UGIUGI CORP /PA/

Gas & Other Services Combined

Revenue: $7.1B; 1.4% YoY
Operating margin: 15.5%; 42% YoY
EBITDA: $1.7B; 26% YoY
Market cap: $4.4B
Employees: 1,590; $4M revenue each
Net debt / EBITDA: 3.7×; $6.2B net debt
AI in 10-K: 0.1; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
181% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
29% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
18% of assets
Over 40% of assets
Shareholder dissentNo
95% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$4M · 77th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.1 per 10K words · 8th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
3.7× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$4.4B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$4M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$7.3B	$10.0B	$8.8B	$7.0B	$7.1B	1.4%
Operating income	$2.4B	$1.7B	−$1.4B	$770M	$1.1B	44%
Net income	$1.5B	$1.1B	−$1.5B	$269M	$678M	152%
Operating cash flow	$1.5B	$716M	$1.1B	$1.2B	$1.2B	3.8%
Capex	$690M	$804M	$974M	$796M	$837M	5.2%
Stock-based comp	$21M	$15M	$17M	$8M	$18M	125%
Buybacks	$0	$38M	$22M	$0	$33M
Dividends	$282M	$296M	$308M	$318M	$322M	1.3%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $4M · 7
Net: −$4M

Pay vs performance

No pay-versus-performance disclosure yet.