UGI
UGINYSEUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $37.54 Prior regular-session close from the quote source.
- $37.07–$37.52 Regular-session low and high so far today.
- 906.4K Regular-session shares traded · Nov 11, 4:00 PM ET.
- Not yet confirmed The company has not confirmed its next report date. Reported quarters are available in the chart’s Earnings view.
- $31.65–$41.34 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own UGI if Own UGI as a repair-and-cash-flow story: the upside depends on FY2025 profitability proving durable and cash flow being used to strengthen the balance sheet rather than fund risky expansion.
UGI price history
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Investment thesis
What must happen next
Essential gas-service demand and recovery mechanisms keep UGI's cash generation more stable than its reported revenue, so the company continues converting its service base into cash even when commodity-driven sales fluctuate.HoldingMateriality: High
Operating cash flow remains close to or above the FY2025 level in the next annual filing despite only modest revenue growth. This is a load-bearing condition for UGI's investment case.
Watch: Regulators or customers in UGI's gas markets accelerate electrification, conservation, or limits on gas cost recovery, reducing throughput and recovery economics before cash flow rolls over.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Operating cash flow remains close to or above the FY2025 level in the next annual filing despite only modest revenue.
Open source ↗The FY2023 loss was not evidence of a permanently impaired franchise; management's pricing, procurement, hedging, and cost controls keep the Gas & Other Services Combined business profitable through normal commodity swings.HoldingMateriality: High
Operating income stays positive in FY2026 and does not revert toward the FY2023 operating loss. This is a load-bearing condition for UGI's investment case.
Watch: UGI discloses failed hedging, procurement losses, or inability to pass through fuel costs that forces the company to absorb commodity volatility.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Operating income stays positive in FY2026 and does not revert toward the FY2023 operating loss.
Open source ↗Management prioritizes balance-sheet repair over debt-funded growth, using recurring cash generation to reduce obligations and widen the equity cushion.HoldingMateriality: Medium
Liabilities decline from the FY2025 level, or liabilities fall relative to equity in the next annual balance sheet. This is a load-bearing condition for UGI's investment case.
Watch: UGI announces a debt-funded acquisition, unusually large capital program, or regulatory obligation that materially increases borrowing before earnings benefits are visible.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Liabilities decline from the FY2025 level, or liabilities fall relative to equity in the next annual balance sheet.
Open source ↗UGI has enough internal liquidity to handle working-capital and seasonal commodity swings without issuing distressed equity or relying on emergency financing.HoldingMateriality: Medium
Cash remains stable or increases at fiscal year end, with no disclosure of emergency financing tied to commodity or collateral pressure. This is a load-bearing condition for UGI's investment case.
Watch: A natural-gas price spike, collateral call, or supplier-credit tightening forces UGI to draw emergency credit or issue equity.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Cash remains stable or increases at fiscal year end, with no disclosure of emergency financing tied to commodity or collateral.
Open source ↗Shareholders are paid for normalized recurring service earnings, not for a one-year accounting rebound; EPS should remain positive because the earnings mix becomes less dependent on volatile mark-to-market or impairment reversals.HoldingMateriality: Medium
Diluted EPS remains positive in FY2026 without a new large loss after the FY2025 rebound. This is a load-bearing condition for UGI's investment case.
Watch: UGI discloses that the FY2025 EPS recovery was mainly nonrecurring, mark-to-market, impairment-related, or otherwise not tied to recurring gas-service economics.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Diluted EPS remains positive in FY2026 without a new large loss after the FY2025 rebound.
Open source ↗
Full investment case & evidence
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Original research
Essential gas-service demand and recovery mechanisms keep UGI's cash generation more stable than its reported revenue, so the company continues converting its service base into cash even when commodity-driven sales fluctuate. This is a load-bearing condition for UGI's investment case.
The FY2023 loss was not evidence of a permanently impaired franchise; management's pricing, procurement, hedging, and cost controls keep the Gas & Other Services Combined business profitable through normal commodity swings. This is a load-bearing condition for UGI's investment case.
Management prioritizes balance-sheet repair over debt-funded growth, using recurring cash generation to reduce obligations and widen the equity cushion. This is a load-bearing condition for UGI's investment case.
UGI has enough internal liquidity to handle working-capital and seasonal commodity swings without issuing distressed equity or relying on emergency financing. This is a load-bearing condition for UGI's investment case.
Shareholders are paid for normalized recurring service earnings, not for a one-year accounting rebound; EPS should remain positive because the earnings mix becomes less dependent on volatile mark-to-market or impairment reversals. This is a load-bearing condition for UGI's investment case.
All standing thesis claims
Original report summary
Own UGI as a repair-and-cash-flow story: the upside depends on FY2025 profitability proving durable and cash flow being used to strengthen the balance sheet rather than fund risky expansion.
Bull case and bear case
Bull case and bear case for UGI
Where the evidence on UGI stands: Holding on the latest evidence (Nov 7, 2026). Of its 5 thesis points, 5 holding.
Bull case: what the evidence supports
Essential gas-service demand and recovery mechanisms keep UGI's cash generation more stable than its reported revenue, so the company continues converting its service base into cash even when commodity-driven sales fluctuate.
The FY2023 loss was not evidence of a permanently impaired franchise; management's pricing, procurement, hedging, and cost controls keep the Gas & Other Services Combined business profitable through normal commodity swings.
Management prioritizes balance-sheet repair over debt-funded growth, using recurring cash generation to reduce obligations and widen the equity cushion.
UGI has enough internal liquidity to handle working-capital and seasonal commodity swings without issuing distressed equity or relying on emergency financing.
Shareholders are paid for normalized recurring service earnings, not for a one-year accounting rebound; EPS should remain positive because the earnings mix becomes less dependent on volatile mark-to-market or impairment reversals.
Bear case: what would count against it
Regulators or customers in UGI's gas markets accelerate electrification, conservation, or limits on gas cost recovery, reducing throughput and recovery economics before cash flow rolls over.
UGI discloses failed hedging, procurement losses, or inability to pass through fuel costs that forces the company to absorb commodity volatility.
UGI announces a debt-funded acquisition, unusually large capital program, or regulatory obligation that materially increases borrowing before earnings benefits are visible.
Thesis-Break Engine
Thesis-break watch · UGI
No break has crossed UGI’s thesis. Its break conditions are checked against every new filing as it lands.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedEntered a material definitive agreement.
UGI filed an SEC 8-K on 2026-11-02: Entered a material definitive agreement. It is a dated development that tests the current thesis.
- MixedEntered a material definitive agreement.
UGI filed an SEC 8-K on 2026-10-22: Entered a material definitive agreement. It is a dated development that tests the current thesis.
- MixedEntered a material definitive agreement.
UGI filed an SEC 8-K on 2026-10-02: Entered a material definitive agreement. It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Regulators or customers in UGI's gas markets accelerate electrification, conservation, or limits on gas cost recovery, reducing throughput and recovery economics before cash flow rolls over.
- UGI discloses failed hedging, procurement losses, or inability to pass through fuel costs that forces the company to absorb commodity volatility.
- UGI announces a debt-funded acquisition, unusually large capital program, or regulatory obligation that materially increases borrowing before earnings benefits are visible.
- A natural-gas price spike, collateral call, or supplier-credit tightening forces UGI to draw emergency credit or issue equity.
- UGI discloses that the FY2025 EPS recovery was mainly nonrecurring, mark-to-market, impairment-related, or otherwise not tied to recurring gas-service economics.
UGI news
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Financial statements
UGI income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
UGI: quick answers
- What is UGI's short interest?
- As of October 30, 2026, 12.6M UGI shares were sold short, 5.87% of its shares outstanding, down 0.1% from the count before. At the stock's average daily volume that is 9.1 days to cover. FINRA publishes the count twice a month. UGI short interest history
- Have members of Congress traded UGI?
- 5 trades in UGI have been disclosed under the STOCK Act by members of Congress, the President or senior officials, none in reports made public in the last 90 days. Every disclosed UGI trade
- Which well-known investors own UGI?
- 2 of the 37 well-known funds tracked here reported UGI shares in their latest 13F filings. By share of the fund's portfolio: Miller Value Partners (Bill Miller), 1.0%; Bridgewater Associates (Ray Dalio), 0.0%. Fund portfolios
UGI in well-known investors’ portfolios
2 of 37 funds reported UGI shares in their latest 13F filing. A 13F shows quarter-end positions and arrives up to 45 days later.
| Fund | Of its portfolio | Value | Change | Quarter |
|---|---|---|---|---|
| Bill MillerMiller Value Partners | 0.99% | $4.2M | No change | Q2 2026 |
| Ray DalioBridgewater Associates | 0.03% | $7.1M | +141.9% | Q2 2026 |