UGI Research | Milton Maxwell

UGI

UGI Corporation

38.13

-0.06-0.16%

Dec 16, 4:00:02 PM EST

Upcoming Earnings

Report date

≈ Feb 4, 2026

Earnings Call Transcripts

This Quarter (Q4 '25)

No earnings call transcript available yet

Last Quarter (Q3 '25)

FY Q4 '25

Low double-digit growth affirmed; AmeriGas delevering detailed.

11/20/25Nov 20, 2025

Q&A fleshed out UGI's FY26 guidance with low double-digit growth across all segments, spotlighting AmeriGas' path to sub-4.5x leverage through EBIT expansion and $200M+ delevering. NDAs on Pennsylvania nat gas projects now top 50, with some advancing amid regional boom. Tax outlook normalizes without prior ITC windfalls, just modest PTCs ahead. Management sidestepped electric utility sale rumors but affirmed ongoing portfolio tweaks. AmeriGas transformation delivers. Investors eye intrinsic value unlocks.

Key Stats

Market Cap

8.20B

P/E (TTM)

12.34

Basic EPS (TTM)

3.09

Dividend Yield

0.04%

Recent Filings

8-K

UGI beats FY25 EPS guidance

11/21/25Nov 21, 2025

UGI Corporation reported fiscal 2025 GAAP net income of $678 million and adjusted diluted EPS of $3.32, up from $3.06 prior year, driven by AmeriGas Propane's 17% EBIT surge to $166 million and steady Utilities performance despite warmer weather. Reportable segments EBIT held flat at $1,176 million. Management issued FY26 adjusted diluted EPS guidance of $2.90-$3.15, targeting 5-7% growth through FY29. Balance sheet strengthened to 3.9x leverage.

10-K

FY2025 results

11/21/25Nov 21, 2025

UGI Corporation's FY2025 results showed adjusted net income of $728M ($3.32/share), up from $658M ($3.06/share) in FY2024, driven by colder weather boosting volumes across segments yet tempered by portfolio shifts. Utilities held steady at $237M adjusted earnings as 10% higher core market throughput (102 Bcf) offset rising expenses; Midstream & Marketing rose to $269M on tax credits despite softer margins; UGI International dipped to $242M with 4% lower LPG retail gallons (698M) amid divestitures in Italy and Austria; AmeriGas Propane swung to $36M profit on higher unit margins and cost cuts, despite 1% volume drop. Q4 accelerated with colder temps (6-12% vs prior year), but net income included $38M disposal losses. Debt stands at $7.1B; $1.6B liquidity. Warmer winters threaten heating demand.

8-K

Credit amendment eases covenants

11/14/25Nov 14, 2025

UGI subsidiary AmeriGas Propane amended its revolving credit agreement on November 10, 2025, tweaking the Fixed Charge Coverage Ratio to exclude up to $200M in dividends to MLP for FY2026 (carryforward allowed to FY2027's $100M limit) and adding Section 7.7(f) permitting such payouts if proceeds fund MLP's Senior Note or approved debt repayments under strict conditions like 1.10x FCCR and 20% availability. This eases covenant pressure. Distributions require prior notice and certificates.

8-K

UGI extends receivables facility

10/22/25Oct 22, 2025

UGI Corporation's subsidiary UGI Energy Services extended its receivables purchase agreement with PNC Bank on October 17, 2025, pushing the facility termination date to October 16, 2026, while shifting monthly settlements to the 21st. This one-year renewal bolsters liquidity for ongoing operations, securing funding against trade receivables without altering core terms. Yet, early termination risks persist on events like nonpayment or control changes.

8-K

UGI adds $300M revolving facility

8/12/25Aug 12, 2025

UGI Corporation secured a $300 million senior secured revolving credit facility on August 6, 2025, maturing August 5, 2026, with an optional one-year extension via conversion to term loans. This bolsters liquidity for potential cash payouts tied to converting its 2028 Notes, secured by equity in material subsidiaries excluding UGI Utilities and Mountaintop Energy. Interest floats on Term SOFR plus 2.125%-3.00% or Alternate Base Rate plus 1.125%-2.00%, based on leverage. Short-term funding, yet tied to convertible debt dynamics.

About

UGI Corporation, together with its subsidiaries, engages in the distribution, storage, transportation, and marketing of energy products and related services in the United States and internationally. The company operates through four segments: Utilities, Midstream & Marketing, UGI International, and AmeriGas Propane. It distributes propane to approximately 801 million residential, commercial/industrial, motor fuel, agricultural, and wholesale customers. The company distributes liquefied petroleum gases (LPG) to residential, commercial, industrial, agricultural, wholesale and automobile fuel customers; and provides logistics, storage, and other services to third-party LPG distributors. In addition, it engages in the retail sale of natural gas, liquid fuels, and electricity to approximately 10,800 residential, commercial, and industrial customers. Further, the company distributes natural gas to approximately 694,000 customers in eastern and central Pennsylvania counties through its distribution system of approximately 12,700 miles of gas mains; and supplies electricity to approximately 62,900 customers in northeastern Pennsylvania through 2,700 miles of lines and 14 substations. Additionally, it operates electric generation facilities; natural gas liquefaction, storage, and vaporization facility; propane storage and propane-air mixing stations; and rail transshipment terminals. It manages natural gas pipeline and storage contracts; develops, owns, and operates pipelines, gathering infrastructure, and gas storage facilities. UGI Corporation was incorporated in 1882 and is headquartered in King of Prussia, Pennsylvania.

CEO

Mr. Sean P. O'Brien CPA

IPO

2/21/1973

Website

https://www.ugicorp.com

Sector

Utilities

Industry

Utilities - Regulated Gas