Avista (AVA)
Market Price (9/21/2026): $36.41 | Market Cap: $3.0 BilSector: Utilities | Industry: Multi-Utilities
Avista (AVA)
Market Price (9/21/2026): $36.41Market Cap: $3.0 BilSector: UtilitiesIndustry: Multi-Utilities
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 13%, Dividend Yield is 5.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 8.6% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 28% Low stock price volatilityVol 12M is 18% Megatrend and thematic driversMegatrends include Smart Grids & Grid Modernization, Renewable Energy Transition, and Electrification of Everything. Themes include Grid Automation, Show more. | Weak multi-year price returns2Y Excs Rtn is -32%, 3Y Excs Rtn is -48% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 110% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.8% Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -5.4% Key risksAVA key risks include [1] significant wildfire exposure in its Pacific Northwest operating region and [2] financial pressures from its substantial capital expenditure plan, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 13%, Dividend Yield is 5.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 8.6% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 28% |
| Low stock price volatilityVol 12M is 18% |
| Megatrend and thematic driversMegatrends include Smart Grids & Grid Modernization, Renewable Energy Transition, and Electrification of Everything. Themes include Grid Automation, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -32%, 3Y Excs Rtn is -48% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 110% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.8% |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -5.4% |
| Key risksAVA key risks include [1] significant wildfire exposure in its Pacific Northwest operating region and [2] financial pressures from its substantial capital expenditure plan, Show more. |
Qualitative Assessment
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Avista (AVA) stock has lost about 10% since 5/31/2026 because of the following key factors:
1. Operational challenges and financial uncertainty stemming from Spokane wildfires weighed on investor sentiment. Avista's Q2 2026 earnings call highlighted significant infrastructure damage from wildfires in the Spokane area, leading to ongoing electricity and natural gas outages for thousands of customers. The full financial impact, including cost recovery and insurance treatment, remained unclear, contributing to investor concerns regarding near-term operational challenges.
2. The pause of a major 500-megawatt data center project removed a significant growth driver from the capital plan. Avista's management confirmed a pause on a large data center buildout project during the Q2 2026 earnings period. This decision eliminated a substantial source of future load growth and capital expansion, which negatively impacted investor outlook and contributed to a decline in share price.
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Avista (AVA) stock has lost about 10% since 5/31/2026 because of the following key factors:
1. Operational challenges and financial uncertainty stemming from Spokane wildfires weighed on investor sentiment. Avista's Q2 2026 earnings call highlighted significant infrastructure damage from wildfires in the Spokane area, leading to ongoing electricity and natural gas outages for thousands of customers. The full financial impact, including cost recovery and insurance treatment, remained unclear, contributing to investor concerns regarding near-term operational challenges.
2. The pause of a major 500-megawatt data center project removed a significant growth driver from the capital plan. Avista's management confirmed a pause on a large data center buildout project during the Q2 2026 earnings period. This decision eliminated a substantial source of future load growth and capital expansion, which negatively impacted investor outlook and contributed to a decline in share price.
3. Avista reported a revenue miss for fiscal Q2 2026, alongside flat non-GAAP utility earnings. For fiscal Q2 2026, which ended June 30, 2026, Avista's quarterly revenue of $413 million fell below the consensus estimate of $426.93 million, representing a 3.3% miss. Although diluted GAAP earnings per share (EPS) of $0.43 beat estimates, non-GAAP utility earnings per diluted share remained flat at $0.29 compared to the prior year.
4. Proposed natural gas rate reductions in Washington created downward pressure on expected revenue recovery. On August 31, 2026, Avista filed annual rate adjustment requests with the Washington Utilities and Transportation Commission (WUTC), proposing an approximate 11.5% reduction in natural gas rates. This reduction, driven largely by regulatory changes related to the Climate Commitment Act, would decrease natural gas revenue recovery by an estimated $34.3 million.
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Stock Movement Drivers
Fundamental Drivers
The -11.5% change in AVA stock from 5/31/2026 to 9/20/2026 was primarily driven by a -19.0% change in the company's P/E Multiple.| (LTM values as of) | 5312026 | 9202026 | Change |
|---|---|---|---|
| Stock Price ($) | 40.95 | 36.25 | -11.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,917 | 1,919 | 0.1% |
| Net Income Margin (%) | 10.7% | 11.8% | 10.1% |
| P/E Multiple | 16.4 | 13.3 | -19.0% |
| Shares Outstanding (Mil) | 82 | 83 | -0.9% |
| Cumulative Contribution | -11.5% |
Market Drivers
5/31/2026 to 9/20/2026| Return | Correlation | |
|---|---|---|
| AVA | -11.5% | |
| Market (SPY) | 0.9% | -26.3% |
| Sector (XLU) | -7.5% | 70.7% |
Fundamental Drivers
The -8.5% change in AVA stock from 2/28/2026 to 9/20/2026 was primarily driven by a -21.0% change in the company's P/E Multiple.| (LTM values as of) | 2282026 | 9202026 | Change |
|---|---|---|---|
| Stock Price ($) | 39.63 | 36.25 | -8.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,964 | 1,919 | -2.3% |
| Net Income Margin (%) | 9.8% | 11.8% | 20.4% |
| P/E Multiple | 16.8 | 13.3 | -21.0% |
| Shares Outstanding (Mil) | 82 | 83 | -1.6% |
| Cumulative Contribution | -8.5% |
Market Drivers
2/28/2026 to 9/20/2026| Return | Correlation | |
|---|---|---|
| AVA | -8.5% | |
| Market (SPY) | 11.6% | -11.2% |
| Sector (XLU) | -13.3% | 74.1% |
Fundamental Drivers
The 4.1% change in AVA stock from 8/31/2025 to 9/20/2026 was primarily driven by a 29.9% change in the company's Net Income Margin (%).| (LTM values as of) | 8312025 | 9202026 | Change |
|---|---|---|---|
| Stock Price ($) | 34.82 | 36.25 | 4.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,955 | 1,919 | -1.8% |
| Net Income Margin (%) | 9.1% | 11.8% | 29.9% |
| P/E Multiple | 15.8 | 13.3 | -16.0% |
| Shares Outstanding (Mil) | 81 | 83 | -2.8% |
| Cumulative Contribution | 4.1% |
Market Drivers
8/31/2025 to 9/20/2026| Return | Correlation | |
|---|---|---|
| AVA | 4.1% | |
| Market (SPY) | 19.4% | -10.9% |
| Sector (XLU) | -0.4% | 61.0% |
Fundamental Drivers
The 26.6% change in AVA stock from 8/31/2023 to 9/20/2026 was primarily driven by a 41.3% change in the company's Net Income Margin (%).| (LTM values as of) | 8312023 | 9202026 | Change |
|---|---|---|---|
| Stock Price ($) | 28.62 | 36.25 | 26.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,724 | 1,919 | 11.3% |
| Net Income Margin (%) | 8.4% | 11.8% | 41.3% |
| P/E Multiple | 15.1 | 13.3 | -12.0% |
| Shares Outstanding (Mil) | 76 | 83 | -8.5% |
| Cumulative Contribution | 26.6% |
Market Drivers
8/31/2023 to 9/20/2026| Return | Correlation | |
|---|---|---|
| AVA | 26.6% | |
| Market (SPY) | 75.6% | 11.6% |
| Sector (XLU) | 42.0% | 65.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| AVA Return | 10% | 9% | -15% | 8% | 11% | -1% | 20% |
| Peers Return | 18% | 1% | -9% | 24% | 19% | 5% | 68% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 103% |
Monthly Win Rates [3] | |||||||
| AVA Win Rate | 42% | 67% | 42% | 50% | 42% | 33% | |
| Peers Win Rate | 57% | 50% | 50% | 60% | 65% | 51% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| AVA Max Drawdown | -18% | -20% | -29% | -12% | -14% | -13% | |
| Peers Max Drawdown | -15% | -21% | -23% | -11% | -11% | -13% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: IDA, NWE, POR, MDU, BKH. See AVA Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/18/2026 (YTD)
How Low Can It Go
| Event | AVA | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -20.1% | -9.5% |
| % Gain to Breakeven | 25.1% | 10.5% |
| Time to Breakeven | 220 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -10.9% | -24.5% |
| % Gain to Breakeven | 12.2% | 32.4% |
| Time to Breakeven | 21 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -36.2% | -33.7% |
| % Gain to Breakeven | 56.8% | 50.9% |
| Time to Breakeven | 1834 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -19.1% | -19.2% |
| % Gain to Breakeven | 23.5% | 23.8% |
| Time to Breakeven | 255 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -10.4% | -3.7% |
| % Gain to Breakeven | 11.6% | 3.9% |
| Time to Breakeven | 110 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -11.0% | -12.2% |
| % Gain to Breakeven | 12.4% | 13.9% |
| Time to Breakeven | 38 days | 62 days |
In The Past
Avista's stock fell 0.0% during the 2025 US Tariff Shock. Such a loss loss requires a 0.0% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | AVA | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -20.1% | -9.5% |
| % Gain to Breakeven | 25.1% | 10.5% |
| Time to Breakeven | 220 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -36.2% | -33.7% |
| % Gain to Breakeven | 56.8% | 50.9% |
| Time to Breakeven | 1834 days | 140 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -39.1% | -53.4% |
| % Gain to Breakeven | 64.3% | 114.4% |
| Time to Breakeven | 207 days | 1085 days |
In The Past
Avista's stock fell 0.0% during the 2025 US Tariff Shock. Such a loss loss requires a 0.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Avista (AVA)
Avista Corporation (AVA) is a long-standing utility company primarily engaged in the generation, transmission, and distribution of electricity, as well as the distribution of natural gas. The company operates through two main segments, providing essential services to residential, commercial, and industrial customers across multiple states.
The core of Avista's operations lies within its Avista Utilities segment, which delivers electric distribution and transmission services, along with natural gas distribution services, to parts of eastern Washington and northern Idaho. This segment also extends natural gas distribution services to specific areas of northeastern and southwestern Oregon. Avista generates electricity using a diversified portfolio of hydroelectric, thermal, and wind facilities. As of early 2022, this segment served over 400,000 electric customers and more than 370,000 natural gas customers.
The second segment, AEL&P, provides electric services to approximately 17,400 customers located in the city and borough of Juneau, Alaska. In addition to its regulated utility businesses, Avista also maintains a portfolio of non-utility investments, including venture fund and real estate investments, contributing to its overall financial strategy.
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Here are a few analogies to describe Avista:
- It's like a smaller, regional version of Duke Energy, providing essential electricity and natural gas to homes and businesses.
- Think of it as the Consolidated Edison for parts of Washington, Idaho, and Oregon, supplying power and natural gas to its service area.
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- Electric Utility Services: Avista provides electric distribution, transmission, and generation to residential and business customers in parts of eastern Washington, northern Idaho, and Juneau, Alaska.
- Natural Gas Utility Services: The company offers natural gas distribution services to customers in parts of eastern Washington, northern Idaho, northeastern, and southwestern Oregon.
- Wholesale Energy Trading: Avista engages in the wholesale purchase and sale of electricity and natural gas.
- Venture Fund Investments: The company participates in investments in venture capital funds.
- Real Estate Investments: Avista also engages in investments in real estate properties.
- Other Investments: The company holds various other types of investments.
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Avista Corporation (AVA) Major Customers
Avista Corporation, as an electric and natural gas utility company, primarily serves a diverse base of customers rather than a few major corporate entities. Its customer base, consisting of hundreds of thousands of electric and natural gas customers across its service territories, is broadly categorized into the following segments:
- Residential: Individual households and dwellings that consume electricity and natural gas for personal use.
- Commercial: Businesses, offices, retail establishments, and other non-industrial enterprises that utilize electricity and natural gas for their operations.
- Industrial: Manufacturing plants, production facilities, and other large-scale industrial operations that require significant amounts of electricity and natural gas.
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TC Energy Corporation (TRP)
Williams Companies, Inc. (WMB)
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Heather Rosentrater, President and Chief Executive Officer
Heather Rosentrater became the first female President and CEO of Avista Corp. in October 2023. Her career at Avista began in 1996 as a student engineering technician for Avista Labs, a fuel cell subsidiary that was later sold. In 1999, she joined Avista Corp. as an electrical engineer, advancing through various leadership roles in electric and natural gas businesses, including Vice President of Energy Delivery (2015), Senior Vice President of Energy Delivery and Shared Services (2019), and Senior Vice President and Chief Operating Officer (2022). Rosentrater is a registered Professional Engineer and holds a Bachelor of Science degree in Electrical Engineering from Gonzaga University.
Kevin Christie, Senior Vice President, Chief Financial Officer, Treasurer and Regulatory Affairs Officer
Kevin Christie was appointed Chief Financial Officer, Treasurer, and Senior Vice President of Regulatory Affairs, effective May 11, 2023. He joined Avista in 2005 and has held various leadership positions within the company's natural gas business, including Senior Director of Finance (2012), Vice President of Customer Solutions (2015), and Senior Vice President, External Affairs and Chief Customer Officer (2019). Prior to Avista, Christie worked for Gas Transmission Northwest (GTN) in accounting, pipeline marketing and development, and pricing and business analysis roles. He played a key role in Avista's acquisition of Alaska Electric Light and Power Company. He holds a Bachelor of Arts degree in Accounting from Washington State University and has completed finance programs at Harvard Business School.
Jason Thackston, Senior Vice President, Growth, Energy Policy and External Relations
Jason Thackston is the Senior Vice President, Growth, Energy Policy and External Relations for Avista. He joined the company in 1996 and has held various leadership positions in areas such as energy resources, customer solutions, energy delivery, finance, risk management, investor relations, and corporate development. He previously served as Senior Vice President, Energy Policy and Chief Strategy Officer. Thackston earned a Bachelor of Arts degree from Whitworth University and a Master of Business Administration degree from Gonzaga University.
Bryan Cox, Senior Vice President, Safety and Chief People Officer
Bryan Cox serves as the Senior Vice President, Safety and Chief People Officer. His responsibilities encompass enhancing safety throughout Avista, leading the company's equity, inclusion, and diversity strategy, and overseeing other human resources functions. He was promoted to this role in September 2023, having previously served as Vice President, Safety and Human Resources, and then Vice President, Safety and Chief People Officer.
Gregory Hesler, Senior Vice President, General Counsel, Corporate Secretary and Chief Ethics/Compliance Officer
Gregory Hesler is the Senior Vice President, General Counsel, Corporate Secretary and Chief Ethics/Compliance Officer at Avista Corp. He was promoted to this senior vice president role in August 2022. Prior to this, he served as Vice President, General Counsel, Corporate Secretary and Chief Ethics/Compliance Officer.
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The key risks to Avista Corporation (AVA) primarily stem from its operations as a regulated utility in the Pacific Northwest, with a significant emphasis on environmental and regulatory factors.
- Wildfire Risk: Avista faces a significant and increasing risk from wildfires in its service territories, particularly in eastern Washington and northern Idaho. Factors contributing to this risk include above-normal fire seasons, residential expansion into forested areas, and climate change leading to hotter, drier summers. Wildfires can cause substantial damage to Avista's electric distribution and transmission infrastructure, leading to service disruptions, increased operational costs for mitigation efforts, and potential liabilities. The company has invested heavily in a Wildfire Resiliency Plan, which includes grid hardening, vegetation management, advanced risk monitoring, and the implementation of Public Safety Power Shutoffs (PSPS) during extreme weather conditions to reduce ignition risks.
- Regulatory and Compliance Risk: As a utility company, Avista's financial health and operational flexibility are heavily dependent on regulatory decisions from utility commissions in Washington, Idaho, and Oregon. Key challenges include securing timely and favorable rate increases to recover significant capital investments related to infrastructure modernization, clean energy initiatives, and wildfire mitigation costs. Furthermore, Avista must comply with evolving and stringent environmental mandates, such as Washington's Clean Energy Transformation Act (CETA), which requires a carbon-neutral electricity supply by 2030 and 100% clean energy by 2045. Regulatory lag or unfavorable outcomes in rate cases and compliance decisions can significantly impact the company's profitability and ability to fund necessary upgrades and environmental transitions.
- Climate Change Impact on Hydroelectric Resources: Avista relies significantly on hydroelectric facilities for electricity generation. This makes the company vulnerable to climate change impacts that affect water resources, such as reduced snowpack, lower streamflows, and increased frequency and intensity of severe weather events like droughts. These conditions can adversely affect energy generation and supply, potentially increasing operational costs due to the need to purchase replacement power from the wholesale market at higher rates.
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Emerging Threats for Avista (AVA):
- Widespread Adoption of Distributed Energy Resources (DERs): As costs decrease and efficiency increases for technologies like rooftop solar, battery storage, and localized microgrids, customers can generate, store, and potentially sell their own electricity. This trend reduces reliance on Avista's traditional centralized grid and purchased power, potentially leading to declining electricity sales and underutilized grid infrastructure.
- Accelerated Decarbonization and Electrification Trends Impacting Natural Gas Demand: Increasing regulatory and societal pressure to reduce carbon emissions could drive policies that favor the widespread conversion from natural gas to electricity for heating and other applications (e.g., electric heat pumps replacing natural gas furnaces). This presents a significant emerging threat to Avista's natural gas distribution segment, potentially leading to declining customer demand and stranded natural gas infrastructure.
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Avista Corporation's addressable markets for its main products and services, electricity and natural gas, are defined by its customer base and service territories in the U.S. Pacific Northwest and Alaska.
For its electric and natural gas distribution services, Avista Utilities serves approximately 422,000 to 423,000 electric customers and 383,000 to 386,000 natural gas customers. This service territory spans eastern Washington, northern Idaho, and parts of southern and eastern Oregon, covering an area of about 30,000 to 34,000 square miles with a total population of approximately 1.7 million people.
Through its subsidiary, Alaska Electric Light & Power Company (AEL&P), Avista also provides electric service to roughly 17,000 to 18,000 customers in the city and borough of Juneau, Alaska.
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Share Issuance
- Avista issued $78 million of common stock in 2025.
- The company expects to issue up to $90 million of common stock in 2026.
Inbound Investments
- Avista received a significant deposit from a data center developer, with an initial load of 125 MW expected to ramp up to 500 MW by 2030.
Outbound Investments
- Losses at Avista's non-regulated other businesses were $14 million in 2025, primarily due to higher net investment losses, with approximately 75% related to clean technology investments.
- Avista is considering monetizing non-regulated investments valued at $148 million in equity as of December 2025, to potentially limit future equity issuances.
- The company highlighted a signed memorandum of understanding for a potential 10% ownership stake in the 3,000-megawatt North Plains Connector high-voltage direct-current transmission project.
Capital Expenditures
- Capital expenditures for Avista Utilities were $553 million in 2025.
- Expected capital expenditures for Avista Utilities are $585 million in 2026.
- From 2026 through 2030, planned capital expenditures total $3.4 billion, representing a 5% compound annual growth rate, focused on wildfire mitigation, grid modernization, and clean energy goals.
Peer Outperformance in Multi-Utilities
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| AVA | Avista | 3.8% | 13.3x | 4.6% | 24.2% | 17.4% | — |
| NI | NiSource | 6.3% | 21.5x | 3.3% | 64.6% | 98.9% | +82pp |
| CNP | CenterPoint Energy | 1.5% | 22.5x | 2.8% | 45.3% | 74.0% | +57pp |
| ED | Consolidated Edison | 4.6% | 17.5x | 13.1% | 28.5% | 71.6% | +54pp |
| OGE | OGE Energy | 1.6% | 20.1x | 7.0% | 46.4% | 69.5% | +52pp |
| PNW | Pinnacle West Capital | 6.9% | 17.9x | 13.1% | 36.2% | 59.7% | +42pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Independent Power Producers & Energy Traders | 5 | -22.4% | 116.0% | 182.6% | HNRG 549% · OKLO 287% · NRG 183% |
| Gas Utilities | 10 | 3.5% | 46.5% | 46.3% | ATO 104% · NFG 88% · NJR 82% |
| Electric Utilities | 24 | 5.7% | 40.9% | 41.6% | VST 780% · GNE 182% · ETR 127% |
| Multi-Utilities ← | 18 | 5.3% | 35.4% | 40.0% | NI 99% · MDU 96% · CNP 74% |
| Water Utilities | 11 | 7.6% | 5.5% | -10.5% | CWCO 172% · AWR 9% · HTO 9% |
| Renewable Electricity | 4 | -31.7% | -66.9% | -32.4% | ORA 49% · CWEN 29% · AGIG -93% |
Latest Trefis Analyses
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Peer Comparisons
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Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 57.86 |
| Mkt Cap | 4.8 |
| Rev LTM | 1,875 |
| Op Inc LTM | 385 |
| FCF LTM | -249 |
| FCF 3Y Avg | -115 |
| CFO LTM | 513 |
| CFO 3Y Avg | 523 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 0.5% |
| Rev Chg 3Y Avg | 3.9% |
| Rev Chg Q | 3.7% |
| QoQ Delta Rev Chg LTM | 0.8% |
| Op Inc Chg LTM | 6.2% |
| Op Inc Chg 3Y Avg | 9.0% |
| Op Mgn LTM | 18.8% |
| Op Mgn 3Y Avg | 20.3% |
| QoQ Delta Op Mgn LTM | 0.3% |
| CFO/Rev LTM | 27.0% |
| CFO/Rev 3Y Avg | 28.2% |
| FCF/Rev LTM | -12.3% |
| FCF/Rev 3Y Avg | -6.7% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Avista Utilities | 1,916 | 1,887 | 1,703 | 1,663 | 1,393 |
| Alaska Electric Light and Power Company | 47 | 50 | 48 | 46 | 45 |
| Other Non-Reportable Segment Items | 1 | 1 | 1 | 1 | 1 |
| Eliminations | 0 | 0 | 0 | 0 | 0 |
| Total | 1,964 | 1,938 | 1,752 | 1,710 | 1,439 |
| $ Mil | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|
| Avista Utilities | 243 | 186 | 218 | 220 | 201 |
| Alaska Electric Light and Power Company | 17 | 16 | 16 | 17 | 16 |
| Eliminations | 0 | 0 | |||
| Other Non-Reportable Segment Items | -2 | -11 | -6 | -4 | -7 |
| Total | 258 | 190 | 228 | 233 | 210 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Avista Utilities | 201 | 179 | 167 | 118 | 126 |
| Alaska Electric Light and Power Company | 6 | 8 | 9 | 7 | 7 |
| Eliminations | 0 | 0 | 0 | 0 | 0 |
| Other Non-Reportable Segment Items | -14 | -7 | -5 | 30 | 15 |
| Total | 193 | 180 | 171 | 155 | 147 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Avista Utilities | 7,917 | 7,494 | 7,263 | 6,976 | 6,458 |
| Alaska Electric Light and Power Company | 289 | 283 | 270 | 264 | 265 |
| Other Non-Reportable Segment Items | 177 | 194 | 191 | 187 | 132 |
| Eliminations | -24 | -30 | -22 | -10 | -2 |
| Total | 8,359 | 7,941 | 7,702 | 7,417 | 6,854 |
Price Behavior
| Market Price | $36.25 | |
| Market Cap ($ Bil) | 3.0 | |
| First Trading Date | 11/16/1987 | |
| Distance from 52W High | -13.5% | |
| 50 Days | 200 Days | |
| DMA Price | $38.82 | $39.28 |
| DMA Trend | indeterminate | down |
| Distance from DMA | -6.6% | -7.7% |
| 3M | 1YR | |
| Volatility | 17.5% | 18.5% |
| Downside Capture | -24.04 | -17.81 |
| Upside Capture | -63.40 | -9.35 |
| Correlation (SPY) | -29.8% | -11.3% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.47 | -0.37 | -0.48 | -0.17 | -0.16 | 0.15 |
| Up Beta | -1.01 | -0.80 | -1.09 | -0.46 | -0.33 | 0.12 |
| Down Beta | -0.53 | 0.56 | -0.19 | -0.01 | -0.04 | 0.16 |
| Up Capture | -63% | -60% | -50% | -12% | -6% | 5% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 7 | 15 | 26 | 59 | 130 | 381 |
| Down Capture | 81% | -13% | -15% | -5% | -32% | 30% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 14 | 27 | 38 | 68 | 120 | 366 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AVA | |
|---|---|---|---|---|
| AVA | 5.6% | 18.5% | 0.15 | - |
| Sector ETF (XLU) | -0.5% | 15.2% | -0.24 | 61.3% |
| Equity (SPY) | 16.9% | 12.9% | 0.94 | -11.0% |
| Gold (GLD) | 19.1% | 29.3% | 0.60 | 0.6% |
| Commodities (DBC) | 46.3% | 20.6% | 1.73 | -12.4% |
| Real Estate (VNQ) | 4.9% | 13.6% | 0.10 | 47.8% |
| Bitcoin (BTCUSD) | -30.6% | 44.3% | -0.70 | -22.0% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AVA | |
|---|---|---|---|---|
| AVA | 2.3% | 21.6% | 0.04 | - |
| Sector ETF (XLU) | 6.8% | 17.3% | 0.25 | 66.6% |
| Equity (SPY) | 12.9% | 17.2% | 0.57 | 22.7% |
| Gold (GLD) | 19.1% | 18.8% | 0.83 | 11.6% |
| Commodities (DBC) | 11.2% | 19.5% | 0.45 | 2.1% |
| Real Estate (VNQ) | 1.1% | 18.8% | -0.05 | 51.2% |
| Bitcoin (BTCUSD) | 12.5% | 52.5% | 0.42 | 2.2% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AVA | |
|---|---|---|---|---|
| AVA | 2.7% | 25.5% | 0.12 | - |
| Sector ETF (XLU) | 8.3% | 19.3% | 0.36 | 67.1% |
| Equity (SPY) | 15.1% | 18.0% | 0.72 | 37.3% |
| Gold (GLD) | 12.1% | 16.4% | 0.61 | 10.6% |
| Commodities (DBC) | 8.3% | 18.1% | 0.37 | 7.7% |
| Real Estate (VNQ) | 4.4% | 20.7% | 0.18 | 51.0% |
| Bitcoin (BTCUSD) | 62.6% | 66.2% | 1.02 | 8.6% |
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Returns Analyses
Earnings Returns History
Updated 9/3/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/3/2026 | -0.9% | -3.4% | -3.6% |
| 2/25/2026 | -2.1% | -0.7% | -2.5% |
| 11/5/2025 | 2.7% | 8.2% | 1.3% |
| 8/6/2025 | 2.1% | 3.1% | 1.9% |
| 5/7/2025 | -1.2% | -7.5% | -7.8% |
| 2/26/2025 | 4.6% | 4.3% | 4.7% |
| 11/6/2024 | -2.3% | 0.1% | 0.8% |
| 8/7/2024 | -0.6% | -1.4% | 1.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 14 | 12 |
| # Negative | 12 | 9 | 11 |
| Median Positive | 1.8% | 2.6% | 3.7% |
| Median Negative | -2.1% | -2.9% | -3.0% |
| Max Positive | 4.6% | 8.2% | 19.6% |
| Max Negative | -3.3% | -7.5% | -12.8% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/3/2026 | -0.9% | -3.4% | -3.6% |
| 2/25/2026 | -2.1% | -0.7% | -2.5% |
| 11/5/2025 | 2.7% | 8.2% | 1.3% |
| 8/6/2025 | 2.1% | 3.1% | 1.9% |
| 5/7/2025 | -1.2% | -7.5% | -7.8% |
| 2/26/2025 | 4.6% | 4.3% | 4.7% |
| 11/6/2024 | -2.3% | 0.1% | 0.8% |
| 8/7/2024 | -0.6% | -1.4% | 1.6% |
| 5/1/2024 | 0.4% | 2.6% | 2.2% |
| 2/21/2024 | 0.4% | -1.1% | -0.2% |
| 11/1/2023 | 1.8% | 0.4% | 4.9% |
| 8/2/2023 | -2.4% | -5.1% | -12.8% |
| 5/3/2023 | 1.3% | 1.8% | -3.7% |
| 2/22/2023 | 2.7% | 1.1% | -0.7% |
| 11/1/2022 | -2.1% | -2.9% | 11.2% |
| 8/3/2022 | 2.3% | 2.7% | -1.0% |
| 5/4/2022 | -2.1% | 2.6% | 4.2% |
| 2/23/2022 | -0.3% | 3.6% | 3.1% |
| 11/3/2021 | -2.0% | 0.6% | -2.1% |
| 8/4/2021 | -3.3% | -4.7% | -3.7% |
| 5/5/2021 | 1.3% | -1.9% | -3.0% |
| 2/24/2021 | 1.5% | 2.0% | 19.6% |
| 11/4/2020 | -3.2% | 7.7% | 8.5% |
| SUMMARY STATS | |||
| # Positive | 11 | 14 | 12 |
| # Negative | 12 | 9 | 11 |
| Median Positive | 1.8% | 2.6% | 3.7% |
| Median Negative | -2.1% | -2.9% | -3.0% |
| Max Positive | 4.6% | 8.2% | 19.6% |
| Max Negative | -3.3% | -7.5% | -12.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/03/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/26/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 02/21/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/22/2023 | 10-K |
| 09/30/2022 | 11/01/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/03/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/26/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 02/21/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/22/2023 | 10-K |
| 09/30/2022 | 11/01/2022 | 10-Q |
| 06/30/2022 | 08/03/2022 | 10-Q |
| 03/31/2022 | 05/04/2022 | 10-Q |
| 12/31/2021 | 02/23/2022 | 10-K |
| 09/30/2021 | 11/03/2021 | 10-Q |
| 06/30/2021 | 08/04/2021 | 10-Q |
| 03/31/2021 | 05/05/2021 | 10-Q |
| 12/31/2020 | 02/24/2021 | 10-K |
| 09/30/2020 | 11/04/2020 | 10-Q |
| 06/30/2020 | 08/05/2020 | 10-Q |
| 03/31/2020 | 05/08/2020 | 10-Q |
| 12/31/2019 | 02/26/2020 | 10-K |
| 09/30/2019 | 11/07/2019 | 10-Q |
Recent Forward Guidance
Updated 8/4/2026Latest: Q2 2026 Earnings Reported 8/3/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Non-GAAP utility earnings per diluted share | Reported | 2.52 | 2.62 | 2.72 | 0.0% | Affirmed | Guidance: 2.62 for 2026 | |
| 2026 Non-GAAP utility earnings growth | Reported | 4.0% | 5.0% | 6.0% | ||||
| 2026 Capital Expenditures | Reported | 615.00 Mil | 5.1% | Raised | Guidance: 585.00 Mil for 2026 | |||
| 2027 Capital Expenditures | Reported | 635.00 Mil | 0.0% | Affirmed | Guidance: 635.00 Mil for 2027 | |||
| 2028 Capital Expenditures | Reported | 800.00 Mil | 0.0% | Affirmed | Guidance: 800.00 Mil for 2028 | |||
| 2029 Capital Expenditures | Reported | 680.00 Mil | 0.0% | Affirmed | Guidance: 680.00 Mil for 2029 | |||
| 2030 Capital Expenditures | Reported | 710.00 Mil | 0.0% | Affirmed | Guidance: 710.00 Mil for 2030 | |||
Prior: Q4 2025 Earnings Reported 2/25/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Non-GAAP Utility Earnings | Reported | 2.52 | 2.62 | 2.72 | ||||
| 2026 Common Stock Issuance | Reported | 90.00 Mil | 12.5% | Raised | Guidance: 80.00 Mil for 2026 | |||
| 2026 Long-term Debt Issuance | Reported | 230.00 Mil | 91.7% | Raised | Guidance: 120.00 Mil for 2026 | |||
| 2026 Base Capital Expenditures | Reported | 585.00 Mil | 1.7% | Raised | Guidance: 575.00 Mil for 2026 | |||
| 2026 AEL&P Capital Expenditures | Reported | 17.00 Mil | ||||||
| 2027 Base Capital Expenditures | Reported | 635.00 Mil | 5.0% | Raised | Guidance: 605.00 Mil for 2027 | |||
| 2027 AEL&P Capital Expenditures | Reported | 16.00 Mil | ||||||
| 2028 Base Capital Expenditures | Reported | 800.00 Mil | 26.0% | Raised | Guidance: 635.00 Mil for 2028 | |||
| 2028 AEL&P Capital Expenditures | Reported | 11.00 Mil | ||||||
| 2029 Base Capital Expenditures | Reported | 680.00 Mil | 1.5% | Raised | Guidance: 670.00 Mil for 2029 | |||
| 2030 Base Capital Expenditures | Reported | 710.00 Mil | 0.7% | Raised | Guidance: 705.00 Mil for 2030 | |||
Q3 2025 Earnings Reported 11/5/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Consolidated Earnings per Diluted Share | Reported | 2.52 | 2.62 | 2.72 | 0 | Affirmed | Guidance: 2.62 for 2025 | |
| 2025 Avista Utilities Earnings per Diluted Share | Reported | 2.43 | 2.52 | 2.61 | 0 | Affirmed | Guidance: 2.52 for 2025 | |
| 2025 AEL&P Earnings per Diluted Share | Reported | 0.09 | 0.1 | 0.11 | 0 | Affirmed | Guidance: 0.1 for 2025 | |
| 2025 Earnings Growth | Reported | 4.0% | 5.0% | 6.0% | ||||
| 2025 Common Stock Issuance | Reported | 80.00 Mil | 0 | Affirmed | Guidance: 80.00 Mil for 2025 | |||
| 2025 Capital Expenditures | Reported | 525.00 Mil | 0 | Affirmed | Guidance: 525.00 Mil for 2025 | |||
| 2026 Common Stock Issuance | Reported | 80.00 Mil | ||||||
| 2026 Long-term Debt Issuance | Reported | 120.00 Mil | ||||||
| 2026 Capital Expenditures | Reported | 575.00 Mil | ||||||
| 2027 Capital Expenditures | Reported | 605.00 Mil | ||||||
| 2028 Capital Expenditures | Reported | 635.00 Mil | ||||||
| 2029 Capital Expenditures | Reported | 670.00 Mil | ||||||
| 2030 Capital Expenditures | Reported | 705.00 Mil | ||||||
Insider Activity
Updated 9/2/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Diluciano, Joshua D | Vice President | Direct | Sell | 9022026 | 37.24 | 4,675 | 174,098 | 310,363 | Form |
| 2 | Manuel, Wayne O | Senior Vice President | Direct | Sell | 5072026 | 40.98 | 1,593 | 65,277 | 431,121 | Form |
| 3 | Alexander, Alexis G | Vice President | Direct | Sell | 3132026 | 39.80 | 555 | 22,090 | 156,419 | Form |
| 4 | Cox, Bryan Alden | Senior Vice President | Direct | Sell | 2262026 | 40.18 | 1,768 | 71,040 | 337,561 | Form |
| 5 | Manuel, Wayne O | Senior Vice President | Direct | Sell | 12162025 | 38.74 | 1,785 | 69,151 | 382,867 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Diluciano, Joshua D | Vice President | Direct | Sell | 9022026 | 37.24 | 4,675 | 174,098 | 310,363 | Form |
| 2 | Manuel, Wayne O | Senior Vice President | Direct | Sell | 5072026 | 40.98 | 1,593 | 65,277 | 431,121 | Form |
| 3 | Alexander, Alexis G | Vice President | Direct | Sell | 3132026 | 39.80 | 555 | 22,090 | 156,419 | Form |
| 4 | Cox, Bryan Alden | Senior Vice President | Direct | Sell | 2262026 | 40.18 | 1,768 | 71,040 | 337,561 | Form |
| 5 | Manuel, Wayne O | Senior Vice President | Direct | Sell | 12162025 | 38.74 | 1,785 | 69,151 | 382,867 | Form |
| 6 | Widmann, Janet D | Direct | Sell | 12122025 | 38.63 | 7,400 | 285,875 | 743,508 | Form | |
| 7 | Alexander, Alexis G | Vice President | Direct | Sell | 12022025 | 40.87 | 127 | 5,190 | 132,909 | Form |
| 8 | Cox, Bryan Alden | Senior Vice President | Shares held in 401(k) Plan | Buy | 9172025 | 35.55 | 3,671 | 130,518 | 355,104 | Form |
| 9 | Meyer, David J | Vice President | Direct | Sell | 9052025 | 36.72 | 1,367 | 50,196 | 308,228 | Form |
Investor Activity (13F)
Updated Sep 21, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
Industry Resources
| Utilities Resources |
| Data.gov Energy Infrastructure |
| Data.gov Energy Resources |
| Utility Dive |
| Multi-Utilities Resources |
| Public Utilities Fortnightly |
| Power Magazine |
| Energy Central |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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