Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
The zones of discrimination for M-Score is as such:
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Good Sign:
Beneish M-Score -2.46 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Pinnacle West Capital's Beneish M-Score or its related term are showing as below:
STU:PWC'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.81 Med: -2.58 Max: -2.27
Current: -2.46
During the past 13 years, the highest Beneish M-Score of Pinnacle West Capital was -2.27. The lowest was -2.81. And the median was -2.58.
Pinnacle West Capital Beneish M-Score Related Terms
Pinnacle West Capital Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Pinnacle West Capital's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
STU:PWC vs OGE, IDA, TXNM: Beneish M-Score Comparison
For the Utilities - Regulated Electric subindustry, Pinnacle West Capital's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Pinnacle West Capital Beneish M-Score vs Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, Pinnacle West Capital's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Pinnacle West Capital's Beneish M-Score falls into.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Pinnacle West Capital for today is based on a combination of the following eight different indices:
M
=
-4.84
+
0.92 * DSRI
+
0.528 * GMI
+
0.404 * AQI
+
0.892 * SGI
+
0.115 * DEPI
=
-4.84
+
0.92 * 1.2623
+
0.528 * 0.9738
+
0.404 * 0.9546
+
0.892 * 1
+
0.115 * 1.171
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1
+
4.679 * -0.036531
-
0.327 * 1.0484
=
-2.44
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
DEPI
=
(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))
/
(Depreciation_t / (Depreciaton_t + PPE_t))
=
(896.57 / (896.57 + 20055.326))
/
(855.404 / (855.404 + 22553.621))
=
0.042792
/
0.036542
=
1.171
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
TATA
=
(IncomefromContinuingOperations_t
-
CashFlowsfromOperations_t)
/
TotalAssets_t
=
(NetIncome_t - NonOperatingIncome_t
-
CashFlowsfromOperations_t)
/
TotalAssets_t
=
(548.685 - 62.43
-
1519.243)
/
28276.727
=
-0.036531
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Pinnacle West Capital has a M-score of -2.44 suggests that the company is unlikely to be a manipulator.
Pinnacle West Capital (STU:PWC) has a Beneish M-Score of -2.46 as of Aug. 09, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Pinnacle West Capital and its competitors. According to the industry distribution chart, Pinnacle West Capital ranks #318 out of 485 companies in the Utilities - Regulated industry, placing it in the top 65.6%.
Is Pinnacle West Capital's Beneish M-Score too high?
Pinnacle West Capital's current Beneish M-Score is -2.46. Based on the distribution chart, Pinnacle West Capital ranks #318 out of 485 companies in the Utilities - Regulated industry, which is below the industry midpoint. Overall, Pinnacle West Capital has a GF Score™ of 73/100, reflecting its overall financial health beyond just this single metric.
How does Pinnacle West Capital's Beneish M-Score compare to OGE and IDA?
According to the Utilities - Regulated industry distribution chart, Pinnacle West Capital ranks #318 out of 485 companies for Beneish M-Score. This places Pinnacle West Capital in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for an Utilities - Regulated company?
A good Beneish M-Score depends on the Utilities - Regulated industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Pinnacle West Capital and its competitors. Pinnacle West Capital's current Beneish M-Score is -2.46. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Pinnacle West Capital stock overvalued right now?
Pinnacle West Capital (STU:PWC) has a current Beneish M-Score of -2.46. The stock's GF Value™ is €78.44, compared to a current price of €87.04 — trading 11% above its estimated fair value. The current Beneish M-Score is -2.46. Pinnacle West Capital's overall GF Score™ is 73/100 with 15 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Pinnacle West Capital (STU:PWC), the current Beneish M-Score is -2.46 as of Aug. 09, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Pinnacle West Capital (STU:PWC) Overvalued in 2026?
Based on GuruFocus' analysis, Pinnacle West Capital stock appears to be overvalued.
The current stock price of €87.04 is trading 11% above its estimated GF Value™ of €78.44.
Key valuation signals for STU:PWC:
Beneish M-Score: -2.46
GF Value™: €78.44 vs. price of €87.04 (11% above fair value)
No single metric tells the full story. See the STU:PWC stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Pinnacle West is a holding company whose principal subsidiary is Arizona Public Service, a vertically integrated electric utility serving approximately 1.4 million customers across a 35,000-square-mile territory in central Arizona, including the Phoenix area. APS owns or leases 6.5 gigawatts of power generation capacity, including a 29% ownership stake in one of the largest nuclear plants in the US, Palo Verde. Half of the electricity that APS supplies to customers comes from clean energy sources, including nuclear.
73GF Score
Get the complete analysis for STU:PWC
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
STU:PWC has been successfully added to your 
