UGI CORPORATION (UGI): what the price assumes
boothcheck covers UGI CORPORATION (UGI) but does not put one priced-in number on it: here the defensible answer is the evidence rather than a point estimate. boothcheck publishes no house fair value, target price, or buy/sell rating. Narrative composed 2026-06-28.
Generated: 2026-08-10 · Exported: 2026-08-12 · Source: https://boothcheck.com/report/UGI
Headline
| Field | Value |
|---|---|
| Ticker | UGI |
| Company | UGI CORPORATION |
| Current price | $35.55/sh |
| Composition | Utility - Residential 14% / Utility - Commercial & Industrial 5% / Utility - Large delivery service 3% / Utility - Off-system sales and capacity releases 1% / Utility - Other 0% / LPG - Retail 52% / LPG - Wholesale 3% / Energy Marketing 14% / Midstream - Pipeline 3% / Midstream - Peaking 0% / Midstream - Other 0% / Other (LPG/non-utility) 4% |
What The Price Assumes (Inversion)
The assumption today's price embeds, recovered by inverting the valuation.
| Field | Value |
|---|---|
| Inversion basis | whole-company |
| Multiple paid | 12x operating income |
The price sits below what even a 5%/yr operating-profit decline would warrant; the inversion reports a bound, not a solved growth path.
Solve inputs: computed at a 6.7% cost of capital with 4% terminal growth over a 5-year stage.
Reconcile: at the x-ray's 9.3% required return this reads ~1.3%/yr; the models below use their own rates.
How unusual the bet is: within-range
| Reference | Value |
|---|---|
| vs own history | -0.44σ |
| cohort percentile (of 72 peers) | 7 |
| implied end-window share | 0% |
Valuation X-Ray
The price is supported by asset-based and earnings-power value, while growth-DCF lands below the price. A value/asset-supported name, not a pure growth bet.
How the valuation models price the stock relative to the market price. Price/FV above 1.0 means the market pays more than that lens defends (expensive); at or below 1.0 the lens can defend the price.
| Family | Median price/FV | Models | Reads |
|---|---|---|---|
| Asset | 0.98x | 5 | justifies |
| Earnings | 1.16x | 3 | expensive |
| Relative | — | 0 | — |
| Growth | 1.74x | 3 | expensive |
Families that justify the price: Asset, Earnings Families that call it expensive: Growth
The models below discount at their own flat-beta convention rates (cost of equity 9.3%, WACC 5.8%); the inversion above states its own rate.
Per-Model Detail (n=11)
| Model | Family | FV | Price/FV | Applicable | Methodology |
|---|---|---|---|---|---|
| DCF Perpetual Growth | Growth | $0.00 | — | no | FCF base $0.2B, growth 0% (input: historical growth), terminal g 0.5%, WACC 5.8%, 5yr projection |
| DCF Exit Multiple | Growth | $25.65 | 1.39x | yes | Exit EV/EBITDA: 5.7x / 7.7x / 9.7x (bear / base = today's held flat / bull), 5yr |
| Relative Valuation | Relative | — | — | no | P/E 20x (static sector reference · 2026-04), scenarios: 17.0x / 20.0x / 23.0x (bear / base = reference held flat / bull), EV/EBITDA 13x |
| Simple DDM | Growth | — | — | no | — |
| Two-Stage DDM | Growth | $3.36 | 10.58x | yes | Stage 1: -38% for 5yr, Stage 2: 3.5% perpetual |
| Simple Excess Return | Asset | $32.32 | 1.10x | yes | BV/sh $25.28, ROE (TTM) 11.8%, ke 9.3% |
| Two-Stage Excess Return | Asset | $36.35 | 0.98x | yes | 5yr excess ROE then converge to ke=9.3% |
| Discounted Future Market Cap | Growth | $20.43 | 1.74x | yes | Rev $7.4B, growth 0% (input: historical growth; tapered), Terminal P/S: 0.9x / 1.0x / 1.2x (bear / base = today's held flat / bull, cap 8x) |
| Growth-Adjusted P/E | Relative | — | — | no | — |
| Margin Trajectory | Growth | — | — | no | — |
| Earnings Power Value | Earnings | $35.37 | 1.00x | yes | Normalized EBIT (5y avg op income, one-time charges added back) $1.04B × (1−21%) / WACC 5.8% → EPV (no growth) |
| Residual Income | Asset | $37.16 | 0.96x | yes | BV $25.28 + 5yr PV of (ROE (TTM) 11.8% − Kₑ 9.3%) × BV; BV grows 7.7%/yr |
| Graham Number | Asset | $40.12 | 0.89x | yes | √(22.5 × EPS $2.83 × BVPS $25.28) — Graham's conservative floor |
| EV/EBITDA Relative | Relative | — | — | no | EBITDA $1.70B × sector EV/EBITDA 13.0x |
| FCF Yield | Earnings | $0.01 | 3554.50x | yes | FCF $238.0M / Kₑ 9.3% — zero-growth perpetuity (excluded from median) |
| SBC-Adj FCF Yield | Earnings | — | — | no | — |
| Ben Graham Formula | Earnings | $2.37 | 15.00x | yes | EPS $2.83 × (8.5 + 2×-5.0%) × (4.4 / 5.3%) |
| ROIC-Justified P/B | Asset | $23.76 | 1.50x | yes | BV $25.28 × (ROIC 5.5% / WACC 5.8%) |
| P/Sales Sector | Relative | — | — | no | Revenue $7.36B × sector P/S 2.5x |
| PEG Fair Value | Relative | — | — | no | — |
| Earnings Yield | Earnings | $30.59 | 1.16x | yes | EPS $2.83 / required return 9.3% (Rf 4.3% + ERP 5.0%) |
| Funds From Operations Multiple | Relative | — | — | no | — |
| Clinical Phase NPV | Growth | — | — | no | — |
| Merton | Asset | — | — | no | — |
| V5 Mechanical | — | — | — | no | — |
Economic-Unit Decomposition (Sum Of The Parts)
One or more material disclosed units has unresolved economics. Unknown/general is not evidence of homogeneity: segment SOTP is primary but incomplete, consolidated cash flow may remain only a secondary cross-check when every unit shares an enterprise basis, and one sector multiple or target margin is withheld.
| Unit | Role | Valuation basis | Revenue | Reported profit | Value evidence | Status |
|---|---|---|---|---|---|---|
| Utilities | operating | enterprise | $1.7b | $403.0m operating-income | withheld | unresolved no unit value |
| Midstream & Marketing | operating | enterprise | $1.2b | $293.0m operating-income | withheld | unresolved no unit value |
| UGI International | operating | enterprise | $2.1b | $314.0m operating-income | withheld | unresolved no unit value |
| AmeriGas Propane | operating | enterprise | $2.3b | $166.0m operating-income | withheld | unresolved no unit value |
No total common-equity value is stated. One or more material units lack a supported unit value. The displayed values are an indicative subtotal; consolidated debt and cash cannot be applied to a fraction of the company.
Solvency
| Field | Value |
|---|---|
| Net debt | $6.5b |
| Net debt / NOPAT (after-tax) | 7.24x |
| Net debt / operating income (pre-tax) | 5.70x |
| Interest coverage | 2.6x |
| Share count CAGR (dilution) | 0.8% |
| Burning cash | no |
Bullet Takeaways
- UGI is a mature energy company that is part regulated gas utility, part propane distributor, and part midstream operator, with the regulated Pennsylvania gas utility providing the stable base and AmeriGas propane the part being turned around.
- The near-term story is softer guidance: UGI cut fiscal 2026 adjusted EPS guidance to $2.75 to $2.90 from $2.90 to $3.15, citing delayed Midstream growth investments and lower Appalachian production.
- The risk to weigh is leverage against a slow-growth base: net debt sits near six times operating income, normal for a utility but a real constraint while propane volumes face long-run pressure from conservation and warmer weather.
Bull Case
Read UGI for what stage it is in, because that frames how the numbers should be weighed. This is a mature, income-oriented energy company, not a growth story, and its value rests on a stable regulated base plus a turnaround. The anchor is the Pennsylvania gas utility, which the 10-K describes as serving customers "in eastern and central Pennsylvania and in portions of one Maryland county" alongside the Mountaineer regulated gas business. Regulated utilities earn an allowed return on a growing rate base, and the filing notes the PA Gas Utility is authorized to implement a distribution-system improvement charge once its net property, plant, and equipment reaches roughly $6.2 billion, a regulatory mechanism that lets the utility recover infrastructure investment between rate cases. That is the slow, dependable compounding a mature utility provides.
The numbers a mature company should be judged on are the regulated earnings and the capital-return capacity, and both are intact. Fiscal 2026 second-quarter total reported segment EBIT reached $688 million, driven by higher base rates at the Pennsylvania gas utility and effective margin management in the global LPG businesses despite warmer weather. Year-to-date adjusted EPS of $3.35 shows the core engine is producing. The price is supported by the asset-value and earnings-power methods, which is the correct profile for a regulated, asset-heavy business: you are buying a stream of regulated returns, not a growth multiple.
There is also genuine optionality layered on the utility base. UGI announced a partnership with Prime Data Centers to build major natural gas infrastructure in Pennsylvania's northern tier, positioning the company to serve the surge in data-center power demand, a structural tailwind for gas infrastructure. It agreed to sell its electric division for about $470 million, simplifying toward its core gas and LPG franchises, and the AmeriGas propane turnaround is progressing. A mature company that is pruning non-core assets, investing behind data-center gas demand, and fixing its propane unit is doing the unglamorous work that keeps a regulated business compounding.
Bear Case
The variable with the most leverage on UGI is the combination of structural demand decline and the leverage funding it. The propane and LPG businesses face a slow erosion that the company itself names: the 10-K flags that "energy efficiency and technology advances, as well as price induced customer conservation, may result in reduced demand" for its energy products. Propane is a fuel customers use less of over time as they conserve, switch to natural gas or electricity, and as warmer winters reduce heating demand. The Q2 results already reflected warmer weather, and a business whose volumes drift down structurally has to run hard just to stay flat. The AmeriGas turnaround is an attempt to manage that decline, but a turnaround is an admission that the base business needed fixing.
The leverage is the second exposure, and it is significant. UGI carries net debt of about $6.5 billion, near six times trailing operating income, with interest coverage around 2.6 times. For a regulated utility that level of debt is normal, but it ties the company to the interest-rate environment, and the coverage ratio leaves less cushion than a lower-levered peer. The recent guidance cut, to $2.75 to $2.90 in adjusted EPS from $2.90 to $3.15, came partly from delayed Midstream growth investments and lower Appalachian production volume, a reminder that the non-regulated segments are more volatile than the utility and that growth investment timing can slip. When a levered company's growth segments stumble, the debt does not wait.
Regulation cuts both ways, and it is the macro variable the price may underweight. The utility's returns depend on regulators granting adequate rate increases, and the same final order that authorized the improvement charge carried, in the filing's words, "concerns regarding its impact on low-income customers". Rate cases are political, and a regulator under pressure on affordability can deny or trim the returns the utility needs to earn on its growing rate base. The price embeds a return roughly in line with what UGI earns, but if regulated returns are squeezed while propane volumes decline and leverage stays high, the modest premium the price carries becomes harder to support. This is a defensive name, but defensive is not the same as without risk.
Valuation
UGI is a value-and-asset-supported name, and the methods we use to triangulate confirm it. The asset-value methods land right around the price, the earnings-power anchor is close to it, and the peer-multiple lens reads it as cheaper than the broader utility and midstream comparables. Only the growth-cash-flow methods say expensive, which is expected for a mature, low-growth business: discounting modest future growth at a utility's cost of capital produces a value below a price that is being supported by current assets and earnings instead. The pattern says this is a stable income asset valued on what it owns and earns, not a growth bet.
What the price requires, in plain terms, is for UGI to sustain roughly its current operating economics, a mid-teens operating margin on a stable regulated base plus the LPG and midstream segments. The inversion reads the embedded assumption as within range rather than stretched, consistent with a defensive utility-plus-distribution business. The most relevant comparison is to regulated-utility and midstream peers, against which UGI's multiple looks undemanding, reflecting both the propane-decline overhang and the recent guidance cut. The methods agree this is fairly to modestly cheaply priced for what it is; the question is durability of the regulated returns and the propane stabilization, not a re-rating.
Solvency is the constraint that frames the downside and belongs at the close. Net debt of about $6.5 billion at roughly six times operating income is standard for a regulated utility funded by long-lived assets, but interest coverage near 2.6 times is on the thinner side, and the leverage ties the dividend and the rate-base investment program to the cost of debt. The $470 million electric-division sale and the disciplined capital allocation help at the margin. The decisive point for this name is whether the regulated returns and the AmeriGas turnaround hold the earnings base steady while leverage is worked down, because a defensive income stock loses its appeal if the income itself comes under pressure.
Catalysts
Fiscal 2026 has been a year of softer guidance against steady regulated performance. UGI reported second-quarter GAAP diluted EPS of $2.33 and adjusted diluted EPS of $2.09, with year-to-date adjusted EPS of $3.35 and total reported segment EBIT of $688 million for the quarter, helped by higher Pennsylvania base rates and margin management in global LPG despite warmer weather.
The guidance revision is the headline. UGI cut fiscal 2026 adjusted EPS guidance to $2.75 to $2.90, down from the $2.90 to $3.15 range set in November 2025, citing the timing of Midstream and Marketing growth investments and lower Appalachian production volume. The reduction is about timing and volume in the non-regulated segments rather than the regulated utility.
The forward catalysts are a mix of structural and transactional. The Prime Data Centers partnership to build natural-gas infrastructure in Pennsylvania's northern tier positions UGI for data-center power demand, the agreed $470 million sale of the electric division simplifies the portfolio, and AmeriGas continues its transformation, including launching online propane cylinder sales via Amazon in select cities. The data-center infrastructure ramp and the propane stabilization are the two developments that most directly bear on whether the earnings base resumes growth.
Peer Cohorts (Per Segment, With Filing Citations)
Utilities (reported)
- NEE (NextEra Energy Inc)
- FY2025 10-K: …iso4217:USD xbrli:shares nee:agreement nee:county xbrli:pure utr:kWh utr:MW nee:unit nee:facility utr:Btu utr:MWh utr:MMBTU utr:bbl nee:customer nee:state nee:investment utr:mi nee:variable_interest_entity utr:Rate nee:segment 0000753308 2025-01-01 2025-12-31 0000753308 nee:FloridaPowerLightCompanyMember 2025-01-01…
- FY2025 10-K: …the acquisition and retirement of an electric generation facility (see Note 1 - Rate Regulation) and capacity payments related to PPAs; • Energy Conservatio n - costs associated with implementing energy conservation programs; and • Environmental - certain costs of complying with federal, state and local environmental…
- DUK (DUKE ENERGY CORPORATION)
- FY2025 10-K: …duk:ResidentialMember duk:DukeEnergyCarolinasMember duk:ElectricUtilitiesandInfrastructureMember 2024-01-01 2024-12-31 0001326160 us-gaap:ElectricityUsRegulatedMember duk:ResidentialMember duk:ProgressEnergyMember duk:ElectricUtilitiesandInfrastructureMember 2024-01-01 2024-12-31 0001326160…
- FY2025 10-K: …2024-01-01 2024-12-31 0001326160 us-gaap:NaturalGasUsRegulatedMember duk:IndustrialMember duk:DukeEnergyOhioMember duk:GasUtilitiesandInfrastructureMember 2024-01-01 2024-12-31 0001326160 us-gaap:NaturalGasUsRegulatedMember duk:IndustrialMember duk:PiedmontNaturalGasMember duk:GasUtilitiesandInfrastructureMember…
- SO (SOUTHERN CO)
- FY2025 10-K: CompanyGasMember 2023-01-01 2023-12-31 0000092122 so:SouthernCompanyServicesIncMember us-gaap:ElectricTransmissionMember so:SouthernPowerMember 2025-01-01 2025-12-31 0000092122 so:SouthernCompanyServicesIncMember us-gaap:ElectricTransmissionMember so:SouthernPowerMember 2024-01-01 2024-12-31 0000092122…
- FY2025 10-K: 00092122 so:RetailElectricMember so:ElectricUtilitiesMember 2024-01-01 2024-12-31 0000092122 so:WholesaleElectricMember so:ElectricUtilitiesMember 2024-01-01 2024-12-31 0000092122 so:OtherRevenueMember so:ElectricUtilitiesMember 2024-01-01 2024-12-31 0000092122 so:ElectricUtilitiesMember 2024-01-01 2024-12-31…
- AEP (AMERICAN ELECTRIC POWER CO INC.)
- FY2025 10-K: …utr:MMBTU utr:gal aep:employee utr:WK aep:metric aep:line aep:generatingPlant aep:auction 0000004904 2025-01-01 2025-12-31 0000004904 aep:AEPTexasInc.Member 2025-01-01 2025-12-31 0000004904 aep:AEPTransmissionCompanyLLCMember 2025-01-01 2025-12-31 0000004904 aep:AppalachianPowerCompanyMember 2025-01-01 2025-12-31…
- FY2025 10-K: …aep:PublicUtilitiesPropertyPlantAndEquipmentOtherPropertyPlantAndEquipmentMember 2024-12-31 0000004904 aep:PublicServiceCompanyOfOklahomaMember aep:PublicUtilitiesPropertyPlantAndEquipmentOtherPropertyPlantAndEquipmentMember 2024-12-31 0000004904 aep:SouthwesternElectricPowerCompanyMember…
- D (DOMINION ENERGY, INC)
- FY2025 10-K: …riders; • A $173 million increase in sales to electric utility retail customers, primarily due to an increase in cooling degree days during the cooling season ($107 million) and an increase in heating degree days during the heating season ($66 million); • A $155 million increase in sales to electric utility retail…
- FY2025 10-K: 2024-12-31 0000715957 d:VirginiaElectricAndPowerCompanyMember d:ConstructNewTechnologyBoulevardTransmissionLinesSubstationAndRelatedProjectsInHenricoCountyVirginiaMember 2025-01-01 2025-12-31 0000715957 srt:OfficeBuildingMember 2023-01-01 2023-12-31 0000715957 d:ElectricFuelAndOtherEnergyRelatedPurchasesMember…
- EXC (EXELON CORPORATION)
- FY2025 10-K: Registrants) and natural gas and gas distribution services (PECO, BGE, and DPL) to residential, commercial, industrial, and governmental customers through regulated tariff rates approved by state regulatory commissions. Delivery of electricity and/or natural gas. Over time (each day) as the electricity and/or natural…
- FY2025 10-K: …their financial commitments, ensuring timely recovery on investments to enable customer benefits, supporting clean energy policies including those that advance our jurisdictions' clean energy targets, and continued commitment to corporate responsibility. Exelon's strategy is to improve reliability and operations,…
- XEL (XCEL ENERGY INC)
- FY2025 10-K: …transmits, distributes and sells electricity. NSP-Minnesota and NSP-Wisconsin electric operations are managed on the NSP System. NSP-Wisconsin also purchases, transports, distributes and sells natural gas to retail customers and transports customer-owned natural gas. Natural gas customers 0.1 million Total assets…
- FY2025 10-K: …Protection Agency ERCOT Electric Reliability Council of Texas FASB Financial accounting standards board FERC Federal Energy Regulatory Commission IRS Internal Revenue Service MPUC Minnesota Public Utilities Commission MPSC Michigan Public Service Commission NDPSC North Dakota Public Service Commission NERC North…
Midstream & Marketing (reported)
- WMB (WILLIAMS COMPANIES, INC.)
- FY2025 10-K: L pipeline and fractionated at either its Moundsville or Harrison fractionation facility. The resulting products are then transported on truck, rail, or pipeline. Ohio Valley Midstream provides residue natural gas take away options for customers with interconnections to three interstate transmission pipelines. Certain…
- FY2025 10-K: …gas marketers and producers, intrastate pipelines, direct industrial users, and electrical power generators. Customers in Williams' midstream businesses are comprised of oil and natural gas producer counterparties. Customers for Williams' product sales are comprised of public utilities, gas marketers, and direct…
- OKE (ONEOK INC /NEW/)
- FY2025 10-K: …and international energy demand, contribute to energy security and provide safe, reliable and responsible energy solutions needed today and into the future. Midstream Value Chain The midstream value chain is a vital part of the energy industry. After crude oil and natural gas are produced from upstream wells, we use…
- FY2025 10-K: …stream of unprocessed natural gas that we receive at the wellhead due to the producer's take-in-kind rights. We purchase commodities that the producer does not take-in-kind and charge fees for providing midstream services, which include gathering, treating, compressing and processing our customers' natural gas. After…
- KMI (KINDER MORGAN, INC.)
- FY2025 10-K: …from the acquired Outrigger Energy assets on our Hiland Midstream assets; and (iii) higher gathering rates on KinderHawk. Overall, Midstream's revenue changes are partially offset by corresponding changes in costs of sales. In addition, the increase in Midstream includes a gain on the sale of our equity interest in…
- FY2025 10-K: I LLC for a purchase price of $ 648 million, including purchase price adjustments for working capital. Other long-term assets within the purchase price allocation consist of a customer relationships intangible with a weighted average amortization period of approximately 15 years. The acquisition includes a 0.27 Bcf/d…
- TRGP (TARGA RESOURCES CORP.)
- FY2025 10-K: …13, 2026. Growth Drivers, Competitive Strengths and Strategies While we believe that we are well positioned to execute our business strategies based on our growth drivers, competitive strengths and strategies outlined below, our business involves numerous risks and uncertainties which may prevent us from executing…
- FY2025 10-K: …marketing of NGLs and NGL products, including services to LPG exporters and certain natural gas supply and marketing activities in support of our other businesses. The Logistics and Transportation segment also includes our NGL pipeline system, which connects our gathering and processing positions in the Permian…
- ET (ENERGY TRANSFER LP)
- FY2025 10-K: …are typically due the month after the services have been performed. F - 66 Table of Contents Index to Financial Statements The performance obligations with respect to our midstream segment's contracts are to provide gathering, transportation and processing services, each of which would be completed on or about the…
- FY2025 10-K: …systems due to higher rates on higher contracted volumes, a $40 million negative impact in the prior period related to the conclusion of a rate case on our Panhandle system, a $24 million increase in operational gas sales and liquids and a $5 million increase in storage and parking revenue; 114 Table of Contents…
- EPD (ENTERPRISE PRODUCTS PARTNERS L.P.)
- FY2025 10-K: …we have an unconditional right of payment from the customer. Payments received from customers in advance of the period in which we satisfy a performance obligation are recorded as deferred revenue (a contract liability) on our consolidated balance sheet. Our revenue streams are derived from the sale of products and…
- FY2025 10-K: …with a defined resource basin (e.g., customers using a natural gas gathering system serving a specific production field) and is analogous to having a franchise in a particular area. General customer relationships are associated with customers whose hydrocarbon volumes are not attributable to specific resource basins…
- PAA (PLAINS ALL AMERICAN PIPELINE LP)
- FY2025 10-K: …risks make it more difficult for us to attract new customers and expose us to increased contract renewal and customer retention risk with respect to our existing customers and make recontracting at favorable rates and volumes more challenging, including, for example, with respect to certain of our long-haul Permian…
- FY2025 10-K: …and providing upstream connectivity and downstream market optionality. • Wink to Webster Pipeline (Permian to Houston). We own an approximate 17% interest in the entity that owns the Wink to Webster Pipeline ("W2W Pipeline"), which in turn owns 100% of certain segments of the W2W Pipeline and a 71% UJI in the segment…
UGI International (reported)
- NJR (NEW JERSEY RESOURCES CORPORATION)
- FY2025 10-K: …and financing alternatives designed to encourage the installation of high-efficiency heating and cooling equipment and other energy efficiency upgrades. Depending on the specific incentive or approval, NJNG recovers costs associated with the programs over a three - to 10-year period through a tariff rider mechanism.…
- FY2025 10-K: …of New Jersey coastline. It is in close proximity to New York City, Philadelphia and the metropolitan areas of northern New Jersey, and is accessible through a network of major roadways and mass transportation. NJNG's business is subject to various risks, such as those associated with adverse economic conditions,…
- NGL (NGL Energy Partners LP)
- FY2025 10-K: …where he held various corporate finance and risk management leadership roles. Lawrence J. Thuillier. Mr. Thuillier has served as our Chief Accounting Officer since January 2016. Prior to joining NGL, Mr. Thuillier served in various roles at Eagle Rock Energy Partners, L.P. from December 2007 through October 2015,…
- FY2025 10-K: …groundwater protection programs that require permits for discharges or operations that may impact groundwater conditions. Federal and state regulatory agencies can impose administrative, civil and criminal penalties for non-compliance with discharge permits or other requirements of the CWA and analogous state laws…
- AQN (ALGONQUIN POWER & UTILITIES CORP.)
- FY2025 40-F: …and premiums. Costs of arranging the Company's revolving credit facilities and intercompany loans are recorded in other assets. Deferred financing costs, premiums and discounts on long-term debt are amortized using the effective interest method while deferred financing costs relating to the revolving credit…
- FY2025 40-F: …estimates and valuation assumptions, including the useful lives and recoverability of property, plant and equipment, intangible assets and goodwill; the recoverability of notes receivable and long-term investments; the recoverability of deferred tax assets; assessments of unbilled revenue; pension and OPEB…
- ED (CONSOLIDATED EDISON INC)
- FY2025 10-K: 2023-01-01 2023-12-31 0001047862 us-gaap:IntersegmentEliminationMember us-gaap:GasTransmissionMember ed:ConsolidatedEdisonCompanyofNewYorkInc.Member 2023-01-01 2023-12-31 0001047862 us-gaap:OperatingSegmentsMember us-gaap:GasTransmissionMember ed:ConsolidatedEdisonCompanyofNewYorkInc.Member 2023-12-31 0001047862…
- FY2025 10-K: …2025-01-01 2027-12-31 0001047862 srt:ScenarioForecastMember ed:RatePlanforYear3Member us-gaap:ElectricTransmissionMember srt:MaximumMember ed:OrangeAndRocklandUtilitiesIncMember 2025-01-01 2027-12-31 0001047862 us-gaap:ElectricTransmissionMember ed:OrangeAndRocklandUtilitiesIncMember 2022-01-01 2022-12-31 0001047862…
- NEE (NextEra Energy Inc)
- FY2025 10-K: …iso4217:USD xbrli:shares nee:agreement nee:county xbrli:pure utr:kWh utr:MW nee:unit nee:facility utr:Btu utr:MWh utr:MMBTU utr:bbl nee:customer nee:state nee:investment utr:mi nee:variable_interest_entity utr:Rate nee:segment 0000753308 2025-01-01 2025-12-31 0000753308 nee:FloridaPowerLightCompanyMember 2025-01-01…
- FY2025 10-K: …nee:ImpliedVolatilitiesMember nee:OptionsModelsValuationTechniqueMember srt:MinimumMember 2025-01-01 2025-12-31 0000753308 nee:OptionContractsPowerMember nee:OptionContractsPowerMember us-gaap:FairValueInputsLevel3Member nee:ImpliedVolatilitiesMember nee:OptionsModelsValuationTechniqueMember srt:MaximumMember…
- DUK (DUKE ENERGY CORPORATION)
- FY2025 10-K: …for additional information. GU&I serves residential, commercial, industrial and power generation natural gas customers, including customers served by municipalities who are wholesale customers. GU&I has approximately 1.8 million total customers, including 1 million customers in the Carolinas, 205,000 customers in…
- FY2025 10-K: …and storage service from interstate pipelines. This strategy allows GU&I to assure reliable natural gas supply and transportation for its firm customers during peak winter conditions. When firm pipeline services or contracted natural gas supplies are temporarily not needed due to market demand fluctuations, GU&I may…
- SO (SOUTHERN CO)
- FY2025 10-K: …so:NicorGasMember 2023-01-01 2023-12-31 0000092122 so:QIPRiderMember so:NicorGasMember 2023-11-01 2023-11-30 0000092122 so:OtherTransmissionAndDistributionCapitalInvestmentsMember so:NicorGasMember 2023-11-01 2023-11-30 0000092122 so:NicorGasMember 2023-10-01 2023-12-31 0000092122 so:NicorGasMember 2025-12-22…
- FY2025 10-K: …so:GeorgiaPowerMember 2025-12-31 0000092122 so:ForeignEquityMember so:GeorgiaPowerMember 2025-12-31 0000092122 us-gaap:USTreasuryAndGovernmentMember us-gaap:FairValueInputsLevel1Member so:GeorgiaPowerMember 2025-12-31 0000092122 us-gaap:USTreasuryAndGovernmentMember us-gaap:FairValueInputsLevel2Member…
- AEP (AMERICAN ELECTRIC POWER CO INC.)
- FY2025 10-K: …2024, the fair value of securities on loan as part of the program was $ 139 million and $ 60 million, respectively. Cash and securities obtained as collateral exceeded the fair value of the securities loaned as of December 31, 2025 and 2024. Trust owned life insurance (TOLI) underwritten by The Prudential Insurance…
- FY2025 10-K: …us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel2Member aep:IndianaMichiganPowerCompanyMember 2024-12-31 0000004904 us-gaap:FixedIncomeFundsMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel3Member aep:IndianaMichiganPowerCompanyMember 2024-12-31…
AmeriGas Propane (reported)
- NGL (NGL Energy Partners LP)
- FY2025 10-K: …protect our margins and mitigate commodity price risk. Presales also reduce the impact of warm weather because the customer is required to take delivery of the propane regardless of the weather or any other factors. We generally require cash deposits from these customers. In addition, on a daily basis we have the…
- FY2025 10-K: …of $46.1 million during the year ended March 31, 2025, compared to operating income of $52.1 million during the year ended March 31, 2024. 53 Liquids Logistics Our Liquids Logistics segment conducts supply operations for natural gas liquids to commercial, retail and industrial customers across the United States and…
- GLP (Global Partners LP)
- FY2025 10-K: U.S. Gulf States. We are one of the largest independent owners, suppliers and operators of gasoline stations and convenience stores, primarily in Massachusetts, Maine, Connecticut, Vermont, New Hampshire, Rhode Island, New York, New Jersey and Pennsylvania (collectively, the "Northeast") and Maryland and Virginia. As…
- FY2025 10-K: … - - 13,420 - - 13,420 Repurchase of common units - - ( 9,996 ) - - ( 9,996 ) LTIP units withheld for tax obligations - - ( 13,439 ) - - ( 13,439 ) Distribution equivalent rights - - ( 2,392 ) - - ( 2,392 ) Dividends on repurchased units - -…
- DKL (DKL)
- FY2025 10-K: …the Midland basin and serve to further our economic separation from our sponsor and contribute to an increase in third party revenue. As producers continue to ramp up production within the Permian Basin, the Partnership is well positioned to continue to add value through our gathering and processing services as we…
- FY2025 10-K: …2025-01-01 2025-12-31 0001552797 us-gaap:OperatingSegmentsMember us-gaap:NonrelatedPartyMember dkl:WholesaleMarketingAndTerminallingMember 2025-01-01 2025-12-31 0001552797 us-gaap:OperatingSegmentsMember us-gaap:NonrelatedPartyMember dkl:StorageAndTransportationMember 2025-01-01 2025-12-31 0001552797…
Methodology Note
- Priced-in inversion: the valuation is inverted on the current price to recover the operating-income growth, duration, and steady-state margin the price embeds (ROE for financials, FFO growth for REITs).
- Valuation x-ray: the valuation models, grouped into four families (asset, earnings, relative, growth). Each model is expressed as a price/FV ratio (distance from price), not a point fair-value estimate. The spread across families is the disagreement.
- Economic-unit decomposition (SOTP): each disclosed business unit is assigned its native valuation basis before any multiple is applied. Operating units are valued on enterprise value; funded financial units are valued on their own common equity, because their borrowings fund earning assets rather than levering the parent. A company total is stated only once every material unit carries a supported value and the parent capital bridge reconciles.
- Solvency: net cash/debt, net-debt-to-NOPAT, interest coverage, and share-count CAGR from EDGAR financials (net debt / FFO and fixed-charge coverage for REITs; regulatory-capital framing for financials).
- Peer cohorts: per-segment comparables with deep-linkable SEC filing citations.
Fundamentals sourced from SEC EDGAR filings. Current price from Databento. The priced-in inversion and valuation x-ray are computed by the boothcheck engine; narrative composed by AI from the structured data.
Sources
UGI Q2 fiscal 2026 results, May 6 2026 · UGI Q2 fiscal 2026 disclosures, 2026 · UGI Q2 fiscal 2026 guidance, May 6 2026