{"schemaVersion":1,"research":true,"symbol":"pnw","name":"Pinnacle West Capital","topic":"moat","path":"/stock/pnw/moat","status":"published","version":5,"updatedAt":"2026-10-19T16:25:10.843Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"uncertain","summary":"APS’s established regulated grid, continuing customer growth and long-lived generation assets support a plausible efficient-scale advantage, but the supplied passages do not establish exclusive service rights, competing-network economics or durable excess returns. Actual rate increases and cost recovery demonstrate qualified pricing power, constrained by regulatory approval and realized regulatory lag. Strong operating execution weighs against a finding of competitive weakness; self-generation, capital requirements and uncertain recovery remain erosion risks.","advantages":[{"mechanism":"efficient_scale","claim":"APS has an established generation, transmission and distribution system serving approximately 1.5 million retail customers. Its regulated service territory and Arizona’s repeal of deregulation support potential entry protection, but an economically defensible efficient-scale advantage remains unconfirmed.","durability":"The existing infrastructure and Palo Verde licenses extending through 2045–2047 support asset longevity. Neither asset longevity nor historical presence establishes durable shareholder economic rents; further nuclear license extensions are intentions.","risks":"Customer self-generation and distributed resources could reduce grid sales. Regulatory lag already affects recovery, while uncertain large-load demand and substantial infrastructure commitments could create stranded costs. Wildfire and environmental compliance add potential costs.","invalidation":"The potential advantage would be undermined by sustained customer migration to alternative supply, persistent weather-adjusted sales losses attributable to substitution, material stranded investments or repeated recovery denials that prevent adequate returns. Establishing a positive moat would require evidence of protected service rights or uneconomic network duplication together with sustained adequate realized returns.","competitors":[],"evidenceIds":["e1","e2","e3","e4","e5","e6","e7"],"counterEvidenceIds":["e8","e9","e10","e11","e12"]}],"evidence":[{"id":"e1","sourceId":"filing-2","location":"Business Overview / retail customers and geographic coverage","excerpt":"APS is Arizona’s largest and longest-serving electric company and generates safe, affordable and reliable electricity for approximately 1.5 million retail customers in 11 of Arizona’s 15 counties."},{"id":"e2","sourceId":"filing-1","location":"Business / regulated generation, transmission and distribution","excerpt":"Our reportable business segment is our regulated electricity segment, which consists of traditional regulated retail and wholesale electricity businesses (primarily electric service to Native Load customers) and related activities, and includes electricity generation, transmission, and distribution."},{"id":"e3","sourceId":"filing-4","location":"Regulatory matters / deregulation repeal","excerpt":"In April 2022, the Arizona Legislature passed, and the Governor signed a bill that repealed the electric deregulation law that \n134\nTable of Contents\nCOMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS"},{"id":"e4","sourceId":"filing-4","location":"Regulatory matters / repealed law’s historical scope","excerpt":"had been in place in Arizona since 1998."},{"id":"e5","sourceId":"filing-4","location":"Regulatory matters / competition docket closure","excerpt":"On August 27, 2024, the ACC administratively closed this docket due to inactivity and obsolescence."},{"id":"e6","sourceId":"filing-1","location":"Business / Palo Verde operating license expiration dates","excerpt":"The NRC issued full power operating licenses for Unit 1 in June 1985, Unit 2 in April 1986, and Unit 3 in November 1987, and issued renewed operating licenses for each of the three units in April 2011, which extended the licenses for Units 1, 2, and 3 to June 2045, April 2046, and November 2047, respectively."},{"id":"e7","sourceId":"filing-2","location":"MD&A / actual retail customer growth","excerpt":"Retail customers in APS’s service territory increased 2.1% for the period ended June 30, 2026 compared with the prior-year period."},{"id":"e8","sourceId":"filing-1","location":"Risk factors / deregulation and customer self-generation","excerpt":"Modification of the ACC’s retail electric competition rules or other efforts of deregulation and other factors, such as customers installing behind the meter technologies or large customers developing large, utility scale generation projects to serve their energy needs, may result increased competition, which could have a significant adverse impact on APS’s business and results of operations."},{"id":"e9","sourceId":"filing-3","location":"CD&A / actual regulatory lag and rate case timing","excerpt":"Our 2025 TSR was 8.85%. This performance reflects a recognition that the rate case procedural schedule will extend through the entire year of 2026 and the Company continues to be challenged with regulatory lag during this period."},{"id":"e10","sourceId":"filing-1","location":"Risk factors / load forecasting and potential stranded costs","excerpt":"The difficulty in forecasting these demands and the 36 Table of Contents additional risk of these arrangements could lead to stranded costs and other effects that could have material adverse impacts on APS’s financial condition, results of operations, and cash flows."},{"id":"e11","sourceId":"filing-2","location":"MD&A / estimated capital expenditures and excluded Cholla conversion","excerpt":"Capital Expenditures. The following table summarizes the estimated capital expenditures for the next three years (dollars in millions): Capital Expenditures Estimated for the Year Ending December 31, 2026 2027 2028 APS Generation: Gas and Other Generation $ 635 $ 550 $ 490 Nuclear Generation 170 185 215 Renewables and Energy Storage 20 5 5 Distribution 765 795 750 Transmission 550 695 860 Other 460 420 380 Total APS $ 2,600 $ 2,650 $ 2,700 The estimated capital expenditures presented above do not include amounts related to the Cholla gas conversion project, which is currently expected to cost up to approximately $440 million."},{"id":"e12","sourceId":"filing-2","location":"Environmental matters / uncertain compliance cost recovery","excerpt":"APS intends to seek recovery of any such environmental compliance costs through our rates but cannot predict whether it will obtain such recovery."},{"id":"e13","sourceId":"filing-2","location":"Regulatory matters / approved 2022 rate case revenue requirement","excerpt":"On February 22, 2024, the ACC approved the 2022 Rate Case ROO with certain amendments that resulted in, among other things, (i) an approximately $491.7 million increase in the annual base revenue requirement, (ii) a 9.55% return on equity, (iii) a 0.25% return on the increment of fair value rate base greater than original cost, (iv) an effective fair value rate of return of 4.39%, (v) a return set at the Company’s weighted average cost of capital on the net prepaid pension asset and net other post-employment benefit liability in rate base, (vi) an adjustment to generation maintenance and outage expense to reflect a more reasonable level of test year costs, (vii) approval of the SRB mechanism with modifications to customer notifications, procedural timelines and the inclusion of any qualifying technology and fuel source bid received through an ASRFP, and (viii) recovery of all DSM costs through the DSM Adjustment Charge (“DSMAC”) rather than through base rates."},{"id":"e14","sourceId":"filing-2","location":"Regulatory matters / effective date of approved retail rates","excerpt":"The ACC issued the final order for the 2022 Rate Case on March 5, 2024, with the new rates becoming effective for all service rendered on or after March 8, 2024."},{"id":"e15","sourceId":"filing-1","location":"Regulatory matters / collected previously lost revenue","excerpt":"The portion of the CRS representing the recovery of the $59.6 million of lost revenue between December 2021 and June 20, 2023, $43.2 million of which has been collected as of December 31, 2025, will cease upon full collection of the lost revenue."},{"id":"e16","sourceId":"filing-2","location":"MD&A / six-month revenue and fuel expense bridge","excerpt":"The following table summarizes the major components of this change (dollars in millions): Increase (Decrease) Operating revenues Fuel and purchased power Net change Effects of weather $ 57 $ 16 $ 41 Higher retail revenues due to changes in usage patterns, and customer growth, partially offset by the related pricing and the impacts of energy efficiency 93 55 38 Higher transmission revenues (Note 7) 15 — 15 LFCR revenue (Note 7) 6 — 6 Lower renewable energy regulatory surcharges, partially offset by lower operations and maintenance costs (22) 5 (27) Changes in net fuel and purchased power costs, including off-system sales margins and related deferrals 61 61 — Miscellaneous items, net 4 1 3 Total $ 214 $ 138 $ 76 Operations and maintenance."},{"id":"e17","sourceId":"filing-1","location":"MD&A / three-year actual customer growth","excerpt":"For the three years through 2025, APS’s customer growth averaged 2.2% per year."},{"id":"e18","sourceId":"filing-2","location":"MD&A / weather-adjusted retail electricity sales","excerpt":"Retail electricity sales in kWh, adjusted to exclude the effects of weather variations, increased 3.9% for residential customers, 13.6% for commercial and industrial customers, 3.9% for residential customers, and 9.5% for all retail customers for the period ended June 30, 2026 compared with the prior-year period."},{"id":"e19","sourceId":"filing-2","location":"MD&A / actual investing outflows and construction contributions","excerpt":"Pinnacle West’s consolidated net cash used for investing activities was $1,200 million in 2026 compared to $1,253 million in 2025, a decrease of $53 million of cash used primarily related to a $70 million increase in contributions in aid of construction; partially offset by a $25 million increase in capital expenditures."},{"id":"e20","sourceId":"filing-2","location":"Liquidity / settled equity forwards and outstanding program activity","excerpt":"See Note 13. The following table summarizes the activity relating to these forward sale agreements and the ATM Program as of June 30, 2026 (dollars in thousands, except price per share): Forward Sale Agreements Number of Shares Forward Sales Price Per Share Aggregate Value February 2024 Forward Sale Agreements Initial Price 11,240,601 $ 64.51 (a) $ 725,131 Settlements December 23, 2024 5,377,115 (b) $ 64.17 $ 345,049 (c) September 4, 2025 243,186 (b) $ 63.12 $ 15,350 (c) December 18, 2025 1,193,950 (b) $ 62.82 $ 75,004 (c) ATM Program Initial Price (e) 8,306,132 $ 97.38 (a) (d) $ 808,887 (a) Subject to certain adjustments."},{"id":"e21","sourceId":"filing-2","location":"Debt provisions / maximum debt capitalization ratio","excerpt":"For both Pinnacle West and APS, these covenants require that the ratio of consolidated debt to total consolidated capitalization not exceed 65%."},{"id":"e22","sourceId":"filing-2","location":"Debt provisions / actual June 2026 capitalization ratios","excerpt":"As of June 30, 2026, the ratio was approximately 62% for Pinnacle West and 51% for APS."},{"id":"e23","sourceId":"filing-3","location":"CD&A / completed generation and storage additions","excerpt":"•Completed construction and put in service the Agave Battery Energy Storage System, Ironwood Solar, and new gas units at Sundance, adding over 400 MWs of capacity to the APS system."},{"id":"e24","sourceId":"filing-3","location":"CD&A / achieved outage-frequency reliability ranking","excerpt":"•APS placed in the top quartile for reliability, based on the average numbers of outages per customer per year."},{"id":"e25","sourceId":"filing-3","location":"CD&A / seventeen consecutive years of nuclear generation achievement","excerpt":"•For the 17th consecutive year – and 21st overall – Palo Verde Generating Station's (\"PVGS\" or \"Palo Verde\") three nuclear units exceeded 30 million MWh of net generation."},{"id":"e26","sourceId":"filing-3","location":"CD&A / achieved Palo Verde capacity factor","excerpt":"It also achieved a capacity factor of 90.8%."},{"id":"e27","sourceId":"filing-3","location":"Executive compensation / annual earnings incentive weighting","excerpt":"Base Salary Cash Annual Incentives 1 year Earnings CEO(1): 50.0% Other NEOs: 50.0% Universal measure of business financial performance; encourages achievement of bottom-line earnings goals."},{"id":"e28","sourceId":"filing-3","location":"Executive compensation / operational incentive weighting and metrics","excerpt":"Cash Business Unit Performance(2) 50.0% Pre-established operational business unit performance goals that include safety, customer experience and operational quality and efficiency metrics."},{"id":"e29","sourceId":"filing-1","location":"Share-based compensation / officer RSU grants and vesting period","excerpt":"Restricted stock units are granted to officers and key employees and typically vest and settle in equal annual installments over a 4-year period after the grant date."},{"id":"e30","sourceId":"filing-3","location":"Stock ownership / disclosed CEO shares held in joint trust","excerpt":"Butler, Jr. — 1,413; Mr. Geisler — 37,567; and Mr."},{"id":"e31","sourceId":"filing-3","location":"Executive compensation / change-of-control vesting","excerpt":"The performance shares and RSUs, plus, where applicable, dividend equivalents, for the NEOs vest upon a change of control whether or not there is a subsequent termination of employment (subject, however, to the Board’s ability to override the vesting)."},{"id":"e32","sourceId":"filing-3","location":"Executive compensation / actual drivers of incentive earnings","excerpt":"The 2025 earnings results for the 2025 Incentive Plans were driven primarily by: •increased customer growth resulting in higher than expected weather-normalized sales growth; and •higher transmission service revenues."},{"id":"e33","sourceId":"filing-3","location":"Governance highlights / committees, lead director and shareholder rights","excerpt":"Board Independence •Lead Independent Director role with clearly defined and robust responsibilities •Nine of ten Director nominees are independent and the members of all of the Board committees are independent 9/10 Independent Director Nominees Board Oversight •Robust management succession planning •Focused Board oversight of strategy and risk •Thorough CEO performance oversight process Board Performance •Annual Board, committee, and individual Director evaluations and discussions with the Lead Independent Director •Director skills and experience necessary to provide oversight of our strategy and operations •Robust Board refreshment, with Director retirement policy Shareholder Rights •A group of 15% of our shareholders can call a special meeting (“Shareholder Special Meeting Rights”) •Annual elections of all Directors with cumulative voting •No poison pill plan or similar anti-takeover provision in place •No supermajority provisions in our Articles of Incorporation or Bylaws •Proxy access rights allow up to 20 shareholders owning 3% of our outstanding stock for at least 3 years to nominate up to 25% of the Board Compensation Governance •Shareholder feedback informs compensation program design."},{"id":"e34","sourceId":"filing-3","location":"Audit matters / actual independent accountant oversight","excerpt":"Accountant’s Independence Controls In further making its selection of D&T as the independent accountant for 2026, the Committee took into account the following controls over D&T: •the Audit Committee’s oversight of D&T, which included meeting with D&T multiple times in 2025, meetings in executive session without the presence of management from time to time as requested by the Audit Committee members, and a committee-directed process for selecting the lead partner; •pre-approval policies of all services performed by D&T for the Company, and allowing the engagement of D&T only when the Audit Committee or its Chair believes D&T is best suited for the job; •D&T conducts periodic internal quality reviews of its audit work and rotates lead partners every five years; and •as an independent public accounting firm, D&T is subject to Public Company Accounting Oversight Board (“PCAOB”) inspections, independent peer reviews, and PCAOB and SEC oversight."},{"id":"e35","sourceId":"filing-3","location":"Independent directors’ letter / combined chairman and CEO appointment","excerpt":"Below are a few highlights of our activities during 2025: CEO Transition Effective April 1, 2025, we appointed Ted Geisler as Chairman of the Board, President and Chief Executive Officer of Pinnacle West and APS."},{"id":"e36","sourceId":"filing-7","location":"Investor presentation / updated requested revenue increase","excerpt":"25 • Service territory is one of the fastest growing in the nation with a diverse customer base • Improved regulatory environment with focus on reducing regulatory lag • Strong customer centric strategy focused on reliability and customer experience • Proven track record of efficient O&M practices and focus on customer affordability • Solid balance sheet and well managed financing plan • Attractive financial growth profile building off original 2024 midpoint We have a stable foundation with solid execution going forward \n 2025 Rate Case \n 27 2025 APS Rate Case – Updated Positions Overview of rate request ($ in millions) key components Rate Base Growth $206 12 months Post-test Year Plant $162 Fair Value Increment $89 WACC (7.63%) $129 Other (Base fuel, depreciation study, etc.) $107 Total Revenue Requirement $692 Adjustor Transfers $(83) Net Revenue Increase $609 Customer Net Revenue Impact on Day 1 14.69% Additional details • APS has requested rates become effective in the second half of 2026 • Docket number: E-01345A-25-0105 • Additional details, including filing, can be found at http://www.pinnaclewest.com/investors Numbers may not foot due to rounding."},{"id":"e37","sourceId":"filing-7","location":"Investor presentation / proposed formula rate mechanism","excerpt":"29 2025 APS Rate Case – Updated Positions Formula Rate Adjustment Mechanism (FRAM) proposal • Historic test year, with authorized ROE and capital structure approved in most recent rate case • Inclusion of 6 months post-test year plant • Removal of System Reliability Benefit and the Tax Expense Adjustor Mechanism if FRAM is approved • No rate adjustment if actual ROE falls within +/- 40 bps of authorized ROE • Revenue surplus/deficiency allocated based on ACC jurisdictional cost of service results FRAM proposed schedule ACC filing of Annual Update May 1 Last day for data requests for informal information exchange and to submit informal challenge(s)."},{"id":"e38","sourceId":"filing-7","location":"Investor presentation / pending rate case and estimated decision date","excerpt":"Case/Docket # Q1 Q2 Q3 Q4 2025 Rate Case E-01345A-25-0105: Staff and Intervenor Direct Testimony filed March 2 and March 18 • APS Rebuttal Testimony filed April 3 • Staff and Intervenor Surrebuttal Testimony filed May 1 • APS Rejoinder Testimony filed May 11 • Rate Case hearing began May 18 • Initial briefs filed August 27 • Reply briefs filed September 11 Final Decision estimated December 2026 Power Supply Adjustor (PSA) E-01345A-22-0144: 2026 PSA rate reset effective Feb."},{"id":"e39","sourceId":"filing-1","location":"Risk factors / possible wildfire effects","excerpt":"The impact of wildfires could negatively affect APS’s results of operations."}],"changes":["Retain the uncertain moat verdict after re-examining the current catalog; the evidence establishes substantial assets and demand, but does not resolve service exclusivity or competing-network economics.","Retain pricing and management grades using current catalog citations rather than the previous assessment as evidence.","Incorporate the September 30, 2026 filed presentation: the updated approximately $609 million net revenue increase and FRAM remain requests, with a final decision estimated for December 2026."],"limitations":["The passages do not establish exclusive franchises, network duplication costs, customer switching restrictions or sustained returns above the cost of capital.","No named entity is established as a competitor in the supplied competitive passages. Glossary entries, suppliers, investors and partners do not establish competitor coverage.","Operating achievements and compensation disclosures are issuer-reported. Actual results and contractual terms support numerical assessments, but do not demonstrate exceptional durability.","Customer growth and weather-adjusted sales provide indirect evidence of continuing demand, not individual retention rates or switching friction.","Complete executive ownership, detailed long-term incentive performance conditions and project-level investment returns are missing.","Source dates are filing dates. Proposed rate changes, forecast capital spending and estimated regulatory decision dates are not completed outcomes."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":null,"rationale":"Established regulated infrastructure and reduced deregulation activity suggest efficient scale, but do not establish exclusive rights or economic barriers sufficient to confirm a moat.","evidenceIds":["e1","e2","e3","e4","e5"]},{"criterion":"durability","grade":null,"rationale":"Long-lived nuclear licenses demonstrate asset duration, while realized regulatory lag limits confidence in durable economic rents. Moat durability remains unestablished.","evidenceIds":["e6","e9"]},{"criterion":"customer_dependency","grade":null,"rationale":"Customer growth demonstrates demand, but the passages do not establish switching restrictions or unavoidable dependence on APS rather than alternative supply.","evidenceIds":["e7","e8"]},{"criterion":"erosion_resilience","grade":null,"rationale":"Actual growth counters realized competitive weakness, but does not establish durable protection against self-generation, stranded investment or inadequate recovery.","evidenceIds":["e7","e8","e10","e12"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"The approximately $491.7 million annual base revenue increase became effective in March 2024, and $43.2 million of previously lost revenue was collected by December 2025. These establish regulated pricing recovery. Related pricing offsets and actual regulatory lag limit strength; the latest $609 million request is not realized pricing.","evidenceIds":["e13","e14","e15","e16","e9","e36","e38"]},{"criterion":"retention","grade":3,"rationale":"Three-year average customer growth of 2.2%, further 2.1% growth through June 2026 and higher weather-adjusted retail sales demonstrate strong continuing demand indirectly. Aggregate growth does not measure individual retention or establish switching friction.","evidenceIds":["e17","e7","e18"]},{"criterion":"margin_resilience","grade":2,"rationale":"The six-month bridge shows fuel and purchased-power changes offset by related revenue and deferrals, alongside higher contribution after those costs. This demonstrates cushioning, although weather and usage contributed. Realized regulatory lag and uncertain environmental recovery limit resilience.","evidenceIds":["e16","e9","e12"]},{"criterion":"contractual_freedom","grade":1,"rationale":"Retail rate changes depend on ACC authorization. Approved increases demonstrate access to regulated recovery, while pending rate and formula-mechanism requests establish weak unilateral freedom to set prices and terms.","evidenceIds":["e13","e14","e36","e37","e38"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Construction contributions reduced actual investing outflows despite increased capital spending, and completed resources added over 400 MW. Settled equity issuance, further financing commitments and parent debt capitalization of 62% against a 65% ceiling balance these achievements. Planned spending is substantial; project returns and budget adherence remain insufficiently disclosed.","evidenceIds":["e19","e20","e21","e22","e23","e11"]},{"criterion":"incentive_alignment","grade":2,"rationale":"Actual earnings and operational incentive components, multiyear officer RSUs and disclosed CEO shares establish alignment mechanisms. Change-of-control vesting without termination weakens performance linkage, while incentive earnings benefited primarily from customer growth and transmission revenue. Complete ownership and long-term performance conditions remain missing.","evidenceIds":["e27","e28","e29","e30","e31","e32"]},{"criterion":"execution","grade":3,"rationale":"Completed capacity additions, achieved top-quartile outage frequency and seventeen consecutive years of Palo Verde generation above 30 million MWh, with a 90.8% capacity factor in 2025, support strong demonstrated execution. These issuer-reported operating outcomes provide direct evidence; earnings outperformance also reflected demand and transmission revenue.","evidenceIds":["e23","e24","e25","e26","e32"]},{"criterion":"governance","grade":3,"rationale":"Independent committees, lead independent leadership, shareholder special-meeting and proxy-access rights, and documented auditor oversight support strong governance practices. Combined chairman and CEO roles and single-trigger equity vesting are counterweights. Nominee independence is not treated as evidence of subsequent election.","evidenceIds":["e33","e34","e35","e31"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-7","basisHash":"b1d17584eea9b6e3796044e3c33fe713750c9722eeb4cca3e90c1021af55198c","updatedAt":"2026-10-19T16:25:10.843Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/7286/000076462226000011/pnw-20251231.htm","publishedAt":"2026-02-25","sha256":"6bb8bdbe4ef808d6e52abdd80c1f5f32e492d5870843a89b1948a1cd0642499d","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/7286/000076462226000041/pnw-20260630.htm","publishedAt":"2026-08-04","sha256":"a7c0fb6fc410ec1a4dfaf8147da71383ea6d393247389eb7d47d5116d99ac849","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/764622/000162828026023516/pnw-20260403.htm","publishedAt":"2026-04-03","sha256":"5285309e2e43877dd11e94fd1acdbd8bf44fe4fbf94413e2191f61b9ac7d8f6a","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/7286/000076462225000023/pnw-20241231.htm","publishedAt":"2025-02-25","sha256":"2e95ddb2ac1a5bde24fad8c867aecf6d90d8a88d1e1f8fcf1e74abc5951f8ea9","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/7286/000076462224000016/pnw-20231231.htm","publishedAt":"2024-02-27","sha256":"aecd5e8635a0b379b514e8e24cfcbd4a7473eb80426f6f10d6807f90837d094f","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/7286/000076462226000025/pnw-20260331.htm","publishedAt":"2026-05-04","sha256":"f395c822f7426f6d5b20adf26bddd5dd0c22af019045ca314899c9a5d5929df5","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-7","url":"https://www.sec.gov/Archives/edgar/data/764622/000076462226000049/octoberinvestordeck.htm","publishedAt":"2026-09-30","sha256":"a3a51a633fa3b14f042dbf81ace28219592d403f3b3ea2cdb242d2a29e890143","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-8","url":"https://www.sec.gov/Archives/edgar/data/764622/000076462226000046/septemberinvestordeck.htm","publishedAt":"2026-09-04","sha256":"2dba2919795bc90d9ed7dda1f92fa58eb8899c7809fc35eb0dc819e192f22ab7","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-9","url":"https://www.sec.gov/Archives/edgar/data/764622/000076462226000044/augustinvestordeck.htm","publishedAt":"2026-08-07","sha256":"af2a8773bad8de00325bd78f48fe256d2b910a25cb598156b3ded2e71c42f023","citationPolicy":"numeric-lines-1","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:570f611e29adefe4acc3fa4698a4b8990db24cf48ae7e81bb12b2c5a1d8da444","usage":{"input_tokens":125143,"cached_input_tokens":0,"cache_write_input_tokens":0,"output_tokens":3213,"reasoning_output_tokens":60}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":69.70028931328514,"operating_margin":21.17100242255513,"roic":null,"fcf_margin":-16.12743454960586,"sbc_revenue":0.4852997041144004},"issues":{"pfcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","roic":"Pretax income is unavailable in the extracted statements for this period.","roiic":"Pretax income is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_fcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":62.32197179483327,"operating_margin":16.925204393225858,"roic":null,"fcf_margin":-10.777231906964804,"sbc_revenue":0.36865357732949305},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","roic":"Pretax income is unavailable in the extracted statements for this period.","roiic":"Pretax income is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_fcf":"Trailing free cash flow is zero or negative, so this ratio is undefined."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":61.82579992167787,"operating_margin":17.560510656856028,"roic":4.910206306608607,"fcf_margin":-13.600388075701167,"sbc_revenue":0.36927242833301854},"issues":{"pfcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","roiic":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_fcf":"Trailing free cash flow is zero or negative, so this ratio is undefined."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":64.43714676243411,"operating_margin":19.747898257824765,"roic":5.446703333205685,"fcf_margin":-12.47575813452516,"sbc_revenue":0.4591685910888278},"issues":{"pfcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_fcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":63.79321936074551,"operating_margin":19.993299548927432,"roic":5.384474826771147,"fcf_margin":-15.347047971896306,"sbc_revenue":0.5141819035760521},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_fcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/7286/000076462226000011/pnw-20251231.htm","publishedAt":"2026-02-25","sha256":"6bb8bdbe4ef808d6e52abdd80c1f5f32e492d5870843a89b1948a1cd0642499d","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/7286/000076462226000041/pnw-20260630.htm","publishedAt":"2026-08-04","sha256":"a7c0fb6fc410ec1a4dfaf8147da71383ea6d393247389eb7d47d5116d99ac849","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/764622/000162828026023516/pnw-20260403.htm","publishedAt":"2026-04-03","sha256":"5285309e2e43877dd11e94fd1acdbd8bf44fe4fbf94413e2191f61b9ac7d8f6a","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/7286/000076462225000023/pnw-20241231.htm","publishedAt":"2025-02-25","sha256":"2e95ddb2ac1a5bde24fad8c867aecf6d90d8a88d1e1f8fcf1e74abc5951f8ea9","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/7286/000076462224000016/pnw-20231231.htm","publishedAt":"2024-02-27","sha256":"aecd5e8635a0b379b514e8e24cfcbd4a7473eb80426f6f10d6807f90837d094f","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/7286/000076462226000025/pnw-20260331.htm","publishedAt":"2026-05-04","sha256":"f395c822f7426f6d5b20adf26bddd5dd0c22af019045ca314899c9a5d5929df5","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-7","url":"https://www.sec.gov/Archives/edgar/data/764622/000076462226000049/octoberinvestordeck.htm","publishedAt":"2026-09-30","sha256":"a3a51a633fa3b14f042dbf81ace28219592d403f3b3ea2cdb242d2a29e890143","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-8","url":"https://www.sec.gov/Archives/edgar/data/764622/000076462226000046/septemberinvestordeck.htm","publishedAt":"2026-09-04","sha256":"2dba2919795bc90d9ed7dda1f92fa58eb8899c7809fc35eb0dc819e192f22ab7","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-9","url":"https://www.sec.gov/Archives/edgar/data/764622/000076462226000044/augustinvestordeck.htm","publishedAt":"2026-08-07","sha256":"af2a8773bad8de00325bd78f48fe256d2b910a25cb598156b3ded2e71c42f023","citationPolicy":"numeric-lines-1","dateKind":"filed"}],"history":[{"version":5,"updatedAt":"2026-10-19T18:33:29.802Z","verdict":"uncertain","value":null},{"version":4,"updatedAt":"2026-10-19T13:57:15.039Z","verdict":"uncertain","value":null},{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"uncertain","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"uncertain","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"completed","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}