• Pinnacle West Capital average return on tangible equity for 2023 was 7.44, a 16.5% increase from 2022.
• Pinnacle West Capital average return on tangible equity for 2022 was 8.91, a 10.18% decline from 2021.
• Pinnacle West Capital average return on tangible equity for 2021 was 9.92, a 4.06% decline from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.