UGI (UGI)
Market Price (8/14/2026): $35.35 | Market Cap: $7.6 BilSector: Utilities | Industry: Gas Utilities
UGI (UGI)
Market Price (8/14/2026): $35.35Market Cap: $7.6 BilSector: UtilitiesIndustry: Gas Utilities
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 13%, Dividend Yield is 4.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 8.7% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 15% Low stock price volatilityVol 12M is 23% Megatrend and thematic driversMegatrends include Energy Transition & Decarbonization, US Energy Independence, and Smart Grids & Grid Modernization. Themes include Renewable Fuel Production, Show more. | Weak multi-year price returns3Y Excs Rtn is -1.1% Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 10.12 | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 87% Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -7.7%, Rev Chg QQuarterly Revenue Change % is -4.5% Key risksUGI key risks include [1] significant indebtedness and high financial leverage, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 13%, Dividend Yield is 4.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 8.7% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 15% |
| Low stock price volatilityVol 12M is 23% |
| Megatrend and thematic driversMegatrends include Energy Transition & Decarbonization, US Energy Independence, and Smart Grids & Grid Modernization. Themes include Renewable Fuel Production, Show more. |
| Weak multi-year price returns3Y Excs Rtn is -1.1% |
| Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 10.12 |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 87% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -7.7%, Rev Chg QQuarterly Revenue Change % is -4.5% |
| Key risksUGI key risks include [1] significant indebtedness and high financial leverage, Show more. |
Qualitative Assessment
AI Analysis | Feedback
UGI (UGI) stock has remained largely at the same level since 4/30/2026 because of the following key factors:
1. Mixed Fiscal Quarter Performance and Revised Guidance. UGI's stock remained largely stable due to a mix of financial results. The company reported fiscal Q2 2026 adjusted earnings per share (EPS) of $2.09, missing analyst estimates of $2.14 by 2.34%, with revenue also falling short of expectations. Following these results, UGI revised its fiscal 2026 adjusted diluted EPS guidance downwards to a range of $2.75-$2.90, citing delays in Midstream & Marketing growth investments and slower improvements in AmeriGas. Subsequently, for fiscal Q3 2026, UGI reported an adjusted diluted loss of $(0.20) per share, which widened from $(0.01) in the prior-year period, largely due to weaker performance in its AmeriGas and UGI International segments.
2. Strategic Growth Initiatives Offset by Operational Headwinds. While UGI announced a strategic partnership in May 2026 to build natural gas pipeline infrastructure for Prime Data Centers, aiming to capitalize on artificial intelligence-driven energy demand, and successfully completed debt transactions to reduce borrowing costs by approximately $30 million annually, these positive developments were balanced by operational challenges. The AmeriGas and UGI International segments experienced declines in retail liquefied petroleum gas (LPG) volumes, with AmeriGas volume decreasing by 10% in fiscal Q3 2026, primarily due to warmer April temperatures and customer attrition, negatively impacting overall segment earnings before interest and taxes (EBIT).
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UGI (UGI) stock has remained largely at the same level since 4/30/2026 because of the following key factors:
1. Mixed Fiscal Quarter Performance and Revised Guidance. UGI's stock remained largely stable due to a mix of financial results. The company reported fiscal Q2 2026 adjusted earnings per share (EPS) of $2.09, missing analyst estimates of $2.14 by 2.34%, with revenue also falling short of expectations. Following these results, UGI revised its fiscal 2026 adjusted diluted EPS guidance downwards to a range of $2.75-$2.90, citing delays in Midstream & Marketing growth investments and slower improvements in AmeriGas. Subsequently, for fiscal Q3 2026, UGI reported an adjusted diluted loss of $(0.20) per share, which widened from $(0.01) in the prior-year period, largely due to weaker performance in its AmeriGas and UGI International segments.
2. Strategic Growth Initiatives Offset by Operational Headwinds. While UGI announced a strategic partnership in May 2026 to build natural gas pipeline infrastructure for Prime Data Centers, aiming to capitalize on artificial intelligence-driven energy demand, and successfully completed debt transactions to reduce borrowing costs by approximately $30 million annually, these positive developments were balanced by operational challenges. The AmeriGas and UGI International segments experienced declines in retail liquefied petroleum gas (LPG) volumes, with AmeriGas volume decreasing by 10% in fiscal Q3 2026, primarily due to warmer April temperatures and customer attrition, negatively impacting overall segment earnings before interest and taxes (EBIT).
3. Balanced Analyst Sentiment and Broader Sector Concerns. Analyst sentiment for UGI was generally a "Moderate Buy," with an average 12-month price target of $43.33 as of July 28, 2026, suggesting potential upside. However, some analysts trimmed their price targets in July 2026, reflecting caution. Concurrently, the broader utilities sector faced increasing macroeconomic pressures, including heightened sensitivity to interest rates and growing regulatory resistance to rate increases, leading Fitch Ratings to downgrade its outlook for the North American utility and power sector in June 2026. These mixed signals from analysts and sector-wide concerns likely contributed to UGI's stock remaining range-bound.
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Stock Movement Drivers
Fundamental Drivers
The -1.2% change in UGI stock from 4/30/2026 to 8/13/2026 was primarily driven by a -11.8% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 8132026 | Change |
|---|---|---|---|
| Stock Price ($) | 35.70 | 35.26 | -1.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7,340 | 7,296 | -0.6% |
| Net Income Margin (%) | 8.2% | 9.2% | 12.5% |
| P/E Multiple | 12.8 | 11.3 | -11.8% |
| Shares Outstanding (Mil) | 215 | 215 | 0.1% |
| Cumulative Contribution | -1.2% |
Market Drivers
4/30/2026 to 8/13/2026| Return | Correlation | |
|---|---|---|
| UGI | -1.2% | |
| Market (SPY) | 8.2% | -12.2% |
| Sector (XLU) | -6.0% | 58.2% |
Fundamental Drivers
The -10.2% change in UGI stock from 1/31/2026 to 8/13/2026 was primarily driven by a -9.5% change in the company's P/E Multiple.| (LTM values as of) | 1312026 | 8132026 | Change |
|---|---|---|---|
| Stock Price ($) | 39.28 | 35.26 | -10.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7,287 | 7,296 | 0.1% |
| Net Income Margin (%) | 9.3% | 9.2% | -1.2% |
| P/E Multiple | 12.5 | 11.3 | -9.5% |
| Shares Outstanding (Mil) | 215 | 215 | 0.2% |
| Cumulative Contribution | -10.2% |
Market Drivers
1/31/2026 to 8/13/2026| Return | Correlation | |
|---|---|---|
| UGI | -10.2% | |
| Market (SPY) | 12.7% | -4.9% |
| Sector (XLU) | 2.5% | 44.2% |
Fundamental Drivers
The 1.6% change in UGI stock from 7/31/2025 to 8/13/2026 was primarily driven by a 26.3% change in the company's Net Income Margin (%).| (LTM values as of) | 7312025 | 8132026 | Change |
|---|---|---|---|
| Stock Price ($) | 34.70 | 35.26 | 1.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7,318 | 7,296 | -0.3% |
| Net Income Margin (%) | 7.3% | 9.2% | 26.3% |
| P/E Multiple | 14.0 | 11.3 | -19.4% |
| Shares Outstanding (Mil) | 215 | 215 | 0.1% |
| Cumulative Contribution | 1.6% |
Market Drivers
7/31/2025 to 8/13/2026| Return | Correlation | |
|---|---|---|
| UGI | 1.6% | |
| Market (SPY) | 24.1% | 7.2% |
| Sector (XLU) | 5.0% | 39.8% |
Fundamental Drivers
The 52.8% change in UGI stock from 7/31/2023 to 8/13/2026 was primarily driven by a 110.6% change in the company's P/S Multiple.| (LTM values as of) | 7312023 | 8132026 | Change |
|---|---|---|---|
| Stock Price ($) | 23.08 | 35.26 | 52.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 9,832 | 7,296 | -25.8% |
| P/S Multiple | 0.5 | 1.0 | 110.6% |
| Shares Outstanding (Mil) | 210 | 215 | -2.3% |
| Cumulative Contribution | 52.8% |
Market Drivers
7/31/2023 to 8/13/2026| Return | Correlation | |
|---|---|---|
| UGI | 52.8% | |
| Market (SPY) | 75.9% | 21.1% |
| Sector (XLU) | 42.8% | 45.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| UGI Return | 35% | -16% | -30% | 22% | 38% | -4% | 29% |
| Peers Return | 27% | -1% | -8% | 20% | 28% | 4% | 85% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| UGI Win Rate | 75% | 33% | 33% | 58% | 50% | 25% | |
| Peers Win Rate | 62% | 50% | 45% | 57% | 67% | 55% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| UGI Max Drawdown | -14% | -29% | -51% | -14% | -14% | -20% | |
| Peers Max Drawdown | -15% | -24% | -26% | -12% | -12% | -16% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: SWX, SR, ATO, NFG, UGI. See UGI Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/13/2026 (YTD)
How Low Can It Go
| Event | UGI | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -23.6% | -9.5% |
| % Gain to Breakeven | 30.9% | 10.5% |
| Time to Breakeven | 179 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -33.8% | -6.7% |
| % Gain to Breakeven | 51.0% | 7.1% |
| Time to Breakeven | 675 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -28.4% | -24.5% |
| % Gain to Breakeven | 39.7% | 32.4% |
| Time to Breakeven | 1139 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -43.7% | -33.7% |
| % Gain to Breakeven | 77.8% | 50.9% |
| Time to Breakeven | 330 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -10.0% | -3.7% |
| % Gain to Breakeven | 11.2% | 3.9% |
| Time to Breakeven | 57 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -12.8% | -12.2% |
| % Gain to Breakeven | 14.7% | 13.9% |
| Time to Breakeven | 66 days | 62 days |
In The Past
UGI's stock fell -6.6% during the 2025 US Tariff Shock. Such a loss loss requires a 7.1% gain to breakeven.
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| Event | UGI | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -23.6% | -9.5% |
| % Gain to Breakeven | 30.9% | 10.5% |
| Time to Breakeven | 179 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -33.8% | -6.7% |
| % Gain to Breakeven | 51.0% | 7.1% |
| Time to Breakeven | 675 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -28.4% | -24.5% |
| % Gain to Breakeven | 39.7% | 32.4% |
| Time to Breakeven | 1139 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -43.7% | -33.7% |
| % Gain to Breakeven | 77.8% | 50.9% |
| Time to Breakeven | 330 days | 140 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -21.4% | -17.9% |
| % Gain to Breakeven | 27.2% | 21.8% |
| Time to Breakeven | 283 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -24.3% | -53.4% |
| % Gain to Breakeven | 32.1% | 114.4% |
| Time to Breakeven | 117 days | 1085 days |
In The Past
UGI's stock fell -6.6% during the 2025 US Tariff Shock. Such a loss loss requires a 7.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About UGI (UGI)
UGI Corporation is a diversified energy company primarily engaged in the distribution, storage, transportation, and marketing of energy products and related services across the United States and internationally. Its core operations encompass the delivery of propane, natural gas, and electricity to a broad customer base, managed through segments like AmeriGas Propane, UGI International, Midstream & Marketing, and UGI Utilities.
The company's primary services include the distribution of propane and liquefied petroleum gases (LPG) to approximately 1.4 million residential, commercial, industrial, agricultural, and wholesale customers in the U.S. (via AmeriGas) and globally (via UGI International). In Pennsylvania, UGI Utilities delivers natural gas to over 670,000 customers and electricity to approximately 62,500 customers. UGI also engages in the retail sale of natural gas, liquid fuels, and electricity to a significant number of commercial and industrial customers.
Additionally, UGI plays a vital role in energy infrastructure through its Midstream & Marketing segment. This involves managing and developing natural gas pipelines, gathering infrastructure, and storage facilities, as well as operating propane storage and rail transshipment terminals. The company also generates electricity from various sources, including coal, landfill gas, solar, and natural gas-fueled facilities, providing comprehensive energy solutions and services.
AI Analysis | Feedback
Here are 1-2 brief analogies to describe UGI Corporation:
- Like Duke Energy or Southern Company, but with a massive global propane delivery network.
- Imagine a blend of your local gas and electric utility, similar to Con Edison, and a leading international propane delivery service.
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- Propane/LPG Distribution: Distributes propane and liquefied petroleum gases (LPG) to a wide range of residential, commercial, and industrial customers in the US and internationally.
- Natural Gas Distribution: Delivers natural gas to residential, commercial, and industrial customers through its utility systems in Pennsylvania.
- Electricity Distribution & Supply: Provides electricity distribution and supply to customers in northeastern Pennsylvania.
- Electric Power Generation: Operates and develops facilities to generate electricity from various sources including natural gas, coal, solar, and landfill gas.
- Natural Gas Midstream Services: Manages, develops, owns, and operates natural gas pipelines, gathering infrastructure, and storage facilities.
- Energy Storage & Logistics: Offers storage and transportation services for energy products, including propane, LPG, and natural gas liquefaction and vaporization.
- Liquid Fuels Sales: Retails liquid fuels to residential, commercial, and industrial customers.
AI Analysis | Feedback
UGI Corporation primarily serves a diverse base of customers, including a large number of individuals and various types of businesses. Its major customer categories are:
- Residential Customers: Individuals and households utilizing propane, liquefied petroleum gases (LPG), natural gas, and electricity for their homes. This constitutes a significant portion of their customer base across their AmeriGas Propane, UGI International, Midstream & Marketing, and UGI Utilities segments.
- Commercial and Industrial Customers: Businesses, factories, and other organizations that use natural gas, electricity, propane, and LPG for their operations, heating, and power needs. These customers are served across all operating segments.
- Wholesale Customers and Third-Party Distributors: Other companies that purchase propane and LPG in bulk for resale, or to supply specific markets. This category also includes specialized customers such as those in the agricultural sector and motor fuel users. UGI also provides logistics, storage, and other services to third-party LPG distributors.
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Robert Flexon — President and Chief Executive Officer
Robert Flexon was appointed President and Chief Executive Officer of UGI Corporation on November 1, 2024. He previously served as UGI's Chief Financial Officer from February 2011 to July 2011. Mr. Flexon has extensive leadership experience in the energy sector, including serving as President and Chief Executive Officer and Director of Dynegy Inc. from 2011 to 2018. Prior to that, he was Chief Executive Officer of Foster Wheeler AG in 2010, and President and Chief Executive Officer of Foster Wheeler USA from 2009 to 2010. He held various executive roles at NRG Energy, Inc. from 2004 to 2009, including Executive Vice President and Chief Financial Officer, and Executive Vice President and Chief Operating Officer. Mr. Flexon's career also includes executive positions with Hercules, Inc., and key roles with Atlantic Richfield Company. He began his career as a CPA with Coopers & Lybrand from 1980 to 1987. He has served as Chair of the Board of Nexus Water Group (a privately held company) since 2024, and was the former Chair of the Board of Capstone Green Energy Holdings, Inc., where he also served as Interim President and CEO from August 2023 to March 2024 to lead its restructuring. Additionally, he was previously Chair of the Board of Directors of PG&E Corporation from 2020 until October 31, 2024, and served as a director of The Electric Reliability Council of Texas, Inc. from 2021 until December 2024.
Sean O'Brien — Chief Financial Officer
Sean O'Brien was appointed Chief Financial Officer of UGI Corporation in April 2023. He is a certified public accountant with over 25 years of financial and energy industry experience. Before joining UGI, Mr. O'Brien spent 14 years with DCP Midstream, where he served as Group Vice President and Chief Financial Officer from 2012 to 2023. Prior to DCP Midstream, he held various financial leadership positions at Duke Energy, including Divisional Chief Financial Officer, Commercial Business from 2006 to 2009, and Vice President and Controller, Duke Energy Generation Services from 2005 to 2006. Mr. O'Brien holds a degree in accounting from Temple University.
Kathleen Shea Ballay — General Counsel and Chief Legal Officer
Kathleen Shea Ballay serves as the General Counsel and Chief Legal Officer of UGI Corporation.
John Koerwer — Chief Information Officer
John Koerwer holds the position of Chief Information Officer at UGI Corporation.
Joseph L. Hartz — President, UGI Energy Services, LLC
Joseph L. Hartz is the President of UGI Energy Services, LLC, a subsidiary of UGI Corporation.
AI Analysis | Feedback
Here are the key risks to UGI Corporation's business:
- High Indebtedness and Financial Leverage: UGI faces significant financial risk due to its substantial debt load and leverage ratios, particularly within its AmeriGas Propane segment. As of the end of fiscal 2025, UGI Corporation's leverage ratio stood at 3.9x, with AmeriGas Propane's leverage even higher at 4.9x. This high debt burden limits financial flexibility and increases the company's vulnerability to economic downturns and fluctuations in interest rates. While management is focused on debt reduction, it remains a critical area of concern.
- Weather Sensitivity and Declining Propane/LPG Volumes: A considerable portion of UGI's business, particularly its AmeriGas and UGI International segments, is highly susceptible to weather conditions. Warmer-than-normal winters can significantly reduce demand for heating products, directly impacting revenues and leading to declining LPG volumes internationally and customer attrition in the domestic propane business. Additionally, competition from more affordable natural gas alternatives further pressures demand for propane.
- Regulatory and Energy Transition Risks: UGI operates in a heavily regulated industry, making it susceptible to changes in environmental laws, safety standards, and other regulatory requirements. The ongoing global transition to a lower-carbon economy poses a substantial long-term risk, as new regulations and initiatives aimed at reducing carbon emissions could erode demand for UGI's traditional fossil fuel products and increase operational costs. This includes competition from alternative and renewable energy sources.
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The ongoing global transition towards electrification and renewable energy sources poses a clear emerging threat to UGI's core business model. This includes the increasing adoption of electric heating solutions like heat pumps, which reduce demand for propane and natural gas, and the growth of electric vehicles, impacting motor fuel sales. Furthermore, the expansion of renewable energy generation challenges the demand for UGI's natural gas and other fossil fuel-based electricity generation and infrastructure assets.
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UGI Corporation operates in several energy markets across the United States and internationally, distributing propane, liquefied petroleum gas (LPG), natural gas, and electricity.
The addressable markets for UGI's main products and services are as follows:
- Propane Distribution (United States): The U.S. propane market is estimated to be approximately 47.1 billion USD in 2026.
- LPG Distribution (Europe): The Europe LPG market was valued at 38.55 billion USD in 2024 and is projected to reach 39.71 billion USD in 2025.
- Natural Gas Distribution (Pennsylvania, U.S.): The market size of the natural gas distribution industry in Pennsylvania is 10.0 billion USD in 2026.
- Electricity Retail Sales (Pennsylvania, U.S.): The total retail sales in the Pennsylvania electricity market were approximately 17.78 billion USD in 2024, calculated from 142,146,514 megawatt-hours of retail sales at an average retail price of 12.51 cents per kilowatt-hour.
AI Analysis | Feedback
UGI Corporation is expected to drive future revenue growth over the next 2-3 years through several key initiatives:
- Regulated Natural Gas Utility Rate Base Expansion and Customer Growth: UGI plans significant capital investments in its U.S. regulated natural gas utilities, focusing on infrastructure replacement, system modernization, and the addition of new residential heating and commercial customers. This expansion of the rate base, along with higher gas base rates in regions like Pennsylvania and West Virginia, is anticipated to contribute to increased revenue.
- Midstream and Marketing Infrastructure Expansion & Renewable Natural Gas (RNG) Projects: The company is investing in its Midstream & Marketing segment, with plans for $600-$800 million in Appalachian gathering, storage, and LNG projects through 2027 to expand capacity and debottleneck existing operations. Additionally, UGI is scaling up its Renewable Natural Gas (RNG) platform, targeting 15-20 RNG interconnects in service or under construction by fiscal year 2026, and exploring low-carbon propane blends, which will open new revenue streams.
- AmeriGas Operational Efficiencies and Retail Propane Volume Stabilization: UGI is implementing operational and financial improvements across AmeriGas, its propane distribution segment, to enhance efficiency, reduce costs, and improve customer retention. These initiatives are aimed at stabilizing and ultimately growing retail propane volumes year-over-year.
- Strategic Portfolio Optimization and Reinvestment: UGI is executing a strategic reset by divesting non-core European LPG businesses, with anticipated proceeds of $2.2-$2.5 billion, and reinvesting these funds into higher-return U.S. natural gas utilities and energy services. This strategic shift is designed to improve the quality of earnings, strengthen the balance sheet, and focus capital on more profitable ventures.
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Share Repurchases
- In February 2026, UGI increased its equity buyback plan authorization to 8,000,000 shares and extended it through February 2030.
- From October 1, 2025 to December 31, 2025, UGI repurchased 300,000 shares for $11.54 million. Additionally, in fiscal year 2025, the company purchased 1,000,000 shares at a cost of $33 million.
Share Issuance
- In May 2021, UGI issued 2,000,000 equity units in a public offering, generating approximately $191.9 million in net proceeds (or $211.3 million if the underwriters fully exercised their option).
- The proceeds from the May 2021 offering were primarily intended to fund a portion of the Mountaineer Gas Company acquisition and for general corporate purposes.
- The settlement of equity units during fiscal year 2024 resulted in the issuance of 5,054,030 shares of common stock.
Outbound Investments
- UGI is divesting its 56% stake in UGI International, with an expected enterprise value between $2.2 billion and $2.5 billion, to reduce debt and fund utility and midstream capital spending.
- In February 2025, UGI acquired Superior Appalachian for $120 million, which is expected to be accretive to earnings in its first year.
- UGI has committed $500 million for cumulative equity investments in 10 renewable natural gas (RNG) projects over the next several years.
Capital Expenditures
- UGI plans a capital investment program of $4.5 billion to $4.9 billion for fiscal years 2026-2029, targeting a 5-7% EPS compound annual growth rate.
- The Pennsylvania gas utility is executing a $3.5 billion to $4.0 billion capital program from fiscal years 2025-2029, focused on pipe replacement, system modernization, and customer additions.
- For fiscal year 2025, UGI plans to invest $800 million to $900 million, with a focus on strengthening operations, particularly in natural gas businesses.
Peer Outperformance in Gas Utilities
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Independent Power Producers & Energy Traders | 6 | -0.7% | 227.0% | 291.7% | HNRG 562% · CNL 458% · OKLO 371% |
| Electric Utilities | 24 | 10.7% | 44.3% | 45.8% | VST 773% · GNE 166% · ETR 134% |
| Multi-Utilities | 18 | 9.0% | 47.6% | 42.2% | PCG 95% · NI 94% · MDU 91% |
| Gas Utilities ← | 10 | 8.6% | 44.3% | 35.9% | ATO 90% · NFG 81% · NJR 73% |
| Water Utilities | 12 | 8.6% | -2.3% | -14.0% | CWCO 177% · AWR 10% · ARTNA 5% |
| Renewable Electricity | 5 | -14.5% | -59.7% | -94.8% | ORA 73% · CWEN 42% · AGIG -95% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| UGI Earnings Notes | 12/26/2025 | |
| Can UGI Stock Hold Up When Markets Turn? | 10/17/2025 | |
| UGI vs Verizon Communications: Which Is A Better Investment? | 08/18/2025 | |
| UGI vs PG&E: Which Is A Better Investment? | 08/18/2025 | |
| Better Bet Than UGI Stock: Pay Less Than UGI To Get More From AA, CALM | 08/12/2025 | |
| UGI Dip Buy Analysis | 07/10/2025 | |
| UGI (UGI) Operating Cash Flow Comparison | 02/17/2025 | |
| ARTICLES | ||
| Small Cap Stocks Trading At 52-Week High | 07/22/2025 |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 82.93 |
| Mkt Cap | 7.6 |
| Rev LTM | 2,732 |
| Op Inc LTM | 1,012 |
| FCF LTM | -222 |
| FCF 3Y Avg | 69 |
| CFO LTM | 1,062 |
| CFO 3Y Avg | 1,127 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 6.5% |
| Rev Chg 3Y Avg | 1.6% |
| Rev Chg Q | 1.1% |
| QoQ Delta Rev Chg LTM | 0.2% |
| Op Inc Chg LTM | 12.9% |
| Op Inc Chg 3Y Avg | 9.8% |
| Op Mgn LTM | 29.1% |
| Op Mgn 3Y Avg | 21.3% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 25.7% |
| CFO/Rev 3Y Avg | 41.7% |
| FCF/Rev LTM | -8.1% |
| FCF/Rev 3Y Avg | 0.5% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 7.6 |
| P/S | 3.1 |
| P/Op Inc | 8.3 |
| P/EBIT | 7.7 |
| P/E | 11.5 |
| P/CFO | 8.0 |
| Total Yield | 11.3% |
| Dividend Yield | 2.7% |
| FCF Yield 3Y Avg | 2.0% |
| D/E | 0.5 |
| Net D/E | 0.5 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -0.3% |
| 3M Rtn | 0.7% |
| 6M Rtn | -3.6% |
| 12M Rtn | 4.1% |
| 3Y Rtn | 60.8% |
| 1M Excs Rtn | -2.1% |
| 3M Excs Rtn | -3.0% |
| 6M Excs Rtn | -15.3% |
| 12M Excs Rtn | -16.1% |
| 3Y Excs Rtn | -13.5% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| AmeriGas Propane | 2,276 | 2,271 | 2,581 | 2,943 | 2,614 |
| UGI International | 2,119 | 2,279 | 2,965 | 3,686 | 2,651 |
| Utilities | 1,761 | 1,598 | 1,854 | 1,620 | 1,079 |
| Midstream & Marketing | 1,483 | 1,369 | 1,847 | 2,326 | 1,406 |
| Corporate & Other | -2 | -41 | 6 | 8 | -12 |
| Eliminations | -350 | -266 | -326 | -477 | -291 |
| Total | 7,287 | 7,210 | 8,927 | 10,106 | 7,447 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Utilities | 403 | 400 | 365 | 327 | 241 |
| UGI International | 314 | 323 | 234 | 237 | 314 |
| Midstream & Marketing | 293 | 313 | 291 | 246 | 160 |
| AmeriGas Propane | 166 | 142 | 268 | 307 | 385 |
| Eliminations | -12 | 0 | 0 | 0 | 0 |
| Corporate & Other | -57 | -444 | -2,616 | 549 | 1,250 |
| Total | 1,107 | 734 | -1,458 | 1,666 | 2,350 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Midstream & Marketing | 269 | 238 | 193 | 163 | 107 |
| UGI International | 242 | 262 | 172 | 175 | 221 |
| Utilities | 237 | 237 | 219 | 206 | 144 |
| AmeriGas Propane | 36 | -23 | 71 | 112 | 168 |
| Eliminations | 0 | 0 | 0 | 0 | 0 |
| Corporate & Other | -106 | -445 | -2,157 | 417 | 827 |
| Total | 678 | 269 | -1,502 | 1,073 | 1,467 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Utilities | 6,434 | 5,963 | 5,691 | 5,354 | 4,859 |
| Midstream & Marketing | 3,187 | 3,183 | 3,160 | 3,286 | 3,010 |
| UGI International | 3,134 | 2,906 | 3,105 | 4,610 | 4,421 |
| AmeriGas Propane | 2,914 | 3,051 | 3,415 | 4,332 | 4,485 |
| Corporate & Other | 169 | 728 | 203 | 196 | 189 |
| Eliminations | -376 | -733 | -173 | -203 | -241 |
| Total | 15,462 | 15,098 | 15,401 | 17,575 | 16,723 |
Price Behavior
| Market Price | $35.26 | |
| Market Cap ($ Bil) | 7.6 | |
| First Trading Date | 01/05/1988 | |
| Distance from 52W High | -11.4% | |
| 50 Days | 200 Days | |
| DMA Price | $35.34 | $35.85 |
| DMA Trend | up | up |
| Distance from DMA | -0.2% | -1.7% |
| 3M | 1YR | |
| Volatility | 21.0% | 22.6% |
| Downside Capture | -48.13 | 13.22 |
| Upside Capture | -18.97 | 12.80 |
| Correlation (SPY) | -21.2% | 5.9% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.39 | -0.46 | -0.27 | -0.09 | 0.12 | 0.39 |
| Up Beta | -0.61 | -0.52 | -0.44 | -0.45 | 0.08 | 0.33 |
| Down Beta | 0.89 | -0.07 | -0.42 | 0.35 | 0.12 | 0.36 |
| Up Capture | -37% | -41% | -10% | -14% | 11% | 19% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 11 | 21 | 32 | 61 | 126 | 394 |
| Down Capture | -117% | -80% | -22% | 1% | 16% | 66% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 11 | 22 | 30 | 62 | 121 | 350 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with UGI | |
|---|---|---|---|---|
| UGI | 4.3% | 22.7% | 0.11 | - |
| Sector ETF (XLU) | 4.3% | 14.9% | 0.07 | 39.6% |
| Equity (SPY) | 22.2% | 12.8% | 1.29 | 5.9% |
| Gold (GLD) | 29.6% | 28.5% | 0.90 | -0.4% |
| Commodities (DBC) | 36.9% | 20.1% | 1.45 | -0.9% |
| Real Estate (VNQ) | 15.2% | 13.9% | 0.78 | 35.8% |
| Bitcoin (BTCUSD) | -47.3% | 42.9% | -1.37 | 2.3% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with UGI | |
|---|---|---|---|---|
| UGI | -1.1% | 28.1% | -0.03 | - |
| Sector ETF (XLU) | 8.6% | 17.3% | 0.35 | 49.7% |
| Equity (SPY) | 13.5% | 17.2% | 0.61 | 36.4% |
| Gold (GLD) | 18.8% | 18.6% | 0.82 | 8.1% |
| Commodities (DBC) | 9.2% | 19.6% | 0.36 | 9.5% |
| Real Estate (VNQ) | 2.2% | 18.9% | 0.01 | 51.4% |
| Bitcoin (BTCUSD) | 9.2% | 52.8% | 0.36 | 11.0% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with UGI | |
|---|---|---|---|---|
| UGI | 1.0% | 28.5% | 0.08 | - |
| Sector ETF (XLU) | 8.8% | 19.3% | 0.39 | 56.5% |
| Equity (SPY) | 15.5% | 17.9% | 0.73 | 46.6% |
| Gold (GLD) | 11.9% | 16.2% | 0.60 | 4.8% |
| Commodities (DBC) | 7.7% | 18.0% | 0.34 | 19.2% |
| Real Estate (VNQ) | 4.9% | 20.7% | 0.20 | 60.4% |
| Bitcoin (BTCUSD) | 60.3% | 66.1% | 1.00 | 8.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 8/14/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | -3.5% | -1.2% | |
| 5/7/2026 | -7.8% | -5.2% | -0.6% |
| 2/5/2026 | -6.3% | -5.6% | -9.0% |
| 11/21/2025 | 7.1% | 12.1% | 10.1% |
| 8/7/2025 | -2.0% | -0.7% | -4.4% |
| 5/8/2025 | 4.1% | 2.9% | 5.8% |
| 2/6/2025 | 2.0% | 3.0% | 5.2% |
| 11/22/2024 | 15.0% | 22.6% | 12.7% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 14 | 14 |
| # Negative | 11 | 11 | 10 |
| Median Positive | 2.9% | 4.2% | 5.5% |
| Median Negative | -5.1% | -5.2% | -6.5% |
| Max Positive | 15.0% | 22.6% | 16.5% |
| Max Negative | -7.9% | -12.2% | -20.4% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | -3.5% | -1.2% | |
| 5/7/2026 | -7.8% | -5.2% | -0.6% |
| 2/5/2026 | -6.3% | -5.6% | -9.0% |
| 11/21/2025 | 7.1% | 12.1% | 10.1% |
| 8/7/2025 | -2.0% | -0.7% | -4.4% |
| 5/8/2025 | 4.1% | 2.9% | 5.8% |
| 2/6/2025 | 2.0% | 3.0% | 5.2% |
| 11/22/2024 | 15.0% | 22.6% | 12.7% |
| 8/8/2024 | -3.9% | -3.0% | -1.6% |
| 5/2/2024 | -6.4% | -4.3% | -1.7% |
| 2/1/2024 | 13.4% | 5.4% | 11.1% |
| 11/17/2023 | 3.8% | 1.2% | 7.7% |
| 8/3/2023 | -5.3% | -8.3% | -5.9% |
| 5/4/2023 | -7.9% | -8.1% | -13.0% |
| 2/2/2023 | 5.3% | -1.9% | -7.1% |
| 11/18/2022 | 5.4% | 8.4% | 1.3% |
| 8/4/2022 | -5.1% | -6.4% | -9.5% |
| 5/5/2022 | 0.0% | 2.6% | 16.5% |
| 2/3/2022 | -4.6% | -12.2% | -20.4% |
| 11/19/2021 | -0.5% | 0.1% | 1.8% |
| 8/5/2021 | 1.8% | 2.9% | 2.2% |
| 5/6/2021 | 1.1% | 0.5% | 4.8% |
| 2/4/2021 | 1.7% | 6.0% | 12.5% |
| 11/19/2020 | 1.7% | 6.2% | 1.2% |
| 8/4/2020 | 1.7% | 6.2% | 3.2% |
| SUMMARY STATS | |||
| # Positive | 14 | 14 | 14 |
| # Negative | 11 | 11 | 10 |
| Median Positive | 2.9% | 4.2% | 5.5% |
| Median Negative | -5.1% | -5.2% | -6.5% |
| Max Positive | 15.0% | 22.6% | 16.5% |
| Max Negative | -7.9% | -12.2% | -20.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/05/2026 | 10-Q |
| 09/30/2025 | 11/21/2025 | 10-K |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/06/2025 | 10-Q |
| 09/30/2024 | 11/26/2024 | 10-K |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/01/2024 | 10-Q |
| 09/30/2023 | 11/29/2023 | 10-K |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/02/2023 | 10-Q |
| 09/30/2022 | 11/21/2022 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/05/2026 | 10-Q |
| 09/30/2025 | 11/21/2025 | 10-K |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/06/2025 | 10-Q |
| 09/30/2024 | 11/26/2024 | 10-K |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/01/2024 | 10-Q |
| 09/30/2023 | 11/29/2023 | 10-K |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/02/2023 | 10-Q |
| 09/30/2022 | 11/21/2022 | 10-K |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 02/03/2022 | 10-Q |
| 09/30/2021 | 11/19/2021 | 10-K |
| 06/30/2021 | 08/05/2021 | 10-Q |
| 03/31/2021 | 05/06/2021 | 10-Q |
| 12/31/2020 | 02/04/2021 | 10-Q |
| 09/30/2020 | 11/20/2020 | 10-K |
| 06/30/2020 | 08/04/2020 | 10-Q |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 02/06/2020 | 10-Q |
| 09/30/2019 | 11/26/2019 | 10-K |
Recent Forward Guidance
Updated 8/7/2026Latest: Q3 2026 Earnings Reported 8/6/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted Diluted EPS | 2.75 | 2.83 | 2.9 | 0 | Affirmed | Guidance: 2.83 for 2026 | |
Prior: Q2 2026 Earnings Reported 5/7/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted Diluted EPS | 2.75 | 2.83 | 2.9 | ||||
Q1 2026 Earnings Reported 2/5/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Cash Proceeds from Divestitures | 215.00 Mil | ||||||
| 2026 UGI Utilities Rate Increase | 99.00 Mil | ||||||
| 2026 Mountaineer Gas Rate Increase | 27.00 Mil | ||||||
Q4 2025 Earnings Reported 11/21/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted Diluted EPS | 2.9 | 3.02 | 3.15 | ||||
| 2026 Reportable segments EBIT growth | 5.0% | 6.0% | 7.0% | ||||
| 2029 EPS compound annual growth rate | 5.0% | 6.0% | 7.0% | ||||
Insider Activity
Updated 6/23/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Shea-Ballay, Kathleen | GC and Chief Legal Officer | Direct | Sell | 6232026 | 33.62 | 25,360 | Form | ||
| 2 | Tematio, Jean Felix | VP, CAO & Corporate Controller | Direct | Sell | 2132026 | 38.07 | 12,840 | 488,848 | 264,679 | Form |
| 3 | Hartz, Joseph L | President of Subsidiary | Direct | Sell | 12182025 | 38.45 | 5,000 | 192,237 | 1,287,680 | Form |
| 4 | O'Brien, Sean | Chief Financial Officer | Direct | Sell | 12092025 | 37.65 | 28,709 | Form | ||
| 5 | Bell, Hans G | President of Subsidiary | Direct | Sell | 12012025 | 38.91 | 11,300 | 439,699 | 708,966 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Shea-Ballay, Kathleen | GC and Chief Legal Officer | Direct | Sell | 6232026 | 33.62 | 25,360 | Form | ||
| 2 | Tematio, Jean Felix | VP, CAO & Corporate Controller | Direct | Sell | 2132026 | 38.07 | 12,840 | 488,848 | 264,679 | Form |
| 3 | Hartz, Joseph L | President of Subsidiary | Direct | Sell | 12182025 | 38.45 | 5,000 | 192,237 | 1,287,680 | Form |
| 4 | O'Brien, Sean | Chief Financial Officer | Direct | Sell | 12092025 | 37.65 | 28,709 | Form | ||
| 5 | Bell, Hans G | President of Subsidiary | Direct | Sell | 12012025 | 38.91 | 11,300 | 439,699 | 708,966 | Form |
| 6 | Hartz, Joseph L | President of Subsidiary | Direct | Sell | 11282025 | 38.68 | 15,000 | 580,136 | 1,295,327 | Form |
Investor Activity (13F)
Updated Aug 14, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| Portman Square Capital LLP | $77.7 Mil | 13.5% | 40 | Exited | Dec 31, 2025 | 13F |
| Angelo Gordon & Co., L.P. | $56.7 Mil | 5.4% | 46 | Exited | Dec 31, 2025 | 13F |
| St. James Investment Company, LLC | $8.9 Mil | 1.4% | 30 | Exited | Dec 31, 2025 | 13F |
| Sourcerock Group LLC | $9.8 Mil | 0.4% | 39 | TRIM -46.7% | Mar 31, 2026 | 13F |
Industry Resources
| Utilities Resources |
| Data.gov Energy Infrastructure |
| Data.gov Energy Resources |
| Utility Dive |
| Gas Utilities Resources |
| American Gas Association (AGA) |
| Natural Gas Intelligence (NGI) |
| Pipeline & Gas Journal |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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