Spire vs UGI
UGI is the larger business, with $7.29bn of revenue in fiscal 2025 against $2.48bn for Spire (2.9 times as much). UGI grew faster (1.1% against -4.5%). Spire kept more of each dollar of sales as profit: a net margin of 11.0% against 9.3%. UGI carries less debt relative to equity (139.2% against 152.6%).
| Latest fiscal year | SpireSR, 2025 | UGIUGI, 2025 |
|---|---|---|
| Revenue | $2.48bn | $7.29bn |
| Revenue growth | -4.5% | 1.1% |
| Net income | $272m | $678m |
| Operating margin | 21.2% | 15.2% |
| Net margin | 11.0% | 9.3% |
| Return on equity | 8.2% | 14.9% |
| Free cash flow | −$344m | $390m |
| Cash | $5.7m | $335m |
| Total debt | $5.17bn | $6.65bn |
| Debt to equity | 152.6% | 139.2% |
| Dividend per share | $3.14 | $1.50 |
| Dividend yield | 3.6% | 3.9% |
| Share buybacks | — | $33.0m |
| Employees | 3,497 | 9,400 |
| Market value | $5.22bn | $8.23bn |
| Price vs our value range | — | Within our value range |
| Moat score | 38 (Weak) | 35 (Weak) |
| Insider trades, 12 months | 3 buys, 1 sales | 0 buys, 7 sales |