olivLaw · US equity research
Avista Corp. AVA
Electric & Other Services Combined · SIC 4931 · Vertical: Electric & Other Services Combined (SIC 4931)
Avista Corp. is an electric and natural gas utility headquartered in Spokane, Washington, serving about 429,000 retail electric customers in the Pacific Northwest. It matters now because the company must invest in generation, transmission and storage to meet growing demand and the retirement of Colstrip, while rate decisions with regulators are central to its results.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Avista Corp. (AVA) stock was 40.17 USD (+5.41% on the day), with market capitalisation 3.4 bn USD, P/E 13.5 on diluted EPS of 2.98 USD over the last 12 months, dividend yield 4.90%, beta 0.05, 52-week range 34.79–43.08 USD. Latest reported quarter (Q3 2026): revenue of 421.0 m USD (+4.5% YoY), net income of 49.0 m USD (+69.0% YoY), diluted EPS 0.57 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 74.4
- overbought (≥ 70)
- Bollinger (20, 2)
- 34.90 – 39.21
- above the upper band · %B 1.22 · band width 11.6%
- SMA 50 / 200
- 36.70 / 39.74
- mixed trend
- MACD (12, 26, 9)
- 0.62 / 0.31
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +14.3% | −1.1% | +15.4 pp | — |
| 3 months | +3.4% | −0.5% | +3.9 pp | — |
| 6 months | −1.0% | +4.4% | −5.4 pp | — |
| Year to date | +4.2% | +12.3% | −8.1 pp | — |
| 1 year | +3.8% | +13.5% | −9.7 pp | +5.4% |
| 3 years | +14.6% | +76.4% | −61.8 pp | +32.3% |
| 5 years | −0.3% | +63.7% | −64.0 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 533.0 m | 617.0 m | 411.0 m | 403.0 m | 533.0 m | 570.0 m | 413.0 m | 421.0 m |
| Operating income | 102.0 m | 125.0 m | 57.0 m | 60.0 m | 112.0 m | 134.0 m | 54.0 m | 66.0 m |
| Depreciation & amortisation | 70.0 m | 71.0 m | 72.0 m ≈ | 73.0 m ≈ | 73.0 m | 67.0 m | 68.0 m ≈ | 75.0 m ≈ |
| Pre-tax income | 68.0 m | 91.0 m | 15.0 m | 31.0 m | 80.0 m | 105.0 m | 41.0 m | 56.0 m |
| Income tax | 1.0 m | 12.0 m | 1.0 m | 2.0 m | 9.0 m | 13.0 m | 6.0 m | 7.0 m |
| Net income | 67.0 m | 79.0 m | 14.0 m | 29.0 m | 71.0 m | 92.0 m | 35.0 m | 49.0 m |
| Diluted EPS | 0.84 ≈ | 0.98 | 0.17 | 0.36 | 0.87 ≈ | 1.11 | 0.43 | 0.57 |
| Operating cash flow | 90.0 m | 184.0 m | 40.0 m ≈ | 170.0 m ≈ | 75.0 m | 179.0 m | 122.0 m ≈ | 134.0 m ≈ |
| Capex | 128.0 m | 103.0 m | 143.0 m ≈ | 133.0 m ≈ | 191.0 m | 150.0 m | 176.0 m ≈ | 185.0 m ≈ |
| Dividends paid | 38.0 m | 40.0 m | 39.0 m ≈ | 40.0 m ≈ | 40.0 m | 41.0 m | 40.0 m ≈ | 43.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 3 percentile of its own 40-quarter history (min 11.8, median 18.7, max 30.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.4 bn | 1.3 bn | 1.3 bn | 1.4 bn | 1.7 bn | 1.8 bn | 1.9 bn | 2.0 bn |
| Revenue YoY | −3.4% | −3.7% | −1.8% | +8.9% | +18.8% | +2.5% | +10.6% | +1.3% |
| Net income | 136.4 m | 197.0 m | 129.5 m | 147.3 m | 155.0 m | 171.0 m | 180.0 m | 193.0 m |
| Net income YoY | +17.7% | +44.4% | −34.3% | +13.8% | +5.2% | +10.3% | +5.3% | +7.2% |
| Diluted EPS | 2.07 | 2.97 | 1.90 | 2.10 | 2.12 | 2.24 | 2.29 | 2.38 |
| Diluted EPS YoY | +15.6% | +43.5% | −36.0% | +10.5% | +1.0% | +5.7% | +2.2% | +3.9% |
| net % | 9.8% | 14.6% | 9.8% | 10.2% | 9.1% | 9.8% | 9.3% | 9.8% |
| Free cash flow | -62.5 m | -44.3 m | -73.3 m | -172.6 m | -328.0 m | -52.0 m | 1.0 m | -101.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 19.0 m USD
- Financial debt
- 388.0 m USD
- Net debt
- 369.0 m USD
- Equity
- 2.7 bn USD
- Total assets
- 8.4 bn USD
- Debt / equity
- 0.14x
- Current ratio
- 0.83x
- ROE
- 7.3%
- ROA
- 2.4%
- FCF margin
- -5.1%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.3 bn | 1.4 bn | 1.7 bn | 1.8 bn | 1.9 bn | 2.0 bn | SEC (XBRL)· 25 Feb 2026verified |
| Operating income | 232.7 m | 228.2 m | 190.0 m | 258.0 m | 306.0 m | 354.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Depreciation & amortisation | 224.2 m | 232.2 m | 253.0 m | 265.0 m | 274.0 m | 289.0 m | SEC (XBRL)· 25 Feb 2026verified |
| EBITDA | 456.9 m ≈ | 460.4 m ≈ | 443.0 m ≈ | 523.0 m ≈ | 580.0 m ≈ | 643.0 m ≈ | SEC (XBRL)· 25 Feb 2026derived |
| Pre-tax income | 136.5 m | 159.4 m | 138.0 m | 137.0 m | 183.0 m | 217.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Income tax | 7.1 m | 12.0 m | -17.0 m | -34.0 m | 3.0 m | 24.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Net income | 129.5 m | 147.3 m | 155.0 m | 171.0 m | 180.0 m | 193.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Diluted EPS | 1.90 | 2.10 | 2.12 | 2.24 | 2.29 | 2.38 | SEC (XBRL)· 25 Feb 2026verified |
| Weighted average diluted shares | 68.1 m | 70.1 m | 73.1 m | 76.5 m | 78.8 m | 81.1 m | SEC (XBRL)· 25 Feb 2026verified |
| Dividend per share | 1.62 | 1.69 | 1.76 | 1.84 | 1.90 | 1.96 | SEC (XBRL)· 25 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 14.2 m | 22.2 m | 13.4 m | 35.0 m | 30.0 m | 19.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Receivables | — | — | — | — | 205.0 m | 220.0 m | SEC (XBRL)· 05 May 2026verified |
| Inventories | 67.5 m | 84.7 m | 107.7 m | 160.0 m | 193.0 m | 236.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Current assets | 344.0 m | 434.5 m | 721.8 m | 662.0 m | 656.0 m | 729.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Goodwill | 52.4 m | 52.4 m | 52.4 m | 52.0 m | 52.0 m | 52.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Total assets | 6.4 bn | 6.9 bn | 7.4 bn | 7.7 bn | 7.9 bn | 8.4 bn | SEC (XBRL)· 25 Feb 2026verified |
| Accounts payable | 106.6 m | 133.1 m | 203.0 m | 143.0 m | 125.0 m | 163.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Short-term debt | 203.0 m | 284.0 m | 463.0 m | 349.0 m | 354.0 m | 388.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Long-term debt | 2.0 bn | 1.9 bn | 2.3 bn | — | — | — | SEC (XBRL)· 22 Feb 2023verified |
| Current liabilities | 505.9 m | 913.1 m | 964.5 m | 775.0 m | 771.0 m | 878.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Total liabilities | 4.4 bn | 4.7 bn | 5.1 bn | 5.2 bn | 5.4 bn | 5.7 bn | SEC (XBRL)· 25 Feb 2026verified |
| Equity | 2.0 bn | 2.2 bn | 2.3 bn † | 2.5 bn † | 2.6 bn † | 2.7 bn † | SEC (XBRL)· 25 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 331.0 m | 267.3 m | 124.0 m | 447.0 m | 534.0 m | 469.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Capex | 404.3 m | 439.9 m | 452.0 m | 499.0 m | 533.0 m | 570.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Free cash flow | -73.3 m ≈ | -172.6 m ≈ | -328.0 m ≈ | -52.0 m ≈ | 1.0 m ≈ | -101.0 m ≈ | SEC (XBRL)· 25 Feb 2026derived |
| Investing cash flow | -410.7 m | -444.9 m | -460.0 m | -510.0 m | -539.0 m | -564.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Financing cash flow | 84.0 m | 185.5 m | 327.0 m | 85.0 m | 0 | 84.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Dividends paid | 110.3 m | 118.2 m | 129.0 m | 141.0 m | 150.0 m | 159.0 m | SEC (XBRL)· 25 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
3 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 80 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 3.4 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation96
- Balance sheet69
- Quality75
- Growth51
- Returns92
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 25.76 – 110.76 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Dividend discount (DDM)25.76 – 34.64 (Mid 29.54)
- Peers: EV/EBITDA82.50 – 110.76 (Mid 101.19)10 companies used · median multiple 13.5x · quartiles 11.1x – 14.8xAEE, CMS, DUK, EVRG, EXC, LNT, NI, NWE, WEC, XEL
- Peers: P/E54.50 – 63.78 (Mid 59.23)13 companies used · median multiple 19.9x · quartiles 18.3x – 21.4xAEE, CMS, DUK, ED, EVRG, EXC, GNE, LNT, NI, PEG, UTL, WEC, XEL
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 80/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 10.7% | 87 (vs peers) | 7% |
| Net margin · Quality | 12.8% | 63 (vs peers) | 7% |
| Revenue CAGR 3Y · Growth | 4.7% | 67 (on a fixed band) | 7% |
| EPS CAGR 3Y · Growth | 3.9% | 39 (on a fixed band) | 10% |
| Net debt / EBITDA · Balance sheet | 0.5x | 82 (vs peers) | 14% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.0x | 32 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 13.5x | 93 (vs peers) | 14% |
| EV/EBITDA · Valuation | 5.6x | 100 (vs peers) | 12% |
| Dividend yield · Returns | 4.9% | 100 (vs peers) | 17% |
| Payout ratio (EPS) · Returns | 66.1% | 73 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet69/100 · 2/3 factors with a value
- Growth51/100 · 2/2 factors with a value
- Quality75/100 · 2/2 factors with a value
- Returns92/100 · 2/2 factors with a value
- Valuation96/100 · 2/2 factors with a value
Memo
AVISTA CORP (AVA). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 2.0 bn USD in 2025; YoY growth 1.3%; net margin 12.8%; ROE 9.0%; net debt/EBITDA 0.5x.
The estimated value range is 54.50–63.78 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 59.23 USD, the price of 40.17 USD leaves a potential of 47.5% (value / price − 1) and a margin of safety of 32.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 80/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 10.7%
- Net debt / EBITDA: 0.5x
- P/E (TTM): 13.5x
- EV/EBITDA: 5.6x
- Dividend yield: 4.9%
- Payout ratio (EPS): 66.1%
- The price is below the estimated value range
What contradicts it
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Interest coverage.
Versus the vertical median
Electric & Other Services Combined (SIC 4931) · same industry (4-digit SIC) · compared with 17 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DUKDuke Energy CORP | 101.0 bn | 19.8 | 9.8% | 15.8% | +5.6% | +5% / +40% |
| XELXcel Energy Inc | 51.7 bn | 18.8 | 11.4% | — | +1.2% | −2% / +32% |
| EXCExelon Corporation | 47.3 bn | 16.9 | 9.8% | 11.2% | +5.3% | −2% / +20% |
| EDConsolidated Edison Inc | 44.3 bn | 20.3 | 8.7% | 12.5% | +10.9% | +20% / +34% |
| WECWec Energy Group, Inc. | 38.9 bn | 21.4 | 12.5% | 17.6% | +14.0% | +5% / +41% |
| PEGPublic Service Enterprise Group Incorporated | 36.5 bn | 18.2 | 11.8% | 16.0% | +18.3% | −12% / +17% |
| PCGPg&E Corp | 35.9 bn | 9.6 | 9.7% | 12.3% | +2.1% | −17% / −22% |
| AEEAmeren Corp | 31.3 bn | 19.9 | 12.1% | 17.9% | +15.4% | +6% / +46% |
| CMSCms Energy Corp | 22.3 bn | 21.3 | 11.3% | 11.6% | +13.6% | −6% / +25% |
| NINiSource Inc. | 21.7 bn | 23.1 | 10.1% | 8.2% | +23.5% | +3% / +77% |
| EVRGEvergy, Inc. | 19.9 bn | 22.9 | 8.8% | 14.6% | +2.0% | +11% / +69% |
| LNTAlliant Energy Corp | 19.1 bn | 23.1 | 11.3% | 18.6% | +9.6% | +6% / +46% |
| NWENorthwestern Energy Group, Inc. | 5.0 bn | 29.6 | 5.9% | 10.1% | +6.4% | +19% / +63% |
| AVAAvista Corp | 3.4 bn | 13.5 | 9.0% | 12.8% | +1.3% | +4% / +15% |
| UTLUnitil Corporation | 1.0 bn | 18.3 | 9.0% | 9.1% | +8.3% | +13% / +17% |
| VIVOVivopower PLC | 46.7 m | — | — | -20,970.5% | +281.3% | −42% / −16% |
| GRDXGridAI Technologies Corp. | 38.7 m | — | -480.5% | -56,864.0% | unavailable | +82% / −67% |
| GNEGenie Energy Ltd. | — | 18.0 | 11.2% | 5.1% | +18.1% | +18% / −30% |
1- and 3-year price returns: for AVA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 23.57 Total return -37% · Per year -37% | 41.66 Total return 9% · Per year 9% | 62.75 Total return 62% · Per year 62% |
| 3 years | 22.98 Total return -31% · Per year -12% | 45.69 Total return 30% · Per year 9% | 75.55 Total return 108% · Per year 28% |
| 5 years | 22.40 Total return -26% · Per year -6% | 50.11 Total return 53% · Per year 9% | 90.96 Total return 164% · Per year 21% |
- Exit P/E± 11.42
- Net margin± 8.00
- Annual revenue growth± 6.55
- Annual dilution± 0.67
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 03 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
In brief
Avista Corp. is an electric and natural gas utility headquartered in Spokane, Washington, serving about 429,000 retail electric customers in the Pacific Northwest 1. It matters now because the company must invest in generation, transmission and storage to meet growing demand and the retirement of Colstrip, while rate decisions with regulators are central to its results 12.
SWOT
Strengths
- The company holds a diversified resource portfolio with a significant hydroelectric share and a large base of regulated customers 1.
- Recovery mechanisms such as wildfire and insurance balancing accounts and decoupling were reaffirmed by the Washington regulator 1.
- The company confirmed its 2026 earnings guidance and has a clearly stated long-term investment strategy 3.
Weaknesses
- Operating costs are growing faster than revenues, which pressures margins in the regulated business 1.
- Actual power supply costs have repeatedly exceeded the level included in base rates, creating recovery lags 12.
- Other businesses recorded investment losses in 2025, and their results are difficult to predict 3.
Opportunities
- Regional electricity demand could create opportunities for new generation, transmission and storage projects, subject to regulatory approval 12.
- Demand response programs and battery storage projects selected through a request for proposals could reduce peak needs 1.
- If proposed rate increases are approved, regulated revenues could rise meaningfully in the coming period 2.
Threats
- Wildfire risk from company equipment could bring financial liability and reputational damage 1.
- Extreme weather and natural disasters could interrupt generation and distribution, with high repair costs 1.
- Uncertainty around trade tariffs and imported gas availability could raise capital and operating costs 1.
Risks
- Rate recoveryhigh
If regulators decline or reduce requested rate increases, the company could fail to recover its full costs and investments 12.
- Wildfire liabilityhigh
A fire linked to company equipment could lead to damage claims, suppression costs and higher insurance premiums 12.
- Power purchase costsmedium
If energy prices rise, actual costs could exceed the level built into rates, and the recovery mechanism could prove insufficient 12.
- Cyber and physical attacksmedium
Technology systems and critical infrastructure could be disrupted by attacks, causing lost revenue and repair costs 1.
- Technology projectslow
The ERP system and other technology projects could be delayed or exceed budget, affecting results 1.
Investment thesis
What would need to be true (bull case)
- Growing demand and the need for new resources could justify significant investment in the regulated asset base, supporting long-term earnings growth 12.
- If results remain in line with the confirmed guidance, the company could demonstrate cost discipline and operational execution 3.
- Decoupling and cost recovery mechanisms for wildfire and insurance could reduce revenue volatility 1.
What would break the thesis
- If regulators grant smaller increases than requested, returns could remain below expectations 12.
- Wildfire, climate and power cost risks could produce unforeseen losses and higher debt 12.
- Gains from investments in other businesses are volatile, and the 2025 losses show they can reduce total results 3.
What to watch
- Washington commission decision on the four-year rate plan filed in January 20262027
- Development of non-GAAP utility earnings against guidance and delivery of base capital expendituresQ4 2026
- Resumption or cancellation of negotiations with data center developers in Washington2026
- Impact of 2026 wildfires on insurance costs and any potential liabilitiesnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 03 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
The business
Avista Corp., incorporated in the state of Washington in 1889, is primarily an electric and natural gas utility headquartered in Spokane 1. It serves the Inland Northwest region, eastern Washington and northern Idaho, and through its subsidiary AEL&P provides electric service in Juneau, Alaska 1. At the end of 2025, Avista Utilities supplied electricity to approximately 429,000 customers and natural gas to approximately 386,000 customers 1. The company reports two segments, Avista Utilities and AEL&P, plus other activities such as venture fund and real estate investments 1.
The generation profile of Avista Utilities combines hydroelectric, thermal and contracted renewable resources 1. As of December 31, 2025, the mix included approximately 48 percent hydroelectric, 37 percent thermal and 15 percent other renewables 1. On January 1, 2026, the company transferred its 15 percent interest in Colstrip to NorthWestern, shifting the mix to approximately 53 percent hydroelectric and 32 percent thermal 1.
Results in 2025 were supported by approved rate increases, and in the first half of 2026 the company confirmed its 2026 non-GAAP utility earnings guidance of $2.52 to $2.72 per diluted share 3. For 2026, the company expects base capital expenditures of $615 million 2.
Segments
Avista Utilities
The main segment, covering regulated operations in Washington, Idaho, Oregon and Montana, earned net income of $201 million in 2025 1. It includes electric distribution and transmission, natural gas distribution, and operation of hydroelectric, thermal, wind and solar resources 1.
AEL&P
AEL&P is a regulated subsidiary supplying electricity in Juneau, Alaska, and relies heavily on the Snettisham hydroelectric project, which provides about two-thirds of its hydro generation 1. Its net income was lower in 2025 than in earlier years, and the segment remains small relative to Avista Utilities 1.
Market context
The Pacific Northwest utility market faces rising load, more frequent extreme weather and a transition toward more variable energy resources 1. Retirements of coal plants across the western United States could change the availability and price of wholesale purchased power, and the need for additional capacity is increasingly visible 1. In 2026 the company also received interconnection requests from data center developers, which it paused temporarily to evaluate grid impacts 2.
The market is regulated at state level, and rates depend on approvals from the Washington, Idaho and Oregon commissions 1. Regional demand could grow if electrification projects and new industrial loads materialize, but these developments remain uncertain 12.
Trends
- Rising demand and limited capacityheadwind
Extreme weather and load growth have produced peaks higher than anticipated, and the company has at times had to buy short-term energy to meet demand 1. If the region does not add new resources, pressure on purchase costs could increase.
- Energy transition and the Colstrip exitmixed
Washington law bars use of coal-fired energy for retail customers after December 31, 2025, and the transfer of the Colstrip interest changed the generation structure 1. The transition could require new investment in renewables and storage 1.
- Regulation and cost recoverymixed
The lag between investment and approved rates can affect returns, and the company has filed a four-year rate plan for 2027 to 2030 12. If regulators grant smaller increases than requested, revenues could be affected.
- Wildfire events and climate riskheadwind
Several wildfires occurred within the service territory in 2026, and the company applied enhanced system protections and public safety power shutoffs 2. Wildfire risk, amplified by high winds and dry conditions, could generate liability and insurance costs.
Competitive position
Avista operates in regulated regional utility markets, and direct competition appears mainly in wholesale energy purchasing, capacity projects and in retaining large industrial customers who can procure their own power 12. The departure of a large industrial customer from Avista supply has already reduced sales volumes 1.
Competition for new resource projects includes independent power suppliers offering energy and capacity contracts, as well as demand response programs that the company selected for 2026 and later years 1.
- NorthWesternNWE
Took over Avista's Colstrip interest effective January 1, 2026, making it both a partner and a presence in Montana generation 1.
- Portland General Electric
Operates the Coyote Springs 2 plant, in which Avista holds an interest, making it an operating partner and relevant regional supplier 1.
- Independent power suppliers
Large industrial customers can buy power directly from wholesale markets, which has reduced load served by Avista 12.
- Data center developers
They compete for grid capacity and available energy, and their requests were temporarily paused by Avista for evaluation 2.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Old'aVista – The most powerful guide to the old InternetHacker News · 08 Jun 2026 · EN
The latest news item in our archive is from 08 Jun 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report04 Nov 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report04 Nov 2026
- Current report19 Aug 2026Amendments to articles or bylaws
- Current report03 Aug 2026Other events · Financial statements and exhibits
- Current report03 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report03 Aug 2026
- Current report02 Jul 2026Departure or appointment of officers
- Current report12 Jun 2026Other events · Financial statements and exhibits
- Current report02 Jun 2026Other events
- Current report20 May 2026Material agreement · Creation of a direct financial obligation · Shareholder vote · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Avista Corp. · 25 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Avista Corp. · 03 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Avista Corp. · 03 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.