MeritValue

AVISTA CORP

AVAdata completeness 100%18 fiscal years on file
i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$1.44B1$1.71B2$1.75B3$1.94B3$1.96B3
Net income$147.3M4$155M5$171M6$180M6$193M6
Operating cash flow$267.3M7$124M8$447M9$534M9$469M9
Capital expenditure$439.9M10$452M11$499M12$533M12$570M12
Free cash flow (derived)−$172.6M7−$328M8−$52M9$1M9−$101M9
Total debt$2.43B13$2.76B13$364M14$354M14$388M15
Cash & equivalents$22.2M16$13.4M17$35M18$30M19$19M19
Diluted shares70.1M73.1M76.5M78.8M81.1M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
You’d own
0.000012%
of the whole company
Your share of last year’s profit
$23.81
Your share of its debt
$47.87
Your share of free cash flow
−$12.46
iii. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
$22.23
assumptions (8)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$171M
  • growthAssumed0.0%
Graham Number
$42.31
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000950170-24-017421 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-25-027077 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001193125-26-067872 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0000950170-24-017421 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-25-027077 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001193125-26-067872 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000950170-24-017421 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000950170-25-027077 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001193125-26-067872 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000950170-24-017421 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0000950170-25-027077 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001193125-26-067872 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-23-003546 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2023-12-31 · accession 0000950170-25-027077 (LongTermDebtCurrent)
  15. 10-K · period ending 2025-12-31 · accession 0001193125-26-067872 (ShortTermBorrowings)
  16. 10-K · period ending 2021-12-31 · accession 0000950170-23-003546 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-12-31 · accession 0000950170-24-017421 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-12-31 · accession 0000950170-25-027077 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-12-31 · accession 0001193125-26-067872 (CashAndCashEquivalentsAtCarryingValue)