At a glance
UNITIL Corporation is worth $1.02B, about 18 times its fiscal 2025 earnings. Revenue grew 8.3% to $536.0M in fiscal 2025, with 9.4% kept as profit; over 5 years it has grown 5.1% a year. It pays a 3.45% dividend yield, raised every year for at least 9 years, and returned $132.5M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +13.5% over the past year with dividends reinvested and +9.0% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 35.3% in the 2020 crash (S&P 500: 33.7%) and 25.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 27 months and 6 months after the lows.
The business in plain English
Unitil, a New Hampshire utility holding company, owns five utilities that deliver electricity and natural gas to about 215,100 homes and businesses in New Hampshire, Massachusetts and Maine: roughly 110,100 electric and 105,000 gas customers. Unitil Energy serves Concord and the New Hampshire seacoast, and Fitchburg Gas and Electric serves north central Massachusetts. Northern Utilities, plus Bangor Natural Gas and Maine Natural Gas (both acquired in 2025), deliver gas in southeastern New Hampshire and Maine, including Portland, Bangor and Augusta. Unitil also owns Granite State, an 85-mile interstate pipeline linking Northern Utilities to major gas pipelines.
Unitil earns money mainly by running regulated power lines and gas pipes. All electric customers, and many gas customers, can buy energy from other suppliers while Unitil delivers it. When Unitil supplies the energy, it passes the approved cost through to customers, so earnings depend largely on delivery. Its net utility plant (pipes, wires and equipment, after depreciation) was $1.8 billion at the end of 2025.
Of $536.0 million in operating revenue in 2025, natural gas brought in $299.6 million (about 56%) and electricity $236.4 million (about 44%). Northern Utilities was the largest unit, with $191.3 million of gas revenue, ahead of Unitil Energy at $157.3 million. Because much of its gas goes to heating, gas revenue is concentrated in colder months.
Price history
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UTL +13.5% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Gas | $299.6M | 55.9% |
| Electric | $236.4M | 44.1% |
By business segment
| Gas Segment | $299.6M | 55.9% |
| Electric | $236.4M | 44.1% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $112.6M, up 11.4% from a year earlier, and net income was $-1.5M.
- For fiscal 2025, revenue was $536.0M (+8.3% year over year; +5.1% a year from FY2020 to FY2025) with a 9.4% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +5.1% good |
|---|---|
| Operating margin | 18.9% good |
| Free cash flow margin | -10% weak |
| Return on equity (FY2025) | 8.2% watch |
| Return on assets (FY2025) | 2.4% weak |
| Net cash (cash minus debt) | $-976.3M weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $418.6M | $32.2M | $-46.9M |
| FY2021 | $473.3M | $36.1M | $-7.2M |
| FY2022 | $563.2M | $41.4M | $-24.4M |
| FY2023 | $557.1M | $45.2M | $-34.0M |
| FY2024 | $494.8M | $47.1M | $-44.0M |
| FY2025 | $536.0M | $50.2M | $-53.8M |
Valuation snapshot
| Market value | $1.02B |
|---|---|
| P/E ratio | 18.4 |
| Dividend yield | 3.45% |
Rank among 1514 US companies
Market value at each year end
UNITIL’s market value went from $637.5M at the end of 2016 to $1.02B on Oct 28, 2026, up 59%; since the end of 2025 it is up 17%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $1.02B | +17.1% |
| 2025 | $867.8M | -1.1% |
| 2024 | $877.3M | +3.7% |
| 2023 | $846.3M | +2.7% |
| 2022 | $823.8M | +12.1% |
| 2021 | $734.6M | +10.6% |
| 2020 | $664.4M | -28.0% |
| 2019 | $922.7M | +22.5% |
| 2018 | $753.2M | +16.9% |
| 2017 | $644.2M | +1.0% |
| 2016 | $637.5M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| UTL price data to Oct 28, 2026 | +16.2% | +13.5% | +9.8% | +9.0% | +6.6% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +16.2% |
| 2025 | -7.5% |
| 2024 | +6.4% |
| 2023 | +5.7% |
| 2022 | +15.0% |
| 2021 | +7.3% |
| 2020 | -25.9% |
| 2019 | +25.3% |
| 2018 | +14.5% |
| 2017 | +3.7% |
| 2016 | +30.9% |
| 2015 | +1.8% |
| 2014 | +25.5% |
| 2013 | +23.3% |
| 2012 | -3.8% |
| 2011 | +32.0% |
| 2010 | +5.4% |
| 2009 | +19.0% |
| 2008 | -23.7% |
| 2007 | +18.2% |
| 2006 | +6.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 31.9% over that stretch · deepest drop along the way 33.9%, back to its old high 24.9 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 35.3% over that stretch · deepest drop along the way 35.3%, back to its old high 27.3 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 3.6% over that stretch · deepest drop along the way 25.1%, back to its old high 5.9 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (16 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 14.9% | Mar 31, 2026 |
| Vanguard Capital Management | 5.25% | Mar 31, 2026 |
ETFs with the most weight in UTL
| SMDV ProShares Russell 2000 Dividend Growers ETF | 1.17% |
| JPSV JPMorgan Active Small Cap Value ETF | 0.9% |
| IFRA iShares U.S. Infrastructure ETF | 0.83% |
| SCDS JPMorgan Fundamental Data Science Small Core ETF | 0.54% |
| SIXL ETC 6 Meridian Low Beta Equity ETF | 0.44% |
| DES WisdomTree U.S. SmallCap Dividend Fund | 0.24% |
| JMEE JPMorgan Small & Mid Cap Enhanced Equity ETF | 0.21% |
| ROSC Hartford Multifactor Small Cap ETF | 0.16% |
What could go wrong
- Limited pipeline and transmission capacity. Unitil must buy energy and contract for space on interstate gas pipelines, storage and power transmission lines. If that capacity is disrupted or fails to grow, it may not meet customer demand.
- Gas leaks, explosions and aging equipment. Delivering gas and power carries hazards including leaks, explosions, electrocutions and aging infrastructure, often near homes and businesses. An accident could cause deaths, property damage or pollution, and insurance does not cover every loss.
- Heavy reliance on borrowed money. Spending on its networks exceeded operating cash every year from 2020 to 2025, so Unitil relies on lenders and investors. Debt was $956.0 million as of June 30, 2026, and loan terms limit new borrowing.
- Dividend depends on its subsidiaries. Unitil has no operating income of its own. Its dividend relies on cash paid up by its utilities, and the company says it cannot assure its annual dividend will be paid in the future.
- Acquisitions may not pay off. Unitil bought two Maine gas utilities in 2025 and says it may pursue more deals. Acquisitions can bring unexpected costs, more debt or weaker returns that hurt results.
- Customers concentrated in three states. All of Unitil's customers are in three states, so sales depend heavily on the local economy. A downturn, lost customers or lower energy use could cut revenue and cash flow.
Recent events
- Major agreement signed; Major agreement ended; Acquisition or sale of assets completed
- Major agreement signed; New debt or financial obligation
- Major agreement signed; New debt or financial obligation
- Major agreement signed; New debt or financial obligation; Investor presentation or announcement; Other company announcement
- Major agreement signed
- Investor presentation or announcement
- Major agreement signed; New debt or financial obligation
- Shareholder vote results
- Investor presentation or announcement
- Major agreement signed
For income and retirement investors
Unitil has raised its dividend for at least nine straight years through 2025, lifting it from $1.50 a share in 2020 to $1.80, about 3.7% a year. The 2025 dividend was about 60% of earnings, and the yield was 3.45% as of October 28, 2026. Free cash flow, the cash left after network investment, was negative every year from 2020 to 2025, so outside financing helped fund the dividend. There were no buybacks in 2021–2025, and the share count rose about 14% from October 2021 to July 2026, diluting existing owners.
In past selloffs, the shares dropped 33.9% from October 2007 to March 2009, then took about 25 months to recover. They fell 35.3% in the 2020 COVID crash, then took about 27 months. In the 2022 bear market they gained 3.6% while the market fell, though a 25.1% drop from July to October took about six months to recover. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Unitil make money?
Unitil makes money mainly by delivering electricity and natural gas over its regulated networks to about 215,100 customers in New Hampshire, Massachusetts and Maine. When it also supplies the energy, the approved cost is passed through to customers. In 2025, natural gas produced $299.6 million, about 56% of its $536.0 million in operating revenue, and electricity produced $236.4 million, about 44%. Net income was $50.2 million. It also owns Granite State, an 85-mile interstate gas pipeline.
Does Unitil raise its dividend every year?
Yes, through 2025. Unitil has increased its dividend for at least nine straight years, and the streak may be longer. The annual dividend rose from $1.50 a share in 2020 to $1.80 in 2025, about 3.7% a year. Increases are not guaranteed: Unitil has no operating income of its own, depends on payments from its utilities, and says it cannot assure its annual dividend will be paid in the future.
What is Unitil's dividend yield?
Unitil's dividend yield (annual dividends divided by the share price) was 3.45% as of October 28, 2026. Dividends for 2025 totaled $1.80 a share, about 60% of earnings of $2.97 a share. Free cash flow, the cash left after spending on its networks, was negative $53.8 million in 2025, so it did not cover the dividend. That is common for utilities that invest heavily, but it leaves Unitil relying on outside financing.
How much debt does Unitil have?
Unitil had $956.0 million of total debt and $9.2 million of cash and investments as of June 30, 2026, against shareholders' equity of $643.7 million. Its stock market value was about $998 million as of October 28, 2026. Utilities often borrow heavily to build long-lived networks. Unitil's loan terms restrict how much more it can borrow, and it disclosed new debt agreements in filings between May and October 2026.
How has Unitil stock performed?
Measured by share price, Unitil gained 13.5% over the year to October 28, 2026, and averaged about 9% a year over five years and 6.6% a year over ten. Results have been uneven: the stock lost 25.9% in 2020 and 7.45% in 2025, but was up 16.2% for 2026 through October 28. Its worst decline in about 21 years of price history was 48.3%.