Spire vs UGI
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KIRA’s take AI analyst
I put Spire and UGI side by side, using each one’s latest annual report. Here is what stands out:
- 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%).
- UGI turned more of its sales into free cash flow (5.4% FCF margin, against −13.9%).
- 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 15.1x against 13.1x for UGI.
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
Spire
SR
3/10
5-year growthOperating marginNet margin
UGI
UGI
7/10
Revenue growthFCF marginReturn on capitalReturn on equityPiotroski F-scoreNet debt / EBITDAShare count change
Side by side
Best in the row
| Latest fiscal year | SR FY25 | UGI FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.1B | $8.4B |
| 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 | 15.1x | 13.1x |
| Piotroski F-score | 5 | 7 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.