Unitil Corporation

UTL

Diversified Utilities · Utilities

Price

$54.55

+0.14 (+0.26%)

Market Cap

$981.4M

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Share count rising — dilution

+14.4% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 15.4M (2021) → 17.6M (2025)

Unitil Corporation is a small electric and natural gas utility company that serves homes and businesses in New Hampshire and Massachusetts. It delivers electricity and natural gas through physical pipes and power lines to roughly 200,000 customers in those two states. Unitil is one of the smallest publicly traded utility companies in the United States.

Unitil makes money by charging customers for the electricity and natural gas it delivers, operating under rates approved by state regulators. Because regulators set its prices, Unitil has a stable and predictable revenue stream, which is a common moat for regulated utilities. The main growth driver is ongoing investment in upgrading its infrastructure, which regulators typically allow the company to recover through rate increases, though rising interest rates and construction costs are a key risk to profitability given its small size and reliance on debt financing.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+27.0% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+9.5% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

2.2%ownership

Relatively low insider ownership

Cash Position

Cash flow positive

$17M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Unitil Corporation grew revenue 27% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin

40.7%

Healthy — 40.7% gross margin

Operating Margin

25.8%

Excellent — 25.8% operating margin

ROCE

3.6%

Weak — 3.6% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+19.6%

Fast-growing sales (19.6% YoY)

EPS YoY

+8.3%

Earnings growing (8.3% YoY)

Single-digit earnings growth — steady but not exciting.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

231%

Turns 231% of profit into real cash

FCF Margin

-9.6%

Burning cash (-9.6%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

1.46

Elevated debt (1.46)

Interest Cover

2.45x

Tight — interest eats into profit (2.4x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)

17.3x

Fair value — P/E 17.3

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

+3.5

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (17.3 → 13.8)

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Dividends

Dividend Yield

3.63%

Moderate income — 3.63% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

+5.7%

Dividend growing modestly (5.7% YoY)

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