Star Group, L.P. (SGU) 10-Year Financial Performance & Capital Metrics

SGU • • Industrial / General

EnergyOil Refining & MarketingFuel Distribution & RetailIntegrated Retail Operators

AboutStar Group, L.P. sells home heating and air conditioning products and services to residential and commercial home heating oil and propane customers in the United States. It also sells diesel fuel, gasoline, and home heating oil on a delivery only basis, as well as provide plumbing services; and installs maintains, and repairs heating and air conditioning equipment. As of September 30, 2021, the company served approximately 422,200 full service residential and commercial home heating oil and propane customers and 71,100 customers on a delivery only basis. It also sells gasoline and diesel fuel to approximately 26,700 customers. Kestrel Heat, LLC operates as the general partner of the company. The company was formerly known as Star Gas Partners, L.P. and changed its name to Star Group, L.P. in October 2017. Star Group, L.P. was incorporated in 1995 and is based in Stamford, Connecticut.Show more

Revenue $1.78B +1.0%
EBITDA $150M +60.1%
Net Income $73M +129.0%
EPS (Diluted) 2.14 +137.8%
Gross Margin -
EBITDA Margin 8.4% +58.5%
Operating Margin 6.42% +85.4%
Net Margin 4.12% +126.6%
ROE 25.48% +109.4%
ROIC 17.11% +66.6%
Debt/Equity 0.91 -15.2%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 20.6%
✓15 consecutive years of dividend growth
✓Share count reduced 2.8% through buybacks
✓Trading at only 1.4x book value
✓Efficient asset utilization: 1.9x turnover

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y0.64%

5Y3.99%

3Y-3.84%

TTM1.04%

Profit (Net Income) CAGR

10Y7.94%

5Y5.62%

3Y27.71%

TTM81.61%

EPS CAGR

10Y13.75%

5Y14.87%

3Y36.04%

TTM7450%

ROCE

10Y Avg13.14%

5Y Avg12.64%

3Y Avg14.4%

Latest19.84%

Peer Comparison

Integrated Retail Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
SGUStar Group, L.P.	407.59M	12.36	5.78	1.04%	2.96%	16.87%	13.75%	0.91
UGPUltrapar Participações S.A.	4.4B	4.12	1.95	5.91%	2.13%	15.92%	44.25%	1.00

Profit & Loss

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Sales/Revenue+	1.16B	1.32B	1.68B	1.75B	1.47B	1.5B	2.01B	1.95B	1.77B	1.78B
Revenue Growth %	-0.31%	0.14%	0.27%	0.05%	-0.16%	0.02%	0.34%	-0.03%	-0.1%	0.01%
Cost of Goods Sold+	795.37M	942.94M	1.25B	1.3B	1.03B	1.05B	1.55B	1.51B	1.3B	0
COGS % of Revenue	0.68%	0.71%	0.74%	0.74%	0.7%	0.7%	0.77%	0.78%	0.73%	-
Gross Profit+	365.97M	380.62M	431.77M	454.81M	440.4M	444.17M	451.63M	438.4M	470.33M	0
Gross Margin %	0.32%	0.29%	0.26%	0.26%	0.3%	0.3%	0.23%	0.22%	0.27%	-
Gross Profit Growth %	-0.18%	0.04%	0.13%	0.05%	-0.03%	0.01%	0.02%	-0.03%	0.07%	-1%
Operating Expenses+	299.86M	331.53M	381.81M	397.45M	348.44M	353.01M	378.4M	375.86M	409.23M	30.52M
OpEx % of Revenue	0.26%	0.25%	0.23%	0.23%	0.24%	0.24%	0.19%	0.19%	0.23%	0.02%
Selling, General & Admin	299.86M	331.53M	381.81M	397.45M	348.44M	353.01M	378.4M	25.78M	28.41M	30.52M
SG&A % of Revenue	0.26%	0.25%	0.23%	0.23%	0.24%	0.24%	0.19%	0.01%	0.02%	0.02%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	0	0	0	0	0	350.08M	380.82M	0
Operating Income+	87.4M	55.33M	66.07M	27.5M	53.38M	58.63M	43.23M	62.55M	61.1M	114.47M
Operating Margin %	0.08%	0.04%	0.04%	0.02%	0.04%	0.04%	0.02%	0.03%	0.03%	0.06%
Operating Income Growth %	-0.07%	-0.37%	0.19%	-0.58%	0.94%	0.1%	-0.26%	0.45%	-0.02%	0.87%
EBITDA+	113.93M	83.21M	97.64M	60.4M	88M	92.12M	75.83M	95.98M	93.58M	149.82M
EBITDA Margin %	0.1%	0.06%	0.06%	0.03%	0.06%	0.06%	0.04%	0.05%	0.05%	0.08%
EBITDA Growth %	-0.05%	-0.27%	0.17%	-0.38%	0.46%	0.05%	-0.18%	0.27%	-0.02%	0.6%
D&A (Non-Cash Add-back)	26.53M	27.88M	31.57M	32.9M	34.62M	33.48M	32.6M	33.43M	32.48M	35.35M
EBIT	86.16M	54.05M	71.82M	37.35M	86.25M	129.23M	59.5M	61.46M	60.11M	0
Net Interest Income+	-5.65M	-4M	-5.3M	-7.09M	-6.93M	-5.89M	-6.92M	-11.1M	-7.97M	0
Interest Income	1.83M	2.77M	3.41M	12.2M	10.7M	8.79M	11.43M	0	0	0
Interest Expense	7.49M	6.78M	8.72M	11.16M	9.7M	7.82M	10.47M	15.53M	11.56M	-14.32M
Other Income/Expense	-8.73M	-8.06M	-2.96M	-7.09M	-16.43M	-8.79M	-11.43M	-16.62M	-12.55M	-11.57M
Pretax Income+	78.67M	47.28M	63.11M	25.15M	76.54M	121.41M	49.03M	45.93M	48.55M	102.9M
Pretax Margin %	0.07%	0.04%	0.04%	0.01%	0.05%	0.08%	0.02%	0.02%	0.03%	0.06%
Income Tax+	33.74M	20.38M	7.6M	7.52M	20.63M	33.67M	13.74M	13.98M	13.33M	29.41M
Effective Tax Rate %	0.51%	0.55%	0.78%	0.7%	0.73%	0.72%	0.72%	0.64%	0.66%	0.71%
Net Income+	40.4M	25.99M	49.16M	17.64M	55.92M	87.74M	35.29M	29.34M	32.1M	73.5M
Net Margin %	0.03%	0.02%	0.03%	0.01%	0.04%	0.06%	0.02%	0.02%	0.02%	0.04%
Net Income Growth %	0.18%	-0.36%	0.89%	-0.64%	2.17%	0.57%	-0.6%	-0.17%	0.09%	1.29%
Net Income (Continuing)	44.93M	26.9M	55.51M	17.64M	55.92M	87.74M	35.29M	31.95M	35.22M	0
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	-516K	-929K	-1.3M	-1.97M	-2.51M	-2.82M	-3.66M	-4.62M	-5.71M	0
EPS (Diluted)+	0.70	0.46	0.90	0.35	1.07	1.82	0.85	0.81	0.90	2.14
EPS Growth %	0.19%	-0.34%	0.96%	-0.61%	2.06%	0.7%	-0.53%	-0.05%	0.11%	1.38%
EPS (Basic)	0.70	0.46	0.90	0.35	1.07	1.82	0.85	0.81	0.90	2.14
Diluted Shares Outstanding	57.02M	55.89M	54.76M	50.81M	45.66M	40.55M	37.38M	35.69M	35.27M	34.28M
Basic Shares Outstanding	57.02M	55.89M	54.76M	50.81M	45.66M	40.55M	37.38M	35.69M	35.27M	34.28M
Dividend Payout Ratio	0.57%	0.94%	0.52%	1.45%	0.44%	0.27%	0.66%	0.81%	0.78%	-

Balance Sheet

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Total Current Assets+	294.86M	241.24M	256.74M	226.83M	226.34M	221.99M	288.26M	254.7M	281.47M	207.28M
Cash & Short-Term Investments	139.19M	52.46M	14.53M	4.9M	56.91M	4.77M	14.62M	45.19M	117.33M	24.68M
Cash Only	139.19M	52.46M	14.53M	4.9M	56.91M	4.77M	14.62M	45.19M	117.33M	24.68M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	78.65M	96.6M	132.67M	120.25M	83.59M	99.68M	138.25M	114.08M	94.98M	102.12M
Days Sales Outstanding	24.72	26.64	28.86	25.02	20.79	24.3	25.15	21.32	19.63	20.89
Inventory	45.89M	59.6M	56.38M	64.79M	50.26M	61.18M	83.56M	56.46M	41.59M	47.02M
Days Inventory Outstanding	21.06	23.07	16.51	18.2	17.86	21.21	19.61	13.61	11.71	-
Other Current Assets	31.13M	32.58M	53.16M	36.9M	35.58M	26.22M	19.82M	38.97M	27.57M	33.46M
Total Non-Current Assets+	398.11M	432.68M	473.23M	525.88M	612.27M	631.87M	624.21M	620.78M	658.14M	730.05M
Property, Plant & Equipment	70.41M	79.67M	87.62M	98.24M	193.27M	194.96M	201.18M	196.05M	195.68M	221.87M
Fixed Asset Turnover	16.49x	16.61x	19.15x	17.85x	7.59x	7.68x	9.97x	9.96x	9.03x	8.04x
Goodwill	212.76M	225.91M	228.44M	244.57M	240.33M	253.4M	254.11M	262.1M	275.83M	293.35M
Intangible Assets	97.66M	105.22M	98.44M	107.69M	90.29M	95.47M	84.51M	76.31M	98.71M	124.89M
Long-Term Investments	0	11.78M	45.42M	58.49M	71.93M	71.74M	68.26M	70.97M	0	0
Other Non-Current Assets	11.93M	250K	250K	58.74M	88.38M	88.04M	84.41M	15.35M	87.93M	89.94M
Total Assets+	692.97M	673.92M	729.97M	752.71M	838.62M	853.86M	912.48M	875.48M	939.61M	937.33M
Asset Turnover	1.68x	1.96x	2.30x	2.33x	1.75x	1.75x	2.20x	2.23x	1.88x	1.90x
Asset Growth %	-0.02%	-0.03%	0.08%	0.03%	0.11%	0.02%	0.07%	-0.04%	0.07%	-0%
Total Current Liabilities+	289.92M	272.33M	283.19M	325.56M	344.86M	345M	381.08M	364.88M	373.8M	349.23M
Accounts Payable	25.69M	26.74M	35.8M	33.97M	30.83M	37.29M	49.06M	35.61M	31.55M	33.67M
Days Payables Outstanding	11.79	10.35	10.49	9.55	10.96	12.93	11.52	8.58	8.89	-
Short-Term Debt	16.2M	10M	9M	33M	32.14M	8.62M	20.28M	20.74M	5K	40.93M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	83.9M	84.31M	0	170.62M	166.96M	17.62M	12.56M	20.62M	34.97M	241.37M
Current Ratio	1.02x	0.89x	0.91x	0.70x	0.66x	0.64x	0.76x	0.70x	0.75x	0.59x
Quick Ratio	0.86x	0.67x	0.71x	0.50x	0.51x	0.47x	0.54x	0.54x	0.64x	0.46x
Cash Conversion Cycle	33.99	39.36	34.89	33.68	27.7	32.59	33.25	26.35	22.46	-
Total Non-Current Liabilities+	101.56M	95.52M	137M	166.31M	237.94M	230.66M	273.48M	246.87M	301.92M	275.15M
Long-Term Debt	75.44M	65.72M	91.78M	120.45M	195.71M	176.4M	233.09M	127.33M	187.81M	244.32M
Capital Lease Obligations	0	0	0	0	85.91M	84.02M	81.39M	77.6M	75.92M	0
Deferred Tax Liabilities	0	6.14M	21.21M	20.12M	17.23M	29.01M	25.62M	25.77M	21.92M	30.82M
Other Non-Current Liabilities	25.25M	23.66M	24.01M	25.75M	-60.91M	-58.77M	-66.62M	16.18M	16.27M	0
Total Liabilities	391.48M	367.85M	420.19M	491.87M	582.8M	575.66M	654.56M	611.75M	675.72M	624.38M
Total Debt+	92.5M	75.72M	100.78M	153.45M	227.85M	285.49M	351.97M	243.75M	283.56M	285.26M
Net Debt	-46.69M	23.26M	86.25M	148.55M	170.94M	280.72M	337.35M	198.56M	166.23M	260.57M
Debt / Equity	0.28x	0.23x	-	-	-	-	-	0.92x	1.07x	0.91x
Debt / EBITDA	0.81x	0.91x	1.03x	2.54x	2.59x	3.10x	4.64x	2.54x	3.03x	1.90x
Net Debt / EBITDA	-0.41x	0.28x	0.88x	2.46x	1.94x	3.05x	4.45x	2.07x	1.78x	1.74x
Interest Coverage	11.68x	8.17x	7.58x	2.46x	5.50x	7.50x	4.13x	4.03x	5.29x	-
Total Equity+	326.23M	328.8M	-19.3M	-18.87M	-17.46M	-16.86M	-19.26M	263.72M	263.89M	312.95M
Equity Growth %	0.03%	0.01%	-1.06%	0.02%	0.07%	0.03%	-0.14%	14.69%	0%	0.19%
Book Value per Share	5.72	5.88	-0.35	-0.37	-0.38	-0.42	-0.52	7.39	7.48	9.13
Total Shareholders' Equity	326.75M	329.73M	-18M	-16.9M	-14.96M	-14.04M	-15.61M	268.34M	269.61M	312.95M
Common Stock	322.77M	325.76M	329.13M	279.71M	273.28M	295.06M	277.18M	281.86M	0	0
Retained Earnings	0	0	0	0	0	0	0	0	0	0
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-20.76M	-18.77M	-18.04M	-16.9M	-14.96M	-14.04M	-15.61M	-13.52M	-12.45M	-11.35M
Minority Interest	-516K	-929K	-1.3M	-1.97M	-2.51M	-2.82M	-3.66M	-4.62M	-5.71M	0

Cash Flow

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Cash from Operations+	101.96M	21.06M	57.46M	97.38M	175.67M	68.88M	33.91M	123.66M	110.98M	70.95M
Operating CF Margin %	0.09%	0.02%	0.03%	0.06%	0.12%	0.05%	0.02%	0.06%	0.06%	0.04%
Operating CF Growth %	-0.25%	-0.79%	1.73%	0.69%	0.8%	-0.61%	-0.51%	2.65%	-0.1%	-0.36%
Net Income	44.93M	26.9M	55.51M	17.64M	55.92M	87.74M	35.29M	31.95M	35.22M	73.5M
Depreciation & Amortization	27.78M	29.16M	32.86M	33.93M	35.62M	34.46M	33.55M	33.43M	32.48M	36.42M
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0
Deferred Taxes	9.67M	10.13M	14.69M	-5.13M	-3.54M	11.36M	-3.18M	-501K	-3.99M	8.53M
Other Non-Cash Items	-18.86M	-554K	-12.17M	34.65M	5.72M	-36.39M	22.7M	11.74M	27.06M	-47.49M
Working Capital Changes	38.43M	-44.59M	-33.42M	16.28M	75.75M	-28.29M	-54.45M	47.04M	20.2M	0
Change in Receivables	10.96M	-19.84M	-37.15M	10.14M	49.59M	-26.81M	5.41M	15.57M	11.27M	6.88M
Change in Inventory	9.98M	-10.6M	4.18M	-6.31M	14.59M	-11.47M	-21.11M	26.99M	18.48M	-3.23M
Change in Payables	-705K	2.17M	9.7M	-2.92M	-3.2M	6.94M	12.04M	-13.82M	-3.93M	1.59M
Cash from Investing+	-19.63M	-66.38M	-65.25M	-82.17M	-28.14M	-50.33M	-32.63M	-28.2M	-61.19M	-99.85M
Capital Expenditures	-10.13M	-12.16M	-13.59M	-11.3M	-14.13M	-15.08M	-18.7M	-9.01M	-10.65M	-14.92M
CapEx % of Revenue	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0%	0.01%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-9.82M	-11.43M	-13.09M	-10.2M	-13.5M	-8.57M	815K	2.2M	515K	-82.34M
Cash from Financing+	-43.65M	-41.16M	-30.14M	-24.85M	-95.52M	-70.69M	8.57M	-64.89M	22.35M	-63.75M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-23.09M	-24.32M	-25.6M	-25.59M	-24.45M	-23.45M	-23.19M	-23.74M	-25.04M	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-1.04M	-635K	-3.02M	-402K	-2.13M	-41K	-3.58M	-135K	-2.79M	-63.75M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	91.82M	8.89M	43.87M	86.08M	161.54M	53.79M	15.21M	114.65M	100.33M	56.03M
FCF Margin %	0.08%	0.01%	0.03%	0.05%	0.11%	0.04%	0.01%	0.06%	0.06%	0.03%
FCF Growth %	-0.28%	-0.9%	3.93%	0.96%	0.88%	-0.67%	-0.72%	6.54%	-0.12%	-0.44%
FCF per Share	1.61	0.16	0.80	1.69	3.54	1.33	0.41	3.21	2.84	1.63
FCF Conversion (FCF/Net Income)	2.52x	0.81x	1.17x	5.52x	3.14x	0.79x	0.96x	4.21x	3.46x	0.97x
Interest Paid	0	0	0	0	0	0	0	17.8M	15.21M	0
Taxes Paid	0	0	0	0	0	0	0	15.13M	17.13M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	12.57%	7.93%	31.77%	-	-	-	-	24.01%	12.17%	25.48%
Return on Invested Capital (ROIC)	22.01%	13.14%	23.65%	20.98%	28.28%	21.07%	11.14%	12.02%	10.27%	17.11%
Gross Margin	31.51%	28.76%	25.73%	25.93%	30.01%	29.67%	22.51%	22.45%	26.63%	-
Net Margin	3.48%	1.96%	2.93%	1.01%	3.81%	5.86%	1.76%	1.5%	1.82%	4.12%
Debt / Equity	0.28x	0.23x	-	-	-	-	-	0.92x	1.07x	0.91x
Interest Coverage	11.68x	8.17x	7.58x	2.46x	5.50x	7.50x	4.13x	4.03x	5.29x	-
FCF Conversion	2.52x	0.81x	1.17x	5.52x	3.14x	0.79x	0.96x	4.21x	3.46x	0.97x
Revenue Growth	-30.64%	13.97%	26.77%	4.53%	-16.33%	2.02%	34.03%	-2.68%	-9.56%	1.04%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024	2025
Product	1.4B	-	-	-	-	-	-	1.44B
Product Growth	-	-	-	-	-	-	-	-
Home Heating Oil And Propane	-	1.1B	924.42M	881.53M	1.17B	1.2B	1.08B	1.12B
Home Heating Oil And Propane Growth	-	-	-15.95%	-4.64%	32.79%	2.70%	-10.00%	3.49%
Installation And Services	273.47M	-	281.43M	292.77M	308.28M	302.12M	317.31M	346.82M
Installation And Services Growth	-	-	-	4.03%	5.30%	-2.00%	5.03%	9.30%
Motor Fuel And Other Petroleum Products	-	366.17M	261.61M	322.79M	527.73M	448.55M	366.81M	317.82M
Motor Fuel And Other Petroleum Products Growth	-	-	-28.56%	23.39%	63.49%	-15.00%	-18.22%	-13.35%
Equipment Maintenance Service Contracts	-	120.14M	120.39M	118.55M	121.62M	126.89M	129.48M	136.04M
Equipment Maintenance Service Contracts Growth	-	-	0.21%	-1.53%	2.60%	4.33%	2.04%	5.07%
Equipment Installations	-	101.71M	101.7M	110.47M	121.02M	114.76M	123.49M	135.15M
Equipment Installations Growth	-	-	-0.01%	8.63%	9.55%	-5.18%	7.61%	9.44%
Billable Call Services	-	65.98M	59.34M	63.75M	65.63M	60.48M	64.34M	75.63M
Billable Call Services Growth	-	-	-10.06%	7.42%	2.96%	-7.85%	6.38%	17.55%
Petroleum Products	-	1.47B	1.19B	1.2B	1.7B	1.65B	1.45B	-
Petroleum Products Growth	-	-	-19.10%	1.54%	41.02%	-2.80%	-12.23%	-

Frequently Asked Questions

Valuation & Price

Star Group, L.P. (SGU) has a price-to-earnings (P/E) ratio of 5.8x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Star Group, L.P. (SGU) reported $1.78B in revenue for fiscal year 2025. This represents a 19% increase from $1.50B in 2012.

Star Group, L.P. (SGU) grew revenue by 1.0% over the past year. Growth has been modest.

Yes, Star Group, L.P. (SGU) is profitable, generating $52.8M in net income for fiscal year 2025 (4.1% net margin).

Dividend & Returns

Star Group, L.P. (SGU) has a return on equity (ROE) of 25.5%. This is excellent, indicating efficient use of shareholder capital.

Star Group, L.P. (SGU) generated $60.6M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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