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Utilities - Regulated electric · Utilities · Fiscal year ends Dec 31
Otter Tail reported revenue of $1.3B in the fiscal year ended Dec 2025, down 2.0% from the year before. Operating income was $346M, an operating margin of 26.5%, and net income was $276M. Operating cash flow of $386M less capital expenditure of $288M left free cash flow of $98M. Net debt was $657M.
Ranks among the 36 utilities - regulated electric companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1,198 | 1,460 | 1,349 | 1,331 | 1,304 |
| Cost of revenue | 488 | 543 | 454 | 435 | 403 |
| Gross profit | 709 | 917 | 895 | 896 | 901 |
| Selling, general & admin | 65.4 | 69.7 | 72.7 | 80.1 | 82.6 |
| Operating income | 250 | 390 | 378 | 380 | 346 |
| Interest expense | 37.8 | 36.0 | 37.7 | 41.8 | 47.2 |
| Pre-tax income | 213 | – | – | – | – |
| Income tax | 36.1 | 73.4 | 69.3 | 65.2 | 46.4 |
| Net income | 177 | 284 | 294 | 302 | 276 |
| Diluted EPS | 4.23 | 6.78 | 7.00 | 7.17 | 6.55 |
| Diluted shares | 41.8 | 41.9 | 42.0 | 42.1 | 42.1 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 1.5 | 119 | 230 | 295 | 386 |
| Inventory | 148 | 146 | 150 | 149 | 159 |
| Current assets | 369 | 453 | 570 | 630 | 800 |
| Net PP&E | 2,125 | 2,213 | 142 | 179 | 171 |
| Goodwill | 37.6 | 37.6 | 37.6 | 37.6 | 37.6 |
| Total assets | 2,755 | 2,902 | 3,243 | 3,652 | 3,964 |
| Payables | 135 | 104 | 94.4 | 114 | 93.6 |
| Current liabilities | 388 | 238 | 310 | 310 | 351 |
| Short-term debt | 30.0 | 0.0 | 0.0 | 0.0 | 80.0 |
| Long-term debt | 734 | 824 | 824 | 944 | 964 |
| Total liabilities | 1,764 | 1,684 | 1,800 | 1,984 | 2,103 |
| Shareholders' equity | 991 | 1,217 | 1,443 | 1,668 | 1,862 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 231 | 389 | 404 | 453 | 386 |
| Capital expenditure | 172 | 171 | 287 | 359 | 288 |
| Free cash flow | 59.4 | 218 | 117 | 94.1 | 97.9 |
| Depreciation & amortisation | 91.4 | 92.6 | 98.0 | 107 | 118 |
| Stock-based compensation | 6.9 | 6.8 | 7.8 | 9.5 | 9.1 |
| Dividends paid | 64.9 | 68.8 | 73.1 | 78.3 | 88.1 |
| Dividend per share | 1.56 | 1.65 | 1.75 | 1.87 | 2.10 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 21.9% | −7.6% | −1.4% | −2.0% |
| Operating income growth (YoY) | – | 56.4% | −3.2% | 0.6% | −9.1% |
| EPS growth (YoY) | – | 60.3% | 3.2% | 2.4% | −8.6% |
| Gross margin | 59.2% | 62.8% | 66.3% | 67.3% | 69.1% |
| Operating margin | 20.9% | 26.7% | 28.0% | 28.6% | 26.5% |
| Net margin | 14.8% | 19.5% | 21.8% | 22.7% | 21.2% |
| Return on equityBlank when equity is negative | 17.8% | 23.3% | 20.4% | 18.1% | 14.8% |
| ROCEEBIT ÷ (assets − current liabilities) | 10.5% | 14.7% | 12.9% | 11.4% | 9.6% |
| Free cash flow margin | 5.0% | 14.9% | 8.7% | 7.1% | 7.5% |
| Cash conversion (CFO ÷ net income) | 1.31x | 1.37x | 1.37x | 1.50x | 1.40x |
| Inventory days | 111 | 98 | 120 | 125 | 144 |
| Payable days | 101 | 70 | 76 | 95 | 85 |
| Interest cover | 6.61x | 10.8x | 10.0x | 9.09x | 7.32x |
| Debt ÷ equity | 0.77x | 0.68x | 0.57x | 0.57x | 0.56x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 762 | 705 | 594 | 649 | 657 |
| Current ratio | 0.95x | 1.91x | 1.84x | 2.03x | 2.28x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.