Avista Corporation (AVA) 10-Year Financial Performance & Capital Metrics

AVA • • Utilities

UtilitiesDiversified UtilitiesIntegrated Electric & Gas UtilitiesUS Multi-State Electric & Gas Utilities

AboutAvista Corporation, together with its subsidiaries, operates as an electric and natural gas utility company. It operates in two segments, Avista Utilities and AEL&P. The Avista Utilities segment provides electric distribution and transmission, and natural gas distribution services in parts of eastern Washington and northern Idaho; and natural gas distribution services in parts of northeastern and southwestern Oregon, as well as generates electricity in Washington, Idaho, Oregon, and Montana. This segment also engages in the wholesale purchase and sale of electricity and natural gas. The AEL&P segment offers electric services to 17,400 customers in the city and borough of Juneau, Alaska. The company generates electricity through hydroelectric, thermal, and wind facilities. As of February 23, 2022, it provided electric service to 406,000 customers and natural gas to 372,000 customers. In addition, the company engages in venture fund investments, real estate investments, and other investments. Avista Corporation was incorporated in 1889 and is headquartered in Spokane, Washington.Show more

Revenue $1.94B +10.6%
EBITDA $580M +10.9%
Net Income $180M +5.2%
Free Cash Flow $1M +101.9%
EBITDA Margin 29.93% +0.2%
Net Margin 9.29% -5.0%
ROE 7.09% -0.2%
Interest Coverage 2.11 +14.4%
Debt/Equity 1.20 -1.5%
Net Debt/EBITDA 5.32 -7.2%
CapEx / Revenue 27.5% -3.4%
CapEx Coverage 1.00 +11.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓22 years of consecutive dividend growth
✓22 consecutive years of dividend growth
✓Healthy dividend yield of 4.7%
✓Trading at only 1.2x book value

✗Weaknesses

✗High leverage: 5.4x Debt/EBITDA

Price & Volume

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Growth Metrics

Revenue CAGR

10Y2.78%

5Y7.57%

3Y10.43%

TTM2.44%

Profit (Net Income) CAGR

10Y-0.65%

5Y-1.79%

3Y6.9%

TTM-7.37%

EPS CAGR

10Y-3.03%

5Y-5.15%

3Y2.78%

TTM-10.12%

ROCE

10Y Avg4.62%

5Y Avg3.84%

3Y Avg3.75%

Latest4.34%

Peer Comparison

US Multi-State Electric & Gas Utilities

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
MGEEMGE Energy, Inc.	2.92B	79.95	24.01	-1.95%	18.55%	10.37%	1.4%	0.64
SRESempra	59.77B	91.57	20.72	-18%	15.73%	5.37%		0.95
NWENorthwestern Energy Group Inc	4.2B	68.44	18.75	6.45%	13.82%	7.53%		1.09
BKHBlack Hills Corporation	5.52B	73.14	18.71	-8.73%	12.54%	7.4%		1.22
AVAAvista Corporation	3.26B	40.09	17.58	10.64%	9.14%	6.75%	0.03%	1.20
UTLUnitil Corporation	908.46M	50.71	17.31	-11.18%	9.32%	7.84%		1.47

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	1.48B	1.44B	1.45B	1.4B	1.35B	1.32B	1.44B	1.71B	1.75B	1.94B
Revenue Growth %	0.01%	-0.03%	0%	-0.03%	-0.04%	-0.02%	0.09%	0.19%	0.02%	0.11%
Cost of Revenue	656.96M	551.37M	524.57M	494.74M	439.82M	398.51M	497.12M	735.86M	702.37M	798M
Gross Profit+	827.81M	891.12M	921.36M	902.16M	905.8M	923.38M	941.81M	974.35M	1.05B	1.14B
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	0.04%	0.08%	0.03%	-0.02%	0%	0.02%	0.02%	0.03%	0.08%	0.09%
Operating Expenses+	574.6M	601.31M	622.24M	637.33M	695.42M	690.68M	713.58M	784.1M	791.49M	834M
Other Operating Expenses	-	-	-	-	-	-	-	-	-	-
EBITDA+	401.05M	454.73M	460.16M	448.43M	416.38M	456.92M	460.41M	443.38M	523.1M	580M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
EBITDA Growth %	0.05%	0.13%	0.01%	-0.03%	-0.07%	0.1%	0.01%	-0.04%	0.18%	0.11%
Depreciation & Amortization+	147.84M	164.93M	175.66M	187.32M	205.99M	224.22M	232.18M	253.14M	265.41M	274M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income (EBIT)+	253.21M	289.8M	284.51M	261.11M	210.39M	232.7M	228.23M	190.24M	257.69M	306M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0%	0.14%	-0.02%	-0.08%	-0.19%	0.11%	-0.02%	-0.17%	0.35%	0.19%
Interest Expense+	76.89M	84.48M	92.88M	97M	100.18M	100.98M	102.17M	114.97M	139.67M	145M
Interest Coverage	3.29x	3.43x	3.06x	2.69x	2.10x	2.30x	2.23x	1.65x	1.85x	2.11x
Interest / Revenue %	-	-	-	-	-	-	-	-	-	-
Non-Operating Income	-1000K	-1000K	-1000K	-1000K	1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Pretax Income+	185.62M	215.4M	198.69M	162.66M	228.14M	136.54M	159.37M	137.99M	137.55M	183M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	67.45M	78.09M	82.76M	26.06M	31.37M	7.05M	12.03M	-17.19M	-33.63M	3M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	123.23M	137.23M	115.92M	136.43M	196.98M	129.49M	147.33M	155.18M	171.18M	180M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0.36%	0.11%	-0.16%	0.18%	0.44%	-0.34%	0.14%	0.05%	0.1%	0.05%
EPS (Diluted)+	1.97	2.15	1.79	2.07	2.97	1.90	2.10	2.12	2.24	2.28
EPS Growth %	-0.36%	0.09%	-0.17%	0.16%	0.43%	-0.36%	0.11%	0.01%	0.06%	0.02%
EPS (Basic)	1.98	2.16	1.80	2.08	2.98	1.91	2.11	2.13	2.24	2.28
Diluted Shares Outstanding	62.71M	63.92M	64.81M	65.95M	66.33M	68.1M	70.08M	73.09M	76.5M	78.82M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	4.91B	5.31B	5.51B	5.78B	6.08B	6.4B	6.85B	7.42B	7.7B	7.94B
Asset Growth %	0.04%	0.08%	0.04%	0.05%	0.05%	0.05%	0.07%	0.08%	0.04%	0.03%
PP&E (Net)+	3.95B	4.15B	4.4B	4.68B	4.94B	5.13B	5.36B	5.58B	5.84B	6.12B
PP&E / Total Assets %	-	-	-	-	-	-	-	-	-	-
Total Current Assets+	306.05M	351.34M	337.53M	346.92M	305.13M	343.98M	434.47M	721.8M	662M	656M
Cash & Equivalents	10.48M	8.51M	16.17M	14.66M	9.9M	14.2M	22.17M	13.43M	35M	30M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Inventory	54.15M	53.31M	58.08M	63.88M	66.58M	67.45M	84.73M	107.67M	160M	193M
Other Current Assets	47.88M	60.99M	65.84M	85.03M	31.29M	24.33M	70.53M	284.01M	168M	159M
Long-Term Investments	20.53M	11.55M	11.55M	40.8M	62.8M	70.86M	102.6M	159.36M	165M	169M
Goodwill	57.67M	57.67M	57.67M	57.67M	52.43M	52.43M	52.43M	52.43M	52M	52M
Intangible Assets	0	0	0	0	0	0	8.46M	17.94M	19M	18M
Other Assets	-174.41M	-99.23M	242.54M	169.29M	717.2M	30.41M	896.24M	212.43M	966M	927M
Total Liabilities	3.38B	3.66B	3.78B	4.01B	4.14B	4.37B	4.7B	5.08B	5.22B	5.35B
Total Debt+	1.73B	1.85B	1.93B	2.1B	2.26B	2.39B	2.6B	2.92B	3.03B	3.12B
Net Debt	1.72B	1.85B	1.91B	2.09B	2.25B	2.37B	2.58B	2.91B	3B	3.09B
Long-Term Debt	1.53B	1.73B	1.54B	1.79B	1.9B	2.06B	1.95B	2.33B	2.57B	2.67B
Short-Term Borrowings	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Capital Lease Obligations	0	59.74M	0	54.55M	124.24M	123.72M	119.18M	114.36M	103M	97M
Total Current Liabilities+	474.68M	407.53M	697.5M	639.58M	530.71M	505.88M	913.11M	964.53M	775M	771M
Accounts Payable	114.35M	115.55M	107.29M	108.37M	110.22M	106.61M	133.1M	202.95M	143M	125M
Accrued Expenses	15.38M	10.99M	27.89M	90.49M	16.49M	102.11M	17.54M	44.9M	24M	24M
Deferred Revenue	0	0	0	36.86M	0	100.66M	884K	8.48M	0	0
Other Current Liabilities	115.81M	157.7M	179.48M	143.08M	122.31M	-13.69M	178.5M	224.11M	212M	234M
Deferred Taxes	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Liabilities	624.55M	682.56M	1.08B	1.53B	1.04B	1.07B	1.05B	975.03M	1.03B	1.04B
Total Equity+	1.53B	1.65B	1.73B	1.77B	1.94B	2.03B	2.15B	2.33B	2.48B	2.59B
Equity Growth %	0.03%	0.08%	0.05%	0.03%	0.09%	0.05%	0.06%	0.08%	0.06%	0.04%
Shareholders Equity	1.53B	1.65B	1.73B	1.77B	1.94B	2.03B	2.15B	2.33B	2.48B	2.59B
Minority Interest	-339K	-251K	656K	825K	0	0	0	0	0	0
Common Stock	1B	1.08B	1.13B	1.14B	1.21B	1.29B	1.38B	1.53B	1.64B	1.72B
Additional Paid-in Capital	0	1.08B	0	1.14B	0	0	0	0	0	0
Retained Earnings	530.94M	581.01M	596.38M	644.6M	738.8M	758.04M	785.63M	811.54M	841M	871M
Accumulated OCI	-6.65M	573.45M	-8.09M	-7.87M	-10.26M	-14.38M	-11.04M	-2.06M	-357K	0
Return on Assets (ROA)	0.03%	0.03%	0.02%	0.02%	0.03%	0.02%	0.02%	0.02%	0.02%	0.02%
Return on Equity (ROE)	0.08%	0.09%	0.07%	0.08%	0.11%	0.07%	0.07%	0.07%	0.07%	0.07%
Debt / Equity	1.13x	1.12x	1.11x	1.19x	1.16x	1.18x	1.21x	1.25x	1.22x	1.20x
Debt / Assets	0.35%	0.35%	0.35%	0.36%	0.37%	0.37%	0.38%	0.39%	0.39%	0.39%
Net Debt / EBITDA	4.29x	4.06x	4.15x	4.66x	5.40x	5.19x	5.61x	6.56x	5.73x	5.32x
Book Value per Share	24.37	25.79	26.7	26.9	29.24	29.8	30.74	31.94	32.49	32.87

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	375.64M	358.27M	410.3M	361.88M	398.21M	331M	267.34M	124.21M	447.08M	534M
Operating CF Growth %	0.41%	-0.05%	0.15%	-0.12%	0.1%	-0.17%	-0.19%	-0.54%	2.6%	0.19%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	123.32M	137.32M	115.93M	136.6M	196.76M	129.49M	147.33M	155.18M	171.18M	180M
Depreciation & Amortization	147.84M	164.93M	175.66M	187.32M	205.99M	224.22M	232.18M	253.14M	265.33M	274M
Deferred Taxes	51.8M	124.54M	69.66M	8.57M	15.1M	44.96M	11.22M	-18.23M	-36.84M	-5M
Other Non-Cash Items	49.9M	7.36M	18.89M	-6.32M	-68.07M	-38.14M	-112.46M	-147.99M	4.32M	77M
Working Capital Changes	-4.13M	-83.77M	22.81M	30.36M	37.08M	-35.38M	-15.65M	-126.61M	34.65M	-1M
Capital Expenditures+	-394.31M	-407M	-412.34M	-424.35M	-442.51M	-404.31M	-439.94M	-452M	-498.64M	-533M
CapEx / Revenue %	-	-	-	-	-	-	-	-	-	-
CapEx / D&A	-	-	-	-	-	-	-	-	-	-
CapEx Coverage (OCF/CapEx)	-	-	-	-	-	-	-	-	-	-
Cash from Investing+	-387.83M	-432.47M	-434.1M	-440.43M	-445.51M	-410.74M	-444.92M	-460.24M	-510.39M	-539M
Acquisitions	13.76M	0	0	0	16.41M	404.31M	439.94M	0	0	-10M
Purchase of Investments	0	-13.1M	-13.68M	-13.28M	-13.51M	-5.92M	-16M	-10.64M	-13.38M	0
Sale of Investments	0	0	0	0	1000K	1000K	1000K	1000K	1000K	0
Other Investing	-401.59M	-419.37M	-420.42M	-2.8M	-448.41M	-411.6M	-437.22M	1.4M	-1.57M	4M
Cash from Financing+	528K	72.22M	31.47M	77.03M	42.54M	84.04M	185.55M	327.29M	84.89M	0
Dividends Paid	-82.4M	-87.15M	-92.46M	-98.05M	-102.77M	-110.25M	-118.21M	-129.06M	-140.92M	-150M
Dividend Payout Ratio %	0.67%	0.64%	0.8%	0.72%	0.52%	0.85%	0.8%	0.83%	0.82%	0.83%
Debt Issuance (Net)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Stock Issued	1.56M	66.95M	56.38M	1.21M	64.57M	72.2M	90M	137.78M	112.31M	68M
Share Repurchases	-2.92M	0	0	0	0	0	0	0	0	0
Other Financing	-11.38M	-4.41M	52.22M	-7.92M	-2.4M	-5.31M	-4.3M	-7.2M	-5.76M	-4M
Net Change in Cash+	-11.66M	-1.98M	7.67M	-1.52M	-4.76M	4.3M	7.97M	-8.74M	21.57M	-5M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	22.14M	10.48M	8.51M	16.17M	14.66M	9.9M	14.2M	22.17M	13.43M	35M
Cash at End	10.48M	8.51M	16.17M	14.66M	9.9M	14.2M	22.17M	13.43M	35M	30M
Free Cash Flow+	-18.67M	-48.73M	-2.04M	-62.47M	-44.3M	-73.3M	-172.6M	-327.79M	-51.56M	1M
FCF Growth %	0.71%	-1.61%	0.96%	-29.61%	0.29%	-0.65%	-1.35%	-0.9%	0.84%	1.02%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF / Net Income %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	8.18%	8.64%	6.86%	7.79%	10.61%	6.53%	7.04%	6.91%	7.1%	7.09%
EBITDA Margin	27.01%	31.52%	31.82%	32.1%	30.94%	34.57%	32%	25.93%	29.86%	29.93%
Net Debt / EBITDA	4.29x	4.06x	4.15x	4.66x	5.40x	5.19x	5.61x	6.56x	5.73x	5.32x
Interest Coverage	3.29x	3.43x	3.06x	2.69x	2.10x	2.30x	2.23x	1.65x	1.85x	2.11x
CapEx / Revenue	26.56%	28.22%	28.52%	30.38%	32.89%	30.59%	30.57%	26.43%	28.47%	27.5%
Dividend Payout Ratio	66.87%	63.51%	79.76%	71.87%	52.17%	85.15%	80.23%	83.17%	82.32%	83.33%
Debt / Equity	1.13x	1.12x	1.11x	1.19x	1.16x	1.18x	1.21x	1.25x	1.22x	1.20x
EPS Growth	-36.45%	9.14%	-16.74%	15.64%	43.48%	-36.03%	10.53%	0.95%	5.66%	1.79%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Avista Utilities	1.41B	1.37B	1.37B	1.33B	1.3B	1.28B	1.39B	1.66B	1.7B	1.89B
Avista Utilities Growth	-	-2.78%	-0.17%	-3.24%	-2.27%	-1.42%	9.04%	19.44%	2.35%	10.81%
Alaska Electric Light Power	-	-	-	-	-	42.81M	45.37M	45.7M	48.14M	50M
Alaska Electric Light Power Growth	-	-	-	-	-	-	5.97%	0.75%	5.33%	3.87%
Corporate and Other	28.68M	23.57M	22.54M	27.33M	12.48M	-	569K	688K	558K	-
Corporate and Other Growth	-	-17.84%	-4.35%	21.23%	-54.32%	-	-	20.91%	-18.90%	-
Corporate And Other	-	-	-	-	-	1.05M	-	-	-	-
Corporate And Other Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Alaska Electric Light Power	-	-	-	-	-	42.81M	45.37M	45.7M	48.14M	50M
Alaska Electric Light Power Growth	-	-	-	-	-	-	5.97%	0.75%	5.33%	3.87%

Frequently Asked Questions

Valuation & Price

Avista Corporation (AVA) has a price-to-earnings (P/E) ratio of 17.6x. This is roughly in line with market averages.

Growth & Financials

Avista Corporation (AVA) reported $1.95B in revenue for fiscal year 2024. This represents a 21% increase from $1.62B in 2011.

Avista Corporation (AVA) grew revenue by 10.6% over the past year. This is steady growth.

Yes, Avista Corporation (AVA) is profitable, generating $178.6M in net income for fiscal year 2024 (9.3% net margin).

Dividend & Returns

Yes, Avista Corporation (AVA) pays a dividend with a yield of 4.75%. This makes it attractive for income-focused investors.

Avista Corporation (AVA) has a return on equity (ROE) of 7.1%. This is below average, suggesting room for improvement.

Avista Corporation (AVA) had negative free cash flow of $86.8M in fiscal year 2024, likely due to heavy capital investments.

Industry Metrics

Avista Corporation (AVA) has a dividend payout ratio of 83%. The dividend is reasonably covered.

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