Pinnacle West Capital
Pinnacle West Capital returns on capital
Annual and trailing 12-month returns on invested capital, equity and assets.
ROIC
% · Annual / TTM
ROCE
% · Annual / TTM
ROIIC
% · Annual / TTM
ROE
% · Annual / TTM
ROA
% · Annual / TTM
ROIC − WACC
Percentage points · Scenario
Quarterly data
| Fiscal period | Ended | ROIC% | ROCE% | ROIIC% | ROE% | ROA% | ROIC − WACCPercentage points |
|---|---|---|---|---|---|---|---|
| FY 2026 Q2 | Jun 30, 2026 | — | 4.14% | — | 9.3% | 2.11% | — |
| FY 2026 Q1 | Mar 31, 2026 | — | 4.39% | — | 9.48% | 2.3% | — |
| FY 2025 Q4 | Dec 31, 2025 | 5.38% | 4.26% | 3.9% | 8.93% | 2.25% | 1 pp |
| FY 2025 Q3 | Sep 30, 2025 | — | 4.12% | — | 8.62% | 2.18% | — |
| FY 2025 Q2 | Jun 30, 2025 | — | 4.12% | — | 8.9% | 2.16% | — |
| FY 2025 Q1 | Mar 31, 2025 | — | 4.37% | — | 9.08% | 2.32% | — |
| FY 2024 Q4 | Dec 31, 2024 | 5.45% | 4.49% | 14.56% | 9.42% | 2.47% | 1 pp |
| FY 2024 Q3 | Sep 30, 2024 | — | 4.4% | — | 9.48% | 2.49% | — |
| FY 2024 Q2 | Jun 30, 2024 | — | 4.35% | — | 10.16% | 2.56% | — |
| FY 2024 Q1 | Mar 31, 2024 | — | 3.85% | — | 8.52% | 2.23% | — |
| FY 2023 Q4 | Dec 31, 2023 | 4.91% | 3.86% | — | 8.2% | 2.19% | 0.5 pp |
| FY 2023 Q3 | Sep 30, 2023 | — | 3.64% | — | 7.57% | 2.09% | — |
| FY 2023 Q2 | Jun 30, 2023 | — | 3.24% | — | 6.83% | 1.82% | — |
| FY 2023 Q1 | Mar 31, 2023 | — | 3.43% | — | 7.74% | 2.1% | — |
| FY 2022 Q4 | Dec 31, 2022 | — | 3.55% | — | 8.09% | 2.24% | — |
| FY 2022 Q3 | Sep 30, 2022 | — | 3.66% | — | 8.7% | 2.49% | — |
| FY 2022 Q2 | Jun 30, 2022 | — | 3.83% | — | 9.44% | 2.6% | — |
| FY 2022 Q1 | Mar 31, 2022 | — | 4.12% | — | 10.33% | 2.91% | — |
| FY 2021 Q4 | Dec 31, 2021 | — | 4.14% | — | 10.72% | 3.03% | — |
| FY 2021 Q3 | Sep 30, 2021 | — | 4.1% | — | 9.6% | 2.86% | — |
| FY 2021 Q2 | Jun 30, 2021 | — | 4.41% | — | 10.32% | 2.96% | — |
| FY 2021 Q1 | Mar 31, 2021 | — | 4.53% | — | 9.98% | 2.97% | — |
| FY 2020 Q4 | Dec 31, 2020 | — | 4.5% | — | 9.95% | 2.96% | — |
| FY 2020 Q3 | Sep 30, 2020 | — | 4.36% | — | 11.13% | 3.43% | — |
| FY 2020 Q2 | Jun 30, 2020 | — | 4.21% | — | 11.19% | 3.31% | — |
| FY 2020 Q1 | Mar 31, 2020 | — | 4.01% | — | 10.27% | 3.13% | — |
| FY 2019 Q4 | Dec 31, 2019 | — | 4.15% | — | 10.11% | 3.09% | — |
| FY 2019 Q3 | Sep 30, 2019 | — | 4.44% | — | 9.18% | 2.88% | — |
| FY 2019 Q2 | Jun 30, 2019 | — | 4.8% | — | 9.8% | 2.93% | — |
| FY 2019 Q1 | Mar 31, 2019 | — | 5.09% | — | 10.24% | 3.12% | — |
| FY 2018 Q4 | Dec 31, 2018 | — | 4.86% | — | 9.99% | 3.06% | — |
| FY 2018 Q3 | Sep 30, 2018 | — | 5.05% | — | 9.65% | 3.04% | — |
| FY 2018 Q2 | Jun 30, 2018 | — | 5.48% | — | 9.46% | 2.85% | — |
| FY 2018 Q1 | Mar 31, 2018 | — | 5.89% | — | 9.51% | 2.93% | — |
| FY 2017 Q4 | Dec 31, 2017 | — | 6.12% | — | 9.96% | 3.08% | — |
| FY 2017 Q3 | Sep 30, 2017 | — | 6.37% | — | 10.41% | 3.29% | — |
| FY 2017 Q2 | Jun 30, 2017 | — | 6.54% | — | 10.74% | 3.27% | — |
| FY 2017 Q1 | Mar 31, 2017 | — | 6.15% | — | 9.78% | 3.06% | — |
| FY 2016 Q4 | Dec 31, 2016 | — | 6.05% | — | 9.42% | 2.97% | — |
| FY 2016 Q3 | Sep 30, 2016 | — | 6.01% | — | 9.04% | 2.93% | — |
| FY 2016 Q2 | Jun 30, 2016 | — | 6.1% | — | 9.45% | 2.93% | — |
| FY 2016 Q1 | Mar 31, 2016 | — | 6.28% | — | 9.46% | 3% | — |
| FY 2015 Q4 | Dec 31, 2015 | — | 6.49% | — | 9.77% | 3.11% | — |
| FY 2015 Q3 | Sep 30, 2015 | 6.41% | 6.22% | -6.7% | 8.78% | 2.91% | 2 pp |
| FY 2015 Q2 | Jun 30, 2015 | 6.42% | 6.13% | -8.47% | 9% | 2.86% | 2 pp |
| FY 2015 Q1 | Mar 31, 2015 | 6.54% | 6.4% | -6.81% | 9.23% | 3.01% | 2.1 pp |
| FY 2014 Q4 | Dec 31, 2014 | 6.77% | 6.58% | -20.77% | 9.29% | 3.05% | 2.4 pp |
| FY 2014 Q3 | Sep 30, 2014 | 7.07% | 6.7% | -1.26% | 9.5% | 3.22% | 2.7 pp |
| FY 2014 Q2 | Jun 30, 2014 | 7.17% | 6.86% | -15.83% | 9.65% | 3.18% | 2.8 pp |
| FY 2014 Q1 | Mar 31, 2014 | 7.12% | 6.82% | -6.73% | 9.65% | 3.23% | 2.7 pp |
| FY 2013 Q4 | Dec 31, 2013 | 7.27% | 7% | 3.12% | 9.94% | 3.27% | 2.9 pp |
| FY 2013 Q3 | Sep 30, 2013 | 7.39% | 6.94% | 14.89% | 9.71% | 3.21% | 3 pp |
| FY 2013 Q2 | Jun 30, 2013 | 7.73% | 7.42% | 21.09% | 10.83% | 3.41% | 3.3 pp |
| FY 2013 Q1 | Mar 31, 2013 | 7.6% | 7.29% | 54.81% | 10.68% | 3.37% | 3.2 pp |
| FY 2012 Q4 | Dec 31, 2012 | 7.36% | 7.08% | 41.69% | 9.79% | 3.12% | 3 pp |
| FY 2012 Q3 | Sep 30, 2012 | 7.2% | 6.95% | 22.91% | 9.34% | 3.02% | 2.8 pp |
| FY 2012 Q2 | Jun 30, 2012 | 7.36% | 7.17% | 48.78% | 10.34% | 3.21% | 3 pp |
| FY 2012 Q1 | Mar 31, 2012 | 6.88% | 6.7% | 18.55% | 9.39% | 2.9% | 2.5 pp |
| FY 2011 Q4 | Dec 31, 2011 | 6.75% | 6.54% | 5.59% | 9.05% | 2.88% | 2.3 pp |
| FY 2011 Q3 | Sep 30, 2011 | 6.69% | 6.38% | — | 8.78% | 2.67% | 2.3 pp |
| FY 2011 Q2 | Jun 30, 2011 | 6.38% | 6.46% | — | 8.82% | 2.54% | 2 pp |
| FY 2011 Q1 | Mar 31, 2011 | — | — | — | — | — | — |
| FY 2010 Q4 | Dec 31, 2010 | — | — | — | — | — | — |
| FY 2010 Q3 | Sep 30, 2010 | — | — | — | — | — | — |
| FY 2010 Q2 | Jun 30, 2010 | — | — | — | — | — | — |
Sources and calculations
Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.
Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.
Quarterly returns use trailing 12-month earnings and period-end balances averaged with the same fiscal quarter one year earlier. NOPAT uses the reported effective tax rate only when pretax profit is positive and the rate is between 0 and 100%. WACC starts at 4.4%, rounded from the Utility · General benchmark in NYU Stern · January 2026. It is an editable US sector proxy applied across history, not a company estimate; foreign reporting currencies also need a currency-specific assessment.
Market prices: Yahoo Finance · PNW, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.
- ROIC
- NOPAT / average invested capital × 100. NOPAT = operating income × (1 − effective tax rate). Invested capital = equity including noncontrolling interests + debt − cash and equivalents. Average uses period end and one year earlier.
- ROCE
- Operating income / average (assets − current liabilities) × 100, using period end and one year earlier.
- ROIIC
- Year-over-year change in annual/TTM NOPAT / positive year-over-year change in invested capital × 100. Capital reductions and missing inputs yield unavailable values.
- ROE
- Earnings attributable to owners / average equity attributable to owners × 100, using period end and one year earlier.
- ROA
- Net income / average total assets × 100, using period end and one year earlier.
- ROIC − WACC
- ROIC less your WACC assumption, in percentage points. The same scenario rate is applied across history; it is not a reported or historical company WACC.