One Gas vs UGI
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The short version
- UGI is the larger business, with $7.3B of revenue in fiscal 2025 against $2.4B for One Gas, about 3.0 times as much.
- One Gas grew revenue faster (16.5%, against 1.1%).
- One Gas kept more of each dollar of sales as operating profit (18.9% operating margin, against 15.2%).
- UGI turned more of its sales into free cash flow (5.4% FCF margin, against −5.3%).
- UGI earned a higher return on the capital invested in it (9.8%, against 6.2%).
- Investors pay more for each dollar of One Gas’s earnings: a P/E of 16.8x against 12.9x for UGI.
| Latest fiscal year | OGS · FY25 | UGI · FY25 |
|---|---|---|
| Size | ||
| Market cap | $4.9B | $8.3B |
| Revenue | $2.4B | $7.3B |
| Free cash flow | −$128M | $390M |
| Net income | $264M | $678M |
| Growth | ||
| Revenue growth | 16.5% | 1.1% |
| 5-year growth | 9.7% | 2.1% |
| Share count change | 6.1% | 1.8% |
| Profitability | ||
| Gross margin | 58.9% | — |
| Operating margin | 18.9% | 15.2% |
| Net margin | 10.9% | 9.3% |
| FCF margin | −5.3% | 5.4% |
| Return on capital | 6.2% | 9.8% |
| Return on equity | 8.1% | 14.9% |
| Balance sheet | ||
| Net debt | $3.4B | $6.4B |
| Net debt / EBITDA | — | 3.8x |
| Dividends and buybacks | $161M | $355M |
| Valuation & quality | ||
| P/E | 16.8x | 12.9x |
| Piotroski F-score | 5 | 7 |
Revenue
FY16
OGS $1.4B
UGI $5.7B
FY17
OGS $1.5B
UGI $6.1B
FY18
OGS $1.6B
UGI $7.7B
FY19
OGS $1.7B
UGI $7.3B
FY20
OGS $1.5B
UGI $6.6B
FY21
OGS $1.8B
UGI $7.4B
FY22
OGS $2.6B
UGI $10.1B
FY23
OGS $2.4B
UGI $8.9B
FY24
OGS $2.1B
UGI $7.2B
FY25
OGS $2.4B
UGI $7.3B
OGS
UGI
Operating margin
FY16
OGS 20.3%
UGI 17.4%
FY17
OGS 20.6%
UGI 16.5%
FY18
OGS 17.7%
UGI 13.9%
FY19
OGS 17.9%
UGI 8.4%
FY20
OGS 19.8%
UGI 15.0%
FY21
OGS 17.2%
UGI 31.6%
FY22
OGS 13.6%
UGI 16.5%
FY23
OGS 15.9%
UGI −16.2%
FY24
OGS 19.2%
UGI 10.7%
FY25
OGS 18.9%
UGI 15.2%
OGS
UGI
Free cash flow
FY16
OGS −$18.5M
UGI $406M
FY17
OGS −$103M
UGI $326M
FY18
OGS $73.2M
UGI $511M
FY19
OGS −$107M
UGI $373M
FY20
OGS −$107M
UGI $447M
FY21
OGS −$2.0B
UGI $791M
FY22
OGS $961M
UGI −$88.0M
FY23
OGS $273M
UGI $133M
FY24
OGS −$335M
UGI $386M
FY25
OGS −$128M
UGI $390M
OGS
UGI
Return on capital
FY16
OGS 5.9%
UGI 9.6%
FY17
OGS 6.5%
UGI —
FY18
OGS 6.8%
UGI —
FY19
OGS 7.1%
UGI 5.6%
FY20
OGS 6.9%
UGI 8.2%
FY21
OGS 5.3%
UGI 16.5%
FY22
OGS 5.1%
UGI 11.0%
FY23
OGS 5.9%
UGI −9.9%
FY24
OGS 6.2%
UGI 5.6%
FY25
OGS 6.2%
UGI 9.8%
OGS
UGI
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.