Otter Tail Corp financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Otter Tail Corp files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	804	849	916	920	890	1,198	1,469	1,353	1,331	1,304
Cost of revenue				355	329	488	543	454	435	403
Gross profit				564	561	709	927	899	896	901
Selling, general and administrative						65.4	69.7	72.7	80.1	82.6
Operating income	117	132	129	135	148	250	390	378	380	346
Interest expense	31.9	29.6	30.4	31.4	34.4	37.8	36	37.7	41.8	47.2
Other non-operating income	2.91	2.63	3.46	5.11	6.06	2.9	2.04	12.7	18.8	20.5
Pre-tax income	82.5	99.7	96.9	104	116	213
Income tax	20.2	27.3	14.6	17.4	20.2	36.1	73.4	69.3	65.2	46.4
Income from continuing operations	62	72.1
Net income	62.3	72.4	82.3	86.8	95.9	177	284	294	302	276
EBITDA	190	205	204	213	230	341	483	476	487	464
EPS, basic	1.62	1.84	2.08	2.19	2.35	4.26	6.83	7.06	7.22	6.59
EPS, diluted	1.61	1.82	2.06	2.17	2.34	4.23	6.78	7.00	7.17	6.55
Shares, basic (weighted)	38.5	39.5	39.6	39.7	40.7	41.5	41.6	41.7	41.8	41.9
Shares, diluted (weighted)	38.7	39.7	39.9	40	40.9	41.8	41.9	42	42.1	42.1
Dividend per share	1.25	1.28	1.34	1.40	1.48	1.56	1.65	1.75	1.87	2.10

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	0	16.2	0.86	21.2	1.16	1.54	119	230	295	386
Short-term investments								0	0.75	54.3
Receivables	68.2	68.5	75.1	77.9
Inventory	83.7	88	106	97.9	92.2	148	146	150	149	159
Other current assets	8.14	12.5	6.11	6.53	5.65	17	18.4	16.8	29.8	34.7
Total current assets	208	239	241	255	235	369	453	570	630	800
Property, plant and equipment	1,477	1,540	1,581	1,754	2,049	2,125	2,213	142	179	171
Lease right-of-use assets			0	21.9	19.1	19.1	18.6	16.8	28.2	26.6
Goodwill	37.6	37.6	37.6	37.6	37.6	37.6	37.6	37.6	37.6	37.6
Intangible assets	15	13.8	12.5	11.3	10.1	9.04	7.94	6.84	5.74	4.64
Long-term investments	8.42	8.63	8.96	45.4	51.9	56.7	54.8	62.5	121	78.8
Other non-current assets	34.1	36	35.8	26.6	26.3	32.1	41.2	51.4	66.4	80.8
Total assets	1,912	2,004	2,053	2,274	2,578	2,755	2,902	3,243	3,652	3,964
Accounts payable	89.4	84.7	96.3	121	121	135	104	94.4	114	93.6
Accrued liabilities	17.5	21.5	24.9	22.7	27.5	31.7	32.3	38.1	34.4	35.7
Short-term debt	33.2	0.19	0.17	0.18	140	30	0	0	0	80
Total current liabilities	216	257	170	190	437	388	238	310	310	351
Long-term debt	505	490	590	690	624	734	824	824
Lease liabilities			0	18.2	15.3	15.3	13.9	11.3	23.6	21.8
Other non-current liabilities	21.7	22.8	24.3	51.9	60	62.5	61	76	98.4	106
Total liabilities	1,242	1,307	1,324	1,492	1,707	1,764	1,684	1,800	1,984	2,103
Total debt	541	493	593	692	767	767	827	824	944	964
Paid-in capital	338	343	344	365	414	420	423	427	429	434
Retained earnings	139	161	190	222	258	370	585	806	1,030	1,218
Other comprehensive income	-3.8	-5.63	-4.14	-6.44	-8.51	-6.52	0.92	1.15	0.53	0.47
Shareholders' equity	670	697	729	781	871	991	1,217	1,443	1,668	1,862
Total equity	670	697	729	781	871	991	1,217	1,443	1,668	1,862
Total liabilities and equity	1,912	2,004	2,053	2,274	2,578	2,755	2,902	3,243	3,652	3,964
Shares outstanding	39.3	39.6	39.7	40.2	41.5	41.6	41.6	41.7	41.8	41.9

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	62.3	72.4	82.3	86.8	95.9	177	284	294	302	276
Depreciation and amortization	73.4	72.5	74.7	78.1	82	91.4	92.6	98	107	118
Stock-based compensation	3.18	3.64	4.44	5.96	6.28	6.91	6.81	7.75	9.53	9.12
Deferred income tax	19.1	24	19.2	12	15.2	28.9	32.4	13.5	23.1	33.2
Change in receivables	-0.94	-2.14	-8.56	-1.86	-6.33	-61	30.6	-12.8	11.2	0.47
Change in inventory	1.87	-4.29	-18.2	8.42	5.69	-54.3	5.34	-2.45	3.69	-4.75
Change in payables	11.5	-3.01	15	-5.06	3.83	38.7	-29.8	-9.99	14.8	-24.1
Cash from operations	163	174	143	185	212	231	389	404	453	386
Capital expenditures	-161	-133	-105	-207	-372	-172	-171	-287	-359	-288
Acquisitions	1.5
Cash from investing	-159	-133	-107	-209	-376	-172	-175	-289	-411	-291
Debt issued	130	0	100	100	75	140	90	0	120	100
Debt repaid	-87.5	-48.2	-0.19	-0.17	-0.18	-140	-30	0	0
Stock issued	44.4	4.35	0	20.3	52.4	0.7	0	0
Share buybacks	-0.1	-1.8	-3.01	-2.73	-2.07
Dividends paid		-50.6	-53.2	-55.7	-60.3	-64.9	-68.8	-73.1	-78.3	-88.1
Cash from financing	-4.06	-24.8	-51.4	44.8	144	-59.4	-96.8	-3.84	22.9	-3.72
Net change in cash		16.2	-15.4	20.3	-20	0.37	117	111	64.3	91.5
Free cash flow	2.13	40.7	38	-22.3	-160	59.4	218	117	94.1	97.9
Interest paid	31.3	29.8	28.1	30.1	33.2	36.9	35.7	37	39.5	45.7
Income taxes paid	-1.29	5.06	6.11	4.8	5.18	8.45	43.4	46.3	57.6	11.1

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $89.34 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	68.2%	Gross profit / revenue.
Operating margin	17.1%	Operating income / revenue.
EBITDA margin	26.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Net margin	14.8%	Net income / revenue.
FCF margin	-6.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	31.1%	Cash from operations / revenue.
Return on equity (ROE)	10.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	4.5%	Net income / average total assets.
Return on invested capital (ROIC)	6.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	6.7%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	37.1%	Capital expenditures / revenue.
D&A / revenue	9.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-2.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-3.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	7.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	0.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-0.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	10.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-9.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-4.0%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	18.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-4.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-1.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	15.1%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-8.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-1.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	23.5%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-8.6%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-1.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	22.9%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-14.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-0.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	12.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	4.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-23.4%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share growth, 1y	12.3%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	8.4%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	7.2%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	11.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	15.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	16.4%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	8.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	11.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	9.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.71x	Current assets / current liabilities.
Quick ratio	0.68x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.68x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.60x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	26.4%	Total debt / total assets.
Liabilities / assets	56.3%	Total liabilities / total assets.
Net debt	$799.2M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.31x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	4.55x	Operating income / interest expense.
Working capital	$346.8M	Current assets - current liabilities.
Goodwill and intangibles / assets	1.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.84B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.31x	Revenue / average total assets.
Fixed asset turnover	7.58x	Revenue / average property, plant and equipment.
Inventory turnover	2.46x	Cost of revenue / average inventory.
Days inventory	148 days	365 x average inventory / cost of revenue.
Days payables	114 days	365 x average accounts payable / cost of revenue.
FCF conversion	-40.6%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	119.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$4.65	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$31.35	Revenue / diluted weighted shares.
FCF per share	-$1.89	Free cash flow / diluted weighted shares.
Operating cash flow per share	$9.76	Cash from operations / diluted weighted shares.
Book value per share	$44.70	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$43.71	Tangible book value / shares outstanding.
Cash per share	$7.95	(Cash + short-term investments) / shares outstanding.
Payout ratio	47.5%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$3.75B	Share price x shares outstanding.
Enterprise value	$4.55B	Market cap + total debt - cash - short-term investments.
P/E	19.2x	Market cap / net income. Only when net income is positive.
P/S	2.85x	Market cap / revenue.
P/B	2.00x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.04x	Market cap / tangible book value, when positive.
P/OCF	9.16x	Market cap / cash from operations, when positive.
EV/Sales	3.46x	Enterprise value / revenue.
EV/EBIT	20.2x	Enterprise value / operating income, when both are positive.
EV/EBITDA	13.2x	Enterprise value / EBITDA, when both are positive.
FCF yield	-2.1%	Free cash flow / market cap.
Earnings yield	5.2%	Net income / market cap (the inverse of P/E).
Dividend yield	2.5%	Dividends paid over the period / market cap.
Shareholder yield	2.5%	(Dividends paid + share buybacks) / market cap.

What was Otter Tail Corp's revenue in fiscal 2025?

Otter Tail Corp reported revenue of $1.30B for fiscal 2025, 2% lower than the year before.

Was Otter Tail Corp profitable in fiscal 2025?

Yes. Net income was $275.9M, a net margin of 21.2%.

How much free cash flow did Otter Tail Corp generate in fiscal 2025?

Cash from operations of $386.0M minus capital expenditures of $288.1M left free cash flow of $97.9M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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