olivLaw · US equity research
Unitil Corporation UTL
Electric & Other Services Combined · SIC 4931 · Vertical: Electric & Other Services Combined (SIC 4931)
Unitil is a public utility holding company that distributes electricity and natural gas to customers in New Hampshire, Massachusetts and Maine, with revenue largely regulated. Recent gas acquisitions and an expansion into water gradually shift its profile, in a setting where infrastructure investment and regulator-approved rates matter a great deal for results.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Unitil Corporation (UTL) stock was 56.54 USD (+3.10% on the day), with market capitalisation 1.0 bn USD, P/E 18.3 on diluted EPS of 3.09 USD over the last 12 months, dividend yield 3.32%, beta 0.08, 52-week range 47.48–56.54 USD. Latest reported quarter (Q3 2026): revenue of 112.6 m USD (+11.4% YoY), net income of -1.5 m USD, diluted EPS -0.08 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 64.9
- strong (55–70)
- Bollinger (20, 2)
- 51.83 – 56.71
- in the upper half of the band · %B 0.96 · band width 9.0%
- SMA 50 / 200
- 53.07 / 52.52
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.91 / 0.73
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +11.6% | −1.1% | +12.7 pp | — |
| 3 months | +5.6% | −0.5% | +6.1 pp | — |
| 6 months | +14.7% | +4.4% | +10.3 pp | — |
| Year to date | +16.7% | +12.3% | +4.4 pp | — |
| 1 year | +16.0% | +13.5% | +2.5 pp | +4.6% |
| 3 years | +19.2% | +76.4% | −57.3 pp | +32.3% |
| 5 years | +30.4% | +63.7% | −33.3 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 127.5 m | 170.8 m | 102.6 m | 101.1 m | 161.5 m | 216.9 m | 117.0 m | 112.6 m |
| Operating income | 28.2 m | 46.2 m | 13.3 m | 7.0 m | 34.7 m | 55.9 m | 15.4 m | 6.8 m |
| Pre-tax income | 20.9 m | 37.0 m | 4.7 m | -1.6 m | 25.4 m | 45.1 m | 5.8 m | -3.2 m |
| Income tax | 5.3 m | 9.5 m | 700.0 k | -1.3 m | 6.4 m | 11.9 m | 1.1 m | -1.7 m |
| Net income | 15.6 m | 27.5 m | 4.0 m | -300.0 k | 19.0 m | 33.2 m | 4.7 m | -1.5 m |
| Diluted EPS | 0.97 ≈ | 1.69 | 0.25 | -0.02 | 1.06 ≈ | 1.85 | 0.26 | -0.08 |
| Operating cash flow | 23.3 m | 52.1 m | 42.2 m ≈ | 15.6 m ≈ | 21.4 m | 50.1 m | 55.7 m ≈ | 35.0 m ≈ |
| Capex | 55.6 m | 32.6 m | 40.2 m ≈ | 54.6 m ≈ | 57.7 m | 32.4 m | 43.6 m ≈ | 68.4 m ≈ |
| Dividends paid | 6.9 m | 7.3 m | 7.3 m ≈ | 7.4 m ≈ | 8.1 m | 8.5 m | 8.6 m ≈ | 8.6 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 53 percentile of its own 19-quarter history (min 15.5, median 17.9, max 22.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 444.1 m | 438.2 m | 418.6 m | 473.3 m | 563.2 m | 557.1 m | 494.8 m | 536.0 m |
| Revenue YoY | +9.3% | −1.3% | −4.5% | +13.1% | +19.0% | −1.1% | −11.2% | +8.3% |
| Net income | 33.0 m | 44.2 m | 32.2 m | 36.1 m | 41.4 m | 45.2 m | 47.1 m | 50.2 m |
| Net income YoY | +13.8% | +33.9% | −27.1% | +12.1% | +14.7% | +9.2% | +4.2% | +6.6% |
| Diluted EPS | unavailable | unavailable | 2.15 | 2.35 | 2.59 | 2.82 | 2.93 | 2.97 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | +9.3% | +10.2% | +8.9% | +3.9% | +1.4% |
| net % | 7.4% | 10.1% | 7.7% | 7.6% | 7.4% | 8.1% | 9.5% | 9.4% |
| Free cash flow | -23.9 m | -14.3 m | -46.9 m | -7.2 m | -24.4 m | -34.0 m | -44.0 m | -53.8 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 15.6 m USD
- Financial debt
- 888.3 m USD
- Net debt
- 872.7 m USD
- Equity
- 609.6 m USD
- Total assets
- 2.1 bn USD
- Debt / equity
- 1.46x
- Current ratio
- 0.56x
- ROE
- 8.9%
- ROA
- 2.6%
- FCF margin
- -10.0%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 418.6 m | 473.3 m | 563.2 m | 557.1 m | 494.8 m | 536.0 m | SEC (XBRL)· 09 Feb 2026verified |
| Operating income | 71.4 m | 77.8 m | 80.5 m | 87.1 m | 90.6 m | 101.2 m | SEC (XBRL)· 09 Feb 2026verified |
| Interest expense | 26.4 m | 27.2 m | 28.3 m | 34.9 m | 37.7 m | 43.8 m | SEC (XBRL)· 09 Feb 2026verified |
| Pre-tax income | 42.4 m | 47.6 m | 52.6 m | 58.4 m | 61.1 m | 65.5 m | SEC (XBRL)· 09 Feb 2026verified |
| Income tax | 10.2 m | 11.5 m | 11.2 m | 13.2 m | 14.0 m | 15.3 m | SEC (XBRL)· 09 Feb 2026verified |
| Net income | 32.2 m | 36.1 m | 41.4 m | 45.2 m | 47.1 m | 50.2 m | SEC (XBRL)· 09 Feb 2026verified |
| Diluted EPS | 2.15 | 2.35 | 2.59 | 2.82 | 2.93 | 2.97 | SEC (XBRL)· 09 Feb 2026verified |
| Weighted average diluted shares | 15.0 m | 15.4 m | 16.0 m | 16.1 m | 16.1 m | 16.8 m | SEC (XBRL)· 09 Feb 2026verified |
| Dividend per share | 1.50 | 1.52 | 1.56 | 1.62 | 1.70 | 1.80 | SEC (XBRL)· 09 Feb 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 6.0 m | 6.5 m | 9.0 m | 6.5 m | 6.3 m | 15.6 m | SEC (XBRL)· 09 Feb 2026verified |
| Receivables | 62.0 m | 66.9 m | 73.8 m | 75.0 m | 75.0 m | 98.6 m | SEC (XBRL)· 09 Feb 2026verified |
| Current assets | 139.3 m | 159.7 m | 194.8 m | 177.1 m | 188.8 m | 240.1 m | SEC (XBRL)· 09 Feb 2026verified |
| Goodwill | — | — | — | — | 0 | 4.3 m | SEC (XBRL)· 09 Feb 2026verified |
| Total assets | 1.5 bn | 1.5 bn | 1.6 bn | 1.7 bn | 1.8 bn | 2.1 bn | SEC (XBRL)· 09 Feb 2026verified |
| Accounts payable | 33.2 m | 52.4 m | 68.6 m | 47.7 m | 49.7 m | 62.9 m | SEC (XBRL)· 09 Feb 2026verified |
| Short-term debt | 54.7 m | 64.1 m | 116.0 m | 162.0 m | 105.8 m | 255.7 m | SEC (XBRL)· 09 Feb 2026verified |
| Long-term debt | 523.1 m | 497.8 m | 489.1 m | 509.1 m | 638.4 m | 632.6 m | SEC (XBRL)· 09 Feb 2026verified |
| Current liabilities | 136.1 m | 173.5 m | 260.1 m | 277.3 m | 228.7 m | 425.8 m | SEC (XBRL)· 09 Feb 2026verified |
| Equity | 389.2 m † | 448.5 m † | 467.6 m † | 489.1 m † | 512.5 m † | 609.6 m † | SEC (XBRL)· 09 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 75.7 m | 107.8 m | 97.7 m | 107.0 m | 125.9 m | 131.3 m | SEC (XBRL)· 09 Feb 2026verified |
| Capex | 122.6 m | 115.0 m | 122.1 m | 141.0 m | 169.9 m | 185.1 m | SEC (XBRL)· 09 Feb 2026verified |
| Free cash flow | -46.9 m ≈ | -7.2 m ≈ | -24.4 m ≈ | -34.0 m ≈ | -44.0 m ≈ | -53.8 m ≈ | SEC (XBRL)· 09 Feb 2026derived |
| Investing cash flow | -122.6 m | -115.0 m | -122.1 m | -141.0 m | -169.9 m | -345.5 m | SEC (XBRL)· 09 Feb 2026verified |
| Financing cash flow | 47.7 m | 7.7 m | 26.9 m | 31.5 m | 43.8 m | 223.5 m | SEC (XBRL)· 09 Feb 2026verified |
| Dividends paid | 22.6 m | 23.6 m | 25.1 m | 26.2 m | 27.5 m | 30.1 m | SEC (XBRL)· 09 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
3 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 50 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 1.0 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet22
- Valuation67
- Quality39
- Growth28
- Returns81
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 23.65 – 66.17 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Dividend discount (DDM)23.65 – 31.81 (Mid 27.13)
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E56.28 – 66.17 (Mid 61.45)13 companies used · median multiple 19.9x · quartiles 18.2x – 21.4xAEE, AVA, CMS, DUK, ED, EVRG, EXC, GNE, LNT, NI, PEG, WEC, XEL
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 50/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 5.8% | 53 (vs peers) | 8% |
| Net margin · Quality | 9.1% | 25 (vs peers) | 8% |
| Revenue CAGR 3Y · Growth | -1.6% | 4 (on a fixed band) | 8% |
| EPS CAGR 3Y · Growth | 4.7% | 47 (on a fixed band) | 11% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 2.6x | 31 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 0.5x | 0 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 18.3x | 67 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| Dividend yield · Returns | 3.3% | 80 (vs peers) | 19% |
| Payout ratio (EPS) · Returns | 60.7% | 82 (on a fixed band) | 8% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet22/100 · 2/3 factors with a value
- Growth28/100 · 2/2 factors with a value
- Quality39/100 · 2/2 factors with a value
- Returns81/100 · 2/2 factors with a value
- Valuation· partial67/100 · 1/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
UNITIL CORPORATION (UTL). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 536.0 m USD in 2025; YoY growth 8.3%; net margin 9.1%; ROE 9.0%.
The estimated value range is 39.97–48.99 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 44.29 USD, the price of 56.54 USD leaves a potential of -21.7% (value / price − 1) and a margin of safety of -27.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 50/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: valuation. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Dividend yield: 3.3%
- Payout ratio (EPS): 60.7%
What contradicts it
- Net margin: 9.1%
- Revenue CAGR 3Y: -1.6%
- Current ratio: 0.5x
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Electric & Other Services Combined (SIC 4931) · same industry (4-digit SIC) · compared with 17 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DUKDuke Energy CORP | 101.0 bn | 19.8 | 9.8% | 15.8% | +5.6% | +5% / +40% |
| XELXcel Energy Inc | 51.7 bn | 18.8 | 11.4% | — | +1.2% | −2% / +32% |
| EXCExelon Corporation | 47.3 bn | 16.9 | 9.8% | 11.2% | +5.3% | −2% / +20% |
| EDConsolidated Edison Inc | 44.3 bn | 20.3 | 8.7% | 12.5% | +10.9% | +20% / +34% |
| WECWec Energy Group, Inc. | 38.9 bn | 21.4 | 12.5% | 17.6% | +14.0% | +5% / +41% |
| PEGPublic Service Enterprise Group Incorporated | 36.5 bn | 18.2 | 11.8% | 16.0% | +18.3% | −12% / +17% |
| PCGPg&E Corp | 35.9 bn | 9.6 | 9.7% | 12.3% | +2.1% | −17% / −22% |
| AEEAmeren Corp | 31.3 bn | 19.9 | 12.1% | 17.9% | +15.4% | +6% / +46% |
| CMSCms Energy Corp | 22.3 bn | 21.3 | 11.3% | 11.6% | +13.6% | −6% / +25% |
| NINiSource Inc. | 21.7 bn | 23.1 | 10.1% | 8.2% | +23.5% | +3% / +77% |
| EVRGEvergy, Inc. | 19.9 bn | 22.9 | 8.8% | 14.6% | +2.0% | +11% / +69% |
| LNTAlliant Energy Corp | 19.1 bn | 23.1 | 11.3% | 18.6% | +9.6% | +6% / +46% |
| NWENorthwestern Energy Group, Inc. | 5.0 bn | 29.6 | 5.9% | 10.1% | +6.4% | +19% / +63% |
| AVAAvista Corp | 3.4 bn | 13.5 | 9.0% | 12.8% | +1.3% | −3% / +18% |
| UTLUnitil Corporation | 1.0 bn | 18.3 | 9.0% | 9.1% | +8.3% | +16% / +19% |
| VIVOVivopower PLC | 46.7 m | — | — | -20,970.5% | +281.3% | −42% / −16% |
| GRDXGridAI Technologies Corp. | 38.7 m | — | -480.5% | -56,864.0% | unavailable | +82% / −67% |
| GNEGenie Energy Ltd. | — | 18.0 | 11.2% | 5.1% | +18.1% | +18% / −30% |
1- and 3-year price returns: for UTL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 30.30 Total return -44% · Per year -44% | 53.74 Total return -2% · Per year -2% | 81.17 Total return 47% · Per year 47% |
| 3 years | 25.89 Total return -48% · Per year -19% | 51.99 Total return 1% · Per year 0% | 86.73 Total return 65% · Per year 18% |
| 5 years | 22.12 Total return -51% · Per year -13% | 50.31 Total return 4% · Per year 1% | 92.66 Total return 84% · Per year 13% |
- Exit P/E± 13.00
- Net margin± 9.10
- Annual revenue growth± 7.94
- Annual dilution± 0.76
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 03 Aug 2026; since then the company filed 10-Q (02 Nov 2026).
In brief
Unitil is a public utility holding company that distributes electricity and natural gas to customers in New Hampshire, Massachusetts and Maine, with revenue largely regulated. Recent gas acquisitions and an expansion into water gradually shift its profile, in a setting where infrastructure investment and regulator-approved rates matter a great deal for results.
SWOT
Strengths
- Revenue is largely regulated and energy costs are passed on to customers, which reduces price risk.
- The customer base is diversified across residential and commercial users, and the company does not depend on a single customer.
- The holding structure includes electric, gas and water networks, which offers several sources of regulated growth.
Weaknesses
- Gas revenue is sensitive to weather, and seasonality can shift quarterly results.
- A significant share of the workforce is unionized, and renegotiating collective agreements can raise costs.
- Dependence on commission approvals limits flexibility in setting rates.
Opportunities
- Recent network acquisitions in Maine and plans to expand into water could add to the regulated asset base.
- Investments in modernizing networks can be recovered through adjustment mechanisms, supporting growth in the asset base.
- Customer growth in the distribution areas can support rate-based revenue.
Threats
- Emissions regulation and climate rules could raise compliance costs.
- Safety incidents or infrastructure failures could cause losses and sanctions.
- Cyberattacks and information system failures could disrupt operations and customer data.
Risks
- Operational risk of networkshigh
Energy distribution involves hazards such as leaks, explosions and failures of aging infrastructure, which can cause damage and loss of life. Insurance covers only part of these risks.
- Regulatory riskhigh
State commissions may refuse rate adjustments or impose penalties, which could affect the authorized return and cost recovery.
- Environmental and climate riskmedium
Emissions reduction goals could become more costly, and some costs might not be recovered through rates if regulations change.
- Cyber and information technology riskmedium
Information systems require constant maintenance, and a failure or security breach could disrupt billing and service.
- Workforce riskmedium
Strikes or union disputes could interrupt service delivery, and a shortage of skilled staff could raise recruitment costs.
Investment thesis
What would need to be true (bull case)
- If approved rates and investment recovery proceed as planned, the regulated asset base could keep growing.
- The Maine acquisitions and water expansion could add customers and steadier revenue, supporting long-term earnings.
- Revenue decoupling in some states could reduce the sensitivity of revenue to consumption volumes.
What would break the thesis
- If regulators refuse rate adjustments or reduce the authorized return, earnings growth could slow.
- Compliance costs under environmental rules could rise, and their recovery through rates is not assured.
- Seasonality and unusual weather could affect gas revenue and quarterly results.
What to watch
- Regulatory commission decisions on rates and cost recovery2027
- Integration of the Maine acquisitions and their operating resultsQ1 2027
- Trend in adjusted gross margin for electric and gas2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 03 Aug 2026; since then the company filed 10-Q (02 Nov 2026).
The business
Unitil is a public utility holding company headquartered in Hampton, New Hampshire, delivering electricity and natural gas through local distribution, that is through the « wires and pipes » run by its regulated subsidiaries. According to the 2025 annual report, the company served approximately 215,100 customers, and total operating revenue was $536.0 million in 2025. Revenue rests mainly on regulated distribution operations, and the cost of purchased energy is passed to customers through reconciling mechanisms, so energy price swings do not directly affect earnings, as the report states. In 2026 the quarterly report also lists two water distribution subsidiaries, which widens the portfolio slightly.
Segments
Transmission and water
Granite State operates an interstate gas transmission pipeline of about 85 miles in Maine and New Hampshire and provides interconnection for Northern Utilities. The New Hampshire water subsidiaries, Aquarion and Abenaki, appear in the 2026 quarterly report and represent a more recent extension of the business.
Market context
Unitil operates in the regulated local utility market of the northeastern United States, where customers cannot choose their network and rates are set by state commissions. The retail energy market is open, since many customers can buy their supply from third-party suppliers while the company remains the network operator. The 2026 quarterly report shows net utility plant of $1.9 billion, which indicates the scale of regulated investment.
Demand depends on the season, since gas revenue is concentrated in the cold period, and the revenue decoupling mechanism in Massachusetts and New Hampshire limits exposure to sales volume. Regulated rates and customer growth support revenue, but network expansion depends on regulator approvals.
Trends
- Gas network acquisitionstailwind
The Bangor and Maine Natural acquisitions extended the customer base in Maine, and in 2025 part of the margin growth was attributed to these operations. Their integration could support growth if approvals and integration proceed as planned.
- Investment in regulated infrastructuretailwind
Capital costs for projects and reliability programs can be recovered through annual adjustment mechanisms, which may support growth in the asset base. These recoveries, however, depend on approvals from regulatory commissions.
- Regulatory and environmental pressureheadwind
Rules on greenhouse gas emissions and electrification could raise compliance costs, and the company has committed to emissions reduction goals. If these costs cannot be recovered through rates, they become a burden.
- Seasonality and weathermixed
Gas revenue depends on cold winters, and weather variations can change quarterly results. Revenue decoupling partly softens this effect in some states but does not remove it.
Competitive position
Unitil does not compete mainly for customers, since distribution is a regulated local monopoly, but customers can choose third-party energy suppliers. Competition comes mostly from these suppliers, who sell electricity and gas, and from alternatives that reduce consumption.
In its growth plan, the company competes indirectly with other utilities seeking small network acquisitions, where price and terms matter. The available sources do not identify a clear set of listed competitors, so this aspect remains limited.
- Third-party energy suppliers
Customers in New Hampshire, Massachusetts and Maine can buy energy from third-party suppliers, which compete for energy sales rather than the network.
- Other northeastern gas utilities
Regional gas distribution companies may compete for small network acquisitions similar to the Maine deals Unitil made.
- Water service providers
In water, the company enters markets where other water utility operators are already present in New Hampshire.
- Energy solutions vendors
Efficiency and distributed energy solutions can reduce grid consumption, which may affect the volumes sold.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Why Unitil (UTL) Could Deliver 5%-7% Annual EPS GrowthYahoo Finance — News · 01 Sept 2026 · EN
The latest news item in our archive is from 01 Sept 2026; the newest SEC filing is from 02 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report02 Nov 2026
- Current report26 Oct 2026Material agreement · Termination of a material agreement · Acquisition or disposition of assets · Financial statements and exhibits
- Current report19 Oct 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report29 Sept 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Quarterly report03 Aug 2026
- Current report07 Jul 2026Material agreement · Creation of a direct financial obligation · Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report27 May 2026Material agreement · Financial statements and exhibits
- Current report15 May 2026Regulation FD disclosure · Financial statements and exhibits
- Current report05 May 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Quarterly report04 May 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Unitil Corporation · 09 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Unitil Corporation · 03 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Unitil Corporation · 28 Jan 2015
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.