Spire
SR · Gas Utilities
$85.24
0.4%UGI
UGI · Gas Utilities
$38.49
0.3%The short version
- UGI is the larger business, with $7.3B of revenue in fiscal 2025 against $2.5B for Spire, about 2.9 times as much.
- UGI grew revenue faster (1.1%, against −4.5%).
- Spire kept more of each dollar of sales as operating profit (21.2% operating margin, against 15.2% operating margin).
- UGI turned more of its sales into free cash flow (5.4% FCF margin, against −13.9% FCF margin).
- UGI earned a higher return on the capital invested in it (9.8%, against 5.2%).
- Investors pay more for each dollar of Spire’s earnings: a P/E of 15.0x against 12.9x for UGI.
| Latest fiscal year | SR · FY25 | UGI · FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.0B | $8.3B |
| Revenue | $2.5B | $7.3B |
| Free cash flow | −$344M | $390M |
| Net income | $272M | $678M |
| Growth | ||
| Revenue growth | −4.5% | 1.1% |
| 5-year growth | 5.9% | 2.1% |
| Share count change | 4.3% | 1.8% |
| Profitability | ||
| Gross margin | 58.8% | — |
| Operating margin | 21.2% | 15.2% |
| Net margin | 11.0% | 9.3% |
| FCF margin | −13.9% | 5.4% |
| Return on capital | 5.2% | 9.8% |
| Return on equity | 8.2% | 14.9% |
| Balance sheet | ||
| Net debt | $5.2B | $6.4B |
| Net debt / EBITDA | 6.3x | 3.8x |
| Dividends and buybacks | $182M | $355M |
| Valuation & quality | ||
| P/E | 15.0x | 12.9x |
| Piotroski F-score | 5 | 7 |
FY16
SR $1.5B
UGI $5.7B
FY17
SR $1.7B
UGI $6.1B
FY18
SR $2.0B
UGI $7.7B
FY19
SR $2.0B
UGI $7.3B
FY20
SR $1.9B
UGI $6.6B
FY21
SR $2.2B
UGI $7.4B
FY22
SR $2.2B
UGI $10.1B
FY23
SR $2.7B
UGI $8.9B
FY24
SR $2.6B
UGI $7.2B
FY25
SR $2.5B
UGI $7.3B
SR
UGI
FY16
SR 18.4%
UGI 17.4%
FY17
SR 19.6%
UGI 16.5%
FY18
SR 15.0%
UGI 13.9%
FY19
SR 15.5%
UGI 8.4%
FY20
SR 11.1%
UGI 15.0%
FY21
SR 20.1%
UGI 31.6%
FY22
SR 18.6%
UGI 16.5%
FY23
SR 15.7%
UGI −16.2%
FY24
SR 18.8%
UGI 10.7%
FY25
SR 21.2%
UGI 15.2%
SR
UGI
FY16
SR $35.0M
UGI $406M
FY17
SR −$150M
UGI $326M
FY18
SR −$42.8M
UGI $511M
FY19
SR −$372M
UGI $373M
FY20
SR −$169M
UGI $447M
FY21
SR −$375M
UGI $791M
FY22
SR −$497M
UGI −$88.0M
FY23
SR −$222M
UGI $133M
FY24
SR $51.1M
UGI $386M
FY25
SR −$344M
UGI $390M
SR
UGI
FY16
SR 4.9%
UGI 9.6%
FY17
SR 5.0%
UGI —
FY18
SR 6.0%
UGI —
FY19
SR —
UGI 5.6%
FY20
SR —
UGI 8.2%
FY21
SR 10.1%
UGI 16.5%
FY22
SR 6.7%
UGI 11.0%
FY23
SR 5.2%
UGI −9.9%
FY24
SR 5.1%
UGI 5.6%
FY25
SR 5.2%
UGI 9.8%
SR
UGI
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.