Start here if you're new
what it is
UGI sells propane, utility gas, electricity, and other energy products to homes, businesses, and industrial customers.
how it gets paid
FY2025 (ended Sept 30, 2025) revenues were ~$7.29B. Segment revenue lines (before eliminations) are dominated by AmeriGas (~$2.28B) and UGI International (~$2.12B), with Utilities (~$1.76B) and Midstream & Marketing (~$1.48B)—see FY2025 earnings supplement tables.
why it's growing
FY2025 GAAP diluted EPS was ~$3.09 vs. ~$1.25 prior year; adjusted diluted EPS ~$3.32 vs. ~$3.06 (Nov 2025 FY2025 results materials).
what just happened
Management issued FY2026 adjusted EPS guidance of ~$2.90–$3.15 alongside continued portfolio work (international LPG divestitures). Cross-check segment EBIT and eliminations in SEC filings.
At a glance
B++ balance sheet — above average — nothing keeping you up at night
95/100 earnings predictability — you can trust these numbers
~12x trailing p/e on FY2025 GAAP EPS — the market's not buying it — or you found a deal
4.3% dividend yield — cash in your pocket every quarter
9.0% return on capital — nothing to write home about
xvary composite: 60/100 — average
What they do
UGI sells propane, utility gas, electricity, and other energy products to homes, businesses, and industrial customers.
UGI wins by being boring in the right places. Its utility business serves more than 694,000 customers, and AmeriGas serves about 1.5 million users across all 50 states. Scale moat (size advantage → lower unit costs and wider reach → harder for smaller rivals to match your service footprint) matters when your fuel still has to show up on time.
How they make money
~$7.29B
FY2025 revenues (company reported). Segment lines below are from the FY2025 supplement/10-K segment note and YoY direction is mixed—do not treat every bar as “growth.”
AmeriGas Propane
~$2.28B
UGI International
~$2.12B
Utilities
~$1.76B
Midstream & Marketing
~$1.48B
The products that matter
regulated gas and electric delivery
UGI Utilities
694,000+ customers · $99M rate request
this is the steadier part of the story: a regulated utility base serving more than 694,000 customers, with a $99M rate case tied to infrastructure spending.
stability
U.S. propane distribution
AmeriGas Propane
largest U.S. distributor · part of a ~$7.3B revenue company
AmeriGas gives UGI national propane scale inside a ~$7.3B revenue company. Propane is less “pure utility,” so it adds cyclicality and execution risk alongside reach.
scale
portfolio divestitures and redeployment
LPG asset sales
$56M czech sale · $126M total rate asks
since 2025, UGI has agreed to sell multiple LPG businesses, including a $56M deal in the czech republic. This matters because management is trying to trade lower-quality assets for better growth and cleaner returns.
reshaping
Key numbers
~$6.65B
long-term debt
Sept 30, 2025 consolidated balance sheet: long-term debt (including current maturities) per UGI Form 10-K—capital intensity in utilities, midstream, and propane shows up here.
~12x
trailing p/e
Illustrative: ~$37 stock ÷ ~$3.09 FY2025 GAAP diluted EPS—order of magnitude only; live quote and TTM can differ.
4.3%
dividend yield
Dividend yield → annual cash payout as a percent of stock price → so what: you are getting paid to wait, but not enough to ignore execution risk.
95
earnings consistency
Earnings predictability → how steady profits have been over time → so what: UGI usually stays in its lane, which supports the income case more than the growth case.
Financial health
B++
strength
- balance sheet grade B++ — above average financial health
- risk rank 3 — safer than 50% of stocks
- price stability 70 / 100
- long-term debt ~$6.65B long-term debt incl. current maturities (Sept 30, 2025)
- net profit margin 9.7% — keeps 10 cents of every dollar in revenue
- return on equity 14% — $0.14 profit for every $1 investors have put in
B++ — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in UGI 3 years ago → it's now worth $11,350.
The index would have given you $13,880.
source: institutional data · total return
What just happened
FY2025 reported
FY2025 (ended Sept 30, 2025): revenues ~$7.29B and GAAP diluted EPS ~$3.09 vs. ~$1.25 prior year; adjusted diluted EPS ~$3.32 vs. ~$3.06.
Company materials (Nov 20, 2025) also cite ~$1.23B operating cash flow and ~$1.6B available liquidity, with adjusted FY2026 EPS guidance ~$2.90–$3.15. Segment revenue lines in the supplement do not net cleanly to consolidated revenue because of eliminations—use the consolidated total for P0.
~$7.29B
FY2025 revenue
~$3.09
GAAP diluted EPS
~$3.32
adj. diluted EPS
the number that mattered
The full-year GAAP step-up matters for how you read the dividend and leverage story—then FY2026 guidance tells you management expects normalization, not another one-off year.
-
the company is deploying capital to assets that offer relatively strong growth potential.since 2025, the company has entered into agreements to divest numerous lpg businesses across various countries. with the january 2026 deal to sell the lpg operations in the czech republic for $56 million, ugi corporation has generated a total of $215 million in proceeds. a portion of the sum, along with cash flows, is being invested in ugi’s regulated utilities businesses.
-
also, a recent credit upgrade has the potential to reduce interest expense.
-
FY2026 adjusted EPS guidance is on the books—then it is a question of weather, execution, and portfolio sales.The company pointed to ~$2.90–$3.15 adjusted diluted EPS for FY2026 alongside continued international LPG divestitures; utilities and midstream still need rate cases and normal weather to land inside that band.
-
too, this initiative helps strengthen ugi’s integrated natural gas platform in the region.lastly, the energy utility filed base rate cases for ugi utilities and mountaineer gas company, requesting respective increases of $99 million and $27 million.
-
both rates cases are part of a recovery process that is intended to recover a portion of the $500 million that management previously budgeted for ongoing systemwide upgrades.
sources: UGI FY2025 results (Nov 20, 2025, ir.ugicorp.com) · UGI Form 10-K FY2025 (SEC, data884614, Sept 30, 2025 balance sheet)
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What could go wrong
the #1 risk is regulators approving less than the requested $126M of utility rate relief.
med
rate-case shortfall
UGI Utilities and Mountaineer Gas asked for $99M and $27M of rate increases to recover part of roughly $500M spent on infrastructure. If regulators approve materially less, returns get stretched out.
impact: slower recovery on $500M of capital already deployed, which pressures the utility side of the investment case.
med
asset sales fix the portfolio only if the math improves
Since 2025, UGI has agreed to sell multiple LPG businesses, including a $56M czech republic deal. Selling assets is the easy part. Reinvesting the proceeds into better returns is the actual job.
impact: if sales shrink earnings faster than capital is redeployed, consolidated revenue can flatten even when segment lines move—and the income story gets harder to defend.
med
$6.5B of debt narrows the margin for error
The recent credit upgrade helps, but long-term debt still stands at $6.5B, or 45% of capital. That is a lot of leverage for a business earning 8.5% on capital.
impact: higher financing pressure leaves less flexibility for dividend support, investment, and portfolio cleanup.
A weak outcome on the rate cases would slow recovery on roughly $500M of infrastructure spending, while $6.5B of debt leaves less room to absorb portfolio missteps.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
rate case decisions
Watch for rulings on the $99M and $27M utility requests. That is the cleanest test of whether recent infrastructure spending turns into higher earnings.
trend
does consolidated revenue re-accelerate
After a ~$7.3B revenue FY2025 print, the cleaner test is whether utilities rate relief, midstream utilization, and AmeriGas execution show up in dollars—not just segment headlines.
risk
debt versus credit relief
The upgrade helps, but $6.5B of long-term debt is still the number to keep in your head. Lower interest expense only matters if leverage also feels more manageable next.
metric
asset-sale proceeds
Track what happens after the $56M czech divestiture and the other LPG sales. Cash coming in is step one. Better returns on that cash are step two.
Analyst rankings
short-term outlook
average
Momentum score 3. In human-speak, analysts do not see a strong near-term edge either way.
risk profile
average
Stability score 3 means the stock sits near the middle of the pack on risk. Not a bunker. Not a rollercoaster.
chart momentum
average
Technical score 3 means the chart is not sending a loud message. Right now, fundamentals matter more than tape-reading.
earnings predictability
95 / 100
That is unusually high. You usually buy UGI for consistency, not for surprise upside.
source: institutional data
Institutional activity
265 buyers vs. 276 sellers in 3q2025. total institutional holdings: 0.2B shares.
source: institutional data
Price targets
3-5 year target range
$30
$52
$37
current price
$41
target midpoint · +10% from current · 3-5yr high: $80 (+115% · 23% ann'l return)
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