.28% |
| Worst peak-to-trough fall | -34.3% (2020-11-10 to 2022-10-12) |
What we could not verify
- Gross profit / gross margin: not tagged as a standalone line in this company's EDGAR company facts (common for banks, payment networks and some healthcare payers) — shown as UNVERIFIED-absent; the page charts revenue and net income instead.
- TTM GAAP diluted EPS could not be summed from company facts because at least one of the last four quarters (typically Q4) has no standalone tagged EPS; trailing P/E is therefore taken from the labelled secondary source in valuation_label.md.
- Own-history P/E range not yet compiled for this company in the Phase 1 batch run; the label rests on peer-median, growth and PEG evidence.
- Guidance record (each quarter scored against the guidance the company gave the quarter before) is not yet compiled for this company — it is a Phase 2 layer. The earnings strip below therefore uses reported EPS versus a year earlier, which is fully sourced from filings.
The IT factor — the most exciting thing the market is overlooking — is not assessed on an X-Ray page. It belongs to the Deep Dive (Phase 2), where it gets the evidence standard it needs. Leadership-era scoring (the six years split by chief executive) is likewise a Phase 2 layer; this page names the current chief executive only, from a sourced profile.
Sources
- SEC EDGAR submissions — Filing index; company legal name.
https://data.sec.gov/submissions/CIK0000764622.json - SEC EDGAR company facts — Quarterly financial spine: revenue, gross profit, net income, GAAP diluted EPS, operating cash flow, PP&E capex, buybacks, dividends, diluted shares.
https://data.sec.gov/api/xbrl/companyfacts/CIK0000764622.json - Nasdaq official daily history — Daily closes for the company; SPY (assetclass=etf) saved as raw/nasdaq_spy_raw.json over identical dates.
https://api.nasdaq.com/api/quote/PNW/historical?assetclass=stocks - Valuation multiples and peer figures — stockanalysis.com (SECONDARY, S&P Global data), fetched Oct 28, 2026; see valuation_label.md in the data pack.
Conventions: earliest-filed value per period, as first reported; cash-flow years-to-date differenced quarter by quarter; EPS never differenced; free cash flow = operating cash flow minus plant-and-equipment spending. This page is a dated snapshot — updates are new versions, never silent edits.