UGI Corporation

UGI

Regulated Gas · Utilities

Price

$37.59

-0.30 (-0.79%)

Market Cap

$8.06B

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Good

Cash Flow

Strong

Stability

Good

Valuation

Good

Dividends

Mixed

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Share count rising — dilution

+3.3% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 212.1M (2021) → 219.2M (2025)

Winston Score History

The full picture

UGI Corporation is a utility and energy distribution company based in Pennsylvania. It delivers natural gas and electricity to homes and businesses through its regulated utility in Pennsylvania, and it distributes propane across the United States and Europe under the AmeriGas and UGI International brands. AmeriGas is the largest retail propane distributor in the United States.

UGI makes money by selling and distributing energy — charging customers for propane deliveries, natural gas service, and midstream energy handling. It operates across the U.S. and in roughly 17 European countries, generating around $8–9 billion in annual revenue. The regulated utility business provides steady, predictable income, but the propane distribution side faces real pressure from declining propane demand as customers switch to electric heat pumps and natural gas. Managing that long-term volume decline in propane while keeping costs under control is the central challenge for the business going forward.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-4.5% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+18.4% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

0.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$486M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

UGI Corporation's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

43.1%

Healthy — 43.1% gross margin

Profit after running costs

Operating Margin

-3.3%

Losing money on operations — -3.3%

Return on the money invested

ROCE

8.6%

Below par — 8.6% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

-0.5%

Shrinking sales (-0.5% YoY)

Profit growth

EPS YoY

+61.6%

Earnings growing fast (+61.6% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

158%

Turns 158% of profit into real cash

Spare cash per sale

FCF Margin

2.6%

Thin free cash flow (2.6%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

1.29

Elevated debt (1.29)

Covers its interest

Interest Cover

4.77x

Adequate interest coverage (4.8x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

12.0x

Attractive valuation — P/E 12.0

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+1.0

GROWING

Earnings roughly flat

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Dividends

Dividend

Dividend Yield

3.82%

Moderate income — 3.82% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

+0.0%

Dividend flat

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