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The following is a summary of PPAs as of December 31, 2025: Generating Source Present Capability (MW) (1) Expiration of Contract Hydroelectric Douglas County PUD 16 2028 Grant County PUD 76 2052 Chelan County PUD (2) 263 2045 Columbia Basin Hydro (3) 103 2045 Total Hydroelectric 458 Thermal Lancaster 276 2041 Wind Clearwater Wind 98 2055 Palouse Wind 105 2042 Rattlesnake Flat Wind 144 2040 Tota…
18.02% operating margin is respectable but not wide. ROIC at 5.68%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue growth slowed to 1.3%, essentially flat. This is a business that needs a catalyst.
Free cash flow declined 10200% versus the prior year, cash generation momentum has weakened. Negative free cash flow of -$101M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$1.92B
▲ +1.3% YoY
Net Income (TTM)
$206M
▲ +7.2% YoY
Op. Margin
18.94%
▲ +2.2pp YoY
ROIC
8.86%
▲ +0.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$153M
▼ -10200.0% YoY
Op. Cash Flow (TTM)
$464M
▼ -12.2% YoY
Net Debt
$459M
Cash & Equiv.
$18M
5Y CAGR: +8.2%
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