• UGI average return on tangible equity for 2023 was -90.61, a 227.03% decline from 2022.
• UGI average return on tangible equity for 2022 was 71.33, a 70.4% decline from 2021.
• UGI average return on tangible equity for 2021 was 240.94, a 201.96% decline from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.