MeritValue

IDACORP INC

IDAdata completeness 100%18 fiscal years on file
The thesis, from the filings

IDACORP INC earns about 5% on invested capital, but has diluted owners by 8% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $49.39 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$1.38B1$1.56B2$1.64B3$1.77B3$1.75B3
Net income$245.6M4$259M5$261.2M6$289.2M6$323.5M6
Operating cash flow$363.3M7$351.3M8$267M9$594.4M9$601.8M9
Capital expenditure$300M10$432.6M11$611.1M12$1.01B12$1.18B12
Free cash flow (derived)$63.3M7−$81.3M8−$344.1M9−$414.9M9−$577.5M9
Total debt$4B13$4.39B14$5.6B15$6.13B16$6.78B16
Cash & equivalents$215.2M17$177.6M18$327.4M19$368.9M20$215.7M20
Diluted shares50.6M50.7M50.8M52.6M54.8M

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
Net assets behind them
$651.73
your share of equity
Profit it earned you last year
$59.02
Free cash flow it threw off
−$105.37
Debt you’d be carrying
$1,236.79

10 shares is a claim on $651.73 of net worth that earned you $59.02 and generated −$105.37 of cash last year, against $1,236.79 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
5% avg · 5y
FY21 5%FY22 5%FY23 4%FY24 5%FY25 5%

It earned an average 5% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+8% shares · 5y

Share count is up 8% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 69% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. 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
$49.39
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$261.2M
  • growthAssumed0.0%
Graham Number
$93.01
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 0001057877-24-000005 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001057877-25-000014 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001057877-26-000028 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001057877-24-000005 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001057877-25-000014 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001057877-26-000028 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001057877-24-000005 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001057877-25-000014 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001057877-26-000028 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001057877-24-000005 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001057877-25-000014 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001057877-26-000028 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001057877-23-000007 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001057877-24-000005 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001057877-25-000014 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001057877-26-000028 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001057877-23-000007 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001057877-24-000005 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001057877-25-000014 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001057877-26-000028 (CashAndCashEquivalentsAtCarryingValue)