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Side-by-side financial comparison of Pinnacle West Capital (PNW) and SELECT MEDICAL HOLDINGS CORP (SEM). Click either name above to swap in a different company.
SELECT MEDICAL HOLDINGS CORP is the larger business by last-quarter revenue ($1.4B vs $1.1B, roughly 1.2× Pinnacle West Capital). Pinnacle West Capital runs the higher net margin — 1.6% vs 1.4%, a 0.1% gap on every dollar of revenue. On growth, SELECT MEDICAL HOLDINGS CORP posted the faster year-over-year revenue change (6.4% vs 3.0%). SELECT MEDICAL HOLDINGS CORP produced more free cash flow last quarter ($5.2M vs $-192.7M). Over the past eight quarters, Pinnacle West Capital's revenue compounded faster (8.9% CAGR vs 2.8%).
Pinnacle West Capital Corporation is an American utility holding company that owns Arizona Public Service (APS). It is publicly traded on the New York Stock exchange and a component of the S&P 500 stock market index. APS is the largest utility company in Arizona and is regulated by the Arizona Corporation Commission (ACC).
Select Medical is a healthcare company based in Pennsylvania. It owns long-term acute care and inpatient rehabilitation hospitals, as well as occupational health and physical therapy clinics. Select Medical is a subsidiary of Select Medical Holdings, which is listed on the New York Stock Exchange.
PNW vs SEM — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.1B | $1.4B |
| Net Profit | $17.6M | $20.2M |
| Gross Margin | — | — |
| Operating Margin | 10.7% | 4.6% |
| Net Margin | 1.6% | 1.4% |
| Revenue YoY | 3.0% | 6.4% |
| Net Profit YoY | 798.0% | 225.7% |
| EPS (diluted) | $0.12 | $0.17 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $1.1B | $1.4B | ||
| Q3 25 | $1.8B | $1.4B | ||
| Q2 25 | $1.4B | $1.3B | ||
| Q1 25 | $1.0B | $1.4B | ||
| Q4 24 | $1.1B | $1.3B | ||
| Q3 24 | $1.8B | $1.3B | ||
| Q2 24 | $1.3B | $1.3B | ||
| Q1 24 | $951.7M | $1.3B |
| Q4 25 | $17.6M | $20.2M | ||
| Q3 25 | $417.5M | $28.8M | ||
| Q2 25 | $196.9M | $40.6M | ||
| Q1 25 | $-338.0K | $56.7M | ||
| Q4 24 | $-2.5M | $-16.1M | ||
| Q3 24 | $399.3M | $55.6M | ||
| Q2 24 | $208.1M | $77.6M | ||
| Q1 24 | $21.2M | $96.9M |
| Q4 25 | 10.7% | 4.6% | ||
| Q3 25 | 32.0% | 5.4% | ||
| Q2 25 | 22.6% | 6.5% | ||
| Q1 25 | 5.5% | 8.3% | ||
| Q4 24 | 7.7% | 1.6% | ||
| Q3 24 | 30.9% | 4.3% | ||
| Q2 24 | 24.0% | 5.8% | ||
| Q1 24 | 7.0% | 9.0% |
| Q4 25 | 1.6% | 1.4% | ||
| Q3 25 | 22.9% | 2.1% | ||
| Q2 25 | 14.5% | 3.0% | ||
| Q1 25 | -0.0% | 4.2% | ||
| Q4 24 | -0.2% | -1.2% | ||
| Q3 24 | 22.6% | 4.4% | ||
| Q2 24 | 15.9% | 6.1% | ||
| Q1 24 | 2.2% | 7.3% |
| Q4 25 | $0.12 | $0.17 | ||
| Q3 25 | $3.39 | $0.23 | ||
| Q2 25 | $1.58 | $0.32 | ||
| Q1 25 | $-0.04 | $0.44 | ||
| Q4 24 | $-0.04 | $-0.12 | ||
| Q3 24 | $3.37 | $0.43 | ||
| Q2 24 | $1.76 | $0.60 | ||
| Q1 24 | $0.15 | $0.75 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $6.6M | $26.5M |
| Total DebtLower is stronger | — | $1.8B |
| Stockholders' EquityBook value | $7.0B | $1.7B |
| Total Assets | $30.0B | $5.9B |
| Debt / EquityLower = less leverage | — | 1.06× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $6.6M | $26.5M | ||
| Q3 25 | $30.9M | $60.1M | ||
| Q2 25 | $18.8M | $52.3M | ||
| Q1 25 | $10.0M | $53.2M | ||
| Q4 24 | $3.8M | $59.7M | ||
| Q3 24 | $49.2M | $191.5M | ||
| Q2 24 | $4.0M | $111.2M | ||
| Q1 24 | $9.6M | $92.6M |
| Q4 25 | — | $1.8B | ||
| Q3 25 | — | $1.7B | ||
| Q2 25 | — | $1.8B | ||
| Q1 25 | — | $1.8B | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | — | $3.1B | ||
| Q2 24 | — | $3.6B | ||
| Q1 24 | — | $3.8B |
| Q4 25 | $7.0B | $1.7B | ||
| Q3 25 | $7.2B | $1.7B | ||
| Q2 25 | $6.7B | $1.7B | ||
| Q1 25 | $6.7B | $1.7B | ||
| Q4 24 | $6.8B | $1.7B | ||
| Q3 24 | $6.6B | $1.9B | ||
| Q2 24 | $6.2B | $1.4B | ||
| Q1 24 | $6.2B | $1.4B |
| Q4 25 | $30.0B | $5.9B | ||
| Q3 25 | $29.9B | $5.7B | ||
| Q2 25 | $29.2B | $5.7B | ||
| Q1 25 | $27.2B | $5.7B | ||
| Q4 24 | $26.1B | $5.6B | ||
| Q3 24 | $26.3B | $8.0B | ||
| Q2 24 | $25.7B | $7.9B | ||
| Q1 24 | $24.8B | $7.9B |
| Q4 25 | — | 1.06× | ||
| Q3 25 | — | 1.03× | ||
| Q2 25 | — | 1.10× | ||
| Q1 25 | — | 1.03× | ||
| Q4 24 | — | 1.01× | ||
| Q3 24 | — | 1.62× | ||
| Q2 24 | — | 2.54× | ||
| Q1 24 | — | 2.75× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $476.8M | $64.3M |
| Free Cash FlowOCF − Capex | $-192.7M | $5.2M |
| FCF MarginFCF / Revenue | -17.1% | 0.4% |
| Capex IntensityCapex / Revenue | 59.3% | 4.2% |
| Cash ConversionOCF / Net Profit | 27.09× | 3.19× |
| TTM Free Cash FlowTrailing 4 quarters | $-819.5M | $117.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $476.8M | $64.3M | ||
| Q3 25 | $665.0M | $175.3M | ||
| Q2 25 | $261.4M | $110.3M | ||
| Q1 25 | $401.9M | $-3.5M | ||
| Q4 24 | $439.5M | $125.4M | ||
| Q3 24 | $633.2M | $181.0M | ||
| Q2 24 | $189.8M | $278.2M | ||
| Q1 24 | $347.4M | $-66.7M |
| Q4 25 | $-192.7M | $5.2M | ||
| Q3 25 | $42.0M | $122.2M | ||
| Q2 25 | $-448.1M | $45.6M | ||
| Q1 25 | $-220.7M | $-55.8M | ||
| Q4 24 | $-92.1M | $62.0M | ||
| Q3 24 | $-32.7M | $130.3M | ||
| Q2 24 | $-344.2M | $222.6M | ||
| Q1 24 | $-170.4M | $-119.2M |
| Q4 25 | -17.1% | 0.4% | ||
| Q3 25 | 2.3% | 9.0% | ||
| Q2 25 | -33.0% | 3.4% | ||
| Q1 25 | -21.4% | -4.1% | ||
| Q4 24 | -8.4% | 4.7% | ||
| Q3 24 | -1.8% | 10.2% | ||
| Q2 24 | -26.3% | 17.4% | ||
| Q1 24 | -17.9% | -9.0% |
| Q4 25 | 59.3% | 4.2% | ||
| Q3 25 | 34.2% | 3.9% | ||
| Q2 25 | 52.2% | 4.8% | ||
| Q1 25 | 60.3% | 3.9% | ||
| Q4 24 | 48.5% | 4.8% | ||
| Q3 24 | 37.6% | 4.0% | ||
| Q2 24 | 40.8% | 4.3% | ||
| Q1 24 | 54.4% | 4.0% |
| Q4 25 | 27.09× | 3.19× | ||
| Q3 25 | 1.59× | 6.09× | ||
| Q2 25 | 1.33× | 2.72× | ||
| Q1 25 | — | -0.06× | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.59× | 3.25× | ||
| Q2 24 | 0.91× | 3.59× | ||
| Q1 24 | 16.41× | -0.69× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PNW
| Electricand Transmission Service | $1.1B | 100% |
| Other Services | $4.4M | 0% |
SEM
| Critical Illness Recovery Hospitals | $629.7M | 45% |
| Health Care Patient Service Non Medicare | $428.6M | 31% |
| Rehabilitation Hospitals | $339.2M | 24% |
