Latest Ratios: P/E Ratio 11.3x · EV/EBITDA 8.8x · 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 | $7.5B | $7.3B | $5.4B | $4.8B | $7.0B | $9.0B | $6.9B | $9.1B | $9.8B | $8.3B | $7.9B |
| Enterprise Value | $14.7B | $14.5B | $12.3B | $11.8B | $13.6B | $15.0B | $13.0B | $15.3B | $14.0B | $12.3B | $11.5B |
| P/E Ratio → | 11.30 | 10.76 | 20.02 | — | 6.51 | 6.16 | 13.04 | 35.65 | 13.67 | 19.05 | 21.75 |
| P/S Ratio | 1.03 | 1.00 | 0.75 | 0.54 | 0.69 | 1.21 | 1.06 | 1.24 | 1.28 | 1.36 | 1.40 |
| P/B Ratio | 1.60 | 1.52 | 1.24 | 1.10 | 1.15 | 1.63 | 1.67 | 2.38 | 2.39 | 2.22 | 2.21 |
| P/FCF | 19.23 | 18.69 | 13.95 | 36.28 | — | 24.57 | 15.48 | — | 19.21 | 25.50 | 19.57 |
| P/OCF | 6.11 | 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 | 8.82 | 8.69 | 9.32 | — | 6.21 | 5.26 | 8.84 | 14.33 | 9.18 | 8.61 | 8.30 |
| EV / EBIT | 13.29 | 13.09 | 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 | 2.69 | 2.69 | 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 | 4.2% | 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 | 8.8% | 9.3% | 5.0% | — | 15.4% | 16.2% | 7.7% | 2.8% | 7.3% | 5.2% | 4.6% |
| FCF Yield | 5.2% | 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 | 4.6% | 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 |
Seasonal volatility and leverage
According to current market data, UGI trades at a TTM P/E of 11.47, which sits significantly below the peer group average, suggesting that investors are applying a conglomerate discount due to the company's hybrid exposure to volatile retail propane markets alongside its regulated utility assets.
The valuation appears anchored by the market's skepticism toward the retail propane segment's long-term growth prospects rather than the underlying utility rate base. Investors should monitor whether the ongoing strategic review of the LPG business acts as a catalyst to re-rate the stock toward the higher multiples commanded by pure-play regulated peers.
Based on reported financial statements, UGI maintains a debt-to-capital ratio fluctuating near 0.60, which, when combined with interest coverage ratios that have dipped into negative territory during off-peak quarters, indicates a vulnerable balance sheet that is highly sensitive to seasonal cash flow timing.
The reliance on short-term debt to bridge seasonal working capital requirements appears to create periodic pressure on credit quality. Analysts should investigate whether the reported leverage metrics fully capture the off-balance-sheet obligations inherent in the company's complex midstream and international logistics operations.
As indicated by the company's historical financial data, the dividend payout ratio has shown extreme volatility, ranging from 15.4% to 84.0% in recent quarters, which suggests that dividend coverage is heavily dependent on the timing of seasonal cash inflows rather than consistent, year-round earnings generation.
While the 4.1% dividend yield is attractive, the lack of consistent coverage during off-peak quarters warrants further investigation into the company's reliance on external financing to fund both capital expenditures and shareholder distributions. This pattern may indicate that the dividend is currently supported by the utility segment's stability rather than the aggregate cash flow of the entire enterprise.
Market participants frequently misapply standard utility P/E multiples to UGI, failing to adjust for the significant earnings volatility introduced by the non-regulated AmeriGas and international segments, which obscures the true valuation of the company's core regulated utility infrastructure.
Using a consolidated P/E ratio ignores the fact that a large portion of UGI's earnings is derived from commodity-sensitive retail distribution rather than rate-regulated returns. A more appropriate analytical approach would involve a sum-of-the-parts valuation that separates the regulated utility rate base from the transactional LPG business to avoid mispricing the company's terminal value.
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 11.3x. The historical average is 15.6x. This places it at the 14th percentile of its historical range.
UGI Corporation's current EV/EBITDA is 8.8x. 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 11.3x. 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 4.21% 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.