Pinnacle West Capital (PNW)
Utilities · Electric utilities and power generation
Arizona's largest electric utility company providing power generation, transmission, and distribution to 1.4 million customers across 11 counties, with a diverse portfolio anchored by nuclear and renewable energy.
What Pinnacle West Capital does
Pinnacle West Capital Corporation is an investor-owned electric utility holding company based in Phoenix, Arizona. Through its principal subsidiary Arizona Public Service Company (APS), it generates, transmits, and distributes electricity to approximately 1.4 million customers across 11 of Arizona's 15 counties. APS operates a diverse generation portfolio including nuclear (Palo Verde), natural gas, coal, solar, and renewable resources, supplemented by power purchase agreements. The company also manages subsidiary operations in El Dorado and Pinnacle West Power, with regulated electricity as its primary business segment.
Themes: ["Nuclear baseload power","Clean energy transition","Renewable energy integration","Grid reliability and resiliency","Regulated utility infrastructure","Carbon neutrality goals (2050)","Wildfire mitigation and safety","Energy storage","Regional power markets"]
Fundamentals
- Price$106.75 as of 2026-07-09 close
- Market cap$13.0B as of 2026-07-10
- 1-year return+18.7% as of 2026-07-09 close
- P/E19.84 as of 2026-07-10
- Net margin+12.0% as of 2026-07-10
- ROE+9.3% as of 2026-07-10
- Debt / equity1.56 as of 2026-07-10
- Revenue growth (YoY)+4.8% as of 2026-07-10
- Revenue CAGR (3y)+7.3% SEC XBRL
- Beta0.45 as of 2026-07-10
Dividend: yield +3.4%; 5-year non-decreasing per-share dividend streak (SEC XBRL).
Key risks (from latest filing)
["Regulatory risk: Dependence on Arizona Corporation Commission (ACC) for timely and adequate rate recovery of costs and capital investments; changes in regulatory treatment could impact earnings.","Climate and operational risk: Exposure to extreme weather events (drought, high temperatures) affecting electric system reliability and costs; operation of Palo Verde nuclear facility subject to NRC oversight and potential significant capital expenditures and liabilities.","Policy and environmental risk: Changing federal, state, and local environmental laws and regulations (EPA, FERC, NRC) relating to emissions, nuclear safety, and energy deregulation could increase compliance costs and impact business operations."]
Competitors & peers
- Duke Energy (DUK)
- Southern Company (SO)
- American Electric Power (AEP)
- Dominion Energy (D)
- NextEra Energy (NEE)
- Salt River Project (SRP) – municipal utility peer
Fundamentals: Finnhub, as of 2026-07-10. Filings: SEC EDGAR. Prices are delayed daily-close data.
Last updated 2026-07-09.
Informational only — NOT financial advice. All figures are delayed daily-close data from SEC EDGAR & Finnhub, shown with their as-of date.