Latest Ratios: P/E Ratio 18.0x · EV/EBITDA 9.9x · ROE 8.9%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $962M | $852M | $873M | $844M | $822M | $707M | $662M | $921M | $751M | $643M | $635M |
| Enterprise Value | $1.9B | $1.8B | $1.6B | $1.5B | $1.4B | $1.3B | $1.2B | $1.4B | $1.2B | $1.1B | $1.1B |
| P/E Ratio → | 18.01 | 16.31 | 18.49 | 18.64 | 19.83 | 19.57 | 20.59 | 20.81 | 22.71 | 22.15 | 23.37 |
| P/S Ratio | 1.80 | 1.59 | 1.76 | 1.51 | 1.46 | 1.49 | 1.58 | 2.10 | 1.69 | 1.58 | 1.66 |
| P/B Ratio | 1.54 | 1.40 | 1.70 | 1.72 | 1.76 | 1.58 | 1.70 | 2.44 | 2.14 | 1.91 | 2.16 |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | 7.33 | 6.49 | 6.93 | 7.89 | 8.41 | 6.56 | 8.74 | 8.78 | 9.57 | 7.46 | 9.29 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.31 | 3.28 | 2.73 | 2.54 | 2.70 | 2.98 | 3.28 | 2.79 | 2.68 | 2.75 |
| EV / EBITDA | 9.93 | 9.35 | 9.73 | 9.83 | 9.98 | 9.31 | 9.91 | 11.48 | 10.18 | 9.33 | 9.43 |
| EV / EBIT | 18.63 | 16.24 | 16.42 | 16.28 | 17.66 | 17.10 | 18.14 | 16.97 | 18.25 | 15.10 | 15.95 |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 41.3% | 41.3% | 39.7% | 32.8% | 30.0% | 34.2% | 35.8% | 33.7% | 32.4% | 33.9% | 34.3% |
| Operating Margin | 18.9% | 18.9% | 18.3% | 15.6% | 14.3% | 16.4% | 17.1% | 16.7% | 16.0% | 17.2% | 17.0% |
| Net Profit Margin | 9.4% | 9.4% | 9.5% | 8.1% | 7.4% | 7.6% | 7.7% | 10.1% | 7.4% | 7.1% | 7.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 8.9% | 8.9% | 9.4% | 9.4% | 9.0% | 8.6% | 8.4% | 12.1% | 9.6% | 9.2% | 9.4% |
| ROA | 2.5% | 2.5% | 2.7% | 2.8% | 2.6% | 2.4% | 2.2% | 3.3% | 2.6% | 2.4% | 2.5% |
| ROIC | 5.4% | 5.4% | 5.6% | 5.8% | 5.8% | 5.8% | 5.7% | 6.3% | 6.6% | 7.0% | 7.1% |
| ROCE | 6.2% | 6.2% | 6.1% | 6.4% | 6.0% | 5.7% | 5.4% | 6.2% | 6.5% | 6.8% | 7.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.54 | 1.54 | 1.47 | 1.39 | 1.32 | 1.29 | 1.52 | 1.38 | 1.41 | 1.34 | 1.46 |
| Debt / EBITDA | 4.94 | 4.94 | 4.53 | 4.41 | 4.31 | 4.21 | 4.70 | 4.16 | 4.07 | 3.89 | 3.81 |
| Net Debt / Equity | — | 1.51 | 1.46 | 1.38 | 1.30 | 1.27 | 1.51 | 1.37 | 1.38 | 1.32 | 1.44 |
| Net Debt / EBITDA | 4.86 | 4.86 | 4.50 | 4.37 | 4.24 | 4.16 | 4.65 | 4.12 | 4.00 | 3.81 | 3.76 |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | 2.50 | 2.50 | 2.62 | 2.67 | 2.86 | 2.75 | 2.61 | 3.18 | 2.57 | 2.82 | 2.79 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.56 | 0.56 | 0.83 | 0.64 | 0.75 | 0.92 | 1.02 | 0.82 | 0.79 | 1.00 | 0.74 |
| Quick Ratio | 0.52 | 0.52 | 0.76 | 0.59 | 0.70 | 0.87 | 0.96 | 0.76 | 0.75 | 0.95 | 0.74 |
| Cash Ratio | 0.04 | 0.04 | 0.03 | 0.02 | 0.03 | 0.04 | 0.04 | 0.03 | 0.04 | 0.06 | 0.03 |
| Asset Turnover | — | 0.25 | 0.28 | 0.33 | 0.35 | 0.31 | 0.28 | 0.31 | 0.34 | 0.33 | 0.34 |
| Inventory Turnover | 18.85 | 18.85 | 19.49 | 25.80 | 29.86 | 32.45 | 29.54 | 33.38 | 38.47 | 35.80 | 419.83 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.2% | 3.5% | 3.2% | 3.1% | 3.1% | 3.3% | 3.4% | 2.4% | 2.9% | 3.2% | 3.2% |
| Payout Ratio | 60.0% | 60.0% | 58.4% | 58.0% | 60.6% | 65.4% | 70.2% | 50.0% | 66.1% | 70.3% | 73.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.6% | 6.1% | 5.4% | 5.4% | 5.0% | 5.1% | 4.9% | 4.8% | 4.4% | 4.5% | 4.3% |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 3.2% | 3.5% | 3.2% | 3.1% | 3.1% | 3.3% | 3.4% | 2.4% | 2.9% | 3.2% | 3.2% |
| Shares Outstanding | — | $18M | $16M | $16M | $16M | $15M | $15M | $15M | $15M | $14M | $14M |
Regulatory lag and CAPEX
According to current market data, Unitil trades at a forward P/E of 16.52, which appears to reflect a valuation discount relative to larger peers, likely driven by the company's smaller market capitalization and the specific regulatory environment governing its New England utility operations.
The current P/E multiple suggests that investors are pricing the stock as a defensive bond proxy, with the 3.2% dividend yield serving as a primary return component. This valuation appears sensitive to interest rate fluctuations, as the market likely demands a risk premium for the company's smaller scale and regional concentration.
Based on reported financial figures, Unitil's ROE has fluctuated between -0.1% and 5.4% over the last ten quarters, indicating that the company frequently experiences significant regulatory lag between capital deployment and the subsequent recovery of those costs through authorized rate adjustments across its service territories.
The wide variance in earned ROE suggests that the company's profitability is highly dependent on the timing of rate case outcomes rather than purely operational efficiency. Investors should monitor whether future rate filings can consistently bridge the gap between actual returns and the authorized levels required to support the capital program.
As reported in recent balance sheet filings, Unitil's debt-to-capital ratio has remained elevated near 0.60, a trend that warrants close scrutiny given the company's ongoing reliance on external financing to fund its aggressive infrastructure modernization program across its New Hampshire and Massachusetts service clusters.
The persistent use of debt to fund long-lived assets appears to limit the company's financial flexibility, particularly in a higher interest rate environment. This leverage profile may indicate that the company is operating near its regulatory-approved capital structure limits, which could constrain future financing capacity if capital needs accelerate.
According to quarterly filings, Unitil’s dividend payout ratio has shown significant volatility, reaching as high as 182.5% in 2025Q2, which suggests that the dividend's safety is highly sensitive to the timing of large-scale infrastructure projects and the resulting impact on operating cash flow generation.
While the dividend remains a core component of the total return, the inconsistent payout ratio indicates that internal funding of the CAPEX program often takes precedence over cash distribution. Investors should monitor whether the company can maintain its dividend growth trajectory without further stressing its liquidity position.
The most commonly misapplied ratio for Unitil is the standard P/E multiple, which often obscures the impact of regulatory accounting and seasonal earnings volatility that are inherent to the company's diversified utility model across its specific New England municipal clusters.
Comparing Unitil's P/E to non-regulated industrials ignores the fact that utility earnings are fundamentally anchored to the authorized ROE and rate base growth. A more appropriate analytical approach would involve adjusting for regulatory assets and focusing on the yield-to-Treasury spread, which better captures the risk-adjusted return profile of a regulated utility.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying UTL stock.
Unitil Corporation's current P/E ratio is 18.0x. The historical average is 22.5x. This places it at the 27th percentile of its historical range.
Unitil Corporation's current EV/EBITDA is 9.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.9x.
Unitil Corporation's return on equity (ROE) is 8.9%. The historical average is 8.7%.
Based on historical data, Unitil Corporation is trading at a P/E of 18.0x. This is at the 27th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Unitil Corporation's current dividend yield is 3.20% with a payout ratio of 60.0%.
Unitil Corporation has 41.3% gross margin and 18.9% operating margin. Operating margin between 10-20% is typical for established companies.
Unitil Corporation's Debt/EBITDA ratio is 4.9x, indicating high leverage. A ratio above 4x may signal elevated financial risk.