Pinnacle West Capital Corp (PNW)

Operating return on assets (Operating ROA)

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Operating income (ttm)	US$ in thousands	824,640	787,011	688,321	728,136	731,911	745,177	756,977	812,268	805,310	786,141	811,776	795,264	788,152	769,301	717,583	652,298	671,960	726,847	756,864	802,437
Total assets	US$ in thousands	24,661,200	24,434,400	23,979,300	23,580,400	22,723,400	22,844,600	22,501,500	22,201,000	22,003,200	21,536,400	21,061,600	20,184,700	20,020,400	19,751,400	19,307,400	18,561,800	18,479,200	18,377,600	18,165,700	17,854,100
Operating ROA		3.34%	3.22%	2.87%	3.09%	3.22%	3.26%	3.36%	3.66%	3.66%	3.65%	3.85%	3.94%	3.94%	3.89%	3.72%	3.51%	3.64%	3.96%	4.17%	4.49%

December 31, 2023 calculation

Operating ROA = Operating income (ttm) ÷ Total assets
= $824,640K ÷ $24,661,200K
= 3.34%

Based on the provided data, Pinnacle West Capital Corp.'s operating return on assets (operating ROA) exhibited fluctuations over the past eight quarters. The operating ROA ranged from a low of 2.87% in Q2 2023 to a high of 3.66% in Q1 2022. The trend shows some variability, with occasional peaks and troughs in performance.

Despite the fluctuations, the company generally maintained a moderate operating ROA, indicating that it generated a reasonable level of operating income relative to its total assets. It is essential for investors to monitor these fluctuations over time to assess the company's operational efficiency and profitability. Further analysis of the factors influencing these fluctuations, such as changes in revenue, expenses, or asset utilization, would provide deeper insights into the company's financial performance.