A Look At IDACORP (IDA) Valuation After Earnings Beat And Reaffirmed 2026 Investment Plans

IDACORP (IDA) caught investor attention after first quarter 2026 earnings showed higher net income and earnings per share, even as revenue declined, and management reaffirmed full year guidance and capital spending plans.

See our latest analysis for IDACORP.

The stock has climbed 14.23% on a year to date share price basis and delivered a 33.05% total shareholder return over the past year, suggesting momentum has been building as investors react to earnings, reaffirmed guidance, and ongoing grid and storage investment plans.

If this steady utilities story has you thinking about the wider energy transition, it can be useful to scan opportunities across 36 power grid technology and infrastructure stocks

With earnings guidance intact, fresh analyst attention, and shares trading about 6% below the average price target, the key question now is whether IDACORP still trades at a discount or if markets are already pricing in future growth.

Most Popular Narrative: 4.6% Undervalued

With IDACORP last closing at $145.41 against a narrative fair value of $152.44, the widely followed view sees modest upside still on the table.

Massive planned capital investments in transmission lines, energy storage, and generation assets, supported by a constructive regulatory environment and recent rate case filings, are set to expand IDACORP's rate base, enhancing regulated returns and long-term earnings growth.

Read the complete narrative.

Curious what earnings path and margin profile underpin that higher fair value, and how much growth is tied to data centers and electrification demand? The full narrative lays out the numbers and the assumptions behind them in plain sight.

Result: Fair Value of $152.44 (UNDERVALUED)

Have a read of the narrative in full and understand what's behind the forecasts.

However, this hinges on smooth execution. In addition, hydro reliance, large capital needs, and regulatory decisions on cost recovery could quickly challenge the bullish narrative.

Find out about the key risks to this IDACORP narrative.

Another Take: DCF Flips The Story

While the narrative fair value sits at $152.44, Simply Wall St's DCF model paints a different picture, with an estimated future cash flow value of $109.98. On that view, IDACORP at $145.41 screens as overvalued rather than modestly undervalued. This raises a simple question: which set of assumptions do you trust more?

For a closer look at how those long term cash flow assumptions stack up against the share price, Look into how the SWS DCF model arrives at its fair value.

Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out IDACORP for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 47 high quality undervalued stocks. If you save a screener we even alert you when new companies match - so you never miss a potential opportunity.

Next Steps

Mixed signals so far, with both risks and rewards in play, mean the next move depends on how you read the numbers and narratives. To pressure test your own thesis, weigh up the 2 key rewards and 3 important warning signs

Looking for more investment ideas?

Once you have a view on IDACORP, do not stop there. Casting a wider net can reveal opportunities that fit your style even better.

• Target reliable cash generators by checking out companies in the solid balance sheet and fundamentals stocks screener (44 results) that pair sturdy finances with consistent business performance.
• Hunt for value by using the 47 high quality undervalued stocks to spot stocks where quality metrics and price seem out of sync.
• Boost your income focus by scanning the 12 dividend fortresses for stocks that combine higher yields with robust underlying businesses.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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