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UGI, UGI Corporation

Gas Utilities capital-intensive Regulated utility

UGI Corporation is a holding company that, through subsidiaries and affiliates, distributes, stores, transports and markets energy products and related services.

In the U.S., we own and operate (1) natural gas and electric distribution utilities, (2) energy marketing (including RNG), midstream infrastructure, storage, natural gas gathering and processing, natural gas production and energy services businesses, and (3) a retail propane marketing and distribution business.

In Europe, we market and distribute propane and other LPG, and market other energy products and services.

Latest annual: FY2025 10-K

UGI · UGI Corporation

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$7.3B

+1.1% YoY · 2% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $7.4B 5-yr avg $8.2B

Operating margin 15.4% 5-yr avg 11.5%

ROIC 9% 5-yr avg 6%

Owner-earnings margin 7% 5-yr avg 8%

Free cash flow margin 3% 5-yr avg 4%

Next report By 8/9 · the 10-Q for the quarter ended late June · due within 40 days of period end · has filed ~38 days after · the wire records it on arrival

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

Situation: Regulated utility. Returns are set by regulation on an approved rate base; the capital spending regulators approve becomes the growth, recovered through allowed rates.
What moves the needle: Operating margin has run about 15% through the cycle, a solid margin the cost base and competition set as much as the price does. The operating margin has swung widely — from −16% to 32% over the years — so the through-cycle figure carries more than any single year, and the worst year more than the best. Capital spending runs about 10% of sales, well above depreciation, so the return earned on what it sinks into that plant weighs as much as the margin. Read this kind of business on rate base and the allowed return. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has sat near the cost of capital (median 10%). By owner earnings: roughly 9% of revenue reaches owners as cash, consistently. Modest returns here are the design, not a verdict: a regulated utility's prices are set by commission, so the questions are the return the regulator allows, how fast the invested base it earns that return on is growing, and the health of the relationship with the commissions that decide both — all of which live in the 10-K, not the multiple.

Every line is arithmetic on the company's filings, shown in full in the sections below.

The record

Ten years of arithmetic, read across the cycle.

The record, 2017–2025

realized figures from each filing · older years to the left

2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
										Income statement
$6.1B	$7.7B	$7.3B	$6.6B	$7.4B	$10.1B	$8.9B	$7.2B	$7.3B	$7.4B	RevenueRevenue
—	26%	27%	29%	27%	20%	24%	30%	28%	28%	SG&A / revenueSG&A/rev
$1.0B	$1.1B	$617M	$982M	$2.4B	$1.7B	($1.4B)	$770M	$1.1B	$1.1B	Operating incomeOp. inc.
16.5%	13.9%	8.4%	15.0%	31.6%	16.5%	−16.2%	10.7%	15.2%	15.4%	Operating marginOp. mgn
$701M	$855M	$401M	$667M	$2.0B	$1.4B	($1.8B)	$340M	$696M	—	Pretax incomePretax
$437M	$719M	$256M	$532M	$1.5B	$1.1B	($1.5B)	$269M	$678M	$641M	Net incomeNet inc.
25%	4%	23%	20%	26%	23%	—	21%	3%	8%	Effective tax rateTax rate
										Cash flow & returns
$964M	$1.1B	$1.1B	$1.1B	$1.5B	$716M	$1.1B	$1.2B	$1.2B	$1.1B	Operating cash flowOp. cash
$416M	$455M	$448M	$484M	$502M	$518M	$532M	$551M	$561M	$563M	DepreciationDeprec.
$92M	($112M)	$356M	$71M	($509M)	($890M)	$2.1B	$354M	($30M)	($113M)	Working capital & otherWC & other
$639M	$574M	$705M	$655M	$690M	$804M	$974M	$796M	$837M	$871M	CapexCapex
10.4%	7.5%	9.6%	10.0%	9.3%	8.0%	10.9%	11.0%	11.5%	11.8%	Capex / revenueCapex/rev
$548M	$630M	$630M	$618M	$979M	$198M	$575M	$631M	$666M	$546M	Owner earningsOwner earn.
9.0%	8.2%	8.6%	9.4%	13.1%	2.0%	6.4%	8.8%	9.1%	7.4%	Owner earnings marginOE mgn
$326M	$511M	$373M	$447M	$791M	($88M)	$133M	$386M	$390M	$238M	Free cash flowFCF
5.3%	6.7%	5.1%	6.8%	10.6%	−0.9%	1.5%	5.4%	5.4%	3.2%	Free cash flow marginFCF mgn
$101M	$187M	$1.4B	$16M	$397M	$242M	$9M	$0	$0	$0	AcquisitionsAcquis.
$169M	$177M	$200M	$273M	$282M	$296M	$308M	$318M	$322M	$322M	Dividends paidDiv. paid
$43M	$60M	$17M	$38M	$0	$38M	$22M	$0	$33M	—	BuybacksBuybacks
($769M)	($749M)	($2.1B)	($649M)	($1.1B)	($1.0B)	($1.1B)	($792M)	($699M)	—	Investing cash flowInv. cash
($147M)	($438M)	$1.0B	($635M)	$166M	($51M)	($168M)	($506M)	($406M)	—	Financing cash flowFin. cash
$1M	($5M)	($16M)	$28M	($14M)	($61M)	$9M	$4M	$5M	—	Exchange-rate effectFX
$50M	($107M)	$49M	($154M)	$520M	($408M)	($129M)	($112M)	$127M	—	Change in cashΔ cash
11%	14%	5%	8%	16%	10%	-11%	6%	10%	9%	ROICROIC
14%	20%	7%	13%	27%	18%	-34%	6%	14%	12%	Return on equityROE
8%	15%	1%	6%	21%	13%	−41%	−1%	7%	6%	Retained to equityRetained/eq
										Balance sheet
$558M	$452M	$447M	$336M	$855M	$405M	$241M	$213M	$335M	$494M	Cash & investmentsCash+inv
$627M	$752M	$641M	$652M	$880M	$1.1B	$878M	$709M	$714M	$1.2B	ReceivablesReceiv.
$279M	$318M	$230M	$241M	$469M	$665M	$433M	$411M	$385M	$319M	InventoryInvent.
$440M	$562M	$439M	$475M	$837M	$891M	$613M	$544M	$511M	$578M	Accounts payablePayables
$466M	$508M	$432M	$418M	$512M	$901M	$698M	$576M	$588M	$919M	Operating working capitalOper. WC
$1.7B	$1.9B	$1.6B	$1.5B	$3.3B	$3.8B	$2.0B	$1.7B	$1.8B	$2.5B	Current assetsCur. assets
$1.7B	$1.7B	$2.0B	$1.8B	$2.3B	$2.4B	$2.3B	$2.1B	$2.0B	$2.5B	Current liabilitiesCur. liab.
1.0×	1.1×	0.8×	0.9×	1.4×	1.6×	0.9×	0.8×	0.9×	1.0×	Current ratioCurr. ratio
$5.5B	$5.8B	$6.7B	$7.0B	$7.6B	$8.0B	$8.5B	$8.8B	$9.1B	—	Net PP&ENet PP&E
$369M	$301M	$396M	—	—	—	—	—	—	—	Regulatory assetsReg. assets
$3.1B	$3.2B	$3.5B	$3.5B	$3.8B	$3.6B	$3.0B	$2.9B	$2.9B	$2.8B	GoodwillGoodwill
$11.6B	$12.0B	$13.3B	$14.0B	$16.7B	$17.6B	$15.4B	$15.1B	$15.5B	$16.1B	Total assetsAssets
$4.2B	$4.2B	$5.8B	$6.0B	$6.4B	$6.6B	$6.6B	$6.7B	$6.6B	$6.6B	Total debtDebt
$3.6B	$3.7B	$5.4B	$5.7B	$5.6B	$6.2B	$6.4B	$6.5B	$6.3B	$6.2B	Net debt / (cash)Net debt
$224M	$230M	$258M	$322M	$310M	$329M	$379M	$394M	$411M	$429M	Interest expenseInt. exp.
4.5×	4.6×	2.4×	3.0×	7.6×	5.1×	-3.8×	2.0×	2.7×	2.6×	Interest coverageInt. cov.
$7.8B	$7.9B	$9.5B	$9.8B	$11.2B	$11.5B	$11.0B	$10.7B	$10.7B	—	Total liabilitiesTotal liab.
$578M	$419M	$10M	$9M	$9M	$8M	$8M	$9M	$9M	—	Noncontrolling interestsNCI
$3.2B	$3.7B	$3.8B	$4.1B	$5.5B	$6.1B	$4.4B	$4.3B	$4.8B	$5.4B	Shareholders’ equityEquity
0.3%	0.3%	0.2%	0.2%	0.3%	0.1%	0.2%	0.1%	0.2%	0.2%	Stock comp / revenueSBC/rev
										Per share
177M	177M	181M	210M	212M	216M	210M	215M	219M	222M	Shares out (diluted)Shares
$34.55	$43.25	$40.42	$31.25	$35.11	$46.83	$42.55	$33.49	$33.25	$33.14	Revenue / shareRev/sh
$2.46	$4.06	$1.41	$2.53	$6.92	$4.97	$-7.16	$1.25	$3.09	$2.89	EPS (diluted)EPS
$3.09	$3.56	$3.48	$2.94	$4.62	$0.92	$2.74	$2.93	$3.04	$2.46	Owner earnings / shareOE/sh
$1.84	$2.89	$2.06	$2.13	$3.73	$-0.41	$0.63	$1.79	$1.78	$1.07	Free cash flow / shareFCF/sh
$0.95	$1.00	$1.10	$1.30	$1.33	$1.37	$1.47	$1.48	$1.47	$1.45	Dividends / shareDiv/sh
$3.61	$3.24	$3.89	$3.12	$3.25	$3.73	$4.64	$3.70	$3.82	$3.92	Cap. spending / shareCapex/sh
$17.86	$20.81	$21.08	$19.67	$26.03	$28.11	$20.91	$20.18	$21.80	$24.40	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	8-yr	5-yr
Revenue / share	−0.5%/yr	+1.2%/yr
Owner earnings / share	−0.2%/yr	+0.6%/yr
EPS	+2.9%/yr	+4.1%/yr
Dividends / share	+5.6%/yr	+2.5%/yr
Capital spending / share	+0.7%/yr	+4.1%/yr
Book value / share	+2.5%/yr	+2.1%/yr

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cash

Each year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.

FY2017FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business earned $666M of owner earnings, the operating cash left after the $561M it takes just to hold its position. It put $276M more into growth; free cash flow, after that spending, was $390M.

Reported net income$678M

Owner earnings$666M · 9% of revenue

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	$678M	$269M	($1.5B)	$1.1B	$1.5B
Depreciation & amortizationnon-cash charge added back	+$561M	+$551M	+$532M	+$518M	+$502M
Stock-based compensationreal costnon-cash, but a real cost	+$18M	+$8M	+$17M	+$15M	+$21M
Working capital & othertiming of cash in and out, other non-cash items	−$30M	+$354M	+$2.1B	−$890M	−$509M
Cash from operations	$1.2B	$1.2B	$1.1B	$716M	$1.5B
Maintenance capital expenditurethe spending needed just to hold position and volume	−$561M	−$551M	−$532M	−$518M	−$502M
Owner earnings	$666M	$631M	$575M	$198M	$979M
Growth capital expenditurediscretionary; spent to get bigger, not to stand still	−$276M	−$245M	−$442M	−$286M	−$188M
Free cash flow	$390M	$386M	$133M	($88M)	$791M
Owner-earnings marginowner earnings ÷ revenue	9%	9%	6%	2%	13%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the maintenance capital it must spend to hold its position (here about $561M, roughly its depreciation, the rate its assets wear out). The other $276M of its capital spending is growth it chose, not upkeep it owed; charged only with the maintenance it must do, the business earns well more than the year's free cash flow shows. The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $18M), owner earnings is nearer $648M.

A regulated utility reads differently here. What it spends above depreciation goes into rate base, where the commission lets it earn the allowed return and recover the capital, with interest, over decades — growth that is financed, not taken out of owners' pockets this year. So the truth sits between the bridge's two ends: owner earnings excuses the build-out entirely, free cash flow charges it entirely, and the scorecard's utility-plant figure shows how fast the base earning that return is compounding.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

The allowed return, earned and credited

Earned return on equity 13.8%

Above the typical allowed band

Median over 9 readable years · latest FY2025: 14.2% (net income $678M ÷ equity $4.8B)

What this means
A commission caps what a regulated utility may earn on shareholders' capital, so the question is not whether the return is high but whether the company actually earns what it is allowed — persistent under-earning means costs the regulator will not put in rates, and a return above the band usually means unregulated businesses in the mix. Read through the record, because a single year carries rate-case timing noise.
AFUDC in earnings —

Not enough data

What this means
The equity allowance for funds used during construction is not tagged in this filer's structured data — the construction credit, if any, lives in the 10-K's rate-matters note.

The invested base and the regulatory ledger

Utility plant in service $7.0B

Growing ≈ 10.0%/yr

Plant in service at original cost, before depreciation, as filed · FY2017→FY2025: $3.3B → $7.0B, ≈ 10.0%/yr

What this means
The closest filed figure to the rate base — the invested capital the commission sets the allowed return on. Its growth rate is the utility's reinvestment runway: under regulation, earnings power compounds roughly as fast as the base the return is earned on, funded by capital the regulator lets the company recover with interest. Rate base itself is not tagged in any structured filing, so this is the proxy, labeled as what it is.
Regulatory assets & liabilities —

Not enough data

What this means
The regulatory balance-sheet lines are not tagged undimensioned in this filer's structured data; the regulatory-matters note in the 10-K carries them.
What these figures mix —

Consolidated, not the regulated book alone

What this means
This is a holding company whose consolidated figures mix the regulated utility with substantial unregulated businesses, and the filing does not separate the regulated share in structured form. The earned return and the balance-sheet lines above describe the whole enterprise; the segment note in the 10-K is where the regulated book stands alone.

Graham’s defensive tests · 3 of 5 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Pass

Revenue ≥ $2B · $7.3B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity —

Current ratio ≥ 2× (waived for utilities) · exempt

What this means
Graham exempted public utilities from this test: their working capital “takes care of itself” through the continuous bond-and-share financing of growth, so a thin current ratio is the industry's structure, not a warning. His substitute test — debt no more than twice book equity — is the next line.
Conservative debt Pass

Debt ≤ 2× equity (Graham's utility test) · $6.6B vs $4.8B equity

What this means
Graham's own substitution for public utilities: debt not exceeding twice the stock equity at book value, in place of the working-capital tests an industrial faces. A utility finances its plant with bonds by design; the question is whether the borrowing stays inside the equity behind it.
Earnings stability Near

A profit every year (9-yr record) · 1 loss year

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Pass

Uninterrupted dividends · paid every year (9)

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth Miss

Earnings +33% over the record · −139%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $-0.86/share (latest year $3.16), the averaged base the calculator's gate runs on, and book value is $22.28/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2017–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 8 of 9

What this means
Lost money in 1 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 1 of 9 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin 13% → 3% (3-yr avg ends)

In the filing’s words The filing attributes gains to higher prices, but the margin in the record has not followed — the claim outruns the result here.

What this means
The recent-years average (3%) sits below the early years (13%), but the latest year (15%) is back near the early level: a cyclical trough dragging the window down, not a one-way slide. The through-cycle median is 15% — read it across the cycle, not on the dip.
Reinvestment, incremental ROIC −18%

What this means
Reinvested capital came back at a negative incremental return over this window — the invested base grew while operating profit did not. The filings show where it went.
Owner earnings growth +1%/yr

What this means
Owner earnings grew about 1% a year over the record.
Worst year 2023 · −16.2% op. margin

What this means
Operations went underwater in 2023, understand why before trusting the good years.
Share count +2.7%/yr

What this means
The share count is rising, dilution works against you on a per-share basis.
Dividend record rising

What this means
Paid and raised the dividend across the record, the continuity Graham prized.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 31, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$2.5B

Cash & short-term investments$494M
Receivables$1.2B
Inventory$319M
Other current assets$520M

Current liabilities$2.5B

Debt due within a year$117M
Accounts payable$578M
Other current liabilities$1.8B

Current ratio1.00×all current assets ÷ what's due · Graham looked for 2×

Quick ratio0.87×stricter: inventory excluded

Cash ratio0.20×strictest: cash alone against what's due

Working capital$4Mthe cushion left after near-term bills

Debt due this year vs. cash$117M due · $494M cash covered by cash on hand, no refinancing forced · both figures from the Mar 31, 2026 balance sheet

Revenue, latest quarter vs. a year ago+0.7%the freshest read on whether the business is still growing

Current ratio, recent quarters0.9× → 1.0×

Deeper floors

Tangible book value$2.3Bequity stripped of goodwill & intangibles

Net current asset value($8.2B)Graham's net-net: current assets less all liabilities

Debt incl. operating leases$7.1B$427M of it operating leases

Deferred revenue$188Mcustomer cash collected before delivery; operating float

From the company's latest filing.

How the cash was used, 2017–2025

Over the record, the business generated $9.9B of operating cash; how management split it reads as a reinvestor, most operating cash is plowed back into the business.

Reinvested$6.7B · 67%
Dividends$2.3B · 24%
Buybacks$251M · 3%
Retained (debt / cash)$672M · 7%

Returned to owners$2.6B
47% of the owner earnings the business produced over the span, $2.3B as dividends and $251M as buybacks.
Source of fundingOperating cash
Operating cash covered reinvestment and returns; over the span debt rose $2.5B and cash and short-term investments fell $64M.
Average price paid for buybacks—
Buybacks ran $251M over the span, but the filings don't tag the share count needed to deduce the average price paid.
Net change in share count25.3%
The diluted count rose from 177M to 222M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
Dividend record$1.47/sh
Paid in 9 of the years on record, the per-share dividend growing about 6% a year. It was never cut over the span.
Return on what it retained2%
Of the earnings it kept rather than paid out ($1.3B over the span), annual owner earnings (first three years vs last three) grew $21M, so each retained $1 added about 0.02 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Acquisitions & goodwill

from the balance sheet & the 9-year cash-flow record

Goodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.

Goodwill & intangibles$3.2B21% of all assets; the premium carried on the balance sheet for businesses acquired

Against book equity60%goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital

Cash spent acquiring$2.3Bover 9 years buying other businesses, against $6.7B of capital spent building

$851M written down across 2 years (2023, 2024): goodwill the company has already conceded it overpaid for, charged against earnings. That is roughly 37% of the cash it put into acquisitions over the span. A write-down costs no cash (the cash went out when the deal was signed), but it is management marking its own past judgment to market.

Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 9-year record, from the company's own filings.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Pay, as filed	“Actually paid”	Owner earnings
2021	$4.1M	$5.3M	$979M
2021	$6.9M	$11.3M	$979M
2022	$6.1M	$2.1M	$198M
2023	$10.0M	$2.1M	$575M
2024	$6.2M	$6.2M	$631M
2024	$5.3M	$2.5M	$631M
2025	$9.0M	$9.0M	$666M
2025	$2.8M	$3.7M	$666M

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Stock-based compensation$18M
The slice of the business handed to employees in shares in fiscal 2025, 0.2% of revenue, equal to 1.6% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

What an owner would ask, FY2025

read the 10-K →

Which reported numbers are a judgment call?
Management names Income taxes, Contingencies as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Gas Utilities

The same industry, side by side on owner economics. Each column names the period it is read over; the group median at the foot is the line to read each figure against.

Company	Revenuelatest FY, USD	ROEmedian over the record	Plant growthannualized over the record	Dividend / cashmedian over the record
UGIUGI Corporation	$7.3B	14%	10.0%	25%
ATOAtmos Energy Corporation	$4.7B	9%	13.2%	25%
SRSpire	$2.5B	8%	8.3%	29%
OGSONE Gas	$2.4B	8%	7.4%	28%
NJRNew Jersey Resources	$2.0B	12%	8.6%	39%
SWXSouthwest Gas Holdings	$1.9B	8%	8.6%	24%
NWNNorthwest Natural	$1.3B	7%	—	30%
CPKChesapeake Utilities Corporation	$930M	11%	13.3%	20%
Group median	—	9%	8.6%	27%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what UGI Corporation has delivered.

Today’s price $

Through the cycle, UGI Corporation earns about $638M on its 8.8% median owner-earnings margin. This year’s 9.1% margin runs in line with that. Normalize, below, values the price on that through-cycle figure rather than the latest year.

Base Normalize · through-cycle ($638M) Net of stock comp (−$18M TTM) Steady-state · maintenance capex ($548M)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.68% 10-year Treasury (Jul 30, 2026) + 4.32 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’21→’25+2%/yr

Owner-earnings growth · ’17→’25−1%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.68%, as of Jul 30, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Free cash flow $238M on 214M shares outstanding, per the 10-Q cover, as of 2026-04-30; net debt $6.2B. The if-converted diluted count is 222M, 4% above the shares outstanding: the dilution overhang (convertibles, options) a buyer inherits. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. Capex ($871M) runs well above depreciation ($563M), so this is a build-out; Steady-state swaps total capex for maintenance (≈ depreciation), lifting the base to about $548M, the cash it would throw off if it stopped expanding. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh UGI against another business →

Cite: Owner Scorecard, "UGI Corporation (UGI), the owner's record," https://ownerscorecard.com/c/UGI, data as of 2026-07-18.

Manual order: ← UFPT its page in the Manual UHAL →

Industry order: ← SWX the Gas Utilities chapter