Otter Tail

OTTR on Nasdaq. Electric services. Market value $3.7bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

Should I look at this?

Good business, but not cheap right now

See cheaper Utilities stocks on the list

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
-2.1%low

For every $100 of what the whole company costs, it produced $-2.12 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
20.7×full

You pay 20.7 years of operating profit for the business. The average large US company costs around 18.

Return on capital
five annual reports to December 2025
12.6%five-year median

Each dollar kept in the business earns 13 cents a year. Above 10 is good.

Quality score: 96 of 100. Price score: 46 of 100. Our list needs 70 on quality and 60 on price.

$89.20 a share, 20% above its 1-year low

Over the past year the price has ranged from $74.15 to $95.09.

Dividend: 2.4% a year

Paid every year for at least 5 years

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

0.1
0.2
0.1
0.1
0.1
-0.1
2021202220232024202512 monthsto Jun '26

Spare cash swings from quarter to quarter here: a shortfall of $79 million in the past 12 months, $98 million in the year to December 2025.

Revenue
$1.2bn$1.5bn$1.4bn$1.3bn$1.3bn
Operating margin
20.9%26.6%27.9%28.6%26.6%
Debt to equity
0.860.680.630.610.59
Shares outstanding
0.04bn0.04bn0.04bn0.04bn0.04bn

Health checks

  • Free cash flow positive5 of 5 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)6 of 9
  • Profit backed by cash (accruals)Yes
  • Debt0.59× equity
  • Revenue growth, five yearsSlow, 8.0% a year
  • Buying back its own sharesRoughly flat

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $335 million last quarter, up 1% on a year ago.
  • A loss of $8 million, after a profit of $78 million a year ago.
  • It keeps 17 cents of each $1 of sales as operating profit, down from 27 cents a year earlier.
  • Over the past 12 months it spent $79 million more cash than it brought in. A year earlier it had $81 million spare.
  • About the same number of shares as a year ago.
  • Debt is $908 million more than cash, up from $736 million a year ago.
  • Sales grew on a year ago in 3 of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$337m
December 2024$303m
March 2025$337m
June 2025$332m
September 2025$326m
December 2025$304m
March 2026$343m
June 2026$335m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024$85m
December 2024$55m
March 2025$68m
June 2025$78m
September 2025$78m
December 2025$52m
March 2026$73m
June 2026-$8m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
18 February 2026
Next quarterly (estimated, 10-Q)
4 November 2026

Who owns it

6 long-term investors we follow own it, unchanged from 6 last quarter. 361 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

3 investors own more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 1 sold $394,044.

  • KNUTSON PAUL L
    VP, Human Resources
    Sold
    Date
    11 August 2026
    Shares
    475
    Price
    $94.63
    Value
    $44,949
  • KNUTSON PAUL L
    VP, Human Resources
    Sold
    Date
    10 August 2026
    Shares
    250
    Price
    $92.84
    Value
    $23,210
  • KNUTSON PAUL L
    VP, Human Resources
    Sold
    Date
    7 August 2026
    Shares
    3,500
    Price
    $93.11
    Value
    $325,885

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 18 Feb 2026, plus the 10-Q filed 5 Aug 2026 and 10 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

What changed in the risks this year

Companies must list what could hurt them each year. These are the parts that changed since last year’s report.

  • We are subject to risks associated with our supply chain and trade regulations and tariffs.

    Could happen
    Recent federal legislation restricting the use of "foreign entities of concern" in the supply chain for energy-related projects may limit our ability to source certain components, particularly for renewable generation projects. Compliance with these requirements could result in higher project costs, longer lead times, the need to identify alternative suppliers and project delays.
    Read more
  • We are impacted by our customers' strategies, operational decisions and conditions in the end markets they serve .

    Could happen
    • seasonality of demand for our customers’ products, which may cause our manufacturing capacity to be underutilized for periods of time; and • product design changes or manufacturing process changes that may reduce or eliminate demand for the components we supply.
  • We are subject to risks associated with our supply chain and trade regulations and tariffs.

    Could happen
    Changes in trade policies, including tariffs and anti-dumping and countervailing duties, could increase the cost of certain materials used in constructing and maintaining our utility assets and impact the cost of raw materials used in our manufacturing processes. Specifically, tariffs arising from recent or ongoing anti-dumping and countervailing duty investigations could impact the cost of components necessary in constructing certain renewable generation assets. The imposition of such tariffs could increase the cost of our capital investments for which we are not guaranteed recovery. Alternatively, modifications to our material sourcing may delay our project plans and lead to increased costs.
    Read more
  • We are subject to risks associated with our supply chain and trade regulations and tariffs.

    Could happen
    We face risks related to transportation logistics, including rail availability for coal and PVC resin, pipeline capacity and availability for natural gas and trucking capacity for steel and aluminum and other materials. Disruptions in these transportation systems, which can be caused by many factors outside of our control, could increase our costs or disrupt our operations.
    Read more

Read it in the annual report

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
Create a free account to run it

Your first deep dive is free.

What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.