IDACORP, Inc. IDA
IDACORP's Q2 2026 beat ($1.79 EPS vs. $1.75 consensus) and raised lower-end guidance underscore a reliable earnings trajectory—EPS compounded from $4.85 in 2021 to $5.90 in 2025—but the stock trades at a 10% PE premium and 21% EV/EBITDA premium to peers while free cash flow has deteriorated to -$577M in 2025 as capex ballooned to $1.18B against only $602M in operating cash flow. Total debt has climbed 83% from $2.0B in 2021 to $3.66B in 2025, and with MACD negative and price below the 50-day moving average, the positive earnings momentum is already largely reflected in a rich valuation.
The risk/reward remains balanced: earnings growth is real but not self-funding, and the premium multiple leaves limited margin for execution slips.
What could go wrong
- Capex escalation outpacing rate recovery. Capex surged from $300M in 2021 to $1.18B in 2025 while operating cash flow only grew from $363M to $602M, creating a widening FCF gap that now requires sustained debt issuance to fund.
- Valuation premium compression. IDA trades at 23.1x PE, 4.58x PS, and 14.85x EV/EBITDA versus peer medians of 20.9x, 2.69x, and 12.29x; any regulatory setback or growth deceleration could trigger multiple contraction toward peers.
- Rising leverage and interest burden. Total debt increased from $2.0B (2021) to $3.66B (2025) against equity of $3.57B, pushing debt-to-equity above 1.0x and increasing sensitivity to interest-rate movements.
- Persistent insider net selling. Over the trailing 24 months insiders net sold $8.8M in value despite net positive share count from option exercises; recent open-market sales by EVPs and VPs at ~$142 suggest limited insider conviction at current levels.
What would change my mind
Where this comes from: FMP fundamentals, fiscal years 2021–2025 · Zacks news article, 2026-07-30 · Business Wire press release, 2026-07-30 · FMP fundamentals, fiscal year 2025. Orin's read on IDA; not advice.
Twelve months actual closes to 2026-09-24 · actual filings
50-day average 200-day average · volume below
On file
All IDA filingsLargest holders · 13F Q2 2026
Money flow| Filer | Position | Of fund |
|---|---|---|
| Vanguard Portfolio Management | $498.1M | 0.0% of fund |
| Vanguard Capital Management | $377.5M | 0.0% of fund |
| Wellington Management Group Llp | $371.0M | 0.1% of fund |
| Fmr | $334.0M | 0.0% of fund |
| Morgan Stanley | $333.8M | 0.0% of fund |
| Capital World Investors | $297.0M | 0.0% of fund |
72 filers · quarter ended Q2 2026 · positions, not flows
Insiders, last 24 months: 161 Form 4 filings, net −$8.8M. 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 →Where it trades
| Metric | Now | Own median | Sector |
|---|---|---|---|
| P/E | 20.7× | — | 25.9× |
| EV/EBITDA | 13.8× | — | — |
| P/S | 4.10× | — | — |
| P/B | 1.9× | — | — |
What Wall Street published
$155
$143 – $162 · +22% against today's price
- 8 buy or overweight
- 4 hold
- 1 underweight or sell
The analysts’ consensus and their own ratings, not Orin’s. A target is a twelve-month opinion published by the firm that wrote it.
Against the companies it is compared to
| Company | Market cap | P/E | EV/EBITDA | Gross | Net | ROE |
|---|---|---|---|---|---|---|
| IDAIDACORP, Inc. | $7B | 20.7× | 13.8× | 21.7% | 18.8% | 9% |
| BKHBlack Hills Corporation | $5B | 17.6× | 12.6× | 42.9% | 13.0% | 8% |
| CMSCMS Energy Corporation | $20B | 18.6× | 12.4× | 69.7% | 11.6% | 11% |
| MGEEMGE Energy, Inc. | $3B | 16.9× | 11.8× | 85.4% | 19.5% | 11% |
| OGEOGE Energy Corp. | $9B | 19.3× | 11.1× | 53.6% | 14.6% | 10% |
| PORPortland General Electric Company | $5B | 20.3× | 9.6× | 44.4% | 7.4% | 6% |
| TXNMTXNM Energy, Inc. | $6B | 32.3× | 7.1× | 39.6% | 8.8% | 6% |
The median is of the 6 peers listed above and nothing else — check it against the column. This company trades 9.0% above it. The peer set is the vendor’s, so a company can appear here that a person would not have chosen.
What it has traded at
What its sector has traded at
Two scales, drawn separately on purpose: a sector median and one company’s multiple are not the same number and putting them on one axis invites a comparison neither series supports.
Every estimate on one scale
The vertical rule is the current price. Ranges and point estimates are the backend’s, published as they were calculated; an arrow means the estimate sits beyond this scale, and its number is on the right.