UGI CorporationUGI
NYSE•Utilities•Utilities - Regulated Gas
UGI Corporation, together with its subsidiaries, engages in the distribution, storage, transportation, and marketing of energy products and related services in the United States and internationally. The company operates through four segments: Utilities, Midstream & Marketing, UGI International, and AmeriGas Propane. It distributes propane to approximately 801 million residential, commercial/industrial, motor fuel, agricultural, and wholesale customers. The company distributes liquefied petroleum gases (LPG) to residential, commercial, industrial, agricultural, wholesale and automobile fuel customers; and provides logistics, storage, and other services to third-party LPG distributors. In addition, it engages in the retail sale of natural gas, liquid fuels, and electricity to approximately 10,800 residential, commercial, and industrial customers. Further, the company distributes natural gas to approximately 694,000 customers in eastern and central Pennsylvania counties through its distribution system of approximately 12,700 miles of gas mains; and supplies electricity to approximately 62,900 customers in northeastern Pennsylvania through 2,700 miles of lines and 14 substations. Additionally, it operates electric generation facilities; natural gas liquefaction, storage, and vaporization facility; propane storage and propane-air mixing stations; and rail transshipment terminals. It manages natural gas pipeline and storage contracts; develops, owns, and operates pipelines, gathering infrastructure, and gas storage facilities. UGI Corporation was incorporated in 1882 and is headquartered in King of Prussia, Pennsylvania.
UGI Corporation (UGI) reported trailing twelve months revenue of $7.26B as of March 2026, a 1.1% increase year-over-year. Quarterly revenue reached $2.67B, reflecting continued top-line momentum.
UGI Corporation generated $641.00M in TTM net income, with quarterly EBITDA of $896.00M. The operating margin expanded from 26.6% to 28.4%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (28.4%) and net margin (19.5%) indicates moderate non-operating costs. Net margin has improved from 18.2% a year ago, signaling stronger bottom-line efficiency.
UGI trades at a P/E of 11.7x (below the broader market average) and a P/S of 1.0x. The price-to-book ratio of 1.4x reflects a moderate premium to book value.
The company generated $494.00M in free cash flow over the trailing twelve months, a 8.2% decrease year-over-year, indicating strong cash generation ability. The balance sheet shows $16.12B in total assets with $5.99B in long-term debt against $5.42B in stockholders equity for a debt-to-equity ratio of 1.1. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are under pressure, averaging 10.0%. The business may lack pricing power or face rising costs.'
ROE is positive at ~11.2% on average, adequate but below the threshold typically associated with wide moats.
Only 4 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.
Revenue shows resilience with 4 of 7 quarters posting growth — demand is generally stable but has seen some soft patches.
Data-driven red flags and warnings across 21 quarters
The company posted negative operating margins in recent quarters — core operations are unprofitable.
Free cash flow has been negative in 4 of the last 8 quarters — earnings are not translating to cash.
D/E ratio is 1.1 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
4 of the last 8 quarters had negative FCF — inconsistent cash generation raises sustainability concerns.
Share count is stable — no significant dilution or buyback activity.