# Idacorp (IDA.US)

Canonical: https://gigainvestors.com/s/IDA

Analysis as of: 2026-10-16T07:29:15.738Z. Financial observations: FY1996–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $136.83 per share; close as of 2026-10-15.

Estimated value: low $56.14 per share, central $67.67 per share, high $78.70 per share. Buy at or below the central value $67.67 per share. Valuation as of 2026-10-16T07:29:15.738Z; scenarios are not confidence intervals.

Expected annual return: 6.4% at the stated quote. About 6.4% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 3 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.09×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.22×

- FY2017: 0.23×

- FY2018: 0.22×

- FY2019: 0.22×

- FY2020: 0.23×

- FY2021: 0.23×

- FY2022: 0.20×

- FY2023: 0.18×

- FY2024: 0.18×

- FY2025: 0.22×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 4.1pp below the typical margin (limit 4pp)

- ROIC, median of available years: 6.3%

- ROIC, second-lowest year: 5.3%

- Typical minus recent gross margin: 4.1 pp

- Typical gross margin (annual median): 22.3%

- Recent gross margin (lower of latest and 3-year median): 18.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 23.3%

- ROIC including acquisitions, ten-year median: 3.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 6.2%

- FY2017: 8.7%

- FY2018: 7.0%

- FY2019: 6.6%

- FY2020: 6.3%

- FY2021: 6.3%

- FY2022: 5.9%

- FY2023: 5.3%

- FY2024: 5.2%

- FY2025: 5.6%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: -0.09×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$126M

- Net income, five-year total: $1.4B

- Return on incremental invested capital: 5.5%

- Working capital / revenue, annual change: -1.0 pp

- Working capital / revenue, change between three-year averages: -6.1 pp

- Working capital / revenue, final three-year average: 7.7%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: 0.98×

- FY2024: -1.00×

- FY2025: -1.85×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 7.0% vs 5.3%

- Per-share earnings: 3.94 to 5.50 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.9%

- Ordinary dilution, 5-year annual growth: 1.6%

- Market cap gain: $2.9B

- Cumulative retained earnings: $962M

- Diluted shares, 10-year annual growth: 0.9%

- Diluted shares, 5-year annual growth: 1.6%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 4.3%

- Per-share value change: $1.56

- Per-share value, starting three-year median: $3.94

- Per-share value, ending three-year median: $5.50

- Buybacks concentrated in cheaper years (correlation): 0.42

- Average buyback yield: 0.1%

- Buyback history: 9 years

- Debt-funded buybacks: No

- Acquisition spending: $1.0B

- Cumulative net income, 10 years: $2.5B

- ROIC, first three-year median: 7.0%

- ROIC, last three-year median: 5.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: $3.94

- FY2017: $4.21

- FY2018: $4.49

- FY2019: $4.61

- FY2020: $4.69

- FY2021: $4.85

- FY2022: $5.11

- FY2023: $5.14

- FY2024: $5.50

- FY2025: $5.90

### accounting: pass

- Sloan accruals: -2.7%

- Receivables to sales index (DSRI): 0.88×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.86×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.4%

- FY2017: -3.7%

- FY2018: -4.1%

- FY2019: -2.0%

- FY2020: -2.1%

- FY2021: -1.6%

- FY2022: -1.2%

- FY2023: -0.1%

- FY2024: -3.3%

- FY2025: -2.7%

## Holders

- [Andrew Adams](https://gigainvestors.com/MPF): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to grow 11.3% a year for ten years · sales -0.7%

Story as of 2026-10-16T09:58:56.080Z; price observation 2026-10-15.

Price needs cash profits to grow 11.3% a year for ten years

- 2025-07-31: IDACORP, Inc. Announces Second Quarter 2025 Results, Increases Lower-End of Earnings Guidance Range ([finance.yahoo.com](https://finance.yahoo.com/news/idacorp-inc-announces-second-quarter-103000046.html))

### Sales · FY2024–2025

sales -0.7%; source https://www.sec.gov/Archives/edgar/data/1057877/000105787726000028/ida-20251231.htm; observed 2026-02-19.

- FY2016: $1.3B 

- FY2017: $1.3B 

- FY2018: $1.4B 

- FY2019: $1.3B 

- FY2020: $1.4B 

- FY2021: $1.5B 

- FY2022: $1.6B 

- FY2023: $1.8B 

- FY2024: $1.8B 

- FY2025: $1.8B 

### Gross margin · FY2025

gross margin 22.1%; source https://www.sec.gov/Archives/edgar/data/1057877/000105787726000028/ida-20251231.htm; observed 2026-02-19.

- FY2016: 25.0% 

- FY2017: 26.3% 

- FY2018: 21.8% 

- FY2019: 22.4% 

- FY2020: 23.1% 

- FY2021: 22.8% 

- FY2022: 20.1% 

- FY2023: 17.9% 

- FY2024: 18.2% 

- FY2025: 22.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in utilities regulated electric; annual sales are USD 1.8 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1057877/000105787726000028/ida-20251231.htm (filed 2026-02-19); FY2025: revenue 1812997000; grossProfit 401429000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); IDA.US: 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; and three natural gas-fired plants situated in southern Idaho, as well as interests in a coal-fired and natural gas-fired steam generating plant located in Wyoming; and interests in a coal-fired steam generating plant situated in Nevada. As of December 31, 2025, it had approximately 4,730 pole miles of high-voltage transmission lines; 23 step-up transmission substations located at power plants; 21 transmission substations; 12 switching stations; 31 mixed-use transmission and distribution substations; 188 energized distribution substations; approximately 30,020 linear miles of distribution lines; and a capacity of 1,228 MWh of battery storage. The company provides electric utility services to approximately 664,000 retail customers in southern Idaho and eastern Oregon. It serves commercial and industrial customers, which involved in food processing, electronics and general manufacturing, agriculture, health care, government, education, and information technology. The company also invests in housing and other real estate tax credit investments. IDACORP, Inc. was founded in 1915 and is headquartered in Boise, Idaho.

### Why customers stay

Margins ranged from 17.9% to 22.1% during 2023–25; it earns 6.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2023: grossProfit / revenue = 17.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2024: grossProfit / revenue = 18.2%.

- Source: https://www.sec.gov/Archives/edgar/data/1057877/000105787726000028/ida-20251231.htm (filed 2026-02-19); FY2025: grossProfit / revenue = 22.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); 10-year return on capital observations [[2016,0.06220921658152616],[2017,0.0868783524268281],[2018,0.06983975001039375],[2019,0.06610386460856642],[2020,0.06340796626474132],[2021,0.06302575718176215],[2022,0.059195014326744885],[2023,0.05251621924296482],[2024,0.051635498870659075],[2025,0.05649420549788617]]; median 0.06261748688164415. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 3.3 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2016: growth capex 0; upkeep 296950000; owner earnings 48632000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2017: growth capex 119555000; upkeep 165933000; owner earnings 212419000. Growth capex / owner earnings = 0.5628263008487941.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2018: growth capex 67281338.50516772; upkeep 210571661.49483228; owner earnings 185349338.50516772. Growth capex / owner earnings = 0.3629974568444001.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2019: growth capex 0; upkeep 278705000; owner earnings 127949000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2020: growth capex 14376010.4522869; upkeep 296561989.5477131; owner earnings 116796010.4522869. Growth capex / owner earnings = 0.1230864855453238.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2021: growth capex 120555000; upkeep 179444000; owner earnings 245550000. Growth capex / owner earnings = 0.49095907147220524.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2022: growth capex 259034000; upkeep 173555000; owner earnings 258982000. Growth capex / owner earnings = 1.0002007861550224.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2023: growth capex 406610959.64426726; upkeep 204526040.35573274; owner earnings 256576959.64426726. Growth capex / owner earnings = 1.5847524275290172.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); Dividend observations: [[2016,104984000],[2017,113127000],[2018,121421000],[2019,129677000],[2020,137813000],[2021,146119000],[2022,154287000],[2023,163545000],[2024,176565000],[2025,188482000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1057877/000105787726000028/ida-20251231.htm (filed 2026-02-19); FY2025: cash repurchases 3336000 USD.

### Are managers owners

Insiders own 0.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); IDA.US SharesStats.PercentInsiders = 0.28900000000000003 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 11.3% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); Ten-year compound average after fade. Initial solved rate 0.1502546851595622. Price 136.83; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.8597590073968027 → FY2025 -10.901233441593986. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $78.39 per share

- 2016-11: $76.15 per share

- 2016-12: $80.55 per share

- 2017-01: $80.02 per share

- 2017-02: $82.93 per share

- 2017-03: $82.96 per share

- 2017-04: $84.52 per share

- 2017-05: $87.30 per share

- 2017-06: $85.35 per share

- 2017-07: $86.36 per share

- 2017-08: $88.98 per share

- 2017-09: $87.93 per share

- 2017-10: $92.03 per share

- 2017-11: $98.81 per share

- 2017-12: $91.36 per share

- 2018-01: $86.28 per share

- 2018-02: $81.05 per share

- 2018-03: $88.27 per share

- 2018-04: $93.00 per share

- 2018-05: $92.36 per share

- 2018-06: $92.24 per share

- 2018-07: $94.24 per share

- 2018-08: $97.85 per share

- 2018-09: $99.23 per share

- 2018-10: $93.26 per share

- 2018-11: $98.24 per share

- 2018-12: $93.06 per share

- 2019-01: $97.50 per share

- 2019-02: $98.41 per share

- 2019-03: $99.54 per share

- 2019-04: $99.02 per share

- 2019-05: $100.27 per share

- 2019-06: $100.43 per share

- 2019-07: $102.06 per share

- 2019-08: $109.81 per share

- 2019-09: $112.67 per share

- 2019-10: $107.62 per share

- 2019-11: $105.05 per share

- 2019-12: $106.80 per share

- 2020-01: $112.19 per share

- 2020-02: $96.64 per share

- 2020-03: $87.79 per share

- 2020-04: $91.78 per share

- 2020-05: $93.23 per share

- 2020-06: $87.37 per share

- 2020-07: $93.25 per share

- 2020-08: $89.90 per share

- 2020-09: $79.90 per share

- 2020-10: $87.73 per share

- 2020-11: $90.58 per share

- 2020-12: $96.03 per share

- 2021-01: $88.30 per share

- 2021-02: $86.24 per share

- 2021-03: $99.97 per share

- 2021-04: $102.48 per share

- 2021-05: $97.95 per share

- 2021-06: $97.50 per share

- 2021-07: $105.45 per share

- 2021-08: $105.35 per share

- 2021-09: $103.38 per share

- 2021-10: $104.32 per share

- 2021-11: $104.62 per share

- 2021-12: $113.31 per share

- 2022-01: $110.22 per share

- 2022-02: $103.95 per share

- 2022-03: $115.36 per share

- 2022-04: $105.18 per share

- 2022-05: $109.02 per share

- 2022-06: $105.92 per share

- 2022-07: $111.72 per share

- 2022-08: $109.24 per share

- 2022-09: $99.01 per share

- 2022-10: $104.70 per share

- 2022-11: $110.53 per share

- 2022-12: $107.85 per share

- 2023-01: $105.81 per share

- 2023-02: $103.40 per share

- 2023-03: $108.33 per share

- 2023-04: $111.12 per share

- 2023-05: $104.07 per share

- 2023-06: $102.60 per share

- 2023-07: $102.82 per share

- 2023-08: $95.84 per share

- 2023-09: $93.65 per share

- 2023-10: $94.71 per share

- 2023-11: $96.50 per share

- 2023-12: $98.32 per share

- 2024-01: $92.58 per share

- 2024-02: $88.11 per share

- 2024-03: $92.89 per share

- 2024-04: $94.78 per share

- 2024-05: $95.47 per share

- 2024-06: $93.15 per share

- 2024-07: $97.75 per share

- 2024-08: $101.91 per share

- 2024-09: $103.09 per share

- 2024-10: $103.48 per share

- 2024-11: $118.47 per share

- 2024-12: $109.28 per share

- 2025-01: $109.94 per share

- 2025-02: $117.91 per share

- 2025-03: $116.22 per share

- 2025-04: $118.09 per share

- 2025-05: $118.95 per share

- 2025-06: $115.45 per share

- 2025-07: $125.33 per share

- 2025-08: $125.10 per share

- 2025-09: $132.15 per share

- 2025-10: $129.02 per share

- 2025-11: $131.78 per share

- 2025-12: $126.56 per share

- 2026-01: $132.79 per share

- 2026-02: $143.97 per share

- 2026-03: $142.97 per share

- 2026-04: $147.74 per share

- 2026-05: $140.27 per share

- 2026-06: $151.30 per share

- 2026-07: $142.91 per share

- 2026-08: $136.16 per share

- 2026-09: $130.73 per share

- 2026-10: $136.83 per share

## Annual estimated value (USD per share)

- FY2016: low $36.92 per share, central $41.91 per share, high $48.56 per share

- FY2017: low $41.74 per share, central $49.99 per share, high $58.07 per share

- FY2018: low $45.63 per share, central $53.34 per share, high $61.31 per share

- FY2019: low $31.44 per share, central $35.25 per share, high $40.33 per share

- FY2020: low $34.19 per share, central $39.47 per share, high $45.06 per share

- FY2021: low $48.56 per share, central $57.71 per share, high $66.62 per share

- FY2022: low $54.03 per share, central $65.26 per share, high $75.60 per share

- FY2023: low $64.62 per share, central $77.44 per share, high $89.31 per share

- FY2024: low $64.95 per share, central $77.51 per share, high $89.28 per share

- FY2025: low $58.90 per share, central $70.50 per share, high $81.60 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1057877/000105787726000028/ida-20251231.htm); period 2025-12-31, filed 2026-02-19.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.