Otter Tail Corporation (OTTR)

Neutral

Insufficient data to determine institutional momentum.

Data as of Q3 2026

FY2025 basis

$90.35▼ 0.08%

EOD close · as of 2026-10-30

Market Cap

$3.79B

Enterprise Value

$4.43B

P/E

13.8×

EV/EBITDA

9.6×

P/S

2.9×

Revenue (FY)

$1.30B

Rev. growth

5.5%/yr

Gross margin

—

Net margin

21%

ROIC

10%

Net debt / EBITDA

1.4×

Revenue· FY2025$1.30B

Net Income· FY2025$275.9M

Free Cash Flow· FY2025$97.9M

Deep analysis

Valuation vs. its own history

Cheap or dear — against itself

Where each multiple sits in its own 14-yr range · 68th pct blended

P/E

13.7× now

7.9×19.8×

38th

cheap

EV/EBITDA

9.5× now

6.1×11.2×

64th

mid

P/S

2.9× now

0.8×2.6×

100th

rich

P/B

2.0× now

1.1×2.7×

71th

rich

Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.

Quality of the business

What backs the price

Is the profit real, and how strong is the balance sheet?

✓

Cash-backed earnings

Operating cash flow 1.4× net income

1.40×

Capital intensity

Reinvests 75% of operating cash flow

high

✓

Balance-sheet strength

1.37× net debt / EBITDA

low lev.

Returns on capital

ROIC 10%

10%

Income statement

How a revenue dollar becomes profit

FY2025 · every deduction from revenue to net income

Returns

Why ROE is 14.8%

DuPont — the three levers

Net margin

21.2%

profit / rev

Asset turns

0.33×

rev / assets

Leverage

2.13×

assets / year-end equity

ROE

14.8%

on year-end equity

ROE 15% against ROIC 10% — 5% of the return on equity comes from leverage and buybacks rather than from the operating business.

Leverage & liquidity

Debt structure

What the company owes vs. what it holds

Total Debt

$1.02B

Cash & Equivalents

$386.2M

Net Debt

$637.6M

Net debt / EBITDA1.4×

This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.

Operating leverage

How profit responds to sales

Latest year: profit growth vs revenue growth

Revenue Δ

-2.3%

Op. income Δ

-9.1%

Op. leverage

4.0×

High operating leverage: profit moved 4.0× as fast as sales — great in an upturn, painful in a downturn.

Operating leverage

Common-size income statement

Each line as % of revenue — the trend in color

% of revenue	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
SG&A	—	—	—	5.5	4.7	5.4	6.0	6.4
Operating Income	14.1	14.7	16.7	20.9	26.6	27.9	28.6	26.6
Income Tax	1.6	1.9	2.3	3.0	5.0	5.1	4.9	3.6
Net Income	9.0	9.4	10.9	14.8	19.3	21.7	22.7	21.2

Green = margin-favorable vs the row's own range · red = unfavorable.

Track record · FY2016 → FY2025

How the ratios & debt developed

The metrics that matter, over time

ROE

15%

FY2025 · latest

Net margin

21%

FY2025 · latest

ROIC

10%

FY2025 · latest

Gross margin

—

— · latest

—

Net debt / EBITDA

1.4×

FY2025 · latest

Current ratio

2.3×

FY2025 · latest

FCF margin

FY2025 · latest

Free cash flow

$97.9M

FY2025 · latest

Institutional ownership: 76 holders · 2% of shares · 87th percentile crowding — Insufficient data to determine institutional momentum. (see the 13F tab)

A 30-second read on OTTR: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.

Loading snapshot...

Financials

$90.35▼ 0.08%

EOD close · as of 2026-10-30

Market Cap

$3.79B

Enterprise Value

$4.43B

Revenue → Profit Flow

How a revenue dollar becomes profit — FY2025

Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.

Each value shows its share of revenue below it (common-size).

Line Item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Revenue	$1.30B 100.0%	$1.33B 100.0%	$1.35B 100.0%	$1.47B 100.0%	$1.20B 100.0%	$883.2M 100.0%	$919.5M 100.0%	$916.4M 100.0%	$849.4M 100.0%	$803.5M 100.0%
Cost of Products	—	—	—	—	—	—	—	—	$316.6M 37.3%	$295.2M 36.7%
Selling, General & Admin	$82.6M 6.4%	$80.1M 6.0%	$72.7M 5.4%	$69.7M 4.7%	$65.4M 5.5%	—	—	—	—	—
Total Operating Expenses	$958.4M 73.7%	$950.3M 71.5%	$971.2M 71.8%	$1.07B 72.8%	$947.1M 79.1%	$742.2M 84.0%	$784.6M 85.3%	$787.1M 85.9%	$717.1M 84.4%	$686.9M 85.5%
Operating Income	$345.7M 26.6%	$380.3M 28.6%	$377.9M 27.9%	$390.4M 26.6%	$249.7M 20.9%	$147.9M 16.7%	$134.9M 14.7%	$129.4M 14.1%	$132.3M 15.6%	$116.6M 14.5%
Interest Expense	$47.2M 3.6%	$41.8M 3.1%	$37.7M 2.8%	$36.0M 2.5%	$37.8M 3.2%	$34.4M 3.9%	$31.4M 3.4%	$30.4M 3.3%	$29.6M 3.5%	$31.9M 4.0%
Other Income (Expense), net	$20.5M 1.6%	$18.8M 1.4%	$12.7M 0.9%	$2.0M 0.1%	$2.9M 0.2%	$6.1M 0.7%	$5.1M 0.6%	$3.5M 0.4%	$2.6M 0.3%	$2.9M 0.4%
Pretax Income	—	—	—	—	$212.8M 17.8%	$116.1M 13.1%	$104.3M 11.3%	$96.9M 10.6%	$99.7M 11.7%	$82.5M 10.3%
Income Tax Expense	$46.4M 3.6%	$65.2M 4.9%	$69.3M 5.1%	$73.4M 5.0%	$36.1M 3.0%	$20.2M 2.3%	$17.4M 1.9%	$14.6M 1.6%	$27.3M 3.2%	$20.2M 2.5%
Net Income	$275.9M 21.2%	$301.7M 22.7%	$294.2M 21.7%	$284.2M 19.3%	$176.8M 14.8%	$95.9M 10.9%	$86.8M 9.4%	$82.3M 9.0%	$72.4M 8.5%	$62.3M 7.8%
Per Share
EPS (Basic)	$6.59	$7.22	$7.06	$6.83	$4.26	$2.35	$2.19	$2.08	$1.84	$1.62
EPS (Diluted)	$6.55	$7.17	$7.00	$6.78	$4.23	$2.34	$2.17	$2.06	$1.82	$1.61
Weighted Avg Shares (Basic)	41.9M	41.8M	41.7M	41.6M	41.5M	40.7M	39.7M	39.6M	39.5M	38.5M
Weighted Avg Shares (Diluted)	42.1M	42.1M	42.0M	41.9M	41.8M	40.9M	40.0M	39.9M	39.7M	38.7M

Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.

Loading financials...

Reverse DCF — what growth does the price assume?

Solve the discounted cash flow backwards, then stress-test the assumptions.

Free-cash-flow basis

Average free cash flow across the last 3 positive fiscal years (FY2023, FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.

Market-implied FCF growth · 10 yr

11.3%/yr

To be worth $90.35 today, the market must believe free cash flow compounds 11.3%/yr for a decade (off $103.1M on the 3-yr avg basis).

On the basis ($94.3M) the requirement is 12.4%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.

Actual historical growth

FCF 53.0%/yr (9yr)Revenue 5.5%/yr

The market's 11.3% is more conservative than its 9-yr track record.

▲ your estimate implies 2% upside

Fair value at your growth$92.33

price $90.35

Your assumptions — drag to stress-test

Normalized FCF · 3-yr avg$103.1M

10-yr FCF growth11.5%

Discount rate (WACC)7.3%

Default is 7.3% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.

Terminal growth2.50%

2-stage DCF · 0.04B shares (market data) · net debt $637.6M

Fair value across growth and discount rate

Hover any cell. The dark line is every pair of assumptions that reproduces today's price exactly.

Track record

Has this growth actually happened?

Hover a bar for that year's FCF and growth.

Year-over-year FCF growth · each dot is one year

mean 264.5% · volatility σ 694% · implied rate exceeded in 2/7 yrs

Forward projection

The implied path vs. realistic uncertainty

Central path = implied 11.3%/yr growth; shaded band = ±1σ (694%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.

Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.

Loading valuation...

Is the business good?

Weak

The spread has compressed 3 years running.

Return on invested capital against that year's cost of capital, by fiscal year
Period	ROIC	Cost of capital	Spread
FY2019	7.5%	7.3% (today's — no rate published for this year)	0.2pts
FY2020	7.7%	7.3% (today's — no rate published for this year)	0.4pts
FY2021	11.3%	6.2%	5.1pts
FY2022	16.3%	7.1%	9.2pts
FY2023	14.5%	7.3%	7.2pts
FY2024	12.9%	8.1%	4.8pts
FY2025	11.2%	7.0%	4.3pts
Now	9.6%	7.3%	2.3pts

— ROIC (filled dot = audited fiscal year)○ current basis-- cost of capital, at each year's risk-free rate and beta (weights held at today's)○ on the dashed line = no rate published for that year end; today's WACC used

ROIC − WACC spread

3.5pts↘ narrowing

robust to a ±2pt WACC move

Net margin vs 3yr ago

1.9pts

1933.92% → 2122.84%

ROIC

10.8%

invested capital: average of quarter-ends

WACC

7.3%

Gross, operating and net margin by fiscal year
Fiscal year	Gross margin	Operating margin	Net margin
FY2016	not reported	14.5%	7.8%
FY2017	not reported	15.6%	8.5%
FY2018	not reported	14.1%	9.0%
FY2019	not reported	14.7%	9.4%
FY2020	not reported	16.7%	10.9%
FY2021	not reported	20.9%	14.8%
FY2022	not reported	26.6%	19.3%
FY2023	not reported	27.9%	21.7%
FY2024	not reported	28.6%	22.7%
FY2025	not reported	26.6%	21.2%

Shared scale — the distance between the lines is the cost structure▨ each line's own 10-year range

ROE

15%

ROIC

10%

Gap

+5pts

Leverage and buybacks account for 5 points of the 15% return on equity in FY2025. The business earns 10% on the capital it employs; the rest is balance sheet.

ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.

What the acquisitions cost the return

ROIC as reported

10.8% · on $2.6B

ROIC ex-goodwill

11.0% · on $2.6B

$38M of goodwill — 1% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer.

The other side

The spread has been narrowing over the last three years.

Basis: FY2025Source: SEC EDGAR XBRL

Are the earnings real?

Weak

Free cash flow has fallen short of reported profit in 3 of the last three years.

FCF / net income

0.43×↘ narrowing

5-year average; latest 0.35x

Sloan accruals

-2.8%

(net income − OCF) / assets · negative is better

Share count since FY2019

4.4%

measured from the first year on file, so a recent listing shows up here as dilution

SBC / revenue

0.7%

benign

Cash conversion cycle

—

DSO 41d — not enough of the cycle is reported to complete it

The other side

Shares outstanding are up 4% since FY2019 — per-share cash flow has grown more slowly than the totals above, and the gap is the owners'.

Basis: FY2025Source: SEC EDGAR XBRL

Can it survive?

Strong

Covers interest 5.1x even after a 30% EBITDA decline.

Interest coverage at each level of EBITDA decline
EBITDA decline	Interest coverage
0%	7.32x
5%	6.95x
10%	6.59x
15%	6.22x
20%	5.86x
25%	5.49x
30%	5.12x
35%	4.76x
40%	4.39x
45%	4.03x
50%	3.66x
55%	3.29x
60%	2.93x

Stress

At 0% EBITDA, coverage is 7.32×

Interest stays covered across the whole range tested (to −60%). Interest expense is held constant; only EBIT declines.

Interest coverage, stressed

5.12×

EBIT after a 30% decline

Net debt / EBITDA

1.43×

includes $26,891,000 of lease liabilities

Interest coverage, today

7.32×

Can the maturities be paid?

cumulative principal duecash + free cash flow held flat at $98M/yr

Ladder as of 2025-12-31 (10-K/A); cash from the 2025-12-31 balance sheet; FCF from FY2025.

What is on hand

Cash & equivalents

$386M

excludes restricted cash

Net debt

$638M

total debt less cash

Current ratio

2.28×

current assets / current liabilities

Quick ratio

1.83×

excludes inventory

Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.

The other side

The maturity schedule is not part of this verdict — its filing anchor is often older than the balance sheet it sits beside, so a wall inside 24 months may not be visible here.

Basis: FY2025Source: SEC EDGAR XBRL

What's priced in?

Demanding

At $90.35, free cash flow must compound 11.34%/yr for 10 years. It has no positive compounding record to compare against.

Achieved free cash flow growth by year against the growth the price requires
Fiscal year	FCF growth	Price requires
FY2022	267.2%	11.3%
FY2023	−46.2%	11.3%
FY2024	−19.8%	11.3%
FY2025	4.1%	11.3%

The rate the price requires sits inside the range this business has delivered — matched or beaten in 1 of 4 years. Shaded band is ±1σ of its own free-cash-flow growth.

Implied FCF growth

11.3%

for 10 years, discounted at 7.3% (computed WACC)

Achieved FCF growth

—

no positive start and end year to compound between

Required vs achieved

—

above 1 means the price asks for more than the record

Each multiple against its own 14-year history

P/E

13.7× FY · 19.4× TTM

7.9×19.8×

38th

13 yrs

EV/EBITDA

9.5× FY · 13.6× TTM

6.1×11.2×

64th

14 yrs

P/S

2.9× FY · 2.9× TTM

0.8×2.6×

100th

14 yrs

P/B

2.0× FY · 2.0× TTM

1.1×2.7×

71th

14 yrs

last fiscal year TTM medianshaded = middle half

The percentile ranks the FISCAL-YEAR point, because the distribution behind each strip is built from fiscal-year closes — ranking a TTM figure inside it would compare two different bases. TTM basis: TTM.

P / E

13.8× · med 23.9× · 19.3×–26.6×

P / S

2.9× · med 3.0× · 1.7×–3.8×

EV / EBITDA

9.6× · med 13.1× · 10.0×–17.1×

P / B

2.0× · med 2.1× · 1.5×–2.9×

OTTR cohort median p25–p7526 peersvalues clipped at p1/p99 before rankingeach row scaled to its own range

The other side

The implied rate has been matched or beaten in 1 of the last 4 years.

Basis: FY2025Source: SEC EDGAR XBRL

Loading analysis...

OTTR vs. Electric Services peers

Ranked against 26 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.

Where it ranks

top thirdmiddlebottompeer median

ValuationCheaper than peers scores higher

P / E

OTTR 13.8× · med 23.9× · p25–p75 19.3×–26.6×

88th pct

P / S

OTTR 2.9× · med 3.0× · p25–p75 1.7×–3.8×

56th pct

EV / EBITDA

OTTR 9.6× · med 13.1× · p25–p75 10.0×–17.1×

83rd pct

P / B

OTTR 2.0× · med 2.1× · p25–p75 1.5×–2.9×

56th pct

GrowthLatest fiscal-year revenue vs prior year

Revenue growth (YoY)

OTTR -2.3% · med 9.1% · p25–p75 4.2%–11.2%

11th pct

ProfitabilityMargins vs the sector

Gross margin

OTTR — · med 62.1% · p25–p75 36.0%–90.7%

not enough peer data

—

Operating margin

OTTR 26.6% · med 20.3% · p25–p75 11.9%–24.4%

89th pct

Net margin

OTTR 21.2% · med 11.8% · p25–p75 7.3%–14.5%

93rd pct

FCF margin

OTTR 7.5% · med -5.0% · p25–p75 -18.7%–3.2%

85th pct

Returns on capitalHow hard the capital works

Return on equity

OTTR 14.8% · med 9.2% · p25–p75 6.8%–12.2%

81st pct

Return on invested capital

OTTR 9.6% · med 3.8% · p25–p75 2.6%–4.6%

100th pct

LeverageLess debt scores higher

Net debt / EBITDA

OTTR 1.4× · med 5.1× · p25–p75 4.0×–5.7×

100th pct

13F convictionInstitutional breadth & ownership

13F holders

OTTR 76 · med 191 · p25–p75 98–377

15th pct

Institutional ownership

OTTR 1.6% · med 2.3% · p25–p75 1.7%–2.8%

26th pct

Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.

Peer table

Click a column to sort · latest FY

Company	Mkt cap ▼	P/E	EV/EBITDA	P/S	Rev gr	Gross	Net	ROE	ROIC	Net D/EBITDA	13F
NEENEXTERA ENERGY INC	$175.6B	25.4×	—	6.8×	9.8%	—	26.5%	12.5%	4.6%	—	1,033
SOSOUTHERN CO	$107.8B	23.9×	—	3.6×	10.6%	—	14.7%	12.1%	4.2%	—	810
CEGConstellation Energy C…	$93.0B	35.5×	24.2×	3.6×	8.3%	—	9.1%	16.0%	9.9%	1.3×	617
AEPAMERICAN ELECTRIC POWE…	$70.9B	19.6×	13.5×	3.2×	10.9%	—	16.9%	11.9%	4.8%	5.3×	630
DDOMINION ENERGY, INC	$58.6B	19.3×	—	3.5×	14.2%	—	18.2%	10.3%	3.8%	—	488
ETRENTERGY CORP /DE/	$52.6B	28.2×	14.4×	4.1×	9.0%	—	13.7%	10.5%	3.9%	4.8×	375
VSTVistra Corp.	$46.4B	63.5×	16.6×	2.6×	3.0%	—	5.3%	18.5%	3.9%	4.6×	381
CNPCENTERPOINT ENERGY INC	$28.1B	26.5×	13.5×	3.0×	8.3%	100.0%	11.2%	9.4%	3.3%	5.8×	208
FEFIRSTENERGY CORP	$27.2B	26.6×	13.7×	1.8×	12.0%	—	6.8%	8.2%	2.7%	6.7×	237
PPLPPL Corp	$26.8B	22.4×	12.8×	3.0×	6.9%	—	13.1%	7.9%	3.5%	5.0×	273
ESEVERSOURCE ENERGY	$25.8B	15.0×	10.0×	1.9×	13.8%	—	12.5%	10.5%	3.8%	5.2×	328
EIXEDISON INTERNATIONAL	$22.6B	5.1×	5.9×	1.2×	9.8%	—	23.1%	25.4%	8.0%	3.7×	266
NRGNRG ENERGY, INC.	$20.2B	24.0×	9.8×	0.7×	9.2%	—	2.8%	51.4%	4.8%	3.6×	245
TLNTalen Energy Corp	$16.2B	—	118.3×	6.3×	22.0%	—	-8.5%	-20.0%	-2.8%	—	129
PNWPINNACLE WEST CAPITAL …	$12.9B	21.1×	11.2×	2.4×	4.2%	—	11.8%	9.0%	3.7%	4.9×	174
OGEOGE ENERGY CORP.	$10.2B	21.3×	12.8×	3.1×	9.2%	61.4%	14.4%	9.5%	4.4%	4.6×	172
IDAIDACORP INC	$8.6B	24.6×	19.3×	4.9×	-1.2%	—	18.5%	9.1%	4.6%	5.3×	126
CWENClearway Energy, Inc.	$6.6B	—	17.4×	4.6×	4.2%	62.9%	11.8%	2.9%	1.2%	9.6×	113
TXNMTXNM ENERGY INC	$6.4B	39.5×	12.7×	3.0×	9.9%	—	7.8%	5.0%	2.0%	5.7×	80
BKHBLACK HILLS CORP /SD/	$6.3B	20.6×	13.1×	2.7×	8.6%	—	12.6%	7.6%	3.4%	5.5×	103
ORAORMAT TECHNOLOGIES, IN…	$5.5B	44.4×	17.4×	5.6×	12.5%	27.6%	12.5%	4.9%	2.4%	5.5×	81
PORPORTLAND GENERAL ELECT…	$5.3B	16.0×	8.8×	1.5×	4.0%	—	8.6%	7.4%	3.5%	4.1×	105
AQNALGONQUIN POWER & UTIL…	$4.2B	24.8×	12.8×	1.7×	4.9%	—	7.4%	3.9%	1.5%	8.1×	37
OTTROtter Tail Corp	$3.8B	13.8×	9.6×	2.9×	-2.3%	—	21.2%	14.8%	9.6%	1.4×	76
HEHAWAIIAN ELECTRIC INDU…	$1.5B	12.3×	6.4×	0.5×	-4.1%	—	4.1%	7.9%	3.1%	3.6×	78

Peers = companies sharing OTTR's sector (Electric Services) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.

Loading peer comparison...

Open-market buys

$0 · 0 holders

Discretionary sales

$394k · 1 holder

10b5-1 plan sales

$0 · scheduled in advance

Filed late

0 of 34 filings

0 open-market purchases and 3 discretionary sales against the share price · hover a marker

2025-10-31$75.27 – $93.212026-10-23

Shares held by reporting insiders6 → 15 insiders reporting — no comparable change

2026-02-06 · 380,1812026-08-11 · 481,554 (15 insiders)

Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.

Date	Insider	What it was	Shares	Price	Value
2026-08-11	2 co-filers VP, Human Resources	Open-market saleindirect	475	$94.63	$45k
2026-08-10	2 co-filers VP, Human Resources	Open-market saleindirect	250	$92.84	$23k
2026-08-07	4 co-filers VP, Human Resources	Open-market sale	3,500	$93.11	$326k
2026-08-07	4 co-filers VP, Human Resources	Gift	725	$0.00

How this is measured

Every row is classified by what it MEANT, not by its SEC code. A code is not a meaning: code P (“purchase”) also covers dividend reinvestment and employee stock purchase plans, and code S (“sale”) also covers 10b5-1 plan sales scheduled months earlier and option exercises sold the same day.

Across 30 days of all filings, $5.08bn of insider selling contained $3.50bn of plan sales and $0.46bn of exercise-and-sell. Only 29% was discretionary. Reading an unclassified feed badly overstates how much insiders decided.

Buys and sales are counted separately and never netted. They are different decisions by different people; a company where one officer bought while another sold is not “neutral”.

The holding line carries each insider's last reported position forward, so it shows the total held rather than a sawtooth of whoever traded that day. It covers only insiders who filed in the window.

“Filed late” counts calendar days past the two-business-day deadline with five days' grace, so a Thursday or Friday trade crossing a weekend is never flagged. It describes the company's filing discipline, not the trade.

Insider activity is descriptive. Nothing here is investment advice.

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Revenue growth against receivables growth by fiscal year

Fiscal year

Revenue growth

Receivables growth

Gap

FY2020

-4.0%

46.2%

50.2 points

FY2021

35.6%

53.5%

17.9 points

FY2022

22.7%

-17.5%

-40.2 points

FY2023

-7.9%

8.8%

16.7 points

FY2024

-1.7%

-7.1%

-5.4 points

FY2025

-2.3%

-0.3%

2.0 points

Working capital day counts by fiscal year

Fiscal year

DSO

DIO

DPO

Cash conversion cycle

FY2019

30.9 days

not reported

FY2020

47.1 days

not reported

FY2021

53.3 days

not reported

FY2022

35.9 days

not reported

FY2023

42.4 days

not reported

FY2024

40.1 days

not reported

FY2025

40.9 days

not reported

Accruals as a percent of assets, by fiscal year

Fiscal year

Accruals / assets

FY2019

-4.3 percent

FY2020

-4.5 percent

FY2021

-2.0 percent

FY2022

-3.6 percent

FY2023

-3.4 percent

FY2024

-4.1 percent

FY2025

-2.8 percent

Step	Amount	Running total
Net income	$276M	$276M
Share-based comp	$9M	$285M
Other non-cash & working capital	$101M	$386M
Operating cash flow	$386M	$386M
Capex	−$288M	$98M
Free cash flow	$98M	$98M
FCF after SBC	$89M	$89M

Otter Tail Corporation (OTTR)

Deep analysis

Cheap or dear — against itself

What backs the price

How a revenue dollar becomes profit

Why ROE is 14.8%

Debt structure

How profit responds to sales

Common-size income statement

How the ratios & debt developed

Financials

Revenue → Profit Flow

Reverse DCF — what growth does the price assume?

Has this growth actually happened?

The implied path vs. realistic uncertainty

Is the business good?

Are the earnings real?

Can it survive?

What's priced in?

Dividends & Returns

Is the payout covered?

Dividends + buybacks, per year

Dividend per share

Capital Allocation

Where the cash went

Reinvest vs. return cash

Return on reinvestment

Deployment per year

Debt & Leverage

When the debt comes due · $242.0M scheduled

Capital structure over time

Net debt / EBITDA

Debt servicing

Liquidity

Short-term vs long-term debt

Performance vs. S&P 500

Hover the chart to read any quarter

Annual return vs the market

Cumulative lead over the S&P 500

Drawdown from peak · max -16%

OTTR vs. Electric Services peers

Where it ranks

Peer table

Ownership Map

Buy / Sell Volume by Quarter

Institutional Trends (8 Quarters)

Institutional Holders

Institutional Holders

Buy / Sell Volume by Quarter

Institutional Trends (8 Quarters)

Performance vs. S&P 500

Hover the chart to read any quarter

Annual return vs the market

Cumulative lead over the S&P 500

Drawdown from peak · max -16%

Ownership Map

OTTR vs. Electric Services peers

Where it ranks

Peer table

Reverse DCF — what growth does the price assume?

Has this growth actually happened?

The implied path vs. realistic uncertainty

Dividends & Returns

Is the payout covered?

Dividends + buybacks, per year

Dividend per share

Capital Allocation

Where the cash went

Reinvest vs. return cash

Return on reinvestment

Deployment per year

Deep analysis

Cheap or dear — against itself

What backs the price

How a revenue dollar becomes profit

Why ROE is 14.8%

Debt structure

How profit responds to sales

Common-size income statement

How the ratios & debt developed