Unitil Corporation (UTL) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-224.0%

-$69.72

vs $56.21 price

Levered DCF

-$107.33

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.86

Distress zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	16.31×	18.49×	18.64×	19.83×	19.57×	20.59×	20.81×	22.71×
P/B	1.4×	1.7×	1.72×	1.76×	1.58×	1.7×	2.44×	2.14×
P/S	1.59×	1.76×	1.51×	1.46×	1.49×	1.58×	2.1×	1.69×
EV / EBITDA	8.97×	9.27×	9.45×	9.95×	9.52×	10.12×	10.51×	10.47×
Gross margin	41.3%	39.7%	32.8%	30.0%	34.2%	35.8%	33.7%	32.4%
Operating margin	18.9%	18.3%	15.6%	14.3%	16.4%	17.1%	16.7%	16.0%
Net margin	9.4%	9.5%	8.1%	7.4%	7.6%	7.7%	10.1%	7.4%
Current ratio	0.56×	0.83×	0.64×	0.75×	0.92×	1.02×	0.82×	0.79×
Debt / equity	1.54×	1.47×	1.39×	1.32×	1.29×	1.52×	1.38×	1.41×
Interest coverage	2.31×	2.4×	2.5×	2.84×	2.86×	2.7×	2.75×	2.7×
Dividend yield	3.5%	3.2%	3.1%	3.1%	3.3%	3.4%	2.4%	2.9%
Payout ratio	60.0%	58.4%	58.0%	60.6%	65.4%	70.2%	50.0%	66.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.2%	9.2%	9.2%	8.9%	8.0%	8.3%	11.7%	9.4%
Return on invested capital	3.8%	4.2%	4.3%	4.4%	4.1%	3.7%	4.2%	4.7%
Return on assets	2.3%	2.6%	2.7%	2.6%	2.3%	2.1%	3.1%	2.5%
Free cash flow yield	-6.3%	-5.0%	-4.0%	-3.0%	-1.0%	-7.1%	-1.6%	-3.2%
Earnings yield	5.9%	5.4%	5.4%	5.0%	5.1%	4.9%	4.8%	4.4%
Enterprise value	$1.8B	$1.6B	$1.5B	$1.4B	$1.3B	$1.2B	$1.4B	$1.2B
Net debt / EBITDA	4.66×	4.29×	4.2×	4.23×	4.26×	4.75×	3.77×	4.12×
Cash conversion cycle (days)	26	75	64	55	54	37	26	30