Sunoco LP (SUN) 10-Year Financial Performance & Capital Metrics

SUN • • Industrial / General

EnergyOil Refining & MarketingFuel Distribution & RetailFuel Wholesalers & Distributors

AboutSunoco LP, together with its subsidiaries, distributes and retails motor fuels in the United States. It operates in two segments, Fuel Distribution and Marketing, and All Other. The Fuel Distribution and Marketing segment purchases motor fuel from independent refiners and oil companies and supplies it to independently operated dealer stations, distributors and other consumer of motor fuel, and partnership operated stations, as well as to commission agent locations. The All Other segment operates retail stores that offer motor fuel, merchandise, foodservice, and other services that include credit card processing, car washes, lottery, automated teller machines, money orders, prepaid phone cards, and wireless services. It also leases and subleases real estate properties; and operates terminal facilities on the Hawaiian Islands. As of December 31, 2021, the company operated 78 retail stores in Hawaii and New Jersey. Sunoco GP LLC serves as the general partner of the company. The company was formerly known as Susser Petroleum Partners LP and changed its name to Sunoco LP in October 2014. Sunoco LP was founded in 1886 and is headquartered in Dallas, Texas.Show more

Revenue $22.69B -1.6%
EBITDA $1.16B +41.0%
Net Income $716M +130.2%
EPS (Diluted) 6.00 +64.4%
Gross Margin 7.62% +49.3%
EBITDA Margin 5.11% +43.3%
Operating Margin 3.49% +26.6%
Net Margin 3.16% +134.0%
ROE 28.38% -12.4%
ROIC 6.97% -26.6%
Debt/Equity 1.97 -53.2%
Interest Coverage 1.96 -32.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 35.4%
✓Strong 5Y profit CAGR of 25.0%
✓Trading near 52-week high
✓Efficient asset utilization: 1.6x turnover

✗Weaknesses

✗Shares diluted 40.2% in last year
✗Thin 5Y average net margin of 2.0%

Price & Volume

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Growth Metrics

Revenue CAGR

10Y15.48%

5Y6.46%

3Y8.85%

TTM-5.18%

Profit (Net Income) CAGR

10Y28.85%

5Y24.96%

3Y17.09%

TTM-17.45%

EPS CAGR

10Y15.58%

5Y16.38%

3Y4.35%

TTM-31.49%

ROCE

10Y Avg8.37%

5Y Avg11.64%

3Y Avg11.18%

Latest8.84%

Peer Comparison

Fuel Wholesalers & Distributors

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CAPLCrossAmerica Partners LP	819.97M	21.51	41.37	-6.57%	1.21%	6.67%	7.5%
SUNSunoco LP	7.87B	57.60	9.60	-1.63%	1.84%	7.26%	2.61%	1.97

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	12.43B	9.99B	11.72B	16.99B	16.6B	10.71B	17.6B	25.73B	23.07B	22.69B
Revenue Growth %	1.31%	-0.2%	0.17%	0.45%	-0.02%	-0.35%	0.64%	0.46%	-0.1%	-0.02%
Cost of Goods Sold+	16.75B	13.8B	10.78B	16.05B	15.56B	9.84B	16.42B	24.54B	21.89B	20.96B
COGS % of Revenue	1.35%	1.38%	0.92%	0.94%	0.94%	0.92%	0.93%	0.95%	0.95%	0.92%
Gross Profit+	1.71B	980M	939M	940M	1.03B	867M	1.17B	1.19B	1.18B	1.73B
Gross Margin %	0.14%	0.1%	0.08%	0.06%	0.06%	0.08%	0.07%	0.05%	0.05%	0.08%
Gross Profit Growth %	10.45%	-0.43%	-0.04%	0%	0.1%	-0.16%	0.35%	0.01%	-0.01%	0.47%
Operating Expenses+	1.37B	835M	710M	595M	569M	450M	424M	508M	543M	939M
OpEx % of Revenue	0.11%	0.08%	0.06%	0.04%	0.03%	0.04%	0.02%	0.02%	0.02%	0.04%
Selling, General & Admin	205M	409M	221M	213M	197M	173M	168M	183M	194M	277M
SG&A % of Revenue	0.02%	0.04%	0.02%	0.01%	0.01%	0.02%	0.01%	0.01%	0.01%	0.01%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	1.17B	426M	489M	382M	372M	277M	256M	325M	349M	662M
Operating Income+	252M	145M	229M	345M	464M	417M	749M	678M	635M	791M
Operating Margin %	0.02%	0.01%	0.02%	0.02%	0.03%	0.04%	0.04%	0.03%	0.03%	0.03%
Operating Income Growth %	2.27%	-0.42%	0.58%	0.51%	0.34%	-0.1%	0.8%	-0.09%	-0.06%	0.25%
EBITDA+	402M	321M	398M	527M	647M	606M	926M	871M	822M	1.16B
EBITDA Margin %	0.03%	0.03%	0.03%	0.03%	0.04%	0.06%	0.05%	0.03%	0.04%	0.05%
EBITDA Growth %	2.86%	-0.2%	0.24%	0.32%	0.23%	-0.06%	0.53%	-0.06%	-0.06%	0.41%
D&A (Non-Cash Add-back)	150M	176M	169M	182M	183M	189M	177M	193M	187M	368M
EBIT	253M	-544M	230M	239M	464M	406M	710M	677M	642M	658M
Net Interest Income+	-67M	-161M	-209M	-144M	-173M	-175M	-156M	-182M	-217M	-391M
Interest Income	2M	3M	0	3M	2M	2M	0	1M	3M	13M
Interest Expense	65M	164M	209M	147M	175M	177M	156M	183M	220M	404M
Other Income/Expense	-170M	-161M	-209M	-253M	-168M	-181M	-195M	-177M	-205M	258M
Pretax Income+	82M	-16M	20M	92M	296M	236M	554M	501M	430M	1.05B
Pretax Margin %	0.01%	-0%	0%	0.01%	0.02%	0.02%	0.03%	0.02%	0.02%	0.05%
Income Tax+	29M	-72M	-306M	34M	-17M	24M	30M	26M	36M	175M
Effective Tax Rate %	2.32%	25.38%	7.45%	-2.25%	0.79%	0.57%	0.81%	0.79%	0.72%	0.68%
Net Income+	190.25M	-406M	149M	-207M	235M	135M	446M	397M	311M	716M
Net Margin %	0.02%	-0.04%	0.01%	-0.01%	0.01%	0.01%	0.03%	0.02%	0.01%	0.03%
Net Income Growth %	2.35%	-3.13%	1.37%	-2.39%	2.14%	-0.43%	2.3%	-0.11%	-0.22%	1.3%
Net Income (Continuing)	53M	56M	326M	58M	313M	212M	524M	475M	394M	874M
Discontinued Operations	38M	-462M	-177M	-265M	0	0	0	0	0	0
Minority Interest	20.18M	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	1.09	-4.34	0.35	-2.44	2.81	1.61	5.28	4.68	3.65	6.00
EPS Growth %	-0.23%	-4.98%	1.08%	-7.97%	2.15%	-0.43%	2.28%	-0.11%	-0.22%	0.64%
EPS (Basic)	1.09	-4.34	1.50	-2.46	2.84	1.63	5.35	4.74	3.70	6.04
Diluted Shares Outstanding	50.29M	93.6M	99.73M	84.82M	83.55M	83.72M	84.44M	84.8M	85.09M	119.34M
Basic Shares Outstanding	50.26M	93.58M	99.27M	84.3M	82.76M	83.06M	83.37M	83.76M	84.08M	118.53M
Dividend Payout Ratio	1.7%	-	2.89%	-	1.5%	2.62%	0.8%	0.9%	1.19%	0.79%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	1.27B	1.32B	4.54B	905M	924M	847M	1.19B	1.98B	1.93B	2.46B
Cash & Short-Term Investments	72.63M	103M	28M	56M	21M	97M	25M	82M	29M	94M
Cash Only	72.63M	119M	28M	56M	21M	97M	25M	82M	29M	94M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	316M	542M	696M	411M	411M	306M	538M	905M	876M	1.16B
Days Sales Outstanding	9.28	19.81	21.67	8.83	9.04	10.43	11.16	12.84	13.86	18.69
Inventory	467.29M	573M	426M	374M	419M	382M	534M	821M	889M	1.07B
Days Inventory Outstanding	10.18	15.16	14.42	8.5	9.83	14.17	11.87	12.21	14.82	18.6
Other Current Assets	45.98M	100M	3.39B	64M	73M	62M	95M	175M	133M	141M
Total Non-Current Assets+	7.57B	7.31B	3.8B	3.97B	4.51B	4.42B	4.62B	4.87B	4.92B	11.91B
Property, Plant & Equipment	3.15B	3.37B	1.56B	1.55B	2B	1.96B	2.19B	2.29B	2.34B	8.15B
Fixed Asset Turnover	3.94x	2.96x	7.53x	10.99x	8.28x	5.45x	8.02x	11.22x	9.85x	2.78x
Goodwill	3.11B	2.62B	1.43B	1.56B	1.55B	1.56B	1.57B	1.6B	1.6B	1.48B
Intangible Assets	1.26B	1.25B	768M	708M	646M	588M	542M	588M	544M	547M
Long-Term Investments	-125M	-193M	-176M	-63M	121M	136M	132M	129M	124M	1.33B
Other Non-Current Assets	48.4M	66M	45M	161M	152M	144M	170M	236M	290M	400M
Total Assets+	8.84B	8.7B	8.34B	4.88B	5.44B	5.27B	5.82B	6.86B	6.85B	14.38B
Asset Turnover	1.41x	1.15x	1.40x	3.48x	3.05x	2.03x	3.03x	3.75x	3.37x	1.58x
Asset Growth %	0.44%	-0.02%	-0.04%	-0.42%	0.11%	-0.03%	0.1%	0.18%	-0%	1.1%
Total Current Liabilities+	762M	1.1B	1.21B	865M	744M	653M	890M	1.41B	1.37B	1.95B
Accounts Payable	449M	616M	559M	561M	494M	267M	574M	1.07B	998M	1.45B
Days Payables Outstanding	9.78	16.3	18.92	12.75	11.59	9.9	12.76	15.99	16.64	25.32
Short-Term Debt	5M	5M	6M	5M	11M	6M	6M	21M	22M	2M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	0	0	0	1000K
Other Current Liabilities	-1.03M	-198M	-336M	-8M	-158M	-267M	56M	111M	133M	96M
Current Ratio	1.66x	1.20x	3.74x	1.05x	1.24x	1.30x	1.34x	1.41x	1.40x	1.27x
Quick Ratio	1.05x	0.68x	3.39x	0.61x	0.68x	0.71x	0.74x	0.83x	0.76x	0.72x
Cash Conversion Cycle	9.68	18.67	17.17	4.58	7.28	14.69	10.27	9.06	12.04	11.97
Total Non-Current Liabilities+	2.82B	5.4B	4.88B	3.23B	3.94B	3.98B	4.11B	4.51B	4.5B	8.36B
Long-Term Debt	1.95B	4.51B	4.28B	2.98B	3.06B	3.11B	3.25B	3.48B	3.49B	7.48B
Capital Lease Obligations	0	12M	10M	0	530M	538M	521M	622M	605M	479M
Deferred Tax Liabilities	694.38M	643M	389M	103M	109M	104M	114M	181M	190M	157M
Other Non-Current Liabilities	138M	239M	200M	147M	97M	109M	104M	111M	116M	158M
Total Liabilities	3.58B	6.5B	6.1B	4.09B	4.68B	4.63B	5B	5.91B	5.87B	10.31B
Total Debt+	1.96B	4.51B	4.29B	2.98B	3.62B	3.67B	3.79B	4.12B	4.11B	8B
Net Debt	1.88B	4.39B	4.26B	2.93B	3.6B	3.57B	3.77B	4.04B	4.08B	7.91B
Debt / Equity	0.37x	2.06x	1.91x	3.81x	4.78x	5.81x	4.68x	4.37x	4.21x	1.97x
Debt / EBITDA	4.87x	14.06x	10.78x	5.66x	5.60x	6.05x	4.10x	4.73x	5.00x	6.90x
Net Debt / EBITDA	4.69x	13.69x	10.71x	5.56x	5.56x	5.89x	4.07x	4.64x	4.97x	6.82x
Interest Coverage	3.88x	0.88x	1.10x	2.35x	2.65x	2.36x	4.80x	3.70x	2.89x	1.96x
Total Equity+	5.26B	2.2B	2.25B	784M	758M	632M	811M	942M	978M	4.07B
Equity Growth %	3.65%	-0.58%	0.02%	-0.65%	-0.03%	-0.17%	0.28%	0.16%	0.04%	3.16%
Book Value per Share	104.66	23.46	22.53	9.24	9.07	7.55	9.60	11.11	11.49	34.09
Total Shareholders' Equity	5.26B	2.2B	2.25B	784M	758M	632M	811M	942M	978M	4.07B
Common Stock	5.26B	2.2B	1.95B	784M	758M	632M	811M	942M	978M	4.07B
Retained Earnings	0	0	-2.25B	0	0	0	0	0	0	0
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	0	-358M	0	-587M	0	0	0	0	0	2M
Minority Interest	20.18M	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	438.62M	561M	439M	-37M	435M	502M	543M	561M	600M	549M
Operating CF Margin %	0.04%	0.06%	0.04%	-0%	0.03%	0.05%	0.03%	0.02%	0.03%	0.02%
Operating CF Growth %	7.65%	0.28%	-0.22%	-1.08%	12.76%	0.15%	0.08%	0.03%	0.07%	-0.09%
Net Income	194.07M	-406M	149M	-207M	313M	212M	524M	475M	394M	874M
Depreciation & Amortization	278.31M	319M	169M	182M	183M	189M	177M	193M	187M	368M
Stock-Based Compensation	7.98M	13M	24M	12M	13M	14M	16M	14M	17M	17M
Deferred Taxes	35.98M	-31M	-308M	6M	6M	5M	10M	28M	13M	-14M
Other Non-Cash Items	2.83M	691M	418M	0	-9M	99M	-165M	-15M	110M	-496M
Working Capital Changes	-79M	-25M	-13M	-30M	-71M	-17M	-19M	-134M	-121M	-200M
Change in Receivables	-15M	-215M	-132M	201M	-44M	105M	-231M	-312M	29M	-212M
Change in Inventory	-50M	-91M	21M	-11M	26M	-45M	38M	-172M	-182M	86M
Change in Payables	-23M	291M	53M	-138M	26M	-156M	276M	440M	-40M	357M
Cash from Investing+	-2.45B	-3.02B	-170M	2.74B	-164M	-120M	-387M	-464M	-288M	477M
Capital Expenditures	-551.54M	-490M	-142M	-105M	-148M	-124M	-174M	-186M	-215M	-344M
CapEx % of Revenue	0.04%	0.05%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	15.77M	17M	-28M	3.24B	30M	24M	43M	40M	38M	31M
Cash from Financing+	1.95B	2.5B	-339M	-2.68B	-306M	-306M	-228M	-40M	-365M	-961M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-324M	-436M	-431M	-383M	-353M	-354M	-357M	-359M	-371M	-566M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	198M	228M	-1M	-143M	-6M	0	0	0	-5M	-27M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-112.92M	71M	297M	-142M	287M	378M	369M	375M	385M	205M
FCF Margin %	-0.01%	0.01%	0.03%	-0.01%	0.02%	0.04%	0.02%	0.01%	0.02%	0.01%
FCF Growth %	-2.03%	1.63%	3.18%	-1.48%	3.02%	0.32%	-0.02%	0.02%	0.03%	-0.47%
FCF per Share	-2.25	0.76	2.98	-1.67	3.43	4.52	4.37	4.42	4.52	1.72
FCF Conversion (FCF/Net Income)	2.31x	-1.38x	2.95x	0.18x	1.85x	3.72x	1.22x	1.41x	1.93x	0.77x
Interest Paid	60M	0	0	140M	161M	0	174M	176M	202M	339M
Taxes Paid	51M	0	0	501M	38M	0	14M	30M	29M	135M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	5.95%	-10.89%	6.71%	-13.66%	30.48%	19.42%	61.82%	45.29%	32.4%	28.38%
Return on Invested Capital (ROIC)	4.16%	1.58%	2.62%	5.06%	8.62%	7.31%	12.79%	10.64%	9.49%	6.97%
Gross Margin	13.72%	9.81%	8.01%	5.53%	6.22%	8.1%	6.67%	4.61%	5.11%	7.62%
Net Margin	1.53%	-4.07%	1.27%	-1.22%	1.42%	1.26%	2.53%	1.54%	1.35%	3.16%
Debt / Equity	0.37x	2.06x	1.91x	3.81x	4.78x	5.81x	4.68x	4.37x	4.21x	1.97x
Interest Coverage	3.88x	0.88x	1.10x	2.35x	2.65x	2.36x	4.80x	3.70x	2.89x	1.96x
FCF Conversion	2.31x	-1.38x	2.95x	0.18x	1.85x	3.72x	1.22x	1.41x	1.93x	0.77x
Revenue Growth	130.95%	-19.66%	17.39%	44.96%	-2.34%	-35.47%	64.3%	46.22%	-10.34%	-1.63%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Sales revenue	-	-	-	-	-	-	-	-	-	21.59B
Sales revenue Growth	-	-	-	-	-	-	-	-	-	-
Service revenue	-	-	-	-	-	-	-	-	-	980M
Service revenue Growth	-	-	-	-	-	-	-	-	-	-
Lease revenue	-	-	-	-	-	-	-	-	-	125M
Lease revenue Growth	-	-	-	-	-	-	-	-	-	-
Motor Fuel Sales	-	-	-	-	-	-	-	-	22.52B	-
Motor Fuel Sales Growth	-	-	-	-	-	-	-	-	-	-
Non Motor Fuel Sales	-	-	-	-	-	-	-	-	392M	-
Non Motor Fuel Sales Growth	-	-	-	-	-	-	-	-	-	-
Lease Income	-	-	-	-	-	-	-	-	151M	-
Lease Income Growth	-	-	-	-	-	-	-	-	-	-
Intersegment Sales	-	-	-	-	-	-	-	-	-447M	-
Intersegment Sales Growth	-	-	-	-	-	-	-	-	-	-
Fuel Distribution and Marketing	-	-	-	-	17.36B	11.22B	18.3B	25.31B	-	-
Fuel Distribution and Marketing Growth	-	-	-	-	-	-35.39%	63.11%	38.36%	-	-
All Other	-	-	-	-	929M	599M	818M	949M	-	-
All Other Growth	-	-	-	-	-	-35.52%	36.56%	16.01%	-	-
Other Motor Fuels	-	-	-	1.04B	-	-	-	-	-	-
Other Motor Fuels Growth	-	-	-	-	-	-	-	-	-	-
Retail	1.6B	2.27B	571M	-	-	-	-	-	-	-
Retail Growth	-	42.38%	-74.87%	-	-	-	-	-	-	-
Wholesale	-	-	-	-	-	-	-	-	-	-
Wholesale Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	-	-	-	-	-	-	-	-	-	22.65B
UNITED STATES Growth	-	-	-	-	-	-	-	-	-	-
Non-US	-	-	-	-	-	-	-	-	-	44M
Non-US Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Sunoco LP (SUN) has a price-to-earnings (P/E) ratio of 9.6x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Sunoco LP (SUN) reported $21.87B in revenue for fiscal year 2024. This represents a 472% increase from $3.82B in 2011.

Sunoco LP (SUN) saw revenue decline by 1.6% over the past year.

Yes, Sunoco LP (SUN) is profitable, generating $402.0M in net income for fiscal year 2024 (3.2% net margin).

Dividend & Returns

Yes, Sunoco LP (SUN) pays a dividend with a yield of 8.23%. This makes it attractive for income-focused investors.

Sunoco LP (SUN) has a return on equity (ROE) of 28.4%. This is excellent, indicating efficient use of shareholder capital.

Sunoco LP (SUN) generated $373.0M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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