Spire Inc. (SR) vs UGI Corporation (UGI)

Spire Inc. and UGI Corporation are both Utilities Regulated Gas companies. UGI Corporation is the larger, with a market value of $7.9B against $4.6B — 1.7× the size. Spire Inc. trades at the lower P/E: 8.7× against 11.9×. Spire Inc. grew revenue faster over the last twelve months: 17.0% against −0.49%. Spire Inc. has the higher net margin (19.8% vs 9.20%) and the lower return on invested capital (3.76% vs 6.28%). Both pay a dividend; Spire Inc. yields more (4.21% vs 4.04%). Across the 22 metrics below, Spire Inc. leads on 11 and UGI Corporation on 11.

Valuation

Metric SR UGI Utilities Regulated Gas median
P/E 8.72 11.90 16.06
P/S 1.73 1.09 2.12
P/B 1.29 1.53 1.53
Price to free cash flow n/m 19.82 —
EV/EBITDA 11.57 8.32 11.73
EV/Sales 3.95 1.99 3.56
Earnings yield 11.46% 8.41% 6.16%
Free cash flow yield (4.81%) 5.04% (5.29%)

Profitability

Metric SR UGI Utilities Regulated Gas median
Gross margin 65.44% 51.34% 63.14%
Operating margin 21.47% 16.19% 21.47%
Net margin 19.81% 9.20% 13.00%
Free cash flow margin (8.30%) 5.51% (13.27%)
Return on equity 15.57% 13.28% 9.47%
Return on assets 4.17% 4.33% 3.80%
Return on invested capital 3.76% 6.28% 4.29%

Growth

Metric SR UGI Utilities Regulated Gas median
Revenue growth (TTM) 16.97% (0.49%) 6.36%
EPS growth (last fiscal year) 4.30% 147.20% 14.04%
Revenue growth, 5-year CAGR 5.94% 2.13% 6.36%
Net income growth, 5-year CAGR 28.34% 4.97% 8.10%

Health

Metric SR UGI Utilities Regulated Gas median
Debt to equity 1.67 1.35 1.22
Current ratio 0.37 1.44 0.78
Net debt to EBITDA 4.68 4.06 4.68

Dividend

Metric SR UGI Utilities Regulated Gas median
Dividend yield 4.21% 4.04% 3.74%
Payout ratio 0.37 0.50 0.58

Size

Metric SR UGI Utilities Regulated Gas median
Market cap 4.61b 7.92b 4.55b

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