Unitil Corporation (UTL) 10-Year Financial Performance & Capital Metrics

UTL • • Utilities

UtilitiesDiversified UtilitiesIntegrated Electric & Gas UtilitiesUS Multi-State Electric & Gas Utilities

AboutUnitil Corporation, a public utility holding company, engages in the distribution of electricity and natural gas. It operates through three segments: Utility Electric Operations, Utility Gas Operations, and Non-Regulated. The company distributes electricity in the southeastern seacoast and state capital regions of New Hampshire, and the greater Fitchburg area of north central Massachusetts; and distributes natural gas in southeastern New Hampshire and portions of southern and central Maine, including the city of Portland and the Lewiston-Auburn area, as well as the greater Fitchburg area of north central Massachusetts. It also operates 86 miles of interstate underground natural gas transmission pipeline that provides interstate natural gas pipeline access and transportation services primarily in Maine and New Hampshire. In addition, the company provides energy brokering and advisory services to commercial and industrial customers; and real estate management services. It serves approximately 107,700 electric customers and 86,600 natural gas customers. Unitil Corporation was incorporated in 1984 and is headquartered in Hampton, New Hampshire.Show more

Revenue $495M -11.2%
EBITDA $167M +7.9%
Net Income $47M +4.2%
Free Cash Flow -$44M -29.4%
EBITDA Margin 33.69% +21.5%
Net Margin 9.52% +17.3%
ROE 9.4% -0.5%
Interest Coverage 2.40 -3.7%
Debt/Equity 1.47 +5.9%
Net Debt/EBITDA 4.50 +2.9%
CapEx / Revenue 34.34% +35.7%
CapEx Coverage 0.74 -2.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓12 years of consecutive dividend growth
✓12 consecutive years of dividend growth
✓Healthy dividend yield of 3.4%

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y1.51%

5Y2.46%

3Y1.49%

TTM1.03%

Profit (Net Income) CAGR

10Y6.67%

5Y1.28%

3Y9.27%

TTM-0.43%

EPS CAGR

10Y5.05%

5Y-0.27%

3Y7.63%

TTM-0.95%

ROCE

10Y Avg6.32%

5Y Avg5.91%

3Y Avg6.16%

Latest6.12%

Peer Comparison

US Multi-State Electric & Gas Utilities

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
MGEEMGE Energy, Inc.	2.92B	79.95	24.01	-1.95%	18.55%	10.37%	1.4%	0.64
SRESempra	59.77B	91.57	20.72	-18%	15.73%	5.37%		0.95
NWENorthwestern Energy Group Inc	4.2B	68.44	18.75	6.45%	13.82%	7.53%		1.09
BKHBlack Hills Corporation	5.52B	73.14	18.71	-8.73%	12.54%	7.4%		1.22
AVAAvista Corporation	3.26B	40.09	17.58	10.64%	9.14%	6.75%	0.03%	1.20
UTLUnitil Corporation	908.46M	50.71	17.31	-11.18%	9.32%	7.84%		1.47

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	426.8M	383.4M	406.2M	444.1M	438.2M	418.6M	473.3M	563.2M	557.1M	494.8M
Revenue Growth %	0%	-0.1%	0.06%	0.09%	-0.01%	-0.04%	0.13%	0.19%	-0.01%	-0.11%
Cost of Revenue	300.3M	251.9M	268.5M	300.1M	290.4M	268.8M	311.5M	394.2M	374.1M	298.2M
Gross Profit+	126.5M	131.5M	137.7M	144M	147.8M	149.8M	161.8M	169M	183M	196.6M
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	0.06%	0.04%	0.05%	0.05%	0.03%	0.01%	0.08%	0.04%	0.08%	0.07%
Operating Expenses+	63.4M	66.2M	68M	72.8M	74.7M	78.4M	84M	88.5M	95.9M	106M
Other Operating Expenses	-	-	-	-	-	-	-	-	-	-
EBITDA+	108.8M	111.9M	116.6M	121.6M	125.1M	125.9M	137.3M	143.1M	154.5M	166.7M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
EBITDA Growth %	0.07%	0.03%	0.04%	0.04%	0.03%	0.01%	0.09%	0.04%	0.08%	0.08%
Depreciation & Amortization+	45.7M	46.6M	46.9M	50.4M	52M	54.5M	59.5M	62.6M	67.4M	76.1M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income (EBIT)+	63.1M	65.3M	69.7M	71.2M	73.1M	71.4M	77.8M	80.5M	87.1M	90.6M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.05%	0.03%	0.07%	0.02%	0.03%	-0.02%	0.09%	0.03%	0.08%	0.04%
Interest Expense+	23.8M	23.7M	25.5M	26.4M	26.6M	26.4M	27.2M	28.3M	34.9M	37.7M
Interest Coverage	2.65x	2.76x	2.73x	2.70x	2.75x	2.70x	2.86x	2.84x	2.50x	2.40x
Interest / Revenue %	-	-	-	-	-	-	-	-	-	-
Non-Operating Income	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Pretax Income+	41.7M	42.5M	46.5M	41.4M	58M	42.4M	47.6M	52.6M	58.4M	61.1M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	15.4M	15.4M	17.5M	8.4M	13.8M	10.2M	11.5M	11.2M	13.2M	14M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	26.3M	27.1M	29M	33M	44.2M	32.2M	36.1M	41.4M	45.2M	47.1M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.06%	0.03%	0.07%	0.14%	0.34%	-0.27%	0.12%	0.15%	0.09%	0.04%
EPS (Diluted)+	1.89	1.94	2.06	2.23	2.97	2.15	2.35	2.59	2.82	2.93
EPS Growth %	0.06%	0.03%	0.06%	0.08%	0.33%	-0.28%	0.09%	0.1%	0.09%	0.04%
EPS (Basic)	1.89	1.94	2.06	2.23	2.97	2.15	2.35	2.59	2.82	2.93
Diluted Shares Outstanding	13.9M	14M	14.1M	14.83M	14.9M	14.95M	15.38M	16M	16.05M	16.11M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	1.05B	1.13B	1.24B	1.3B	1.41B	1.52B	1.54B	1.59B	1.67B	1.79B
Asset Growth %	0.05%	0.08%	0.1%	0.05%	0.09%	0.08%	0.01%	0.03%	0.05%	0.07%
PP&E (Net)+	808.9M	883.4M	971.5M	1.04B	1.12B	1.2B	1.26B	1.34B	1.43B	1.55B
PP&E / Total Assets %	-	-	-	-	-	-	-	-	-	-
Total Current Assets+	125.9M	131.6M	151.3M	152.2M	130.9M	139.3M	159.7M	194.8M	177.1M	188.8M
Cash & Equivalents	8.7M	5.8M	8.9M	7.8M	5.2M	6M	6.5M	9M	6.5M	6.3M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Inventory	800K	600K	7.5M	7.8M	8.7M	9.1M	9.6M	13.2M	14.5M	15.3M
Other Current Assets	26.8M	37.9M	39.5M	41.3M	41.6M	43.7M	0	0	8.3M	8.4M
Long-Term Investments	700K	1.9M	3.6M	4.8M	5.6M	5.7M	0	0	0	0
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Other Assets	110.9M	111.3M	119.1M	109.3M	118.8M	134.5M	118.7M	59.6M	66.8M	59.4M
Total Liabilities	763.6M	835.1M	905.1M	947M	1.04B	1.13B	1.09B	1.12B	1.18B	1.28B
Total Debt+	381.6M	426.8M	453.2M	494.4M	520.1M	591.9M	570.1M	616.1M	681.6M	755.8M
Net Debt	372.9M	421M	444.3M	486.6M	514.9M	585.9M	563.6M	607.1M	675.1M	749.5M
Long-Term Debt	305.5M	316.8M	376.3M	387.4M	437.5M	523.1M	497.8M	489.1M	509.1M	638.4M
Short-Term Borrowings	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Capital Lease Obligations	14.1M	11.3M	8.8M	5.8M	3.1M	3.9M	0	4.3M	5.6M	6.7M
Total Current Liabilities+	144.6M	176.9M	151M	192.5M	159.8M	136.1M	173.5M	260.1M	277.3M	228.7M
Accounts Payable	33.3M	32.4M	41.5M	42.6M	37.6M	33.2M	52.4M	68.6M	47.7M	49.7M
Accrued Expenses	1.3M	400K	500K	600K	0	0	0	0	6M	8.4M
Deferred Revenue	3.7M	400K	500K	600K	0	0	0	0	0	0
Other Current Liabilities	47.5M	42.4M	37.8M	45M	42.7M	38M	48.8M	66.9M	52.9M	58.1M
Deferred Taxes	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Liabilities	295.2M	235.2M	372.1M	364.4M	290M	316.6M	292.8M	207.4M	214.9M	223.9M
Total Equity+	283M	293.3M	337M	351.5M	376.8M	389.2M	448.5M	467.6M	489.3M	512.5M
Equity Growth %	0.03%	0.04%	0.15%	0.04%	0.07%	0.03%	0.15%	0.04%	0.05%	0.05%
Shareholders Equity	282.8M	293.1M	336.8M	351.3M	376.8M	389.2M	448.5M	467.6M	489.3M	512.5M
Minority Interest	200K	200K	200K	200K	0	0	0	0	0	0
Common Stock	237.5M	240.7M	275.8M	279.1M	282.5M	285.3M	332.1M	334.9M	337.6M	341.2M
Additional Paid-in Capital	0	0	0	0	0	0	0	0	0	0
Retained Earnings	45.1M	52.2M	60.8M	72M	94.1M	103.7M	116.2M	132.5M	151.5M	171.1M
Accumulated OCI	-271.7M	-290M	-307.7M	-332.5M	0	0	0	0	0	0
Return on Assets (ROA)	0.03%	0.02%	0.02%	0.03%	0.03%	0.02%	0.02%	0.03%	0.03%	0.03%
Return on Equity (ROE)	0.09%	0.09%	0.09%	0.1%	0.12%	0.08%	0.09%	0.09%	0.09%	0.09%
Debt / Equity	1.35x	1.46x	1.34x	1.41x	1.38x	1.52x	1.27x	1.32x	1.39x	1.47x
Debt / Assets	0.36%	0.38%	0.36%	0.38%	0.37%	0.39%	0.37%	0.39%	0.41%	0.42%
Net Debt / EBITDA	3.43x	3.76x	3.81x	4.00x	4.12x	4.65x	4.10x	4.24x	4.37x	4.50x
Book Value per Share	20.36	20.95	23.9	23.7	25.29	26.03	29.17	29.23	30.48	31.81

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	115.1M	68.3M	86.2M	78.5M	104.9M	75.7M	107.8M	97.7M	107M	125.9M
Operating CF Growth %	0.37%	-0.41%	0.26%	-0.09%	0.34%	-0.28%	0.42%	-0.09%	0.1%	0.18%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	26.3M	27.1M	29M	33M	44.2M	32.2M	36.1M	41.4M	45.2M	47.1M
Depreciation & Amortization	45.7M	46.6M	46.9M	50.4M	52M	54.5M	59.5M	62.6M	67.4M	76.1M
Deferred Taxes	11.9M	15.4M	17.5M	8M	13.5M	9.3M	10.8M	11M	7.4M	13.2M
Other Non-Cash Items	13.4M	107.8M	2.5M	-16.8M	-18.7M	-7.2M	-6.2M	-11.3M	-8.4M	0
Working Capital Changes	17.8M	-20.8M	-9.7M	3.9M	13.9M	-15.3M	6.2M	-6M	-4.6M	-10.5M
Capital Expenditures+	-103.9M	-98.1M	-119.3M	-102.4M	-119.2M	-122.6M	-115M	-122.1M	-141M	-169.9M
CapEx / Revenue %	-	-	-	-	-	-	-	-	-	-
CapEx / D&A	-	-	-	-	-	-	-	-	-	-
CapEx Coverage (OCF/CapEx)	-	-	-	-	-	-	-	-	-	-
Cash from Investing+	-103.9M	-98.1M	-119.3M	-102.4M	-105.8M	-122.6M	-115M	-122.1M	-141M	-169.9M
Acquisitions	0	0	0	0	13.4M	0	0	0	0	0
Purchase of Investments	0	0	0	0	0	0	0	0	0	0
Sale of Investments	0	0	0	0	0	0	0	0	0	0
Other Investing	0	0	0	0	0	0	0	0	0	0
Cash from Financing+	-10.9M	26.9M	36.2M	22.8M	-1.7M	47.7M	7.7M	26.9M	31.5M	43.8M
Dividends Paid	-19.6M	-20M	-20.4M	-21.8M	-22.1M	-22.6M	-23.6M	-25.1M	-26.2M	-27.5M
Dividend Payout Ratio %	0.75%	0.74%	0.7%	0.66%	0.5%	0.7%	0.65%	0.61%	0.58%	0.58%
Debt Issuance (Net)	1000K	1000K	1000K	1000K	1000K	1000K	-1000K	1000K	1000K	1000K
Stock Issued	1.3M	1.3M	33M	1.2M	1.1M	1.1M	45.5M	1M	1.1M	1.1M
Share Repurchases	0	0	0	0	0	0	0	0	0	0
Other Financing	-4M	-2.5M	-2.4M	3.2M	-2.4M	-1.7M	2.3M	9.6M	-7.8M	-3.7M
Net Change in Cash+	300K	-2.9M	3.1M	-1.1M	-2.6M	800K	500K	2.5M	-2.5M	-200K
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	8.4M	8.7M	5.8M	8.9M	7.8M	5.2M	6M	6.5M	9M	6.5M
Cash at End	8.7M	5.8M	8.9M	7.8M	5.2M	6M	6.5M	9M	6.5M	6.3M
Free Cash Flow+	11.2M	-29.8M	-33.1M	-23.9M	-14.3M	-46.9M	-7.2M	-24.4M	-34M	-44M
FCF Growth %	2.3%	-3.66%	-0.11%	0.28%	0.4%	-2.28%	0.85%	-2.39%	-0.39%	-0.29%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF / Net Income %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	9.45%	9.4%	9.2%	9.59%	12.14%	8.41%	8.62%	9.04%	9.45%	9.4%
EBITDA Margin	25.49%	29.19%	28.71%	27.38%	28.55%	30.08%	29.01%	25.41%	27.73%	33.69%
Net Debt / EBITDA	3.43x	3.76x	3.81x	4.00x	4.12x	4.65x	4.10x	4.24x	4.37x	4.50x
Interest Coverage	2.65x	2.76x	2.73x	2.70x	2.75x	2.70x	2.86x	2.84x	2.50x	2.40x
CapEx / Revenue	24.34%	25.59%	29.37%	23.06%	27.2%	29.29%	24.3%	21.68%	25.31%	34.34%
Dividend Payout Ratio	74.52%	73.8%	70.34%	66.06%	50%	70.19%	65.37%	60.63%	57.96%	58.39%
Debt / Equity	1.35x	1.46x	1.34x	1.41x	1.38x	1.52x	1.27x	1.32x	1.39x	1.47x
EPS Growth	5.59%	2.65%	6.19%	8.25%	33.18%	-27.61%	9.3%	10.21%	8.88%	3.9%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Gas	-	-	-	216.1M	203.4M	191.4M	224.8M	265.3M	250.6M	246.5M
Gas Growth	-	-	-	-	-5.88%	-5.90%	17.45%	18.02%	-5.54%	-1.64%
Other1	-	-	-	-	900K	-	-	-	-	-
Other1 Growth	-	-	-	-	-	-	-	-	-	-
Other 1	-	-	-	4.7M	-	-	-	-	-	-
Other 1 Growth	-	-	-	-	-	-	-	-	-	-
Electric	-	196.1M	206.2M	-	-	-	-	-	-	-
Electric Growth	-	-	5.15%	-	-	-	-	-	-	-
Gas	202.6M	181.2M	194M	-	-	-	-	-	-	-
Gas Growth	-	-10.56%	7.06%	-	-	-	-	-	-	-
Electricity	218M	-	-	-	-	-	-	-	-	-
Electricity Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
MAINE	-	1M	3M	-	-	-	-	-	-	-
MAINE Growth	-	-	200.00%	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Unitil Corporation (UTL) has a price-to-earnings (P/E) ratio of 17.3x. This is roughly in line with market averages.

Growth & Financials

Unitil Corporation (UTL) reported $502.0M in revenue for fiscal year 2024. This represents a 42% increase from $352.8M in 2011.

Unitil Corporation (UTL) saw revenue decline by 11.2% over the past year.

Yes, Unitil Corporation (UTL) is profitable, generating $46.8M in net income for fiscal year 2024 (9.5% net margin).

Dividend & Returns

Yes, Unitil Corporation (UTL) pays a dividend with a yield of 3.37%. This makes it attractive for income-focused investors.

Unitil Corporation (UTL) has a return on equity (ROE) of 9.4%. This is below average, suggesting room for improvement.

Unitil Corporation (UTL) had negative free cash flow of $121.0M in fiscal year 2024, likely due to heavy capital investments.

Industry Metrics

Unitil Corporation (UTL) has a dividend payout ratio of 58%. This suggests the dividend is well-covered and sustainable.

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