AVA vs IDA: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of September 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: AVA is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. AVA and IDA share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined AVA and IDA exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Avista Corporation is a regulated utility holding company headquartered in Spokane, Washington. Through Avista Utilities it generates, transmits, and distributes electricity and delivers natural gas to roughly 1.7 million customers across eastern Washington, northern Idaho, and parts of Oregon, and through Alaska Electric Light and Power (AEL&P) it serves Juneau, Alaska. Its earnings come almost entirely from monopoly regulated operations, where state utility commissions set the rates and allowed returns, making revenue and profit relatively predictable but capped by the regulatory framework.

Full AVA guide

IDACORP is the parent of Idaho Power Company, a vertically integrated regulated electric utility that generates, transmits, and distributes electricity to more than 640,000 customers across a growing territory in southern Idaho and eastern Oregon. Its earnings come mainly from regulated rates set by the Idaho Public Utilities Commission and Oregon regulators, so profitability is tied to the utility's allowed return on a growing rate base rather than to commodity prices. A hydro-heavy generation fleet plus purchased power and battery storage rounds out the resource mix.

Full IDA guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• AVA drivers: Rate base and capital plan; Regulated earnings and dividend.
• IDA drivers: Data-center and industrial load growth; Customer growth and rate-base expansion.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: Avista is a small-cap utility with concentrated exposure to Pacific Northwest regulation, so an unfavorable rate-case outcome can directly compress earnings. For IDA, as a capital-intensive regulated utility, IDACORP depends on regulators granting adequate rates and returns on its large spending plan, and unfavorable rate-case outcomes would pressure earnings.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick AVA if you believe its drivers more; IDA if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the AVA and IDA guides.

AVA. Avista reported Q1 2026 net income of about $92 million ($1.11 per diluted share) on roughly $570 million of quarterly revenue, up from $0.98 a year earlier. On a trailing basis revenue is around $1.96 billion. At a share price implying a mid-teens P/E on guided earnings, AVA tends to trade at a modest discount to larger utility peers, reflecting its small size and Pacific Northwest wildfire exposure.

IDA. IDACORP trades at a mid-20s trailing earnings multiple, a modest premium that reflects its above-average load growth. Revenue dipped year over year in Q1 2026 even as net income rose, a reminder that utility earnings track allowed returns more than top-line sales. The dividend yield of roughly 2.5% is on the lower side for utilities, consistent with the market pricing in growth.

Headline figures (approximate, July 2026): AVA shows revenue (ttm) ~$1.96B, market cap ~$3.4B, 2026 utility eps guidance ~$2.52-$2.72, q1 2026 diluted eps (gaap) ~$1.11; IDA shows revenue (ttm) ~$1.9B, q1 2026 revenue ~$403M, q1 2026 diluted eps ~$1.21, 2026 eps guidance ~$6.25 to $6.45.

AVA and IDA are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined AVA and IDA exposure against your real portfolio. It is not an investment adviser.