Avista vs OGE Energy
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The short version
- OGE Energy is the larger business, with $3.3B of revenue in fiscal 2025 against $2.0B for Avista, about 1.7 times as much.
- OGE Energy grew revenue faster (9.2%, against 1.3%).
- OGE Energy kept more of each dollar of sales as operating profit (24.5% operating margin, against 18.0%).
- OGE Energy turned more of its sales into free cash flow (2.5% FCF margin, against −5.1%).
- Investors pay more for each dollar of OGE Energy’s earnings: a P/E of 21.6x against 13.6x for Avista.
| Latest fiscal year | AVA · FY25 | OGE · FY25 |
|---|---|---|
| Size | ||
| Market cap | $3.1B | $10.0B |
| Revenue | $2.0B | $3.3B |
| Free cash flow | −$101M | $82.7M |
| Net income | $193M | $471M |
| Growth | ||
| Revenue growth | 1.3% | 9.2% |
| 5-year growth | 8.2% | 9.0% |
| Share count change | 2.8% | 0.6% |
| Profitability | ||
| Gross margin | — | 61.4% |
| Operating margin | 18.0% | 24.5% |
| Net margin | 9.8% | 14.4% |
| FCF margin | −5.1% | 2.5% |
| Return on capital | — | 6.5% |
| Return on equity | 7.3% | 9.8% |
| Balance sheet | ||
| Net debt | — | $5.7B |
| Net debt / EBITDA | — | 4.2x |
| Dividends and buybacks | $159M | $342M |
| Valuation & quality | ||
| P/E | 13.6x | 21.6x |
| Piotroski F-score | — | 6 |
Revenue
FY16
AVA $1.4B
OGE $2.3B
FY17
AVA $1.4B
OGE $2.3B
FY18
AVA $1.4B
OGE $2.3B
FY19
AVA $1.3B
OGE $2.2B
FY20
AVA $1.3B
OGE $2.1B
FY21
AVA $1.4B
OGE $3.7B
FY22
AVA $1.7B
OGE $3.4B
FY23
AVA $1.8B
OGE $2.7B
FY24
AVA $1.9B
OGE $3.0B
FY25
AVA $2.0B
OGE $3.3B
AVA
OGE
Operating margin
FY16
AVA 20.8%
OGE 23.5%
FY17
AVA 20.2%
OGE 23.5%
FY18
AVA 18.7%
OGE 21.6%
FY19
AVA 15.6%
OGE 22.6%
FY20
AVA 17.6%
OGE 24.6%
FY21
AVA 15.9%
OGE 14.9%
FY22
AVA 11.1%
OGE 19.2%
FY23
AVA 14.7%
OGE 24.3%
FY24
AVA 15.8%
OGE 25.0%
FY25
AVA 18.0%
OGE 24.5%
AVA
OGE
Free cash flow
FY16
AVA −$48.4M
OGE −$15.4M
FY17
AVA −$2.0M
OGE −$39.6M
FY18
AVA −$62.5M
OGE $378M
FY19
AVA −$44.3M
OGE $46.0M
FY20
AVA −$73.3M
OGE $62.3M
FY21
AVA −$173M
OGE −$1.0B
FY22
AVA −$328M
OGE −$98.5M
FY23
AVA −$52.0M
OGE $54.1M
FY24
AVA $1.0M
OGE −$278M
FY25
AVA −$101M
OGE $82.7M
AVA
OGE
Return on capital
FY16
AVA 5.9%
OGE 6.0%
FY17
AVA 4.9%
OGE 8.0%
FY18
AVA 5.9%
OGE 6.0%
FY19
AVA 4.6%
OGE 6.5%
FY20
AVA 5.3%
OGE 5.6%
FY21
AVA 4.8%
OGE 5.6%
FY22
AVA 3.9%
OGE 6.1%
FY23
AVA —
OGE 6.3%
FY24
AVA —
OGE 6.5%
FY25
AVA —
OGE 6.5%
AVA
OGE
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.