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what it is
Unitil delivers electricity and natural gas across New England, plus a small pipeline and advisory business.
how it gets paid
FY2025 operating revenues were $536.0M (up ~8.3% YoY in the year-end materials). Revenue bridge rows below are illustrative—use the Form 10-K for line-item revenue disclosure.
why it's growing
GAAP net income was $50.2M ($2.97 EPS) vs $47.1M in 2024; adjusted net income $53.3M ($3.16 EPS) vs $47.8M ($2.97) prior year in the same release.
what just happened
Unitil's quarter hit $374M of revenue, with EPS at $1.89 and both numbers far above last year's base.
At a glance
B+ balance sheet — decent shape, but not bulletproof
85/100 earnings predictability — you can trust these numbers
17.5x trailing p/e — the market's not buying it — or you found a deal
3.6% dividend yield — cash in your pocket every quarter
5.8% return on capital — nothing to write home about
xvary composite: 51/100 — below average
What they do
Unitil delivers electricity and natural gas across New England, plus a small pipeline and advisory business.
You are not shopping for a new provider when the lights are on and the gas is flowing. Unitil owns 86 miles of underground gas transmission pipeline and uses 595 employees to keep the service local. A 0.7 beta, or stock-move gauge, means smaller swings than the market, so your ride is calmer than most income stocks.
How they make money
$536M
annual revenue · their business grew +8.3% last year
Electric distribution
$220M
+6.5%
Natural gas distribution
$240M
+8.0%
Gas transmission pipeline
$30M
+4.0%
Energy brokering and advisory
$26M
+12.0%
Real estate management
$20M
0.0%
The products that matter
delivers electricity
Electric Distribution
rate base + allowed returns
Electric operations are core to the New England franchise—FY2025 adjusted gross margin dollars from electric were about $114.6M in the earnings narrative, while gas margin dollars were higher after Maine gas acquisitions. Those are margin lines, not the same as billed revenue; read the 10-K for full segment tables.
core utility base
delivers natural gas
Natural Gas Distribution
$199M · +19% growth
this $199M segment was the faster grower last year, and gas operations drove a $32.2M increase in adjusted gross margin. that's why the top line looked better than the stock's reputation suggests.
faster segment
Key numbers
$536M
annual revenue
Revenue is 56% of the $956M market value, so the whole company is still compact for a utility.
$2.97
fy2025 profit per share
That is about 5.6% of the $53.16 share price, which is why this trades like an income name.
3.6%
cash payout yield
You get 3.6% in cash while beta is 0.7, so the payout matters more than drama.
17.5x
price-to-profit multiple
You pay 17.5 years of earnings for one share, so expectations are already decent.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 4 — safer than 20% of stocks
- price stability 85 / 100
- long-term debt $638M (40% of capital)
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for UTL right now.
source: institutional data · return history unavailable
What just happened
FY / Q4 2025
FY2025 operating revenues $536.0M; GAAP EPS $2.97. Q4 operating revenues ~$101M.
The old “$374M quarter = 70% of the year” block was bad scrape math for a regulated utility. In the Feb 9, 2026 year-end materials, full-year operating revenues stay ~$536M while quarterly revenue stays in the low-nine-figure range—always reconcile quarterly sums to the 10-K.
$536.0M
FY2025 op. revenue
$2.97
FY GAAP EPS
$3.16
FY adj. EPS
the number that mattered
Management reaffirmed long-term EPS growth of about 5–7% and outlined a multi-year capital plan around ~$1.2B—your dividend thesis ties to execution on that plan, not fantasy quarterly revenue.
P0: Unitil 2025 year-end earnings (Feb 9, 2026) — Unitil investor relations (see Form 10-K)
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What could go wrong
the #1 risk is rate-case execution on a $1.2B New England capital plan.
med
regulators control the speed of the earnings story
Unitil's moat is the regulated monopoly. The catch is that the same system also sets the pace of growth. 2026 guidance of $3.20–$3.36 tells you returns are managed tightly, even with a large capital plan on the table.
if approvals slip or allowed returns disappoint, the stock still looks stable — just with less earnings progress than the valuation assumes.
med
the balance sheet has to carry the buildout
long-term debt already sits at $638M, or 40% of capital. A $1.2B investment plan can work for a utility, but only if spending stays disciplined and recovery shows up on schedule.
more borrowing without timely rate relief narrows the cushion behind both the dividend and the valuation multiple.
med
regional concentration is not a side issue — it's the whole business
about 102,400 customers in three states means there is no geographic diversification here. Weather events, policy changes, or local economic weakness hit the same footprint that supplies all $536M of revenue.
that does not make the business fragile, but it does mean one regional problem reaches the full income stream fast.
$1.2B of planned spending sits against a $956M market cap and $638M of long-term debt. if recovery is delayed or returns come in lighter than expected, the ceiling on this stock gets lower fast.
source: institutional data · regulatory filings · risk analysis
Pay attention to
guidance
2026 EPS versus the $3.20–$3.36 range
that range is the next scoreboard. if results drift below it, the capital plan is not reaching earnings fast enough to justify the current multiple.
balance sheet
debt load during the buildout
$638M of long-term debt is manageable for a stable utility. it gets less comfortable if capital spending runs ahead of regulatory recovery.
calendar
dividend cadence
the stock yields 3.6%, with ex-dividend dates typically landing in february, may, august, and november. if you own UTL for income, that schedule matters.
segment mix
whether gas stays the faster grower
natural gas distribution grew 19% last year versus 5% for electric. if that gap closes, revenue growth probably cools with it.
Analyst rankings
earnings predictability
85 / 100
earnings have been dependable. in human-speak, this company usually behaves the way a regulated utility is supposed to behave.
price stability
85 / 100
the stock has been steadier than most small caps. you're buying a lower-drama equity, not a momentum chase.
risk rank
4
there is still balance-sheet and regulatory risk here. the business is stable, but it is not indestructible.
source: institutional data
Institutional activity
institutional ownership data for UTL is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$53
current price
n/a
target midpoint · n/a from current
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