企業概要
Unitil Corporation is a publicly traded utility holding company primarily engaged in the distribution of electricity and natural gas to residential and commercial customers. The enterprise operates within the Utilities sector, specifically classified under the Utilities - Diversified industry, which implies a business model reliant on regulated rates and long-term infrastructure investments rather than consumer discretionary spending. With a market capitalization of $971.61M and an annual revenue (TTM) of $536.00M, the company maintains a significant operational footprint supported by a workforce of 595 employees. These valuation and revenue figures indicate that Unitil functions as a mid-sized regional utility entity, balancing the stability of regulated cash flows with the capital intensity inherent in the power and gas distribution sectors.
財務健全性
The company reported revenue of $536.00M and net income of $49.90M for the trailing twelve months, resulting in an EBITDA of $191.60M. The substantial gap between the $536.00M revenue and the $49.90M net income highlights a cost structure where operating expenses, including cost of goods sold and administrative costs, consume a significant portion of top-line growth before reaching the bottom line. However, the EBITDA figure of $191.60M suggests that operational cash generation remains robust prior to interest, taxes, depreciation, and amortization expenses. Notably, the free cash flow stands at -$84,365,000, indicating that the company's capital expenditures currently exceed its operating cash flow, which impacts near-term financial flexibility by requiring external financing or reserves for asset maintenance and expansion. The balance sheet reflects a leveraged structure with cash assets of $15.60M against total debt of $933.80M, yielding a debt-to-equity ratio of 153.18. This high leverage ratio is typical for utility firms but necessitates consistent interest coverage to maintain credit ratings. Liquidity is constrained in the short term, evidenced by a current ratio of 0.56, which suggests the company holds fewer current assets than current liabilities and relies heavily on long-term financing or operational cycles to meet obligations. Return on equity stands at 8.9% while return on assets is 3.3%, metrics that reveal management generates returns above the cost of equity but operates with asset efficiency that is moderate for the capital-intensive utility industry.
バリュエーション評価
Valuation metrics show a trailing P/E ratio of 18.19 compared to a forward P/E of 16.67, implying that the market expects earnings to grow over the coming year to justify a lower multiple. The price-to-book ratio is 1.59, indicating that the stock trades at a 59% premium over its book value, reflecting intangible assets, brand value, or growth prospects beyond simple asset replacement costs. Alternative valuation measures include a price-to-sales ratio of 1.81 and an EV/EBITDA of 9.86, suggesting the company is valued reasonably relative to its sales volume and enterprise earnings power. Price metrics place the stock between a 52-week high of $59.99 and a 52-week low of $44.61, providing a historical trading range to contextualize current market sentiment. The beta of 0.44 indicates that the stock's price volatility is significantly lower than the broader market, offering a defensive characteristic often sought in utility portfolios during periods of market uncertainty.
Growth & Income
Growth dynamics are characterized by a revenue growth rate of 26.7% year-over-year and an earnings growth rate of 8.6% year-over-year. The disparity between these figures, where earnings growth is notably slower than revenue growth, implies that margin expansion is currently limited or that one-time costs are impacting the bottom line despite top-line acceleration. As a dividend payer, the company offers a dividend yield of 3.4% with a payout ratio of 60.6%, a level that appears sustainable given the positive net income generation but requires monitoring against the negative free cash flow trend. The current earnings growth rate of 8.6% supports the continued ability to service the debt and maintain the dividend, though the negative free cash flow poses a challenge to organic dividend growth without refinancing or asset sales. Overall, Unitil presents a profile of moderate income generation through dividends coupled with high revenue growth, albeit tempered by capital-intensive requirements and moderate asset returns.