Otter Tail

What Otter Tail does

Otter Tail Corporation (NASDAQ: OTTR) is a diversified holding company founded in 1907 and headquartered in Fergus Falls, Minnesota, operating as a two-platform business. The Electric Platform, led by wholly-owned Otter Tail Power Company, is a regulated electric utility providing electricity and energy services to more than 250,000 residential, commercial, and industrial customers across Minnesota, North Dakota, and South Dakota. Generation is diversified across wind, solar, and natural gas assets, with 345 MW of new solar projects receiving regulatory approval and a 430 MW data center load pipeline under development. Rates are approved by three state public utility commissions through formal rate cases, with active proceedings including a Minnesota filing seeking approximately a 17.7% overall bill increase.

The Manufacturing Platform, organized under wholly-owned Varistar, comprises four companies: BTD Manufacturing (custom metal fabrication), Northern Pipe Products and Vinyltech Corporation (PVC pipe manufacturing), and a fourth entity producing custom plastic components. These businesses sell directly to B2B customers, including major global brands, via one-time purchase contracts. The plastics segment earnings are sensitive to PVC resin input costs and average sales prices, and faces near-term cyclical headwinds.

Revenue is generated through usage-based regulated electricity rates in the utility segment and direct B2B sales in manufacturing. FY2025 revenue totaled $1,304M with net income of $275.9M and diluted EPS of $6.55. The company funds its growth primarily through debt rather than external equity, supported by a $1.9B five-year capital spending plan (2026-2030) targeting 10% rate base CAGR. Notable strategic activity includes a partnership with Antora Energy on a novel thermal market energy pricing rider tariff (approved in all three service states), a $30M PVC Pipe Antitrust Litigation settlement announced in June 2026, and an April 2026 executive leadership succession. The company has paid quarterly dividends for 88 consecutive years.

Name

Otter Tail

Legal name

Otter Tail Corporation

Website

https://ottertail.com

Company type

Public

Founded year

1907

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Otter Tail Corporation is a diversified holding company operating a regulated electric utility serving over 250,000 customers in Minnesota, North Dakota, and South Dakota, alongside a manufacturing platform producing custom metal fabricated parts, PVC pipe, and custom plastic components for B2B customers.

Ownership category

akta.pro rank

Headquarters

HQ city

Fergus Falls

HQ country

United States

HQ region

North America

Offices6 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Supply Chain, Technology or R&D, Marketing or Sales

Revenue model

1. Electric Utility: Regulated electric utility providing electricity and energy services to over 250,000 people in Minnesota, North Dakota, and South Dakota. Revenue is generated through rate-regulated electricity sales to residential, commercial, and industrial customers, with rates approved by state public utility commissions.
2. Manufacturing: Manufacturing platform including four companies specializing in metal fabrication and production of custom plastic parts and PVC pipe for industrial customers and major brands. Generates revenue through direct B2B sales of manufactured components.
3. Plastics: Plastics segment producing PVC pipe and custom plastic components. Revenue generated through sales of plastic pipe products, with earnings sensitive to PVC resin input costs and average sales prices. Segment includes Northern Pipe Products and Vinyltech Corporation.

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels6 records

Core offering

Otter Tail Corporation operates a regulated electric utility (Otter Tail Power Company) that provides electricity and energy services to more than 250,000 customers across Minnesota, North Dakota, and South Dakota, using a diversified generation portfolio of wind, solar, and natural gas. Through its Manufacturing Platform (Varistar), the company produces custom metal fabricated parts and PVC pipe/plastic components via four manufacturing companies serving industrial customers and major global brands. Revenue is generated through rate-regulated electricity sales to residential, commercial, and industrial customers and direct B2B sales of manufactured components.

Product overview

Otter Tail Corporation operates as a two-platform company: (1) an Electric Platform led by Otter Tail Power Company providing regulated electric utility services to over 250,000 customers across Minnesota, North Dakota, and South Dakota, and (2) a Manufacturing Platform under Varistar comprising four companies specializing in metal fabrication and PVC pipe production, including Northern Pipe Products and Vinyltech Corporation. The company's diversified business model combines stable regulated utility earnings with manufacturing operations producing PVC pipe and custom plastic parts.

Differentiator

Problem solved

Functional benefit

Brands

• Varistar: Entity providing operational and talent support for Otter Tail Corporation's manufacturing portfolio of companies
• BTD Manufacturing
• Northern Pipe Products
• Vinyltech Corporation

Products and services

• Otter Tail Power Company (Electric Utility Service) Regulated electric utility providing electricity and energy services to more than 250,000 residential, commercial, and industrial customers across Minnesota, North Dakota, and South Dakota, using a diversified generation portfolio of wind, solar, and natural gas assets.
• Manufacturing Platform (Varistar)
• BTD Manufacturing (Metal Fabrication) Metal fabrication manufacturing company producing custom metal fabricated parts for industrial customers, operating under the Varistar Manufacturing Platform.
• Northern Pipe Products (PVC Pipe) PVC pipe manufacturing subsidiary of Otter Tail Corporation producing PVC pipe and fittings for industrial and infrastructure customers.
• Vinyltech Corporation (PVC Pipe) PVC pipe manufacturing subsidiary producing PVC pipe, with a Phase 2 expansion expected to be fully operational in early 2026.

Quantifiable outcome

• 2025 diluted EPS of $6.55 with net income of $275.9 million
• +3 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

One partnership is on record.

• Antora EnergycoreStrategic or Co-development Partner · 27 May 2026Otter Tail utility worked with Antora Energy to develop a specialized 'thermal market energy pricing rider' tariff that enables Antora's thermal battery system to draw electricity during periods of surplus renewable energy. The partnership resulted in competitive pricing against conventional natural gas or coal-fired boilers and the tariff has been approved in Minnesota, North Dakota, and South Dakota.

Scale indicators14 records

Recent moves9 records

Expansion highlights5 records

Emerging players

• Mueller Industries: Diversified manufacturer of copper, brass, aluminum, and plastic products serving plumbing, HVAC, and industrial markets. Comparable to BTD Manufacturing's contract metal fabrication business and Northern Pipe Products' plastic pipe operations in manufacturing model and customer base.
• Northwest Pipe Company: Manufacturer of steel pipe and other pipe products for water infrastructure, energy, and agricultural markets. Comparable to Otter Tail's PVC pipe subsidiaries (Northern Pipe Products, Vinyltech Corporation) in terms of product category and end markets.

Direct peers

• NorthWestern Energy Group: Regulated electric and natural gas utility serving Montana, South Dakota, Nebraska, and Yellowstone National Park. Comparable rural Midwest utility profile, similar scale, and overlapping service territory in South Dakota with Otter Tail.
• IDACORP: Idaho-based regulated electric utility (Idaho Power) with similar small-mid cap profile, rural service territory, and strong track record of dividend growth and rate base expansion. Comparable growth-oriented utility investment thesis.
• ALLETE: Minnesota-headquartered regulated electric utility (Minnesota Power) with similar Midwestern footprint, comparable size (~$3-4B market cap), and exposure to industrial customers including mining and data center loads. Closely mirrors Otter Tail's structure and growth profile.
• Black Hills Corporation: Multi-state regulated electric and natural gas utility serving rural and small metropolitan markets across South Dakota, Montana, Wyoming, Colorado, Nebraska, Kansas, Iowa, and Arkansas. Directly comparable to Otter Tail's rural Midwest service territory and similar capital-intensive rate base growth strategy.
• PNM Resources: New Mexico-based regulated electric utility serving similar small-to-mid-sized market profile. Comparable scale, regulated utility business model, and rate base growth strategy targeting renewable energy transition.
• MGE Energy: Wisconsin-based regulated electric and natural gas utility serving Madison and surrounding areas. Comparable in scale (~$3B market cap), Midwestern service territory, regulated utility focus, and renewable generation mix. Smaller and more concentrated than Otter Tail but structurally similar.
• Alliant Energy Corporation: Midwestern regulated electric and natural gas utility serving Iowa, Wisconsin, Minnesota, and Illinois. Closely comparable as a similarly-sized diversified utility operating in adjacent Midwest geographies with a comparable regulated business model and similar dividend track record.

Broad incumbents

• Hawaiian Electric Industries: Regulated electric utility serving Hawaii with similar rate-regulated business model and exposure to renewable integration challenges. Less geographically comparable but represents a similar small-cap regulated utility investment profile.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles17 records

Subsidiaries5 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Otter Tail