OGE Energy
OGE · Multi-Utilities
$48.41
1.0%Pinnacle West Capital
PNW · Multi-Utilities
$105.88
0.7%The short version
- Pinnacle West Capital is the larger business, with $5.3B of revenue in fiscal 2025 against $3.3B for OGE Energy, about 1.6 times as much.
- OGE Energy grew revenue faster (9.2%, against 4.2%).
- OGE Energy kept more of each dollar of sales as operating profit (24.5% operating margin, against 20.0% operating margin).
- OGE Energy turned more of its sales into free cash flow (2.5% FCF margin, against −15.4% FCF margin).
- OGE Energy earned a higher return on the capital invested in it (6.5%, against 5.4%).
- Investors pay more for each dollar of OGE Energy’s earnings: a P/E of 21.6x against 20.3x for Pinnacle West Capital.
| Latest fiscal year | OGE · FY25 | PNW · FY25 |
|---|---|---|
| Size | ||
| Market cap | $10.0B | $13.2B |
| Revenue | $3.3B | $5.3B |
| Free cash flow | $82.7M | −$820M |
| Net income | $471M | $632M |
| Growth | ||
| Revenue growth | 9.2% | 4.2% |
| 5-year growth | 9.0% | 8.3% |
| Share count change | 0.6% | 4.9% |
| Profitability | ||
| Gross margin | 61.4% | — |
| Operating margin | 24.5% | 20.0% |
| Net margin | 14.4% | 11.8% |
| FCF margin | 2.5% | −15.4% |
| Return on capital | 6.5% | 5.4% |
| Return on equity | 9.8% | 9.2% |
| Balance sheet | ||
| Net debt | $5.7B | $10.6B |
| Net debt / EBITDA | 4.2x | 5.2x |
| Dividends and buybacks | $342M | $423M |
| Valuation & quality | ||
| P/E | 21.6x | 20.3x |
| Piotroski F-score | 6 | 3 |
FY16
OGE $2.3B
PNW $3.5B
FY17
OGE $2.3B
PNW $3.6B
FY18
OGE $2.3B
PNW $3.7B
FY19
OGE $2.2B
PNW $3.5B
FY20
OGE $2.1B
PNW $3.6B
FY21
OGE $3.7B
PNW $3.8B
FY22
OGE $3.4B
PNW $4.3B
FY23
OGE $2.7B
PNW $4.7B
FY24
OGE $3.0B
PNW $5.1B
FY25
OGE $3.3B
PNW $5.3B
OGE
PNW
FY16
OGE 23.5%
PNW 23.9%
FY17
OGE 23.5%
PNW 25.5%
FY18
OGE 21.6%
PNW 21.0%
FY19
OGE 22.6%
PNW 19.4%
FY20
OGE 24.6%
PNW 22.0%
FY21
OGE 14.9%
PNW 21.2%
FY22
OGE 19.2%
PNW 16.9%
FY23
OGE 24.3%
PNW 17.6%
FY24
OGE 25.0%
PNW 19.8%
FY25
OGE 24.5%
PNW 20.0%
OGE
PNW
FY16
OGE −$15.4M
PNW −$252M
FY17
OGE −$39.6M
PNW −$291M
FY18
OGE $378M
PNW $99.0M
FY19
OGE $46.0M
PNW −$235M
FY20
OGE $62.3M
PNW −$360M
FY21
OGE −$1.0B
PNW −$613M
FY22
OGE −$98.5M
PNW −$466M
FY23
OGE $54.1M
PNW −$639M
FY24
OGE −$278M
PNW −$639M
FY25
OGE $82.7M
PNW −$820M
OGE
PNW
FY16
OGE 6.0%
PNW 6.4%
FY17
OGE 8.0%
PNW 6.3%
FY18
OGE 6.0%
PNW 6.2%
FY19
OGE 6.5%
PNW 6.5%
FY20
OGE 5.6%
PNW 6.1%
FY21
OGE 5.6%
PNW 5.4%
FY22
OGE 6.1%
PNW 4.6%
FY23
OGE 6.3%
PNW 4.9%
FY24
OGE 6.5%
PNW 5.5%
FY25
OGE 6.5%
PNW 5.4%
OGE
PNW
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.