At a glance
UGI Corporation is worth $8.25B, about 12 times its fiscal 2025 earnings. Revenue grew 1.1% to $7.29B in fiscal 2025, with 9.3% kept as profit; over 5 years it has grown 2.1% a year. It pays a 3.95% dividend yield, and returned $1.62B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +19.3% over the past year with dividends reinvested and +2.2% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 43.9% in the 2020 crash (S&P 500: 33.7%) and 29.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 11 months and 37 months after the lows.
The business in plain English
UGI Corporation, based in King of Prussia, Pennsylvania, is a holding company whose subsidiaries distribute, store, transport and sell energy, much of it used to heat homes and businesses. Revenue was $7.3 billion in the fiscal year ended September 30, 2025, spread across four segments. The largest, AmeriGas Propane (31.2% of revenue), is the biggest retail propane distributor in the US by gallons delivered. It sold its Hawaii operation in September 2025.
UGI International (29.1%) sells propane and other liquefied petroleum gas (LPG) in much of Europe, from the UK and France to Poland and the Nordic countries. Based on 2024 market volumes, it believes it is the largest distributor in France, Belgium, Denmark and Luxembourg. It sold its Italian business in fiscal 2025 and agreed to sell its Austrian one.
The regulated Utilities segment (24.2%) delivers natural gas to about 694,000 customers in 46 Pennsylvania counties, plus customers in West Virginia and one Maryland county. It also supplies electricity in parts of Luzerne and Wyoming counties in Pennsylvania. State regulators set its rates, and it can pass prudently incurred gas costs on to customers. Midstream & Marketing (20.4%) sells natural gas and renewable natural gas (RNG, made from methane captured at farms and landfills) in the Mid-Atlantic. It also owns pipelines and storage in the Marcellus and Utica shale regions.
Price history
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UGI +19.3% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| AmeriGas Propane | $2.28B | 31.2% |
| UGI International | $2.12B | 29.1% |
| UGI Utilities, Inc. | $1.76B | 24.2% |
| Midstream & Marketing | $1.48B | 20.4% |
Latest results
- In Q3 FY2026 (ended Jun 30, 2026), revenue was $1.33B, down 4.5% from a year earlier, and net income was $-133.0M.
- For fiscal 2025, revenue was $7.29B (+1.1% year over year; +2.1% a year from FY2020 to FY2025) with a 9.3% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +2.1% watch |
|---|---|
| Operating margin | 15.2% good |
| Free cash flow margin | 5.4% watch |
| Return on equity (FY2025) | 14.2% watch |
| Return on assets (FY2025) | 4.4% watch |
| Net cash (cash minus debt) | $-6.24B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $6.56B | $532.0M | $447.0M |
| FY2021 | $7.45B | $1.47B | $791.0M |
| FY2022 | $10.11B | $1.07B | $-88.0M |
| FY2023 | $8.93B | $-1.50B | $133.0M |
| FY2024 | $7.21B | $269.0M | $386.0M |
| FY2025 | $7.29B | $678.0M | $390.0M |
Valuation snapshot
| Market value | $8.25B |
|---|---|
| P/E ratio | 12.4 |
| Dividend yield | 3.95% |
Rank among 1514 US companies
Market value at each year end
UGI’s market value went from $7.97B at the end of 2016 to $8.25B on Oct 28, 2026, up 3%; since the end of 2025 it is up 3%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $8.25B | +2.7% |
| 2025 | $8.03B | +32.5% |
| 2024 | $6.06B | +16.8% |
| 2023 | $5.19B | -33.3% |
| 2022 | $7.77B | -19.1% |
| 2021 | $9.61B | +31.8% |
| 2020 | $7.29B | -22.8% |
| 2019 | $9.44B | +1.8% |
| 2018 | $9.27B | +14.1% |
| 2017 | $8.13B | +2.0% |
| 2016 | $7.97B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| UGI price data to Oct 28, 2026 | +6.0% | +19.3% | +29.3% | +2.2% | +2.1% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +6.0% |
| 2025 | +38.4% |
| 2024 | +22.0% |
| 2023 | -29.9% |
| 2022 | -16.2% |
| 2021 | +35.5% |
| 2020 | -19.4% |
| 2019 | -13.2% |
| 2018 | +15.9% |
| 2017 | +4.0% |
| 2016 | +39.5% |
| 2015 | -8.7% |
| 2014 | +40.8% |
| 2013 | +30.5% |
| 2012 | +15.3% |
| 2011 | -3.6% |
| 2010 | +35.0% |
| 2009 | +2.3% |
| 2008 | -7.7% |
| 2007 | +2.8% |
| 2006 | +35.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 16.4% over that stretch · deepest drop along the way 30.1%, back to its old high 18.4 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 43.8% over that stretch · deepest drop along the way 43.9%, back to its old high 10.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 28.4% over that stretch · deepest drop along the way 29.5%, back to its old high 37.4 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 3 sales ($1.5M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Jun 18, 2026 | Kathleen Shea-Ballay GC and Chief Legal Officer | sell | $852K |
| Feb 11, 2026 | Jean Felix Tematio VP, CAO & Corporate Controller | sell | $489K |
| Dec 17, 2025 | Joseph L. Hartz President of Subsidiary | sell | $192K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 12.1% | Dec 31, 2024 |
| FMR LLC | 6.7% | Mar 31, 2026 |
| Vanguard Portfolio Management | 5.57% | Mar 31, 2026 |
| Vanguard Capital Management | 5.22% | Mar 31, 2026 |
ETFs with the most weight in UGI
| WBIG WBI BullBear Yield 3000 ETF | 4.34% |
| FXU First Trust Utilities AlphaDEX Fund | 4.07% |
| ICAP Infrastructure Capital Equity Income ETF | 3% |
| SNPD Xtrackers S&P Dividend Aristocrats Screened ETF | 2.56% |
| REGL ProShares S&P MidCap 400 Dividend Aristocrats ETF | 2.13% |
| SYLD Cambria Shareholder Yield ETF | 1.65% |
| TMDV ProShares Russell U.S. Dividend Growers ETF | 1.62% |
| ABEQ Absolute Select Value ETF | 1.23% |
What could go wrong
- Warm winters cut sales. Much of UGI's gas and propane heats homes and businesses. Historically, about 60% to 65% of each business's volume was sold from October through March, so a mild winter can noticeably shrink results.
- Shrinking retail propane volumes. Retail LPG volumes, including propane, have been declining. AmeriGas and UGI International must keep and win customers to grow revenue, and losing them would hit UGI's two largest segments.
- LPG price and supply shocks. UGI relies on its principal LPG suppliers. Price spikes or supply interruptions, including from war or economic turmoil, can squeeze margins because passing higher costs on to customers takes time.
- Regulators decide utility rates. State commissions in Pennsylvania, West Virginia and Maryland set UGI's utility rates. They may reject requested increases or challenge existing rates while UGI replaces old cast iron and bare steel gas pipe.
- Heavy debt and possible dilution. Total debt was $6.7 billion against $476 million of cash as of June 30, 2026. Loan covenants limit flexibility, and converting UGI's convertible debt into stock could dilute shareholders.
- The shift away from fossil fuels. Energy-saving technology, competing energy sources and rules to cut greenhouse gas emissions could lower demand for the gas and propane UGI sells, or raise its costs. Customers also use less when prices rise.
Recent events
- Major agreement signed; New debt or financial obligation
- Major agreement signed
- Major agreement signed; New debt or financial obligation
- Major agreement signed; New debt or financial obligation
- Executive or board change
- Quarterly results released; Investor presentation or announcement
- Major agreement signed; New debt or financial obligation
- Executive or board change
- Major agreement signed; Major agreement ended; New debt or financial obligation; Other company announcement
- Major agreement signed; New debt or financial obligation
For income and retirement investors
UGI paid $1.50 per share in dividends in fiscal 2025 (the year to September 30, 2025). That was unchanged from fiscal 2024, so UGI has no unbroken run of yearly increases. From $1.31 in fiscal 2020, the dividend grew about 2.7% a year. It rose even in fiscal 2023, when UGI posted a $1.5 billion net loss. The fiscal 2025 dividend used 47.5% of earnings but 82.6% of free cash flow (cash left after capital spending), a thin cushion. The yield was 3.95% as of October 28, 2026. Buybacks were minor: $93 million over fiscal 2021–2025, against $1.5 billion of dividends.
The shares have fallen hard in downturns. They dropped 30% during the 2008 crisis and took about 18 months to recover. They fell 44% in the 2020 COVID crash and recovered in about 11 months. A 29.5% slide in the 2022 bear market took about 37 months to recover. Like any single stock, UGI carries more risk than a diversified fund.
Questions investors ask
How does UGI make money?
UGI makes money by distributing and selling energy, mainly natural gas and propane. Revenue was $7.3 billion in the fiscal year ended September 30, 2025. AmeriGas Propane, the largest US retail propane distributor, brought in 31.2%. UGI International, which sells LPG across Europe, contributed 29.1%. Regulated gas and electric utilities in Pennsylvania, West Virginia and Maryland added 24.2%. Midstream & Marketing, which sells gas and renewable natural gas and runs pipelines and storage, added 20.4%.
Does UGI raise its dividend every year?
No. UGI paid $1.50 per share in both fiscal 2024 and fiscal 2025, so the latest fiscal year brought no increase. Over a longer stretch the dividend has grown slowly, from $1.31 in fiscal 2020, or about 2.7% a year. In fiscal 2025 it used 47.5% of earnings and 82.6% of free cash flow, which leaves limited room for raises. The dividend yield was 3.95% as of October 28, 2026.
Is UGI a utility stock?
Only partly. Regulated utilities supplied 24.2% of revenue in fiscal 2025, and state commissions set their rates. The rest comes from propane and LPG distribution in the US and Europe, plus midstream pipelines and energy marketing. Those businesses are more exposed to weather, fuel prices and customer losses than a regulated utility. Some utility-focused funds, such as the First Trust Utilities AlphaDEX Fund (FXU), still hold the shares.
How much debt does UGI have?
UGI had about $6.7 billion of total debt as of June 30, 2026, against $476 million of cash and investments and $5.2 billion of shareholder equity. For scale, its stock market value was about $8.2 billion as of October 28, 2026. The company warns that its debt and loan covenants restrict its flexibility. It also warns that converting its convertible debt into shares could dilute existing holders. Between May and October 2026, it filed several notices of new debt or financial obligations.
How has UGI stock performed over the long term?
Long-term gains have been modest. As of October 28, 2026, the price-based return was about 2.1% a year over 10 years and 2.2% a year over five years. Over three years it was 29.3% a year. That was a rebound after a 29.85% fall in 2023, followed by gains of 22.01% in 2024 and 38.41% in 2025. The deepest drop in about 21 years of price history was 59.6%. The price-to-earnings ratio was 12.4, based on fiscal 2025 earnings.