Is IDACORP, Inc. overvalued or undervalued?

As of 17 October 2025, the valuation grade for IDACORP, Inc. has moved from very expensive to expensive, indicating a slight improvement in its valuation perception. The company appears to be overvalued based on its current metrics. Key ratios include a P/E ratio of 21, an EV to EBITDA ratio of 13.64, and a Price to Book Value of 1.86, which suggest that the stock is trading at a premium compared to its earnings and book value.
In comparison to peers, IDACORP's P/E ratio of 21.71 is lower than Pinnacle West Capital Corp.'s 24.26 but higher than OGE Energy Corp.'s 17.83, while its EV to EBITDA ratio is more favorable than Pinnacle West's 11.52 but less attractive than The AES Corp.'s 12.64. Despite its strong performance with a year-to-date return of 24.33% compared to the S&P 500's 13.30%, the long-term returns of 55.98% over five years lag significantly behind the S&P 500's 91.29%, reinforcing the notion that IDACORP may be overvalued in the current market context.