Suburban Propane Partners, L.P. (SPH) 10-Year Financial Performance & Capital Metrics

SPH • • Utilities

UtilitiesGas UtilitiesIntegrated Gas InfrastructureDiversified Energy Utilities

AboutSuburban Propane Partners, L.P., through its subsidiaries, engages in the retail marketing and distribution of propane, fuel oil, and refined fuels. The company operates in four segments: Propane, Fuel Oil and Refined Fuels, Natural Gas and Electricity, and All Other. The Propane segment is involved in the retail distribution of propane to residential, commercial, industrial, and agricultural customers, as well as in the wholesale distribution to industrial end users. It offers propane primarily for space heating, water heating, cooking, and clothes drying in the residential and commercial markets; for use as a motor fuel in internal combustion engines to power over-the-road vehicles, forklifts, and stationary engines, as well as to fire furnaces, as a cutting gas to the industrial customers, and in other process applications; and for tobacco curing, crop drying, poultry brooding, and weed control in the agricultural markets. The Fuel Oil and Refined Fuels segment engages in the retail distribution of fuel oil, diesel, kerosene, and gasoline to residential and commercial customers for use primarily as a source of heat in homes and buildings. The Natural Gas and Electricity segment markets natural gas and electricity to residential and commercial customers in the deregulated energy markets in New York and Pennsylvania. The All Other segment sells, installs, and services a range of home comfort equipment, including whole-house heating products, air cleaners, humidifiers, and space heaters. As of September 25, 2021, the company served approximately 1.0 million residential, commercial, industrial, and agricultural customers through 700 locations in 41 states primarily in the east and west coast regions of the United States, as well as portions of the Midwest region of the United States and Alaska. Suburban Energy Services Group LLC serves as a general partner of Suburban Propane Partners, L.P. The company was founded in 1945 and is headquartered in Whippany, New Jersey.Show more

Revenue $1.43B +7.9%
EBITDA $278M +16.8%
Net Income $107M +43.7%
Free Cash Flow $58M -42.7%
EBITDA Margin 19.43% +8.3%
Net Margin 7.44% +33.1%
ROE 18.6% +37.1%
Interest Coverage 2.71 +17.8%
Debt/Equity 0.20 -92.0%
Net Debt/EBITDA 0.42 -92.5%
CapEx / Revenue 8.95% +99.9%
CapEx Coverage 1.45 -46.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 26.2%
✓Strong Piotroski F-Score: 7/9

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y0.11%

5Y5.27%

3Y-1.55%

TTM6.29%

Profit (Net Income) CAGR

10Y2.37%

5Y11.89%

3Y-8.63%

TTM-0.8%

EPS CAGR

10Y1.62%

5Y10.8%

3Y-9.42%

TTM-1.33%

ROCE

10Y Avg8.75%

5Y Avg10.74%

3Y Avg10.05%

Latest10.42%

Peer Comparison

Diversified Energy Utilities

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
NINiSource Inc.	20.6B	43.53	26.87	-0.91%	14.16%	7.97%		1.31
CPKChesapeake Utilities Corporation	2.98B	125.90	23.94	17.39%	14.77%	8.62%		1.07
NJRNew Jersey Resources Corporation	4.79B	47.55	14.28	13.94%	19.7%	16.99%	9.73%	1.58
UGIUGI Corporation	8.05B	37.48	12.13	1.1%	5.7%	8.56%	4.84%	1.58
SPHSuburban Propane Partners, L.P.	1.27B	19.15	11.82	7.94%	6.79%	15.03%	4.58%	0.20

Profit & Loss

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Revenue+	1.05B	1.19B	1.34B	1.27B	1.11B	1.29B	1.5B	1.43B	1.33B	1.43B
Revenue Growth %	-0.26%	0.14%	0.13%	-0.06%	-0.13%	0.16%	0.17%	-0.05%	-0.07%	0.08%
Cost of Revenue	361.95M	476.66M	592.63M	521.99M	382.95M	485.48M	712.12M	1.07B	522.2M	1.13B
Gross Profit+	684.16M	711.23M	751.78M	745.72M	724.95M	803.28M	789.34M	361M	804.98M	302.69M
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	-0.17%	0.04%	0.06%	-0.01%	-0.03%	0.11%	-0.02%	-0.54%	1.23%	-0.62%
Operating Expenses+	603.52M	595.94M	593.65M	594.86M	584.68M	590.04M	583.01M	154.16M	633.73M	96.38M
Other Operating Expenses	-	-	-	-	-	-	-	-	-	-
EBITDA+	220.02M	243.22M	278.53M	271.73M	257.06M	317.79M	265.18M	269.43M	238.22M	278.35M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
EBITDA Growth %	-0.29%	0.11%	0.15%	-0.02%	-0.05%	0.24%	-0.17%	0.02%	-0.12%	0.17%
Depreciation & Amortization+	129.62M	127.94M	125.22M	120.87M	116.79M	104.56M	58.85M	62.58M	66.97M	72.04M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income (EBIT)+	90.41M	115.28M	153.31M	150.85M	140.27M	213.24M	206.33M	206.85M	171.25M	206.31M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	-0.49%	0.28%	0.33%	-0.02%	-0.07%	0.52%	-0.03%	0%	-0.17%	0.2%
Interest Expense+	75.09M	75.26M	77.38M	76.66M	74.73M	68.13M	60.66M	73.39M	74.59M	76.27M
Interest Coverage	1.20x	1.53x	1.98x	1.97x	1.88x	3.13x	3.40x	2.82x	2.30x	2.71x
Interest / Revenue %	-	-	-	-	-	-	-	-	-	-
Non-Operating Income	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Pretax Income+	15.03M	38.45M	75.93M	69.49M	60.61M	123.9M	140.14M	124.42M	74.91M	107.92M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	588K	459K	-606K	857K	-146K	1.11M	429K	668K	734K	1.35M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	14.44M	37.99M	76.53M	68.63M	60.76M	122.79M	139.71M	123.75M	74.17M	106.57M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0.83%	1.63%	1.01%	-0.1%	-0.11%	1.02%	0.14%	-0.11%	-0.4%	0.44%
EPS (Diluted)+	0.24	0.62	1.24	1.10	0.97	1.94	2.18	1.92	1.14	1.62
EPS Growth %	-0.83%	1.58%	1%	-0.11%	-0.12%	1%	0.12%	-0.12%	-0.41%	0.42%
EPS (Basic)	0.24	0.62	1.24	1.11	0.98	1.96	2.21	1.94	1.15	1.64
Diluted Shares Outstanding	61.18M	61.54M	61.85M	62.37M	62.73M	63.31M	64.02M	64.44M	64.84M	65.59M

Balance Sheet

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Total Assets+	2.3B	2.17B	2.1B	2B	2.05B	2.05B	2.1B	2.27B	2.27B	2.3B
Asset Growth %	-0.08%	-0.05%	-0.03%	-0.05%	0.02%	0%	0.03%	0.08%	0%	0.01%
PP&E (Net)+	742.13M	692.63M	649.22M	627.21M	717.05M	699.13M	700.36M	788.99M	794.23M	810.27M
PP&E / Total Assets %	-	-	-	-	-	-	-	-	-	-
Total Current Assets+	147.3M	139.49M	157.77M	123.44M	115.96M	180.11M	174.86M	164M	157.54M	166.27M
Cash & Equivalents	37.34M	2.79M	5.16M	2.44M	3.14M	5.81M	4.1M	3.51M	3.22M	405K
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Inventory	45.35M	53.22M	59.11M	45.04M	46.87M	61.8M	66.92M	61.83M	55.43M	73.73M
Other Current Assets	10.8M	17.8M	22.19M	16.62M	10.51M	41.13M	25.31M	30.97M	32.45M	22.66M
Long-Term Investments	0	0	13K	167K	461K	1.81M	16.43M	8K	0	0
Goodwill	1.09B	1.09B	1.09B	1.1B	1.1B	1.11B	1.11B	1.15B	1.15B	1.16B
Intangible Assets	276.33M	219.88M	175.18M	128.44M	84.14M	39.26M	40M	80.55M	74.51M	84.78M
Other Assets	35.58M	24.65M	25.56M	21.18M	26.33M	26.2M	75.08M	88.14M	95.22M	77.12M
Total Liabilities	1.59B	1.62B	1.61B	1.57B	1.68B	1.63B	1.61B	1.72B	1.73B	1.7B
Total Debt+	1.24B	1.27B	1.26B	1.23B	1.33B	1.25B	1.21B	1.33B	1.35B	118.01M
Net Debt	1.2B	1.27B	1.25B	1.22B	1.33B	1.24B	1.21B	1.33B	1.35B	117.61M
Long-Term Debt	1.22B	1.27B	1.26B	1.23B	1.21B	1.12B	1.08B	1.19B	1.21B	83.68M
Short-Term Borrowings	0	0	0	0	1000K	1000K	0	0	1000K	1000K
Capital Lease Obligations	0	0	0	0	119.1M	129.41M	135.8M	142.06M	139.41M	118.01M
Total Current Liabilities+	205.05M	210.37M	219.04M	216.13M	244.52M	287.15M	306.62M	307.82M	306.12M	302.82M
Accounts Payable	32.29M	38.65M	38.26M	34.09M	31.98M	39.17M	35.17M	40.04M	41.06M	45.04M
Accrued Expenses	49.35M	54.74M	32.4M	64.47M	28.81M	29.99M	22.46M	45.14M	28.46M	0
Deferred Revenue	106.16M	97.02M	95.48M	97.85M	104.43M	111.73M	127.59M	0	126.57M	121.74M
Other Current Liabilities	17.26M	19.95M	148.37M	19.72M	26.42M	44.51M	89.27M	189.07M	74.42M	146.75M
Deferred Taxes	0	0	0	0	0	0	0	0	0	0
Other Liabilities	144.51M	135.77M	133.2M	131.33M	137.51M	122.62M	118.58M	119.6M	105.46M	1.31B
Total Equity+	-45.83M	552.98M	-24.67M	-26.19M	-25.78M	-17.58M	-12.6M	546.36M	547.06M	598.57M
Equity Growth %	-1.05%	13.07%	-1.04%	-0.06%	0.02%	0.32%	0.28%	44.38%	0%	0.09%
Shareholders Equity	-45.83M	552.98M	-24.67M	-26.19M	-25.78M	-17.58M	-12.6M	546.36M	547.06M	598.57M
Minority Interest	0	0	0	0	0	0	0	0	0	0
Common Stock	754.06M	581.79M	518.49M	450.02M	388.16M	443M	510.13M	557.02M	0	0
Additional Paid-in Capital	0	0	0	0	0	0	0	0	0	0
Retained Earnings	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-45.83M	-28.81M	-24.67M	-26.19M	-25.78M	-17.58M	-12.6M	-10.67M	-6.15M	-5.48M
Return on Assets (ROA)	0.01%	0.02%	0.04%	0.03%	0.03%	0.06%	0.07%	0.06%	0.03%	0.05%
Return on Equity (ROE)	0.03%	0.15%	0.29%	-	-	-	-	0.46%	0.14%	0.19%
Debt / Equity	-	2.30x	-	-	-	-	-	2.43x	2.47x	0.20x
Debt / Assets	0.54%	0.59%	0.6%	0.61%	0.65%	0.61%	0.58%	0.59%	0.59%	0.05%
Net Debt / EBITDA	5.46x	5.22x	4.49x	4.51x	5.16x	3.91x	4.56x	4.92x	5.65x	0.42x
Book Value per Share	-0.75	8.99	-0.4	-0.42	-0.41	-0.28	-0.2	8.48	8.44	9.13

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+	157.11M	160.36M	208.54M	226.78M	209.35M	226.55M	220.55M	225.24M	160.59M	186.26M
Operating CF Growth %	-0.52%	0.02%	0.3%	0.09%	-0.08%	0.08%	-0.03%	0.02%	-0.29%	0.16%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	14.44M	37.99M	76.53M	68.63M	60.76M	122.79M	139.71M	123.75M	74.17M	106.57M
Depreciation & Amortization	129.62M	127.94M	125.22M	120.87M	116.79M	104.56M	58.85M	62.58M	66.97M	72.04M
Deferred Taxes	0	0	0	0	1.16M	16.99M	0	0	0	0
Other Non-Cash Items	989K	5.41M	9.41M	-3.66M	-2.91M	-3.19M	481K	-1.33M	19.03M	-131K
Working Capital Changes	12.06M	-10.98M	-2.62M	30.42M	24.32M	-24.66M	10.26M	26.86M	-7.79M	0
Capital Expenditures+	-38.38M	-28.17M	-32.9M	-34.98M	-53.24M	-29.86M	-94.44M	-170.64M	-59.43M	-128.25M
CapEx / Revenue %	-	-	-	-	-	-	-	-	-	-
CapEx / D&A	-	-	-	-	-	-	-	-	-	-
CapEx Coverage (OCF/CapEx)	-	-	-	-	-	-	-	-	-	-
Cash from Investing+	-53.91M	-22.99M	-39.09M	-48.52M	-53.24M	-34.08M	-94.44M	-170.64M	-81.64M	-128.25M
Acquisitions	-21.48M	5.18M	-12.07M	-19.3M	-25.64M	-8.72M	-55.23M	-130.12M	0	0
Purchase of Investments	0	0	0	0	0	0	0	0	0	0
Sale of Investments	0	0	0	0	0	0	0	0	0	0
Other Investing	5.95M	5.18M	5.88M	5.76M	4.89M	4.5M	5.15M	4.44M	-22.21M	-56.3M
Cash from Financing+	-218.2M	-171.93M	-167.08M	-180.99M	-155.41M	-189.81M	-127.82M	-44.63M	-72.5M	-66.74M
Dividends Paid	-215.52M	-216.58M	-147.19M	-147.88M	-130.21M	-76.48M	-81.72M	-82.38M	-83.09M	0
Dividend Payout Ratio %	14.93%	5.7%	1.92%	2.15%	2.14%	0.62%	0.58%	0.67%	1.12%	-
Debt Issuance (Net)	-1000K	1000K	-1000K	-1000K	-1000K	-1000K	-1000K	1000K	1000K	0
Stock Issued	0	0	0	0	0	0	0	0	0	0
Share Repurchases	0	0	0	0	0	0	0	0	0	0
Other Financing	0	-7.06M	-2.72M	-3.01M	-3.64M	-3.61M	-3.69M	-4.64M	-8.41M	-66.74M
Net Change in Cash+	-115M	-34.55M	2.38M	-2.72M	699K	2.67M	-1.71M	-586K	6.44M	-8.74M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	152.34M	37.34M	2.79M	5.16M	2.44M	3.14M	5.81M	4.1M	14.07M	20.51M
Cash at End	37.34M	2.79M	5.16M	2.44M	3.14M	5.81M	4.1M	3.51M	20.51M	11.77M
Free Cash Flow+	118.73M	132.19M	175.64M	191.8M	156.11M	196.7M	126.11M	54.6M	101.16M	58M
FCF Growth %	-0.58%	0.11%	0.33%	0.09%	-0.19%	0.26%	-0.36%	-0.57%	0.85%	-0.43%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF / Net Income %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	3.39%	14.98%	28.97%	-	-	-	-	46.37%	13.57%	18.6%
EBITDA Margin	21.03%	20.48%	20.72%	21.43%	23.2%	24.66%	17.66%	18.85%	17.95%	19.43%
Net Debt / EBITDA	5.46x	5.22x	4.49x	4.51x	5.16x	3.91x	4.56x	4.92x	5.65x	0.42x
Interest Coverage	1.20x	1.53x	1.98x	1.97x	1.88x	3.13x	3.40x	2.82x	2.30x	2.71x
CapEx / Revenue	3.67%	2.37%	2.45%	2.76%	4.81%	2.32%	6.29%	11.94%	4.48%	8.95%
Dividend Payout Ratio	1492.53%	570.01%	192.31%	215.47%	214.3%	62.29%	58.5%	66.57%	112.02%	-
Debt / Equity	-	2.30x	-	-	-	-	-	2.43x	2.47x	0.20x
EPS Growth	-82.61%	158.33%	100%	-11.29%	-11.82%	100%	12.37%	-11.93%	-40.63%	42.11%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Propane	884.17M	1.01B	-	-	-	1.14B	1.31B	1.23B	1.15B	1.27B
Propane Growth	-	14.35%	-	-	-	-	15.18%	-6.20%	-6.66%	10.04%
Fuel Oil And Refined Fuels	68.76M	78.13M	-	-	-	67.1M	95.16M	92.13M	73.78M	67.35M
Fuel Oil And Refined Fuels Growth	-	13.62%	-	-	-	-	41.81%	-3.18%	-19.91%	-8.72%
Natural Gas And Electricity	50.76M	55.1M	-	-	-	30.43M	39.51M	31.16M	25.88M	24.59M
Natural Gas And Electricity Growth	-	8.55%	-	-	-	-	29.86%	-21.14%	-16.95%	-4.96%
All Others	42.42M	43.58M	-	-	-	50.77M	-	-	-	-
All Others Growth	-	2.73%	-	-	-	-	-	-	-	-
Other Sales Revenue Net	-	-	45.26M	46.97M	46.53M	-	-	-	-	-
Other Sales Revenue Net Growth	-	-	-	3.77%	-0.93%	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Suburban Propane Partners, L.P. (SPH) has a price-to-earnings (P/E) ratio of 11.8x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Suburban Propane Partners, L.P. (SPH) reported $1.43B in revenue for fiscal year 2025. This represents a 34% increase from $1.06B in 2012.

Suburban Propane Partners, L.P. (SPH) grew revenue by 7.9% over the past year. This is steady growth.

Yes, Suburban Propane Partners, L.P. (SPH) is profitable, generating $97.1M in net income for fiscal year 2025 (7.4% net margin).

Dividend & Returns

Suburban Propane Partners, L.P. (SPH) has a return on equity (ROE) of 18.6%. This is reasonable for most industries.

Suburban Propane Partners, L.P. (SPH) generated $53.6M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

Industry Metrics

Suburban Propane Partners, L.P. (SPH) has a dividend payout ratio of 0%. This suggests the dividend is well-covered and sustainable.

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