The business behind the dividend
| Measure | UGI | Median | Formula |
|---|---|---|---|
| Return on equity | 14.2% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | 9.7% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $402.00m | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $390.00m | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | 15.5% | 15.0% | Operating income ÷ revenue |
| Net margin | 9.5% | 10.2% | Net income ÷ revenue |
| Debt to equity | 1.39x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | 2.69x | 4.43x | Operating income ÷ interest expense |
| Current ratio | 0.89x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 1.81x | 1.78x | Operating cash flow ÷ net income |
Not computed here: Long-term debt to working capital — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 14.2% | 6.2% | -34.2% | 17.7% | 26.6% | 12.9% | 6.7% | 19.5% | 13.8% | 12.8% | 12.9% |
| Return on capital employed | 9.7% | 7.0% | -13.1% | 13.1% | 19.6% | 9.7% | 6.4% | 13.6% | 13.8% | 14.9% | 9.7% |
| Operating margin | 15.5% | 10.9% | -16.5% | 16.7% | 32.0% | 15.2% | 8.6% | 13.9% | 16.5% | 17.4% | 15.2% |
| Net margin | 9.5% | 3.8% | -17.1% | 10.8% | 20.0% | 8.2% | 3.6% | 9.4% | 7.1% | 6.4% | 7.1% |
| Debt to equity | 1.39x | 1.54x | 1.50x | 1.09x | 1.17x | 1.46x | 1.52x | 1.13x | 1.32x | 1.33x | 1.33x |
| Current ratio | 0.89x | 0.80x | 0.90x | 1.56x | 1.42x | 0.88x | 0.77x | 1.09x | 1.00x | 0.99x | 0.90x |
| Cash conversion | 1.81x | 4.39x | — | 0.67x | 1.01x | 2.07x | 4.21x | 1.51x | 2.21x | 2.66x | 2.07x |
How it compares in utilities
Among the 57 utilities companies here measured on GAAP earnings, UGI pays out less than 43 of them. The median for that group is 61.5%, against this company’s 48.5%.
Closest on GAAP earnings
- Targa Resources (TRGP) 44.2%
- Chesapeake Utilities (CPK) 45.1%
- Atmos Energy (ATO) 46.6%
- Ameren (AEE) 53.1%
Same sector and same denominator, so the figures are comparable. All 58 in utilities →