Latest Ratios: P/E Ratio 14.9x · EV/EBITDA 9.8x · ROE 7.3%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.9B | $3.1B | $2.9B | $2.7B | $3.2B | $3.0B | $2.7B | $3.2B | $2.8B | $3.3B | $2.6B |
| Enterprise Value | $6.3B | $6.5B | $6.0B | $5.7B | $6.2B | $5.6B | $5.1B | $5.4B | $4.9B | $5.2B | $4.4B |
| P/E Ratio → | 14.89 | 16.19 | 16.07 | 15.96 | 20.92 | 20.23 | 21.13 | 16.19 | 20.52 | 28.77 | 18.60 |
| P/S Ratio | 1.49 | 1.59 | 1.49 | 1.56 | 1.90 | 2.07 | 2.07 | 2.37 | 2.01 | 2.31 | 1.77 |
| P/B Ratio | 1.06 | 1.15 | 1.11 | 1.10 | 1.39 | 1.38 | 1.35 | 1.64 | 1.58 | 1.93 | 1.55 |
| P/FCF | — | — | 2887.18 | — | — | — | — | — | — | — | — |
| P/OCF | 6.25 | 6.66 | 5.41 | 6.12 | 26.09 | 11.14 | 8.26 | 8.01 | 7.74 | 8.13 | 7.13 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.30 | 3.08 | 3.27 | 3.60 | 3.86 | 3.86 | 4.04 | 3.50 | 3.63 | 3.05 |
| EV / EBITDA | 9.78 | 10.08 | 10.30 | 10.96 | 13.87 | 12.07 | 11.18 | 13.06 | 10.91 | 11.40 | 9.68 |
| EV / EBIT | 17.76 | 17.76 | 18.21 | 20.68 | 31.82 | 24.50 | 22.57 | 16.56 | 18.84 | 17.54 | 14.68 |
| EV / FCF | — | — | 5974.18 | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 24.2% | 24.2% | 58.8% | 59.9% | 57.0% | 65.5% | 69.9% | 67.3% | 64.6% | 63.7% | 61.8% |
| Operating Margin | 18.0% | 18.0% | 15.8% | 14.7% | 11.1% | 15.9% | 17.6% | 15.6% | 18.7% | 19.7% | 20.1% |
| Net Profit Margin | 9.8% | 9.8% | 9.3% | 9.8% | 9.1% | 10.2% | 9.8% | 14.6% | 9.8% | 8.0% | 9.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 7.3% | 7.3% | 7.1% | 7.1% | 6.9% | 7.0% | 6.5% | 10.6% | 7.8% | 6.9% | 8.6% |
| ROA | 2.3% | 2.3% | 2.3% | 2.3% | 2.2% | 2.2% | 2.1% | 3.3% | 2.4% | 2.1% | 2.7% |
| ROIC | 4.5% | 4.5% | 4.1% | 3.6% | 2.9% | 3.7% | 4.1% | 3.9% | 5.2% | 6.0% | 6.4% |
| ROCE | 4.7% | 4.7% | 4.3% | 3.9% | 3.1% | 3.9% | 4.1% | 3.9% | 5.2% | 5.9% | 6.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.25 | 1.25 | 1.20 | 1.22 | 1.25 | 1.21 | 1.18 | 1.16 | 1.19 | 1.11 | 1.12 |
| Debt / EBITDA | 5.25 | 5.25 | 5.37 | 5.80 | 6.59 | 5.65 | 5.22 | 5.42 | 4.69 | 4.19 | 4.08 |
| Net Debt / Equity | — | 1.24 | 1.19 | 1.21 | 1.25 | 1.20 | 1.17 | 1.16 | 1.18 | 1.10 | 1.12 |
| Net Debt / EBITDA | 5.22 | 5.22 | 5.32 | 5.73 | 6.56 | 5.61 | 5.19 | 5.40 | 4.66 | 4.15 | 4.06 |
| Debt / FCF | — | — | 3087.00 | — | — | — | — | — | — | — | — |
| Interest Coverage | 2.47 | 2.47 | 2.26 | 1.98 | 1.68 | 2.22 | 2.24 | 3.28 | 2.68 | 3.22 | 3.55 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.83 | 0.83 | 0.85 | 0.85 | 0.75 | 0.48 | 0.68 | 0.57 | 0.54 | 0.48 | 0.86 |
| Quick Ratio | 0.56 | 0.56 | 0.60 | 0.65 | 0.64 | 0.38 | 0.55 | 0.45 | 0.44 | 0.40 | 0.73 |
| Cash Ratio | 0.02 | 0.02 | 0.04 | 0.05 | 0.01 | 0.02 | 0.03 | 0.02 | 0.02 | 0.02 | 0.02 |
| Asset Turnover | — | 0.23 | 0.24 | 0.23 | 0.23 | 0.21 | 0.21 | 0.22 | 0.24 | 0.26 | 0.27 |
| Inventory Turnover | 6.31 | 6.31 | 4.13 | 4.39 | 6.83 | 5.87 | 5.91 | 6.61 | 7.74 | 9.03 | 10.34 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 5.5% | 5.1% | 5.2% | 5.2% | 4.0% | 4.0% | 4.0% | 3.2% | 3.5% | 2.8% | 3.4% |
| Payout Ratio | 82.4% | 82.4% | 83.3% | 82.4% | 83.1% | 80.2% | 85.1% | 52.2% | 71.9% | 79.8% | 63.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.7% | 6.2% | 6.2% | 6.3% | 4.8% | 4.9% | 4.7% | 6.2% | 4.9% | 3.5% | 5.4% |
| FCF Yield | — | — | 0.0% | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 5.5% | 5.1% | 5.2% | 5.2% | 4.0% | 4.0% | 4.0% | 3.2% | 3.5% | 2.8% | 3.4% |
| Shares Outstanding | — | $81M | $79M | $76M | $73M | $70M | $68M | $66M | $66M | $65M | $64M |
Includes 30+ ratios · 30 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying AVA stock.
Avista Corporation's current P/E ratio is 14.9x. The historical average is 23.2x. This places it at the 23th percentile of its historical range.
Avista Corporation's current EV/EBITDA is 9.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.1x.
Avista Corporation's return on equity (ROE) is 7.3%. The historical average is 7.5%.
Based on historical data, Avista Corporation is trading at a P/E of 14.9x. This is at the 23th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Avista Corporation's current dividend yield is 5.53% with a payout ratio of 82.4%.
Avista Corporation has 24.2% gross margin and 18.0% operating margin. Operating margin between 10-20% is typical for established companies.
Avista Corporation's Debt/EBITDA ratio is 5.3x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Regulatory lag amid high CAPEX needs
Metrics are mathematically derived from official filings.
Yield-Driven Value Anchored by Rates
Avista's forward P/E of 14.46 and 5.2% dividend yield position it as a high-income alternative to bonds, though the yield is notably higher than peers like IDA (2.5%) and NWE (3.7%), suggesting the market is pricing in greater risk.
The current P/E is below the peer median of ~21x, likely reflecting the market's concern over Avista's elevated leverage and the uncertainty around its CETA-related capital recovery. The 5.2% dividend yield, significantly above the 10-year Treasury, is the primary return driver and is well-covered by operating cash flow, but the high payout ratio (114.3% in Q2 2026) signals that earnings-based coverage is inconsistent due to seasonal and hydro-related volatility.
Earned ROE Trails Authorized Levels
Based on reported figures, Avista's trailing quarterly ROE fluctuated between 0.5% and 3.4%, consistently below the typical authorized ROE range for regulated utilities in the 9.5-10.5% band, indicating a persistent regulatory earnings lag.
This gap suggests the current rate structure may not be fully compensating Avista for its ongoing capital investment and cost of service. The pattern of depressed earned returns in Q2 and Q3 quarters points to a seasonal drag from lower demand and unfavorable hydro conditions, which the regulatory recovery mechanisms have not yet fully smoothed. Investors should monitor upcoming general rate cases to see if allowed returns can close this structural gap.
Operating Margin Volatility Undermines Stability
Operating margin has swung dramatically from a low of 12.4% in Q2 2024 to a high of 23.5% in Q1 2026, a pattern typical for utilities exposed to fuel cost pass-throughs and hydro variability that obscures underlying operational efficiency.
The wide margin swings appear driven by the timing of regulatory cost recovery mechanisms like the Power Cost Adjustment, which defers and then recognizes fuel costs in lumpy intervals. The consistent margin compression in summer quarters suggests that during periods of lower load, fixed costs weigh more heavily before riders provide relief. This volatility complicates the assessment of true cost-control effectiveness, as reported margins are more a function of regulatory timing than operational performance.
Leverage Constrained by Regulatory Ceiling
The debt-to-capital ratio of 0.54 in Q2 2026, paired with an interest coverage ratio that plummeted to 1.26, signals that Avista's balance sheet is operating near the limits imposed by regulators and credit rating agencies.
The sustained high leverage, with the debt-to-equity ratio hovering around 1.2x, leaves minimal flexibility for the substantial equity infusions that typically accompany a major clean energy transition. The declining interest coverage, driven by both rising interest expense and volatile earnings, may indicate increasing strain on the capital structure that could necessitate a暂停 of growth investments or an untimely equity issuance.
Dividend Relies on External Funding
With a payout ratio of 114.3% in Q2 2026 and volatile quarterly coverage, Avista's dividend appears to be funded partially through external capital rather than consistently from retained earnings, highlighting its role as a key investor attraction.
The inconsistent payout ratio—swinging from 2.8% to 167.6% over the period—confirms that dividend sustainability is not a function of any single quarter's earnings but relies on the company's ability to access equity markets to maintain its long-term growth trajectory. While operating cash flow generally covers the dividend, the occasional dips below 1.0x coverage (e.g., Q4 2025) underscore the need for continued capital market access, which could be challenged if regulatory outcomes deteriorate.
The Misapplied P/E Ratio
The most commonly misapplied metric to Avista is its P/E ratio, which at 15.86 appears low compared to the peer median of ~21x but fails to account for the utility's unique regulatory lag and hydro-driven earnings volatility.
Comparing Avista's P/E to higher-growth peers like IDA (23.35) or MGE (21.06) can misleadingly suggest undervaluation. However, the P/E for a utility is a function of its authorized ROE and interest rates, not growth prospects. Avista's lower multiple likely reflects justified concerns about its earned ROE lagging the allowed level and the balance sheet strain from CETA compliance, rather than being a simple valuation discount. A more appropriate comparison is its dividend yield versus Treasury bonds, which remains compelling but carries higher risk.