IDACORP, Inc.IDA
NYSE•Utilities•Utilities - Regulated Electric
IDACORP, Inc., together with its subsidiaries, engages in the generation, transmission, distribution, purchase, and sale of electric energy in the United States. The company operates 17 hydropower generating plants located in southern Idaho and eastern Oregon; and three natural gas-fired plants situated in southern Idaho, as well as interests in a coal-fired and natural gas-fired steam generating plant located in Wyoming; and interests in a coal-fired steam generating plant situated in Nevada. As of December 31, 2025, it had approximately 4,730 pole miles of high-voltage transmission lines; 23 step-up transmission substations located at power plants; 21 transmission substations; 12 switching stations; 31 mixed-use transmission and distribution substations; 188 energized distribution substations; approximately 30,020 linear miles of distribution lines; and a capacity of 1,228 MWh of battery storage. The company provides electric utility services to approximately 664,000 retail customers in southern Idaho and eastern Oregon. It serves commercial and industrial customers, which involved in food processing, electronics and general manufacturing, agriculture, health care, government, education, and information technology. The company also invests in housing and other real estate tax credit investments. IDACORP, Inc. was founded in 1915 and is headquartered in Boise, Idaho.
IDACORP, Inc. (IDA) reported trailing twelve months revenue of $1.78B as of March 2026, a 1.4% decline year-over-year. Quarterly revenue reached $403.41M, reflecting a contraction in sales.
IDACORP, Inc. generated $331.81M in TTM net income, with quarterly EBITDA of $149.20M. The operating margin expanded from 12.7% to 20.1%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (20.1%) and net margin (16.9%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 13.8% a year ago, signaling stronger bottom-line efficiency.
IDA trades at a P/E of 23.5x (in line with broad market averages) and a P/S of 4.4x. The price-to-book ratio of 2.1x reflects a moderate premium to book value.
The company reported negative free cash flow of $-295.71M, indicating cash consumption over the period. The balance sheet shows $10.59B in total assets with $3.68B in long-term debt against $3.64B in stockholders equity for a debt-to-equity ratio of 1.0. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~19.3%, suggesting durable pricing power and cost discipline.
ROE is positive at ~8.9% on average, adequate but below the threshold typically associated with wide moats.
Only 0 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.
Revenue has been flat or declining over recent quarters, which may indicate eroding demand or competitive pressure.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~20.8% — no sign of cost or pricing stress.
Free cash flow has been negative in 8 of the last 8 quarters — earnings are not translating to cash.
D/E ratio is 1.0 — conservative capital structure with low financial risk.
Revenue has softened, declining in 5 quarters. Monitor for further erosion.
The last 8 consecutive quarters had negative FCF — the company is burning cash and may need external funding.
Shares outstanding increased 5.5% — significant dilution, likely from stock compensation or capital raises.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation