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Relative valuation derived from Utilities sector median benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Multiples adjusted for extreme outliers and non-recurring volatility.
Auditing capital efficiency...
Quality Profile Audit
Score: 48.6GRADE C
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation.
Return on Equity
Profit generated per dollar of shareholder equity
11.0%
Sector: 9.9%
Dividend Analysis audit
INCOME
2.60%
Trailing Yield
$2.60
Per $100 Invested
Solid dividend yield for income-focused strategies.
Est. Payout Ratio
53%SAFE
Analyst Projections
Analyst Consensus
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Based on our 6-factor quantitative model, IDACORP INC (IDA) receives a "Hold" rating with a composite score of 48.8/100, ranked #408 out of 4446 stocks. Key factor scores: Quality 49/100, Value 54/100, Momentum 55/100. This is quantitative analysis only — not investment advice.
IDACORP INC (IDA) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does IDACORP INC Do?
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. IDACORP INC (IDA) is classified as a mid-cap stock in the Utilities sector. The company is led by CEO Lisa A. Grow and employs approximately 2,070 people, headquartered in Boise, Idaho. With a market capitalization of $7.9B, IDA is one of the notable companies in the Utilities sector.
IDACORP INC (IDA) Stock Rating — Hold (April 2026)
As of April 2026, IDACORP INC receives a Hold rating with a composite score of 48.8/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.IDA ranks #408 out of 4,446 stocks in our coverage universe. Within the Utilities sector, IDACORP INC ranks #41 of 112 stocks, placing it in the upper half of its Utilities peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
IDA Stock Price and 52-Week Range
IDACORP INC (IDA) currently trades at $147.53. The stock lost $0.87 (0.6%) in the most recent trading session. The 52-week high for IDA is $145.94, which means the stock is currently trading 1.1% from its annual peak. The 52-week low is $108.15, putting the stock 36.4% above its annual trough. Recent trading volume was 334K shares, suggesting relatively thin trading activity.
Is IDA Overvalued or Undervalued? — Valuation Analysis
IDACORP INC (IDA) carries a value factor score of 54/100 in the Blank Capital model, indicating fair valuation relative to historical norms. The trailing price-to-earnings ratio is 20.38x, compared to the Utilities sector average of 23.47x — a discount of 13%. The price-to-book ratio stands at 2.25x, versus the sector average of 1.98x. The price-to-sales ratio is 4.19x, compared to 0.82x for the average Utilities stock. On an enterprise value basis, IDA trades at 26.19x EV/EBITDA, versus 4.75x for the sector.
Overall, IDA's valuation appears roughly in line with sector benchmarks, suggesting the market is pricing the stock fairly given its current fundamentals and growth trajectory. Neither deep value nor significantly overpriced, the stock occupies a middle ground on valuation.
IDACORP INC Profitability — ROE, Margins, and Quality Score
IDACORP INC (IDA) earns a quality factor score of 49/100, signaling below-average profitability metrics relative to the broader market. The return on equity (ROE) is 11.0%, compared to the Utilities sector average of 9.9%, which is within a healthy range. Return on assets (ROA) comes in at 3.9% versus the sector average of 3.1%.
On a margin basis, IDACORP INC reports gross margins of 40.0%, compared to 53.1% for the sector. The operating margin is 22.1% (sector: 21.5%). Net profit margin stands at 20.2%, versus 12.8% for the average Utilities stock. Revenue growth is running at 18.9% on a trailing basis, compared to 20.1% for the sector. Profitability is below benchmark levels, which may reflect industry headwinds, elevated reinvestment, or structural challenges.
IDA Debt, Balance Sheet, and Financial Health
IDACORP INC has a debt-to-equity ratio of 93.0%, compared to the Utilities sector average of 164.5%. Leverage is within a manageable range for the industry, though investors should monitor debt trends over time. The current ratio is 0.93x, which may signal near-term liquidity tightness. Total debt on the balance sheet is $3.33B. Cash and equivalents stand at $333M.
IDA has a beta of 0.21, meaning it is less volatile than the S&P 500, making it a relatively defensive holding. The stability factor score for IDACORP INC is 95/100, indicating low-volatility characteristics and consistent price behavior that appeals to risk-averse investors.
IDACORP INC Revenue and Earnings History — Quarterly Trend
In TTM 2026, IDACORP INC reported revenue of $1.92B and earnings per share (EPS) of $5.96. Net income for the quarter was $394M. Gross margin was 40.0%. Operating income came in at $434M.
In FY 2025, IDACORP INC reported revenue of $1.75B and earnings per share (EPS) of $5.96. Net income for the quarter was $324M. Revenue grew -1.2% year-over-year compared to FY 2024. Operating income came in at $354M.
In Q3 2025, IDACORP INC reported revenue of $526M and earnings per share (EPS) of $2.30. Net income for the quarter was $125M. Revenue grew -1.1% year-over-year compared to Q3 2024. Operating income came in at $145M.
In Q2 2025, IDACORP INC reported revenue of $449M and earnings per share (EPS) of $1.77. Net income for the quarter was $96M. Revenue grew 1.5% year-over-year compared to Q2 2024. Operating income came in at $101M.
Over the past 8 quarters, IDACORP INC has demonstrated a growth trajectory, with revenue expanding from $443M to $1.92B. Investors analyzing IDA stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
IDA Dividend Yield and Income Analysis
IDACORP INC (IDA) currently pays a dividend yield of 2.6%. At this yield, a $10,000 investment in IDA stock would generate approximately $$260.00 in annual dividend income. This compares to the Utilities sector average dividend yield of 2.8%, meaning IDA yields less than the typical sector peer. With a net margin of 20.2%, the dividend appears well-covered by earnings, suggesting sustainable payouts going forward.
IDA Momentum and Technical Analysis Profile
IDACORP INC (IDA) has a momentum factor score of 55/100, reflecting neutral trend characteristics. The stock is neither significantly outperforming nor underperforming the broader market on a momentum basis. The investment factor score is 26/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 3/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.
IDA vs Competitors — Utilities Sector Ranking and Peer Comparison
Comparing IDA against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full IDA vs S&P 500 (SPY) comparison to assess how IDACORP INC stacks up against the broader market across all factor dimensions.
IDA Next Earnings Date
No upcoming earnings date has been announced for IDACORP INC (IDA) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy IDA? — Investment Thesis Summary
IDACORP INC presents a balanced picture with arguments on both sides. Low volatility (stability score 95/100) reduces downside risk.
In summary, IDACORP INC (IDA) earns a Hold rating with a composite score of 48.8/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on IDA stock.
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Institutional Research Dossier
IDACORP INC (IDA) Deep Dive Analysis
Published on March 24, 2026
Action RatingHold
Sections
Executive Summary
We maintain a Hold rating on IDACORP (IDA). While the company exhibits strong operational efficiency and profitability within the utilities sector, its relatively high valuation and negative free cash flow generation raise concerns about future growth prospects and capital allocation. The company's regulated utility business provides stability, but its ability to outperform peers is limited by its capital expenditure requirements and regulatory environment.
IDA's consistent profitability, as evidenced by its superior net margin compared to the sector, is a positive attribute. However, the negative free cash flow, driven by significant capital investments, necessitates careful monitoring of its debt levels and future funding strategies. The current valuation, while in line with the sector P/E, appears rich considering the company's investment needs and moderate growth outlook, justifying our Hold rating.
Business Strategy & Overview
IDACORP operates primarily through its subsidiary, Idaho Power, which generates, transmits, distributes, purchases, and sells electricity to approximately 604,000 retail customers in southern Idaho and eastern Oregon. The company's generation mix includes a significant portion of hydropower, supplemented by natural gas and coal-fired plants. This diversified portfolio allows IDA to manage fluctuations in energy demand and commodity prices, although it also exposes the company to environmental regulations and potential disruptions in fuel supply.
IDA's strategic focus is on maintaining a reliable and affordable energy supply for its customers while adhering to environmental standards. This involves ongoing investments in infrastructure upgrades, renewable energy projects, and grid modernization. The company's capital expenditure program is substantial, reflecting the need to replace aging assets, expand capacity to meet growing demand, and comply with increasingly stringent environmental regulations. These investments are crucial for long-term sustainability but also contribute to the company's negative free cash flow.
The regulatory environment in Idaho and Oregon plays a significant role in IDA's business strategy. The company's rates are determined by regulatory commissions, which aim to balance the interests of customers and shareholders. This regulatory oversight provides a degree of stability but also limits the company's ability to rapidly increase prices or pursue aggressive growth strategies. IDA must navigate complex regulatory processes to obtain approval for rate increases and capital investments, which can be time-consuming and uncertain.
IDA's customer base is diverse, including residential, commercial, and industrial customers. The company serves a range of industries, including food processing, electronics manufacturing, agriculture, healthcare, government, and education. This diversification helps to mitigate the impact of economic downturns in specific sectors. However, IDA's reliance on a relatively concentrated geographic area exposes it to regional economic risks and weather-related events.
Execution Benchmarks audit
Revenue Growth
YOY expansion rate
18.9%
Sector: 20.1%
IN LINE
Economic Moat Analysis
IDACORP possesses a Narrow economic moat, primarily derived from its regulated utility operations and the associated barriers to entry. The electric utility industry is characterized by high capital costs, extensive infrastructure requirements, and stringent regulatory oversight, making it difficult for new entrants to compete effectively. Idaho Power's established network of transmission and distribution lines, along with its long-standing relationships with regulatory agencies, provides a significant competitive advantage.
The regulatory framework in Idaho and Oregon grants IDA a virtual monopoly in its service territory. This allows the company to earn a regulated rate of return on its invested capital, providing a predictable and stable revenue stream. While the regulatory process can be challenging, it also protects IDA from direct competition and allows it to recover its costs over time. This regulatory moat is not impenetrable, as regulators can limit rate increases or impose stricter environmental standards, but it provides a significant degree of protection.
IDA's hydropower generation assets also contribute to its economic moat. These assets provide a relatively low-cost and environmentally friendly source of electricity, giving the company a competitive advantage over utilities that rely solely on fossil fuels. However, hydropower generation is subject to weather conditions and water availability, which can impact the company's profitability. Furthermore, the development of new hydropower projects is often met with environmental opposition and regulatory hurdles.
While IDA benefits from its regulated utility operations and hydropower assets, its moat is not as wide as some of its peers. The company's reliance on coal-fired generation exposes it to environmental risks and potential carbon regulations. Furthermore, the increasing adoption of distributed generation technologies, such as solar panels and battery storage, could erode IDA's market share over time. The company must adapt to these changing market dynamics to maintain its competitive position.
Financial Health & Profitability
IDACORP's financial health presents a mixed picture. The company demonstrates strong profitability metrics, with a net margin of 20.2% significantly exceeding the sector average of 12.8%. This indicates efficient operations and effective cost management. The company's ROE of 11.0% is also slightly above the sector average of 10.0%, suggesting efficient use of equity capital. However, the company's gross margin of 40.0% lags the sector average of 53.3%, indicating higher cost of goods sold relative to revenue.
Revenue growth has been robust, with a TTM revenue growth of 18.9%, slightly below the sector average of 20.1%. Examining the quarterly financial history reveals consistent revenue growth over the past several years, driven by increasing customer demand and rate adjustments. Net income has also shown a positive trend, although fluctuations in operating expenses and interest rates can impact profitability. The company's operating margin has remained relatively stable, indicating consistent operational efficiency.
A significant concern is the company's negative free cash flow of -$721.34 million. This is primarily due to substantial capital expenditures related to infrastructure upgrades and expansion projects. While these investments are necessary for long-term growth and reliability, they strain the company's cash flow and necessitate external financing. The company's total debt of $3.33 billion is substantial, although its debt-to-equity ratio of 93.00 is lower than the sector average of 165.00, indicating a relatively conservative capital structure.
The company's current ratio of 0.93 indicates a potential liquidity risk, as current liabilities slightly exceed current assets. This suggests that the company may face challenges in meeting its short-term obligations. However, the company's access to capital markets and its regulated utility business provide a degree of financial flexibility. The company's cash balance of $333.21 million provides a buffer against short-term financial pressures.
Valuation Assessment
IDACORP's valuation appears to be fair to slightly rich based on several key metrics. The company's P/E ratio of 22.7x is in line with the sector average of 22.7x, suggesting that the stock is fairly valued relative to its earnings. However, the company's EV/EBITDA ratio of 7.6x is significantly higher than the sector average of 4.8x, indicating that the stock may be overvalued relative to its operating cash flow. This discrepancy could be due to the market's perception of IDA's growth prospects or its regulated utility business model.
Given the company's negative free cash flow, traditional valuation metrics such as free cash flow yield are not applicable. Instead, investors must focus on the company's earnings growth potential and its ability to generate positive free cash flow in the future. The company's capital expenditure program is expected to remain substantial in the coming years, which will likely continue to strain its cash flow. Therefore, the company's valuation is highly dependent on its ability to effectively manage its capital investments and generate sufficient earnings to cover its debt obligations.
Compared to its historical valuation, IDACORP's current P/E ratio is within its historical range, although it is at the higher end of that range. This suggests that the stock is not significantly overvalued compared to its past performance. However, the company's negative free cash flow and its relatively high debt levels warrant caution. Investors should carefully consider the company's growth prospects and its ability to generate positive free cash flow before investing in the stock.
Overall, IDACORP's valuation appears to be fair to slightly rich, reflecting the company's strong profitability but also its negative free cash flow and substantial capital expenditure requirements. The stock is not significantly overvalued compared to its historical performance or its sector peers, but it is not a bargain either. Investors should carefully weigh the company's risks and opportunities before making an investment decision.
Risk & Uncertainty
IDACORP faces several key risks and uncertainties that could impact its financial performance and stock price. Regulatory risk is a significant concern, as the company's rates and operations are subject to oversight by regulatory commissions in Idaho and Oregon. Changes in regulatory policies or adverse regulatory decisions could negatively impact the company's profitability and growth prospects. For example, regulators could limit rate increases, impose stricter environmental standards, or disallow certain capital expenditures.
Environmental risk is another important consideration, particularly given the company's reliance on hydropower and coal-fired generation. Drought conditions or changes in water availability could impact hydropower generation, while stricter environmental regulations could increase the cost of operating coal-fired plants or force their premature retirement. The company is also exposed to the risk of carbon regulations, which could increase its operating costs and reduce its competitiveness.
Commodity price risk is also relevant, as the company purchases natural gas and coal to fuel its power plants. Fluctuations in commodity prices could impact the company's operating costs and profitability. The company attempts to mitigate this risk through hedging strategies, but these strategies are not always effective. Furthermore, the company's ability to pass on increased commodity costs to its customers is limited by regulatory constraints.
Finally, the company faces operational risks related to its infrastructure and operations. Power outages, equipment failures, and cybersecurity breaches could disrupt the company's operations and damage its reputation. The company invests in infrastructure upgrades and cybersecurity measures to mitigate these risks, but they cannot be eliminated entirely. The company's reliance on a relatively concentrated geographic area also exposes it to regional economic risks and weather-related events.
Bulls Say / Bears Say
The Bull Case
BULL VIEWIDACORP's regulated utility business provides a stable and predictable revenue stream, ensuring consistent profitability and dividend payments.
BULL VIEWThe company's investments in renewable energy and grid modernization will position it for long-term growth and reduce its exposure to environmental risks.
The Bear Case
BEAR VIEWIDACORP's negative free cash flow and high debt levels raise concerns about its financial flexibility and ability to fund future growth.
BEAR VIEWThe company's reliance on coal-fired generation exposes it to environmental risks and potential carbon regulations, which could significantly increase its operating costs.
About the Author
Marques Blank
Founder & Chief Investment Officer, Blank Capital
Marques brings 15 years of institutional finance and investing experience, having overseen financial planning for a $1.6B defense business unit. He developed the proprietary 6-factor quantitative model used to score IDA and 4,400+ other equities.
IDACORP INC exhibits a 215% valuation premium relative to institutional benchmarks. This represents a potential valuation overextension based on current multiples.
Return on Assets
Efficiency of asset utilization
3.9%
Sector: 3.1%
Gross Margin
Pricing power and cost efficiency
40.0%
Sector: 53.1%
Operating Margin
Core business profitability
22.1%
Sector: 21.5%
Net Margin
Bottom-line profitability
20.2%
Sector: 12.8%
Factor Methodology
The Quality factor evaluates the persistence and magnitude of cash flows. Companies with scores >70 exhibit superior competitive moats and financial resilience through economic cycles.
Sector Avg Yield2.83%
Yield Delta-8%
Income Projection audit
A $10,000 investment would generate approximately $260 annually in dividends at the current trailing rate.
