Pinnacle West Capital Corporation Financial Ratios — PNW

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	9.05	9.79	9.94	9.29	9.77	9.42	9.96	9.99	10.11	9.95	10.72	8.09	8.2	9.42	8.93
Return on Assets (%)	2.66	2.88	3.02	2.86	2.98	2.85	2.96	2.95	2.98	2.86	2.94	2.16	2.12	2.4	2.2
Return on Capital (%)	6.17	6.39	6.45	6.21	6.46	6.13	6.2	6.44	- -	6.09	5.96	4.71	4.89	5.29	4.9
Return on Invested Capital (%)	6.51	7.16	7.12	6.6	6.66	6.11	6.14	5.89	- -	5.69	5.05	4.31	4.49	4.94	4.61
Gross Margin (%)	40.96	43.07	41.52	40.2	43.65	42.63	45.86	42.76	42.85	45.57	44.62	39.5	39.28	41.7	41.6
EBITDA Margin (%)	38.26	40.37	38.75	37.45	40.8	40.03	42.64	38.6	38.49	41.1	40.08	35.84	35.75	38.41	38.15
Operating Margin (%)	23.03	25.8	24.5	23.23	24.45	23.88	25.52	20.96	19.36	21.97	21.17	16.93	17.56	19.75	19.99
Incremental Operating Margin (%)	60.61	174.18	- -	- -	1,137.76	- -	111.32	- -	46.23	100.36	7.91	- -	24.95	43.7	25.84
Pretax Margin (%)	16.64	19.88	19.41	18.46	19.85	19.95	21.49	18	15.62	18.07	19.61	13.31	12.69	14.37	13.83
Profit Margin (%)	10.47	11.56	11.75	11.39	12.51	12.63	13.7	13.84	15.51	15.35	16.27	11.18	10.68	11.88	11.55
Net Income to Common Margin (%)	10.47	11.56	11.75	11.39	12.51	12.63	13.7	13.84	15.51	15.35	16.27	11.18	10.68	11.88	11.55
Effective Tax Rate (%)	34.05	36.16	34.39	34.25	34.26	33.87	33.71	20.15	- -	12.06	14.76	13	12.91	15.01	14.45
Dvd Payout Ratio (%)	57.88	49.95	49.64	54.84	54.73	57.01	54.94	56.16	57.1	59.47	56.57	73.14	72.1	61.35	65.37
Sustainable Growth Rate (%)	3.81	4.9	5.01	4.19	4.42	4.05	4.49	4.38	4.34	4.03	4.66	2.17	2.29	3.64	3.09

Credit (USD)

Credit Ratios API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	3,496	3,414	3,490	3,538	3,820	4,324	4,967	5,215	5,812	6,919	8,185	8,877	10,303	11,048	14,300
ST Debt	477	215	694	531	358	302	177	576	927	244	542	497	1,552	1,469	1,546
LT Debt	3,019	3,199	2,796	3,007	3,462	4,022	4,790	4,638	4,884	6,676	7,642	8,381	8,751	9,580	12,754
Total Debt/EBITDA	2.82	2.56	2.61	2.71	2.68	3.09	3.27	3.66	4.35	4.69	5.37	5.73	6.14	5.61	7.02
Net Debt/EBITDA	2.79	2.54	2.6	2.7	2.65	3.08	3.26	3.66	4.29	4.36	4.82	5.24	5.37	4.79	5.18
Total Debt/EBIT	4.68	4.01	4.12	4.36	4.47	5.17	5.46	6.74	8.65	8.78	10.16	12.13	12.49	10.92	13.39
Net Debt/EBIT	4.64	3.98	4.11	4.35	4.42	5.16	5.44	6.73	8.54	8.15	9.12	11.1	10.94	9.31	9.89
EBITDA to Interest Expense	5.55	6.68	7.16	7.05	7.98	7.54	7.69	6.53	6.17	6.44	6.54	6.06	5.07	5.21	4.83
EBITDA-CapEx/Interest Expense	5.55	6.68	7.16	7.05	7.98	7.54	7.69	6.53	6.17	6.44	6.54	6.06	5.07	5.21	4.83
EBIT to Interest Expense	3.34	4.27	4.53	4.37	4.78	4.5	4.6	3.54	3.1	3.44	3.45	2.86	2.49	2.68	2.53
Interest Expense	224	200	187	185	179	186	198	218	217	229	233	256	331	377	422
Common Equity/Total Assets	29.15	29.69	31.05	30.57	30.5	30.01	29.42	29.57	29.39	28.14	26.84	26.62	25.05	25.88	23.46
Long-Term Debt/Equity (%)	76.81	77.98	64.43	66.53	73.36	81.48	93.26	86.72	87.96	116.04	126.92	136.05	139.24	139.69	179.96
Long-Term Debt/Capital (%)	40.65	42.56	35.71	37.32	40.55	43.43	47.41	43.91	42.98	52.68	53.79	55.73	52.75	53.5	59.64
Long-Term Debt/Total Assets (%)	23.03	23.91	20.7	21.04	23.04	25.13	28.14	26.26	26.43	33.34	34.73	36.88	35.48	36.7	42.47
Total Debt/Equity (%)	88.96	83.22	80.41	78.28	80.94	87.6	96.72	97.49	104.66	120.28	135.92	144.11	163.94	161.11	201.77
Total Debt/Capital (%)	47.08	45.42	44.57	43.91	44.73	46.7	49.17	49.37	51.14	54.6	57.61	59.04	62.11	61.7	66.86
Total Debt/Total Assets (%)	26.67	25.52	25.84	24.76	25.42	27.02	29.19	29.52	31.45	34.56	37.2	39.07	41.78	42.33	47.62
Net Debt to Equity	88.1	82.59	80.19	78.11	80.1	87.42	96.45	97.39	103.31	111.66	121.99	131.95	143.52	137.42	148.95
Net Debt/Capital (%)	46.84	45.23	44.5	43.86	44.48	46.64	49.1	49.34	50.52	50.93	51.75	54.07	54.39	52.64	49.37
EBITDA	1,240	1,333	1,339	1,308	1,426	1,401	1,520	1,425	1,336	1,474	1,524	1,550	1,679	1,968	2,037
EBITDA-CapEx	1,240	1,333	1,339	1,308	1,426	1,401	1,520	1,425	1,336	1,474	1,524	1,550	1,679	1,968	2,037
Operating Income (Loss)	747	852	846	811	855	836	910	774	672	788	805	732	825	1,012	1,068

Liquidity (USD)

Liquidity Ratios API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	0.03	0.02	0.01	- -	0.03	0.01	0.01	- -	- -	0.04	0.01	- -	- -	- -	- -
Current Ratio	0.71	0.93	0.64	0.62	0.62	0.64	0.85	0.56	0.5	0.88	0.88	0.99	0.67	0.59	0.54
Quick Ratio	0.33	0.37	0.33	0.26	0.28	0.28	0.36	0.25	0.2	0.36	0.29	0.35	0.23	0.24	0.23
CFO/Avg Current Liab	0.81	0.97	0.85	0.69	0.73	0.75	0.9	0.9	0.51	0.56	0.55	0.71	0.52	0.56	0.6
Common Equity/Total Assets	29.15	29.69	31.05	30.57	30.5	30.01	29.42	29.57	29.39	28.14	26.84	26.62	25.05	25.88	23.46
Long-Term Debt/Equity (%)	76.81	77.98	64.43	66.53	73.36	81.48	93.26	86.72	87.96	116.04	126.92	136.05	139.24	139.69	179.96
Long-Term Debt/Capital (%)	40.65	42.56	35.71	37.32	40.55	43.43	47.41	43.91	42.98	52.68	53.79	55.73	52.75	53.5	59.64
Long-Term Debt/Total Assets (%)	23.03	23.91	20.7	21.04	23.04	25.13	28.14	26.26	26.43	33.34	34.73	36.88	35.48	36.7	42.47
Total Debt/Equity (%)	88.96	83.22	80.41	78.28	80.94	87.6	96.72	97.49	104.66	120.28	135.92	144.11	163.94	161.11	201.77
Total Debt/Capital (%)	47.08	45.42	44.57	43.91	44.73	46.7	49.17	49.37	51.14	54.6	57.61	59.04	62.11	61.7	66.86
Total Debt/Total Assets (%)	26.67	25.52	25.84	24.76	25.42	27.02	29.19	29.52	31.45	34.56	37.2	39.07	41.78	42.33	47.62
CFO/Total Liabilities	12.26	12.62	12.58	11.26	10.62	9.25	9.41	10.37	7.4	6.77	5.38	7.5	6.57	8.36	7.87
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	0.92	0.99	0.99	1.04	0.99	1.03	1.06	0.99	0.93	0.9	0.8	0.82	0.72	0.79	0.7

Working Capital (USD)

Working Capital Ratios API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	10.66	11.76	11.97	11.68	12.21	13.32	12.83	12.88	12.99	12.37	10.78	10.23	9.71	9.86	9.66
Days Sales Outstanding	34.25	31.03	30.49	31.24	29.89	27.39	28.44	28.33	28.09	29.51	33.85	35.67	37.58	37.02	37.78
Inventory Turnover	8.91	7.9	7.94	8.1	7.35	7.14	6.75	7.24	6.2	5.74	6.01	6.4	6.04	6.01	5.85
Days Inventory Outstanding	40.95	46.2	45.99	45.08	49.66	51.15	54.06	50.39	58.88	63.59	60.77	57.04	60.43	60.78	62.42
Accounts Payable Turnover	6.88	6.94	8.03	7.19	6.73	7.15	7.44	7.93	6.53	5.84	6.01	6.56	6.63	6.46	5.46
Accounts Payable Turnover Days	53.07	52.59	45.46	50.76	54.26	51.04	49.09	46	55.92	62.54	60.71	55.67	55.04	56.53	66.85
Cash Conversion Cycle	22.13	24.64	31.02	25.55	25.29	27.5	33.41	32.72	31.05	30.56	33.91	37.04	42.98	41.27	33.35
Inventory to Cash Days	-6.69	-15.17	-15.5	-13.84	-19.77	-23.75	-25.62	-22.06	-30.78	-34.08	-26.92	-21.38	-22.85	-23.76	-24.64
Inventories	226	249	260	256	280	283	289	294	346	334	367	451	494	501	565
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	226	249	260	256	280	283	289	294	346	334	367	451	494	501	565

Enterprise Value (USD)

Enterprise Value API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	5,263	5,595	5,831	7,553	7,156	8,688	9,519	9,551	10,111	9,009	7,972	8,606	8,148	10,096	10,724
- Cash & Cash Equivalents	34	26	10	8	39	9	14	6	10	60	10	5	5	4	7
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	109	129	146	152	136	132	129	126	123	119	115	111	107	103	41
+ Total Debt	3,496	3,414	3,490	3,538	3,820	4,324	4,967	5,215	5,812	6,919	8,185	8,877	10,303	11,048	14,300
Enterprise Value	8,835	9,112	9,457	11,235	11,072	13,135	14,601	14,886	16,035	15,988	16,261	17,589	18,554	21,244	25,058
Total Capital	7,427	7,516	7,830	8,057	8,539	9,260	10,103	10,563	11,365	12,672	14,206	15,037	16,588	17,906	21,387
Total Debt/Capital (%)	47.08	45.42	44.57	43.91	44.73	46.7	49.17	49.37	51.14	54.6	57.61	59.04	62.11	61.7	66.86
Total Debt / EV	0.4	0.37	0.37	0.31	0.35	0.33	0.34	0.35	0.36	0.43	0.5	0.5	0.56	0.52	0.57
EV/Sales	2.73	2.76	2.74	3.22	3.17	3.75	4.1	4.03	4.62	4.46	4.27	4.07	3.95	4.15	4.69
EV/EBITDA	7.12	6.84	7.06	8.59	7.76	9.38	9.6	10.45	12	10.84	10.67	11.35	11.05	10.79	12.3
EV/EBIT	11.84	10.7	11.17	13.85	12.96	15.72	16.05	19.24	23.86	20.29	20.19	24.03	22.5	20.99	23.47
EV/Cash Flow to Firm	6.94	7.02	7.41	9.2	9.14	11.46	11.69	10.26	- -	13.69	15.36	12.02	12.4	11	11.57
EV/Free Cash Flow to Firm	6.94	7.02	7.41	9.2	9.14	11.46	11.69	10.26	- -	13.69	15.36	12.02	12.4	11	11.57
Diluted Market Cap	5,293	5,635	5,864	7,595	7,193	8,743	9,571	9,589	10,140	9,030	7,990	8,624	8,176	9,853	10,819
Diluted Enterprise Value	8,865	9,152	9,490	11,276	11,109	13,190	14,654	14,924	16,064	16,008	16,280	17,608	18,581	21,001	25,152
EV per Share	80.87	83.03	85.83	101.61	99.77	117.98	130.66	132.79	142.62	141.88	144	155.42	163.58	178.37	207.25
TTM Sales	3,241	3,302	3,455	3,492	3,495	3,499	3,565	3,691	3,471	3,587	3,804	4,324	4,696	5,125	5,340
TTM EBITDA	1,240	1,333	1,339	1,308	1,426	1,401	1,520	1,425	1,336	1,474	1,524	1,550	1,679	1,968	2,037
TTM Operating Income	747	852	846	811	855	836	910	774	672	788	805	732	825	1,012	1,068
TTM Cash Flow to Firm	1,273	1,299	1,276	1,222	1,212	1,146	1,249	1,451	- -	1,168	1,059	1,464	1,496	1,931	2,166
TTM Free Cash Flow to Firm	1,273	1,299	1,276	1,222	1,212	1,146	1,249	1,451	- -	1,168	1,059	1,464	1,496	1,931	2,166

Multiples (USD)

Valuation Multiples API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	4.7	4.81	5.08	6.91	6.57	8.54	8.56	7.51	10.6	9.34	9.29	6.95	6.77	6.12	5.99
EV/EBIT	11.84	10.7	11.17	13.85	12.96	15.72	16.05	19.24	23.86	20.29	20.19	24.03	22.5	20.99	23.47
Enterprise Value	8,835	9,112	9,457	11,235	11,072	13,135	14,601	14,886	16,035	15,988	16,261	17,589	18,554	21,244	25,058
Low Price	4.07	45.95	51.5	51.15	56.01	62.51	75.79	73.41	81.63	60.05	62.78	59.03	68.55	65.2	81.47
EV/Sales	2.73	2.76	2.74	3.22	3.17	3.75	4.1	4.03	4.62	4.46	4.27	4.07	3.95	4.15	4.69
EV/EBITDA	7.12	6.84	7.06	8.59	7.76	9.38	9.6	10.45	12	10.84	10.67	11.35	11.05	10.79	12.3
Price/Earnings	15.48	14.63	14.33	19.01	16.37	19.67	19.5	18.69	18.78	16.36	12.88	17.8	16.25	15.85	17.22
Price/Earnings Average	10.16	14.41	15.14	15.79	15.97	18.65	19.58	17.73	19.32	16.63	14.06	17.06	17.42	14.99	17.49
Price/Earnings High	15.7	15.69	16.76	19.79	18.61	20.86	21.17	20.33	20.85	21.59	16.16	18.87	19.46	17.84	18.73
Price/Earnings Low	1.31	13.19	13.95	14.23	14.22	15.75	17.35	16.11	17.05	12.29	11.46	13.82	15.5	12.19	15.82
Price/Book Value	1.38	1.41	1.39	1.73	1.56	1.81	1.9	1.83	1.86	1.6	1.35	1.42	1.32	1.49	1.52
Price/Book Value Average	0.9	1.39	1.47	1.44	1.52	1.72	1.91	1.73	1.92	1.63	1.47	1.36	1.41	1.41	1.55
Price/Book Value High	1.4	1.51	1.63	1.8	1.77	1.92	2.06	1.99	2.07	2.11	1.69	1.51	1.58	1.68	1.66
Price/Book Value Low	0.12	1.27	1.35	1.29	1.36	1.45	1.69	1.58	1.69	1.2	1.2	1.1	1.26	1.15	1.4
Price/Tangible Book Value	1.44	1.47	1.44	1.78	1.6	1.84	2	1.93	1.97	1.68	1.42	1.49	1.38	1.64	1.66
Price/Tangible Book Value Average	0.95	1.45	1.53	1.48	1.57	1.75	2.01	1.83	2.02	1.71	1.54	1.42	1.48	1.55	1.68
Price/Tangible Book Value High	1.46	1.57	1.69	1.85	1.82	1.96	2.18	2.09	2.18	2.22	1.78	1.58	1.65	1.84	1.8
Price/Tangible Book Value Low	0.12	1.32	1.41	1.33	1.39	1.48	1.78	1.66	1.79	1.26	1.26	1.15	1.32	1.26	1.52
Price/Sales	1.62	1.69	1.68	2.16	2.05	2.48	2.67	2.59	2.91	2.51	2.1	1.99	1.74	1.88	1.99
Price/Sales Average	1.06	1.67	1.78	1.8	2	2.36	2.68	2.45	3	2.55	2.29	1.91	1.86	1.78	2.02
Price/Sales High	1.64	1.81	1.97	2.25	2.33	2.64	2.9	2.81	3.23	3.31	2.63	2.11	2.08	2.12	2.16
Price/Sales Low	0.14	1.52	1.64	1.62	1.78	1.99	2.38	2.23	2.64	1.89	1.86	1.55	1.66	1.45	1.83
Price/Cash Flow	4.67	4.77	5.05	6.87	6.54	8.49	8.52	7.48	10.57	9.32	9.27	6.93	6.75	5.99	5.88
Price/Cash Flow Average	3.06	4.69	5.33	5.71	6.38	8.06	8.55	7.09	10.87	9.47	10.11	6.64	7.23	5.67	5.97
Price/Cash Flow High	4.73	5.11	5.9	7.15	7.44	9.01	9.25	8.13	11.73	12.3	11.62	7.35	8.08	6.75	6.4
Price/Cash Flow Low	0.39	4.3	4.91	5.15	5.68	6.81	7.58	6.45	9.59	7	8.24	5.38	6.44	4.61	5.4
Price/Free Cash Flow Average	3.09	4.74	5.37	5.74	6.41	8.1	8.6	7.12	10.9	9.5	10.14	6.66	7.26	5.79	6.09
Price/Free Cash Flow High	4.77	5.16	5.95	7.19	7.47	9.06	9.29	8.16	11.76	12.33	11.65	7.36	8.11	6.89	6.52
Price/Free Cash Flow Low	0.4	4.34	4.95	5.17	5.71	6.84	7.62	6.47	9.62	7.02	8.26	5.39	6.46	4.71	5.51
EV/Sales Average	2.17	2.73	2.83	2.85	3.12	3.63	4.11	3.9	4.7	4.5	4.47	3.98	4.08	4.04	4.72
EV/Sales High	2.75	2.88	3.02	3.31	3.45	3.91	4.32	4.26	4.94	5.26	4.81	4.19	4.29	4.39	4.87
EV/Sales Low	1.24	2.59	2.69	2.67	2.9	3.26	3.8	3.67	4.35	3.83	4.04	3.62	3.87	3.69	4.53
EV/EBITDA Average	5.66	6.77	7.31	7.61	7.64	9.06	9.63	10.1	12.22	10.94	11.14	11.12	11.4	10.51	12.38
EV/EBITDA High	7.18	7.14	7.8	8.83	8.45	9.76	10.14	11.03	12.83	12.8	12	11.68	12.01	11.44	12.76
EV/EBITDA Low	3.24	6.42	6.95	7.14	7.1	8.14	8.91	9.52	11.3	9.32	10.09	10.11	10.83	9.61	11.87
EV/EBIT Average	9.41	10.6	11.56	12.27	12.75	15.18	16.09	18.6	24.3	20.47	21.1	23.54	23.21	20.45	23.63
EV/EBIT High	11.94	11.17	12.34	14.23	14.1	16.35	16.95	20.32	25.52	23.94	22.71	24.74	24.45	22.24	24.35
EV/EBIT Low	5.38	10.05	10.99	11.51	11.86	13.65	14.9	17.53	22.47	17.44	19.1	21.4	22.05	18.69	22.65
Last Price	48.18	50.98	52.92	68.31	64.48	78.03	85.18	85.2	89.93	79.95	70.59	76.04	71.84	84.77	88.7
High Price	48.87	54.66	61.89	71.11	73.31	82.78	92.48	92.64	99.81	105.51	88.54	80.6	86.03	95.42	96.5
Enterprise Value Average	7,025	9,027	9,787	9,955	10,898	12,687	14,639	14,391	16,325	16,136	16,990	17,231	19,140	20,693	25,225
Enterprise Value High	8,910	9,516	10,446	11,544	12,052	13,664	15,417	15,720	17,146	18,868	18,288	18,105	20,163	22,512	26,001
Enterprise Value Low	4,016	8,560	9,301	9,337	10,132	11,407	13,552	13,564	15,102	13,746	15,379	15,664	18,181	18,913	24,184

Shares Outstanding	109	110	110	111	111	111	112	112	112	113	113	113	113	119	121
Diluted Weighted Avg Shares	110	111	111	111	112	112	112	113	113	113	113	113	114	116	122
Basic Weighted Avg Shares	109	110	110	111	111	111	112	112	112	113	113	113	113	114	120
Revenue per Share	29.72	30.15	31.41	31.56	31.48	31.4	31.88	32.92	30.87	31.84	33.69	38.2	41.4	45.02	44.62
EBITDA per Share	11.37	12.17	12.17	11.82	12.85	12.57	13.59	12.71	11.88	13.09	13.5	13.69	14.8	17.29	17.02
Operating Income per Share	6.85	7.78	7.69	7.33	7.7	7.5	8.13	6.9	5.98	7	7.13	6.47	7.27	8.89	8.92
Basic EPS, GAAP	3.11	3.48	3.69	3.59	3.94	3.97	4.37	4.56	4.79	4.89	5.48	4.27	4.42	5.35	5.15
Basic EPS from Cont Ops	3.26	3.83	4	3.83	4.11	4.14	4.54	4.73	4.96	5.06	5.63	4.42	4.57	5.5	5.28
Diluted EPS, GAAP	3.09	3.45	3.66	3.58	3.92	3.95	4.35	4.54	4.77	4.87	5.47	4.26	4.41	5.24	5.05
Diluted EPS from Cont Ops	3.24	3.79	3.97	3.81	4.09	4.12	4.52	4.71	4.95	5.05	5.62	4.42	4.56	5.39	5.18
Dividend per Share	2.03	2.06	2.14	2.23	2.34	2.46	2.59	2.75	2.93	3.11	3.27	3.35	3.41	3.47	3.53
Cash Flow per Share	10.32	10.69	10.49	9.94	9.86	9.19	10	11.39	8.51	8.58	7.62	10.97	10.65	14.14	15.08
Free Cash Flow per Basic Share	10.32	10.69	10.49	9.94	9.86	9.19	10	11.39	8.51	8.58	7.62	10.97	10.65	14.14	15.08
Cash & Equivalents per Share	0.31	0.24	0.09	0.07	0.36	0.08	0.12	0.05	0.09	0.53	0.09	0.04	0.04	0.03	0.05
Book Value per Share	34.98	36.2	38.07	39.5	41.3	43.14	44.8	46.59	48.3	49.99	52.3	53.45	54.47	56.71	58.28
Tangible Book Value per Share	33.42	34.72	36.64	38.42	40.19	42.34	42.5	44.25	45.72	47.48	49.88	51.16	52.11	51.75	53.52

Pinnacle West Capital Corporation

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)