IDA vs NWE: 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.

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. IDA and NWE 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 IDA and NWE 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.

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

NorthWestern Energy Group provides regulated electricity and natural gas service to roughly 775,000 customers across Montana, South Dakota, Nebraska and Yellowstone National Park. As a rate-regulated utility, its earnings are driven by the size of its approved rate base and the returns state commissions allow on capital it invests in generation, transmission and distribution. The company targets 4% to 6% annual growth in both rate base and earnings per share, funded by a capital plan of around $683 million for 2026, and it pays a dividend with a long-term payout target of 60% to 70% of earnings.

Full NWE guide

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

• IDA drivers: Data-center and industrial load growth; Customer growth and rate-base expansion.
• NWE drivers: Pending Black Hills merger; Regulated rate-base growth.

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: 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. For NWE, the largest single uncertainty is deal risk: the merger still needs Montana, Nebraska and South Dakota regulatory approval, and a delay, modification or failure would materially change the thesis.

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 IDA if you believe its drivers more; NWE 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 IDA and NWE guides.

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.

NWE. In the first quarter of 2026, NWE reported revenue of about $497.6 million, up roughly 7% year over year, and adjusted diluted EPS of $1.31, ahead of consensus. The company affirmed full-year 2026 EPS guidance of about $3.68 to $3.83 and its long-term 4% to 6% growth targets. Valuation sits in typical regulated-utility territory, with the forward multiple reflecting expected earnings and, increasingly, the pending exchange into Black Hills shares.

Headline figures (approximate, JULY 2026): IDA shows revenue (ttm) ~$1.9B, q1 2026 revenue ~$403M, q1 2026 diluted eps ~$1.21, 2026 eps guidance ~$6.25 to $6.45; NWE shows revenue (ttm) ~$1.64B, net income (ttm) ~$168M, 2026 eps guidance ~$3.68 to $3.83, dividend / yield ~$2.68 (~3.8%).

IDA and NWE 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 IDA and NWE exposure against your real portfolio. It is not an investment adviser.