Pinnacle West Capital Corporation (PNW) Margin Analysis

Pinnacle West Capital Corporation

PNW (NYSE)

(%)

Models
Pinnacle West Capital Corporation Margin Analysis

# --- Years and Quarters
assumptions.set({
    "timeseries": "annual",
    "data": {
        "#years": """
            4
        """,
        "#quarters": """
            8
        """,
    },
    "titles": {
        "#years": "Years",
        "#quarters": "Quarters",
    },
    "properties": {
        "width": "responsive",
        "title": "Years and Quarters",
        "id": "component-1",
        "bindTo": None
    },
    "descriptions": {
        "#years": r"""
The number of historical years used to render the annual chart and tables.
        """,
        "#quarters": r"""
The number of historical quarters used to render the quarterly chart and tables.
        """,
    }
})

# Render description block
model.render_description({
    "data": r"""
## Margin Analysis Report

Margins refer to the ratio between a financial report item and the revenue (example: Net Income Margin = Net Income / Revenue).

This analysis provides annual and quarterly sections for reporting key financial margins.
""",
    "properties": {
        "width": "responsive"
    }
})

# Render description block
model.render_description({
    "data": r"""
## Annual Section

The annual section uses annual data to calculate margins and growth rates.
""",
    "properties": {
        "width": "full"
    }
})

# --- Income Statement Margins
data.compute({
    "user:%revenueGrowthRate": """
        ( income:revenue / income:revenue:-1 ) - 1
    """,
    "user:%grossMargin": """
        income:grossProfit / income:revenue
    """,
    "user:%operatingMargin": """
        income:operatingIncome / income:revenue
    """,
    "user:%netMargin": """
        income:netIncome / income:revenue
    """,
}, forecast=0, timeseries="annual")

model.render_table({
    "timeseries": "annual",
    "data": {
        "income:revenue": "Revenue",
        "user:%revenueGrowthRate": "Revenue Growth Rate",
        "income:costOfRevenue": "Cost of Revenue",
        "income:grossProfit": "Gross Profit",
        "user:%grossMargin": "Gross Margin",
        "income:operatingIncome": "Operating Income",
        "user:%operatingMargin": "Operating Margin",
        "income:netIncome": "Net Income",
        "user:%netMargin": "Net Margin",
    },
    "start": data.get("""
        -assumption:#years
    """),
    "end": 0,
    "properties": {
        "title": "Income Statement Margins",
        "order": "descending",
        "number_format": "M",
        "include_ltm": True,
        "display_averages": False,
        "width": "responsive"
    }
})

# --- Cash Flow Statement Margins
data.compute({
    "user:%cashFromOperatingActivitiesMargin": """
        flow:netCashProvidedByOperatingActivities / income:revenue
    """,
    "user:%freeCashFlowMargin": """
        flow:freeCashFlow / income:revenue
    """,
    "user:%depreciationAndAmortizationMargin": """
        flow:depreciationAndAmortization / income:revenue
    """,
    "user:%capitalExpenditureMargin": """
        flow:capitalExpenditure / income:revenue
    """,
}, forecast=0, timeseries="annual")

model.render_table({
    "timeseries": "annual",
    "data": {
        "income:revenue": "Revenue",
        "flow:netCashProvidedByOperatingActivities": "Cash from Operating Activities",
        "user:%cashFromOperatingActivitiesMargin": "Cash from Operating Activities Margin",
        "flow:freeCashFlow": "Free Cash Flow",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
        "flow:depreciationAndAmortization": "Depreciation and Amortization",
        "user:%depreciationAndAmortizationMargin": "Depreciation and Amortization Margin",
        "flow:capitalExpenditure": "Capital Expenditure",
        "user:%capitalExpenditureMargin": "Capital Expenditure Margin",
    },
    "start": data.get("""
        -assumption:#years
    """),
    "end": 0,
    "properties": {
        "title": "Cash Flow Statement Margins",
        "order": "descending",
        "number_format": "M",
        "include_ltm": True,
        "display_averages": False,
        "width": "responsive"
    }
})

model.render_chart({
    "timeseries": "annual",
    "data": {
        "user:%grossMargin": "Gross Margin",
        "user:%operatingMargin": "Operating Margin",
        "user:%netMargin": "Net Margin",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
    },
    "start": data.get("""
        -assumption:#years
    """),
    "end": 0,
    "properties": {
        "title": "Annual Chart",
        "include_ltm": False,
        "set_editable": [],
        "hidden_keys": [],
        "bar_keys": ["user:%grossMargin", "user:%operatingMargin", "user:%netMargin", "user:%freeCashFlowMargin"],
        "width": "full"
    }
})

# Render description block
model.render_description({
    "data": r"""
## Quarterly Section

The quarterly section uses quarterly data to calculate margins and growth rates.
""",
    "properties": {
        "width": "full"
    }
})

model.render_table({
    "timeseries": "quarterly",
    "data": {
        "income:revenue": "Revenue",
        "user:%revenueGrowthRate": "Revenue Growth Rate",
        "income:costOfRevenue": "Cost of Revenue",
        "income:grossProfit": "Gross Profit",
        "user:%grossMargin": "Gross Margin",
        "income:operatingIncome": "Operating Income",
        "user:%operatingMargin": "Operating Margin",
        "income:netIncome": "Net Income",
        "user:%netMargin": "Net Margin",
    },
    "start": data.get("""
        -assumption:#quarters
    """),
    "end": 0,
    "properties": {
        "title": "Income Statement Margins",
        "order": "descending",
        "number_format": "M",
        "display_averages": False,
        "width": "responsive"
    }
})

model.render_table({
    "timeseries": "quarterly",
    "data": {
        "income:revenue": "Revenue",
        "flow:netCashProvidedByOperatingActivities": "Cash from Operating Activities",
        "user:%cashFromOperatingActivitiesMargin": "Cash from Operating Activities Margin",
        "flow:freeCashFlow": "Free Cash Flow",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
        "flow:depreciationAndAmortization": "Depreciation and Amortization",
        "user:%depreciationAndAmortizationMargin": "Depreciation and Amortization Margin",
        "flow:capitalExpenditure": "Capital Expenditure",
        "user:%capitalExpenditureMargin": "Capital Expenditure Margin",
    },
    "start": data.get("""
        -assumption:#quarters
    """),
    "end": 0,
    "properties": {
        "title": "Cash Flow Statement Margins",
        "order": "descending",
        "number_format": "M",
        "display_averages": False,
        "width": "responsive"
    }
})

model.render_chart({
    "timeseries": "quarterly",
    "data": {
        "user:%grossMargin": "Gross Margin",
        "user:%operatingMargin": "Operating Margin",
        "user:%netMargin": "Net Margin",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
    },
    "start": data.get("""
        -assumption:#quarters
    """),
    "end": 0,
    "properties": {
        "title": "Quarterly Chart",
        "set_editable": [],
        "hidden_keys": [],
        "bar_keys": ["user:%grossMargin", "user:%operatingMargin", "user:%netMargin", "user:%freeCashFlowMargin"],
        "width": "full"
    }
})

Years and Quarters

Years Years The number of historical years used to render the annual chart and tables.	#
Quarters Quarters The number of historical quarters used to render the quarterly chart and tables.	#

Margin Analysis Report

Margins refer to the ratio between a financial report item and the revenue (example: Net Income Margin = Net Income / Revenue).

This analysis provides annual and quarterly sections for reporting key financial margins.

Annual Section

The annual section uses annual data to calculate margins and growth rates.

Income Statement Margins

Monetary values in USD amounts except #	LTM Mar 10	2025 Dec 31	2024 Dec 31	2023 Dec 31	2022 Dec 31
Revenue	5,340	5,340	5,125	4,696	4,324
Revenue Growth Rate	0%	4.2%	9.13%	8.59%	13.68%
Cost of Revenue	3,479	3,983	2,988	2,851	2,616
Gross Profit	1,861	1,357	2,137	1,845	1,708
Gross Margin	34.86%	25.41%	41.7%	39.28%	39.5%
Operating Income	1,159	1,118	1,012	824.6	731.9
Operating Margin	21.7%	20.94%	19.75%	17.56%	16.93%
Net Income	616.5	616.5	608.8	501.6	483.6
Net Margin	11.55%	11.55%	11.88%	10.68%	11.18%

Cash Flow Statement Margins

Monetary values in USD amounts except #	LTM Mar 10	2025 Dec 31	2024 Dec 31	2023 Dec 31	2022 Dec 31
Revenue	5,340	5,340	5,125	4,696	4,324
Cash from Operating Activities	1,805	1,805	1,610	1,208	1,241
Cash from Operating Activities Margin	33.8%	33.8%	31.41%	25.72%	28.71%
Free Cash Flow	-819.5	-819.5	-639.4	-638.7	-466
Free Cash Flow Margin	-15.35%	-15.35%	-12.48%	-13.6%	-10.78%
Depreciation and Amortization	969.6	969.6	956.2	854.1	817.8
Depreciation and Amortization Margin	18.16%	18.16%	18.66%	18.19%	18.91%
Capital Expenditure	-2,625	-2,625	-2,249	-1,846	-1,707
Capital Expenditure Margin	-49.15%	-49.15%	-43.89%	-39.32%	-39.49%

Annual Chart

Monetary values in USD

{"sectionId": "section-chart-1", "sectionType": "chart", "title": "Annual Chart", "timeseries": "annual", "series": [{"label": "Gross Margin", "mappingKey": "user:%grossMargin", "data": [{"l": "2022", "x": "2022-12-31", "y": 39.5}, {"l": "2023", "x": "2023-12-31", "y": 39.28}, {"l": "2024", "x": "2024-12-31", "y": 41.7}, {"l": "2025", "x": "2025-12-31", "y": 25.41}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}, {"label": "Operating Margin", "mappingKey": "user:%operatingMargin", "data": [{"l": "2022", "x": "2022-12-31", "y": 16.93}, {"l": "2023", "x": "2023-12-31", "y": 17.56}, {"l": "2024", "x": "2024-12-31", "y": 19.75}, {"l": "2025", "x": "2025-12-31", "y": 20.94}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}, {"label": "Net Margin", "mappingKey": "user:%netMargin", "data": [{"l": "2022", "x": "2022-12-31", "y": 11.18}, {"l": "2023", "x": "2023-12-31", "y": 10.68}, {"l": "2024", "x": "2024-12-31", "y": 11.88}, {"l": "2025", "x": "2025-12-31", "y": 11.55}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}, {"label": "Free Cash Flow Margin", "mappingKey": "user:%freeCashFlowMargin", "data": [{"l": "2022", "x": "2022-12-31", "y": -10.78}, {"l": "2023", "x": "2023-12-31", "y": -13.6}, {"l": "2024", "x": "2024-12-31", "y": -12.48}, {"l": "2025", "x": "2025-12-31", "y": -15.35}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}], "editableDates": {}, "properties": {"display_table": false}, "width": "full"}

Quarterly Section

The quarterly section uses quarterly data to calculate margins and growth rates.

Income Statement Margins

Monetary values in USD amounts except #	2025 (Q4) Dec 31	2025 (Q3) Sep 30	2025 (Q2) Jun 30	2025 (Q1) Mar 31	2024 (Q4) Dec 31	2024 (Q3) Sep 30
Revenue	1,128	1,821	1,359	1,032	1,095	1,769
Revenue Growth Rate	-38.04%	34%	31.63%	-5.76%	-38.07%
Cost of Revenue	922.1	1,113	763.6	680.2	723.4	939.4
Gross Profit	206.1	708	595.1	352.1	372	829.4
Gross Margin	18.27%	38.88%	43.8%	34.11%	33.96%	46.89%
Operating Income	145	649.2	307.6	57.22	84.54	547
Operating Margin	12.85%	35.66%	22.63%	5.54%	7.72%	30.92%
Net Income	15.4	413.2	192.6	-4.64	-6.83	395
Net Margin	1.36%	22.69%	14.17%	-0.45%	-0.623%	22.33%

Cash Flow Statement Margins

Monetary values in USD amounts except #	2025 (Q4) Dec 31	2025 (Q3) Sep 30	2025 (Q2) Jun 30	2025 (Q1) Mar 31	2024 (Q4) Dec 31	2024 (Q3) Sep 30
Revenue	1,128	1,821	1,359	1,032	1,095	1,769
Cash from Operating Activities	476.8	665	261.4	401.9	439.5	633.2
Cash from Operating Activities Margin	42.26%	36.52%	19.24%	38.93%	40.12%	35.8%
Free Cash Flow	-192.7	41.95	-448.1	-220.7	-92.13	-32.65
Free Cash Flow Margin	-17.08%	2.3%	-32.98%	-21.38%	-8.41%	-1.85%
Depreciation and Amortization	238	239.4	241.6	250.7	244.6	246
Depreciation and Amortization Margin	21.09%	13.15%	17.78%	24.28%	22.33%	13.91%
Capital Expenditure	-669.5	-623	-709.5	-622.6	-531.6	-665.8
Capital Expenditure Margin	-59.35%	-34.22%	-52.22%	-60.31%	-48.53%	-37.64%

Quarterly Chart

Monetary values in USD

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