Latest Ratios: P/E Ratio 11.9x · EV/EBITDA 9.0x · ROE 14.8%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $7.9B | $7.3B | $5.4B | $4.8B | $7.0B | $9.0B | $6.9B | $9.1B | $9.8B | $8.3B | $7.9B |
| Enterprise Value | $15.1B | $14.5B | $12.3B | $11.8B | $13.6B | $15.0B | $13.0B | $15.3B | $14.0B | $12.3B | $11.5B |
| P/E Ratio → | 11.85 | 10.76 | 20.02 | — | 6.51 | 6.16 | 13.04 | 35.65 | 13.67 | 19.05 | 21.75 |
| P/S Ratio | 1.08 | 1.00 | 0.75 | 0.54 | 0.69 | 1.21 | 1.06 | 1.24 | 1.28 | 1.36 | 1.40 |
| P/B Ratio | 1.68 | 1.52 | 1.24 | 1.10 | 1.15 | 1.63 | 1.67 | 2.38 | 2.39 | 2.22 | 2.21 |
| P/FCF | 20.13 | 18.69 | 13.95 | 36.28 | — | 24.57 | 15.48 | — | 19.21 | 25.50 | 19.57 |
| P/OCF | 6.40 | 5.94 | 4.56 | 4.36 | 9.75 | 6.10 | 6.28 | 8.45 | 9.05 | 8.61 | 8.19 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.99 | 1.71 | 1.33 | 1.34 | 2.01 | 1.98 | 2.08 | 1.82 | 2.01 | 2.03 |
| EV / EBITDA | 9.03 | 8.69 | 9.32 | — | 6.21 | 5.26 | 8.84 | 14.33 | 9.18 | 8.61 | 8.30 |
| EV / EBIT | 13.60 | 13.02 | 16.78 | — | 7.91 | 6.53 | 13.11 | 23.15 | 12.86 | 13.28 | 12.28 |
| EV / FCF | — | 37.17 | 31.91 | 88.97 | — | 40.77 | 29.01 | — | 27.30 | 37.73 | 28.40 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 49.9% | 49.9% | 51.1% | 22.3% | 40.9% | 64.9% | 52.0% | 40.9% | 46.7% | 53.6% | 57.1% |
| Operating Margin | 15.2% | 15.2% | 10.7% | -16.2% | 16.5% | 31.6% | 15.0% | 8.4% | 13.9% | 16.5% | 17.4% |
| Net Profit Margin | 9.3% | 9.3% | 3.7% | -16.8% | 10.6% | 19.7% | 8.1% | 3.5% | 9.4% | 7.1% | 6.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 14.8% | 14.8% | 6.2% | -28.7% | 18.5% | 30.3% | 13.4% | 6.5% | 18.3% | 11.9% | 10.2% |
| ROA | 4.4% | 4.4% | 1.8% | -9.1% | 6.3% | 9.6% | 3.9% | 2.0% | 6.1% | 3.9% | 3.4% |
| ROIC | 7.1% | 7.1% | 5.1% | -9.0% | 10.3% | 16.3% | 7.3% | 5.1% | 10.0% | 10.2% | 10.4% |
| ROCE | 8.3% | 8.3% | 5.9% | -10.2% | 11.3% | 17.6% | 8.3% | 5.7% | 10.6% | 10.5% | 10.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.58 | 1.58 | 1.64 | 1.65 | 1.15 | 1.23 | 1.54 | 1.72 | 1.12 | 1.21 | 1.14 |
| Debt / EBITDA | 4.53 | 4.53 | 5.41 | — | 3.21 | 2.39 | 4.35 | 6.20 | 3.02 | 3.18 | 2.94 |
| Net Debt / Equity | — | 1.51 | 1.59 | 1.59 | 1.09 | 1.08 | 1.46 | 1.61 | 1.01 | 1.06 | 1.00 |
| Net Debt / EBITDA | 4.32 | 4.32 | 5.25 | — | 3.02 | 2.09 | 4.12 | 5.78 | 2.72 | 2.79 | 2.58 |
| Debt / FCF | — | 18.48 | 17.95 | 52.69 | — | 16.20 | 13.52 | — | 8.10 | 12.23 | 8.83 |
| Interest Coverage | 2.71 | 2.71 | 1.86 | -3.85 | 5.22 | 7.42 | 3.20 | 2.60 | 4.82 | 4.21 | 4.18 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.89 | 0.89 | 0.80 | 0.90 | 1.56 | 1.42 | 0.88 | 0.77 | 1.09 | 1.00 | 0.99 |
| Quick Ratio | 0.70 | 0.70 | 0.60 | 0.71 | 1.28 | 1.22 | 0.74 | 0.66 | 0.91 | 0.84 | 0.84 |
| Cash Ratio | 0.18 | 0.18 | 0.10 | 0.11 | 0.17 | 0.37 | 0.19 | 0.22 | 0.26 | 0.33 | 0.35 |
| Asset Turnover | — | 0.47 | 0.48 | 0.58 | 0.58 | 0.45 | 0.47 | 0.55 | 0.64 | 0.53 | 0.52 |
| Inventory Turnover | 9.49 | 9.49 | 8.59 | 16.02 | 8.98 | 5.57 | 13.07 | 18.80 | 12.81 | 10.18 | 11.59 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 4.0% | 4.4% | 5.9% | 6.4% | 4.2% | 3.1% | 3.9% | 5.1% | 4.5% | 5.2% | 5.3% |
| Payout Ratio | 47.5% | 47.5% | 118.2% | — | 27.6% | 19.2% | 51.3% | 180.9% | 61.2% | 98.6% | 114.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 8.4% | 9.3% | 5.0% | — | 15.4% | 16.2% | 7.7% | 2.8% | 7.3% | 5.2% | 4.6% |
| FCF Yield | 5.0% | 5.4% | 7.2% | 2.8% | — | 4.1% | 6.5% | — | 5.2% | 3.9% | 5.1% |
| Buyback Yield | 0.4% | 0.5% | 0.0% | 0.5% | 0.5% | 0.0% | 0.5% | 0.2% | 0.6% | 0.5% | 0.6% |
| Total Shareholder Yield | 4.4% | 4.9% | 5.9% | 6.8% | 4.8% | 3.1% | 4.5% | 5.3% | 5.1% | 5.7% | 5.9% |
| Shares Outstanding | — | $219M | $215M | $210M | $216M | $212M | $210M | $181M | $177M | $177M | $176M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying UGI stock.
UGI Corporation's current P/E ratio is 11.9x. The historical average is 15.6x. This places it at the 14th percentile of its historical range.
UGI Corporation's current EV/EBITDA is 9.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 7.2x.
UGI Corporation's return on equity (ROE) is 14.8%. The historical average is 11.0%.
Based on historical data, UGI Corporation is trading at a P/E of 11.9x. This is at the 14th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
UGI Corporation's current dividend yield is 4.01% with a payout ratio of 47.5%.
UGI Corporation has 49.9% gross margin and 15.2% operating margin. Operating margin between 10-20% is typical for established companies.
UGI Corporation's Debt/EBITDA ratio is 4.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Regulatory lag and weather volatility
Metrics are mathematically derived from official filings.
Discount Reflecting Weather Risk
UGI trades at 11.0x trailing earnings versus 18-22x for gas peers, with a 4.3% dividend yield. According to market data, this discount appears to price in earnings volatility and regulatory lag.
The P/E of 11.0x is roughly half the peer median of ~18x, suggesting the market assigns a significant risk premium to UGI's weather-sensitive earnings stream. The 4.3% dividend yield is above the peer average of ~3.1%, which may indicate the market expects either slower growth or higher risk. Given the authorized ROE environment, the low multiple could also reflect skepticism about the sustainability of earned returns.
Earned ROE Trails Allowed Returns
UGI's trailing ROE of 10.0% in Q2 2026 aligns with typical authorized returns, but off-peak quarters show negative ROE. As reported in financial statements, this suggests regulatory mechanisms do not fully smooth weather impacts.
The Q2 2026 ROE of 10.0% is consistent with a typical authorized ROE for gas utilities, but Q3 2026 shows -2.5%, indicating that earned returns are highly seasonal. This volatility implies that the regulatory construct may not include full weather normalization or decoupling, leaving shareholders exposed to demand variability. Investors should monitor whether rate case outcomes incorporate weather normalization to stabilize returns.
Off-Peak Margins Expose Cost Recovery Gap
Operating margin swings from 22.4% in Q2 2026 to -3.3% in Q3 2026, as per quarterly data, indicating fixed costs are not recovered during low-demand periods. This suggests regulatory lag in cost recovery mechanisms.
The dramatic margin swing highlights that UGI's cost structure is not fully aligned with revenue seasonality. While fuel costs are likely pass-through, the negative operating margin in off-peak quarters suggests that non-fuel fixed costs, such as depreciation and O&M, are not fully recovered through rates. This may indicate that the regulatory framework lacks a decoupling mechanism, which could be a key focus for future rate cases.
Leverage Elevated but Improving
Debt-to-capital improved to 0.56 in Q3 2026 from 0.62 in Q4 2024, as reported in financial statements, yet remains above the 0.41-0.58 range of peers like ATO and NI. This suggests a higher reliance on debt financing.
UGI's debt-to-capital ratio of 0.56 is at the high end of the peer range, with ATO at 0.41 and NI at 0.58. Interest coverage of 4.95x in Q2 2026 is adequate but below the 6-7x seen in stronger quarters, indicating that leverage could strain credit metrics during off-peak periods. The improvement from 0.62 to 0.56 is positive, but the absolute level suggests limited financial flexibility for additional debt-funded capex without equity support.
Payout Ratio Understates Coverage
UGI's dividend payout ratio of 15-27% in peak quarters appears low, but off-peak quarters show no earnings, as per reported figures. This suggests the dividend is not fully covered by earnings on an annual basis.
The dividend payout ratio in Q2 2026 was 15.4%, but in quarters with negative earnings, the payout is undefined. This indicates that the dividend is not consistently covered by net income, though cash flow coverage may be stronger. The 4.3% dividend yield is attractive, but investors should assess whether the dividend is supported by operating cash flow, which averaged 3.0x coverage over the last four quarters, according to cash flow data.
P/E Misleads for Weather-Sensitive Utility
Comparing UGI's P/E to industrial companies or even gas peers obscures the impact of weather and regulatory lag. As reported in financial statements, the trailing P/E of 11.0x is distorted by off-peak losses.
The standard P/E ratio is commonly misapplied to utilities with seasonal earnings, as it can be artificially depressed by off-peak losses. For UGI, the trailing P/E of 11.0x may understate the earnings power in normalized weather conditions. A more appropriate metric is the P/E on weather-normalized earnings or the EV/EBITDA, which at 8.69x is closer to the peer median of ~11x. Investors should also consider the regulatory allowed ROE and the stability of rate base growth rather than relying solely on P/E.