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 (%)	12.57	9.46	9.71	9.12	9.64	9.32	9.86	9.89	9.99	9.83	10.6	8.02	8.15	9.36	8.89
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 (%)	7.18	6.27	6.37	6.15	6.41	6.09	6.17	6.41	- -	6.06	5.93	4.69	4.88	5.28	4.89
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	-3.55	-94.8	1,137.76	-586.32	111.32	-108.04	46.23	100.36	7.91	-14.1	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 (%)	5.29	4.73	4.89	4.12	4.36	4.01	4.44	4.34	4.29	3.99	4.61	2.16	2.27	3.62	3.08

Credit (USD)

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	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	30.35	30.58	31.66	31.07	30.84	30.31	29.72	29.87	29.75	28.48	27.12	26.78	25.22	26.01	23.58
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 (%)	39.81	41.9	35.34	36.99	40.31	43.21	47.17	43.69	42.73	52.39	53.56	55.6	52.62	53.4	59.54
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 (%)	46.1	44.72	44.11	43.52	44.47	46.46	48.92	49.12	50.84	54.31	57.37	58.89	61.96	61.58	66.75
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 (%)	45.86	44.53	44.04	43.47	44.21	46.4	48.85	49.09	50.23	50.65	51.52	53.94	54.26	52.54	49.29
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)

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	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	30.35	30.58	31.66	31.07	30.84	30.31	29.72	29.87	29.75	28.48	27.12	26.78	25.22	26.01	23.58
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 (%)	39.81	41.9	35.34	36.99	40.31	43.21	47.17	43.69	42.73	52.39	53.56	55.6	52.62	53.4	59.54
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 (%)	46.1	44.72	44.11	43.52	44.47	46.46	48.92	49.12	50.84	54.31	57.37	58.89	61.96	61.58	66.75
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	0.91	0.99	0.98	1.04	0.99	1.03	1.06	0.99	0.93	0.9	0.8	0.82	0.72	0.78	0.7

Working Capital (USD)

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	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)

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	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	5,254	5,583	5,820	7,557	7,159	8,693	9,526	9,553	10,112	9,008	7,970	8,607	8,150	9,651	10,616
- 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	8,826	9,100	9,447	11,238	11,075	13,141	14,609	14,888	16,036	15,986	16,260	17,591	18,555	20,798	24,950
Total Capital	7,584	7,635	7,913	8,128	8,590	9,308	10,153	10,616	11,432	12,741	14,267	15,073	16,629	17,940	21,422
Total Debt/Capital (%)	46.1	44.72	44.11	43.52	44.47	46.46	48.92	49.12	50.84	54.31	57.37	58.89	61.96	61.58	66.75
Total Debt / EV	0.4	0.38	0.37	0.31	0.34	0.33	0.34	0.35	0.36	0.43	0.5	0.5	0.56	0.53	0.57
EV/Sales	2.72	2.76	2.73	3.22	3.17	3.76	4.1	4.03	4.62	4.46	4.27	4.07	3.95	4.06	4.67
EV/EBITDA	7.12	6.83	7.06	8.59	7.77	9.38	9.61	10.45	12	10.84	10.67	11.35	11.05	10.57	12.25
EV/EBIT	11.82	10.68	11.16	13.85	12.96	15.73	16.06	19.24	23.86	20.28	20.19	24.03	22.5	20.55	23.37
EV/Cash Flow to Firm	6.93	7.01	7.4	9.2	9.14	11.46	11.7	10.26	13.59	13.69	15.36	12.02	12.4	10.77	11.52
EV/Free Cash Flow to Firm	6.93	7.01	7.4	9.2	9.14	11.46	11.7	10.26	13.59	13.69	15.36	12.02	12.4	10.77	11.52
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	80.93	83.1	85.89	101.59	99.75	117.95	130.62	132.78	142.62	141.89	144.01	155.4	163.56	182.69	208.46
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	1,180	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	1,180	1,168	1,059	1,464	1,496	1,931	2,166

Multiples (USD)

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	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	11.82	10.68	11.16	13.85	12.96	15.73	16.06	19.24	23.86	20.28	20.19	24.03	22.5	20.55	23.37
Enterprise Value	8,826	9,100	9,447	11,238	11,075	13,141	14,609	14,888	16,036	15,986	16,260	17,591	18,555	20,798	24,950
Low Price	37.28	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	2.72	2.76	2.73	3.22	3.17	3.76	4.1	4.03	4.62	4.46	4.27	4.07	3.95	4.06	4.67
EV/EBITDA	7.12	6.83	7.06	8.59	7.77	9.38	9.61	10.45	12	10.84	10.67	11.35	11.05	10.57	12.25
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	14.02	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	11.98	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	1.32	1.36	1.36	1.7	1.54	1.79	1.88	1.81	1.84	1.58	1.34	1.41	1.31	1.42	1.5
Price/Book Value Average	1.2	1.34	1.44	1.41	1.51	1.7	1.89	1.72	1.89	1.61	1.46	1.36	1.4	1.34	1.52
Price/Book Value High	1.34	1.46	1.59	1.77	1.76	1.9	2.05	1.97	2.04	2.08	1.68	1.5	1.57	1.6	1.63
Price/Book Value Low	1.02	1.23	1.32	1.27	1.34	1.44	1.68	1.56	1.67	1.19	1.19	1.1	1.25	1.09	1.38
Price/Tangible Book Value	1.4	1.42	1.39	1.72	1.56	1.79	1.95	1.88	1.92	1.65	1.39	1.46	1.35	1.54	1.63
Price/Tangible Book Value Average	1.27	1.4	1.47	1.43	1.52	1.7	1.96	1.78	1.98	1.67	1.51	1.4	1.45	1.46	1.66
Price/Tangible Book Value High	1.42	1.52	1.63	1.79	1.77	1.9	2.12	2.04	2.13	2.17	1.74	1.55	1.62	1.73	1.77
Price/Tangible Book Value Low	1.08	1.28	1.35	1.29	1.35	1.44	1.74	1.62	1.74	1.24	1.23	1.13	1.29	1.18	1.5
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	1.47	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	1.25	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	4.23	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	3.61	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	4.26	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	3.64	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	5.5
EV/Sales Average	2.57	2.73	2.83	2.85	3.12	3.63	4.11	3.9	4.7	4.5	4.47	3.98	4.08	3.96	4.7
EV/Sales High	2.75	2.88	3.02	3.31	3.45	3.91	4.33	4.26	4.94	5.26	4.81	4.19	4.29	4.29	4.85
EV/Sales Low	2.36	2.59	2.69	2.67	2.9	3.26	3.8	3.68	4.35	3.83	4.04	3.62	3.87	3.62	4.51
EV/EBITDA Average	6.72	6.76	7.3	7.61	7.64	9.06	9.63	10.1	12.22	10.94	11.14	11.12	11.4	10.3	12.33
EV/EBITDA High	7.18	7.13	7.79	8.83	8.45	9.76	10.15	11.04	12.83	12.8	12	11.68	12.01	11.18	12.71
EV/EBITDA Low	6.16	6.41	6.94	7.14	7.11	8.15	8.92	9.52	11.3	9.32	10.09	10.11	10.83	9.44	11.82
EV/EBIT Average	11.16	10.58	11.55	12.27	12.76	15.19	16.1	18.6	24.3	20.47	21.1	23.54	23.21	20.03	23.52
EV/EBIT High	11.92	11.16	12.33	14.24	14.11	16.36	16.96	20.32	25.52	23.94	22.71	24.74	24.45	21.75	24.24
EV/EBIT Low	10.23	10.04	10.98	11.51	11.86	13.66	14.9	17.53	22.48	17.44	19.1	21.4	22.05	18.35	22.56
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	8,332	9,015	9,776	9,958	10,901	12,692	14,647	14,393	16,326	16,134	16,989	17,232	19,141	20,272	25,116
Enterprise Value High	8,901	9,503	10,433	11,548	12,055	13,670	15,425	15,722	17,147	18,866	18,287	18,107	20,165	22,011	25,883
Enterprise Value Low	7,637	8,549	9,291	9,340	10,135	11,412	13,559	13,566	15,103	13,744	15,378	15,666	18,182	18,570	24,085

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	0.06
Book Value per Share	36.48	37.36	38.89	40.13	41.74	43.55	45.22	47.05	48.89	50.61	52.85	53.76	54.82	59.63	59.17
Tangible Book Value per Share	34.48	35.98	38.03	39.77	41.39	43.5	43.62	45.36	46.8	48.55	50.91	52.13	53.05	55.04	54.4

Pinnacle West Capital Corporation

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)