The business behind the dividend
| Measure | IDA | Median | Formula |
|---|---|---|---|
| Return on equity | 9.1% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | 5.0% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-597.45m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-577.49m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 20.3% | 14.3% | Operating income ÷ revenue |
| Net margin | 18.5% | 10.1% | Net income ÷ revenue |
| Debt to equity | 0.97x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | 2.10x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 0.93x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 1.86x | 1.66x | Operating cash flow ÷ net income |
| Accruals | -2.7% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Long-term debt to working capital — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 9.1% | 8.7% | 9.0% | 9.2% | 9.2% | 9.3% | 9.4% | 9.6% | 9.4% | 9.2% | 9.2% |
| Return on capital employed | 5.0% | 5.1% | 5.5% | 6.5% | 7.1% | 6.8% | 6.9% | 7.1% | 7.9% | 7.3% | 6.8% |
| Operating margin | 20.3% | 18.5% | 19.1% | 21.0% | 23.8% | 24.1% | 23.2% | 22.6% | 23.9% | 23.3% | 22.6% |
| Net margin | 18.5% | 16.3% | 15.9% | 16.6% | 17.8% | 18.5% | 18.1% | 17.3% | 16.1% | 16.3% | 16.6% |
| Debt to equity | 0.97x | 0.92x | 0.97x | 0.78x | 0.75x | 0.78x | 0.75x | 0.77x | 0.78x | 0.81x | 0.78x |
| Current ratio | 0.93x | 1.41x | 1.58x | 1.26x | 1.83x | 2.23x | 1.51x | 2.31x | 2.21x | 1.76x | 1.58x |
| Cash conversion | 1.86x | 2.06x | 1.02x | 1.36x | 1.48x | 1.63x | 1.57x | 2.17x | 2.05x | 1.74x | 1.63x |
How it compares in utilities
Among the 76 utilities companies here measured on GAAP earnings, Idacorp pays out less than 41 of them. The median for that group is 60.7%, against this company’s 58.6%.
Closest on GAAP earnings
- California Water Service Group (CWT) 57.7%
- American Water Works (AWK) 58.2%
- Middlesex Water (MSEX) 58.5%
- Exelon (EXC) 58.6%
Same sector and same denominator, so the figures are comparable. All 80 in utilities →