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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. In the quarter to June 2026, revenue was flat, EPS fell 13.0%, free cash flow fell 38.7% and total debt was flat, each against the same quarter a year earlier. Dividend growth for five consecutive years.

17.09 0.05 −0.29%
Market cap
$1.1B
P/E
8.7×
Fwd P/E
9.8×
Dividend yield
7.61%
F-score
7/9
Altman Z
n/a
Beneish M
−2.61
Dividend safety
68/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 0.25
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — 1 — — — — — — — 1 1 —
Insider Ownership 3.45%

Capital & Financial Ratios $m

Market Cap 1,140.00
Revenue 1,394.35
Net Income 130.66
Free Cash Flow 104.67
Net Debt 1,218.88
Current Ratio 0.78 (below 1: weak)
Debt/Equity 1.72
P/E ratio 8.68
Fwd P/E 9.77
P/S ratio 0.82
P/B ratio 1.60
Past 5Y EPS Growth 10.80%
This Y EPS Growth (2.39%) (below 0%: weak)
Next Y EPS Growth 3.77%
Next Y revenue growth (2.27%) (below 0%: weak)
Next 5Y EPS Growth 1.15%

Green and red mark values outside typical ranges. 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 15.20%
10-year low 10-year high
P/S against its own 10 years 31.57%
10-year low 10-year high
P/B against its own 10 years 3.43%
10-year low 10-year high
EV/Sales against its own 10 years 24.96%
10-year low 10-year high
EV/FCF against its own 10 years 83.01%
10-year low 10-year high

Dividends

Payout Ratio 0.66
Annual Dividend Rate 1.30
Annual Dividend Yield 7.61%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 1.30
0.33
0.33
0.33
2025 1.30
0.33
0.33
0.33
0.33
2024 1.30
0.33
0.33
0.33
0.33
2023 1.30
0.33
0.33
0.33
0.33
2022 1.30
0.33
0.33
0.33
0.33
2021 1.25
0.30
0.30
0.33
0.33
2020 1.80
0.60
0.60
0.30
0.30
2019 2.40
0.60
0.60
0.60
0.60
2018 2.40
0.60
0.60
0.60
0.60
2017 3.26
0.89
0.89
0.89
0.60
2016 3.55
0.89
0.89
0.89
0.89
predictions special payouts not included in total or ratios

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%

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.

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.

Target Price Range

Analyst price targets

Recommendation Rating

3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to September

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 20.93 22.71 18.63 19.05 8.64 13.83 14.25 14.42 15.20 17.19

Analyst estimates 2026–2028

Powerpack
High 37.10 32.17 26.73 24.89 22.87 16.45 17.75 22.33 21.55 22.24
People
People Employees 3,417 3,221 3,277 3,369 3,169 3,131 3,174 3,240 3,098 3,190
Revenue/emp, $m 0.31 0.37 0.41 0.38 0.35 0.41 0.47 0.44 0.43 0.45
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
Gross margin, % 65.40 59.87 55.92 58.82 65.43 62.33 52.57 58.71 60.65 60.65
EBT 15 38 76 69 61 124 140 124 75 108
EBT margin, % 1.44 3.24 5.65 5.48 5.47 9.61 9.33 8.71 5.64 7.53
Net income 14 38 77 69 61 123 140 124 74 107
Depreciation 130 128 125 121 117 105 59 63 67 72
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
Earnings 0.24 0.62 1.24 1.11 0.98 1.96 2.21 1.94 1.15 1.64
Cash flow 2.58 2.68 3.42 3.66 3.36 3.61 3.49 3.53 2.50 2.86
Capex (0.53) (0.38) (0.44) (0.47) (0.44) (0.40) (0.62) (0.63) (0.88) (1.06)
Free cash flow 2.05 2.30 2.98 3.19 2.92 3.21 2.87 2.89 1.62 1.80
Book value 11.62 9.03 8.02 6.84 5.82 6.78 7.87 8.56 8.51 9.19
Shares, m 61 61 62 62 62 63 63 64 64 65
Valuation, ×
Valuation, × P/E 144.78 41.19 18.73 21.10 16.61 7.79 6.81 8.24 15.60 11.30
P/S 1.94 1.34 1.07 1.16 0.92 0.75 0.63 0.71 0.87 0.85
P/B 2.87 2.87 2.92 3.46 2.80 2.26 1.91 1.86 2.11 2.03
EV/Sales 3.08 2.41 2.00 2.12 2.00 1.61 1.35 1.54 1.78 1.69
EV/FCF 25.74 20.29 14.67 13.61 12.22 10.31 11.16 11.91 22.68 20.65
Cash, $m
Cash, $m Operating cash flow 157 164 210 227 209 227 221 225 161 186
Capex (32) (23) (27) (29) (28) (25) (39) (41) (56) (69)
Free cash flow 125 141 183 198 182 201 181 185 104 117
Balance, $m
Balance, $m Working capital (58) (71) (61) (93) (129) (107) (132) (144) (149) (137)
Total debt 1,225 1,272 1,255 1,227 1,210 1,118 1,077 1,188 1,210 1,212
Net debt 1,187 1,269 1,250 1,225 1,207 1,112 1,073 1,185 1,207 1,211
Shareholders’ equity 708 553 494 424 362 425 498 546 547 599
Returns, %
Returns, % ROA 0.61 1.71 3.58 3.35 3.00 5.99 6.72 5.66 3.27 4.66
ROIC 2.98 4.41 5.66 5.72 5.59 8.67 8.21 7.47 6.10 7.12
ROE 1.80 6.03 14.62 14.96 15.46 31.17 30.27 23.71 13.57 18.60
Negative figures in brackets.

All 10 years →

Fiscal years to Sep 2025 · latest quarter Jun 2026

Charts ten years each

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 $5.2B 14.1× 15.9× +16.80% (above 0%: growing) n/m −3.14% (below 0%: shrinking) 57.69% 9.13% Compare
SR Spire Inc. $4.6B 8.7× 20.4× +19.21% (above 0%: growing) +1,131.03% (above 0%: growing) +0.22% (above 0%: growing) 75.92% 5.57% Compare
OGS ONE Gas, Inc. $4.6B 15.6× 16.5× −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. $4.0B 19.7× 21.8× +6.87% (above 0%: growing) +42.86% (above 0%: growing) −58.85% (below 0%: shrinking) 64.77% 12.78% Compare
CPK Chesapeake Utilities Corporation $3.1B 20.3× 19.2× +4.72% (above 0%: growing) +2.91% (above 0%: growing) +38.63% (above 0%: growing) 74.39% 26.20% Compare
CTRI Centuri Holdings, Inc. $2.1B 67.4× 67.3× +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 $2.0B 15.9× 16.5× +3.12% (above 0%: growing) n/m +36.83% (above 0%: growing) 74.64% 13.61% Compare
SPH Suburban Propane Partners, L.P. $1.1B 8.7× 9.8× +0.47% (above 0%: growing) n/m −38.67% (below 0%: shrinking) 61.34% 0.85%
OPAL OPAL Fuels Inc. $293.5M — (loss-making) 5.8× +3.66% (above 0%: growing) n/m +43.29% (above 0%: growing) 29.34% (3.61%) Compare
Median of peers $3.5B 15.9× 17.9× +5.80% +39.62% +37.73% 69.58% 10.96%

All 15 Utilities Regulated Gas stocks →

Suburban Propane Partners, L.P. (SPH) key facts

  • Strength: Suburban Propane Partners, L.P.’s revenue for fiscal 2025 (year ended September 2025) was $1.4 billion, up 7.94% from fiscal 2024.
  • Strength: Net income was $106.6 million, or $1.64 per share (basic), a net margin of 7.44%.
  • Suburban Propane Partners, L.P. (SPH) is an Utilities Regulated Gas company in the Utilities sector, listed on the New York Stock Exchange.
  • As of October 9, 2026, SPH traded at $17.09, a market capitalization of $1.1 billion.
  • At that price the stock trades at 8.7× trailing-twelve-month earnings and 0.8× sales; its P/E is higher than 15% of its own readings over the past ten years.
  • Suburban Propane Partners, L.P. pays an annual dividend of $1.30 per share, a yield of 7.61%, with a payout ratio of 66.3%.
  • Return on equity was 18.6% and debt-to-equity 1.72.
  • Its Piotroski F-score is 7 out of 9 for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

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

6 Aug

Impact 4 ·

9 May

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7 May

Impact 4 · transcript

5 Feb

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30 Nov

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13 Nov

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8 May

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22 Feb

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19 Nov

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31 Oct

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14 Aug

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25 Jun

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7 Dec

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