Unitil Corporation

UTL

Diversified Utilities · Utilities

Price

$53.17

-1.00 (-1.85%)

Market Cap

$956.6M

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Good

Cash Flow

Good

Stability

Mixed

Valuation

Good

Dividends

Good

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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)

Winston Score History

The full picture

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.

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

+14.0% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+4.0% 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

0.9%ownership

↓ Declining

Insider ownership declining — could be dilution or selling

Cash Position

Cash flow positive

$9M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth + cash flow

Unitil Corporation is a rare growth stock that's already generating positive cash flow while growing at 14%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

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.

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Quality

Profit per sale

Gross Margin

87.4%

Premium pricing power — 87.4% gross margin

Profit after running costs

Operating Margin

13.2%

Healthy — 13.2% operating margin

Return on the money invested

ROCE

7.1%

Weak — 7.1% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+20.8%

Fast-growing sales (+20.8% YoY)

Profit growth

EPS YoY

+9.4%

Earnings growing (+9.4% YoY)

Single-digit earnings growth — steady but not exciting.

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

252%

Turns 252% of profit into real cash

Spare cash per sale

FCF Margin

-7.6%

Burning cash (-7.6%)

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

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Stability

What it owes vs what it owns

Debt / Equity

1.49

Elevated debt (1.49)

Covers its interest

Interest Cover

2.51x

Tight — interest eats into profit (2.5x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

16.8x

Fair value — P/E 16.8

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

Cheaper or dearer next year

P/E vs Forward

+2.1

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend

Dividend Yield

3.49%

Moderate income — 3.49% yield

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

Dividend record

Dividend Growth

+5.6%

Dividend growing modestly (5.6% YoY)

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