Forensic Analysis · Electric Utilities · as of Nov 8, 2026
Idacorp Inc (IDA)
A forensic read on Idacorp Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Clean
Earnings quality
4
Forensic signals
9.4%
ROE
-0.7%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Idacorp Inc earns a C (Mixed — selective) forensic quality grade. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
3.7%
FY2025
Return on invested capital.Return on invested capital is 3.7% in the latest fiscal year and steady across FY2023–FY2025, inside a 0.1-point range. After-tax operating profit was $282M in FY2023 and $319M in FY2025, with operating income at 17.7% of revenue in FY2023, 17.9% in FY2024 and 19.5% in FY2025. The capital base behind it grew +15% across FY2023–FY2025, from $7.6B to $8.7B, and the return held at 3.7% to one decimal doing it, so the dollars added over that window earned no more than the 3.7% the older base was already earning. $1.7B of the $8.7B base at FY2025 is construction in progress (20.0%) — paid for, not yet in service, and so in the denominator of this return.
FCF ($577M)
FY2025
Shareholder returns.Returned $192M to shareholders (buybacks + dividends) in FY2025, but free cash flow was ($577M) after capex — there was no free cash flow to fund the payout from at all, though operating cash flow alone was $602M — 32% of that. Capex and the payout together ran $769M past operating cash flow — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of. The balance sheet covered it: cash fell $153M and total debt rose $374M over FY2025 — $527M of the $769M. The FY2025 cash-flow statement filed $400M of debt issued against $20M repaid; $98M from shares issued; net cash used in investing activities of $1.0B; net cash provided by financing activities of $274M.
+11.9%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +11.9% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. The build is led by PP&E up +17% against revenue -1%. A cash-flow measure on the same base disagrees: reported earnings ran in line with operating cash by 4% of net operating assets, against an accruals ratio of 11.9%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.
+3.9%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +8% over the last 2 years to FY2025 (+3.9%/yr). The count is growing — 50.8M shares in FY2023, 54.8M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~3.9% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~7%.
Key fundamentals
Latest Revenue$1.81B
Revenue Growth YoY-0.7%
Revenue CAGR (2yr)+1.3%
Net Margin17.8%
Free Cash Flow-$577.5M
Return on Equity9.4%
Debt / Equity0.97x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Idacorp Inc's actual 10-K/10-Q/8-K filings?