Chesapeake Utilities Corporation CPK

UtilitiesNatural Gas UtilitiesUnited States of America

Last close 139.29 USD on Nov 2, 2026, +13.6% year to date

Quant rating

Quant rating A Rank 10 of 90 in Utilities

Growth A 6 of 90
Valuation C 59 of 90
Quality A 9 of 90
Revisions C 40 of 90
Momentum B 20 of 90

Wall Street consensus Buy (2.12)Average target 147.64 USD +6.0%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 3.4B
Enterprise value: 5.0B
52-week range: 118.97 – 139.84
3-year range: 86.71 – 139.84
Dividend yield: 2.16%
Beta (5 years): 0.62
Shares outstanding: 24.1M
Next earnings: Nov 5, 2026

About the company

Chesapeake Utilities Corporation is a diversified energy delivery company. It offers sustainable energy solutions through its natural gas transmission and distribution, electricity generation and distribution, propane gas distribution, mobile compressed natural gas utility services and solutions, and other businesses. Its Regulated Energy segment includes energy distribution and transmission services (natural gas distribution, natural gas transmission and electric distribution operations). Its Unregulated Energy segment includes energy transmission, energy generation (the operations of its Eight Flags' CHP plant), propane distribution operations, mobile compressed natural gas distribution and pipeline solutions operations, and sustainable energy investments, including renewable natural gas related investments. It also includes other unregulated energy services, such as energy-related merchandise sales and heating, ventilation and air conditioning, plumbing, and electrical services.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	930	787	671	681	570	–
Revenue growth	18.1%	17.4%	−1.5%	19.4%	16.7%	13.8%
EPS (basic, normalized)	5.97	5.26	4.73	5.04	4.73	–
EPS growth	13.5%	11.2%	−6.2%	6.6%	–	–
Gross margin	–	–	–	–	–	–
Net margin	15.1%	15.1%	13.0%	13.2%	14.6%	14.2%
ROE	9.4%	9.0%	8.4%	11.2%	11.3%	9.9%

Balance sheet, last quarter
Cash & short-term investments (mil)	0.4
Current ratio	0.32x
Long-term debt (mil)	1,318
Net debt (mil)	1,687
Total equity (mil)	1,673
Net debt / equity	1.01x
Net debt / EBITDA	4.84x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	930	+18.1%	5.4x	348	+12.6%	14.5x	5.97	+13.5%	23.3x
2026	1,029	+10.7%	4.9x	386	+10.8%	13.1x	6.44	+8.0%	21.6x
2027	1,080	+4.9%	4.7x	428	+10.8%	11.8x	7.33	+13.7%	19.0x
2028	1,128	+4.5%	4.5x	456	+6.7%	11.1x	7.89	+7.7%	17.6x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	1,029	+0.3%	+3.5%	+3.5%	6.44	−0.1%	+0.3%	−0.8%
2027	1,080	+0.4%	+2.8%	+3.1%	7.33	−0.5%	−0.1%	0.0%
2028	1,128	+0.4%	+3.6%	+3.3%	7.89	+0.2%	+0.4%	+0.1%

Earnings surprises EPS beat in 1 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	246	166	160	215	299	193	180	259	353	202
Sales mean (mil)	260	195	172	238	252	182	132	209	322	199
Surprise	−5.5%	−14.6%	−6.8%	−9.6%	+18.4%	+5.7%	+35.8%	+24.1%	+9.6%	+1.5%
EPS reported	2.07	0.82	0.78	1.60	2.21	1.02	0.82	1.93	2.47	1.05
EPS mean	2.12	0.80	0.67	1.62	2.32	1.02	0.92	1.94	2.36	1.08
Surprise	−2.5%	+2.7%	+16.2%	−1.2%	−4.8%	+0.3%	−11.2%	−0.3%	+4.6%	−2.8%

Peer comparison Natural Gas Utilities

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
CPK Chesapeake Utilities Corporation	3.4B	4.84x	15.1%	2.01x	21.6x	19.0x	13.1x	11.8x
ATO Atmos Energy Corporation	29.5B	4.27x	25.5%	1.93x	20.6x	19.3x	14.6x	13.0x
UGI UGI Corporation	8.3B	3.80x	9.3%	1.60x	13.8x	12.0x	8.5x	7.8x
SWX Southwest Gas Holdings, Inc.	6.8B	5.02x	12.1%	1.65x	21.7x	18.6x	11.0x	10.0x
NJR New Jersey Resources Corp	5.5B	6.55x	16.5%	2.08x	15.2x	15.7x	12.1x	11.8x
SR Spire Inc	5.3B	–	10.4%	1.47x	22.1x	16.2x	14.4x	11.5x
Mean		4.90x	14.8%	1.79x	19.2x	16.8x	12.3x	11.0x
Median		4.84x	13.6%	1.79x	21.1x	17.4x	12.6x	11.7x

Technical analysis

1M+9.3%
3M+5.5%
1Y+11.9%
3Y+62.9%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Chesapeake Utilities Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	930	787	671	681	570	488
Cost of revenue	292	220	216	261	187	138
Gross profit	638	567	454	420	383	350
Selling, general & administrative expenses	–	3.0	3.0	2.9	–	–
Research & development	–	–	–	–	–	–
Depreciation/amortization	91.7	65.7	65.5	69.0	62.7	58.1
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	1.2	4.0	10.4	0	0	−0.1
Other operating expenses	290	267	224	205	189	180
Operating income	256	228	151	143	131	113
Net interest income (expense)	−72.5	−68.4	−37.0	−24.4	−20.1	−21.8
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	9.6	2.0	1.4	5.1	1.7	3.2
Net income before taxes	193	162	115	124	113	94.2
Provision for taxes	52.7	43.2	28.1	33.8	29.2	23.5
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	140	119	87.2	89.8	83.5	70.6
Extraordinary items	–	–	–	0	0	0.9
Net income	140	119	87.2	89.8	83.5	71.5
EBIT, normalized	257	232	161	143	131	113
EBITDA, normalized	349	298	227	212	194	171
Basic EPS, normalized	5.97	5.26	4.73	5.04	4.73	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Chesapeake Utilities Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	1.8	7.9	4.9	6.2	5.0	3.5
Receivables	152	121	108	94.6	98.5	91.3
Total inventory	31.2	30.7	33.9	32.6	24.7	13.9
Prepaid expenses	19.7	17.3	15.4	15.9	17.1	13.2
Other current assets	32.7	27.1	23.3	44.7	25.1	14.5
Total current assets	237	204	186	194	170	136
Property, plant & equipment	3,128	2,746	2,469	1,825	1,755	1,612
Goodwill	508	508	508	46.2	44.7	38.7
Intangibles	13.2	15.0	16.9	17.9	13.2	8.3
Long-term investments	17.2	14.4	12.3	10.6	12.1	10.8
Note receivable	17.3	11.7	16.4	12.3	12.5	12.1
Other long-term assets	74.3	77.5	96.4	109	107	114
Total assets	3,995	3,577	3,305	2,215	2,115	1,932
Liabilities
Accounts payable	115	78.3	77.5	61.5	52.6	60.3
Payable/accrued	–	–	–	–	–	–
Accrued expenses	44.0	41.4	35.9	30.6	35.5	32.1
Short-term debt	158	196	180	202	222	176
Current portion of long-term debt	135	25.5	18.5	21.5	18.0	13.6
Other current liabilities	78.1	77.7	74.6	53.2	48.7	47.4
Total current liabilities	530	419	386	369	376	329
Long-term debt	1,327	1,262	1,187	578	550	508
Minority interest	–	–	–	–	–	–
Other liabilities	539	506	485	435	414	398
Total liabilities	2,396	2,187	2,059	1,382	1,341	1,235
Shareholders' equity
Preferred stock	–	–	–	0	0	0
Common stock	11.6	11.1	10.8	8.6	8.6	8.5
Additional paid-in capital	963	830	749	380	371	348
Retained earnings (accumulated deficit)	627	550	489	446	393	343
Treasury stock	−12.6	−9.8	−9.1	−7.1	−7.2	−5.7
Other equity	9.9	8.1	6.3	5.7	8.5	2.8
Total equity	1,598	1,390	1,246	833	774	697
Total liabilities & shareholders' equity	3,995	3,577	3,305	2,215	2,115	1,932

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Chesapeake Utilities Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	140	119	87.2	89.8	83.5	71.5
Depreciation, depletion & amortization	91.7	65.7	65.5	69.0	62.7	58.1
Deferred taxes	28.8	36.4	3.4	23.7	26.7	24.7
Non-cash items	12.4	17.8	17.3	10.7	5.6	6.7
Changes in working capital	−39.5	0.9	30.0	−34.2	−27.9	−2.1
Cash from operations	234	239	203	159	151	159
Investing activities
Capital expenditures	−449	−355	−189	−128	−187	−166
Other investing cash flows	12.9	5.4	−923	−8.2	−36.1	−16.1
Cash from investing	−436	−350	−1,111	−136	−223	−182
Financing activities
Financing cash flow items	−1.0	−1.5	−2.5	−2.8	−1.5	−1.0
Cash dividends paid	−60.7	−54.2	−40.0	−35.1	−31.5	−27.2
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	258	169	949	16.8	107	47.4
Cash from financing	196	114	907	−21.2	74.0	19.2
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−6.1	3.0	−1.3	1.2	1.5	−3.5
Free cash flow	−215	−116	14.9	30.6	−36.4	−6.6

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.