Avista Corporation (AVA) 株式分析

企業概要

Avista Corporation operates as a diversified utility entity within the United States, providing essential electric distribution and natural gas services through its two primary segments, Avista Utilities and Alaska Electric Light and Power Company. This positioning places the firm firmly within the Utilities sector, specifically the Utilities - Diversified industry, which implies a business model reliant on regulated returns and stable demand for energy rather than cyclical consumer spending. The company holds a market capitalization of $3.47B and reports trailing twelve-month revenue of $1.96B, while its employee count is not disclosed in the available data. These financial magnitudes indicate that Avista is a mid-sized utility player with a substantial revenue base that supports a significant operational footprint across its service territories.

財務健全性

The company generated $1.96B in revenue over the trailing twelve months, resulting in $193.00M in net income and $645.00M in EBITDA, revealing a cost structure where operating expenses consume a significant portion of top-line growth before reaching the bottom line. The free cash flow stands at -$153,000,000, indicating a period where capital expenditures and operational outflows exceeded cash generation, which limits immediate financial flexibility for aggressive debt repayment or acquisitions without external financing. Profitability analysis shows a gross margin of 64.8%, an operating margin of 20.8%, and a profit margin of 9.8%, suggesting that while the core utility business maintains pricing power and efficiency in operations, the final profit margin is compressed by significant non-operating costs or taxes. The balance sheet presents a leveraged profile with total debt of $3.32B against only $19.00M in cash, supported by a debt-to-equity ratio of 122.48% which reflects high leverage typical for capital-intensive utility infrastructure. Liquidity is constrained as evidenced by a current ratio of 0.83, meaning current liabilities exceed current assets, which requires careful management of short-term obligations. Return on equity is calculated at 7.3% while return on assets sits at 2.7%, metrics that suggest management generates modest returns relative to the shareholders' equity and the total asset base utilized.

バリュエーション評価

Valuation metrics show a trailing P/E ratio of 17.68 compared to a forward P/E of 14.88, implying that the market expects earnings growth in the future that would lower the multiple from current levels to the forward projection. The price-to-book ratio is recorded at 1.28, indicating that the market values the company at a 28% premium over its tangible book value, which often reflects the value of intangible assets or regulated earning potential not fully captured on the balance sheet. Alternative valuation measures include a price-to-sales ratio of 1.77 and an EV/EBITDA of 10.48, suggesting the company trades at a reasonable multiple relative to its sales and enterprise earnings before interest, taxes, depreciation, and amortization. The stock has traded between a 52-week low of $35.50 and a 52-week high of $43.50, and without the specific current share price provided in the facts, the precise percentage distance from these bounds cannot be calculated, but the range defines the recent volatility band. The beta is 0.21, which indicates that the stock exhibits very low price volatility and moves with significantly less sensitivity than the broader market, offering a defensive characteristic.

Growth & Income

Growth dynamics are characterized by a revenue growth rate of 0.0% year-over-year contrasted with an earnings growth rate of 2.8% year-over-year, implying that profitability is expanding even while top-line sales remain static, likely due to margin expansion or cost control measures. As a dividend payer, the company offers a dividend yield of 4.7% with a payout ratio of 82.3%, a level that is mathematically sustainable given the 2.8% earnings growth but requires monitoring as the payout exceeds 80% of net income. The divergence between stagnant revenue growth and positive earnings growth suggests that the company is currently prioritizing income generation over rapid sales expansion or capacity building. Overall, the profile combines a static revenue environment with steady earnings improvement and a high-yield dividend, catering to income-focused investors seeking stability within the utility sector.