The business behind the dividend
| Measure | UTL | Median | Formula |
|---|---|---|---|
| Return on equity | 8.2% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | 7.9% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | — | — | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-53.80m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 18.9% | 14.3% | Operating income ÷ revenue |
| Net margin | 9.4% | 10.1% | Net income ÷ revenue |
| Debt to equity | 1.10x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | 2.31x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 0.56x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 2.62x | 1.66x | Operating cash flow ÷ net income |
| Accruals | -3.8% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Long-term debt to working capital, Owner earnings — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 8.2% | 9.2% | 9.2% | 8.9% | 8.0% | 8.3% | 11.7% | 9.4% | 8.6% | 9.2% | 8.9% |
| Return on capital employed | 7.9% | 7.8% | 8.7% | 8.4% | 8.2% | 7.8% | 8.8% | 9.4% | 10.1% | 11.2% | 8.4% |
| Operating margin | 18.9% | 18.3% | 15.6% | 14.3% | 16.4% | 17.1% | 16.7% | 16.0% | 18.6% | 18.3% | 16.7% |
| Net margin | 9.4% | 9.5% | 8.1% | 7.4% | 7.6% | 7.7% | 10.1% | 7.4% | 7.1% | 7.1% | 7.6% |
| Debt to equity | 1.10x | 1.26x | 1.05x | 1.06x | 1.13x | 1.37x | 1.21x | 1.16x | 1.21x | 1.14x | 1.14x |
| Current ratio | 0.56x | 0.83x | 0.64x | 0.75x | 0.92x | 1.02x | 0.82x | 0.79x | 1.00x | 0.74x | 0.79x |
| Cash conversion | 2.62x | 2.67x | 2.37x | 2.36x | 2.99x | 2.35x | 2.37x | 2.38x | 2.97x | 2.52x | 2.38x |
How it compares in utilities
Among the 76 utilities companies here measured on GAAP earnings, Unitil pays out less than 38 of them. The median for that group is 60.7%, against this company’s 60.6%.
Closest on GAAP earnings
- Hawaiian Electric Industries (HE) 59.7%
- Essential Utilities (WTRG) 60.7%
- ONE Gas (OGS) 61.3%
- CMS Energy (CMS) 61.5%
Same sector and same denominator, so the figures are comparable. All 80 in utilities →