# Otter Tail Corporation (OTTR)

> Source: Nexqual · https://nexqual.com/OTTR · data as of 2026-10-29 20:00 UTC · cite as "Nexqual, Otter Tail Corporation (OTTR), nexqual.com/OTTR" · informational, not investment advice.

**Price:** USD 90.42 (+0.87% on the day) · last close of Oct 29, 2026; US market closed, not a live price. Prev close 89.64 · day 89.98–90.84 · 52w 74.15–95.09 · market cap $3.80B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.32B, net income $195M (14.8% margin), free cash flow -$79.3M (SEC filings).
- Valuation: P/E 19.5x (avg 11.6x at the last 3 fiscal year-ends), EV/EBITDA 13.5x, net debt $879M.
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $394K; 2 not under a Rule 10b5-1 plan ($394K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 3.00 on a 1–5 scale) (4 analysts), mean target USD 90.5 (range 86–95).
- Total return with dividends: 1Y +18.5% vs S&P 500 +14.8%; 5Y +64.7% vs S&P 500 +79.1%.
- Next earnings: 2026-11-02, EPS estimate USD 1.55, revenue estimate $328M. All companies reporting that day: https://nexqual.com/earnings/2026-11-02
- Dividend: USD 2.26 a year (yield 2.52%), paid quarterly; latest ex-dividend date 2026-08-14; annual dividends grew 8.3% a year 2022–2025.
- Short interest: 16.26% of float (as of 2026-10-15), 18.6 days to cover.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.20B | $1.47B | $1.35B | $1.33B | $1.30B | $1.32B |
| Operating income | $250M | $390M | $378M | $380M | $346M | $225M |
| Net income | $177M | $284M | $294M | $302M | $276M | $195M |
| EPS (diluted) | $4.23 | $6.78 | $7.00 | $7.17 | $6.55 | — |
| Free cash flow | $59.4M | $218M | $117M | $94.1M | $97.9M | -$79.3M |
| Operating margin | 20.9% | 26.6% | 27.9% | 28.6% | 26.5% | 17.1% |
| Net margin | 14.8% | 19.3% | 21.7% | 22.7% | 21.2% | 14.8% |
| Revenue growth | +35.6% | +22.7% | -7.9% | -1.7% | -2.0% | — |
| Cash + short-term investments | $1.5M | $119M | $230M | $295M | $441M | — |
| Total debt | $767M | $827M | $824M | $944M | $1.04B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 19.5x · P/S 2.9x · EV/EBITDA 13.5x · EV/Sales 3.5x · P/B 2.0x · FCF yield -2.09% · Earnings yield 5.14% · Dividend yield (paid, TTM) 2.44% · Net debt $879M · EV $4.68B
P/E at fiscal year-ends: Dec 2025 12.3x, Dec 2024 10.3x, Dec 2023 12.1x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 2 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-10…2026-08-11 | Knutson Paul L | VP, Human Resources | 725 | $68K | 3.4% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-08-07 | Knutson Paul L | VP, Human Resources | 3,500 | $326K | 14% | No | Too little history (no open-market trades in 2023 or 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 3.00 on a 1–5 scale), 4 analysts; mean target USD 90.5 (low 86, high 95).

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-30) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +18.5% | +64.7% |
| S&P 500 (SPY) | +14.8% | +79.1% |
| Per year | +18.7% | +10.5% |
| Volatility (annualized) | 20.9% | 28.6% |
| Max drawdown | -8.4% (Apr 2026→Jun 2026) | -32.7% (Aug 2022→Nov 2022) |

## Dividends
Annual dividend rate USD 2.26 per share, yield 2.52% at the current price. Paid over the last 12 months: USD 2.259 in 4 payments (quarterly).
Most recent ex-dividend date: Aug 14, 2026; payment date: Sep 10, 2026. To receive a dividend, shares must be owned before the ex-dividend date.
Latest change: raised 10.1% to USD 0.578 per payment from USD 0.525, starting with the Feb 13, 2026 ex-dividend date.
Payout ratio 48% of earnings · 5-year average yield 2.35% · annual dividends grew 8.3% a year from 2022 to 2025.
| Ex-dividend date | Amount per share |
|---|---|
| 2026-08-14 | USD 0.578 |
| 2026-05-15 | USD 0.578 |
| 2026-02-13 | USD 0.578 |
| 2025-11-14 | USD 0.525 |
| 2025-08-15 | USD 0.525 |
| 2025-05-15 | USD 0.525 |
| 2025-02-14 | USD 0.525 |
| 2024-11-15 | USD 0.468 |
Total by calendar year: 2022 USD 1.652 · 2023 USD 1.752 · 2024 USD 1.872 · 2025 USD 2.10.

## Short interest
4,801,454 shares sold short, 16.26% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 4,790,407 shares (+0.2%). Days to cover: 18.6 (short shares ÷ average daily volume).

## Peers (Conglomerates)
VMI (Valmont Industries, Inc.) USD 432.76 -0.42% · HON (Honeywell International Inc.) USD 222.14 +1.31% · MMM (3M Company) USD 177.36 +2.64% · CNI (Canadian National Railway Compa) USD 124.06 -0.20% · NSC (Norfolk Southern Corporation) USD 342.19 +1.21% · CP (Canadian Pacific Kansas City Li) USD 88.37 -1.19%

## More
Full page: https://nexqual.com/OTTR · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in OTTR's own 10-K filed 2026-02-18 (https://www.sec.gov/Archives/edgar/data/1466593/000146659326000008/ottr-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Plastics | "Our Plastics segment businesses can be affected by seasonal weather prohibiting or delaying construction projects at any time of the year in any geography, but specifically times of the year when frozen ground and cold t…" |
| Customer | Caterpillar (CAT) | "Our customers include some of the largest vehicle and equipment manufacturers operating in the U.S., including Caterpillar Inc., CNH Industrial N.V., Cummins Inc., Deere & Company, Honda Motor Co., Kawasaki Heavy Industr…" |
| Customer | CNH Industrial N.V. (CNH) | "Our customers include some of the largest vehicle and equipment manufacturers operating in the U.S., including Caterpillar Inc., CNH Industrial N.V., Cummins Inc., Deere & Company, Honda Motor Co., Kawasaki Heavy Industr…" |
| Customer | CUMMINS INC (CMI) | "Our customers include some of the largest vehicle and equipment manufacturers operating in the U.S., including Caterpillar Inc., CNH Industrial N.V., Cummins Inc., Deere & Company, Honda Motor Co., Kawasaki Heavy Industr…" |
| Customer | Deere (DE) | "Our customers include some of the largest vehicle and equipment manufacturers operating in the U.S., including Caterpillar Inc., CNH Industrial N.V., Cummins Inc., Deere & Company, Honda Motor Co., Kawasaki Heavy Industr…" |
| Customer | Honda (HMC) | "Our customers include some of the largest vehicle and equipment manufacturers operating in the U.S., including Caterpillar Inc., CNH Industrial N.V., Cummins Inc., Deere & Company, Honda Motor Co., Kawasaki Heavy Industr…" |
| Customer | Polaris Inc. (PII) | "Our customers include some of the largest vehicle and equipment manufacturers operating in the U.S., including Caterpillar Inc., CNH Industrial N.V., Cummins Inc., Deere & Company, Honda Motor Co., Kawasaki Heavy Industr…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Plastics | $124.6M | 37.3% | -0.8% |
| Electric | $121.3M | 36.3% | -5.8% |
| Manufacturing | $88.5M | 26.5% | +12.4% |
| Total revenue | $334.4M | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Product Sales | $213.1M | 63.7% | +4.3% |
| — Total Retail (part of Product Sales) | $106.1M | 31.7% | -3.6% |
| — Retail: Commercial and Industrial (part of Product Sales) | $75.2M | 22.5% | -4.4% |
| — Retail: Residential (part of Product Sales) | $28.9M | 8.6% | -2.3% |
| — Retail: Other (part of Product Sales) | $2.0M | 0.6% | +8.2% |
| — Wholesale (part of Product Sales) | $883,000 | 0.3% | -72.9% |
| Electric | $121.3M | 36.3% | -5.8% |
| Metal Parts and Tooling | $77.5M | 23.2% | +11.8% |
| Transmission | $11.1M | 3.3% | -16.1% |
| Plastic Products and Tooling | $8.8M | 2.6% | +16.1% |
| Other | $3.2M | 1.0% | +53.0% |
| Scrap Metal | $2.1M | 0.6% | +17.6% |
| Total revenue | $334.4M | 100% | — |
The lines above cover 130.7% of total revenue.

## Company outlook (8-K filed 2026-08-04)

- "SUMMARY • Reported quarterly diluted loss per share of $0.18 and adjusted diluted earnings per share of $1.66. • Updated our annual diluted earnings per share guidance range to $3.84 to $4.24. • Initiated annual adjusted diluted earnings per share guidance range of $5.68 to $6.08."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.54 | $1.53 | +1.1% | $328.0M | 2 |
| Next quarter (ends 2026-12-31) | $1.15 | $1.15 | -0.2% | $310.8M | 2 |
| Current fiscal year (ends 2026-12-31) | $6.08 | $5.82 | +4.4% | $1.32B | 2 |
| Next fiscal year (ends 2027-12-31) | $5.33 | $5.36 | -0.5% | $1.35B | 3 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | $1.66 | $1.50 | Beat +10.7% | — |
| — | Quarter ended Mar 31, 2026 | $1.73 | $1.42 | Beat +21.8% | — |
| — | Quarter ended Dec 31, 2025 | $1.23 | $1.28 | Miss −3.9% | — |
| — | Quarter ended Sep 30, 2025 | $1.86 | $1.87 | Miss −0.5% | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-09-01 | 8-K | Director or executive officer change, or pay arrangement — “On August 28, 2026, Thomas J. Webb notified Otter Tail Corporation (the "Company") of his intention to not stand for reelection and instead retire from the Company's Board of Directors effective at the conclusion of his current term, which expires at the time of the 2027 Annual Meeting of Shareholders, in accordance with the Corporation's director retirement policy. Mr. Webb's decision to not stand for reelection is not the result of any disagreement with the Company's operations, policies or procedures. On August…” | https://www.sec.gov/Archives/edgar/data/1466593/000146659326000074/0001466593-26-000074-index.htm |
| 2026-08-07 | Schedule 13G | STATE STREET CORPORATION: 5.1% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/1466593/000009375126000516/0000093751-26-000516-index.htm |
| 2026-08-05 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1466593/000146659326000071/0001466593-26-000071-index.htm |
| 2026-08-04 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1466593/000146659326000068/0001466593-26-000068-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.