Pinnacle West Capital (PNW) Financials

$93.51 +1.60 (+1.74%)

As of 03:58 PM Eastern

Annual Income Statements for Pinnacle West Capital

This table shows Pinnacle West Capital's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	437	442	488	511	538	551	619	484	502	609
Consolidated Net Income / (Loss)	456	462	508	531	558	570	636	501	519	626
Net Income / (Loss) Continuing Operations	456	462	508	531	558	570	636	501	519	626
Total Pre-Tax Income	694	698	766	664	542	648	746	576	596	737
Total Operating Income	855	836	910	774	672	788	805	732	825	1,012
Total Gross Profit	1,526	1,491	1,635	1,578	1,487	1,635	1,697	1,708	1,845	2,137
Total Revenue	3,495	3,499	3,565	3,691	3,471	3,587	3,804	4,324	4,696	5,125
Operating Revenue	3,495	3,499	3,565	3,691	3,471	3,587	3,804	4,324	4,696	5,125
Total Cost of Revenue	1,970	2,007	1,930	2,113	1,984	1,952	2,107	2,616	2,851	2,988
Operating Cost of Revenue	1,970	2,007	1,930	2,113	1,984	1,952	2,107	2,616	2,851	2,988
Total Operating Expenses	671	656	725	805	815	847	892	976	1,020	1,125
Selling, General & Admin Expense	4.93	3.54	6.66	9.50	5.89	7.29	6.39	2.49	1.91	2.39
Depreciation Expense	494	486	534	582	591	614	651	753	794	895
Other Operating Expenses / (Income)	172	166	184	213	219	225	235	220	224	227
Total Other Income / (Expense), net	-161	-138	-144	-109	-130	-140	-59	-156	-229	-276
Interest Expense	179	186	198	218	217	229	233	256	331	377
Interest & Investment Income	35	42	47	52	31	34	42	45	53	39
Other Income / (Expense), net	-17	5.94	7.13	57	55	55	132	54	49	63
Income Tax Expense	238	236	258	134	-16	78	110	75	77	111
Net Income / (Loss) Attributable to Noncontrolling Interest	19	19	19	19	19	19	17	17	17	17
Basic Earnings per Share	$3.94	$3.97	$4.37	$4.56	$4.79	$4.89	$5.48	$4.27	$4.42	$5.35
Weighted Average Basic Shares Outstanding	111.03M	111.41M	111.84M	112.13M	112.44M	112.67M	112.91M	113.20M	113.44M	113.85M
Diluted Earnings per Share	$3.92	$3.95	$4.35	$4.54	$4.77	$4.87	$5.47	$4.26	$4.41	$5.24
Weighted Average Diluted Shares Outstanding	111.55M	112.05M	112.37M	112.55M	112.76M	112.94M	113.19M	113.42M	113.80M	116.23M
Weighted Average Basic & Diluted Shares Outstanding	111M	111.30M	111.80M	112.10M	183.70M	183.96M	184.20M	184.44M	184.69M	190.36M
Cash Dividends to Common per Share	$2.44	$2.56	$2.70	$2.87	$3.04	$3.23	$3.36	$3.43	$3.49	$3.55

This table shows Pinnacle West Capital's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Income / (Loss) Attributable to Common Shareholders	326	-24	-3.30	107	398	-0.02	17	204	395	-6.83
Consolidated Net Income / (Loss)	331	-20	1.01	111	403	4.28	21	208	399	-2.52
Net Income / (Loss) Continuing Operations	331	-20	1.01	111	403	4.28	21	208	399	-2.52
Total Pre-Tax Income	383	-28	2.19	127	460	7.07	25	241	473	-2.53
Total Operating Income	418	37	51	183	516	74	67	314	547	85
Total Gross Profit	662	282	300	437	773	334	336	600	829	372
Total Revenue	1,470	1,009	945	1,122	1,638	992	952	1,309	1,769	1,095
Operating Revenue	1,470	1,009	945	1,122	1,638	992	952	1,309	1,769	1,095
Total Cost of Revenue	808	727	645	685	865	657	615	709	939	723
Operating Cost of Revenue	808	727	645	685	865	657	615	709	939	723
Total Operating Expenses	244	246	250	253	257	260	269	286	282	287
Selling, General & Admin Expense	0.20	1.08	0.61	0.69	0.35	0.27	0.02	2.14	0.15	0.08
Depreciation Expense	190	190	192	195	203	204	210	225	229	231
Other Operating Expenses / (Income)	53	55	57	58	53	56	59	59	53	57
Total Other Income / (Expense), net	-34	-65	-49	-56	-57	-67	-42	-73	-73	-87
Interest Expense	63	69	75	82	88	87	87	98	98	95
Interest & Investment Income	9.13	14	15	13	12	13	10	8.91	9.59	9.83
Other Income / (Expense), net	20	-11	12	12	19	6.24	35	16	15	-1.94
Income Tax Expense	53	-8.75	1.18	16	57	2.79	3.89	32	74	-0.01
Net Income / (Loss) Attributable to Noncontrolling Interest	4.31	4.31	4.31	4.31	4.31	4.31	4.31	4.31	4.31	4.31
Basic Earnings per Share	$2.88	($0.21)	($0.03)	$0.94	$3.51	-	$0.15	$1.79	$3.47	($0.06)
Weighted Average Basic Shares Outstanding	113.21M	113.20M	113.36M	113.41M	113.46M	113.44M	113.62M	113.70M	113.73M	113.85M
Diluted Earnings per Share	$2.88	($0.22)	($0.03)	$0.94	$3.50	-	$0.15	$1.76	$3.37	($0.04)
Weighted Average Diluted Shares Outstanding	113.46M	113.42M	113.36M	113.72M	113.84M	113.80M	114.23M	115.80M	117.12M	116.23M
Weighted Average Basic & Diluted Shares Outstanding	184.41M	184.44M	184.52M	184.58M	184.66M	184.69M	184.82M	184.88M	184.96M	190.36M

This table details how cash moves in and out of Pinnacle West Capital's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Change in Cash & Equivalents	32	-31	5.01	-8.13	4.52	50	-50	-5.14	0.12	-1.12
Net Cash From Operating Activities	1,094	1,023	1,118	1,277	957	966	860	1,241	1,208	1,610
Net Cash From Continuing Operating Activities	1,094	1,023	1,118	1,277	957	966	860	1,241	1,208	1,610
Net Income / (Loss) Continuing Operations	456	462	508	531	558	570	636	501	519	626
Consolidated Net Income / (Loss)	456	462	508	531	558	570	636	501	519	626
Depreciation Expense	572	565	611	651	664	686	719	818	854	956
Non-Cash Adjustments To Reconcile Net Income	-16	-23	-46	-58	-13	-15	93	76	-17	60
Changes in Operating Assets and Liabilities, net	83	20	45	153	-252	-274	-588	-153	-148	-33
Net Cash From Investing Activities	-1,066	-1,252	-1,429	-1,193	-1,131	-1,278	-1,387	-1,618	-1,694	-1,934
Net Cash From Continuing Investing Activities	-1,066	-1,252	-1,429	-1,193	-1,131	-1,278	-1,387	-1,618	-1,694	-1,934
Purchase of Property, Plant & Equipment	-1,076	-1,275	-1,409	-1,178	-1,191	-1,327	-1,473	-1,707	-1,846	-2,249
Purchase of Investments	-496	-636	-545	-672	-722	-823	-1,725	-1,212	-1,682	-1,710
Divestitures	-	-	-	-	-	-	0.00	0.00	23	84
Sale and/or Maturity of Investments	479	633	542	653	719	820	1,721	1,208	-	1,686
Other Investing Activities, net	27	26	-17	4.48	64	52	91	94	131	255
Net Cash From Financing Activities	3.79	198	316	-92	179	361	477	371	487	323
Net Cash From Continuing Financing Activities	3.79	198	316	-92	179	361	477	371	487	323
Repayment of Debt	-563	-370	-265	-246	-611	-1,613	123	-150	209	-1,466
Repurchase of Common Equity	-	-4.87	-13	-5.06	-	-	-	-2.65	-4.09	0.00
Payment of Dividends	-295	-297	-313	-332	-352	-373	-391	-400	-408	-416
Issuance of Debt	842	870	906	490	1,141	2,348	747	924	689	1,863
Issuance of Common Equity	19	-	-	-	0.69	-1.39	-2.35	0.00	0.00	341

This table details how cash moves in and out of Pinnacle West Capital's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Change in Cash & Equivalents	-22	-2.20	2.12	0.71	7.45	-10	4.68	-5.63	45	-45
Net Cash From Operating Activities	444	210	212	226	396	374	347	190	633	439
Net Cash From Continuing Operating Activities	444	210	212	226	396	374	347	190	633	439
Net Income / (Loss) Continuing Operations	331	-20	1.01	111	403	4.28	21	208	399	-2.52
Consolidated Net Income / (Loss)	331	-20	1.01	111	403	4.28	21	208	399	-2.52
Depreciation Expense	208	205	209	208	220	218	226	239	246	245
Non-Cash Adjustments To Reconcile Net Income	92	-3.90	31	-34	-10	-4.27	-26	-2.44	89	0.21
Changes in Operating Assets and Liabilities, net	-187	28	-29	-59	-215	156	126	-255	-101	197
Net Cash From Investing Activities	-428	-396	-453	-431	-352	-458	-424	-463	-582	-464
Net Cash From Continuing Investing Activities	-428	-396	-453	-431	-352	-458	-424	-463	-582	-464
Purchase of Property, Plant & Equipment	-434	-431	-445	-473	-396	-532	-518	-534	-666	-532
Purchase of Investments	-237	-282	-227	-341	-613	-500	-444	-329	-378	-559
Divestitures	-	-	0.00	-	18	5.90	39	9.10	17	20
Sale and/or Maturity of Investments	-	-	227	-	-	-	444	-	-	546
Other Investing Activities, net	24	20	-7.50	43	41	54	55	62	77	61
Net Cash From Financing Activities	-38	184	244	205	-37	74	81	268	-5.82	-21
Net Cash From Continuing Financing Activities	-38	184	244	205	-37	74	81	268	-5.82	-21
Repayment of Debt	-74	-175	157	-192	59	186	184	-1,287	78	-441
Repurchase of Common Equity	-	-	-	-	0.39	-2.45	-	-	0.42	3.80
Payment of Dividends	-94	-107	-96	-107	-96	-109	-98	-109	-98	-111
Issuance of Debt	130	469	185	504	0.10	-	0.00	1,663	14	186

This table presents Pinnacle West Capital's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Total Assets	15,028	16,004	17,019	17,664	18,479	20,020	22,003	22,723	24,661	26,103
Total Current Assets	891	822	1,016	925	1,030	1,198	1,551	1,751	1,927	1,689
Cash & Equivalents	39	8.88	14	5.77	10	60	9.97	4.83	4.96	3.84
Short-Term Investments	16	20	1.93	1.11	0.52	2.93	63	88	6.81	11
Accounts Receivable	368	355	303	264	386	426	501	594	659	678
Inventories, net	280	283	289	294	346	334	367	451	494	501
Current Deferred & Refundable Income Taxes	0.59	3.75	-	0.00	22	6.79	7.51	14	0.33	0.00
Other Current Assets	187	152	409	360	265	368	602	599	762	496
Plant, Property, & Equipment, net	11,685	12,624	13,188	13,767	14,523	15,159	15,987	16,854	17,980	19,198
Plant, Property & Equipment, gross	17,279	18,594	17,798	18,737	21,160	22,270	23,398	24,694	26,388	28,225
Accumulated Depreciation	5,594	5,970	6,129	6,366	6,638	7,110	7,410	7,840	8,408	9,027
Total Noncurrent Assets	2,453	2,558	2,815	2,973	2,927	3,661	4,465	4,118	4,754	5,215
Employee Benefit Assets	186	166	269	47	91	503	546	397	323	342
Other Noncurrent Operating Assets	2,143	2,302	2,289	2,663	2,836	3,158	3,919	3,722	4,431	4,873
Total Liabilities & Shareholders' Equity	15,028	16,004	17,019	17,664	18,479	20,020	22,003	22,723	24,661	26,103
Total Liabilities	6,846	7,047	11,883	12,315	12,926	14,268	15,982	16,559	18,192	19,074
Total Current Liabilities	1,442	1,293	1,198	1,649	2,078	1,360	1,757	1,762	2,889	2,844
Short-Term Debt	358	302	177	576	915	169	442	391	1,485	1,368
Accounts Payable	297	265	256	277	346	319	393	430	442	485
Customer Deposits	73	83	-	-	65	48	42	42	42	44
Dividends Payable	69	73	78	83	88	94	96	98	100	107
Current Deferred & Payable Income Tax Liabilities	139	139	149	155	145	160	169	164	167	176
Other Current Liabilities	440	379	411	405	466	514	558	575	581	581
Other Current Nonoperating Liabilities	56	53	56	61	54	57	57	61	73	82
Total Noncurrent Liabilities	5,404	5,754	10,686	10,667	10,848	12,907	14,225	14,797	15,303	16,230
Long-Term Debt	0.00	0.00	4,790	4,638	4,833	6,314	6,914	7,741	7,541	8,059
Asset Retirement Reserve & Litigation Obligation	1,409	1,564	3,127	3,033	2,914	3,140	3,262	2,847	2,903	2,952
Noncurrent Deferred Revenue	116	89	-	-	215	221	257	422	534	569
Noncurrent Deferred & Payable Income Tax Liabilities	2,920	3,165	1,909	2,030	2,195	2,333	2,503	2,604	2,708	2,738
Noncurrent Employee Benefit Liabilities	481	509	327	443	280	166	153	116	113	139
Other Noncurrent Operating Liabilities	478	426	532	522	411	733	1,136	1,066	1,505	1,773
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	4,719	4,936	5,136	5,349	5,553	5,753	6,021	6,160	6,285	6,857
Total Preferred & Common Equity	4,584	4,804	5,007	5,223	5,431	5,634	5,906	6,049	6,178	6,754
Total Common Equity	4,584	4,847	5,007	5,223	5,431	2,962	5,906	6,049	6,178	6,754
Common Stock	2,536	2,592	2,615	2,634	2,660	-	2,703	2,725	2,753	3,122
Retained Earnings	2,093	2,256	2,443	2,641	2,838	3,025	3,265	3,360	3,466	3,667
Treasury Stock	-	-	-5.62	-4.83	-9.43	-	-6.40	-5.01	-8.19	-3.32
Accumulated Other Comprehensive Income / (Loss)	-45	-	-45	-48	-57	-63	-55	-31	-33	-31
Noncontrolling Interest	136	132	129	126	123	119	115	111	107	103

This table presents Pinnacle West Capital's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Total Assets	22,845	22,723	23,580	23,979	24,434	24,661	24,848	25,701	26,310	26,103
Total Current Assets	2,017	1,751	1,748	1,852	2,162	1,927	1,782	2,049	2,265	1,689
Cash & Equivalents	7.03	4.83	6.95	7.66	15	4.96	9.63	4.01	49	3.84
Short-Term Investments	165	88	16	12	11	6.81	0.08	0.76	0.64	11
Accounts Receivable	800	594	570	671	871	659	573	863	1,083	678
Inventories, net	440	451	465	493	494	494	489	549	528	501
Current Deferred & Refundable Income Taxes	0.00	14	12	4.24	0.00	0.33	0.00	0.00	0.00	0.00
Other Current Assets	605	599	678	663	770	762	710	631	604	496
Plant, Property, & Equipment, net	16,615	16,854	17,116	17,408	17,607	17,980	18,265	18,567	18,880	19,198
Plant, Property & Equipment, gross	24,413	24,694	25,099	25,518	25,839	26,388	26,859	27,294	27,758	28,225
Accumulated Depreciation	7,799	7,840	7,983	8,110	8,232	8,408	8,595	8,727	8,878	9,027
Total Noncurrent Assets	4,214	4,118	4,716	4,719	4,666	4,754	4,801	5,086	5,165	5,215
Employee Benefit Assets	596	397	405	397	407	323	335	339	352	342
Other Noncurrent Operating Assets	3,259	3,722	3,958	3,971	3,890	4,431	4,102	4,379	4,426	4,873
Total Liabilities & Shareholders' Equity	22,845	22,723	23,580	23,979	24,434	24,661	24,848	25,701	26,310	26,103
Total Liabilities	16,482	16,559	17,416	17,903	17,933	18,192	18,537	19,198	19,396	19,074
Total Current Liabilities	2,061	1,762	1,724	1,933	1,968	2,889	3,056	3,112	3,197	2,844
Short-Term Debt	494	391	558	624	674	1,485	1,669	1,531	1,624	1,368
Accounts Payable	475	430	361	437	405	442	477	549	429	485
Customer Deposits	42	42	41	42	41	42	42	42	42	44
Dividends Payable	0.00	98	0.00	98	0.00	100	0.00	100	0.00	107
Current Deferred & Payable Income Tax Liabilities	286	164	214	164	265	167	225	201	342	176
Other Current Liabilities	702	575	477	510	507	581	570	612	677	581
Other Current Nonoperating Liabilities	62	61	72	59	76	73	74	77	84	82
Total Noncurrent Liabilities	14,422	14,797	15,692	15,971	15,965	15,303	15,481	16,086	16,198	16,230
Long-Term Debt	7,344	7,741	7,917	8,164	8,164	7,541	7,542	8,056	8,056	8,059
Asset Retirement Reserve & Litigation Obligation	2,894	2,847	2,847	2,856	2,798	2,903	2,913	2,915	2,909	2,952
Noncurrent Deferred Revenue	362	422	533	537	520	534	533	514	602	569
Noncurrent Deferred & Payable Income Tax Liabilities	2,603	2,604	2,603	2,620	2,696	2,708	2,689	2,729	2,746	2,738
Noncurrent Employee Benefit Liabilities	148	116	114	113	110	113	111	109	107	139
Other Noncurrent Operating Liabilities	1,070	1,066	1,678	1,681	1,676	1,505	1,694	1,763	1,778	1,773
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	6,362	6,160	6,164	6,076	6,488	6,285	6,311	6,316	6,726	6,857
Total Preferred & Common Equity	6,245	6,049	6,049	5,967	6,375	6,178	6,199	6,211	6,617	6,754
Total Common Equity	6,245	6,049	6,049	5,967	6,375	6,178	6,199	6,211	6,617	6,754
Common Stock	2,720	2,725	2,731	2,736	2,745	2,753	2,758	2,765	2,775	3,122
Retained Earnings	3,580	3,360	3,357	3,268	3,666	3,466	3,483	3,487	3,882	3,667
Treasury Stock	-2.60	-5.01	-7.45	-5.33	-5.33	-8.19	-9.07	-7.19	-7.19	-3.32
Accumulated Other Comprehensive Income / (Loss)	-53	-31	-32	-32	-30	-33	-33	-33	-33	-31
Noncontrolling Interest	118	111	116	109	114	107	112	105	109	103

This table displays calculated financial ratios and metrics derived from Pinnacle West Capital's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.11%	0.09%	1.90%	3.53%	-5.96%	3.34%	6.05%	13.68%	8.59%	9.13%
EBITDA Growth	8.76%	-0.18%	8.60%	-3.02%	-6.07%	9.93%	8.30%	-3.20%	7.75%	17.57%
EBIT Growth	4.79%	0.50%	8.95%	-9.43%	-12.41%	15.96%	11.16%	-16.17%	11.19%	23.06%
NOPAT Growth	5.33%	-1.65%	9.15%	2.43%	11.94%	0.23%	-0.96%	-7.24%	12.78%	19.78%
Net Income Growth	7.67%	1.17%	10.06%	4.45%	5.14%	2.19%	11.56%	-21.25%	3.59%	20.67%
EPS Growth	9.50%	0.77%	10.13%	4.37%	5.07%	2.10%	12.32%	-22.12%	3.52%	18.82%
Operating Cash Flow Growth	-0.48%	-6.48%	9.25%	14.23%	-25.09%	1.01%	-11.01%	44.35%	-2.72%	33.30%
Free Cash Flow Firm Growth	-100.23%	-608.16%	-40.93%	153.13%	-128.41%	-401.69%	-127.11%	39.85%	-112.29%	79.95%
Invested Capital Growth	7.32%	8.56%	9.23%	4.69%	6.83%	7.79%	9.21%	6.74%	8.99%	6.23%
Revenue Q/Q Growth	0.23%	0.14%	0.58%	-0.09%	-2.42%	2.01%	1.55%	5.12%	-0.38%	2.07%
EBITDA Q/Q Growth	5.49%	1.02%	-0.90%	-0.89%	-2.96%	-0.43%	4.91%	-1.98%	4.06%	1.43%
EBIT Q/Q Growth	6.97%	1.88%	-3.83%	-1.13%	-5.79%	-1.62%	6.98%	-6.04%	6.64%	0.18%
NOPAT Q/Q Growth	6.36%	-0.62%	-2.97%	-0.12%	9.70%	-8.59%	1.27%	-2.24%	3.31%	1.23%
Net Income Q/Q Growth	8.68%	2.70%	-5.86%	0.85%	7.29%	-12.76%	7.87%	-9.34%	4.84%	-1.08%
EPS Q/Q Growth	9.19%	2.60%	-6.25%	0.89%	7.43%	-13.19%	8.32%	-9.75%	5.25%	-0.76%
Operating Cash Flow Q/Q Growth	5.83%	-1.41%	8.52%	-2.20%	-16.96%	8.10%	0.60%	0.81%	15.74%	4.25%
Free Cash Flow Firm Q/Q Growth	-100.23%	98.53%	72.49%	120.74%	-101.42%	-101.81%	-80.85%	12.11%	5.02%	70.44%
Invested Capital Q/Q Growth	1.59%	-56.79%	-56.00%	-56.35%	-48.91%	0.95%	2.47%	1.94%	1.73%	0.01%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	43.65%	42.63%	45.86%	42.76%	42.85%	45.57%	44.62%	39.50%	39.28%	41.70%
EBITDA Margin	40.31%	40.20%	42.84%	40.13%	40.09%	42.65%	43.55%	37.09%	36.80%	39.64%
Operating Margin	24.45%	23.88%	25.52%	20.96%	19.36%	21.97%	21.17%	16.93%	17.56%	19.75%
EBIT Margin	23.96%	24.05%	25.72%	22.50%	20.95%	23.51%	24.65%	18.17%	18.61%	20.98%
Profit (Net Income) Margin	13.05%	13.19%	14.25%	14.37%	16.07%	15.89%	16.72%	11.58%	11.05%	12.22%
Tax Burden Percent	65.74%	66.13%	66.29%	79.85%	102.91%	87.94%	85.24%	87.00%	87.09%	84.99%
Interest Burden Percent	82.86%	82.94%	83.57%	80.01%	74.52%	76.86%	79.57%	73.24%	68.17%	68.49%
Effective Tax Rate	34.26%	33.87%	33.71%	20.15%	-2.91%	12.06%	14.76%	13.00%	12.91%	15.01%
Return on Invested Capital (ROIC)	6.75%	6.15%	6.16%	5.91%	6.25%	5.84%	5.33%	4.58%	4.78%	5.33%
ROIC Less NNEP Spread (ROIC-NNEP)	3.90%	3.96%	4.16%	4.23%	3.87%	3.86%	4.60%	2.84%	2.52%	2.88%
Return on Net Nonoperating Assets (RNNOA)	3.13%	3.41%	3.93%	4.21%	3.98%	4.25%	5.48%	3.65%	3.55%	4.20%
Return on Equity (ROE)	9.88%	9.56%	10.09%	10.12%	10.23%	10.08%	10.80%	8.22%	8.34%	9.53%
Cash Return on Invested Capital (CROIC)	-0.31%	-2.06%	-2.67%	1.33%	-0.36%	-1.66%	-3.48%	-1.94%	-3.82%	-0.71%
Operating Return on Assets (OROA)	5.71%	5.42%	5.55%	4.79%	4.02%	4.38%	4.46%	3.51%	3.69%	4.24%
Return on Assets (ROA)	3.11%	2.97%	3.08%	3.06%	3.09%	2.96%	3.03%	2.24%	2.19%	2.47%
Return on Common Equity (ROCE)	9.57%	9.34%	9.87%	9.87%	10.00%	7.49%	8.14%	8.07%	8.19%	9.37%
Return on Equity Simple (ROE_SIMPLE)	9.95%	9.61%	10.15%	10.16%	10.27%	10.12%	10.77%	8.28%	8.40%	9.27%
Net Operating Profit after Tax (NOPAT)	562	553	603	618	692	693	686	637	718	860
NOPAT Margin	16.07%	15.79%	16.92%	16.74%	19.92%	19.32%	18.05%	14.73%	15.29%	16.78%
Net Nonoperating Expense Percent (NNEP)	2.85%	2.19%	2.00%	1.67%	2.38%	1.98%	0.72%	1.74%	2.27%	2.45%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	4.46%	4.69%	5.28%
Cost of Revenue to Revenue	56.35%	57.37%	54.14%	57.24%	57.15%	54.43%	55.38%	60.50%	60.72%	58.30%
SG&A Expenses to Revenue	0.14%	0.10%	0.19%	0.26%	0.17%	0.20%	0.17%	0.06%	0.04%	0.05%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	19.20%	18.75%	20.34%	21.80%	23.49%	23.60%	23.45%	22.57%	21.72%	21.95%
Earnings before Interest and Taxes (EBIT)	837	842	917	830	727	843	938	786	874	1,075
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,409	1,407	1,528	1,481	1,391	1,530	1,657	1,604	1,728	2,032
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.82	2.16	2.36	2.35	2.47	4.18	1.94	2.10	2.03	2.30
Price to Tangible Book Value (P/TBV)	1.87	2.20	2.49	2.47	2.47	4.18	1.94	2.10	2.03	2.30
Price to Revenue (P/Rev)	2.38	2.99	3.32	3.32	3.86	3.45	3.01	2.93	2.67	3.03
Price to Earnings (P/E)	19.05	23.68	24.20	24.01	24.90	22.50	18.49	26.22	25.02	25.49
Dividend Yield	5.27%	4.41%	4.12%	4.22%	4.10%	4.72%	5.38%	6.20%	5.11%	4.21%
Earnings Yield	5.25%	4.22%	4.13%	4.17%	4.02%	4.44%	5.41%	3.81%	4.00%	3.92%
Enterprise Value to Invested Capital (EV/IC)	1.02	1.16	1.65	1.65	1.69	1.54	1.40	1.45	1.38	1.51
Enterprise Value to Revenue (EV/Rev)	2.51	3.11	4.74	4.77	5.55	5.28	4.95	4.82	4.61	4.88
Enterprise Value to EBITDA (EV/EBITDA)	6.22	7.73	11.07	11.88	13.84	12.37	11.37	12.99	12.54	12.32
Enterprise Value to EBIT (EV/EBIT)	10.47	12.92	18.44	21.20	26.49	22.44	20.09	26.51	24.80	23.28
Enterprise Value to NOPAT (EV/NOPAT)	15.61	19.68	28.03	28.49	27.86	27.31	27.44	32.72	30.17	29.10
Enterprise Value to Operating Cash Flow (EV/OCF)	8.01	10.63	15.12	13.78	20.13	19.59	21.90	16.78	17.94	15.55
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	126.99	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.08	0.06	0.97	0.97	1.03	1.13	1.22	1.32	1.44	1.37
Long-Term Debt to Equity	0.00	0.00	0.93	0.87	0.87	1.10	1.15	1.26	1.20	1.18
Financial Leverage	0.80	0.86	0.94	1.00	1.03	1.10	1.19	1.28	1.41	1.46
Leverage Ratio	3.17	3.21	3.28	3.31	3.32	3.41	3.57	3.67	3.81	3.86
Compound Leverage Factor	2.63	2.67	2.74	2.65	2.47	2.62	2.84	2.69	2.60	2.65
Debt to Total Capital	7.04%	5.77%	49.17%	49.37%	50.86%	52.98%	54.99%	56.90%	58.95%	57.89%
Short-Term Debt to Total Capital	7.04%	5.77%	1.76%	5.46%	8.09%	1.38%	3.30%	2.74%	9.70%	8.40%
Long-Term Debt to Total Capital	0.00%	0.00%	47.41%	43.91%	42.76%	51.60%	51.68%	54.16%	49.25%	49.49%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	2.67%	2.53%	1.28%	1.19%	1.08%	0.97%	0.86%	0.78%	0.70%	0.63%
Common Equity to Total Capital	90.29%	92.54%	49.56%	49.44%	48.06%	24.21%	44.15%	42.32%	40.35%	41.48%
Debt to EBITDA	0.25	0.21	3.25	3.52	4.13	4.24	4.44	5.07	5.22	4.64
Net Debt to EBITDA	0.21	0.19	3.24	3.52	4.12	4.20	4.40	5.01	5.22	4.63
Long-Term Debt to EBITDA	0.00	0.00	3.14	3.13	3.47	4.13	4.17	4.83	4.36	3.97
Debt to NOPAT	0.64	0.55	8.24	8.44	8.31	9.35	10.72	12.77	12.57	10.96
Net Debt to NOPAT	0.54	0.50	8.21	8.43	8.30	9.26	10.61	12.63	12.55	10.94
Long-Term Debt to NOPAT	0.00	0.00	7.94	7.51	6.99	9.11	10.07	12.16	10.50	9.37
Altman Z-Score	1.30	1.45	1.17	1.12	1.09	1.04	0.94	0.97	0.87	0.96
Noncontrolling Interest Sharing Ratio	3.11%	2.32%	2.16%	2.43%	2.28%	25.77%	24.68%	1.86%	1.76%	1.60%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.62	0.64	0.85	0.56	0.50	0.88	0.88	0.99	0.67	0.59
Quick Ratio	0.29	0.30	0.27	0.16	0.19	0.36	0.33	0.39	0.23	0.24
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-26	-185	-261	139	-39	-198	-449	-270	-573	-115
Operating Cash Flow to CapEx	101.70%	80.24%	79.36%	108.40%	80.30%	72.85%	58.37%	72.71%	724.70%	71.57%
Free Cash Flow to Firm to Interest Expense	-0.15	-1.00	-1.32	0.64	-0.18	-0.86	-1.92	-1.06	-1.73	-0.30
Operating Cash Flow to Interest Expense	6.12	5.51	5.66	5.85	4.41	4.22	3.69	4.86	3.65	4.26
Operating Cash Flow Less CapEx to Interest Expense	0.10	-1.36	-1.47	0.45	-1.08	-1.57	-2.63	-1.82	3.14	-1.69
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.24	0.23	0.22	0.21	0.19	0.19	0.18	0.19	0.20	0.20
Accounts Receivable Turnover	9.16	9.68	10.84	13.03	10.68	8.83	8.21	7.90	7.49	7.67
Inventory Turnover	7.35	7.14	6.75	7.24	6.20	5.74	6.01	6.40	6.04	6.01
Fixed Asset Turnover	0.31	0.29	0.28	0.27	0.25	0.24	0.24	0.26	0.27	0.28
Accounts Payable Turnover	6.65	7.14	7.41	7.92	6.36	5.87	5.92	6.35	6.53	6.44
Days Sales Outstanding (DSO)	39.84	37.72	33.68	28.01	34.19	41.33	44.45	46.20	48.70	47.60
Days Inventory Outstanding (DIO)	49.66	51.15	54.06	50.39	58.88	63.59	60.77	57.04	60.43	60.78
Days Payable Outstanding (DPO)	54.92	51.11	49.26	46.11	57.38	62.17	61.65	57.44	55.87	56.68
Cash Conversion Cycle (CCC)	34.58	37.76	38.48	32.29	35.68	42.75	43.57	45.80	53.27	51.70
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	8,619	9,357	10,221	10,700	11,431	12,322	13,457	14,364	15,655	16,630
Invested Capital Turnover	0.42	0.39	0.36	0.35	0.31	0.30	0.30	0.31	0.31	0.32
Increase / (Decrease) in Invested Capital	588	738	864	479	731	891	1,135	907	1,291	975
Enterprise Value (EV)	8,768	10,874	16,903	17,602	19,264	18,927	18,836	20,833	21,670	25,034
Market Capitalization	8,330	10,468	11,823	12,269	13,405	12,387	11,438	12,681	12,549	15,518
Book Value per Share	$25.17	$26.55	$27.36	$28.49	$29.57	$16.11	$32.08	$32.80	$33.45	$36.52
Tangible Book Value per Share	$24.49	$26.06	$25.95	$27.05	$29.57	$16.11	$32.08	$32.80	$33.45	$36.52
Total Capital	5,077	5,238	10,103	10,563	11,300	12,236	13,377	14,293	15,310	16,285
Total Debt	358	302	4,967	5,215	5,747	6,483	7,356	8,133	9,025	9,427
Total Long-Term Debt	0.00	0.00	4,790	4,638	4,833	6,314	6,914	7,741	7,541	8,059
Net Debt	302	274	4,951	5,208	5,736	6,420	7,282	8,040	9,013	9,413
Capital Expenditures (CapEx)	1,076	1,275	1,409	1,178	1,191	1,327	1,473	1,707	167	2,249
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-250	-197	-20	-154	-144	-56	163	287	510	200
Debt-free Net Working Capital (DFNWC)	-194	-169	-4.16	-148	-134	6.89	236	380	522	214
Net Working Capital (NWC)	-552	-471	-182	-724	-1,048	-162	-206	-12	-962	-1,154
Net Nonoperating Expense (NNE)	106	91	95	87	134	123	51	136	199	234
Net Nonoperating Obligations (NNO)	3,900	4,421	5,085	5,352	5,878	6,569	7,436	8,204	9,370	9,773
Total Depreciation and Amortization (D&A)	572	565	611	651	664	686	719	818	854	956
Debt-free, Cash-free Net Working Capital to Revenue	-7.14%	-5.63%	-0.56%	-4.18%	-4.16%	-1.56%	4.28%	6.64%	10.87%	3.90%
Debt-free Net Working Capital to Revenue	-5.56%	-4.82%	-0.12%	-4.00%	-3.85%	0.19%	6.21%	8.78%	11.12%	4.18%
Net Working Capital to Revenue	-15.79%	-13.45%	-5.09%	-19.61%	-30.20%	-4.52%	-5.41%	-0.27%	-20.49%	-22.53%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.94	$3.97	$4.37	$4.56	$4.79	$4.89	$5.48	$4.27	$4.42	$5.35
Adjusted Weighted Average Basic Shares Outstanding	111.03M	111.41M	111.84M	112.13M	112.44M	112.67M	112.91M	113.20M	113.44M	113.85M
Adjusted Diluted Earnings per Share	$3.92	$3.95	$4.35	$4.54	$4.77	$4.87	$5.47	$4.26	$4.41	$5.24
Adjusted Weighted Average Diluted Shares Outstanding	111.55M	112.05M	112.37M	112.55M	112.76M	112.94M	113.19M	113.42M	113.80M	116.23M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	182.27M	182.61M	183.06M	183.41M	183.70M	183.96M	184.20M	184.44M	184.69M	190.36M
Normalized Net Operating Profit after Tax (NOPAT)	562	553	603	618	470	693	686	637	718	860
Normalized NOPAT Margin	16.07%	15.79%	16.92%	16.74%	13.55%	19.32%	18.05%	14.73%	15.29%	16.78%
Pre Tax Income Margin	19.85%	19.95%	21.49%	18.00%	15.62%	18.07%	19.61%	13.31%	12.69%	14.37%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	4.69	4.53	4.64	3.80	3.36	3.68	4.02	3.08	2.64	2.85
NOPAT to Interest Expense	3.14	2.97	3.05	2.83	3.19	3.03	2.94	2.49	2.17	2.28
EBIT Less CapEx to Interest Expense	-1.34	-2.34	-2.49	-1.59	-2.14	-2.11	-2.30	-3.61	2.13	-3.11
NOPAT Less CapEx to Interest Expense	-2.88	-3.89	-4.08	-2.57	-2.31	-2.77	-3.37	-4.19	1.66	-3.68
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	64.67%	64.35%	61.53%	62.51%	63.17%	65.49%	61.44%	79.90%	78.60%	66.44%
Augmented Payout Ratio	64.67%	65.40%	64.17%	63.46%	63.17%	65.49%	61.44%	80.42%	79.38%	66.44%

This table displays calculated financial ratios and metrics derived from Pinnacle West Capital's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	12.35%	26.34%	20.60%	5.65%	11.42%	-1.76%	0.72%	16.70%	8.00%	10.47%
EBITDA Growth	0.05%	-12.31%	-3.18%	-9.78%	16.95%	29.22%	20.83%	41.01%	7.02%	9.60%
EBIT Growth	-5.54%	-65.85%	-18.35%	-20.41%	22.32%	207.98%	62.17%	68.66%	4.95%	2.46%
NOPAT Growth	1.39%	-55.00%	-48.77%	-16.77%	25.56%	75.15%	141.68%	69.33%	2.00%	31.33%
Net Income Growth	-3.92%	-161.73%	-95.25%	-34.19%	21.74%	121.76%	1,997.92%	87.54%	-0.81%	-158.86%
EPS Growth	-4.00%	-191.67%	-120.00%	-35.17%	21.53%	0.00%	600.00%	87.23%	-3.71%	0.00%
Operating Cash Flow Growth	27.42%	5.03%	-37.87%	-8.75%	-10.67%	78.40%	64.15%	-16.03%	59.78%	17.57%
Free Cash Flow Firm Growth	-4.82%	18.28%	-54.62%	-42.13%	-41.44%	-41.45%	34.55%	5.80%	8.17%	26.50%
Invested Capital Growth	7.30%	6.74%	9.77%	8.78%	9.22%	8.99%	6.10%	8.40%	8.05%	6.23%
Revenue Q/Q Growth	38.45%	-31.33%	-6.38%	18.70%	46.01%	-39.46%	-4.02%	37.54%	35.13%	-38.07%
EBITDA Q/Q Growth	44.44%	-64.21%	17.43%	48.63%	87.23%	-60.46%	9.81%	73.46%	42.10%	-59.50%
EBIT Q/Q Growth	78.33%	-94.02%	138.88%	212.42%	174.08%	-84.94%	25.78%	224.93%	70.55%	-85.30%
NOPAT Q/Q Growth	86.98%	-92.86%	-9.25%	586.70%	182.06%	-90.04%	25.21%	381.13%	69.91%	-87.17%
Net Income Q/Q Growth	96.08%	-105.95%	105.13%	10,897.92%	262.73%	-98.94%	394.23%	883.14%	91.86%	-100.63%
EPS Q/Q Growth	98.62%	-107.64%	86.36%	3,233.33%	272.34%	0.00%	0.00%	1,073.33%	91.48%	-101.19%
Operating Cash Flow Q/Q Growth	79.11%	-52.77%	0.99%	6.81%	75.34%	-5.67%	-7.07%	-45.36%	233.64%	-30.59%
Free Cash Flow Firm Q/Q Growth	19.02%	-47.24%	-45.73%	18.20%	19.41%	-47.25%	32.57%	-17.73%	21.45%	-17.86%
Invested Capital Q/Q Growth	2.17%	1.94%	2.26%	2.13%	2.58%	1.73%	-0.45%	4.34%	2.25%	0.01%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	45.01%	27.97%	31.79%	38.93%	47.21%	33.71%	35.33%	45.80%	46.89%	33.96%
EBITDA Margin	43.92%	22.89%	28.71%	35.95%	46.10%	30.11%	34.44%	43.44%	45.68%	29.87%
Operating Margin	28.41%	3.64%	5.37%	16.34%	31.52%	7.50%	7.02%	23.97%	30.92%	7.72%
EBIT Margin	29.78%	2.59%	6.62%	17.42%	32.69%	8.13%	10.65%	25.17%	31.77%	7.54%
Profit (Net Income) Margin	22.49%	-1.95%	0.11%	9.89%	24.58%	0.43%	2.22%	15.90%	22.57%	-0.23%
Tax Burden Percent	86.25%	69.23%	46.03%	87.47%	87.59%	60.58%	84.47%	86.52%	84.32%	99.60%
Interest Burden Percent	87.58%	-108.63%	3.51%	64.94%	85.83%	8.77%	24.71%	73.00%	84.26%	-3.06%
Effective Tax Rate	13.75%	0.00%	53.97%	12.53%	12.41%	39.42%	15.53%	13.48%	15.68%	0.00%
Return on Invested Capital (ROIC)	7.41%	0.79%	0.79%	4.51%	8.83%	1.42%	1.84%	6.49%	8.18%	1.72%
ROIC Less NNEP Spread (ROIC-NNEP)	7.00%	0.21%	0.51%	3.92%	8.23%	0.96%	1.45%	5.82%	7.52%	1.07%
Return on Net Nonoperating Assets (RNNOA)	8.19%	0.27%	0.66%	5.41%	10.65%	1.35%	2.06%	8.86%	10.70%	1.56%
Return on Equity (ROE)	15.59%	1.06%	1.45%	9.93%	19.48%	2.77%	3.90%	15.34%	18.88%	3.27%
Cash Return on Invested Capital (CROIC)	-2.26%	-1.94%	-4.80%	-4.23%	-4.09%	-3.82%	-1.08%	-2.67%	-2.43%	-0.71%
Operating Return on Assets (OROA)	5.52%	0.50%	1.30%	3.41%	6.52%	1.61%	2.07%	4.96%	6.29%	1.52%
Return on Assets (ROA)	4.17%	-0.38%	0.02%	1.94%	4.90%	0.09%	0.43%	3.13%	4.47%	-0.05%
Return on Common Equity (ROCE)	15.30%	1.04%	1.42%	9.74%	19.13%	2.73%	3.83%	15.08%	18.56%	3.22%
Return on Equity Simple (ROE_SIMPLE)	8.85%	0.00%	7.94%	7.09%	7.76%	0.00%	8.69%	10.24%	9.56%	0.00%
Net Operating Profit after Tax (NOPAT)	360	26	23	160	452	45	56	271	461	59
NOPAT Margin	24.50%	2.55%	2.47%	14.29%	27.61%	4.54%	5.93%	20.74%	26.08%	5.40%
Net Nonoperating Expense Percent (NNEP)	0.40%	0.58%	0.28%	0.59%	0.60%	0.46%	0.40%	0.67%	0.66%	0.64%
Return On Investment Capital (ROIC_SIMPLE)	-	0.18%	-	-	-	0.29%	-	-	-	0.36%
Cost of Revenue to Revenue	54.99%	72.03%	68.21%	61.07%	52.79%	66.29%	64.67%	54.20%	53.11%	66.04%
SG&A Expenses to Revenue	0.01%	0.11%	0.06%	0.06%	0.02%	0.03%	0.00%	0.16%	0.01%	0.01%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	16.60%	24.33%	26.42%	22.59%	15.69%	26.21%	28.32%	21.83%	15.96%	26.24%
Earnings before Interest and Taxes (EBIT)	438	26	63	195	535	81	101	329	562	83
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	646	231	271	403	755	299	328	569	808	327
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.74	2.10	2.26	2.38	2.01	2.03	2.18	2.25	2.45	2.30
Price to Tangible Book Value (P/TBV)	1.84	2.10	2.40	2.53	2.14	2.03	2.31	2.39	2.60	2.30
Price to Revenue (P/Rev)	2.64	2.93	3.04	3.12	2.72	2.67	2.87	2.86	3.23	3.03
Price to Earnings (P/E)	20.25	26.22	29.47	35.00	26.89	25.02	25.87	22.58	26.33	25.49
Dividend Yield	5.78%	6.20%	4.63%	4.48%	4.97%	5.11%	4.77%	4.64%	4.02%	4.21%
Earnings Yield	4.94%	3.81%	3.39%	2.86%	3.72%	4.00%	3.87%	4.43%	3.80%	3.92%
Enterprise Value to Invested Capital (EV/IC)	1.32	1.45	1.51	1.54	1.41	1.38	1.46	1.45	1.56	1.51
Enterprise Value to Revenue (EV/Rev)	4.53	4.82	4.95	5.08	4.62	4.61	4.85	4.84	5.17	4.88
Enterprise Value to EBITDA (EV/EBITDA)	11.38	12.99	13.93	14.88	13.11	12.54	12.78	12.13	12.95	12.32
Enterprise Value to EBIT (EV/EBIT)	22.27	26.51	28.79	31.97	26.57	24.80	24.99	22.60	24.17	23.28
Enterprise Value to NOPAT (EV/NOPAT)	28.59	32.72	35.08	38.37	31.32	30.17	31.14	28.04	30.54	29.10
Enterprise Value to Operating Cash Flow (EV/OCF)	15.12	16.78	19.98	21.16	20.86	17.94	16.98	18.10	16.80	15.55
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.23	1.32	1.37	1.45	1.36	1.44	1.46	1.52	1.44	1.37
Long-Term Debt to Equity	1.15	1.26	1.28	1.34	1.26	1.20	1.20	1.28	1.20	1.18
Financial Leverage	1.17	1.28	1.30	1.38	1.29	1.41	1.43	1.52	1.42	1.46
Leverage Ratio	3.54	3.67	3.75	3.84	3.68	3.81	3.88	4.01	3.84	3.86
Compound Leverage Factor	3.10	-3.99	0.13	2.50	3.16	0.33	0.96	2.93	3.24	-0.12
Debt to Total Capital	55.20%	56.90%	57.89%	59.12%	57.67%	58.95%	59.34%	60.28%	59.00%	57.89%
Short-Term Debt to Total Capital	3.48%	2.74%	3.81%	4.20%	4.40%	9.70%	10.75%	9.63%	9.90%	8.40%
Long-Term Debt to Total Capital	51.72%	54.16%	54.08%	54.92%	53.27%	49.25%	48.59%	50.66%	49.11%	49.49%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.83%	0.78%	0.79%	0.73%	0.74%	0.70%	0.72%	0.66%	0.67%	0.63%
Common Equity to Total Capital	43.97%	42.32%	41.32%	40.14%	41.59%	40.35%	39.94%	39.05%	40.33%	41.48%
Debt to EBITDA	4.79	5.07	5.31	5.67	5.32	5.22	5.16	4.92	4.83	4.64
Net Debt to EBITDA	4.69	5.01	5.30	5.65	5.31	5.22	5.16	4.91	4.81	4.63
Long-Term Debt to EBITDA	4.49	4.83	4.96	5.26	4.92	4.36	4.23	4.13	4.02	3.97
Debt to NOPAT	12.03	12.77	13.38	14.61	12.71	12.57	12.57	11.36	11.39	10.96
Net Debt to NOPAT	11.77	12.63	13.34	14.58	12.68	12.55	12.56	11.36	11.33	10.94
Long-Term Debt to NOPAT	11.28	12.16	12.50	13.57	11.74	10.50	10.30	9.55	9.48	9.37
Altman Z-Score	0.86	0.86	0.87	0.88	0.91	0.77	0.77	0.81	0.93	0.84
Noncontrolling Interest Sharing Ratio	1.91%	1.86%	1.92%	1.84%	1.80%	1.76%	1.82%	1.73%	1.69%	1.60%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.98	0.99	1.01	0.96	1.10	0.67	0.58	0.66	0.71	0.59
Quick Ratio	0.47	0.39	0.34	0.36	0.46	0.23	0.19	0.28	0.35	0.24
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-598	-881	-1,284	-1,050	-846	-1,246	-840	-989	-777	-916
Operating Cash Flow to CapEx	206.51%	48.66%	47.53%	47.78%	0.00%	2,101.52%	67.09%	35.54%	95.10%	82.67%
Free Cash Flow to Firm to Interest Expense	-9.42	-12.78	-17.03	-12.88	-9.64	-14.39	-9.70	-10.11	-7.93	-9.65
Operating Cash Flow to Interest Expense	6.99	3.04	2.81	2.77	4.51	4.32	4.01	1.94	6.46	4.63
Operating Cash Flow Less CapEx to Interest Expense	3.60	-3.21	-3.10	-3.03	6.81	4.11	-1.97	-3.52	-0.33	-0.97
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.19	0.19	0.20	0.20	0.20	0.20	0.19	0.20	0.20	0.20
Accounts Receivable Turnover	6.83	7.90	8.94	6.98	5.64	7.49	8.23	6.37	5.14	7.67
Inventory Turnover	5.87	6.40	6.58	6.41	6.26	6.04	5.92	5.46	5.72	6.01
Fixed Asset Turnover	0.25	0.26	0.27	0.27	0.28	0.27	0.27	0.27	0.28	0.28
Accounts Payable Turnover	5.81	6.35	7.88	6.56	6.64	6.53	6.74	5.78	7.00	6.44
Days Sales Outstanding (DSO)	53.46	46.20	40.81	52.32	64.72	48.70	44.37	57.28	71.02	47.60
Days Inventory Outstanding (DIO)	62.20	57.04	55.46	56.97	58.33	60.43	61.70	66.79	63.83	60.78
Days Payable Outstanding (DPO)	62.82	57.44	46.30	55.62	55.00	55.87	54.19	63.19	52.12	56.68
Cash Conversion Cycle (CCC)	52.84	45.80	49.97	53.66	68.04	53.27	51.88	60.88	82.72	51.70
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	14,091	14,364	14,688	15,002	15,389	15,655	15,585	16,262	16,628	16,630
Invested Capital Turnover	0.30	0.31	0.32	0.32	0.32	0.31	0.31	0.31	0.31	0.32
Increase / (Decrease) in Invested Capital	958	907	1,307	1,210	1,298	1,291	897	1,261	1,238	975
Enterprise Value (EV)	18,624	20,833	22,223	23,076	21,770	21,670	22,810	23,660	25,947	25,034
Market Capitalization	10,840	12,681	13,655	14,198	12,845	12,549	13,498	13,972	16,207	15,518
Book Value per Share	$33.88	$32.80	$32.80	$32.34	$34.54	$33.45	$54.56	$33.61	$35.79	$36.52
Tangible Book Value per Share	$31.93	$32.80	$30.88	$30.43	$32.54	$33.45	$51.35	$31.62	$33.69	$36.52
Total Capital	14,201	14,293	14,639	14,865	15,327	15,310	15,521	15,904	16,406	16,285
Total Debt	7,839	8,133	8,475	8,789	8,838	9,025	9,210	9,588	9,680	9,427
Total Long-Term Debt	7,344	7,741	7,917	8,164	8,164	7,541	7,542	8,056	8,056	8,059
Net Debt	7,667	8,040	8,452	8,769	8,812	9,013	9,201	9,583	9,630	9,413
Capital Expenditures (CapEx)	215	431	445	473	-202	18	518	534	666	532
Debt-free, Cash-free Net Working Capital (DFCFNWC)	278	287	559	524	841	510	385	463	641	200
Debt-free Net Working Capital (DFNWC)	450	380	582	543	868	522	395	468	691	214
Net Working Capital (NWC)	-44	-12	24	-81	194	-962	-1,274	-1,063	-933	-1,154
Net Nonoperating Expense (NNE)	30	45	22	49	50	41	35	63	62	62
Net Nonoperating Obligations (NNO)	7,729	8,204	8,524	8,925	8,901	9,370	9,275	9,946	9,902	9,773
Total Depreciation and Amortization (D&A)	208	205	209	208	220	218	226	239	246	245
Debt-free, Cash-free Net Working Capital to Revenue	6.76%	6.64%	12.47%	11.52%	17.84%	10.87%	8.18%	9.47%	12.76%	3.90%
Debt-free Net Working Capital to Revenue	10.94%	8.78%	12.98%	11.95%	18.41%	11.12%	8.39%	9.57%	13.76%	4.18%
Net Working Capital to Revenue	-1.08%	-0.27%	0.54%	-1.78%	4.11%	-20.49%	-27.09%	-21.75%	-18.58%	-22.53%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.88	($0.21)	($0.03)	$0.94	$3.51	$0.00	$0.15	$1.79	$3.47	($0.06)
Adjusted Weighted Average Basic Shares Outstanding	113.21M	113.20M	113.36M	113.41M	113.46M	113.44M	113.62M	113.70M	113.73M	113.85M
Adjusted Diluted Earnings per Share	$2.88	($0.22)	($0.03)	$0.94	$3.50	$0.00	$0.15	$1.76	$3.37	($0.04)
Adjusted Weighted Average Diluted Shares Outstanding	113.46M	113.42M	113.36M	113.72M	113.84M	113.80M	114.23M	115.80M	117.12M	116.23M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	184.41M	184.44M	184.52M	184.58M	184.66M	184.69M	184.82M	184.88M	184.96M	190.36M
Normalized Net Operating Profit after Tax (NOPAT)	360	26	36	160	452	45	56	271	461	59
Normalized NOPAT Margin	24.50%	2.55%	3.76%	14.29%	27.61%	4.54%	5.93%	20.74%	26.08%	5.40%
Pre Tax Income Margin	26.08%	-2.82%	0.23%	11.31%	28.06%	0.71%	2.63%	18.38%	26.77%	-0.23%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	6.89	0.38	0.83	2.40	6.10	0.93	1.17	3.37	5.73	0.87
NOPAT to Interest Expense	5.67	0.37	0.31	1.97	5.15	0.52	0.65	2.77	4.71	0.62
EBIT Less CapEx to Interest Expense	3.51	-5.87	-5.08	-3.41	8.39	0.73	-4.81	-2.09	-1.06	-4.73
NOPAT Less CapEx to Interest Expense	2.29	-5.88	-5.59	-3.84	7.45	0.31	-5.33	-2.68	-2.09	-4.98
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	72.09%	79.90%	83.64%	95.48%	82.00%	78.60%	76.03%	64.74%	65.40%	66.44%
Augmented Payout Ratio	72.09%	80.42%	83.64%	95.48%	82.00%	79.38%	76.03%	64.74%	65.40%	66.44%

Frequently Asked Questions About Pinnacle West Capital's Financials

When does Pinnacle West Capital's financial year end?

According to the most recent income statement we have on file, Pinnacle West Capital's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Pinnacle West Capital's net income changed over the last 9 years?

Pinnacle West Capital's net income appears to be on an upward trend, with a most recent value of $626.03 million in 2024, rising from $456.19 million in 2015. The previous period was $518.78 million in 2023.

What is Pinnacle West Capital's operating income?

Pinnacle West Capital's total operating income in 2024 was $1.01 billion, based on the following breakdown:

Total Gross Profit: $2.14 billion
Total Operating Expenses: $1.13 billion

How has Pinnacle West Capital revenue changed over the last 9 years?

Over the last 9 years, Pinnacle West Capital's total revenue changed from $3.50 billion in 2015 to $5.12 billion in 2024, a change of 46.6%.

How much debt does Pinnacle West Capital have?

Pinnacle West Capital's total liabilities were at $19.07 billion at the end of 2024, a 4.8% increase from 2023, and a 178.6% increase since 2015.

How much cash does Pinnacle West Capital have?

In the past 9 years, Pinnacle West Capital's cash and equivalents has ranged from $3.84 million in 2024 to $59.97 million in 2020, and is currently $3.84 million as of their latest financial filing in 2024.

How has Pinnacle West Capital's book value per share changed over the last 9 years?

Over the last 9 years, Pinnacle West Capital's book value per share changed from 25.17 in 2015 to 36.52 in 2024, a change of 45.1%.

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This page (NYSE:PNW) was last updated on 4/14/2025 by MarketBeat.com Staff

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Pinnacle West Capital (PNW) Financials

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Pinnacle West Capital (PNW) Financials

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