Unitil (UTL) AI Stock Analysis

• Market Cap: $917.77M
• Dividend Yield: 3.73%
• Average Volume (3M): 118.27K
• Price to Earnings (P/E): 17.7
• Beta (1Y): 0.15
• Revenue Growth: 1.03%
• EPS Growth: -0.78%
• Country: US
• Employees: 565
• Sector: Utilities
• Sector Strength: 65
• Industry: Diversified Utilities
• EPS (TTM): 0.03
• Shares Outstanding: 17,914,793
• 10 Day Avg. Volume: 84,360
• 30 Day Avg. Volume: 118,266
• PEG Ratio: 4.75
• Price to Book (P/B): 1.70
• Price to Sales (P/S): 1.76
• P/FCF Ratio: -19.83
• Enterprise Value/Market Cap: 1.86
• Enterprise Value/Revenue: 3.39
• Enterprise Value/Gross Profit: 8.96
• Enterprise Value/Ebitda: 9.06
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 70 Outperform
• Price Target: $56.00 ▲(14.29% Upside)

The score is driven primarily by solid operating profitability but constrained by negative free cash flow and elevated leverage. Technicals are supportive with price strength above major moving averages and positive momentum indicators. Valuation and income appeal are reasonable for a utility (3.54% yield, mid-range P/E), and the latest earnings call reinforced guidance and growth initiatives despite cost pressures.

Positive Factors

Regulated rate-based business model

Unitil’s revenue model is primarily regulated: state commissions set rates that permit cost recovery and an allowed return. This framework provides predictable, long-term cash flows and reduces exposure to commodity price swings, supporting stable utility earnings and capex recovery.

Rate base and customer growth via acquisitions

Recent acquisitions expand Unitil’s customer base and regulated asset base, underpinning sustainable rate-base growth guidance (10% annually to 2029). In a rate-regulated industry, a growing rate base translates into durable revenue and allowed returns as new assets are included in future rate cases.

Strong operating profitability and margins

Unitil’s elevated gross and EBITDA margins show efficient utility operations and cost control across its electricity and gas distribution segments. High operating margins provide internal funding for maintenance and investments, supporting long-term reliability and service obligations in regulated jurisdictions.

Negative Factors

Elevated leverage

A debt-to-equity ratio around 1.54 signals meaningful leverage for a utility and reduces financial flexibility. Higher indebtedness increases interest expense sensitivity, constrains the ability to absorb shocks, and can pressure credit metrics that influence borrowing costs for ongoing capital-intensive infrastructure programs.

Negative free cash flow and weak cash conversion

Unitil’s negative free cash flow and an OCF-to-net-income ratio below 1.0 indicate that reported earnings are not fully translating into operating cash. Over time this can strain liquidity, increase reliance on external financing for capex and acquisitions, and elevate financing costs if not remedied.

Rising operating, depreciation, and interest costs

Material increases in depreciation and interest expense, coupled with higher O&M (transaction and labor-related) raise the company’s fixed cost base. Persistently higher depreciation and financing costs reduce free cash flow and leave less margin buffer for regulatory lag between cost increases and allowed rate recovery.

Unitil Business Overview & Revenue Model

Company Description

Unitil Corporation (UTL) is a public utility holding company that provides electricity and natural gas services to residential, commercial, and industrial customers in New England. With operations primarily in New Hampshire, Massachusetts, and Maine, Unitil focuses on delivering reliable energy services while promoting energy efficiency and sustainability. The company is committed to enhancing the quality of life in the communities it serves through innovative energy solutions and investments in infrastructure.

How the Company Makes Money

Unitil generates revenue primarily through the provision of utility services, which includes the sale of electricity and natural gas to its customers. The company's revenue model is mainly based on regulated utility rates set by state public utility commissions. These rates allow Unitil to recover its costs and earn a regulated return on its investments in infrastructure. Key revenue streams include distribution charges for electricity and natural gas, as well as additional fees for energy efficiency programs and services. Unitil may also engage in partnerships with local governments and organizations to develop energy efficiency initiatives, which can provide additional revenue opportunities. Factors contributing to its earnings include customer growth, energy demand, regulatory approval of rate increases, and efficient operational management.

Unitil Financial Statement Overview

Summary

Strong profitability and operating efficiency (TTM gross margin 41.84%, EBITDA margin 36.89%), but leverage is elevated (debt-to-equity 1.54) and free cash flow is negative with weaker cash conversion (operating cash flow to net income 0.49).

Income Statement

Unitil's income statement shows a stable revenue growth trajectory with a TTM revenue growth rate of 1.66%. The company maintains healthy profitability with a gross profit margin of 41.84% and a net profit margin of 9.54% for the TTM. EBIT and EBITDA margins are strong at 19.98% and 36.89%, respectively, indicating efficient operations. However, the revenue growth has been inconsistent over the years, with some periods of decline.

Balance Sheet

The balance sheet reflects a high debt-to-equity ratio of 1.54 in the TTM, indicating significant leverage, which could pose a risk if not managed properly. Return on equity is moderate at 9.05%, showing decent profitability relative to equity. The equity ratio stands at 30.71%, suggesting a balanced capital structure but with room for improvement in reducing debt levels.

Cash Flow

Cash flow analysis reveals challenges with negative free cash flow, although there is a positive growth rate of 18.29% in the TTM. The operating cash flow to net income ratio is 0.49, indicating that operating cash flows are not fully covering net income. The negative free cash flow to net income ratio highlights potential liquidity concerns.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	502.00M	494.80M	557.10M	563.20M	473.30M	418.60M
Gross Profit	190.20M	196.60M	183.00M	169.00M	161.80M	149.80M
EBITDA	188.00M	174.90M	160.70M	143.50M	134.30M	123.30M
Net Income	46.80M	47.10M	45.20M	41.40M	36.10M	32.20M
Balance Sheet
Total Assets	1.94B	1.79B	1.67B	1.59B	1.54B	1.52B
Cash, Cash Equivalents and Short-Term Investments	14.60M	6.30M	6.50M	9.00M	6.50M	6.00M
Total Debt	795.30M	755.80M	681.60M	616.10M	570.10M	591.90M
Total Liabilities	1.35B	1.28B	1.18B	1.12B	1.09B	1.13B
Stockholders Equity	597.20M	512.50M	489.30M	467.60M	448.50M	389.20M
Cash Flow
Free Cash Flow	-49.80M	-44.00M	-34.00M	-24.40M	-7.20M	-46.90M
Operating Cash Flow	133.20M	125.90M	107.00M	97.70M	107.80M	75.70M
Investing Cash Flow	-254.40M	-169.90M	-141.00M	-122.10M	-115.00M	-122.60M
Financing Cash Flow	129.50M	43.80M	31.50M	26.90M	7.70M	47.70M

Unitil Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 49.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For UTL, the sentiment is Positive. The current price of 49 is below the 20-day moving average (MA) of 49.96, below the 50-day MA of 49.41, and below the 200-day MA of 49.81, indicating a bullish trend. The MACD of 0.44 indicates Negative momentum. The RSI at 61.33 is Neutral, neither overbought nor oversold. The STOCH value of 72.68 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for UTL.

Unitil Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
AVA	77 Outperform	$3.43B	17.91	7.31%	5.10%	2.14%	-6.51%
OTTR	77 Outperform	$3.69B	13.28	16.10%	2.54%	-3.18%	-8.62%
NWE	74 Outperform	$4.23B	19.50	7.62%	4.09%	4.90%	-4.42%
UTL	70 Outperform	$917.77M	17.70	8.51%	3.73%	1.03%	-0.78%
MGEE	69 Neutral	$2.93B	21.78	10.80%	2.36%	8.26%	12.47%
Sector *	66 Neutral	$17.65B	18.10	5.60%	3.62%	6.62%	11.55%
HE	59 Neutral	$2.84B	22.38	7.14%	―	-16.62%	―

Unitil Corporate Events

Unitil updates executive equity compensation and performance awards

On January 27, 2026, Unitil’s Compensation Committee approved further amendments to its equity compensation practices for executive officers and senior management, refining the treatment of dividends on restricted stock while maintaining a structure that grants annual awards split evenly between time-vested and performance-vested restricted shares. Time Restricted Shares continue to vest in 25% increments over four years, while Performance Restricted Shares vest after a three-year period based on achieving specified thresholds for average return on common equity and growth in book value per share over 2026–2028, with potential for vesting above 100% of the target through issuance of additional shares if maximum goals are exceeded. On the same date, the company granted new tranches of Time Restricted Shares and Performance Restricted Shares to its top executives, including CEO Thomas P. Meissner Jr., CFO Daniel J. Hurstak and other named officers, and also issued unrestricted common shares to these executives as a result of Unitil exceeding combined target performance goals for ROE and book value growth over the 2023–2025 period under awards originally granted in 2023, reinforcing a pay-for-performance model that ties leadership compensation closely to long-term financial outcomes.

The most recent analyst rating on (UTL) stock is a Buy with a $55.00 price target. To see the full list of analyst forecasts on Unitil stock, see the UTL Stock Forecast page.

Unitil Extends Water Utility Acquisition Agreement Termination Date

On January 23, 2026, Unitil Corporation amended its May 6, 2025 Purchase and Sale Agreement with Aquarion Water Authority and the South Central Connecticut Regional Water Authority, extending the agreement’s termination date from January 23, 2026 to February 23, 2026. The amendment keeps all other terms of the acquisition of Aquarion’s Massachusetts and New Hampshire water businesses and Abenaki Water Co. unchanged, signaling Unitil’s continued commitment to closing the transaction while underscoring that there are no other material relationships between the parties beyond this deal.

The most recent analyst rating on (UTL) stock is a Hold with a $55.00 price target. To see the full list of analyst forecasts on Unitil stock, see the UTL Stock Forecast page.

Unitil announces planned corporate secretary leadership transition

On December 15, 2025, Unitil Corporation announced that longtime Corporate Secretary Sandra L. Whitney will retire and resign from the company and its subsidiaries effective at the end of the day on December 31, 2025, marking a planned leadership transition in its corporate governance function. As part of its succession plan, the company will appoint Senior Vice President and General Counsel Carleton B. Simpson as Corporate Secretary effective January 1, 2026, with Whitney remaining as a consultant through April 30, 2026 to support the handover of duties, signaling a structured approach to continuity and operational stability in its legal and compliance operations.

The most recent analyst rating on (UTL) stock is a Hold with a $52.00 price target. To see the full list of analyst forecasts on Unitil stock, see the UTL Stock Forecast page.

Unitil Appoints New Senior Vice President

On October 29, 2025, Unitil Corporation appointed Carleton B. Simpson as Senior Vice President and General Counsel. Mr. Simpson, who has a strong background in engineering, regulatory, and legal roles, previously served as Vice President of Energy Transformation at Fitchburg Gas and Electric Light Company and as a Commissioner of the New Hampshire Public Utilities Commission.

The most recent analyst rating on (UTL) stock is a Hold with a $53.00 price target. To see the full list of analyst forecasts on Unitil stock, see the UTL Stock Forecast page.

Unitil Completes Acquisition of Maine Natural Gas

On October 31, 2025, Unitil Corporation completed its acquisition of Maine Natural Gas Company from Avangrid Enterprises, Inc. for $86 million, plus an additional $7.1 million for working capital. This acquisition, funded through a term loan from Scotiabank, is expected to enhance Unitil’s natural gas distribution operations in Maine, adding approximately 6,300 customers and 230 miles of distribution mains. The acquisition aligns with Unitil’s strategy to expand its customer base and improve service delivery in the region.

The most recent analyst rating on (UTL) stock is a Hold with a $53.00 price target. To see the full list of analyst forecasts on Unitil stock, see the UTL Stock Forecast page.