Latest Ratios: P/E Ratio 20.1x · EV/EBITDA 5.9x · ROE N/A. (2010–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $837M | $788M | $840M | $869M | $755M | $722M | $642M | $622M | $486M | $804M | $841M |
| Enterprise Value | $1.7B | $1.7B | $1.7B | $1.8B | $1.7B | $1.7B | $1.3B | $1.3B | $1.1B | $1.4B | $1.4B |
| P/E Ratio → | 20.12 | 18.90 | 42.31 | 21.71 | 12.17 | 33.44 | 5.98 | 34.71 | 94.40 | 42.41 | 114.50 |
| P/S Ratio | 0.23 | 0.22 | 0.20 | 0.20 | 0.15 | 0.20 | 0.33 | 0.29 | 0.20 | 0.38 | 0.45 |
| P/B Ratio | — | — | — | 28.26 | 9.54 | 12.77 | 5.85 | 7.93 | 4.38 | 4.71 | 3.81 |
| P/FCF | 15.00 | 14.13 | 13.66 | 10.54 | 5.76 | 13.47 | 9.52 | 13.03 | 6.40 | 10.51 | 14.33 |
| P/OCF | 9.14 | 8.61 | 9.57 | 7.42 | 4.68 | 7.56 | 6.14 | 8.60 | 5.42 | 9.04 | 10.58 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.46 | 0.43 | 0.40 | 0.34 | 0.48 | 0.70 | 0.60 | 0.44 | 0.67 | 0.74 |
| EV / EBITDA | 5.89 | 5.72 | 11.91 | 10.74 | 9.52 | 15.01 | 7.29 | 13.02 | 10.64 | 15.67 | 15.96 |
| EV / EBIT | 8.44 | 17.23 | 24.46 | 19.97 | 17.43 | 46.65 | 11.58 | 29.22 | 30.52 | 42.90 | 41.94 |
| EV / FCF | — | 30.35 | 28.39 | 21.52 | 12.84 | 31.92 | 19.94 | 26.85 | 14.20 | 18.43 | 23.60 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 9.2% | 9.2% | 9.7% | 8.7% | 7.6% | 7.7% | 11.0% | 7.2% | 7.1% | 7.7% | 8.3% |
| Operating Margin | 5.6% | 5.6% | 1.7% | 2.0% | 1.9% | 1.0% | 6.0% | 2.0% | 1.4% | 1.5% | 1.7% |
| Net Profit Margin | 1.1% | 1.1% | 0.5% | 0.9% | 1.2% | 0.6% | 5.6% | 0.8% | 0.2% | 1.1% | 0.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | 666.6% | 73.0% | 91.3% | 26.1% | 114.3% | 19.1% | 3.7% | 11.8% | 4.4% |
| ROA | 4.0% | 4.0% | 1.7% | 3.3% | 4.8% | 1.8% | 10.5% | 2.0% | 0.6% | 2.5% | 1.2% |
| ROIC | 18.1% | 18.1% | 5.8% | 6.8% | 7.0% | 2.9% | 11.2% | 4.5% | 3.5% | 3.2% | 3.3% |
| ROCE | 23.4% | 23.4% | 7.2% | 8.4% | 8.5% | 3.4% | 13.0% | 5.3% | 4.3% | 3.8% | 3.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | 29.61 | 11.92 | 17.62 | 6.41 | 8.43 | 5.38 | 3.57 | 2.47 |
| Debt / EBITDA | 3.07 | 3.07 | 6.20 | 5.51 | 5.34 | 8.74 | 3.82 | 6.72 | 5.88 | 6.78 | 6.29 |
| Net Debt / Equity | — | — | — | 29.45 | 11.72 | 17.48 | 6.41 | 8.41 | 5.35 | 3.55 | 2.47 |
| Net Debt / EBITDA | 3.06 | 3.06 | 6.18 | 5.48 | 5.25 | 8.68 | 3.81 | 6.70 | 5.85 | 6.73 | 6.27 |
| Debt / FCF | — | 16.22 | 14.73 | 10.98 | 7.08 | 18.45 | 10.42 | 13.81 | 7.81 | 7.92 | 9.28 |
| Interest Coverage | 2.04 | 2.04 | 1.36 | 2.03 | 3.01 | 2.01 | 7.00 | 1.62 | 1.08 | 1.18 | 1.45 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.72 | 0.72 | 0.73 | 0.67 | 0.68 | 0.65 | 0.51 | 0.62 | 0.58 | 0.86 | 0.87 |
| Quick Ratio | 0.33 | 0.33 | 0.34 | 0.35 | 0.41 | 0.37 | 0.35 | 0.56 | 0.42 | 0.70 | 0.70 |
| Cash Ratio | 0.02 | 0.02 | 0.02 | 0.03 | 0.09 | 0.05 | 0.00 | 0.02 | 0.04 | 0.04 | 0.02 |
| Asset Turnover | — | 3.80 | 3.68 | 3.71 | 3.95 | 2.67 | 1.79 | 2.25 | 2.82 | 2.21 | 2.01 |
| Inventory Turnover | 55.80 | 55.80 | 58.57 | 76.49 | 97.06 | 71.63 | 73.98 | 320.19 | 161.41 | 127.90 | 130.22 |
| Days Sales Outstanding | — | 2.98 | 2.94 | 2.63 | 2.62 | 3.57 | 5.81 | 7.55 | 3.86 | 7.36 | 8.24 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 9.6% | 10.2% | 9.5% | 9.2% | 10.6% | 11.0% | 12.1% | 11.6% | 15.5% | 10.4% | 9.5% |
| Payout Ratio | 191.9% | 191.9% | 401.4% | 198.8% | 128.5% | 367.4% | 72.5% | 400.2% | 1439.0% | 361.7% | 747.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.0% | 5.3% | 2.4% | 4.6% | 8.2% | 3.0% | 16.7% | 2.9% | 1.1% | 2.4% | 0.9% |
| FCF Yield | 6.7% | 7.1% | 7.3% | 9.5% | 17.4% | 7.4% | 10.5% | 7.7% | 15.6% | 9.5% | 7.0% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.4% |
| Total Shareholder Yield | 9.6% | 10.2% | 9.5% | 9.2% | 10.6% | 11.0% | 12.1% | 11.6% | 15.5% | 10.4% | 9.9% |
| Shares Outstanding | — | $38M | $38M | $38M | $38M | $38M | $37M | $34M | $34M | $34M | $33M |
Includes 30+ ratios · 16 years · Updated daily
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Quick answers to the most common questions about buying CAPL stock.
CrossAmerica Partners LP's current P/E ratio is 20.1x. The historical average is 43.2x. This places it at the 25th percentile of its historical range.
CrossAmerica Partners LP's current EV/EBITDA is 5.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.0x.
Based on historical data, CrossAmerica Partners LP is trading at a P/E of 20.1x. This is at the 25th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
CrossAmerica Partners LP's current dividend yield is 9.57% with a payout ratio of 191.9%.
CrossAmerica Partners LP has 9.2% gross margin and 5.6% operating margin.
CrossAmerica Partners LP's Debt/EBITDA ratio is 3.1x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
High leverage and thin margins
Metrics are mathematically derived from official filings.
Thin Margins Mask Underlying Stability
Gross margin hovered near 9-10% over the past year, per quarterly filings, while net margin improved to 1.8% in 2026Q2, suggesting modest earnings power despite revenue contraction.
The gross margin of 9.6% in 2026Q2 reflects the pass-through nature of fuel distribution, where CAPL earns a cents-per-gallon spread. Operating margin swung from 0.2% in 2025Q1 to 3.0% in 2026Q2, indicating volatile cost control, but the recent improvement suggests operational leverage is emerging. Net margin remains thin at 1.8%, leaving little buffer for fuel margin compression or rising interest costs, as seen in the 2025Q1 net loss of -0.9%.
Modest Returns on Invested Capital
ROIC improved to 3.5% in 2026Q2 from 2.1% a year earlier, as reported in financial statements, indicating a slow but steady recovery in capital efficiency, though still below cost of capital.
ROIC has been consistently low, ranging from -1.0% in 2024Q1 to 4.6% in 2026Q1, reflecting the asset-heavy nature of the business and thin margins. The improvement in 2026Q2 is driven by higher operating income, but the absolute level remains insufficient to cover the partnership's cost of debt, which is evident from the high D/EBITDA ratio of 15.96. This suggests that CAPL is not yet compounding returns at a rate that would attract growth-oriented investors.
Working Capital Efficiency Remains Tight
Cash conversion cycle held at 1 day in 2026Q2, per quarterly data, with DSO of 3 days and DPO of 7 days, indicating minimal working capital drag but also limited supplier leverage.
The near-zero CCC reflects the cash nature of fuel sales and quick inventory turnover, but the low DPO of 7 days suggests CAPL pays suppliers quickly, possibly due to contractual terms. Asset turnover improved to 1.19 in 2026Q2 from 0.86 in 2026Q1, indicating better revenue generation per dollar of assets, though this is partly due to seasonal volume increases. The efficiency gains are modest and may not be sustainable if fuel prices remain volatile.
Leverage Elevated Despite EBITDA Growth
D/EBITDA stood at 15.96 in 2026Q2, per reported figures, down from 32.31 in 2025Q1 but still high, while interest coverage improved to 3.09, suggesting debt service is manageable but leaves little room for shocks.
The leverage ratio has been volatile, spiking to 167.41 in 2024Q1 when EBITDA was depressed, but recent quarters show improvement as EBITDA recovers. Interest coverage of 3.09 in 2026Q2 is above the 2.0x comfort zone, but the 2026Q1 coverage of 0.22 highlights fragility. With debt-to-assets near 85% and negative equity, refinancing risk remains a concern, especially if fuel margins compress or interest rates rise.
Liquidity Remains Thin
Current ratio of 0.76 in 2026Q2, as reported in financial statements, indicates current liabilities exceed current assets, while cash of $4.9M provides minimal cushion against operational disruptions.
The quick ratio of 0.37 underscores the reliance on inventory, which is less liquid in a downturn. The negative working capital position is typical for fuel distributors that collect cash quickly, but it leaves CAPL vulnerable to a sudden drop in fuel demand or a credit freeze. The thin liquidity, combined with high leverage, suggests that any prolonged margin squeeze could strain the partnership's ability to meet short-term obligations.
Misapplied Metric: P/E Ratio
The P/E of 21.38, per current valuation data, is misleading for an MLP like CAPL because net income is heavily impacted by depreciation and non-cash items, obscuring true cash generation.
For master limited partnerships, distributable cash flow (DCF) is the more appropriate metric, as it adjusts for maintenance capex and non-cash charges. CAPL's P/FCF of 15.94 provides a better view of valuation, but even that may understate the sustainability of cash flows given the high leverage and thin margins. Investors should focus on EV/EBITDA (6.06) and distribution coverage, which better reflect the partnership's ability to service debt and pay distributions.