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what it is
IDACORP sells electricity to homes, businesses, farms, and factories across southern Idaho and eastern Oregon.
how it gets paid
Last year Idacorp made $1.7B in revenue. Residential was the main engine at $0.65B, or 38% of sales.
why growth slowed
Revenue fell 1.2% last year. Idaho power also expects to utilize between $50 million and $60 million in additional tax credits available under idaho’s regulatory framework during 2025.
what just happened
Latest quarterly EPS came in at $0.78, ahead of the $0.73 consensus.
At a glance
A balance sheet — strong enough to weather a downturn
100/100 earnings predictability — you can trust these numbers
21.5x trailing p/e — priced about right
2.5% dividend yield — cash in your pocket every quarter
5.5% return on capital — nothing to write home about
xvary composite: 70/100 — average
What they do
IDACORP sells electricity to homes, businesses, farms, and factories across southern Idaho and eastern Oregon.
This is a regulated monopoly. Plain English: one company owns the wires across 24,000 square miles, so if you want power there, you use Idaho Power. That locked-in service area covers 649,000 customers, and customer count still rose 2.3% vs. prior year in the latest quarter.
How they make money
$1.7B
annual revenue · their business grew -1.2% last year
Residential
$0.65B
Commercial
$0.37B
Industrial
$0.26B
Irrigation
$0.19B
Other
$0.24B
The products that matter
regulated electric utility
Idaho Power
$1.7B · core business
it's effectively the whole story: 649,000 customers across 24,000 square miles generated the company's $1.7B in annual revenue.
100% of the business
Key numbers
100/100
price stability
The stock has been extremely steady. Plain English: it usually trades like a utility, not like a drama series, which matters if you own it for sleep and dividends.
$3.3B
long-term debt
That is 33% of capital, which is manageable for a utility but still ties future returns to interest rates and regulator approvals.
20.3%
operating margin
Operating margin means profit after running the business but before interest and taxes. Plain English: about 20 cents of each revenue dollar stays after core costs, so what you own is efficient but not wildly high-return.
2.5%
dividend yield
You are getting some income, but not enough to excuse overpaying if the stock only moves from $125.89 to $135.
Financial health
A
strength
- balance sheet grade A — very strong financial position
- risk rank 1 — safer than 95% of stocks
- price stability 100 / 100
- long-term debt $3.3B (33% of capital)
- return on equity 10% — $0.10 profit for every $1 investors have put in
A — among the top-rated companies for balance sheet quality.
Total return vs. market
You invested $10,000 in IDA 3 years ago → it's now worth $13,020.
The index would have given you $14,770.
source: institutional data · total return
What just happened
beat estimates
Latest quarterly EPS came in at $0.78, ahead of the $0.73 consensus.
Third-quarter 2025 share earnings rose 6.6% vs. prior year to $2.26, helped by customer growth at the regulated utility. Customer counts increased 2.3% from the prior year.
$1.4B
revenue
$0.78
eps
20.3%
gross margin
the number that mattered
The key number was the $0.05 EPS beat versus consensus, because this stock is priced for reliability and small misses matter when upside is limited.
-
idacorp posted mid-single-digit bottom-line growth in the third quarter.
-
share earnings increased 6.6% vs. prior year, to $2.26, supported primarily by customer growth at its regulated subsidiary, idaho power, and higher base rates implemented at the start of 2025.
-
customer counts rose 2.3% from the prior year, reflecting continued population and economic growth in the utility’s service territory.
-
we anticipate earnings momentum to carry in the near term.
-
management raised its full-year 2025 share earnings outlook to $5.80-$5.90, up from $5.70-$5.85, assuming normal weather conditions and stable power supply costs.idaho power also expects to utilize between $50 million and $60 million in additional tax credits available under idaho’s regulatory framework during 2025, which should help offset customer costs while supporting earnings.
source: company earnings report, 2026
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What could go wrong
the top risk is paying 21.5x earnings for a 5.5% return-on-capital utility.
high
valuation already assumes steadiness
IDA trades at 21.5x trailing earnings while the underlying business earns 5.5% on capital. That's a fine setup for defense. It's a thinner one for upside.
only about 7% separates the current price from the $135 midpoint target
med
growth is slow and recently moved backward
Revenue was $1.7B last year and slipped 1.2%. The path to $2B by fy2028 exists, but it needs growth to reappear rather than just stability holding.
a slow-growth story gets less forgiveness when the stock already trades near 20x forward earnings
med
debt matters more when returns are modest
Long-term debt stands at $3.3B, or 33% of capital. That's manageable with an A balance sheet, but it still limits flexibility if growth stays soft.
you are relying on balance-sheet quality to offset a business earning 10% on equity, not 20%+
med
defensive can still mean underperforming
IDA turned $10,000 into $13,020 over 3 years. The index got to $14,770. Low volatility did not translate into higher returns.
this stock can do exactly what it is supposed to do and still trail the market
This is a low-drama business with modest economics: 5.5% return on capital, 10% return on equity, and roughly 7% upside to the $135 midpoint target.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
return on capital above 5.5%
This is the key bottleneck in the story. If the business keeps earning utility-like returns while the stock holds a premium multiple, upside stays capped.
trend
revenue back above flat
Last year's revenue slipped 1.2%. The $2B fy2028 path starts looking real only if sales stop moving backward from here.
calendar
next earnings print
You want the next update to show the same predictability with better growth. More of the same is safe. It just does less for the stock.
risk
institutional buying streak
Net buying has lasted 3 quarters. If that fades while the stock still trades near 21.5x earnings, support gets thinner fast.
Analyst rankings
earnings predictability
100 / 100
In human-speak: analysts think this business is extremely unlikely to surprise you.
risk rank
1
that's safer than 95% of stocks. You're buying stability first, upside second.
price stability
100 / 100
the stock has behaved like a utility should. Calm is the product here.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 244 buyers vs. 191 sellers in 3q2025. total institutional holdings: 54.6M shares. net buying for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$110
$159
$126
current price
$135
target midpoint · +7% from current · 3-5yr high: $165 (+30% · 10% ann'l return)
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