(SPH) Suburban Propane Partners - Overview
Sector: Utilities | Industry: Utilities - Regulated Gas | Exchange: NYSE (USA) | Market Cap: 1.346m USD | Total Return: 12.4% in 12m
Avg Turnover: 2.68M
EPS Trend: 58.9%
Qual. Beats: -1
Rev. Trend: 8.5%
Qual. Beats: 0
Warnings
No concerns identified
Tailwinds
No distinct edge detected
Suburban Propane Partners, L.P. (SPH) is a nationwide marketer and distributor of energy products, specialized in the retail sale of propane, fuel oil, and refined fuels. The partnership operates through four distinct segments, providing essential heating and industrial fuels to residential, commercial, and agricultural end-users across the United States. Beyond traditional fuels, the company has expanded into renewable propane and natural gas, while also maintaining a service division for HVAC equipment installation and maintenance.
Operating as a Master Limited Partnership (MLP), the business model is designed to distribute a significant portion of cash flow to unit holders, a common structure in the energy distribution sector. Propane demand is highly seasonal and weather-dependent, with the majority of sales occurring during the winter heating season from October through March. Investors can further evaluate the companys historical distribution stability and debt levels on ValueRay.
The companys infrastructure supports diverse applications, ranging from residential space heating and cooking to industrial forklift fueling and agricultural crop drying. Founded in 1945, SPH maintains a significant footprint in deregulated energy markets, where it also competes as a third-party supplier of natural gas and electricity.
- Winter weather volatility directly impacts residential heating demand and sales volumes
- Fluctuations in wholesale propane prices affect gross margins and distribution stability
- Expansion into renewable natural gas and hydrogen diversifies long-term revenue streams
- High debt servicing costs influence cash flow available for unit distributions
- Consumer migration toward electric heating alternatives creates long-term volume erosion risk
| Net Income: 133.4m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.05 > 0.02 and ΔFCF/TA 2.54 > 1.0 |
| NWC/Revenue: 1.41% < 20% (prev 1.01%; Δ 0.40% < -1%) |
| CFO/TA 0.08 > 3% & CFO 206.0m > Net Income 133.4m |
| Net Debt (1.39b) to EBITDA (282.4m): 4.93 < 3 |
| Current Ratio: 1.08 > 1.5 & < 3 |
| Outstanding Shares: last quarter (66.9m) vs 12m ago 2.52% < -2% |
| Gross Margin: 32.20% > 18% (prev 0.60%; Δ 3.16k% > 0.5%) |
| Asset Turnover: 57.73% > 50% (prev 59.35%; Δ -1.62% > 0%) |
| Interest Coverage Ratio: 2.81 > 6 (EBITDA TTM 282.4m / Interest Expense TTM 75.5m) |
| DSRI: 1.01 (Receivables 148.1m/150.5m, Revenue 1.39b/1.42b) |
| GMI: 1.87 (GM 32.20% / 60.08%) |
| AQI: 0.99 (AQ_t 0.55 / AQ_t-1 0.55) |
| SGI: 0.98 (Revenue 1.39b / 1.42b) |
| TATA: -0.03 (NI 133.4m - CFO 206.0m) / TA 2.43b) |
| Beneish M = -2.29 (Cap -4..+1) = BBB |
As of May 25, 2026, the stock is trading at USD 20.18 with a total of 84,579 shares traded.
Over the past week, the price has changed by +1.45%,
over one month by +6.87%,
over three months by +2.00% and
over the past year by +12.39%.
Suburban Propane Partners has received a consensus analysts rating of 3.00. Therefore, it is recommended to hold SPH.
- StrongBuy: 1
- Buy: 0
- Hold: 0
- Sell: 0
- StrongSell: 1
| Analysts Target Price | 17 | -15.8% |
P/E Forward = 16.6113
P/S = 0.9663
P/B = 1.8095
P/EG = 1.2114
Revenue TTM = 1.39b USD
EBIT TTM = 211.9m USD
EBITDA TTM = 282.4m USD
Long Term Debt = 1.26b USD (from longTermDebt, last quarter)
Short Term Debt = 31.0m USD (from shortTermDebt, last quarter)
Debt = 1.40b USD (corrected: LT Debt 1.26b + ST Debt 31.0m) + Leases 105.5m
Net Debt = 1.39b USD (calculated: Debt 1.40b - CCE 4.29m)
Enterprise Value = 2.74b USD (1.35b + Debt 1.40b - CCE 4.29m)
Interest Coverage Ratio = 2.81 (Ebit TTM 211.9m / Interest Expense TTM 75.5m)
EV/FCF = 20.64x (Enterprise Value 2.74b / FCF TTM 132.6m)
FCF Yield = 4.85% (FCF TTM 132.6m / Enterprise Value 2.74b)
FCF Margin = 9.52% (FCF TTM 132.6m / Revenue TTM 1.39b)
Net Margin = 9.57% (Net Income TTM 133.4m / Revenue TTM 1.39b)
Gross Margin = 32.20% ((Revenue TTM 1.39b - Cost of Revenue TTM 944.5m) / Revenue TTM)
Gross Margin QoQ = 34.35% (prev 25.54%)
Tobins Q-Ratio = 1.13 (Enterprise Value 2.74b / Total Assets 2.43b)
Interest Expense / Debt = 5.41% (Interest Expense 75.5m / Debt 1.40b)
Taxrate = 0.09% (120k / 137.7m)
NOPAT = 211.8m (EBIT 211.9m * (1 - 0.09%))
Current Ratio = 1.08 (Total Current Assets 267.5m / Total Current Liabilities 247.8m)
Debt / Equity = 1.88 (Debt 1.40b / totalStockholderEquity, last quarter 743.9m)
Debt / EBITDA = 4.93 (Net Debt 1.39b / EBITDA 282.4m)
Debt / FCF = 10.49 (Net Debt 1.39b / FCF TTM 132.6m)
Total Stockholder Equity = 653.7m (last 4 quarters mean from totalStockholderEquity)
RoA = 5.53% (Net Income 133.4m / Total Assets 2.43b)
RoE = 20.40% (Net Income TTM 133.4m / Total Stockholder Equity 653.7m)
RoCE = 11.08% (EBIT 211.9m / Capital Employed (Equity 653.7m + L.T.Debt 1.26b))
RoIC = 9.58% (NOPAT 211.8m / Invested Capital 2.21b)
WACC = 6.17% (E(1.35b)/V(2.74b) * Re(6.97%) + D(1.40b)/V(2.74b) * Rd(5.41%) * (1-Tc(0.00)))
Discount Rate = 6.97% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 80.44 | Cagr: 2.06%
[DCF] Terminal Value 77.97% ; FCFF base≈107.7m ; Y1≈123.4m ; Y5≈181.6m
[DCF] Fair Price = 20.23 (EV 2.73b - Net Debt 1.39b = Equity 1.34b / Shares 66.3m; r=8.35% [WACC [floored]]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: 58.91 | EPS CAGR: 10.66% | SUE: -2.13 | # QB: -1
Revenue Correlation: 8.47 | Revenue CAGR: 0.28% | SUE: -0.18 | # QB: 0
EPS current Quarter (2026-06-30): EPS=-0.15 | Chg30d=+21.05% | Revisions=N/A | Analysts=1
EPS current Year (2026-09-30): EPS=2.04 | Chg30d=+6.81% | Revisions=+20% | GrowthEPS=+4.5% | GrowthRev=-3.0%
EPS next Year (2027-09-30): EPS=1.97 | Chg30d=+6.49% | Revisions=+20% | GrowthEPS=-3.4% | GrowthRev=+4.5%