UTLNYSEElectric & Other Services CombinedUS GAAP · USD

UNITIL Corporation

Unitil Corp. is a U.S. public utility holding company headquartered in New Hampshire. Through its regulated subsidiaries, it distributes electricity and natural gas to customers in New Hampshire, Massachusetts, and Maine, and also owns a natural gas transmission pipeline and several service and real estate subsidiaries.

Ask about the company
Revenue536m USD
+8.3 %y/y
Operating profit (EBIT)101m USD
+11.7 %y/y
EBIT margin18.9%
+0.6 ppy/y
Net income50.2m USD
+6.6 %y/y
Free cash flow-53.8m USD
−22.3 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

0200400600m USD2021: 473 m USD2021: EBIT 78 m USD20212022: 563 m USD2022: EBIT 81 m USD20222023: 557 m USD2023: EBIT 87 m USD20232024: 495 m USD2024: EBIT 91 m USD20242025: 536 m USD2025: EBIT 101 m USD2025536101
RevenueOperating profit (EBIT)
Ask Clarifo about UNITIL Corporation

Business

Share of revenue
Electric distribution45 %

Local delivery of electricity through Unitil Energy and Fitchburg.

Natural gas distribution45 %

Regulated gas delivery to residential, commercial, and industrial customers.

Natural gas transmission5 %

Interstate pipeline transportation and interconnection services via Granite State.

Other and shared services5 %

Centralized utility services, real estate, and non-regulated holding company activities.

Customers

Unitil serves regulated end users rather than selling into competitive wholesale markets. Its customer base is mainly residential, commercial, and industrial utility customers across its service territories, with electricity and gas delivered under state-regulated tariffs. The company also serves affiliated utilities through centralized service arrangements and provides pipeline access to its gas distribution businesses.

Residential customers

Households buying electric and/or gas delivery for everyday usage under regulated rates.

Commercial customers

Businesses, offices, and retail users that need reliable local utility service.

Industrial and municipal customers

Larger users that require dependable distribution infrastructure and tariff-based service.

Affiliated utility companies

Subsidiaries that receive centralized administrative, technical, and energy management services.

Strategy

Unitil’s strategy is centered on operating regulated local utility networks and earning returns through approved rate structures. The company also uses centralized service subsidiaries and pipeline infrastructure to support its distribution businesses and maintain a regional operating platform. Its business model depends on disciplined capital investment, regulatory relationships, and reliable service delivery across its franchise territories.

Invest in regulated utility infrastructureMedium term

Capital spending expands the rate base and supports service reliability.

Maintain regulatory recovery mechanismsShort term

Tariffs and trackers are central to converting utility costs into recoverable revenue.

Support gas supply and network accessMedium term

Reliable upstream supply and transportation capacity are essential to serve customers.

Geography

Unitil’s operations are concentrated in the northeastern United States, primarily New Hampshire, Massachusetts, and Maine. Its utility footprint is local and regulated, with service territories centered around the seacoast and capital regions of New Hampshire, north central Massachusetts, and southern and central Maine. Granite State’s pipeline assets are primarily located in Maine and New Hampshire, reinforcing the company’s regional operating profile.

Risks

Unitil’s business is exposed to regulatory, operational, and infrastructure risks typical of a local utility. Because earnings depend on approved rates and recoverable capital investment, changes in regulation, supply availability, or allowed returns can affect results. The company also faces physical, cyber, weather, and financing risks tied to operating electric and gas networks with significant long-lived assets.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Regulatory rate and return risk1Supply and transmission capacity risk2Operational safety and infrastructure failure3Financing and dividend constraint risk4Cyber and systems disruption5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Regulatory rate and return riskImpact: HighLikelihood: Medium

    Utility earnings depend on approved tariffs, cost recovery, and allowed returns.

    Exposure: Electric and gas distribution utilities

  2. Supply and transmission capacity riskImpact: HighLikelihood: Medium

    The company must secure adequate electricity and gas supply plus upstream transport.

    Exposure: Natural gas and electric operations

  3. Operational safety and infrastructure failureImpact: HighLikelihood: Medium

    Leaks, explosions, electrocutions, and aging assets can cause major losses.

    ExposurePipelinesDistribution linesUtility equipment
  4. Financing and dividend constraint riskImpact: HighLikelihood: Low

    Debt covenants and subsidiary distributions affect parent-level liquidity and dividends.

    Exposure: Holding company and regulated subsidiaries

  5. Cyber and systems disruptionImpact: MediumLikelihood: Medium

    Operational and information systems are needed to run the network and serve customers.

    Exposure: Utility operations and customer service systems

Ask Clarifo about UNITIL Corporation

Accounting

Judgemental items
Regulated revenue recognition

Electric and gas revenues include billed, unbilled, and accrued amounts under approved tariffs.

Impact: Affects quarterly revenue timing and comparability

Rate adjustment mechanisms

Authorized future recoveries or credits are recognized before cash settlement.

Impact: Creates regulatory assets and liabilities

Utility plant and depreciation

Long-lived distribution and pipeline assets are capitalized and depreciated over time.

Impact: Drives earnings, asset base, and rate recovery

Regulatory estimates and contingencies

Commission-approved recovery of costs and disputes can require judgment.

Impact: Can affect earnings and balance sheet classification

Similar listed companies

Publicly listed companies with a comparable business focus.

Granite Ridge Resources, Inc.

GRNT · Crude Petroleum & Natural Gas

PPL Corp

PPL · Electric Services

Exelon Corporation

EXC · Electric & Other Services Combined

UGI Corporation

UGI · Gas & Other Services Combined

Enel Chile S.A.

ENIC · Electric Services

ONE Gas, Inc.

OGS · Natural Gas Distribution

Last updated: 24/09/2026