National Fuel Gas vs UGI
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The short version
- UGI is the larger business, with $7.3B of revenue in fiscal 2025 against $2.3B for National Fuel Gas, about 3.2 times as much.
- National Fuel Gas grew revenue faster (17.1%, against 1.1%).
- National Fuel Gas kept more of each dollar of sales as operating profit (35.7% operating margin, against 15.2%).
- National Fuel Gas turned more of its sales into free cash flow (8.2% FCF margin, against 5.4%).
- National Fuel Gas earned a higher return on the capital invested in it (10.6%, against 9.8%).
- Investors pay more for each dollar of UGI’s earnings: a P/E of 12.9x against 11.2x for National Fuel Gas.
| Latest fiscal year | NFG · FY25 | UGI · FY25 |
|---|---|---|
| Size | ||
| Market cap | $7.7B | $8.3B |
| Revenue | $2.3B | $7.3B |
| Free cash flow | $187M | $390M |
| Net income | $519M | $678M |
| Growth | ||
| Revenue growth | 17.1% | 1.1% |
| 5-year growth | 8.1% | 2.1% |
| Share count change | −1.2% | 1.8% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 35.7% | 15.2% |
| Net margin | 22.8% | 9.3% |
| FCF margin | 8.2% | 5.4% |
| Return on capital | 10.6% | 9.8% |
| Return on equity | 33.7% | 14.9% |
| Balance sheet | ||
| Net debt | $2.8B | $6.4B |
| Net debt / EBITDA | 2.2x | 3.8x |
| Dividends and buybacks | $243M | $355M |
| Valuation & quality | ||
| P/E | 11.2x | 12.9x |
| Piotroski F-score | 8 | 7 |
Revenue
FY16
NFG $1.5B
UGI $5.7B
FY17
NFG $1.6B
UGI $6.1B
FY18
NFG $1.6B
UGI $7.7B
FY19
NFG $1.7B
UGI $7.3B
FY20
NFG $1.5B
UGI $6.6B
FY21
NFG $1.7B
UGI $7.4B
FY22
NFG $2.2B
UGI $10.1B
FY23
NFG $2.2B
UGI $8.9B
FY24
NFG $1.9B
UGI $7.2B
FY25
NFG $2.3B
UGI $7.3B
NFG
UGI
Operating margin
FY16
NFG −28.7%
UGI 17.4%
FY17
NFG 37.6%
UGI 16.5%
FY18
NFG 32.6%
UGI 13.9%
FY19
NFG 30.2%
UGI 8.4%
FY20
NFG 1.9%
UGI 15.0%
FY21
NFG 36.7%
UGI 31.6%
FY22
NFG 37.3%
UGI 16.5%
FY23
NFG 34.7%
UGI −16.2%
FY24
NFG 10.8%
UGI 10.7%
FY25
NFG 35.7%
UGI 15.2%
NFG
UGI
Free cash flow
FY16
NFG $7.4M
UGI $406M
FY17
NFG $234M
UGI $326M
FY18
NFG $31.3M
UGI $511M
FY19
NFG −$94.5M
UGI $373M
FY20
NFG $24.7M
UGI $447M
FY21
NFG $39.8M
UGI $791M
FY22
NFG $0.7M
UGI −$88.0M
FY23
NFG $227M
UGI $133M
FY24
NFG $135M
UGI $386M
FY25
NFG $187M
UGI $390M
NFG
UGI
Return on capital
FY16
NFG −8.8%
UGI 9.6%
FY17
NFG 10.8%
UGI —
FY18
NFG 14.1%
UGI —
FY19
NFG 9.8%
UGI 5.6%
FY20
NFG 0.5%
UGI 8.2%
FY21
NFG 10.6%
UGI 16.5%
FY22
NFG 14.6%
UGI 11.0%
FY23
NFG 10.9%
UGI −9.9%
FY24
NFG 3.3%
UGI 5.6%
FY25
NFG 10.6%
UGI 9.8%
NFG
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.