National Fuel Gas vs UGI
UGI reported revenue of $7.3 billion in fiscal 2025, 3.2 times National Fuel Gas' $2.3 billion in fiscal 2025. National Fuel Gas' revenue grew 17.1% in its latest year, and UGI's grew 1.1%. National Fuel Gas had an operating margin of 35.7%, against 15.2% at UGI. Free cash flow was $187 million at National Fuel Gas and $390 million at UGI.
Side by side
| National Fuel Gas | UGI | |
|---|---|---|
| Latest fiscal year | FY2025, Sep 30, 2025 | FY2025, Sep 30, 2025 |
| Revenue | $2.3B | $7.3B |
| Revenue growth | 17.1% | 1.1% |
| Revenue growth a year, last 5 years | 8.1% | 2.1% |
| Gross margin | — | — |
| Operating margin | 35.7% | 15.2% |
| Net margin | 22.8% | 9.3% |
| Free cash flow | $187M | $390M |
| Free cash flow margin | 8.2% | 5.3% |
| Return on capital | 10.6% | 9.8% |
| Net debt to EBITDA | 2.2x | 3.8x |
| Dividends and buybacks | $243M | $355M |
| Change in diluted share count | −1.2% | 1.8% |
| Last close | $81.68 | $39.11 |
| P/E at the last close | 11.4× | 13.1× |
| Insider trades, last 12 months | — | sold $3.6 million |
| Piotroski F-score | 8 of 8 | 7 of 8 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
National Fuel GasUGI
Operating margin
Percent of revenue
National Fuel GasUGI
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
National Fuel GasUGI
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the National Fuel Gas and UGI pages.