IDACORP, Inc.
Orin's own judgment of how firmly the evidence points one way — not the chance the price goes up.
IDACORP is deeply oversold at $127.69 with an RSI of 23.4, trading below both its 50-day ($139.60) and 200-day ($139.65) moving averages, despite a fundamental picture that has improved: operating margin expanded to 21.9% in FY2025 from 18.0% in FY2024, EPS grew to $5.90 from $5.50, and the company just raised its quarterly dividend to $0.90 ($3.60 annualized).
Q2 2026 EPS of $1.79 beat consensus of $1.78, extending a streak of positive surprises, and BlackRock initiated a $1.03 billion position in Q2 2026. The premium valuation (PE of 20.66 vs peer median 18.95) is a concern, but the pullback has compressed the entry point while the earnings trajectory and institutional inflows provide support.
What could go wrong
- Negative free cash flow. FY2025 free cash flow was -$577 million with capex of $1.18 billion against operating cash flow of $602 million, and the FCF margin deteriorated to -31.9% from -22.7% in FY2024, requiring continued external financing.
- Rising debt load. Total debt climbed to $3.66 billion in FY2025 from $2.0 billion in FY2021, increasing interest expense risk in a higher-rate environment.
- Valuation premium. IDA trades at a PE of 20.66 versus a peer median of 18.95, a PS of 4.10 versus 2.57, and an EV/EBITDA of 13.80 versus 11.42, limiting upside if rate cuts disappoint or growth slows.
- Insider selling. Over the past 24 months, insider net value was -$8.83 million despite a net positive share count of 74,973, with recent open-market sales by executives at prices above $140.
What would change my mind
Where this comes from: technicals, 24 Sep · FY24 and FY25 fundamentals · Q2 2026 earnings vs estimates and results · news, 18 Sep. Orin's read on IDA; not advice.
How has the share price moved?
Up 3.1% over twelve months, from $136.55 on 27 Oct 2025 to $140.78 at the Tue 27 Oct 2026 close. Its highest close in that time was $154.55 on 2 Jul 2026; the last close is 8.9% below it.
- Green line: the closing price each trading day.
- Grey line: the average closing price over the last 50 trading days.
- Dashed amber line: the same over the last 200 trading days — a slower, smoother line.
- Bars along the bottom: shares traded each day — green when it closed higher than the day before, rose when lower (the most, 1.6M, on 2 Jul 2026).
- Flags: the company's filings, on the day they were made (a 10-Q is the quarterly report and a 10-K the annual report; an 8-K reports a major event).
On file
All IDA filingsLargest holders · 13F Q2 2026
Money flow| Filer | Position | Of fund |
|---|---|---|
| BlackRock | $1.0B | 0.0% |
| Vanguard Portfolio Management | $498.1M | 0.0% |
| Vanguard Capital Management | $377.5M | 0.0% |
| Wellington Management Group | $371.0M | 0.1% |
| FMR | $334.0M | 0.0% |
| Morgan Stanley | $333.8M | 0.0% |
| Capital World Investors | $297.0M | 0.0% |
| State Street | $290.7M | 0.0% |
| Two Sigma Investments | $217.8M | 0.2% |
| Geode Capital Management | $200.3M | 0.0% |
74 of the 815 filers we track · quarter ended Q2 2026 · positions, not flows
Insiders, last 24 months: 161 Form 4 filings; open-market trades net −$1.9M. Of the 50 on hand, 0 were open-market purchases and 5 sales — the rest are grants, option exercises and tax withholding.
Ask Orin about IDA
Orin answers questions about IDA from its filings, transcripts and numbers — with the source behind every claim. Your own desk starts with 3 free days, card required.
Start 3 free days →How is it priced, against its own past and its sector?
Priced at 22.8× its last 12 months of profit (Tue 27 Oct close) — higher than in 4 of its last 5 fiscal years (middle 21.1×); the typical Utilities company on the NYSE is at 18.5×.
| Measure | Now | Its usual | Sector |
|---|---|---|---|
| P/E | 22.8×above usual | 21.1× | 18.5× |
| P/S | 4.52×above usual | 3.32× | — |
| EV/EBITDA | 14.7×above usual | 13.3× | — |
| P/B | 2.1×above usual | 1.9× | — |
- "Its usual" is the middle of its own last 5 fiscal years.
P/E: the share price divided by one year of profit per share — roughly how many years of today's profit the price pays for. A company that loses money has no P/E.
P/S: the company's total market value divided by one year of revenue. Used when there is no profit to measure.
EV/EBITDA: the price of the whole company (its shares plus its debt, minus its cash) divided by one year of operating profit before interest, tax and write-downs.
P/B: the share price divided by the book value per share — what the company owns minus what it owes, as its accounts record it. When book value is tiny, P/B swings wildly and says little.
What do the analysts who cover it publish?
The analysts' average 12-month price target is $154 (from $144 to $162) — 9% above the Tue 27 Oct close price. That is their published opinion, not Orin's.
$154
$144 – $162 · +9% against the last close
- 4 buy or overweight
- 2 hold
- 0 underweight or sell
Price target: the share price an analyst publishes for about 12 months ahead. It is the opinion of the firm that wrote it; the average is across the firms that cover the company.
Overweight / underweight: analysts' rating words: overweight means the firm expects the stock to do better than the others it covers, underweight worse. Their words, not Orin's.
How is it priced next to the companies it is compared to?
Priced at 22.8× its last 12 months of profit; the middle P/E of the 10 companies it is compared to that made a profit is 21.3×.
| Company | Market value | P/E | EV/EBITDA | Gross margin | Net margin | ROE |
|---|---|---|---|---|---|---|
| IDAIDACORP, Inc. | $8B | 22.8× | 14.7× | 21.7% | 18.8% | 9% |
| AEPAmerican Electric Power Company, Inc. | $71B | 22.4× | 14.4× | 49.0% | 13.9% | 10% |
| EDConsolidated Edison, Inc. | $45B | 19.3× | 9.5× | 65.5% | 12.7% | 9% |
| EIXEdison International | $22B | 6.0× | 8.4× | 39.9% | 19.8% | 22% |
| ETREntergy Corporation | $52B | 27.4× | 14.5× | 38.9% | 13.5% | 10% |
| NWENorthwestern Energy Group Inc | $5B | 30.7× | 14.8× | 64.7% | 9.5% | 6% |
| PNWPinnacle West Capital Corporation | $13B | 20.0× | 10.9× | 46.9% | 11.5% | 9% |
| PORPortland General Electric Company | $5B | 19.5× | 9.4× | 44.4% | 7.4% | 6% |
| SOThe Southern Company | $107B | 21.3× | 12.0× | 49.7% | 16.0% | 13% |
| WECWEC Energy Group, Inc. | $36B | 21.4× | 14.4× | 62.0% | 16.7% | 12% |
| XELXcel Energy Inc. | $49B | 21.3× | 13.3× | 48.8% | 15.3% | 10% |
- The list of companies is the data vendor's choice, so it can include a company a person would not have picked.
Market value: the share price times the number of shares — what the whole company is priced at.
P/E: the share price divided by one year of profit per share — roughly how many years of today's profit the price pays for. A company that loses money has no P/E.
EV/EBITDA: the price of the whole company (its shares plus its debt, minus its cash) divided by one year of operating profit before interest, tax and write-downs.
Gross margin: the share of each $1 of sales left after the direct cost of making what was sold.
Net margin: the share of each $1 of sales kept as profit after every cost. Below zero, the company lost money.
ROE: return on equity: one year of profit as a share of the shareholders' money in the business (its book value).
Is it priced high or low compared with its own past?
Priced at 22.8× its last 12 months of profit (Tue 27 Oct close). It has no full fiscal year on file since its history starts, so there is nothing of its own to compare with.
- Now22.8×
P/E: the share price divided by one year of profit per share — roughly how many years of today's profit the price pays for. A company that loses money has no P/E.
Fiscal year (FY): the company's own 12-month accounting year, which need not match the calendar year.
How has its sector been priced?
Utilities companies on the NYSE were priced at a typical 18.5× their yearly profit (Tue 27 Oct close).
- Now18.5×
- Each year is the middle of that calendar year's daily sector P/E; "Now" is the Tue 27 Oct close figure, the same one in the table above.
Sector P/E: the middle P/E of the companies in the same sector on the same stock exchange, as the data vendor works it out each day.
What does a cash-flow model say a share is worth?
It spends more cash than it brings in, so a cash-flow model gives no usable value (both versions come out below zero).
Discounted cash flow: a model's estimate of what the company is worth today, from the cash it is forecast to make in future years. Small changes in the forecast move it a lot, and it says little about a company that loses money.