UNITIL CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data UNITIL 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	383	406	444	438	419	473	563	557	495	536
Operating income	70.2	75.4	71.2	73.1	71.4	77.8	80.5	87.1	90.6	101
Interest expense	23.7	25.5	26.4	26.6	26.4	27.2	28.3	34.9	37.7	43.8
Other non-operating income	-5.2	-5.8	5.8	8.6	-5.2	-4.6	-2.4	0	-0.2	1
Pre-tax income	42.5	46.5	41.4	58	42.4	47.6	52.6	58.4	61.1	65.5
Income tax	15.4	17.5	8.39	13.8	10.2	11.5	11.2	13.2	14	15.3
Net income	27.1	29	33	44.2	32.2	36.1	41.4	45.2	47.1	50.2
EPS, basic	1.94	2.06	2.23	2.97	2.15	2.35	2.59	2.82	2.93	2.97
EPS, diluted	1.94	2.06	2.23	2.97	2.15	2.35	2.59	2.82	2.93	2.97
Shares, basic (weighted)	14	14.1	14.8	14.9	15	15.4	16	16	16.1	16.8
Shares, diluted (weighted)	14	14.1	14.8	14.9	15	15.4	16	16.1	16.1	16.8
Dividend per share	1.42	1.44	1.46	1.48	1.50	1.52	1.56	1.62	1.70	1.80

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	5.8	8.9	7.8	5.2	6	6.5	9	6.5	6.3	15.6
Receivables	52.9	67.4	66.8	55.1	62	66.9	73.8	75	75	98.6
Other current assets										12.4
Total current assets	132	151	152	131	139	160	195	177	189	240
Lease right-of-use assets				4	5.2	4.7	4.3	5.6	6.7	7
Goodwill									0	4.3
Other non-current assets	9.1	9.5	10.3	12.4	12.8	9.8	11.8	13.7	17.5	30.6
Total assets	1,128	1,242	1,298	1,371	1,478	1,540	1,590	1,670	1,795	2,134
Accounts payable	32.4	41.5	42.6	37.6	33.2	52.4	68.6	47.7	49.7	62.9
Short-term debt	16.8	29.8	18.4	19.5	8.5	8.2	6.7	4.9	4.9	37.9
Total current liabilities	177	151	193	160	136	174	260	277	229	426
Long-term debt	317	376	387	438	523	498	489	509	638	633
Lease liabilities				2.8		3.1	2.8	3.7	4.9	4.9
Other non-current liabilities	5.1	4.3	8.7	6.5	6.9	6.6	3.8	4.6	5.3	7.3
Total liabilities	835	905	947	994	1,089	1,092	1,123	1,181	1,282	1,525
Total debt	334	406	406	457	532	506	496	514	643	671
Paid-in capital	241	276	279	283	285	332	335	338	341	418
Retained earnings	52.2	60.8	72	94.1	104	116	133	152	171	191
Shareholders' equity	293	337	351	377	389	449	468	489	513	610
Total equity	293	337	351	377	389	449	468	489	513	610
Total liabilities and equity	1,128	1,242	1,298	1,371	1,478	1,540	1,590	1,670	1,795	2,134
Shares outstanding	14.1	14.8	14.9	14.9	15	16	16	16.1	16.2	17.9

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	27.1	-29	33	44.2	32.2	36.1	41.4	45.2	47.1	50.2
Deferred income tax	15.4	17.5	8	13.5	9.3	10.8	11	7.4	13.2	9.6
Change in receivables	-5.4	-14.5	0.6	11.7	-6.9	-4.9	-6.9	-1.2	0	-18.4
Change in payables	-0.9	9.1	1.1	-5	-4.4	19.2	16.2	-20.9	2	7
Cash from operations	68.3	86.2	78.5	105	75.7	108	97.7	107	126	131
Capital expenditures	-98.1	-119	-102	-119	-123	-115	-122	-141	-170	-185
Acquisitions								0	0	-160
Cash from investing	-98.1	-119	-102	-106	-123	-115	-122	-141	-170	-346
Debt issued	30	89.3	30	70	99.7	0	0	25	135	32
Debt repaid	-19	-17.2	-30.1	-18.8	-24.8	-25.8	-10.4	-6.9	-4.9	-4.9
Stock issued	1.3	33	1.2	1.1	1.1	45.5	1	1.1	1.1	73.5
Dividends paid	-20	-20.4	-21.8	-22.1	-22.6	-23.6	-25.1	-26.2	-27.5	-30.1
Cash from financing	26.9	36.2	22.8	-1.7	47.7	7.7	26.9	31.5	43.8	224
Net change in cash	-2.9	3.1	-1.1	-2.6	0.8	0.5	2.5	-2.5	-0.2	9.3
Free cash flow	-29.8	-33.1	-23.9	-14.3	-46.9	-7.2	-24.4	-34	-44	-53.8
Interest paid	22.1	23	24.6	24.1	23.7	26	26	30.9	31.2	39.3
Income taxes paid	1.6		0.4	0.8	0.9	1.4	1.2	0	2.5	4.9

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 $50.98 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	18.9%	Operating income / revenue.
Pre-tax margin	12.5%	Pre-tax income / revenue.
Net margin	9.5%	Net income / revenue.
FCF margin	-7.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	23.9%	Cash from operations / revenue.
Effective tax rate	24.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	8.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.5%	Net income / average total assets.
Return on invested capital (ROIC)	6.3%	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%.
Capex / revenue	31.6%	Capital expenditures / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	8.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-1.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	5.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	11.7%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	7.9%	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	7.2%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	6.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	6.6%	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	9.3%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	1.4%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	4.7%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	6.7%	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	4.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	10.4%	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	11.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	5.9%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	4.9%	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	3.7%	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	18.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	9.2%	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	9.4%	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	18.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	10.3%	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	7.6%	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	4.2%	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	1.6%	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	2.3%	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	0.49x	Current assets / current liabilities.
Quick ratio	0.21x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.02x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.12x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	32.5%	Total debt / total assets.
Liabilities / assets	71.0%	Total liabilities / total assets.
Net debt	$712.0M	Total debt - cash - short-term investments. Negative means more cash than debt.
Working capital	-$206.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	0.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	$636.9M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.27x	Revenue / average total assets.
Receivables turnover	7.94x	Revenue / average receivables.
Days sales outstanding	46 days	365 x average receivables / revenue.
FCF conversion	-80.4%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	131.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$3.16	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	$33.32	Revenue / diluted weighted shares.
FCF per share	-$2.54	Free cash flow / diluted weighted shares.
Operating cash flow per share	$7.98	Cash from operations / diluted weighted shares.
Book value per share	$35.32	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$34.94	Tangible book value / shares outstanding.
Cash per share	$0.50	(Cash + short-term investments) / shares outstanding.
Payout ratio	57.6%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$929.7M	Share price x shares outstanding.
Enterprise value	$1.64B	Market cap + total debt - cash - short-term investments.
P/E	16.4x	Market cap / net income. Only when net income is positive.
P/S	1.56x	Market cap / revenue.
P/B	1.44x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.46x	Market cap / tangible book value, when positive.
P/OCF	6.51x	Market cap / cash from operations, when positive.
EV/Sales	2.75x	Enterprise value / revenue.
EV/EBIT	14.5x	Enterprise value / operating income, when both are positive.
FCF yield	-4.9%	Free cash flow / market cap.
Earnings yield	6.1%	Net income / market cap (the inverse of P/E).
Dividend yield	3.5%	Dividends paid over the period / market cap.
Shareholder yield	3.5%	(Dividends paid + share buybacks) / market cap.
PEG	3.52x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was UNITIL CORP's revenue in fiscal 2025?

UNITIL CORP reported revenue of $536.0M for fiscal 2025, 8.3% higher than the year before.

Was UNITIL CORP profitable in fiscal 2025?

Yes. Net income was $50.2M, a net margin of 9.4%.

How much free cash flow did UNITIL CORP generate in fiscal 2025?

Cash from operations of $131.3M minus capital expenditures of $185.1M left free cash flow of -$53.8M.

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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