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Energy distribution holding company operating natural-gas/electric utilities in Pennsylvania and propane distribution (AmeriGas).
Energy distribution holding company operating natural-gas/electric utilities in Pennsylvania and propane distribution (AmeriGas).
Utility revenue from gas and electric customers is set by Pennsylvania regulators, while propane distribution is unregulated, sold per gallon, and rises in cold winters. Merged AmeriGas into UGI in 2019, and its international arm sells LPG in Europe, including through Antargaz in France.
Moat: narrow (regulatory licence, distribution, scale). Regulated utility franchises plus a large propane distribution network with route density.
Headquarters: King of Prussia, Pennsylvania, USA · Founded: 1882 · Employees: 9,400
Size UGI (UGI) is a United States Utilities company (Wholesale Distributors) with a market value of $7.94B, the 891st largest of 3,117 United States companies the cockpit tracks. Shares closed at $37.04 on 6 Nov 2026.
Performance Over six months the shares gained 14.6%, against -1.7% for the median peer and -1.1% for the United States market (cap-weighted) — 2nd highest of 21 in its peer set.
Growth Revenue fell 0.5% over the last twelve months (peer median +7.8%); the operating margin is 14.5% (peer median 20.5%).
Valuation It trades at 10.6× forward earnings against a peer median of 18.9× (4th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about 6% a year for seven years (Req g). Recent delivered growth is +2%, so the hurdle is +4 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 0.6 points below its cost of capital (7.6% WACC).
Credit UGI has 3 bonds outstanding ($1.48B), rated Ba2 by the agencies and trading like BB at a weighted spread of 196 bp.
Short interest Short interest is 5.9% of the free float (15 Oct 2026).
Next results Next results expected around 18 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $7.30B | $7.29B | $7.21B | $8.92B | $10.1B |
| Revenue growth | — | +1% | -19% | -12% | — |
| Gross profit | $3.11B | $3.07B | $3.22B | $3.22B | $2.44B |
| EBITDA | $1.62B | $1.62B | $1.64B | $1.61B | $966M |
| Net income | $671M | $678M | $269M | -$1.50B | $1.07B |
| Free cash flow | $187M | $390M | $386M | $133M | -$88.0M |
| Capital expenditure | $875M | $837M | $796M | $974M | $804M |
| Total debt | $7.05B | $7.56B | $7.57B | $7.68B | $7.38B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| UGI UGI | $7.94B | +15% | 0% | 14% | 10.6× | 6.1% |
| Suburban Propane Partners, L.P SPH | $1.15B | -13% | -2% | 15% | 8.6× | -4.6% |
| National Fuel Gas NFG | $6.98B | -8% | +13% | 37% | 10.2× | -6.2% |
| Superior Plus SPB.TO | $890M | -22% | -7% | 8% | 13.8× | -1.3% |
| DCC Energy DCC.L | $7.41B | +13% | -14% | 3% | 12.7× | 7.1% |
Peer set: Sector in the same market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | UGI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.3% | +7.3% | 6th lowest of 21 |
| 6-month return | +14.6% | -1.7% | 2nd highest of 21 |
| Distance from 52-week high | -10.4% | -9.6% | 11th highest of 21 |
| Revenue growth (TTM) | -0.5% | +7.8% | 3rd lowest of 21 |
| Operating margin | 14.5% | 20.5% | 3rd lowest of 21 |
| Forward P/E | 10.6× | 18.9× | 4th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | 6.1% | 3.4% | 3rd most demanding of 6 |
| Growth delivered (Del g) | +2.2% | +6.9% | lowest of 6 |
| Hurdle (Req g minus delivered) | +3.9 pp | -3.6 pp | 2nd most demanding of 6 |
| ROIC minus cost of capital | -0.6 pp | -1.9 pp | 6th highest of 21 |
| EV / EBITDA | 9.0× | 12.1× | 4th cheapest of 21 |
| Net debt / EBITDA | 4.0× | 5.5× | 4th least indebted of 21 |
| Bond spread | 196 bp | 84 bp | widest of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| UGI UGI | United States | $7.94B | +15% | 0% | 14% | 10.6× | 6.1% | +2.2% |
| Companhia Paranaense de Energia Sponsored ADR ELPC | United States | $7.92B | -15% | +27% | 19% | 16.3× | -5.5% | +5.3% |
| IDACORP IDA | United States | $8.63B | +2% | +4% | 23% | 21.7× | n/a | n/a |
| Clearway Energy CWEN | United States | $7.00B | -11% | +8% | 13% | 56.4× | 33.1% | +2.4% |
| Southwest Gas SWX | United States | $6.62B | +2% | -57% | 29% | 18.9× | n/a | n/a |
| Enlight Renewable Energy ENLT | United States | $9.57B | -25% | +29% | 51% | n/a | n/a | n/a |
| Black Hills BKH | United States | $6.47B | +13% | +3% | 24% | 18.2× | n/a | n/a |
| Companhia Energetica de Minas Gerais SA Sponsored ADR Pfd CIG | United States | $6.45B | -23% | +13% | 13% | 9.0× | -1.6% | +9.4% |
| TXNM Energy TXNM | United States | $6.41B | -1% | +10% | 24% | 22.5× | n/a | n/a |
| Enel Chile SA Sponsored ADR ENIC | United States | $6.06B | -6% | +16% | 19% | 9.4× | 3.4% | +6.9% |
| OGE Energy OGE | United States | $10.5B | +7% | +2% | 26% | 21.6× | 8.1% | +9.0% |
| AES AES | United States | $10.6B | +4% | +12% | 20% | 6.8× | n/a | n/a |
| Ormat Technologies ORA | United States | $5.65B | -24% | +31% | 19% | 41.2× | n/a | n/a |
| New Jersey Resources NJR | United States | $5.51B | -2% | +7% | 24% | 16.6× | n/a | n/a |
| Portland General Electric POR | United States | $5.47B | -5% | +3% | 16% | 12.9× | n/a | n/a |
| Spire SR | United States | $5.25B | +4% | +4% | 20% | 17.9× | n/a | n/a |
| NorthWestern Energy NWE | United States | $5.09B | +14% | +11% | 19% | 20.6× | n/a | n/a |
| ONE Gas OGS | United States | $5.09B | -5% | -2% | 21% | 16.6× | n/a | n/a |
| Pinnacle West Capital PNW | United States | $12.6B | +5% | +8% | 23% | 19.1× | n/a | n/a |
| Essential Utilities WTRG | United States | $12.9B | +21% | +9% | 36% | 19.8× | n/a | n/a |
| Brookfield Renewable BEPC | United States | $4.79B | -13% | +6% | 19% | 249.6× | n/a | n/a |
UGI has 3 bonds outstanding with $1.48B face value. The agencies rate it Ba2; its bonds trade like BB. Weighted yield 4.94%, a spread of 196 bp over government bonds.