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Utilities - Diversified · Utilities · Fiscal year ends Sep 30
UGI reported revenue of $7.1B in the fiscal year ended Sep 2025, up 1.4% from the year before. Operating income was $1.1B, an operating margin of 15.5%, and net income was $678M. Operating cash flow of $1.2B less capital expenditure of $837M left free cash flow of $390M. Net debt was $6.3B.
Ranks among the 17 utilities - diversified companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Revenue | 7,348 | 9,981 | 8,761 | 7,045 | 7,147 |
| Cost of revenue | 2,614 | 5,973 | 6,937 | 3,529 | 3,654 |
| Gross profit | 4,734 | 4,008 | 1,824 | 3,516 | 3,493 |
| Selling, general & admin | 2,014 | 2,028 | 2,158 | 2,132 | 2,011 |
| Operating income | 2,350 | 1,666 | −1,444 | 770 | 1,107 |
| Interest expense | 310 | 329 | 379 | 394 | 411 |
| Pre-tax income | 1,989 | 1,387 | −1,837 | 340 | 696 |
| Income tax | 522 | 313 | −335 | 71.0 | 18.0 |
| Net income | 1,467 | 1,073 | −1,502 | 269 | 678 |
| Diluted EPS | 6.92 | 4.97 | −7.16 | 1.25 | 3.09 |
| Diluted shares | 212 | 216 | 210 | 215 | 219 |
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 855 | 405 | 241 | 213 | 335 |
| Receivables | 880 | 1,127 | 878 | 709 | 714 |
| Inventory | 469 | 665 | 433 | 411 | 385 |
| Current assets | 3,270 | 3,802 | 2,045 | 1,651 | 1,766 |
| Net PP&E | 7,558 | 8,040 | 8,547 | 8,763 | 9,080 |
| Goodwill | 3,770 | 3,612 | 3,027 | 2,871 | 2,852 |
| Total assets | 16,723 | 17,575 | 15,401 | 15,098 | 15,462 |
| Payables | 837 | 891 | 613 | 544 | 511 |
| Deferred revenue | 208 | 225 | 232 | 199 | 188 |
| Current liabilities | 2,297 | 2,444 | 2,274 | 2,060 | 1,981 |
| Short-term debt | 110 | 149 | 57.0 | 235 | 117 |
| Long-term debt | 6,339 | 6,483 | 6,543 | 6,443 | 6,531 |
| Total liabilities | 11,192 | 11,501 | 11,007 | 10,744 | 10,676 |
| Shareholders' equity | 5,522 | 6,066 | 4,386 | 4,345 | 4,777 |
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 1,481 | 716 | 1,107 | 1,182 | 1,227 |
| Capital expenditure | 690 | 804 | 974 | 796 | 837 |
| Free cash flow | 791 | −88.0 | 133 | 386 | 390 |
| Depreciation & amortisation | 502 | 518 | 532 | 551 | 561 |
| Stock-based compensation | 21.0 | 15.0 | 17.0 | 8.0 | 18.0 |
| Acquisitions | 397 | 242 | 9.0 | 0.0 | 0.0 |
| Share buybacks | 0.0 | 38.0 | 22.0 | 0.0 | 33.0 |
| Dividends paid | 282 | 296 | 308 | 318 | 322 |
| Dividend per share | 1.35 | 1.41 | 1.47 | 1.50 | 1.50 |
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 35.8% | −12.2% | −19.6% | 1.4% |
| Operating income growth (YoY) | – | −29.1% | −186.7% | – | 43.8% |
| EPS growth (YoY) | – | −28.2% | −244.1% | – | 147.2% |
| Gross margin | 64.4% | 40.2% | 20.8% | 49.9% | 48.9% |
| Operating margin | 32.0% | 16.7% | −16.5% | 10.9% | 15.5% |
| Net margin | 20.0% | 10.8% | −17.1% | 3.8% | 9.5% |
| Return on equityBlank when equity is negative | 26.6% | 17.7% | −34.2% | 6.2% | 14.2% |
| ROCEEBIT ÷ (assets − current liabilities) | 16.3% | 11.0% | −11.0% | 5.9% | 8.2% |
| Free cash flow margin | 10.8% | −0.9% | 1.5% | 5.5% | 5.5% |
| Cash conversion (CFO ÷ net income) | 1.01x | 0.67x | −0.74x | 4.39x | 1.81x |
| Receivable days | 44 | 41 | 37 | 37 | 36 |
| Inventory days | 65 | 41 | 23 | 43 | 38 |
| Payable days | 117 | 54 | 32 | 56 | 51 |
| Interest cover | 7.58x | 5.06x | −3.81x | 1.95x | 2.69x |
| Debt ÷ equity | 1.17x | 1.09x | 1.50x | 1.54x | 1.39x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 5,594 | 6,227 | 6,359 | 6,465 | 6,313 |
| Current ratio | 1.42x | 1.56x | 0.90x | 0.80x | 0.89x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.