OGE vs PNW: OGE Energy 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.
- Pinnacle West Capital is the larger company, worth $12.1B, about 1.2 times OGE Energy.
- Pinnacle West Capital grew revenue faster over the last year (+7.1% vs -0.6%).
- OGE Energy keeps more of each dollar of revenue as operating profit (24.4% vs 20.5%).
- On earnings, Pinnacle West Capital is the cheaper stock (18.6x vs 21.0x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | OGE | PNW |
|---|---|---|
| Market cap | $9.7B | $12.1B |
| Share price | $46.50 | $97.54 |
| Revenue (last fiscal year) | $3.2B | $5.3B |
| Free cash flow (last fiscal year) | $83M | -$820M |
| Revenue growth, last year | -0.6% | +7.1% |
| Revenue growth per year, last 5 fiscal years | -2.9% | +8.9% |
| Operating margin | 24.4% | 20.5% |
| Net margin | 14.4% | 11.5% |
| Return on equity | 9.3% | 9.1% |
| P/E (trailing) | 21.0x | 18.6x |
| Price / free cash flow | 117.8x | — |
| EV / EBITDA | 11.3x | 12.3x |
| FCF growth the price implies | 28.6% | — |
| Dividend yield | 3.6% | 3.7% |
| Debt / equity | 1.93x | 3.63x |
| Fundamental grade | D | D |
| Superinvestors holding it | 3 | 0 |
| Insider purchases, last 12 months | 1 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
OGE Energy
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $3.6B | -$1.0B | 15.2% |
| 2022 | $3.3B | -$98M | 19.7% |
| 2023 | $2.6B | $54M | 24.9% |
| 2024 | $2.9B | -$278M | 25.6% |
| 2025 | $3.2B | $83M | 25.1% |
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
OGE Energy
No segment breakdown reported.
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 OGE in InvestinglyQuestions
Which is bigger, OGE Energy or Pinnacle West Capital?
Pinnacle West Capital (PNW), at $12.1B against $9.7B.
Is OGE or PNW cheaper?
By trailing P/E, Pinnacle West Capital (18.6x) is cheaper than OGE Energy (21.0x). A lower multiple can also mean the market expects less growth.
Which grows faster, OGE or PNW?
Pinnacle West Capital: revenue grew +7.1% over the last year, against -0.6%.
More comparisons
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.