Is IDACORP, Inc. overvalued or undervalued?

As of 3 October 2025, the valuation grade for IDACORP, Inc. moved from very expensive to expensive, indicating a slight improvement but still suggesting that the stock is not attractively priced. Based on the current metrics, IDACORP appears to be overvalued, with a P/E ratio of 21, an EV to EBITDA of 13.64, and a Price to Book Value of 1.86.
When compared to peers, Pinnacle West Capital Corp. has a higher P/E of 24.26, while OGE Energy Corp. shows a lower EV to EBITDA of 10.71, reinforcing the notion that IDACORP is on the expensive side within its industry. Additionally, IDACORP's recent stock performance has outpaced the S&P 500, with a year-to-date return of 21.15% compared to the S&P 500's 14.18%, though this strong performance does not negate the overvaluation concern.