Latest Ratios: P/E Ratio 17.1x · EV/EBITDA 10.4x · 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 | $3.4B | $3.1B | $2.9B | $2.7B | $3.2B | $3.0B | $2.7B | $3.2B | $2.8B | $3.3B | $2.6B |
| Enterprise Value | $6.7B | $6.5B | $6.0B | $5.7B | $6.2B | $5.6B | $5.1B | $5.4B | $4.9B | $5.2B | $4.4B |
| P/E Ratio → | 17.08 | 16.19 | 16.07 | 15.96 | 20.92 | 20.23 | 21.13 | 16.19 | 20.52 | 28.77 | 18.60 |
| P/S Ratio | 1.71 | 1.59 | 1.49 | 1.56 | 1.90 | 2.07 | 2.07 | 2.37 | 2.01 | 2.31 | 1.77 |
| P/B Ratio | 1.22 | 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 | 7.16 | 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 | 10.45 | 10.08 | 10.30 | 10.96 | 13.87 | 12.07 | 11.18 | 13.06 | 10.91 | 11.40 | 9.68 |
| EV / EBIT | 18.97 | 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 | 4.8% | 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 | 5.9% | 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 | 4.8% | 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 |
Regulatory lag and leverage
According to current market data, Avista trades at a forward P/E of 16.06, which appears to reflect a cautious market sentiment regarding the company's ability to consistently achieve its authorized return on equity amidst ongoing capital expenditure requirements and regional regulatory pressures in the Pacific Northwest.
The current valuation suggests that investors are pricing the stock as a bond proxy, yet the lack of consistent earnings growth relative to the 4.7% dividend yield indicates that the market is demanding a risk premium for regulatory lag. This valuation level warrants further investigation into whether the current P/E adequately compensates for the potential for future rate case outcomes in Washington and Idaho.
Based on reported quarterly figures, Avista's ROE has fluctuated significantly, reaching a low of 0.5% in 2025Q2, which suggests a persistent and material gap between the company's actual performance and the regulatory authorized returns necessary to support its long-term capital investment program.
This volatility in earned ROE appears to be driven by the interplay between hydro-variability and the timing of rate recovery mechanisms. Investors should monitor whether future regulatory filings can effectively shorten the lag between infrastructure deployment and the realization of authorized returns, as the current trend indicates a struggle to maintain consistent profitability.
As reported in financial statements, the company's debt-to-capital ratio has remained elevated, consistently hovering around 0.55 over the last ten quarters, which indicates a highly leveraged capital structure that may limit the utility's ability to absorb unexpected shocks or fund aggressive decarbonization initiatives.
The sustained reliance on debt to fund the rate base expansion appears to be pressuring interest coverage ratios, which have shown significant volatility. This leverage profile suggests that the company's balance sheet remains vulnerable to interest rate fluctuations, potentially constraining future dividend growth or necessitating further equity issuance.
Based on the provided data, the dividend payout ratio has exhibited extreme volatility, spiking to 167.6% in 2025Q4, which suggests that the company's ability to fund its dividend from operating cash flow is currently strained by high capital expenditure requirements and inconsistent earnings performance.
The inconsistency in dividend coverage ratios implies that the current payout level may not be fully supported by internal cash generation, forcing a reliance on external financing. Investors should monitor whether the company can stabilize its operating cash flow to ensure the long-term sustainability of the dividend without further diluting shareholders.
As indicated by the company's 3.81 PEG ratio, the market's reliance on standard P/E multiples for Avista likely obscures the impact of regulatory decoupling and hydro-variability, which can artificially depress earnings in any given quarter and make the stock appear more expensive than its underlying utility value.
Analysts should instead focus on the relationship between the rate base growth and the authorized ROE, as standard P/E comparisons fail to account for the specific regulatory accounting nuances of the Pacific Northwest. Relying on P/E without adjusting for these regulatory assets may lead to an inaccurate assessment of the company's true earnings power.
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Quick answers to the most common questions about buying AVA stock.
Avista Corporation's current P/E ratio is 17.1x. The historical average is 23.2x. This places it at the 47th percentile of its historical range.
Avista Corporation's current EV/EBITDA is 10.4x. 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 17.1x. This is at the 47th 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 4.82% 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.