Pinnacle West Capital management check
PNW · Utilities · Multi-Utilities · CEO Mr. Geisler
Filings as of
2 good · 3 to watch · 1 flagged, across the seven questions below.
- Watch
Have owners done well?
Trailed its chosen peers$100 invested at the start of fiscal 2021 grew to $138, against $144 for the peer group the company picked itself.
- Watch
Does pay follow performance?
Pay only loosely tracked returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.50 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Watch
What does the CEO cost owners?
1.3% of net income$8.4m of reported pay in fiscal 2025, against $632.0m of net income.
- n/a
Do they own the stock?
No recent CEO filingLight activity: no buys, $97k sold in six months.
- Flag
Are owners being diluted?
Share count growingDiluted shares changed +3.5% a year over the last three fiscal years. Stock-based pay was 0.5% of revenue in the latest year.
- Good
Is leadership stable?
7 leadership filings in 3 yearsCEO in the pay table: Mr. Geisler. 7 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Utilities.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 45 | 53 | |
| Pay for performance | 75 | 81 | |
| CEO cost | 40 | 50 | |
| Skin in the game | — | — | 45 |
| Dilution | 6 | 37 | |
| Stable leadership | 90 | 80 | |
| Clean books | 100 | 100 |
Closest peers
Others in Multi-Utilities, by management score. Pinnacle West Capital is 19th of 30 in its sector.
- 146NEENextEra Energy72
- 210CMSCMS Energy68
- 226AEEAmeren66
- 227SRESempra66
- 242NINiSource65
- 244CNPCenterPoint Energy65
- 245XELXcel Energy64
- 330DDominion Energy59
- 337PNWPinnacle West Capital59
- 361EDConsolidated Edison57
Pay versus performance
From the proxy statement filed April 3, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | Mr. Geisler | $8.4m | $8.8m | $3.1m | $138 | $144 | $632.0m |
| 2024 | — | $11.0m | $17.2m | $3.6m | $127 | $129 | $626.0m |
| 2023 | — | $9.3m | $10.9m | $2.9m | $103 | $108 | $519.0m |
| 2022 | — | $8.4m | $9.5m | $2.5m | $104 | $118 | $501.0m |
| 2021 | — | $8.1m | $5.5m | $2.8m | $92 | $117 | $636.0m |
The board says pay is tied most to APS Adjusted Earnings. Its other key measures: Relative TSR, PNW Earnings Per Share, MW Installed, Safety, Capital Expenditures, Customer Satisfaction.
Insiders and the CEO's stake
Light activity: no buys, $97k sold in six months.
- SoldElizabeth A BlankenshipVP, Controller and CAO$97kAug 10, 2026
Leadership and governance on file
- Jun 29, 2026Leadership change8-K 5.02
- Feb 19, 2026Leadership change8-K 5.02
- Feb 19, 2025Leadership change8-K 5.02
- Dec 12, 2024Leadership change8-K 5.02
- Dec 12, 2024Leadership change8-K 5.02
- Jun 20, 2024Leadership change8-K 5.02
- Mar 20, 2024Leadership change8-K 5.02
- May 19, 2023Leadership change8-K 5.02
- May 1, 2023Leadership change8-K 5.02
- Feb 22, 2023Leadership change8-K 5.02
- Dec 19, 2022Leadership change8-K 5.02
- Jun 27, 2022Leadership change8-K/A 5.02
Latest shareholder vote results: May 19, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $2.0bn returned to owners in buybacks and dividends, and $102.7m of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $3.8bn | $4.3bn | $4.7bn | $5.1bn | $5.3bn |
| Net income | — | — | — | — | — |
| Stock-based pay | $18.5m | $15.9m | $17.3m | $23.5m | $27.5m |
| Buybacks | — | $2.7m | $4.1m | — | — |
| Dividends | $369.5m | $378.9m | $386.5m | $394.7m | $422.8m |
| Diluted shares | 113m | 113m | 114m | 116m | 122m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.