Ugi Corp /Pa/ (UGI) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Forensic Analysis · Utilities · as of Sep 24, 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
Grey Zone
Financial health
1.9
Distress distance
Clean
Earnings quality
4
Forensic signals
13.5
P / E (ttm)
14.2%
ROE
$7.9B
Market cap
6.84%
Dividend yield
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 (red flags, auditor quality, say on pay, board independence, going concern, valuation). 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, and its balance-sheet distress test reads 1.9, placing it in the Grey zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
7.5%
FY2025
Return on invested capital.Return on invested capital is 7.5% in the latest fiscal year, against 13% in FY2021, having run between -8.8% and 12.7% across FY2021–FY2025 with no direction held — within 1.0 points of the ~6% cost of capital we hold this sector to, so the capital deployed to date has been roughly value-neutral. The capital base behind it barely moved across FY2021–FY2025 ($13.7B to $13.3B, -3%), so there has been little new capital for that return to be earned on.
+0.5%/yr
FY2022–FY2025
Share count.Diluted share count changed +2% over the last 3 years to FY2025 (+0.5%/yr). Roughly flat — buybacks ($33M) are about offsetting stock comp ($18M), not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.
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 been CLIMBING toward the limit — 36% of free cash flow a few years back — not just sitting there. 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%
Net Margin9.3%
Free Cash Flow$390.0M
Return on Equity14.2%
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?