UGI Corporation
UGI Utilities Utilities Regulated Gas
UGI Corporation’s revenue for fiscal 2025 (year ended September 2025) was $7.3 billion, up 1.07% from fiscal 2024. In the quarter to June 2026, revenue fell 4.52%, EPS grew 18.4%, free cash flow fell 56.5% and total debt rose 1.37%, each against the same quarter a year earlier. Dividend growth for ten consecutive years, operating cash flow growth for three.
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UGI Corporation (UGI) Altman Z-score
UGI Corporation's Altman Z-score for fiscal 2025 is 1.39, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 1.39 | 0.21 |
| FY2024 | 1.18 | 0.39 |
| FY2023 | 0.79 | (0.93) |
| FY2022 | 1.72 | (0.08) |
| FY2021 | 1.80 | 0.40 |
| FY2020 | 1.39 | (0.11) |
| FY2019 | 1.50 | (0.48) |
| FY2018 | 1.99 | 0.29 |
| FY2017 | 1.69 | (0.01) |
| FY2016 | 1.71 | 0.10 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.01) | — | −0.02 | |
| Retained earnings / total assets | 0.22 | — | 0.30 | |
| EBIT / total assets | 0.07 | — | 0.24 | |
| Market value of equity / total liabilities | 0.67 | — | 0.40 | |
| Sales / total assets | 0.47 | — | 0.47 | |
| Altman Z-score | Distress zone | 1.39 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 1.56 | ||
Z and Z″ put UGI Corporation in different zones: distress zone by Z, grey zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| UGI UGI Corporation | 1.4× |
| CPK Chesapeake Utilities Corporation compare | 1.3× |
| NJR NewJersey Resources Corporation compare | 1.3× |
| MDU MDU Resources Group, Inc. compare | 1.1× |
| SWX Southwest Gas Corporation compare | 1.0× |
| OGS ONE Gas, Inc. compare | 1.0× |
| BKH Black Hills Corporation compare | 1.0× |
| NI NiSource, Inc compare | 0.8× |
| SR Spire Inc. compare | 0.7× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets