EMA vs PNW: Emera and Pinnacle West Capital compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Emera is the larger company, worth $13.9B, close to Pinnacle West Capital's $12.1B.
- Emera grew revenue faster over the last year (+21.9% vs +7.1%).
- Emera keeps more of each dollar of revenue as operating profit (22.5% vs 20.5%).
- On earnings, Pinnacle West Capital is the cheaper stock (18.6x vs 19.2x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | EMA | PNW |
|---|---|---|
| Market cap | $13.9B | $12.1B |
| Share price | $45.66 | $97.54 |
| Revenue (last fiscal year) | $8.8B | $5.3B |
| Free cash flow (last fiscal year) | -$1.7B | -$820M |
| Revenue growth, last year | +21.9% | +7.1% |
| Revenue growth per year, last 5 fiscal years | +11.1% | +8.9% |
| Operating margin | 22.5% | 20.5% |
| Net margin | 11.6% | 11.5% |
| Return on equity | 7.6% | 9.1% |
| P/E (trailing) | 19.2x | 18.6x |
| Price / free cash flow | — | — |
| EV / EBITDA | 12.7x | 12.3x |
| FCF growth the price implies | — | — |
| Dividend yield | 6.5% | 3.7% |
| Debt / equity | 2.35x | 3.63x |
| Fundamental grade | C | D |
| Superinvestors holding it | 2 | 0 |
| Insider purchases, last 12 months | 0 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Emera
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $5.8B | -$1.2B | 16.1% |
| 2022 | $7.6B | -$1.7B | 21.5% |
| 2023 | $7.6B | -$696M | 23.7% |
| 2024 | $7.2B | -$505M | 15.0% |
| 2025 | $8.8B | -$1.7B | 22.5% |
Pinnacle West Capital
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $3.8B | -$613M | 21.2% |
| 2022 | $4.3B | -$466M | 16.9% |
| 2023 | $4.7B | -$639M | 17.6% |
| 2024 | $5.1B | -$639M | 19.7% |
| 2025 | $5.3B | -$820M | 20.0% |
Where the revenue comes from
Emera · by segments, 2025
Florida Electric Utility$4.3B49%
Canadian Electric Utilities$1.9B22%
Gas Utilities and Infrastructure$1.8B20%
Other Electric Utilities$577M7%
Other$206M2%
Pinnacle West Capital · by products, 2025
Electric and Transmission Service$5.3B100%
Other Sources$17M0%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open EMA in InvestinglyQuestions
Which is bigger, Emera or Pinnacle West Capital?
Emera (EMA), at $13.9B against $12.1B.
Is EMA or PNW cheaper?
By trailing P/E, Pinnacle West Capital (18.6x) is cheaper than Emera (19.2x). A lower multiple can also mean the market expects less growth.
Which grows faster, EMA or PNW?
Emera: revenue grew +21.9% over the last year, against +7.1%.
More comparisons
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.