KKR seeks to acquire UGI Corporation for $9 billion. KKR's proposed $9 billion acquisition would transform UGI ownership and direction.
| Nov 25 | Feb 26 | May 26 | Aug 26 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Buy | — | — | — | — | — | — | — | — | — | — | — | — |
| Sell | — | 2 | 2 | — | 1 | — | — | — | 1 | — | — | — |
| total | individual payouts | |
|---|---|---|
| 2028 | ‡‡‡ |
|
| 2027 | ‡‡‡‡ |
|
| 2026 | 1.50 |
—
—
—
|
| 2025 | 1.50 |
—
—
—
—
|
| 2024 | 1.50 |
—
—
—
—
|
| 2023 | 1.49 |
—
—
—
—
|
| 2022 | 1.43 |
—
—
—
—
|
| 2021 | 1.37 |
—
—
—
—
|
| 2020 | 1.32 |
—
—
—
—
|
| 2019 | 1.21 |
—
—
—
—
|
| 2018 | 1.03 |
—
—
—
—
|
| 2017 | 0.99 |
—
—
—
—
|
| 2016 | 0.94 |
—
—
—
—
|
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Cash | 340.00 | 228.00 | 355.00 | 523.00 |
| Receivables | 914.00 | 765.00 | 755.00 | 810.00 |
| Inventory | 433.00 | 411.00 | 385.00 | 352.00 |
| Other | 235.00 | 134.00 | 169.00 | 411.00 |
| 2,045.00 | 1,651.00 | 1,766.00 | 2,274.00 |
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Payables | 613.00 | 544.00 | 511.00 | 433.00 |
| ST’ Debt | 706.00 | 700.00 | 603.00 | 354.00 |
| Other | 813.00 | 620.00 | 664.00 | 793.00 |
| 2,274.00 | 2,060.00 | 1,981.00 | 1,580.00 |
| 10y | 5y | 3y | |
| Sales | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Cash Flow | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Earnings | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Book Value | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Dec | Mar | Jun | Sep | Year | |
|---|---|---|---|---|---|
| ’26 | 2,083.00 | 2,685.00 | 1,331.00 | — |
—
|
| ’25 | 2,030.00 | 2,666.00 | 1,394.00 | 1,197.00 |
7,287.00
|
| ’24 | 2,121.00 | 2,467.00 | 1,380.00 | 1,242.00 |
7,210.00
|
| ’23 | 2,759.00 | 3,106.00 | 1,659.00 | 1,404.00 |
8,928.00
|
| ’22 | 2,673.00 | 3,466.00 | 2,033.00 | 1,934.00 |
10,106.00
|
| ’21 | 1,932.00 | 2,581.00 | 1,496.00 | 1,438.00 |
7,447.00
|
| ’20 | 2,007.00 | 2,229.00 | 1,199.00 | 1,124.00 |
6,559.00
|
| Dec | Mar | Jun | Sep | Year | |
|---|---|---|---|---|---|
| ’26 | 66.00 | 664.00 | 242.00 | — |
—
|
| ’25 | 164.00 | 684.00 | 289.00 | 90.00 |
1,227.00
|
| ’24 | 119.00 | 522.00 | 390.00 | 151.00 |
1,182.00
|
| ’23 | (240.00) | 664.00 | 433.00 | 250.00 |
1,107.00
|
| ’22 | (594.00) | 994.00 | 448.00 | (132.00) |
716.00
|
| ’21 | 151.00 | 495.00 | 401.00 | 434.00 |
1,481.00
|
| ’20 | 118.00 | 444.00 | 401.00 | 139.00 |
1,102.00
|
| Dec | Mar | Jun | Sep | Year | |
|---|---|---|---|---|---|
| ’26 | (77.00) | 514.00 | 70.00 | — |
—
|
| ’25 | (43.00) | 547.00 | 161.00 | (105.00) |
560.00
|
| ’24 | (27.00) | 362.00 | 208.00 | (64.00) |
479.00
|
| ’23 | (450.00) | 460.00 | 174.00 | (21.00) |
163.00
|
| ’22 | (780.00) | 825.00 | 252.00 | (341.00) |
(44.00)
|
| ’21 | (36.00) | 378.00 | 245.00 | 243.00 |
830.00
|
| ’20 | (64.00) | 284.00 | 272.00 | (45.00) |
447.00
|
| Dec | Mar | Jun | Sep | Year | |
|---|---|---|---|---|---|
| ’26 | 1.34 | 2.33 | (0.62) | — |
—
|
| ’25 | 1.74 | 2.19 | (0.76) | (0.06) |
3.09
|
| ’24 | 0.44 | 2.30 | (0.23) | (1.27) |
1.25
|
| ’23 | (4.54) | 0.51 | (3.76) | 0.61 |
(7.16)
|
| ’22 | (0.46) | 4.32 | (0.03) | 1.13 |
4.97
|
| ’21 | 1.44 | 2.33 | 0.71 | 2.43 |
6.92
|
| ’20 | 1.00 | 1.07 | 0.41 | 0.04 |
2.54
|
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 31.19 | 20.19 | 21.68 | 27.85 | — | — | — |
Low Price
|
| ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 47.04 | 43.19 | 30.48 | 39.59 | — | — | — |
High Price
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 4,700 | 5,160 | 4,850 | 4,600 | — | — | — |
Employees
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 2.15 | 1.73 | 1.49 | 1.58 | — | — | — |
Revenue/Emp
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 10,106.00 | 8,928.00 | 7,210.00 | 7,287.00 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 40.90% | 22.30% | 51.05% | 49.86% | — | — | — |
Gross Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1,387.00 | (1,837.00) | 340.00 | 696.00 | — | — | — |
EBT
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 13.72% | (20.58%) | 4.72% | 9.55% | ‡‡‡ | ‡‡‡ | ‡‡‡ |
EBT Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1,074.00 | (1,502.00) | 269.00 | 678.00 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Net Income
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 518.00 | 1,188.00 | 746.00 | 561.00 | — | — | — |
Depreciation
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 48.14 | 42.55 | 34.12 | 33.90 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue/Sh
|
| ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | 5.11 | (7.16) | 1.27 | 3.15 | ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ |
Earnings/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 3.41 | 5.28 | 5.59 | 5.71 | — | — | — |
Cash Flow/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (3.62) | (4.50) | (3.33) | (3.10) | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Capex/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (0.21) | 0.78 | 2.27 | 2.61 | — | — | — |
Free CF/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 28.93 | 20.94 | 20.60 | 22.27 | — | — | — |
Book Value/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 209.94 | 209.81 | 211.31 | 214.95 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Shares
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 6.33 | 0.00 | 19.10 | 10.56 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
PE Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.67 | 0.52 | 0.73 | 0.98 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PS Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.15 | 1.09 | 1.21 | 1.49 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PB Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.32 | 1.29 | 1.69 | 1.91 | ‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
EV/Sales
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (302.69) | 70.65 | 25.47 | 24.87 | — | — | — |
EV/FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 716.00 | 1,107.00 | 1,182.00 | 1,227.00 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Op' Cash Flow
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (760.00) | (944.00) | (703.00) | (667.00) | ‡‡‡‡‡ | ‡‡‡‡‡ | — |
Capex
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (44.00) | 163.00 | 479.00 | 560.00 | — | — | — |
FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1,358.00 | (229.00) | (409.00) | (215.00) | — | — | — |
Working Cap'
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 7,000.00 | 7,249.00 | 7,143.00 | 7,134.00 | — | — | — |
Total Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 6,531.00 | 6,909.00 | 6,915.00 | 6,779.00 | — | — | — |
Net Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 6,074.00 | 4,394.00 | 4,354.00 | 4,786.00 | — | — | — |
Sh' Equity
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 6.26% | (9.11%) | 1.76% | 4.44% | — | — | — |
ROA
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 8.26% | (7.98%) | 4.27% | 5.98% | — | — | — |
ROIC
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 19.11% | (29.63%) | 6.27% | 14.84% | — | — | — |
ROE
|
UGI Corporation, a century-old diversified energy player focused on regulated natural gas utilities, propane retailing, and midstream operations, has endured a decade of wild swings—from 2022’s energy crisis boom with revenues hitting $10.1 billion (up 78% from 2016) to 2023’s $1.5 billion net loss driven by AmeriGas impairments and commodity slumps. Now stabilizing post-divestitures and cost cuts (headcount slashed 64% to boost revenue per employee to $1.49 million), the company shows resilient cash flows—operating cash steady above $1 billion annually, free cash flipping to $479 million in 2024—with gross margins rebounding to 51.1% and ROE projected at 14.8% for 2025, well above the 10-year average.
Valuation metrics scream opportunity: forward PE at 10.6 (below historical norms), PS at 0.98, and PB at 1.49, with analyst targets implying 14-16% upside from recent closes, underpinned by dividend sustainability and FCF growth to $560 million in 2025. Yet, bearish insider sells totaling $2.29 million (no buys) and elevated net debt at $6.92 billion flag caution amid deleveraging efforts like the AmeriGas sale.
Forecasts point to modest recovery—revenues to $8.16 billion by 2028 (CAGR ~4%), EPS to $3.57—with parallels to post-crisis utility reratings suggesting low-teens returns for patient investors, despite risks from weather, geopolitics, and propane pressures. Dive into the full analysis for correlated models, historical parallels, and tactical entry points.
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