CPKCHESAPEAKE UTILITIES CORP

Natural Gas Transmisison & Distribution

Revenue: $930M; 18% YoY
Operating margin: 27.5%; 5.1% YoY
EBITDA: $348M; 18% YoY
Market cap: $3.3B
Employees: 2,048; $454K revenue each
Net debt / EBITDA: 4.2×; $1.4B net debt
AI in 10-K: 1.0; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
167% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
24% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
12% of assets
Over 40% of assets
Shareholder dissentNo
92% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$454K · 13th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.0 per 10K words · 35th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
4.2× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$3.3B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$5M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$570M	$681M	$671M	$787M	$930M	18%
Operating income	$131M	$143M	$151M	$228M	$256M	12%
Net income	$83M	$90M	$87M	$119M	$140M	18%
Operating cash flow	$151M	$159M	$204M	$239M	$234M	2.4%
Capex	$187M	$128M	$189M	$355M	$449M	26%
Stock-based comp	$6M	$6M	$8M	$8M	$9M	1.2%
Buybacks	−$16M	−$5M	—	—	—
Dividends	$32M	$35M	$40M	$54M	$61M	12%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $5M · 14
Net: −$5M

Pay vs performance

No pay-versus-performance disclosure yet.