Unitil Corp (UTL)
NYSE:UTL
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Unitil
(NYSE:UTL)
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Rating:63Neutral
Price Target:
$56.00
▲(14.29% Upside)
Action:ReiteratedDate:04/01/26
The score is held back primarily by financial quality concerns—rising leverage and persistently negative free cash flow—despite strong operating margin improvement. Support comes from constructive 2026 guidance and dividend growth, a moderate valuation with a ~3.5% yield, and mildly positive (but not strong) technical momentum.
Positive Factors
Rate-base growth & capital plan
An expanded $1.2B five-year capex plan and ~ $1.3B rate base signal a durable growth runway: in regulated utilities, rising rate base drives allowed returns and predictable cash flows over multiyear cycles, supporting sustainable earnings and normalized long-term revenue visibility.
Negative Factors
Rising leverage
Elevated and increasing debt amplifies interest expense and refinancing risk. For a capital-intensive regulated utility, higher leverage narrows financial flexibility, pressures credit metrics and raises the cost of future growth or acquisitions if operating or cash-flow trends weaken.
Read all positive and negative factors
Positive Factors
Negative Factors
Rate-base growth & capital plan
An expanded $1.2B five-year capex plan and ~ $1.3B rate base signal a durable growth runway: in regulated utilities, rising rate base drives allowed returns and predictable cash flows over multiyear cycles, supporting sustainable earnings and normalized long-term revenue visibility.
Read all positive factors
Unitil (UTL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$990.38M
Dividend Yield3.73%
Average Volume (3M)118.27K
Price to Earnings (P/E)17.0
Beta (1Y)0.13
Revenue Growth1.03%
EPS Growth-0.78%
CountryUS
Employees565
SectorUtilities
Sector Strength65
IndustryDiversified Utilities
Share Statistics
EPS (TTM)1.10
Shares Outstanding17,983,994
10 Day Avg. Volume84,360
30 Day Avg. Volume118,266
Financial Highlights & Ratios
PEG Ratio12.43
Price to Book (P/B)1.40
Price to Sales (P/S)1.59
P/FCF Ratio-15.84
Enterprise Value/Market Cap1.93
Enterprise Value/Revenue3.57
Enterprise Value/Gross Profit8.65
Enterprise Value/Ebitda9.67
Forecast
1Y Price Target
$57.00Price Target Upside16.33% Upside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)3.29
Revenue Forecast (FY)$559.50M
Unitil Business Overview & Revenue Model
Company Description
Unitil 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 e...
How the Company Makes Money
Unitil primarily makes money through regulated utility operations. The largest revenue streams come from (1) electric distribution and (2) natural gas distribution, where customers are billed for delivering energy to homes and businesses. In these...
Unitil Key Performance Indicators (KPIs)
Unitil Earnings Call Summary
Earnings Call Date:Feb 09, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 05, 2026
Earnings Call Sentiment Positive
The call presents a predominantly positive picture: solid 2025 financial results with adjusted EPS up 6.4%, constructive 2026 guidance (+6.1% at midpoint), accretive Maine gas acquisitions that add customers and recurring revenue, strong operational metrics and a 20% expansion of the capital plan to support growth. Headwinds include higher O&M (+$14.9M), increased depreciation (+$12.6M) and interest expense (+$7.4M) tied to recent acquisitions, transaction-related one-time costs, and regulatory/timing risks associated with rate cases and a non-decoupled Maine service area. Overall, the positive drivers (earnings growth, acquisitions, margin expansion, dividend increase and strong reliability/satisfaction metrics) outweigh the manageable cost and regulatory challenges.Positive Updates
Full-Year Adjusted Earnings Increase
Adjusted net income of $53.3 million and adjusted EPS of $3.16 for 2025, up $0.19 per share or 6.4% versus 2024; places results in the upper half of long-term 5%–7% guidance.
Negative Updates
Higher Operating Expenses
Operation and maintenance expenses increased $14.9 million year-over-year; excluding acquired utilities and transaction costs, O&M still increased $7.4 million driven by higher utility operating costs (+$6.1 million) and higher labor and other costs (+$5.5 million).
Read all updates
Q4-2025 Updates
Positive
Negative
Full-Year Adjusted Earnings Increase
Adjusted net income of $53.3 million and adjusted EPS of $3.16 for 2025, up $0.19 per share or 6.4% versus 2024; places results in the upper half of long-term 5%–7% guidance.
Read all positive updates
Company Guidance
Unitil guided 2026 adjusted EPS of $3.20–$3.36 (midpoint $3.28), which the company said represents 6.1% growth versus the midpoint of 2025 guidance (2025 adjusted EPS was $3.16 and adjusted net income $53.3M, up $0.19 or 6.4% vs. 2024); the Board approved a $0.025 quarterly dividend increase ($0.10 annual) to an annualized $1.90 (up 5.6% y/y). Key balance‑sheet and capital metrics supporting the guidance include a 5‑year capital plan of ~ $1.2B through 2030 (up $200M or 20%), pro forma rate base of ~$1.3B at 12/31/25 (up ~$200M vs. 2024) with a 5‑year historical rate‑base growth of 8.1% (within long‑term 6.5%–8.5% guidance), and primary financing from operating cash flow. Operational and rate drivers cited were combined adjusted gross margin up $39.5M (electric $114.6M, +$7.3M; gas $199.1M, +$32.2M), ~15,900 net new gas customers in 2025 (including ~8,900 from Bangor NG and ~6,500 from Maine NG) and ~600 electric customers added, acquisitions adding >15,000 customers with ~ $29M of annual distribution revenues and ~$18M planned 2026 capex, and a New Hampshire rate case seeking a $18.5M permanent increase (temporary $7.8M in effect) with permanent rates expected in Q2 2026.Unitil Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
56
Neutral
Cash Flow
41
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 536.00M | 494.80M | 557.10M | 563.20M | 473.30M |
| Gross Profit | 221.20M | 196.60M | 183.00M | 169.00M | 161.80M |
| EBITDA | 198.00M | 174.90M | 160.70M | 143.50M | 134.30M |
| Net Income | 50.20M | 47.10M | 45.20M | 41.40M | 36.10M |
Balance Sheet | |||||
| Total Assets | 2.15B | 1.79B | 1.67B | 1.59B | 1.54B |
| Cash, Cash Equivalents and Short-Term Investments | 15.60M | 6.30M | 6.50M | 9.00M | 6.50M |
| Total Debt | 938.70M | 755.80M | 681.60M | 616.10M | 578.20M |
| Total Liabilities | 1.54B | 1.28B | 1.18B | 1.12B | 1.09B |
| Stockholders Equity | 609.60M | 512.50M | 489.30M | 467.60M | 448.50M |
Cash Flow | |||||
| Free Cash Flow | -53.80M | -44.00M | -34.00M | -24.40M | -7.20M |
| Operating Cash Flow | 131.30M | 125.90M | 107.00M | 97.70M | 107.80M |
| Investing Cash Flow | -345.50M | -169.90M | -141.00M | -122.10M | -115.00M |
| Financing Cash Flow | 223.50M | 43.80M | 31.50M | 26.90M | 7.70M |
Unitil Technical Analysis
Positive
49.00
Price Trends
52.00
Positive
50.33
Positive
49.06
Positive
Market Momentum
0.61
Negative
65.68
Neutral
95.02
Negative
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 52.73, below the 50-day MA of 52.00, and below the 200-day MA of 49.06, indicating a bullish trend. The MACD of 0.61 indicates Negative momentum. The RSI at 65.68 is Neutral, neither overbought nor oversold. The STOCH value of 95.02 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for UTL.
Unitil Risk Analysis
Unitil disclosed 19 risk factors in its most recent earnings report. Unitil reported the most risks in the "Production" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Unitil Peers Comparison
UnderperformOutperform
Sector (66)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | $3.81B | 12.26 | 16.10% | 2.54% | -3.18% | -8.62% | |
66 Neutral | $2.97B | 21.08 | 10.59% | 2.36% | 8.26% | 12.47% | |
66 Neutral | $17.65B | 18.10 | 5.60% | 3.62% | 6.62% | 11.55% | |
63 Neutral | $990.38M | 16.98 | 8.83% | 3.73% | 1.03% | -0.78% | |
59 Neutral | $4.34B | 22.16 | ― | 4.09% | 4.90% | -4.42% | |
54 Neutral | $3.46B | 16.17 | 7.25% | 5.10% | 2.14% | -6.51% | |
51 Neutral | $2.71B | 16.81 | 8.00% | ― | -16.62% | ― |
* Utilities Sector Average
UTL
Unitil
55.07
0.88
1.63%
AVA
Avista
42.09
3.89
10.18%
HE
Hawaiian Electric
15.71
6.28
66.60%
MGEE
MGE Energy
81.10
-4.75
-5.54%
NWE
Northwestern
70.71
17.44
32.73%
OTTR
Otter Tail
90.93
15.41
20.40%
Unitil Corporate Events
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
Unitil Extends Aquarion Water Utility Acquisition Agreement
Positive
Feb 24, 2026
On February 19, 2026, Unitil restructured its at-the-market equity distribution program originally established on June 3, 2025, terminating Janney Montgomery Scott LLC as an agent, forward seller, and forward purchaser, and inserting Huntington Se...
Business Operations and StrategyExecutive/Board ChangesFinancial Disclosures
Unitil updates executive equity compensation and performance awards
Positive
Feb 2, 2026
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 s...
Business Operations and StrategyM&A Transactions
Unitil Extends Water Utility Acquisition Agreement Termination Date
Positive
Jan 29, 2026
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,...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.