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Suburban Propane Partners, L.P.

SPH Utilities Utilities Regulated Gas

Suburban Propane Partners, L.P.’s revenue for fiscal 2025 (year ended September 2025) was $1.4 billion, up 7.94% from fiscal 2024.

Revenue
+0.47%
EPS
−13.0%
Free cash flow
−38.7%
Total debt
−0.12%

Quarter to June 2026, against a year earlier

17.84 0.12 −0.67%
Market cap
$1.2B
P/E
9.1×
Fwd P/E
9.1×
Dividend yield
9.19%
F-score
7/9
Altman Z
n/a
Beneish M
−2.61
Dividend safety
68/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 0.25
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 1 — — — — — — — 1 1 — —
Insider Ownership 3.45%

Capital & Financial Ratios $m

Size
Market Cap 1,200.00
Revenue ttm 1,394.35
Net income ttm 130.66
Free cash flow ttm 104.67
Net debt Q 1,218.88
Valuation
P/E 9.12
Forward P/E 9.14
Price / sales 0.86
Forward P/S Powerpack
Price / FCF 11.44
Price / book 1.68
Financial health
Current ratio Q 0.78 (below 1: weak)
Debt / equity Q 1.72
Interest coverage Q 0.12
Growth
Revenue growth Q +0.47% (above 0%: growing)
Operating income growth Q −60.22% (below 0%: shrinking)
EPS, this year −2.39% (below 0%: weak)
EPS, next year A +3.77%
Revenue, next year A −2.27% (below 0%: weak)
EPS, past 5 yrs +10.80%
EPS, next 5 yrs A +1.15%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.7×, against a ten-year median of 1.9×; over the ten years it ranged from 1.3× in 2022 to 3.1× in 2016.
P/E against its own 10 years 21.62%
10-year low 10-year high
P/S against its own 10 years 40.54%
10-year low 10-year high
P/B against its own 10 years 8.26%
10-year low 10-year high
EV/Sales against its own 10 years 33.05%
10-year low 10-year high
EV/FCF against its own 10 years 88.06%
10-year low 10-year high

Dividends

Yield
9.19%
Annual rate
1.65
Payout ratio
84.2%
Growth, 2017–26
−9.53%/yr
  1. 3.26 ’17
  2. 2.40 ’18 −26%
  3. 2.40 ’19 +0%
  4. 1.80 ’20 −25%
  5. 1.25 ’21 −31%
  6. 1.30 ’22 +4%
  7. 1.30 ’23 +0%
  8. 1.30 ’24 +0%
  9. 1.30 ’25 +0%
  10. 1.33 ’26 +2%
paid Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 4 3 0 5
Receivables 68 66 69 85
Inventory 62 55 74 66
Other 31 32 23 38
164 158 166 194
2023 2024 2025 Q'26
Payables 40 41 45 37
ST’ Debt — — — —
Other 161 161 150 132
308 306 303 248

Compound Annual Growth %

10y 5y 3y
Sales 0.11% 5.27% (1.55%)
Cash Flow (5.39%) (2.31%) (5.48%)
Earnings 2.37% 11.89% (8.63%)
Book Value (3.98%) 10.56% 6.36%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate −0.16 Actual −0.26

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY21 −0.63 −0.26 Beat by 0.37
Q1 FY26 0.53 0.69 Beat by 0.16
Q2 FY26 1.74 2.06 Beat by 0.32
Q3 FY26 −0.16 −0.26 Miss by 0.10
Q4 FY26 −0.43 — Reports 12 November 2026

EPS $

Dec Mar Jun Sep Year
’26 0.69 2.06 (0.26) — —
’25 0.30 2.10 (0.23) (0.53) 1.62
’24 0.38 1.72 (0.27) (0.69) 1.14
’23 0.71 1.62 (0.08) (0.33) 1.92
’22 0.34 2.74 (0.04) (0.86) 2.18
’21 0.61 2.02 (0.41) (0.26) 1.94
’20 0.64 1.23 (0.25) (0.66) 0.97
Fiscal quarters ending in the months shown.

Revenue $m

Dec Mar Jun Sep Year
’26 370 551 261 — —
’25 373 588 260 211 1,433
’24 366 498 255 209 1,327
’23 397 527 279 227 1,429
’22 375 588 300 238 1,501
’21 305 537 238 208 1,289
’20 334 401 207 166 1,108
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Dec Mar Jun Sep Year
’26 (48) 116 71 — —
’25 9 40 96 42 186
’24 (13) 75 61 37 161
’23 6 99 62 58 225
’22 (13) 109 76 49 221
’21 4 98 79 46 227
’20 16 76 78 40 209
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Dec Mar Jun Sep Year
’26 (67) 93 50 — —
’25 (15) 22 82 29 117
’24 (23) 61 48 18 104
’23 (4) 87 54 48 185
’22 (23) 98 67 39 181
’21 (1) 90 72 40 201
’20 3 69 73 36 182
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to September

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 1,046 1,188 1,344 1,268 1,108 1,289 1,501 1,429 1,327 1,433 1,394 +3.6% 1,400 1,453 1,468 +0.8%
Gross margin, % 65.40 59.87 55.92 58.82 65.43 62.33 52.57 58.71 60.65 60.65 63.14 (4.7) pt
EBT 15 38 76 69 61 124 140 124 75 108 132 +24.5%
EBT margin, % 1.44 3.24 5.65 5.48 5.47 9.61 9.33 8.71 5.64 7.53 9.45 +6.1 pt
Net income 14 38 77 69 61 123 140 124 74 107 131 +24.9%
Per share, $
Per share, $ Revenue 17.16 19.40 21.84 20.45 17.78 20.55 23.75 22.39 20.64 22.00 20.91 +2.8%
Earnings 0.24 0.62 1.24 1.11 0.98 1.96 2.21 1.94 1.15 1.64 1.97 +23.8%
Cash flow 2.58 2.68 3.42 3.66 3.36 3.61 3.49 3.53 2.50 2.86 2.72 +1.1%
Capex (0.53) (0.38) (0.44) (0.47) (0.44) (0.40) (0.62) (0.63) (0.88) (1.06) (1.15) +7.9%
Free cash flow 2.05 2.30 2.98 3.19 2.92 3.21 2.87 2.89 1.62 1.80 1.57 (1.4%)
Book value 11.62 9.03 8.02 6.84 5.82 6.78 7.87 8.56 8.51 9.19 10.69 (2.6%)
Shares, m 61 61 62 62 62 63 63 64 64 65 66 +0.7%
Valuation, ×
Valuation, × P/E 144.78 41.19 18.73 21.10 16.61 7.79 6.81 8.24 15.60 11.30 9.12 29.2
P/S 1.94 1.34 1.07 1.16 0.92 0.75 0.63 0.71 0.87 0.85 0.86 1.0
P/B 2.87 2.87 2.92 3.46 2.80 2.26 1.91 1.86 2.11 2.03 1.68 2.5
EV/Sales 3.08 2.41 2.00 2.12 2.00 1.61 1.35 1.54 1.78 1.69 1.73 2.0
EV/FCF 25.74 20.29 14.67 13.61 12.22 10.31 11.16 11.91 22.68 20.65 23.09 16.3
Cash, $m
Cash, $m Operating cash flow 157 164 210 227 209 227 221 225 161 186 181 +1.9%
Capex (32) (23) (27) (29) (28) (25) (39) (41) (56) (69) (77) +8.7%
Free cash flow 125 141 183 198 182 201 181 185 104 117 105 (0.7%)
Balance, $m
Balance, $m Working capital (58) (71) (61) (93) (129) (107) (132) (144) (149) (137) (54) +10.0%
Net debt 1,187 1,269 1,250 1,225 1,207 1,112 1,073 1,185 1,207 1,211 1,219 +0.2%
Shareholders’ equity 708 553 494 424 362 425 498 546 547 599 713 (1.9%)
Returns, %
Returns, % ROA 0.61 1.71 3.58 3.35 3.00 5.99 6.72 5.66 3.27 4.66 5.59 +4.1 pt
ROIC 2.98 4.41 5.66 5.72 5.59 8.67 8.21 7.47 6.10 7.12 6.83 +4.1 pt
ROE 1.80 6.03 14.62 14.96 15.46 31.17 30.27 23.71 13.57 18.60 19.23 +16.8 pt
People
People Employees 3,417 3,221 3,277 3,369 3,169 3,131 3,174 3,240 3,098 3,190 — (0.8%)
Revenue/emp, $m 0.31 0.37 0.41 0.38 0.35 0.41 0.47 0.44 0.43 0.45 — +4.3%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Sep 2025 · latest quarter Jun 2026

Suburban Propane Partners, L.P. vs peers in Utilities Regulated Gas (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
NJR NewJersey Resources Corporation $5.4B 14.6× 15.0× +16.80% (above 0%: growing) n/m −3.14% (below 0%: shrinking) 57.69% 9.13% Compare
SR Spire Inc. $5.2B 9.8× 21.9× −0.40% (below 0%: shrinking) +1,131.03% (above 0%: growing) +0.22% (above 0%: growing) 75.92% 5.57% Compare
OGS ONE Gas, Inc. $4.9B 16.9× 16.2× −2.86% (below 0%: shrinking) +39.62% (above 0%: growing) +511.45% (above 0%: growing) 78.07% 20.08% Compare
MDU MDU Resources Group, Inc. $4.2B 20.8× 20.1× +6.87% (above 0%: growing) +42.86% (above 0%: growing) −58.85% (below 0%: shrinking) 64.77% 12.78% Compare
CPK Chesapeake Utilities Corporation $3.3B 21.7× 21.2× +4.72% (above 0%: growing) +2.91% (above 0%: growing) +38.63% (above 0%: growing) 74.39% 26.20% Compare
CTRI Centuri Holdings, Inc. $2.2B 69.3× 69.5× +32.86% (above 0%: growing) −33.33% (below 0%: shrinking) +85.38% (above 0%: growing) 7.19% 2.51% Compare
NWN Northwest Natural Gas Company $2.1B 16.6× 16.3× +3.12% (above 0%: growing) n/m +36.83% (above 0%: growing) 74.64% 13.61% Compare
SPH Suburban Propane Partners, L.P. $1.2B 9.1× 9.1× +0.47% (above 0%: growing) n/m −38.67% (below 0%: shrinking) 61.34% 0.85%
RGCO RGC Resources Inc. $238.8M 16.9× 16.7× −0.92% (below 0%: shrinking) 0.00% −122.88% (below 0%: shrinking) 59.62% 6.85% Compare
Median of peers $3.7B 16.9× 18.4× +3.92% +21.27% +18.53% 69.58% 10.96%

All 14 Utilities Regulated Gas stocks →

Pay and ownership Proxy statement filed 25 March 2024

Chief executive’s pay

Year Total pay Actually paid $100 invested
2023 3.97m 3.69m 37.86
2022 3.96m 4.41m 25.33
2021 3.12m 3.38m 10.68

Ownership

Directors and executive officers, together 2.10%
ALPS Advisers, Inc. and its advised entities (a) 16.80%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Suburban Propane Partners, L.P. (SPH) Latest News

22 Oct

Impact 3 · · PR Newswire

25 Aug

Impact 3 ·

19 Aug

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13 Aug

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9 Aug

Impact 3 · · MarketBeat

6 Aug

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9 May

Impact 4 · · Simply Wall St.

7 May

Impact 4 · · The Motley Fool transcript
Impact 3 · · Moby
Impact 3 · · PR Newswire

27 Apr

Impact 3 · · Simply Wall St.

7 Feb

Impact 3 · · MarketBeat transcript

5 Feb

Impact 4 · · GuruFocus.com
Impact 3 · · PR Newswire
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4 Feb

Impact 3 · · Simply Wall St.

22 Jan

Impact 3 ·

25 Dec

Impact 3 · · Simply Wall St.

22 Dec

Impact 3 · · PR NewswireSimply Wall St.Simply Wall St.Simply Wall St.MT NewswiresMT Newswires

8 Dec

Impact 3 · · PR Newswire
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2 Dec

Impact 3 · · PR Newswire

30 Nov

Impact 4 · · Simply Wall St.Simply Wall St.Simply Wall St.MT NewswiresSimply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.
Impact 4 · · Simply Wall St.
Impact 3 · · Simply Wall St.

28 Nov

Impact 3 · · 24/7 Wall St.

13 Nov

Impact 4 · · GuruFocus.com transcript
Impact 3 · · PR Newswire

26 Oct

Impact 3 · · Simply Wall St.
stockrow.com/SPH · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com