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PINNACLE WEST CAPITAL CORP

PNW · Utilities · $12.8B mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat
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The five investor questions

69

2021–2025 (latest 5 aligned FYs; v3 window cap 5): revenue $3.8B to $5.3B, increasing; diluted EPS 5.47 to 5.05, decreasing.

100

Median gross margin 70.8% over 3y, very stable.

2

Median ROIC 5.5%, above the 12% hurdle in 0% of years.

1

Net debt/EBITDA 5.2x, interest coverage 3x.

33

Owner earnings changed +3.5%/yr over up to the ten most recent annual observations.

Price vs. value if growth stopped today

A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.

Above value if growth stopped todayBelow value if growth stopped today
84% above value if growth stopped today
$626M
$57.53
$62.60
$106.06
84% above value if growth stopped today

What today’s price assumes: owner earnings growing ~13%/yr over 5 years. The zero-growth estimate assumes owner earnings stay flat (0% growth).

How to read this

We solve for the constant annual change in owner earnings that would make the five-year zero-growth estimate equal today’s price. This keeps the existing model inputs and calculation unchanged; it is an expectations lens, not a forecast.

This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.

Among the current top-score group, the median current price is 239% above the zero-growth estimate across 48 of the current top 50 companies by Moat Score with both values.

Score records captured Jul 26, 2026.

Exactly which 50 companies?

FTNT, META, MEDP, IBEX, MSFT, GOOGL, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, VEEV, GRMN, SSD, MNST, DOCS, MCO, CPRT, NTAP, LRCX, NVDA, CORT, SFM, MPTI, ULTA, SN, RMD, ROL, PAYC, IRMD, INTU, DECK, MORN, LGCY, DAL, GWW, ISRG, MPWR, CTAS, LOPE, MRK, CMG, FAST, BKNG, ORLY

Missing a usable price or zero-growth estimate: ANF, BKNG.

Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 1% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.

19 years of fundamentals

The business, in plain English

Across the filed record, revenue grew from $3.2B (FY2008) to $5.3B (FY2025) — about 3.0% a year compounded over 17 years.

It earned 5.2% on invested capital in the latest filed year, FY2025. Across the full 18-year measurable filed record, median ROIC was 6.2%. Over the v3 recent window (10 measurable filed years), median ROIC was 5.5%. The Returns on Capital filter above scores it 2/100.

The balance sheet carried $10.6B of total debt in FY2025 against $632M of owner earnings — roughly 16.7 years of owner earnings to retire it all. Balance-Sheet Safety scores it 1/100.

Put together: Pricing Power is the strongest of the five filters (100/100) and Balance-Sheet Safety the weakest (1/100), which is how PNW lands at 41/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2007–FY2025 · 19 fiscal years, normalized from PNW’s SEC filings

Sales, as filed$5.3B FY2025
$0$2B$4B2007201320192025
Revenue kept after cost of goods70.8% FY2018
0%50%2007201320192025
Standard ROIC or separately labeled Operating ROICROIC 5.2% FY2025
0%5%10%2007201320192025
Cash an owner could take out$632M FY2025
$0$250M$500M2007201320192025

Gaps in a line mean that item isn’t in PNW’s filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Flagship explainer

How PINNACLE WEST CAPITAL CORP makes its money

PINNACLE WEST CAPITAL CORP's filing does not supply enough comparable lines for a truthful flow chart — here's what is filed:

Table alternative
Filed lineValue% of revenueSource
$5.3B100%
$1.1B20%
Income before tax$738M14%
Income tax$107M2%
$632M12%
Source: · event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set

Flagship explainer

What PINNACLE WEST CAPITAL CORP owns — and owes

PINNACLE WEST CAPITAL CORP's filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed lineValue% of assetsSource
Total assets$30.0B100%
Cash and equivalents$6.6M0%
$10.6B35%
Stockholders’ equity$7.0B23%
Source: · event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set

Flagship explainer

What drives PINNACLE WEST CAPITAL CORP’s return on equity?

ROE is five filed business factors multiplied together.

DuPont return on equity factor treeReturn on equity branches into tax burden, interest burden, operating margin, asset turnover, and the equity multiplier.Return on equity9%Tax burden86%net income ÷ pretax incomeInterest burden69%pretax ÷ operating incomeOperating margin20%operating income ÷ revenueAsset turnover0.19×revenue ÷ average assetsEquity multiplier4.07×average assets ÷ average equityAs of 2025-12-31 · 2 SEC filing sourcesBuy Like Buffett · buylikebuffett.com
DuPont source inputs
InputValueFiscal yearSource
$632MFY2025
Income before tax$738MFY2025
Operating income$1.1BFY2025
$5.3BFY2025
Ending assets$30.0BFY2025
Beginning assets$26.1BFY2024
$7.0BFY2025
$6.8BFY2024
Source:
  • SEC filingFiling detailsAccession 0000764622-25-000023
  • SEC filingFiling detailsAccession 0000764622-26-000011
· event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set
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Flagship explainer

Where PINNACLE WEST CAPITAL CORP's cash went

PINNACLE WEST CAPITAL CORP’s filing does not supply enough provenance-matched cash-flow lines for a truthful flow chart — here’s what is filed:

Table alternative
Filed lineValue% of cash from operationsSource
Cash from operations$1.8B100%
Depreciation and amortization$970M54%
Source: · event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding PINNACLE WEST CAPITAL CORP

Delayed public 13F reports for 2026-Q2—not live positions, trades, or recommendations.

0 holding0 exited0 not holding0/19 resolved19 unavailable

Named manager positions and quarter-over-quarter changes
ManagerReported positionQuarter-over-quarterFiling accession
Abrams CapitalUnavailableComparison unavailableFiling unavailable
Akre CapitalUnavailableComparison unavailableFiling unavailable
Baupost GroupUnavailableComparison unavailableFiling unavailable
Berkshire HathawayUnavailableComparison unavailableFiling unavailable
Brave Warrior AdvisorsUnavailableComparison unavailableFiling unavailable
Dodge & CoxUnavailableComparison unavailableFiling unavailable
First EagleUnavailableComparison unavailableFiling unavailable
FundsmithUnavailableComparison unavailableFiling unavailable
Gardner Russo & QuinnUnavailableComparison unavailableFiling unavailable
Gates Foundation TrustUnavailableComparison unavailableFiling unavailable
Mairs & PowerUnavailableComparison unavailableFiling unavailable
Markel / Markel-GaynerUnavailableComparison unavailableFiling unavailable
Oakmark / Harris AssociatesUnavailableComparison unavailableFiling unavailable
Pershing SquareUnavailableComparison unavailableFiling unavailable
Polen CapitalUnavailableComparison unavailableFiling unavailable
Sequoia / Ruane CunniffUnavailableComparison unavailableFiling unavailable
Southeastern Asset ManagementUnavailableComparison unavailableFiling unavailable
Tweedy, BrowneUnavailableComparison unavailableFiling unavailable
Yacktman Asset ManagementUnavailableComparison unavailableFiling unavailable

Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.

Source: Filing source unavailable · event Jun 30, 2026 · retrieved Jul 26, 2026

Flagship explainer

What PINNACLE WEST CAPITAL CORP insiders reported

Insider activity is unavailable from the source; no zero-activity claim is shown.

Unavailable: Form 4 activity could not be retrieved for this rendering.

Moat Score history

16 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale41.1 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026Jul 26, 2026

Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.

Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars

  1. Normalizer upgraded unstamped (version unknown)moat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
  2. Methodology upgraded moat-index@2.0.0moat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
  3. Methodology upgraded moat-index@1.2.0moat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026

Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.

Insider activity

Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”

These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.

The insider-filing service is temporarily unavailable, so no partial or guessed answer is shown for PNW.

Utilities context

#34 of 101 scored Utilities companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #32WELPP WISCONSIN ELECTRIC POWER COMPANY41.5Shallow moat
  2. #33CWT CALIFORNIA WATER SERVICE GROUP41.4Shallow moat
  3. #35NWN NORTHWEST NATURAL HOLDING COMPANY41.1Shallow moat
  4. #36OPAL OPAL FUELS INC.41.1Shallow moat

Compare PNW with its nearest peers →All Utilities companies on the Index →

Common questions about PNW

Does PINNACLE WEST CAPITAL CORP have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores PINNACLE WEST CAPITAL CORP (PNW) 41.1 out of 100 — a Shallow moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 69, pricing power 100, returns on capital 2, balance-sheet safety 1, capital allocation 33.
Is PNW trading below the conservative owner-earnings estimate?
The value if growth stopped today — a zero-growth baseline — is $57.53 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $106.06, that is 84% above value if growth stopped today. The model also publishes a capped-growth comparison, but the zero-growth estimate is the cautious baseline. It assumes trailing owner earnings persist and is unreliable for declining businesses. This is an educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.
How has PNW's Moat Score changed over time?
The record logs 16 readings since Jul 17, 2026; the latest reads 41.1 out of 100 (shallow moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.

Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell PNW. See the disclaimer.