UGI Corp key statistics and ratios

In fiscal 2025, UGI Corp had return on equity of 14.9%, an operating margin of 15.2%, debt equal to 139.2% of equity and a current ratio of 0.89. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

UGI Corp: financial ratios, annual
Fiscal year	2009Sept 2009	2010Sept 2010	2011Sept 2011	2012Sept 2012	2013Sept 2013	2014Sept 2014	2015Sept 2015	2016Sept 2016	2017Sept 2017	2018Sept 2018	2019Sept 2019	2020Sept 2020	2021Sept 2021	2022Sept 2022	2023Sept 2023	2024Sept 2024	2025Sept 2025	LTMJun 2026
Operating margin	11.9%	11.8%	10.5%	8.3%	11.6%	12.1%	12.5%	17.4%	16.5%	13.9%	8.4%	15.0%	31.6%	16.5%	−16.2%	10.7%	15.2%	16.2%
Net margin	4.5%	4.7%	4.0%	3.2%	3.9%	4.1%	4.2%	6.4%	7.1%	9.4%	3.5%	8.1%	19.7%	10.6%	−16.8%	3.7%	9.3%	9.2%
Free-cash-flow margin	6.3%	4.5%	3.2%	5.6%	4.4%	6.6%	10.1%	7.1%	5.3%	6.7%	5.1%	6.8%	10.6%	−0.9%	1.5%	5.4%	5.4%	2.6%
Return on equity	16.2%	15.3%	12.9%	10.0%	11.8%	13.1%	10.5%	13.2%	14.5%	21.0%	6.8%	13.4%	30.4%	18.5%	−28.7%	6.2%	14.9%	13.4%
Return on assets	4.3%	4.2%	3.8%	2.6%	2.8%	3.4%	2.7%	3.4%	3.9%	6.1%	2.0%	3.9%	9.6%	6.3%	−9.1%	1.8%	4.4%	4.3%
Asset turnover	0.95	0.90	0.93	0.80	0.73	0.82	0.65	0.53	0.55	0.65	0.58	0.48	0.48	0.59	0.54	0.47	0.48	0.47
Current ratio	1.08	0.73	1.21	0.99	1.14	1.16	0.87	0.99	1.00	1.09	0.77	0.88	1.42	1.56	0.90	0.80	0.89	1.44
Debt to equity	134.0%	109.9%	109.1%	157.6%	154.0%	140.0%	143.3%	143.7%	131.9%	113.1%	152.1%	146.2%	116.8%	109.3%	150.5%	153.7%	139.2%	128.8%
Interest cover (operating income ÷ interest)	—	—	—	—	—	—	—	—	—	4.6x	2.4x	3.0x	7.6x	5.1x	n/m	2.0x	2.7x	2.7x
Effective tax rate	—	—	31.2%	35.1%	27.6%	30.6%	30.0%	31.2%	25.3%	3.9%	23.2%	20.2%	26.2%	22.6%	—	20.9%	2.6%	12.1%
SG&A as % of revenue	—	—	—	—	—	—	—	—	—	26.3%	26.8%	29.1%	27.0%	20.1%	24.2%	29.6%	27.6%	28.2%
Capital spending as % of revenue	5.3%	6.2%	5.9%	5.2%	6.8%	5.5%	7.3%	9.9%	10.4%	7.5%	9.6%	10.0%	9.3%	8.0%	10.9%	11.0%	11.5%	12.0%
Free cash flow ÷ net income	140.5%	96.4%	79.1%	175.2%	113.4%	162.7%	239.6%	111.3%	74.6%	71.1%	145.7%	84.0%	53.9%	−8.2%	—	143.5%	57.5%	27.9%
Dividends ÷ net income	32.9%	37.8%	46.4%	56.7%	45.2%	40.4%	54.6%	44.1%	38.7%	24.6%	78.1%	51.3%	19.2%	27.6%	—	118.2%	47.5%	48.0%
Dividends and buybacks ÷ free cash flow	23.4%	39.2%	58.7%	32.3%	39.9%	32.1%	27.9%	51.3%	65.2%	46.4%	58.2%	69.6%	35.7%	—	248.1%	82.4%	91.0%	193.0%

US$ thousands unless shown otherwise. Fiscal quarters.

UGI Corp: financial ratios, quarterly
Quarter	2024 Q4Sept 2024	2025 Q1Dec 2024	2025 Q2Mar 2025	2025 Q3Jun 2025	2025 Q4Sept 2025	2026 Q1Dec 2025	2026 Q2Mar 2026	2026 Q3Jun 2026
Operating margin	−19.8%	24.0%	26.3%	−6.7%	1.1%	21.8%	28.2%	−3.3%
Net margin	−22.0%	18.5%	18.0%	−11.7%	−1.1%	14.3%	19.4%	−10.0%
Free-cash-flow margin	−9.3%	−2.3%	20.2%	4.8%	−14.0%	−7.4%	18.4%	1.2%
Current ratio	0.80	1.00	1.23	0.70	0.89	0.78	1.00	1.44
Debt to equity	153.7%	144.0%	131.7%	116.6%	139.2%	119.3%	110.4%	128.4%
SG&A as % of revenue	41.1%	24.5%	20.5%	34.5%	40.7%	25.0%	20.8%	36.9%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

1 of 7 checks passed · June 30, 2026

What it owns · $15.6bn

Short-term assets $2.3bnLonger-term assets $13.4bn

What it owes, and who funded it · $15.6bn

Short-term liabilities $1.6bnLonger-term liabilities $8.8bnShareholders' equity $5.2bn

Short-term assets cover short-term liabilities $2.3bn of assets due within a year against $1.6bn of liabilities due within a year.
Short-term assets cover long-term liabilities $2.3bn short-term assets against $8.8bn of longer-dated liabilities.
More cash than debt $476m of cash against $6.7bn of debt.
Debt below 40% of shareholders' equity Debt is 128% of equity.
Debt burden no higher than five years ago Debt to equity moved from 120% to 128% over five years.
A year's operating cash flow covers at least 20% of debt $1.1bn of operating cash flow against $6.7bn of debt.
Operating profit covers interest at least five times over Operating income of $1.2bn against $437m of interest.

From UGI Corp's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

35 /100

Weak moat

How hard UGI's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 3 / 20

Net income has been a median 3.4% of total assets over 10 years.
Durability 3 / 20

Operating margin has been a median 13.6%; its worst year was -14.6%.
Cash conversion 12 / 20

Free cash flow was positive in 9 of 10 years, at a median 5.7% of revenue.
Discipline 10 / 20

The diluted share count rose 5.5% over five years.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

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Figures from UGI Corp's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to UGI Corp.