Avista Corporation (AVA) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+5.9%

$40.56

vs $38.32 price

Levered DCF

$44.47

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.87

Distress zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	16.19×	16.07×	15.96×	20.82×	20.14×	21.02×	16.14×	20.42×
P/B	1.15×	1.11×	1.1×	1.39×	1.38×	1.34×	1.64×	1.57×
P/S	1.59×	1.49×	1.56×	1.89×	2.07×	2.06×	2.37×	2×
EV / EBITDA	9.9×	9.92×	10.57×	13.77×	12.1×	11.32×	10.16×	10.92×
Gross margin	24.2%	58.8%	59.9%	57.0%	65.5%	69.9%	67.3%	64.6%
Operating margin	18.0%	15.8%	14.7%	11.1%	15.9%	17.6%	15.6%	18.7%
Net margin	9.8%	9.3%	9.8%	9.1%	10.2%	9.8%	14.6%	9.8%
Current ratio	0.83×	0.85×	0.85×	0.75×	0.48×	0.68×	0.57×	0.54×
Debt / equity	1.25×	1.2×	1.22×	1.25×	1.21×	1.18×	1.16×	1.19×
Interest coverage	2.39×	2.11×	1.85×	1.65×	2.23×	2.3×	2.1×	2.69×
Dividend yield	5.1%	5.2%	5.2%	4.0%	4.0%	4.0%	3.2%	3.5%
Payout ratio	82.4%	83.3%	82.4%	83.1%	80.2%	85.1%	52.2%	71.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.1%	6.9%	6.9%	6.6%	6.8%	6.4%	10.2%	7.7%
Return on invested capital	3.8%	4.0%	3.5%	2.7%	3.3%	3.6%	3.1%	4.0%
Return on assets	2.2%	2.3%	2.2%	2.1%	2.1%	2.0%	3.2%	2.4%
Free cash flow yield	-3.2%	0.0%	-1.9%	-10.1%	-5.8%	-2.7%	-1.4%	-2.2%
Earnings yield	6.2%	6.2%	6.3%	4.8%	5.0%	4.7%	6.2%	4.9%
Enterprise value	$6.5B	$6B	$5.7B	$6.1B	$5.6B	$5.1B	$5.4B	$4.9B
Net debt / EBITDA	5.13×	5.13×	5.53×	6.52×	5.62×	5.27×	4.21×	4.68×
Cash conversion cycle (days)	66	76	60	14	24	23	12	11