Avista (AVA) Financials

$41.47 +0.55 (+1.33%)

Closing price 03:59 PM Eastern

Extended Trading

$41.48 +0.01 (+0.02%)

As of 04:10 PM Eastern

Annual Income Statements for Avista

This table shows Avista's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	123	137	116	136	197	129	147	155	171	180	193
Consolidated Net Income / (Loss)	123	137	116	137	197	129	147	155	171	180	193
Net Income / (Loss) Continuing Operations	118	137	116	137	197	129	147	155	171	180	193
Total Pre-Tax Income	186	215	199	163	228	137	159	138	137	183	217
Total Operating Income	253	300	292	261	210	233	228	190	258	306	354
Total Gross Profit	525	585	611	584	561	569	570	557	633	698	764
Total Revenue	1,485	1,442	1,446	1,397	1,346	1,322	1,439	1,710	1,752	1,938	1,964
Operating Revenue	1,456	1,442	1,446	1,397	1,346	1,322	1,439	1,710	1,752	1,938	1,964
Total Cost of Revenue	960	857	835	813	785	753	869	1,153	1,119	1,240	1,200
Operating Cost of Revenue	960	857	835	813	785	753	869	1,153	1,119	1,240	1,200
Total Operating Expenses	271	286	319	323	350	336	341	367	375	392	410
Depreciation Expense	144	161	172	184	206	224	232	253	265	274	289
Other Operating Expenses / (Income)	98	99	107	107	106	107	109	114	110	118	121
Total Other Income / (Expense), net	-68	-84	-93	-98	18	-96	-68	-52	-121	-123	-137
Interest Expense	80	87	96	101	100	105	106	119	144	145	154
Other Income / (Expense), net	13	2.67	2.70	2.48	118	8.90	37	67	23	22	17
Income Tax Expense	67	78	83	26	31	7.05	12	-17	-34	3.00	24
Basic Earnings per Share	$1.98	$2.16	$1.80	$2.08	$2.98	$1.91	$2.11	$2.13	$2.24	$2.29	$2.38
Weighted Average Basic Shares Outstanding	62.30M	63.51M	64.50M	65.67M	66.21M	67.96M	69.95M	72.99M	76.40M	78.73M	80.98M
Diluted Earnings per Share	$1.97	$2.15	$1.79	$2.07	$2.97	$1.90	$2.10	$2.12	$2.24	$2.29	$2.38
Weighted Average Diluted Shares Outstanding	62.71M	63.92M	64.81M	65.95M	66.33M	68.10M	70.09M	73.09M	76.50M	78.82M	81.05M
Weighted Average Basic & Diluted Shares Outstanding	62.20M	63.50M	64.40M	65.72M	67.21M	69.26M	71.57M	75.03M	78.16M	80.13M	82.25M
Cash Dividends to Common per Share	$1.32	$1.37	$1.43	$1.49	$1.55	$1.62	$1.69	$1.76	$1.84	$1.90	$1.96

This table shows Avista's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	15	84	71	23	18	67	79	14	29	71	92
Consolidated Net Income / (Loss)	15	84	71	23	18	67	79	14	29	71	92
Net Income / (Loss) Continuing Operations	15	84	71	23	18	67	79	14	29	71	92
Total Pre-Tax Income	11	66	73	24	18	68	91	15	31	80	105
Total Operating Income	38	100	101	55	49	102	125	57	60	112	134
Total Gross Profit	128	197	205	149	145	201	233	157	160	215	236
Total Revenue	380	518	609	402	394	533	617	411	403	533	570
Operating Revenue	380	518	609	402	394	533	617	411	403	533	570
Total Cost of Revenue	251	321	404	253	249	331	384	254	243	318	334
Operating Cost of Revenue	251	321	404	253	249	331	384	254	243	318	334
Total Operating Expenses	90	98	104	94	96	100	108	100	100	103	102
Depreciation Expense	67	67	68	68	68	70	71	72	73	73	67
Other Operating Expenses / (Income)	23	31	36	26	28	29	37	28	27	30	35
Total Other Income / (Expense), net	-27	-33	-28	-31	-31	-35	-34	-42	-29	-32	-29
Interest Expense	35	33	38	37	36	34	37	37	39	39	40
Other Income / (Expense), net	8.33	-0.09	10	6.00	5.00	-0.49	3.00	-5.00	10	7.00	11
Income Tax Expense	-3.79	-18	2.00	1.00	0.00	0.68	12	1.00	2.00	9.00	13
Basic Earnings per Share	$0.19	$1.09	$0.91	$0.29	$0.23	$0.86	$0.98	$0.17	$0.36	$0.87	$1.11
Weighted Average Basic Shares Outstanding	76.73M	76.40M	78.16M	78.39M	78.84M	78.73M	80.22M	80.72M	81.23M	80.98M	82.34M
Diluted Earnings per Share	$0.19	$1.09	$0.91	$0.29	$0.23	$0.86	$0.98	$0.17	$0.36	$0.87	$1.11
Weighted Average Diluted Shares Outstanding	76.76M	76.50M	78.21M	78.46M	78.97M	78.82M	80.31M	80.77M	81.28M	81.05M	82.35M
Weighted Average Basic & Diluted Shares Outstanding	77.37M	78.16M	78.19M	78.70M	79.18M	80.13M	80.56M	81.11M	81.37M	82.25M	82.64M
Cash Dividends to Common per Share	$0.46	-	$0.48	$0.48	$0.48	-	$0.49	$0.49	$0.49	-	$0.49

This table details how cash moves in and out of Avista's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-12	-1.98	7.67	-1.52	-4.76	4.30	7.97	-9.00	22	-5.00	-11
Net Cash From Operating Activities	376	358	410	362	398	331	267	124	447	534	469
Net Cash From Continuing Operating Activities	376	358	410	362	398	331	267	124	447	534	469
Net Income / (Loss) Continuing Operations	123	137	116	137	197	129	147	155	171	180	193
Consolidated Net Income / (Loss)	123	137	116	137	197	129	147	155	171	180	193
Depreciation Expense	148	165	176	187	206	224	232	253	265	274	289
Amortization Expense	41	37	17	5.42	4.31	3.24	2.61	2.00	3.00	2.00	2.00
Non-Cash Adjustments To Reconcile Net Income	35	-16	29	15	-31	-16	-65	-111	33	125	-27
Changes in Operating Assets and Liabilities, net	29	34	72	18	22	-10	-49	-175	-25	-47	12
Net Cash From Investing Activities	-388	-432	-434	-440	-446	-411	-445	-460	-510	-539	-564
Net Cash From Continuing Investing Activities	-388	-432	-434	-440	-446	-411	-445	-460	-510	-539	-564
Purchase of Property, Plant & Equipment	-393	-407	-412	-424	-443	-404	-440	-452	-499	-533	-570
Purchase of Investments	-1.94	-13	-14	-	-14	-5.93	-16	-10	-13	-10	-4.00
Divestitures	14	-	-	0.00	16	6.79	8.31	1.00	3.00	0.00	0.00
Sale and/or Maturity of Investments	0.00	0.00	0.00	-	-	-	-	-	0.00	0.00	6.00
Other Investing Activities, net	-6.31	-18	-8.08	-16	-5.90	-7.30	2.72	1.00	-1.00	4.00	4.00
Net Cash From Financing Activities	0.53	72	31	77	43	84	186	327	85	0.00	84
Net Cash From Continuing Financing Activities	0.53	72	31	77	43	84	186	327	85	0.00	84
Repayment of Debt	-16	-168	-22	-285	-99	-43	74	-81	-137	-2.00	25
Payment of Dividends	-82	-87	-92	-98	-103	-110	-118	-129	-141	-150	-159
Issuance of Debt	100	260	90	459	180	165	140	400	250	84	140
Issuance of Common Equity	1.56	67	56	1.21	65	72	90	137	113	68	78
Cash Interest Paid	80	86	95	97	99	98	99	107	132	141	144
Cash Income Taxes Paid	27	5.40	5.58	18	27	1.90	3.65	2.00	0.00	0.00	0.00

This table details how cash moves in and out of Avista's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-7.07	27	-23	2.37	-5.52	21	-13	-8.00	35	-25	-1.00
Net Cash From Operating Activities	124	54	190	127	127	90	184	40	170	75	179
Net Cash From Continuing Operating Activities	123	55	190	127	126	91	184	40	170	75	179
Net Income / (Loss) Continuing Operations	15	84	71	23	18	67	79	14	29	71	92
Consolidated Net Income / (Loss)	15	84	71	23	18	67	79	14	29	71	92
Depreciation Expense	67	67	68	68	68	70	71	72	73	73	67
Amortization Expense	0.45	0.57	1.00	0.53	0.54	0.42	1.00	-	1.00	-	1.00
Non-Cash Adjustments To Reconcile Net Income	6.88	38	48	39	15	23	8.00	8.00	-33	-10	-5.00
Changes in Operating Assets and Liabilities, net	34	-135	2.00	-3.23	25	-70	25	-54	100	-59	24
Net Cash From Investing Activities	-135	-141	-118	-136	-156	-129	-103	-145	-125	-191	-148
Net Cash From Continuing Investing Activities	-135	-141	-118	-136	-156	-129	-103	-145	-125	-191	-148
Purchase of Property, Plant & Equipment	-133	-140	-119	-132	-154	-128	-103	-143	-133	-191	-150
Purchase of Investments	-5.52	-1.00	-2.00	-3.34	-2.46	-2.43	0.00	-3.00	-	-1.00	0.00
Sale and/or Maturity of Investments	-	-	-	-	-	-	0.00	-	-	-	0.00
Other Investing Activities, net	0.35	-0.50	3.00	-0.19	0.80	1.01	0.00	1.00	2.00	1.00	2.00
Net Cash From Financing Activities	3.69	115	-95	12	23	60	-94	97	-10	91	-32
Net Cash From Continuing Financing Activities	3.69	115	-95	12	23	60	-94	97	-10	91	-32
Repayment of Debt	10	126	-57	-52	42	65	-70	117	-120	98	-5.00
Payment of Dividends	-35	-36	-38	-37	-37	-38	-40	-39	-40	-40	-41
Issuance of Debt	-	-	-	84	-	0.30	0.00	-	140	-	0.00
Issuance of Common Equity	29	25	0.00	17	18	32	16	19	10	33	14

This table presents Avista's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	4,907	5,310	5,515	5,783	6,082	6,402	6,854	7,417	7,702	7,941	8,359
Total Current Assets	306	351	338	347	305	344	434	722	662	656	729
Cash & Equivalents	10	8.51	16	15	9.90	14	22	13	35	30	19
Accounts Receivable	-	-	-	-	-	-	-	-	-	-	220
Inventories, net	54	53	58	64	67	67	85	108	160	193	236
Other Current Assets	48	61	78	84	62	99	125	345	250	228	254
Plant, Property, & Equipment, net	3,899	4,148	4,399	0.00	0.00	4,992	5,226	5,445	5,700	5,987	6,319
Total Noncurrent Assets	702	811	778	5,436	5,777	1,067	1,194	1,251	1,340	1,298	1,311
Long-Term Investments	71	84	101	115	257	264	281	365	394	399	388
Goodwill	58	58	58	58	52	52	52	52	52	52	52
Other Noncurrent Operating Assets	222	320	619	5,263	5,468	750	861	833	894	847	871
Total Liabilities & Shareholders' Equity	4,907	5,310	5,515	5,783	6,082	6,402	6,854	7,417	7,702	7,941	8,359
Total Liabilities	3,378	3,661	3,784	4,009	4,143	4,372	4,699	5,083	5,217	5,350	5,650
Total Current Liabilities	475	408	698	640	531	506	913	965	775	771	878
Short-Term Debt	198	123	383	298	238	203	534	477	364	354	388
Accounts Payable	114	116	107	108	110	107	133	203	143	125	163
Other Current Liabilities	106	108	207	234	183	196	246	285	268	292	327
Total Noncurrent Liabilities	2,904	3,254	3,087	3,369	3,612	3,866	3,786	4,118	4,442	4,579	4,772
Long-Term Debt	1,532	1,730	1,543	1,807	1,844	2,009	1,898	2,333	2,567	2,666	2,806
Asset Retirement Reserve & Litigation Obligation	262	274	800	781	775	785	862	841	857	834	818
Noncurrent Deferred & Payable Income Tax Liabilities	747	841	467	488	529	595	643	675	718	751	778
Noncurrent Employee Benefit Liabilities	201	227	204	223	212	212	153	94	90	75	65
Other Noncurrent Operating Liabilities	162	182	73	71	201	215	178	176	210	253	305
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,529	1,648	1,730	1,774	1,939	2,030	2,155	2,335	2,485	2,591	2,709
Total Preferred & Common Equity	1,528	1,649	1,730	1,773	1,939	2,030	2,155	2,335	2,485	2,591	2,709
Total Common Equity	1,529	1,649	1,730	1,773	1,939	2,030	2,155	2,335	2,485	2,591	2,709
Common Stock	1,004	1,075	1,133	1,136	1,211	1,286	1,380	1,525	1,644	1,720	1,805
Retained Earnings	531	581	604	645	739	758	786	812	841	871	905
Accumulated Other Comprehensive Income / (Loss)	-6.65	-7.57	-8.09	-7.87	-10	-14	-11	-2.06	-	0.00	-1.00

This table presents Avista's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	7,056	7,394	7,371	7,470	7,649	7,684	7,781	7,966	8,065	8,162	8,408
Total Current Assets	464	656	527	547	562	551	525	667	667	665	735
Cash & Equivalents	14	11	16	8.63	12	15	9.12	17	9.00	44	18
Accounts Receivable	-	-	-	-	-	-	-	216	170	155	195
Inventories, net	123	102	116	145	164	176	186	202	216	228	241
Other Current Assets	161	327	254	262	168	207	186	232	272	238	281
Plant, Property, & Equipment, net	5,379	5,472	5,549	5,625	5,748	5,827	5,924	6,034	6,133	6,203	6,405
Total Noncurrent Assets	1,213	1,266	1,296	1,298	1,339	1,306	1,331	1,265	1,265	1,294	1,268
Long-Term Investments	324	374	382	390	399	409	412	396	362	364	392
Goodwill	52	52	52	52	52	52	52	52	52	52	52
Other Noncurrent Operating Assets	837	839	861	855	888	845	867	817	851	878	824
Total Liabilities & Shareholders' Equity	7,056	7,394	7,371	7,470	7,649	7,684	7,781	7,966	8,065	8,162	8,408
Total Liabilities	4,821	5,009	4,971	5,060	5,128	5,157	5,253	5,317	5,420	5,517	5,632
Total Current Liabilities	685	605	541	583	580	625	700	721	668	729	820
Short-Term Debt	282	245	210	222	227	259	302	287	270	287	385
Accounts Payable	113	112	104	105	103	105	105	113	111	118	119
Other Current Liabilities	291	248	228	257	250	261	293	321	287	324	316
Total Noncurrent Liabilities	4,136	4,404	4,430	4,477	4,548	4,532	4,553	4,596	4,752	4,788	4,812
Long-Term Debt	2,281	2,530	2,582	2,582	2,649	2,650	2,650	2,666	2,801	2,805	2,806
Asset Retirement Reserve & Litigation Obligation	845	840	845	864	865	829	840	843	843	847	820
Noncurrent Deferred & Payable Income Tax Liabilities	666	694	704	726	712	719	726	745	757	770	793
Noncurrent Employee Benefit Liabilities	115	93	93	92	89	92	89	73	72	72	64
Other Noncurrent Operating Liabilities	177	195	207	213	233	242	248	269	279	294	329
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,235	2,385	2,400	2,410	2,521	2,527	2,528	2,649	2,645	2,645	2,776
Total Preferred & Common Equity	2,235	2,385	2,400	2,410	2,521	2,527	2,528	2,649	2,645	2,645	2,776
Total Common Equity	2,235	2,385	2,400	2,410	2,521	2,527	2,528	2,649	2,645	2,645	2,776
Common Stock	1,478	1,556	1,589	1,619	1,645	1,667	1,687	1,737	1,760	1,771	1,821
Retained Earnings	767	832	814	793	876	861	842	912	885	874	956
Accumulated Other Comprehensive Income / (Loss)	-10	-2.08	-2.10	-2.11	-0.37	-0.37	-0.38	0.00	0.00	0.00	-1.00

This table displays calculated financial ratios and metrics derived from Avista's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.83%	-2.85%	0.24%	-3.39%	-3.67%	-1.76%	8.85%	18.84%	2.46%	10.62%	1.34%
EBITDA Growth	10.93%	11.03%	-3.35%	-6.49%	18.03%	-12.92%	6.66%	2.34%	6.45%	10.83%	9.60%
EBIT Growth	-0.67%	13.71%	-2.53%	-10.61%	24.55%	-26.41%	9.90%	-3.21%	7.78%	18.41%	13.11%
NOPAT Growth	2.28%	18.58%	-10.82%	28.62%	-17.25%	21.62%	-4.39%	1.14%	50.90%	-6.54%	4.61%
Net Income Growth	-35.86%	11.35%	-15.57%	17.83%	44.05%	-34.19%	13.78%	5.20%	10.32%	5.26%	7.22%
EPS Growth	-36.45%	9.14%	-16.74%	15.64%	43.48%	-36.03%	10.53%	0.95%	5.66%	2.23%	3.93%
Operating Cash Flow Growth	40.55%	-4.62%	14.52%	-11.80%	10.04%	-16.88%	-19.23%	-53.62%	260.48%	19.46%	-12.17%
Free Cash Flow Firm Growth	104.22%	-499.43%	233.14%	-84.11%	1,287.32%	-91.13%	-1,088.80%	-96.28%	146.44%	5.73%	-99.20%
Invested Capital Growth	4.95%	7.33%	3.32%	5.94%	1.49%	5.51%	7.99%	9.90%	4.65%	3.91%	6.06%
Revenue Q/Q Growth	-1.63%	1.04%	-0.29%	-1.80%	-0.57%	1.21%	3.70%	4.79%	0.44%	0.80%	0.00%
EBITDA Q/Q Growth	3.17%	2.07%	-1.28%	-2.15%	0.94%	4.09%	-0.43%	5.17%	-0.43%	0.81%	2.95%
EBIT Q/Q Growth	0.99%	4.01%	-0.92%	-1.11%	-1.25%	6.56%	-3.75%	10.35%	-1.78%	0.53%	4.80%
NOPAT Q/Q Growth	3.00%	8.10%	-10.25%	15.55%	0.90%	4.70%	-5.69%	0.89%	25.90%	-8.37%	-0.96%
Net Income Q/Q Growth	5.38%	1.15%	-9.72%	15.42%	2.56%	6.55%	-5.06%	21.00%	3.64%	-8.62%	1.58%
EPS Q/Q Growth	8.84%	-0.46%	-9.60%	15.64%	1.71%	5.56%	-5.83%	18.44%	1.82%	-9.13%	0.42%
Operating Cash Flow Q/Q Growth	20.09%	12.48%	-0.33%	-22.77%	18.31%	-2.72%	-3.62%	-50.17%	45.55%	7.23%	-3.10%
Free Cash Flow Firm Q/Q Growth	164.60%	50.73%	72.64%	-94.10%	200.28%	32.36%	-34.57%	-126.84%	306.37%	27.48%	-98.25%
Invested Capital Q/Q Growth	2.94%	1.83%	0.52%	5.40%	2.98%	3.01%	3.16%	5.66%	3.59%	2.42%	3.13%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	35.33%	40.58%	42.27%	41.80%	41.66%	43.03%	39.58%	32.57%	36.30%	36.02%	38.90%
EBITDA Margin	30.63%	35.00%	33.75%	32.67%	40.03%	35.48%	34.77%	29.94%	31.11%	31.17%	33.71%
Operating Margin	17.05%	20.79%	20.21%	18.69%	15.64%	17.60%	15.86%	11.11%	14.73%	15.79%	18.02%
EBIT Margin	17.92%	20.97%	20.39%	18.87%	24.40%	18.28%	18.45%	15.03%	15.81%	16.92%	18.89%
Profit (Net Income) Margin	8.31%	9.52%	8.02%	9.78%	14.62%	9.80%	10.24%	9.06%	9.76%	9.29%	9.83%
Tax Burden Percent	66.44%	63.75%	58.35%	83.98%	86.25%	94.84%	92.45%	112.32%	124.82%	98.36%	88.94%
Interest Burden Percent	69.77%	71.20%	67.38%	61.71%	69.49%	56.51%	60.02%	53.70%	49.46%	55.79%	58.49%
Effective Tax Rate	36.34%	36.25%	41.65%	16.02%	13.75%	5.16%	7.55%	-12.32%	-24.82%	1.64%	11.06%
Return on Invested Capital (ROIC)	5.17%	5.78%	4.90%	6.02%	4.80%	5.64%	5.05%	4.69%	6.60%	5.92%	5.90%
ROIC Less NNEP Spread (ROIC-NNEP)	2.82%	2.65%	1.85%	1.65%	5.60%	0.91%	2.00%	2.16%	0.48%	1.17%	1.37%
Return on Net Nonoperating Assets (RNNOA)	3.01%	2.87%	1.97%	1.78%	5.79%	0.88%	1.99%	2.22%	0.49%	1.17%	1.39%
Return on Equity (ROE)	8.19%	8.64%	6.86%	7.80%	10.60%	6.53%	7.04%	6.91%	7.10%	7.09%	7.28%
Cash Return on Invested Capital (CROIC)	0.34%	-1.29%	1.63%	0.25%	3.32%	0.28%	-2.63%	-4.74%	2.06%	2.08%	0.02%
Operating Return on Assets (OROA)	5.54%	5.92%	5.45%	4.67%	5.53%	3.87%	4.01%	3.60%	3.66%	4.19%	4.55%
Return on Assets (ROA)	2.57%	2.69%	2.14%	2.42%	3.32%	2.07%	2.22%	2.17%	2.26%	2.30%	2.37%
Return on Common Equity (ROCE)	8.19%	8.64%	6.86%	7.79%	10.60%	6.53%	7.04%	6.91%	7.10%	7.09%	7.28%
Return on Equity Simple (ROE_SIMPLE)	8.07%	8.33%	6.70%	7.70%	10.15%	6.38%	6.84%	6.64%	6.88%	6.95%	0.00%
Net Operating Profit after Tax (NOPAT)	161	191	170	219	181	221	211	213	322	301	315
NOPAT Margin	10.86%	13.25%	11.79%	15.70%	13.48%	16.69%	14.66%	12.48%	18.38%	15.53%	16.03%
Net Nonoperating Expense Percent (NNEP)	2.35%	3.13%	3.04%	4.37%	-0.80%	4.74%	3.06%	2.53%	6.12%	4.75%	4.53%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	4.15%	5.95%	5.36%	5.33%
Cost of Revenue to Revenue	64.67%	59.42%	57.73%	58.20%	58.34%	56.97%	60.42%	67.43%	63.70%	63.98%	61.10%
SG&A Expenses to Revenue	1.99%	1.77%	1.77%	2.01%	1.40%	0.40%	0.00%	0.00%	0.00%	0.00%	0.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	18.28%	19.79%	22.06%	23.11%	26.03%	25.42%	23.72%	21.46%	21.58%	20.23%	20.88%
Earnings before Interest and Taxes (EBIT)	266	303	295	264	328	242	266	257	277	328	371
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	455	505	488	456	539	469	500	512	545	604	662
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.02	1.15	1.46	1.23	1.34	1.15	1.23	1.25	1.04	1.11	1.14
Price to Tangible Book Value (P/TBV)	1.06	1.19	1.51	1.27	1.38	1.18	1.26	1.28	1.07	1.13	1.17
Price to Revenue (P/Rev)	1.06	1.31	1.74	1.56	1.93	1.76	1.84	1.71	1.48	1.48	1.58
Price to Earnings (P/E)	12.71	13.76	21.73	15.99	13.19	17.97	17.93	18.85	15.17	15.91	16.06
Dividend Yield	6.51%	4.66%	3.66%	4.49%	4.94%	4.79%	5.61%	4.44%	5.49%	5.25%	5.15%
Earnings Yield	7.87%	7.27%	4.60%	6.25%	7.58%	5.57%	5.58%	5.31%	6.59%	6.29%	6.23%
Enterprise Value to Invested Capital (EV/IC)	1.01	1.07	1.22	1.11	1.16	1.06	1.10	1.12	1.02	1.05	1.07
Enterprise Value to Revenue (EV/Rev)	2.17	2.53	2.99	2.98	3.28	3.22	3.32	3.13	2.91	2.81	3.00
Enterprise Value to EBITDA (EV/EBITDA)	7.07	7.23	8.87	9.11	8.19	9.08	9.54	10.45	9.35	9.03	8.89
Enterprise Value to EBIT (EV/EBIT)	12.08	12.06	14.68	15.77	13.44	17.63	17.97	20.83	18.40	16.63	15.87
Enterprise Value to NOPAT (EV/NOPAT)	19.94	19.09	25.39	18.96	24.32	19.30	22.61	25.08	15.83	18.12	18.70
Enterprise Value to Operating Cash Flow (EV/OCF)	8.56	10.19	10.55	11.49	11.08	12.87	17.85	43.16	11.40	10.21	12.55
Enterprise Value to Free Cash Flow (EV/FCFF)	300.35	0.00	76.03	459.75	35.17	383.02	0.00	0.00	50.84	51.47	6,942.65
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.13	1.12	1.11	1.19	1.07	1.09	1.13	1.20	1.18	1.17	1.18
Long-Term Debt to Equity	1.00	1.05	0.89	1.02	0.95	0.99	0.88	1.00	1.03	1.03	1.04
Financial Leverage	1.07	1.08	1.06	1.08	1.03	0.97	1.00	1.03	1.02	1.00	1.01
Leverage Ratio	3.19	3.22	3.20	3.22	3.20	3.15	3.17	3.18	3.14	3.08	3.08
Compound Leverage Factor	2.23	2.29	2.16	1.99	2.22	1.78	1.90	1.71	1.55	1.72	1.80
Debt to Total Capital	53.09%	52.93%	52.68%	54.26%	51.77%	52.14%	53.03%	54.61%	54.12%	53.82%	54.11%
Short-Term Debt to Total Capital	6.08%	3.52%	10.47%	7.67%	5.91%	4.79%	11.64%	9.26%	6.72%	6.31%	6.57%
Long-Term Debt to Total Capital	47.01%	49.41%	42.21%	46.59%	45.86%	47.36%	41.38%	45.35%	47.40%	47.51%	47.54%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.01%	-0.01%	0.02%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	46.91%	47.08%	47.31%	45.72%	48.23%	47.86%	46.97%	45.39%	45.88%	46.18%	45.89%
Debt to EBITDA	3.80	3.67	3.95	4.61	3.86	4.71	4.86	5.49	5.38	5.00	4.82
Net Debt to EBITDA	3.62	3.49	3.71	4.33	3.37	4.12	4.26	4.75	4.59	4.29	4.21
Long-Term Debt to EBITDA	3.37	3.43	3.16	3.96	3.42	4.28	3.79	4.56	4.71	4.41	4.24
Debt to NOPAT	10.73	9.70	11.30	9.60	11.47	10.02	11.53	13.16	9.10	10.03	10.14
Net Debt to NOPAT	10.22	9.21	10.61	9.01	10.00	8.76	10.09	11.39	7.77	8.61	8.85
Long-Term Debt to NOPAT	9.50	9.05	9.05	8.24	10.16	9.10	9.00	10.93	7.97	8.86	8.91
Altman Z-Score	0.87	0.91	0.91	0.81	0.90	0.79	0.75	0.80	0.78	0.84	0.84
Noncontrolling Interest Sharing Ratio	0.00%	-0.01%	0.01%	0.04%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.64	0.86	0.48	0.54	0.57	0.68	0.48	0.75	0.85	0.85	0.83
Quick Ratio	0.38	0.46	0.29	0.28	0.33	0.35	0.25	0.28	0.33	0.30	0.27
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	11	-43	57	9.04	125	11	-110	-216	100	106	0.85
Operating Cash Flow to CapEx	95.48%	89.20%	99.51%	85.28%	89.99%	81.87%	60.77%	27.43%	89.58%	100.19%	82.28%
Free Cash Flow to Firm to Interest Expense	0.13	-0.49	0.59	0.09	1.25	0.11	-1.04	-1.81	0.72	0.73	0.01
Operating Cash Flow to Interest Expense	4.67	4.11	4.27	3.59	3.98	3.15	2.53	1.04	3.19	3.68	3.05
Operating Cash Flow Less CapEx to Interest Expense	-0.22	-0.50	-0.02	-0.62	-0.44	-0.70	-1.63	-2.76	-0.37	0.01	-0.66
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.31	0.28	0.27	0.25	0.23	0.21	0.22	0.24	0.23	0.25	0.24
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	15.94	15.95	14.99	13.33	12.03	11.24	11.43	11.99	8.34	7.03	5.59
Fixed Asset Turnover	0.40	0.36	0.34	0.00	0.00	0.00	0.28	0.32	0.31	0.33	0.32
Accounts Payable Turnover	8.45	7.46	7.49	7.54	7.18	6.95	7.25	6.86	6.45	9.25	8.33
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	22.90	22.88	24.35	27.38	30.33	32.48	31.94	30.45	43.77	51.95	65.24
Days Payable Outstanding (DPO)	43.21	48.95	48.72	48.41	50.82	52.54	50.32	53.19	56.57	39.44	43.80
Cash Conversion Cycle (CCC)	-20.30	-26.07	-24.37	-21.03	-20.49	-20.06	-18.37	-22.74	-12.80	12.51	21.44
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,192	3,426	3,539	3,749	3,805	4,015	4,336	4,765	4,987	5,182	5,496
Invested Capital Turnover	0.48	0.44	0.42	0.38	0.36	0.34	0.34	0.38	0.36	0.38	0.37
Increase / (Decrease) in Invested Capital	150	234	114	210	56	210	321	429	222	195	314
Enterprise Value (EV)	3,215	3,650	4,328	4,158	4,413	4,260	4,771	5,352	5,097	5,455	5,887
Market Capitalization	1,566	1,889	2,519	2,181	2,598	2,326	2,641	2,922	2,595	2,864	3,100
Book Value per Share	$24.53	$25.69	$26.85	$26.99	$29.07	$29.53	$30.45	$31.65	$32.12	$32.72	$33.29
Tangible Book Value per Share	$23.61	$24.79	$25.96	$26.12	$28.28	$28.77	$29.71	$30.93	$31.45	$32.07	$32.65
Total Capital	3,258	3,502	3,657	3,879	4,021	4,241	4,587	5,144	5,416	5,611	5,903
Total Debt	1,730	1,854	1,926	2,105	2,082	2,212	2,432	2,809	2,931	3,020	3,194
Total Long-Term Debt	1,532	1,730	1,543	1,807	1,844	2,009	1,898	2,333	2,567	2,666	2,806
Net Debt	1,648	1,761	1,809	1,975	1,815	1,934	2,130	2,431	2,502	2,591	2,787
Capital Expenditures (CapEx)	393	402	412	424	443	404	440	452	499	533	570
Debt-free, Cash-free Net Working Capital (DFCFNWC)	19	59	6.70	-9.67	2.32	27	33	220	216	209	220
Debt-free Net Working Capital (DFNWC)	30	67	23	4.98	12	41	55	234	251	239	239
Net Working Capital (NWC)	-169	-56	-360	-293	-226	-162	-479	-243	-113	-115	-149
Net Nonoperating Expense (NNE)	38	54	55	83	-15	91	64	58	151	121	122
Net Nonoperating Obligations (NNO)	1,663	1,777	1,809	1,975	1,866	1,985	2,181	2,431	2,502	2,591	2,787
Total Depreciation and Amortization (D&A)	189	202	193	193	210	227	235	255	268	276	291
Debt-free, Cash-free Net Working Capital to Revenue	1.28%	4.06%	0.46%	-0.69%	0.17%	2.04%	2.31%	12.89%	12.33%	10.78%	11.20%
Debt-free Net Working Capital to Revenue	1.99%	4.65%	1.58%	0.36%	0.91%	3.11%	3.85%	13.67%	14.33%	12.33%	12.17%
Net Working Capital to Revenue	-11.36%	-3.90%	-24.90%	-20.95%	-16.76%	-12.25%	-33.26%	-14.19%	-6.45%	-5.93%	-7.59%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.98	$2.16	$1.80	$2.08	$2.98	$1.91	$2.11	$2.13	$2.24	$2.29	$2.38
Adjusted Weighted Average Basic Shares Outstanding	62.30M	63.51M	64.50M	65.67M	66.21M	67.96M	69.95M	72.99M	76.40M	78.73M	80.98M
Adjusted Diluted Earnings per Share	$1.97	$2.15	$1.79	$2.07	$2.97	$1.90	$2.10	$2.12	$2.24	$2.29	$2.38
Adjusted Weighted Average Diluted Shares Outstanding	62.71M	63.92M	64.81M	65.95M	66.33M	68.10M	70.09M	73.09M	76.50M	78.82M	81.05M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	62.49M	64.31M	65.63M	65.72M	67.21M	69.26M	71.57M	75.03M	78.16M	80.13M	82.25M
Normalized Net Operating Profit after Tax (NOPAT)	161	191	179	222	198	221	211	133	181	301	315
Normalized NOPAT Margin	10.86%	13.25%	12.38%	15.92%	14.75%	16.69%	14.66%	7.78%	10.31%	15.53%	16.03%
Pre Tax Income Margin	12.50%	14.93%	13.74%	11.64%	16.95%	10.33%	11.08%	8.07%	7.82%	9.44%	11.05%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.31	3.47	3.07	2.61	3.28	2.30	2.51	2.16	1.98	2.26	2.41
NOPAT to Interest Expense	2.00	2.19	1.77	2.17	1.81	2.10	2.00	1.79	2.30	2.08	2.04
EBIT Less CapEx to Interest Expense	-1.58	-1.14	-1.22	-1.59	-1.14	-1.55	-1.65	-1.64	-1.59	-1.41	-1.29
NOPAT Less CapEx to Interest Expense	-2.89	-2.42	-2.51	-2.03	-2.61	-1.75	-2.17	-2.01	-1.26	-1.60	-1.66
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	66.82%	63.47%	79.75%	71.78%	52.23%	85.15%	80.23%	83.23%	82.46%	83.33%	82.38%
Augmented Payout Ratio	69.19%	63.47%	79.75%	71.78%	52.23%	85.15%	80.23%	83.23%	82.46%	83.33%	82.38%

This table displays calculated financial ratios and metrics derived from Avista's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	82,251,245.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	82,251,245.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	1.12
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	5.61%	1.54%	28.40%	5.83%	3.72%	2.89%	1.31%	2.24%	2.28%	0.00%	-7.62%
EBITDA Growth	29.03%	-1.52%	19.69%	12.25%	8.78%	3.26%	12.22%	-3.88%	18.03%	10.98%	6.50%
EBIT Growth	91.84%	-5.09%	32.78%	26.71%	19.22%	1.97%	17.12%	-14.75%	29.63%	16.67%	13.28%
NOPAT Growth	277.57%	85.64%	12.42%	-19.06%	-2.37%	-20.11%	10.47%	0.93%	14.55%	-1.58%	8.20%
Net Income Growth	353.81%	7.94%	30.36%	30.74%	25.63%	-20.00%	11.27%	-39.13%	61.11%	4.41%	16.46%
EPS Growth	337.50%	3.81%	24.66%	26.09%	21.05%	-21.10%	7.69%	-41.38%	56.52%	1.16%	13.27%
Operating Cash Flow Growth	2,667.73%	162.14%	101.76%	-27.65%	2.80%	67.23%	-3.16%	-68.50%	33.86%	-16.67%	-2.72%
Free Cash Flow Firm Growth	13.66%	73.55%	85.04%	50.04%	22.83%	1.46%	-53.82%	-68.18%	-8.59%	-128.30%	-165.28%
Invested Capital Growth	6.75%	4.65%	3.31%	4.56%	5.10%	3.91%	4.07%	6.62%	5.32%	6.06%	7.09%
Revenue Q/Q Growth	-0.08%	36.40%	17.79%	-34.02%	-2.07%	35.31%	15.81%	-33.39%	-1.95%	32.26%	6.94%
EBITDA Q/Q Growth	-0.46%	46.53%	7.49%	-28.64%	-3.53%	39.09%	17.35%	-38.61%	16.13%	33.33%	10.94%
EBIT Q/Q Growth	-1.87%	114.19%	11.78%	-46.18%	-7.67%	83.19%	28.24%	-60.00%	34.62%	70.00%	21.85%
NOPAT Q/Q Growth	-21.84%	146.16%	-21.68%	-45.79%	-5.73%	101.44%	7.61%	-50.98%	5.51%	77.09%	18.12%
Net Income Q/Q Growth	-15.83%	470.50%	-15.02%	-68.03%	-19.12%	263.28%	17.63%	-82.28%	107.14%	144.83%	29.58%
EPS Q/Q Growth	-17.39%	473.68%	-16.51%	-68.13%	-20.69%	273.91%	13.95%	-82.65%	111.76%	141.67%	27.59%
Operating Cash Flow Q/Q Growth	-29.42%	-56.61%	253.61%	-33.29%	0.29%	-29.41%	104.92%	-78.26%	325.00%	-55.88%	138.67%
Free Cash Flow Firm Q/Q Growth	23.56%	62.24%	36.38%	-168.12%	-18.07%	51.79%	-0.32%	-195.19%	23.53%	-0.65%	-16.77%
Invested Capital Q/Q Growth	0.41%	3.59%	-0.02%	0.54%	0.93%	2.42%	0.14%	3.01%	-0.30%	3.13%	1.11%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	33.78%	38.09%	33.59%	36.76%	36.60%	37.80%	37.60%	38.20%	39.70%	40.34%	41.40%
EBITDA Margin	29.97%	32.20%	29.50%	31.91%	31.43%	32.31%	32.74%	30.17%	35.73%	36.02%	37.37%
Operating Margin	10.03%	19.22%	16.59%	13.49%	12.39%	19.12%	20.26%	13.87%	14.89%	21.01%	23.51%
EBIT Margin	12.23%	19.20%	18.27%	14.91%	14.05%	19.03%	21.07%	12.65%	17.37%	22.33%	25.44%
Profit (Net Income) Margin	3.88%	16.21%	11.73%	5.69%	4.70%	12.61%	12.80%	3.41%	7.20%	13.32%	16.14%
Tax Burden Percent	134.64%	126.86%	96.88%	97.88%	102.65%	99.00%	86.81%	93.33%	93.55%	88.75%	87.62%
Interest Burden Percent	23.55%	66.57%	66.27%	38.97%	32.55%	66.92%	70.00%	28.85%	44.29%	67.23%	72.41%
Effective Tax Rate	-34.64%	-26.86%	3.12%	2.12%	-2.65%	1.00%	13.19%	6.67%	6.45%	11.25%	12.38%
Return on Invested Capital (ROIC)	5.05%	8.76%	6.18%	5.14%	4.95%	7.21%	6.73%	4.89%	5.27%	6.86%	7.35%
ROIC Less NNEP Spread (ROIC-NNEP)	3.49%	7.04%	5.10%	3.90%	3.67%	5.89%	5.55%	3.37%	4.23%	5.80%	6.39%
Return on Net Nonoperating Assets (RNNOA)	3.52%	7.21%	5.10%	3.86%	3.67%	5.91%	5.37%	3.38%	4.26%	5.89%	6.27%
Return on Equity (ROE)	8.57%	15.97%	11.28%	9.00%	8.62%	13.13%	12.10%	8.27%	9.53%	12.75%	13.62%
Cash Return on Invested Capital (CROIC)	-1.04%	2.06%	3.37%	2.14%	1.68%	2.08%	2.08%	-0.43%	0.93%	0.02%	-0.82%
Operating Return on Assets (OROA)	2.94%	4.45%	4.58%	3.78%	3.54%	4.71%	5.25%	3.14%	4.28%	5.38%	5.96%
Return on Assets (ROA)	0.93%	3.76%	2.94%	1.44%	1.18%	3.12%	3.19%	0.85%	1.77%	3.21%	3.78%
Return on Common Equity (ROCE)	8.57%	15.97%	11.28%	9.00%	8.62%	13.13%	12.10%	8.27%	9.53%	12.75%	13.62%
Return on Equity Simple (ROE_SIMPLE)	6.85%	0.00%	7.45%	7.64%	7.79%	0.00%	7.10%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	51	126	98	53	50	101	109	53	56	99	117
NOPAT Margin	13.51%	24.38%	16.07%	13.21%	12.71%	18.93%	17.59%	12.94%	13.93%	18.65%	20.60%
Net Nonoperating Expense Percent (NNEP)	1.56%	1.71%	1.08%	1.24%	1.28%	1.32%	1.18%	1.51%	1.04%	1.06%	0.96%
Return On Investment Capital (ROIC_SIMPLE)	-	2.33%	-	-	-	1.80%	1.94%	0.93%	0.98%	1.68%	1.97%
Cost of Revenue to Revenue	66.22%	61.91%	66.41%	63.24%	63.40%	62.20%	62.40%	61.80%	60.30%	59.66%	58.60%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	23.74%	18.87%	17.00%	23.26%	24.21%	18.68%	17.34%	24.33%	24.81%	19.32%	17.89%
Earnings before Interest and Taxes (EBIT)	46	99	111	60	55	101	130	52	70	119	145
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	114	167	180	128	124	172	202	124	144	192	213
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.98	1.04	1.05	1.06	1.21	1.11	1.27	1.16	1.16	1.14	1.19
Price to Tangible Book Value (P/TBV)	1.00	1.07	1.07	1.08	1.23	1.13	1.29	1.18	1.18	1.17	1.21
Price to Revenue (P/Rev)	1.35	1.48	1.40	1.40	1.59	1.48	1.72	1.56	1.56	1.58	1.72
Price to Earnings (P/E)	14.25	15.17	14.07	13.84	15.48	15.91	17.85	17.08	16.14	16.06	16.03
Dividend Yield	5.92%	5.49%	5.43%	5.47%	4.86%	5.25%	4.57%	6.34%	5.14%	5.15%	4.89%
Earnings Yield	7.02%	6.59%	7.11%	7.23%	6.46%	6.29%	5.60%	5.85%	6.20%	6.23%	6.24%
Enterprise Value to Invested Capital (EV/IC)	0.99	1.02	1.02	1.03	1.10	1.05	1.14	1.08	1.08	1.07	1.09
Enterprise Value to Revenue (EV/Rev)	2.73	2.91	2.71	2.70	2.90	2.81	3.03	2.95	2.93	3.00	3.17
Enterprise Value to EBITDA (EV/EBITDA)	8.69	9.35	8.88	8.76	9.32	9.03	9.42	9.27	8.94	8.89	9.01
Enterprise Value to EBIT (EV/EBIT)	16.87	18.40	16.77	16.26	17.11	16.63	16.99	17.03	16.25	15.87	15.68
Enterprise Value to NOPAT (EV/NOPAT)	18.60	15.83	15.72	15.95	16.99	18.12	19.10	18.60	18.09	18.70	18.79
Enterprise Value to Operating Cash Flow (EV/OCF)	15.49	11.40	9.41	10.43	11.21	10.21	11.16	13.06	11.88	12.55	13.11
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	50.84	30.91	49.16	67.14	51.47	55.78	0.00	118.43	6,942.65	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.16	1.18	1.14	1.15	1.17	1.17	1.11	1.16	1.17	1.18	1.15
Long-Term Debt to Equity	1.07	1.03	1.05	1.05	1.05	1.03	1.01	1.06	1.06	1.04	1.01
Financial Leverage	1.01	1.02	1.00	0.99	1.00	1.00	0.97	1.00	1.01	1.01	0.98
Leverage Ratio	3.13	3.14	3.07	3.06	3.09	3.08	3.02	3.04	3.08	3.08	3.02
Compound Leverage Factor	0.74	2.09	2.03	1.19	1.01	2.06	2.11	0.88	1.36	2.07	2.19
Debt to Total Capital	53.77%	54.12%	53.30%	53.51%	53.87%	53.82%	52.71%	53.73%	53.90%	54.11%	53.48%
Short-Term Debt to Total Capital	4.25%	6.72%	4.21%	4.76%	5.52%	6.31%	5.12%	4.72%	5.00%	6.57%	6.45%
Long-Term Debt to Total Capital	49.52%	47.40%	49.09%	48.75%	48.36%	47.51%	47.59%	49.00%	48.89%	47.54%	47.03%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	46.23%	45.88%	46.70%	46.49%	46.13%	46.18%	47.29%	46.27%	46.10%	45.89%	46.52%
Debt to EBITDA	5.12	5.38	5.00	4.94	4.93	5.00	4.72	4.95	4.81	4.82	4.73
Net Debt to EBITDA	4.39	4.59	4.29	4.22	4.23	4.29	4.06	4.35	4.17	4.21	4.12
Long-Term Debt to EBITDA	4.72	4.71	4.61	4.50	4.42	4.41	4.26	4.51	4.36	4.24	4.16
Debt to NOPAT	10.96	9.10	8.85	8.99	8.99	10.03	9.57	9.92	9.73	10.14	9.86
Net Debt to NOPAT	9.40	7.77	7.59	7.69	7.71	8.61	8.23	8.72	8.44	8.85	8.59
Long-Term Debt to NOPAT	10.09	7.97	8.15	8.19	8.07	8.86	8.64	9.05	8.82	8.91	8.67
Altman Z-Score	0.68	0.70	0.76	0.73	0.74	0.74	0.83	0.76	0.74	0.74	0.78
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.94	0.85	0.97	0.88	0.75	0.85	0.93	1.00	0.91	0.83	0.90
Quick Ratio	0.24	0.33	0.40	0.27	0.22	0.30	0.32	0.27	0.27	0.27	0.26
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-253	-96	-62	-165	-195	-94	-94	-279	-213	-215	-251
Operating Cash Flow to CapEx	93.37%	38.43%	160.18%	95.74%	82.49%	70.39%	178.64%	27.97%	127.82%	39.27%	119.33%
Free Cash Flow to Firm to Interest Expense	-7.13	-2.88	-1.67	-4.52	-5.23	-2.75	-2.42	-7.54	-5.47	-5.50	-6.26
Operating Cash Flow to Interest Expense	3.49	1.62	5.15	3.47	3.41	2.63	4.72	1.08	4.36	1.92	4.48
Operating Cash Flow Less CapEx to Interest Expense	-0.25	-2.59	1.94	-0.15	-0.72	-1.11	2.08	-2.78	0.95	-2.97	0.73
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.24	0.23	0.25	0.25	0.25	0.25	0.25	0.25	0.25	0.24	0.23
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	9.33
Inventory Turnover	8.57	8.34	9.23	8.47	7.44	7.03	6.68	6.24	5.88	5.59	5.19
Fixed Asset Turnover	0.32	0.31	0.34	0.34	0.33	0.33	0.33	0.33	0.32	0.32	0.31
Accounts Payable Turnover	10.56	6.45	11.39	11.85	11.74	9.25	11.31	11.33	10.93	8.33	9.91
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	39.13
Days Inventory Outstanding (DIO)	42.58	43.77	39.57	43.10	49.05	51.95	54.66	58.48	62.13	65.24	70.30
Days Payable Outstanding (DPO)	34.55	56.57	32.06	30.80	31.08	39.44	32.27	32.20	33.40	43.80	36.82
Cash Conversion Cycle (CCC)	8.03	-12.80	7.51	12.30	17.97	12.51	22.39	26.28	28.73	21.44	72.61
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,814	4,987	4,986	5,013	5,060	5,182	5,189	5,345	5,329	5,496	5,557
Invested Capital Turnover	0.37	0.36	0.38	0.39	0.39	0.38	0.38	0.38	0.38	0.37	0.36
Increase / (Decrease) in Invested Capital	304	222	160	219	245	195	203	332	269	314	368
Enterprise Value (EV)	4,756	5,097	5,109	5,159	5,581	5,455	5,895	5,757	5,751	5,887	6,083
Market Capitalization	2,352	2,595	2,643	2,673	3,050	2,864	3,355	3,057	3,067	3,100	3,302
Book Value per Share	$31.49	$32.12	$32.25	$32.32	$32.12	$32.72	$33.06	$32.83	$32.61	$33.29	$33.75
Tangible Book Value per Share	$30.81	$31.45	$31.58	$31.65	$31.46	$32.07	$32.41	$32.19	$31.97	$32.65	$33.12
Total Capital	5,213	5,416	5,397	5,436	5,481	5,611	5,602	5,716	5,737	5,903	5,967
Total Debt	2,803	2,931	2,876	2,909	2,952	3,020	2,953	3,071	3,092	3,194	3,191
Total Long-Term Debt	2,582	2,567	2,649	2,650	2,650	2,666	2,666	2,801	2,805	2,806	2,806
Net Debt	2,404	2,502	2,466	2,486	2,532	2,591	2,540	2,700	2,684	2,787	2,781
Capital Expenditures (CapEx)	133	140	119	132	154	128	103	143	133	191	150
Debt-free, Cash-free Net Working Capital (DFCFNWC)	177	216	197	170	118	209	216	260	179	220	282
Debt-free Net Working Capital (DFNWC)	185	251	209	185	127	239	233	269	223	239	300
Net Working Capital (NWC)	-36	-113	-18	-74	-175	-115	-54	-1.00	-64	-149	-85
Net Nonoperating Expense (NNE)	37	42	26	30	32	34	30	39	27	28	25
Net Nonoperating Obligations (NNO)	2,404	2,502	2,466	2,486	2,532	2,591	2,540	2,700	2,684	2,787	2,781
Total Depreciation and Amortization (D&A)	67	67	68	68	68	71	72	72	74	73	68
Debt-free, Cash-free Net Working Capital to Revenue	10.13%	12.33%	10.42%	8.93%	6.14%	10.78%	11.10%	13.30%	9.11%	11.20%	14.71%
Debt-free Net Working Capital to Revenue	10.62%	14.33%	11.07%	9.70%	6.61%	12.33%	11.97%	13.76%	11.35%	12.17%	15.65%
Net Working Capital to Revenue	-2.08%	-6.45%	-0.97%	-3.87%	-9.11%	-5.93%	-2.77%	-0.05%	-3.26%	-7.59%	-4.43%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.19	$1.09	$0.91	$0.29	$0.23	$0.86	$0.98	$0.17	$0.36	$0.87	$1.11
Adjusted Weighted Average Basic Shares Outstanding	76.73M	76.40M	78.16M	78.39M	78.84M	78.73M	80.22M	80.72M	81.23M	80.98M	82.34M
Adjusted Diluted Earnings per Share	$0.19	$1.09	$0.91	$0.29	$0.23	$0.86	$0.98	$0.17	$0.36	$0.87	$1.11
Adjusted Weighted Average Diluted Shares Outstanding	76.76M	76.50M	78.21M	78.46M	78.97M	78.82M	80.31M	80.77M	81.28M	81.05M	82.35M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	77.37M	78.16M	78.19M	78.70M	79.18M	80.13M	80.56M	81.11M	81.37M	82.25M	82.64M
Normalized Net Operating Profit after Tax (NOPAT)	27	70	98	53	34	101	109	53	56	99	117
Normalized NOPAT Margin	7.02%	13.45%	16.07%	13.21%	8.67%	18.93%	17.59%	12.94%	13.93%	18.65%	20.60%
Pre Tax Income Margin	2.88%	12.78%	12.11%	5.81%	4.57%	12.73%	14.75%	3.65%	7.69%	15.01%	18.42%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.31	2.99	3.02	1.64	1.48	2.96	3.33	1.41	1.79	3.05	3.63
NOPAT to Interest Expense	1.45	3.80	2.65	1.45	1.34	2.95	2.78	1.44	1.44	2.55	2.94
EBIT Less CapEx to Interest Expense	-2.43	-1.21	-0.20	-1.98	-2.65	-0.77	0.69	-2.46	-1.62	-1.85	-0.13
NOPAT Less CapEx to Interest Expense	-2.29	-0.41	-0.56	-2.17	-2.79	-0.78	0.14	-2.43	-1.97	-2.35	-0.81
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	83.60%	82.46%	76.51%	75.60%	75.26%	83.33%	80.85%	86.03%	82.63%	82.38%	77.67%
Augmented Payout Ratio	83.60%	82.46%	76.51%	75.60%	75.26%	83.33%	80.85%	86.03%	82.63%	82.38%	77.67%

Financials Breakdown Chart

Key Financial Trends

Here’s a concise, data-driven look at Avista Corp (AVA) using quarterly statements from the last four years. The focus is on clear trends in revenue, profitability, cash flow, and balance sheet—targeted for retail investors with a basic grasp of financial statements.

Net income attributable to common shareholders in Q4 2025 was $71.0 million, up from $67.2 million in Q4 2024, helping support the quarterly earnings base.
Q1 2025 diluted earnings per share (EPS) reached $0.98, higher than Q1 2024’s restated $0.91, indicating improved quarterly profitability early in 2025.
Avista maintained a steady dividend per share of $0.49 in 2025, providing a predictable income stream for investors.
Operating cash flow has remained solid across key quarters in 2025 (for example, about $184.0 million in Q1 2025 and $170.0 million in Q3 2025 from continuing operations), underpinning capacity to fund capex and the dividend.
Capex remains sizable, with quarterly purchases of property, plant & equipment generally around $100 million to $190 million in 2025, signaling ongoing asset investment for the utility.
Long-term debt sits in the mid-$2.6 to $2.8 billion range during 2025, indicating a stable but leveraged balance sheet posture.
Total assets were about $8.16 billion in Q3 2025, with total equity near $2.645 billion, reflecting a solid, asset-heavy balance sheet typical of a utility company.
Investing cash outflows are notable, with PPE purchases around $103 million to $191 million per quarter in 2025 (e.g., -$191.0 million in Q4 2025), pointing to ongoing capital investment that reduces near-term cash flow.
Net cash from financing activities was negative in Q4 2025 (-$10.0 million), reflecting continued debt management and distributions that reduce cash from financing sources.
Net change in cash and equivalents in Q4 2025 was -$25.0 million, signaling near-term cash usage despite positive earnings and cash flow from operations in other periods.

05/22/26 01:35 PM ETAI Generated. May Contain Errors.

Avista Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Avista's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Avista's net income appears to be on an upward trend, with a most recent value of $193 million in 2025, rising from $123.32 million in 2015. The previous period was $180 million in 2024. Check out Avista's forecast to explore projected trends and price targets.

Avista's total operating income in 2025 was $354 million, based on the following breakdown:

Total Gross Profit: $764 million
Total Operating Expenses: $410 million

Over the last 10 years, Avista's total revenue changed from $1.48 billion in 2015 to $1.96 billion in 2025, a change of 32.3%.

Avista's total liabilities were at $5.65 billion at the end of 2025, a 5.6% increase from 2024, and a 67.2% increase since 2015.

In the past 10 years, Avista's cash and equivalents has ranged from $8.51 million in 2016 to $35 million in 2023, and is currently $19 million as of their latest financial filing in 2025.

Over the last 10 years, Avista's book value per share changed from 24.53 in 2015 to 33.29 in 2025, a change of 35.7%.

Related Companies

Financial statements for NYSE:AVA last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Avista (AVA) Financials

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Avista (AVA) Financials

Annual Income Statements for Avista

Quarterly Income Statements for Avista

Annual Cash Flow Statements for Avista

Quarterly Cash Flow Statements for Avista

Annual Balance Sheets for Avista

Quarterly Balance Sheets for Avista

Annual Metrics And Ratios for Avista

Quarterly Metrics And Ratios for Avista

Financials Breakdown Chart

Key Financial Trends

Avista Financials - Frequently Asked Questions

When does Avista's fiscal year end?

How has Avista's net income changed over the last 10 years?

What is Avista's operating income?

How has Avista's revenue changed over the last 10 years?

How much debt does Avista have?

How much cash does Avista have?

How has Avista's book value per share changed over the last 10 years?

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