IdaCorp (IDA) AI Stock Analysis

• Market Cap: $7.89B
• Dividend Yield: 2.72%
• Average Volume (3M): 487.96K
• Price to Earnings (P/E): 21.2
• Beta (1Y): 0.03
• Revenue Growth: -1.58%
• EPS Growth: 8.49%
• Country: US
• Employees: 2,130
• Sector: Utilities
• Sector Strength: 65
• Industry: Regulated Electric
• EPS (TTM): 0.78
• Shares Outstanding: 54,899,033
• 10 Day Avg. Volume: 474,960
• 30 Day Avg. Volume: 487,961
• PEG Ratio: 2.54
• Price to Book (P/B): 1.92
• Price to Sales (P/S): 3.79
• P/FCF Ratio: -11.89
• Enterprise Value/Market Cap: 1.43
• Enterprise Value/Revenue: 6.21
• Enterprise Value/Gross Profit: 30.90
• Enterprise Value/Ebitda: 15.27
• 1Y Price Target: $144.00
• Price Target Upside: -0.30% Downside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 7
• EPS Forecast (FY): 6.37
• Revenue Forecast (FY): $2.03B

• Rating: 62 Neutral
• Price Target: $147.00 ▲(1.78% Upside)
• Action: Downgraded Date: 02/20/26
• Date: Action: Downgraded 02/20/26

The score is held back primarily by financial constraints from heavy capex leading to persistently negative free cash flow and rising leverage. Offsetting this are constructive earnings guidance and a favorable growth/regulatory narrative from the latest call, plus supportive technical momentum; valuation is reasonable but not cheap given the ~24 P/E despite a ~2.5% yield.

Positive Factors

Regulatory Support & Constructive Rate Outcome

A constructive general rate case outcome and regulatory approval for ~ $110M of annual revenue anchor Idaho Power’s ability to recover investments and operating costs. That regulatory support underpins durable earnings and allows planned rate-base growth to be reflected in customer tariffs over multiple years.

Consistent Earnings & Strong Operating Cash Flow

Sustained EPS growth for 18 years and OCF surpassing $600M demonstrate recurring cash generation from regulated operations. Persistent operating cash flow, even as CapEx rises, provides a foundation for funding a portion of investments and supports long-term earnings resilience in a rate-regulated business model.

Expanding Grid & Generation Investments

Large transmission projects and incremental solar plus battery additions expand rate base and system reliability, creating long-lived assets that earn regulated returns. These strategic infrastructure investments support future demand, enhance service quality, and increase the utility’s allowed earnings capacity over the medium term.

Negative Factors

Heavy CapEx and Persistently Negative Free Cash Flow

A materially higher capital program has pushed free cash flow negative repeatedly, indicating internal cash generation is insufficient to fund investments. That persistent cash burn forces ongoing external financing, creating structural pressure on liquidity and financial flexibility through the multi-year build cycle.

Near‑Threshold Credit Metrics and Rating Risk

Key credit metrics sit close to agency thresholds, so incremental leverage, weaker cash flow, or delays in rate recovery could trigger rating actions. A downgrade would raise borrowing costs and complicate planned financing, increasing long-term funding costs for the elevated capex program.

Project & Transaction Uncertainty

Significant portions of the growth pipeline and large prospective contracts remain unsigned or conditional, and planned asset sales need multi-jurisdictional approvals. This uncertainty can alter timing and magnitude of rate-base additions and financing plans, creating execution and cash-flow timing risk over the medium term.

IdaCorp Business Overview & Revenue Model

Company Description

IDACORP, Inc., together with its subsidiaries, engages in the generation, transmission, distribution, purchase, and sale of electric energy in the United States. The company operates 17 hydropower generating plants located in southern Idaho and eastern Oregon; three natural gas-fired plants in southern Idaho; and interests in two coal-fired steam electric generating plants located in Wyoming and Nevada. As of December 31, 2021, it had approximately 4,843 pole-miles of high-voltage transmission lines; 23 step-up transmission substations located at power plants; 21 transmission substations; 10 switching stations; 30 mixed-use transmission and distribution substations; 187 energized distribution substations; and 28,570 pole-miles of distribution lines, as well as provides electric utility services to approximately 604,000 retail customers in southern Idaho and eastern Oregon. The company serves commercial and industrial customers, which involved in food processing, electronics and general manufacturing, agriculture, health care, government, and education. It also invests in housing and other real estate tax credit investments. IDACORP, Inc. was founded in 1915 and is headquartered in Boise, Idaho.

How the Company Makes Money

IdaCorp generates revenue primarily through the sale of electricity to residential, commercial, and industrial customers. The company charges its customers based on energy consumption, which is measured in kilowatt-hours (kWh). Key revenue streams include retail electricity sales, which contribute the majority of the company's income. Additionally, IdaCorp benefits from regulated rate structures approved by state utility commissions, allowing it to earn a return on its investments in infrastructure and capital projects. The company may also engage in energy trading and ancillary services, further contributing to its earnings. Significant partnerships with renewable energy developers and investments in solar and wind projects are crucial as they align with regulatory trends towards sustainable energy, potentially enhancing long-term revenue growth.

IdaCorp Financial Statement Overview

Summary

Steady utility-like profitability with rising revenue and net income, but the profile is constrained by rising leverage and persistently negative free cash flow driven by heavy capital investment, increasing reliance on external funding.

Income Statement

Revenue has trended upward from $1.35B (2020) to $1.81B (2025), with a sharp acceleration in 2025 (about 39% growth vs low-to-mid single digits in most prior years). Profitability is steady and utility-like, with net margins generally in the mid-to-high teens (about 15%–18%) and net income rising from $237M (2020) to $323M (2025). A key weakness is margin inconsistency: gross margin appears unusually high in 2025 versus prior years, suggesting a potential reporting/mix shift that reduces year-to-year comparability.

Balance Sheet

Leverage has increased: total debt rose from about $2.00B (2020) to $3.66B (2025), and debt-to-equity moved from ~0.75–0.78 (2020–2022) to ~1.03 (2025). Equity has also grown ($2.56B to $3.57B), helping support the expanding asset base, and returns on equity are stable around ~9%, consistent with a regulated utility. The main risk is the upward debt load and higher leverage profile versus earlier years, which can pressure financial flexibility as capital spending remains elevated.

Cash Flow

Operating cash flow improved materially versus 2023 and is solid in 2024–2025 (roughly $594M–$602M), but free cash flow is consistently negative in most years and deeply negative in 2024–2025 (about -$415M and -$577M). Free cash flow has also been negative relative to net income across multiple years, indicating that capital investment needs are absorbing most internally generated cash. While operating cash flow covers net income reasonably in some years, the persistent cash burn after capital spending implies continued reliance on debt and/or external funding.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.81B	1.83B	1.77B	1.64B	1.46B
Gross Profit	401.43M	331.85M	316.84M	330.11M	332.24M
EBITDA	737.01M	668.96M	605.55M	560.33M	548.93M
Net Income	323.47M	289.17M	261.19M	258.98M	245.55M
Balance Sheet
Total Assets	10.59B	9.24B	8.48B	7.54B	7.21B
Cash, Cash Equivalents and Short-Term Investments	215.72M	368.87M	327.43M	177.58M	215.24M
Total Debt	3.66B	3.07B	2.83B	2.19B	2.00B
Total Liabilities	7.02B	5.90B	5.56B	4.73B	4.54B
Stockholders Equity	3.57B	3.33B	2.91B	2.81B	2.67B
Cash Flow
Free Cash Flow	-577.49M	-414.86M	-344.11M	-81.30M	63.27M
Operating Cash Flow	601.84M	594.42M	267.03M	351.29M	363.26M
Investing Cash Flow	-1.03B	-917.66M	-589.95M	-424.27M	-273.65M
Financing Cash Flow	273.92M	364.68M	472.77M	35.32M	-149.48M

IdaCorp Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 144.43
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IDA, the sentiment is Positive. The current price of 144.43 is above the 20-day moving average (MA) of 139.98, above the 50-day MA of 133.35, and above the 200-day MA of 125.44, indicating a bullish trend. The MACD of 3.08 indicates Negative momentum. The RSI at 64.90 is Neutral, neither overbought nor oversold. The STOCH value of 81.07 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IDA.

IdaCorp Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
POR	69 Neutral	$6.81B	17.33	7.72%	4.38%	7.53%	-17.59%
Sector *	66 Neutral	$17.65B	18.10	5.60%	3.62%	6.62%	11.55%
PNW	65 Neutral	$12.33B	17.22	8.93%	4.15%	5.70%	-8.25%
OGE	64 Neutral	$10.07B	31.15	9.79%	3.82%	18.03%	29.46%
IDA	62 Neutral	$7.89B	21.22	9.37%	2.72%	-1.58%	8.49%
ENIC	61 Neutral	$5.45B	10.38	1.30%	5.63%	-25.78%	-91.93%
TXNM	50 Neutral	$6.42B	36.18	6.02%	2.80%	10.65%	-10.67%

IdaCorp Corporate Events

IdaCorp Posts Strong 2025 Earnings and Outlines 2026 Investment

On February 19, 2026, IDACORP, Inc. reported that fourth-quarter 2025 net income attributable to the company rose to $43.6 million, or $0.78 per diluted share, up from $37.9 million, or $0.70 per diluted share, a year earlier. For full-year 2025, net income increased to $323.5 million, or $5.90 per diluted share, from $289.2 million, or $5.50 per diluted share, in 2024, driven by customer growth, higher retail revenues, rate changes, lower income tax expense, and use of tax credits, partially offset by higher depreciation and financing costs tied to infrastructure investments.

Management highlighted 2025 operational achievements including breaking ground on the Boardman-to-Hemingway transmission line and achieving record system reliability, underscoring a strategic emphasis on infrastructure expansion and service quality. The company also noted that 2026 will involve another year of substantial capital investment, positioning IDACORP to support continued regional growth while balancing affordability and reliability for customers, with implications for ongoing earnings strength and regulatory engagement.

The most recent analyst rating on (IDA) stock is a Buy with a $145.00 price target. To see the full list of analyst forecasts on IdaCorp stock, see the IDA Stock Forecast page.

IdaCorp Wins Approval for Idaho Power Rate Increase

On December 30, 2025, the Idaho Public Utilities Commission approved a settlement stipulation in Idaho Power Company’s Idaho general rate case, originally filed on May 30, 2025, allowing the utility to implement revised tariff schedules that will raise Idaho-jurisdictional retail revenue by about $110 million annually, or 7.48%, effective January 1, 2026, inclusive of a $13.1 million power cost adjustment increase. The order sets a 9.6% return on equity and a 7.410% authorized rate of return on an Idaho rate base of roughly $4.9 billion, resets base net power supply expense to about $468.8 million (a $16.1 million reduction), updates fixed cost adjustment rates and maintains wildfire-mitigation cost deferrals, while modifying the company’s accumulated deferred investment tax credit and revenue-sharing framework and confirming recovery of Idaho Power’s share of capital expenditures at jointly owned coal-fired plants through year-end 2024, with prudence review of post-July 2025 investments deferred to the next rate case and no restriction on filing a future general rate case.

The most recent analyst rating on (IDA) stock is a Buy with a $139.00 price target. To see the full list of analyst forecasts on IdaCorp stock, see the IDA Stock Forecast page.

IdaCorp Increases Capital Expenditure Forecast by 20%

In a recent announcement, IDACORP, Inc. provided an updated forecast for its capital expenditures from 2025 to 2029, indicating a significant increase of approximately 20% over previous estimates. This adjustment comes after the termination of a 300 MW wind project due to permitting delays and federal land use policy uncertainties, with plans to incorporate a 167 MW gas plant and other investments to address capacity and energy needs.

The most recent analyst rating on (IDA) stock is a Hold with a $137.00 price target. To see the full list of analyst forecasts on IdaCorp stock, see the IDA Stock Forecast page.