At a glance
Avista Corporation is worth $3.10B, about 16 times its fiscal 2025 earnings. Revenue grew 1.3% to $1.96B in fiscal 2025, with 9.8% kept as profit; over 5 years it has grown 8.2% a year. It pays a 5.3% dividend yield, raised every year for at least 9 years, and returned $697.2M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +0.0% over the past year with dividends reinvested and +3.0% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 37.2% in the 2020 crash (S&P 500: 33.7%) and 19.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 60 months and 3 months after the lows.
The business in plain English
Avista Corp., formerly Washington Water Power, is an electric and natural gas utility based in Spokane, Washington. Its main division, Avista Utilities, served about 429,000 electric and 386,000 gas customers at the end of 2025. Its 34,000-square-mile service area, home to 1.5 million people, lies mostly in eastern Washington and northern Idaho, with gas service in parts of Oregon and a few electric customers in Montana. A subsidiary, AEL&P, supplies electricity in Juneau, Alaska.
As a regulated utility, Avista cannot set its own prices. Regulators approve rates meant to cover its costs and give shareholders a chance to earn a reasonable return on the plants, lines and pipelines it builds. Revenue was $1.96 billion and net income $193 million in fiscal 2025. Avista also buys and sells power and gas wholesale to match supply with demand and hedge price swings.
Hydropower is the backbone and usually the cheapest source of power. Avista owns Noxon Rapids and Cabinet Gorge on the Clark Fork River plus six smaller Spokane River projects. After transferring its Colstrip share to NorthWestern on January 1, 2026, its resource mix, including purchase contracts, was about 53% hydro, 32% thermal and 15% other renewables. AEL&P is small: Avista's investment in its parent, AERC, was $129 million against $2.7 billion of shareholders' equity at the end of 2025.
Price history
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AVA 0.0% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $413.0M, up 0.5% from a year earlier, and net income was $35.0M (+150.0%).
- For fiscal 2025, revenue was $1.96B (+1.3% year over year; +8.2% a year from FY2020 to FY2025) with a 9.8% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +8.2% good |
|---|---|
| Operating margin | 18% good |
| Free cash flow margin | -5.1% weak |
| Return on equity (FY2025) | 7.1% weak |
| Return on assets (FY2025) | 2.3% weak |
| Net cash (cash minus debt) | $-201.0M weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.32B | $129.5M | $-73.3M |
| FY2021 | $1.44B | $147.3M | $-172.6M |
| FY2022 | $1.71B | $155.0M | $-328.0M |
| FY2023 | $1.75B | $171.0M | $-52.0M |
| FY2024 | $1.94B | $180.0M | $1.0M |
| FY2025 | $1.96B | $193.0M | $-101.0M |
Valuation snapshot
| Market value | $3.10B |
|---|---|
| P/E ratio | 15.6 |
| Dividend yield | 5.3% |
Rank among 1514 US companies
Market value at each year end
Avista’s market value went from $2.57B at the end of 2016 to $3.10B on Oct 28, 2026, up 21%; since the end of 2025 it is down 1%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $3.10B | -1.2% |
| 2025 | $3.14B | +8.1% |
| 2024 | $2.90B | +4.9% |
| 2023 | $2.77B | -15.5% |
| 2022 | $3.27B | +8.8% |
| 2021 | $3.01B | +9.0% |
| 2020 | $2.76B | -14.0% |
| 2019 | $3.21B | +15.0% |
| 2018 | $2.79B | -15.9% |
| 2017 | $3.32B | +29.2% |
| 2016 | $2.57B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| AVA price data to Oct 28, 2026 | -0.4% | 0.0% | +10.6% | +3.0% | +3.3% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -0.4% |
| 2025 | +10.6% |
| 2024 | +7.9% |
| 2023 | -15.3% |
| 2022 | +8.8% |
| 2021 | +10.3% |
| 2020 | -13.1% |
| 2019 | +17.3% |
| 2018 | -15.1% |
| 2017 | +32.9% |
| 2016 | +17.0% |
| 2015 | +4.2% |
| 2014 | +30.6% |
| 2013 | +22.3% |
| 2012 | -1.9% |
| 2011 | +19.8% |
| 2010 | +9.5% |
| 2009 | +16.7% |
| 2008 | -6.8% |
| 2007 | -12.6% |
| 2006 | +46.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 37.2% over that stretch · deepest drop along the way 43.5%, back to its old high 9.6 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 36.2% over that stretch · deepest drop along the way 37.2%, back to its old high 60.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 10% over that stretch · deepest drop along the way 19.7%, back to its old high 2.9 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 3 sales ($239K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 2, 2026 | Joshua D DiLuciano Vice President | sell | $144K |
| May 7, 2026 | Wayne O Manuel Senior Vice President | sell | $65K |
| Sep 2, 2026 | Joshua D DiLuciano Vice President | sell | $30K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 15.9% | Mar 31, 2025 |
| Vanguard Portfolio Management | 8.52% | Mar 31, 2026 |
| Vanguard Capital Management | 5.27% | Mar 31, 2026 |
ETFs with the most weight in AVA
| PSCU Invesco S&P SmallCap Utilities & Communication Services ETF | 4.75% |
| XSHD Invesco S&P SmallCap High Dividend Low Volatility ETF | 2.45% |
| DIV Global X SuperDividend U.S. ETF | 2.44% |
| PEY Invesco High Yield Equity Dividend Achievers™ ETF | 2.44% |
| CSB VictoryShares US Small Cap High Dividend Volatility Wtd ETF | 1.7% |
| SIXS ETC 6 Meridian Small Cap Equity ETF | 1.19% |
| SMDV ProShares Russell 2000 Dividend Growers ETF | 1.17% |
| XSLV Invesco S&P SmallCap Low Volatility ETF | 1.14% |
What could go wrong
- Wildfires sparked by its equipment. Avista's equipment could start, or be blamed for, a wildfire, bringing liability for loss of life, property damage and firefighting costs, plus higher insurance costs or lost coverage. Hotter, drier weather raises the risk.
- Rate increases may lag rising costs. Avista says its operating and investment costs are growing faster than revenue. Profits depend on regulators approving rate increases on time. Smaller-than-requested increases or disallowed costs would hurt earnings and cash flow.
- Weather and water levels drive costs. Hydro is usually Avista's cheapest power, so low snowpack or streamflow forces costlier purchases or generation. Weather also drives how much power and gas customers use, so results swing with temperatures and precipitation.
- Juneau's isolated grid relies on hydro. AEL&P's Juneau system isn't connected to other grids. A long outage at its hydro plants, or trouble delivering power, would force it to rely on expensive diesel generation.
- Dependence on borrowing and credit ratings. Capital spending exceeded operating cash flow in five of six fiscal years from 2020 to 2025, so Avista relies on borrowing and capital markets. A credit downgrade could raise financing costs and limit energy hedging.
- Energy price swings strain cash flow. Avista buys power, gas and fuel wholesale. Sharp price moves can hurt results, require cash collateral on hedges (contracts that lock in prices), and leave large costs recovered from customers only later.
Recent events
- Bylaws or fiscal year changed
- Other company announcement
- Quarterly results released; Investor presentation or announcement
- Executive or board change
- Other company announcement
- Major agreement signed; New debt or financial obligation; Shareholder vote results
- Investor presentation or announcement
- Acquisition or sale of assets completed; Investor presentation or announcement
- Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
Avista raised its dividend at least nine years in a row through fiscal 2025. The dividend grew from $1.62 a share in fiscal 2020 to $1.96 in fiscal 2025, about 3.9% a year, and the yield was 5.3% as of October 28, 2026. Dividends took 82% of fiscal 2025 earnings. Free cash flow (operating cash minus capital spending) was negative in five of six fiscal years from 2020 to 2025 and never covered the dividend. There were no buybacks (share repurchases) from fiscal 2021 to 2025, and the share count rose about 20% in the five years to July 2026.
In past downturns, the shares fell about 44% in the 2008 financial crisis, recovering within 10 months; 37% in the 2020 COVID crash, not regaining their peak until March 2025; and about 20% in 2022, recovering in about three months. Single stocks carry more risk than diversified funds: one company's setbacks can hit both the price and the dividend.
Questions investors ask
How does Avista make money?
Avista makes money mainly by selling electricity and natural gas as a regulated utility. Avista Utilities served about 429,000 electric and 386,000 natural gas customers, mainly in eastern Washington and northern Idaho, at the end of 2025. Its AEL&P subsidiary supplies electricity in Juneau, Alaska. Regulators set rates meant to cover costs and allow a reasonable return on investment. Revenue was $1.96 billion in fiscal 2025, with net income of $193 million.
Does Avista raise its dividend every year?
Yes. Through fiscal 2025, Avista had raised its dividend at least nine years in a row, and the true streak may be longer. Dividends per share grew from $1.62 in fiscal 2020 to $1.96 in fiscal 2025, about 3.9% a year. Dividends took 82% of fiscal 2025 earnings, a high payout that leaves less cushion if profits fall. Past increases don't guarantee future ones.
What is Avista's dividend yield?
Avista's dividend yield was 5.3% as of October 28, 2026, when the company's market value was about $3.1 billion and the shares traded at 15.6 times fiscal 2025 earnings (the price-to-earnings ratio). Utilities often pay higher yields than the average stock because their regulated earnings are steady but grow slowly. A falling share price also lifts the yield, and Avista's shares had dropped 10.5% over the three months to that date.
Where does Avista get its electricity?
Hydropower is its largest source. Including power purchase contracts, its resource mix was about 48% hydroelectric, 37% thermal (fuel-burning) and 15% other renewables as of December 31, 2025. After Avista transferred its ownership in the Colstrip plant to NorthWestern on January 1, 2026, the mix shifted to about 53% hydro, 32% thermal and 15% other renewables. It owns the Noxon Rapids and Cabinet Gorge dams on the Clark Fork River and six smaller Spokane River projects. Hydro is usually its cheapest power, so water conditions strongly affect its costs.
How has Avista stock performed?
Modestly. Based on prices as of October 28, 2026, Avista returned about 3% a year over five years and 3.3% a year over 10 years, though 10.6% a year over three years. Calendar years swing widely: the stock gained 10.6% in 2025 but lost 15.3% in 2023 and 13.1% in 2020. Its deepest drop in about 21 years of price history was 49.3%, and its one-year return to that date was flat.