UGI Corporation (UGI) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-86.7%

$5.13

vs $38.65 price

Levered DCF

-$3.57

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.54

Distress zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	10.56×	19.7×	-3.21×	6.33×	6.07×	12.93×	34.91×	13.32×
P/B	1.5×	1.22×	1.1×	1.12×	1.61×	1.67×	2.35×	2.6×
P/S	0.98×	0.73×	0.54×	0.67×	1.2×	1.05×	1.23×	1.25×
EV / EBITDA	8.58×	9.51×	-12.78×	5.99×	5.31×	8.78×	13.66×	8.9×
Gross margin	49.9%	51.1%	22.3%	40.9%	64.9%	52.0%	40.9%	46.7%
Operating margin	15.2%	10.7%	-16.2%	16.5%	31.6%	15.0%	8.4%	13.9%
Net margin	9.3%	3.7%	-16.8%	10.6%	19.7%	8.1%	3.5%	9.4%
Current ratio	0.89×	0.8×	0.9×	1.56×	1.42×	0.88×	0.77×	1.09×
Debt / equity	1.58×	1.64×	1.65×	1.15×	1.23×	1.55×	1.73×	1.25×
Interest coverage	2.69×	1.95×	-3.81×	5.06×	7.58×	3.18×	2.44×	4.73×
Dividend yield	4.5%	6.0%	6.4%	4.4%	3.2%	4.0%	5.2%	4.6%
Payout ratio	47.5%	118.2%	-20.5%	27.6%	19.2%	51.3%	180.9%	61.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	14.2%	6.2%	-34.2%	17.7%	26.6%	12.9%	6.7%	19.5%
Return on invested capital	7.6%	4.4%	-8.5%	8.2%	11.6%	6.2%	3.9%	9.6%
Return on assets	4.4%	1.8%	-9.8%	6.1%	8.8%	3.8%	1.9%	6.0%
Free cash flow yield	5.5%	7.3%	2.8%	-1.3%	8.9%	6.5%	4.2%	5.3%
Earnings yield	9.5%	5.1%	-31.1%	15.8%	16.5%	7.7%	2.9%	7.5%
Enterprise value	$14.4B	$12.2B	$11.8B	$13.4B	$14.9B	$12.9B	$15.1B	$13.7B
Net debt / EBITDA	4.3×	5.39×	-7.57×	2.95×	2.13×	4.1×	5.56×	2.69×
Cash conversion cycle (days)	27	27	29	32	-1	14	15	15