Forensic Analysis · Combined Gas & Other Services · as of Nov 9, 2026
UGI Corp /Pa/ (UGI)
A forensic read on UGI Corp /Pa/ built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Clean
Earnings quality
5
Forensic signals
14.9%
ROE
1.1%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
UGI Corp /Pa/ earns a C (Mixed — selective) forensic quality grade. 5 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
7.6%
FY2025
Return on invested capital.Return on invested capital is 7.6% in the latest fiscal year and rising across FY2023–FY2025 from -8.8%. After-tax operating profit was ($1.1B) in FY2023 and $996M in FY2025, with operating income at -16.2% of revenue in FY2023, 10.7% in FY2024 and 15.2% in FY2025. The capital base behind it went from $12.9B in FY2023 to $13.2B in FY2025 (+2%), while the revenue it carried went from $8.9B to $7.3B. FY2023's operating profit carried a $656M goodwill write-off that alone took about 4.0 points off that year's return, so about 4.0 of the 16.4-point rise across FY2023–FY2025 is that charge leaving the base year rather than the capital earning more. FY2024's operating profit carried a $195M goodwill write-off that alone took about 1.2 points off that year's return; FY2024 sits between the two ends of FY2023–FY2025, so the charge shapes the path between them without moving the change across it. A non-cash write-down lowers the reported return in the year it lands.
+2.2%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +4% over the last 2 years to FY2025 (+2.2%/yr). The count is growing — 209.8M shares in FY2023, 219.2M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~2.2% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~4%.
0.2% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 0.2% of revenue and 5% of free cash flow in FY2025 — about $0.08 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 2.2% a year across FY2023–FY2025, and the rate is falling. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
91% of FCF
FY2025
Shareholder returns.Returned $355M to shareholders (buybacks + dividends) in FY2025 — 91% of free cash flow. Right at the limit of what free cash flow covers — little room before it's funded by debt or the balance sheet. That ratio has actually been EASING, not tightening further — down from ~248% of free cash flow two years back. Counting the $18M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 96%.
$851M
FY2023–FY2024
Goodwill impairments.Took $851M of goodwill writedowns across 2 years (FY2023 ($656M), FY2024 ($195M)). Writedowns mean past acquisitions underperformed what was paid for them.
Key fundamentals
Latest Revenue$7.29B
Revenue Growth YoY+1.1%
Revenue CAGR (2yr)-9.7%
Net Margin9.3%
Free Cash Flow$390.0M
Return on Equity14.9%
Debt / Equity1.39x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from UGI Corp /Pa/'s actual 10-K/10-Q/8-K filings?