Revenue growth remains highly erratic, fluctuating between a 3.2% increase in 2026Q2 and an 18.5% decline in 2024Q1, reflecting significant sensitivity to regional weather patterns.
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Sep'06 | Sep'05 | Sep'04 | Sep'03 | Sep'02 | Sep'01 | Sep'00 | Sep'99 | Sep'98 | Sep'97 | Sep'96 |
|---|
| Sales/Revenue | 1.86B | 1.78B | 1.77B | 1.95B | 2.01B | 1.5B | 1.47B | 1.75B | 1.68B | 1.32B | 1.16B | 1.67B | 1.96B | 1.74B | 1.5B | 1.59B | 1.21B | 1.21B | 1.54B | 1.27B | 1.3B | 1.26B | 1.45B | 1.46B | 1.03B | 1.09B | 744.66M | 224M | 111.7M | 135.2M | 119.6M |
| Revenue Growth % | 3.12% | 1.04% | -9.56% | -2.68% | 34.03% | 2.02% | -16.33% | 4.53% | 26.77% | 13.97% | -30.64% | -14.65% | 12.63% | 16.31% | -5.89% | 31.21% | 0.49% | -21.79% | 21.77% | -2.26% | 2.94% | -13.37% | -0.67% | 42.8% | -5.61% | 45.83% | 232.44% | 100.54% | -17.38% | 13.04% | - |
| Cost of Goods Sold | 788.25M | 1.26B | 1.3B | 1.51B | 1.55B | 1.05B | 1.03B | 1.3B | 1.25B | 942.94M | 795.37M | 1.23B | 1.58B | 1.41B | 1.2B | 1.24B | 904.05M | 875.75M | 1.26B | 981.88M | 1.01B | 983.78M | 996.05M | 1.01B | 661.98M | 771.32M | 501.59M | 131.8M | 49.5M | 72.2M | 58.6M |
| COGS % of Revenue | - | 70.44% | 73.37% | 77.55% | 77.49% | 70.33% | 69.99% | 74.07% | 74.27% | 71.24% | 68.49% | 73.38% | 80.39% | 80.72% | 80.12% | 77.76% | 74.54% | 72.57% | 81.51% | 77.49% | 78.28% | 78.11% | 68.51% | 69.02% | 64.58% | 71.03% | 67.36% | 58.84% | 44.32% | 53.4% | 49% |
| Gross Profit | 304.32M | 527.51M | 470.33M | 438.4M | 451.63M | 444.17M | 440.4M | 454.81M | 431.77M | 380.62M | 365.97M | 445.77M | 384.79M | 335.82M | 297.78M | 353.97M | 308.73M | 331.06M | 285.24M | 285.3M | 281.6M | 275.7M | 457.88M | 453.4M | 363.08M | 314.66M | 243.07M | 92.2M | 62.2M | 63M | 61M |
| Gross Margin % | 16.37% | 29.56% | 26.63% | 22.45% | 22.51% | 29.67% | 30.01% | 25.93% | 25.73% | 28.76% | 31.51% | 26.62% | 19.61% | 19.28% | 19.88% | 22.24% | 25.46% | 27.43% | 18.49% | 22.51% | 21.72% | 21.89% | 31.49% | 30.98% | 35.42% | 28.97% | 32.64% | 41.16% | 55.68% | 46.6% | 51% |
| Gross Profit Growth % | - | 12.16% | 7.28% | -2.93% | 1.68% | 0.86% | -3.17% | 5.34% | 13.44% | 4% | -17.9% | 15.85% | 14.58% | 12.78% | -15.87% | 14.65% | -6.74% | 16.06% | -0.02% | 1.31% | 2.14% | -39.79% | 0.99% | 24.88% | 15.39% | 29.45% | 163.64% | 48.23% | -1.27% | 3.28% | - |
| Operating Expenses | 318.24M | 431.35M | 409.23M | 375.86M | 378.4M | 353.01M | 348.44M | 397.45M | 381.81M | 331.53M | 299.86M | 352.73M | 305.24M | 268.57M | 252.46M | 289.36M | 250.15M | 250.94M | 281.94M | 230.19M | 304.8M | 377.48M | 413.06M | 404.79M | 336.76M | 285.41M | 212.11M | 121.1M | 54.9M | 53.6M | 51M |
| OpEx % of Revenue | - | 24.17% | 23.17% | 19.25% | 18.86% | 23.58% | 23.74% | 22.66% | 22.76% | 25.05% | 25.82% | 21.07% | 15.56% | 15.42% | 16.86% | 18.18% | 20.63% | 20.79% | 18.27% | 18.17% | 23.51% | 29.97% | 28.41% | 27.65% | 32.85% | 26.28% | 28.48% | 54.06% | 49.15% | 39.65% | 42.64% |
| Selling, General & Admin | 31.46M | 30.52M | 28.41M | 25.78M | 378.4M | 353.01M | 348.44M | 397.45M | 381.81M | 331.53M | 299.86M | 334.93M | 305.24M | 268.57M | 236.06M | 271.47M | 240.02M | 245.22M | 17.56M | 216.86M | 226.71M | 275M | 355.71M | 351.63M | 277.71M | 235.83M | 176.87M | 98.1M | 43.3M | 43.2M | 41.2M |
| SG&A % of Revenue | - | 1.71% | 1.61% | 1.32% | 18.86% | 23.58% | 23.74% | 22.66% | 22.76% | 25.05% | 25.82% | 20% | 15.56% | 15.42% | 15.76% | 17.06% | 19.79% | 20.32% | 1.14% | 17.11% | 17.49% | 21.83% | 24.47% | 24.02% | 27.09% | 21.72% | 23.75% | 43.79% | 38.76% | 31.95% | 34.45% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3M | 400.83M | 380.82M | 350.08M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 309.02M | 0 | 0 | 252.46M | 289.36M | 250.15M | 250.94M | 281.94M | 230.19M | 304.8M | 377.48M | 413.06M | 404.79M | 59.05M | 49.58M | 35.24M | 23M | 11.6M | 10.4M | 9.8M |
| Operating Income | 151.98M | 96.17M | 61.1M | 62.55M | 43.23M | 58.63M | 53.38M | 27.5M | 66.07M | 55.33M | 87.4M | 93.61M | 79.86M | 66M | 53.87M | 62.05M | 58.58M | 80.12M | 3.31M | 55.11M | -23.2M | -101.78M | 44.83M | 48.61M | 26.32M | 29.25M | 30.97M | -28.9M | 7.3M | 9.4M | 10M |
| Operating Margin % | 8.17% | 5.39% | 3.46% | 3.2% | 2.15% | 3.92% | 3.64% | 1.57% | 3.94% | 4.18% | 7.53% | 5.59% | 4.07% | 3.79% | 3.6% | 3.9% | 4.83% | 6.64% | 0.21% | 4.35% | -1.79% | -8.08% | 3.08% | 3.32% | 2.57% | 2.69% | 4.16% | -12.9% | 6.54% | 6.95% | 8.36% |
| Operating Income Growth % | - | 57.39% | -2.31% | 44.68% | -26.27% | 9.84% | 94.12% | -58.38% | 19.4% | -36.69% | -6.63% | 17.23% | 20.98% | 22.54% | -13.19% | 5.91% | -26.88% | 2324.27% | -94% | 337.57% | 77.21% | -327.06% | -7.78% | 84.65% | -9.99% | -5.55% | 207.15% | -495.89% | -22.34% | -6% | - |
| EBITDA | 188.09M | 132.59M | 93.58M | 95.98M | 75.83M | 92.12M | 88M | 60.4M | 97.64M | 83.21M | 113.93M | 120.36M | 103.09M | 85.05M | 71.89M | 82.37M | 77.01M | 102.28M | 32.43M | 86.39M | 11.65M | -63.76M | 105.81M | 104M | 86.82M | 74.38M | 66.21M | -5.9M | 18.9M | 19.8M | 19.8M |
| EBITDA Margin % | 10.12% | 7.43% | 5.3% | 4.91% | 3.78% | 6.15% | 6% | 3.44% | 5.82% | 6.29% | 9.81% | 7.19% | 5.26% | 4.88% | 4.8% | 5.18% | 6.35% | 8.48% | 2.1% | 6.82% | 0.9% | -5.06% | 7.28% | 7.11% | 8.47% | 6.85% | 8.89% | -2.63% | 16.92% | 14.64% | 16.56% |
| EBITDA Growth % | 40.91% | 41.68% | -2.5% | 26.57% | -17.68% | 4.68% | 45.7% | -38.14% | 17.34% | -26.96% | -5.34% | 16.75% | 21.21% | 18.3% | -12.72% | 6.96% | -24.71% | 215.4% | -62.46% | 641.21% | 118.28% | -160.26% | 1.75% | 19.79% | 16.72% | 12.34% | 1222.17% | -131.22% | -4.55% | 0% | - |
| D&A (Non-Cash Add-back) | 36.12M | 36.42M | 32.48M | 33.43M | 32.6M | 33.48M | 34.62M | 32.9M | 31.57M | 27.88M | 26.53M | 26.75M | 23.24M | 19.05M | 18.03M | 20.32M | 18.43M | 22.16M | 29.12M | 31.28M | 34.85M | 38.02M | 60.99M | 55.39M | 60.5M | 45.13M | 35.24M | 23M | 11.6M | 10.4M | 9.8M |
| EBIT | -2.6M | 117.22M | 60.11M | 61.46M | 59.5M | 129.23M | 86.25M | 37.35M | 71.82M | 54.05M | 86.16M | 84.45M | 78.25M | 66M | 56.67M | 65.22M | 58.28M | 91.28M | 7.85M | 55.11M | -23.2M | -95.42M | 48.28M | 16.88M | 26.32M | 29.25M | 30.97M | -28.9M | 7.3M | 9.4M | 10M |
| Net Interest Income | -6.79M | -14.32M | -7.97M | -11.1M | -6.92M | -5.89M | -6.93M | -7.09M | -5.3M | -4M | -5.65M | -11.12M | -18.46M | -10.66M | -11.3M | -13.28M | -10.82M | -13.64M | -13.81M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 11.43M | 8.79M | 10.7M | 12.2M | 3.41M | 2.77M | 1.83M | 2.94M | 50K | 5.52M | 4.44M | 4.87M | 3.51M | 4.21M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 6.79M | 14.32M | 11.56M | 15.53M | 10.47M | 7.82M | 9.7M | 11.16M | 8.72M | 6.78M | 7.49M | 14.06M | 18.51M | 16.18M | 15.74M | 15.71M | 14.33M | 17.84M | 13.81M | 0 | 0 | 0 | 45.9M | 40.58M | 37.5M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -12.73M | 6.74M | -12.55M | -16.62M | -11.43M | -8.79M | -16.43M | -7.09M | -2.96M | -8.06M | -8.73M | -23.22M | -18.46M | -16.18M | -11.3M | -14.98M | -14.63M | -6.68M | -16.15M | -13.81M | -30.24M | -70.1M | -49.55M | -15.17M | -38.95M | -34.46M | -29.12M | -15.5M | -300K | -300K | -7.3M |
| Pretax Income | 139.25M | 102.9M | 48.55M | 45.93M | 49.03M | 121.41M | 76.54M | 25.15M | 63.11M | 47.28M | 78.67M | 70.39M | 61.4M | 49.83M | 42.56M | 47.07M | 43.95M | 73.44M | -12.84M | 41.3M | -53.44M | -178.24M | -4.72M | 5.61M | -12.63M | -5.22M | 1.84M | -44.4M | 7M | 9.1M | 2.7M |
| Pretax Margin % | 7.49% | 5.77% | 2.75% | 2.35% | 2.44% | 8.11% | 5.22% | 1.43% | 3.76% | 3.57% | 6.77% | 4.2% | 3.13% | 2.86% | 2.84% | 2.96% | 3.62% | 6.09% | -0.83% | 3.26% | -4.12% | -14.15% | -0.32% | 0.38% | -1.23% | -0.48% | 0.25% | -19.82% | 6.27% | 6.73% | 2.26% |
| Income Tax | 40.47M | 29.41M | 13.33M | 13.98M | 13.74M | 33.67M | 20.63M | 7.52M | 7.6M | 20.38M | 33.74M | 32.84M | 25.32M | 19.92M | 16.58M | 22.72M | 15.63M | -57.6M | 566K | 2M | 477K | 696K | 1.52M | 1.5M | -1.46M | 1.5M | 492K | -14.8M | 8.3M | 7.4M | 100K |
| Effective Tax Rate % | 29.07% | 28.58% | 27.46% | 30.45% | 28.02% | 27.74% | 26.95% | 29.88% | 12.05% | 43.1% | 42.88% | 46.65% | 41.23% | 39.98% | 38.94% | 48.28% | 35.57% | -78.43% | -4.41% | 4.85% | -0.89% | -0.39% | -32.29% | 26.72% | 11.53% | -28.71% | 26.67% | 33.33% | 118.57% | 81.32% | 3.7% |
| Net Income | 104.81M | 63.14M | 32.1M | 29.34M | 35.29M | 87.74M | 55.92M | 17.64M | 49.16M | 25.99M | 40.4M | 34.24M | 32.89M | 27.9M | 24.85M | 23.77M | 28.32M | 131.04M | -13.41M | 38.24M | -54.26M | -25.93M | -5.86M | 212K | -11.17M | -5.25M | 1.35M | -29.6M | -1M | 2M | 2.6M |
| Net Margin % | 5.64% | 3.54% | 1.82% | 1.5% | 1.76% | 5.86% | 3.81% | 1.01% | 2.93% | 1.96% | 3.48% | 2.04% | 1.68% | 1.6% | 1.66% | 1.49% | 2.34% | 10.86% | -0.87% | 3.02% | -4.19% | -2.06% | -0.4% | 0.01% | -1.09% | -0.48% | 0.18% | -13.21% | -0.9% | 1.48% | 2.17% |
| Net Income Growth % | 76.41% | 96.72% | 9.38% | -16.84% | -59.78% | 56.9% | 217.05% | -64.13% | 89.2% | -35.68% | 18% | 4.1% | 17.9% | 12.27% | 4.53% | -16.07% | -78.39% | 1077.31% | -135.06% | 170.47% | -109.28% | -342.23% | -2865.57% | 101.9% | -112.78% | -487.95% | 104.57% | -2860% | -150% | -23.08% | - |
| Net Income (Continuing) | 98.77M | 73.5M | 35.22M | 31.95M | 35.29M | 87.74M | 55.92M | 17.64M | 55.51M | 26.9M | 44.93M | 37.56M | 36.08M | 29.91M | 25.99M | 24.34M | 28.32M | 131.04M | -13.41M | 39.3M | -53.92M | -172.58M | 2.33M | -15.67M | -11.17M | -6.71M | 1.35M | -29.6M | -1M | 2M | 2.6M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | -6.61M | -5.71M | -4.62M | -3.66M | -2.82M | -2.51M | -1.97M | -1.3M | -929K | -516K | -283K | -105K | 3K | 97K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 3.19 | 1.82 | 0.90 | 0.81 | 0.85 | 1.82 | 1.07 | 0.35 | 0.90 | 0.46 | 0.70 | 0.59 | 0.57 | 0.47 | 0.40 | 0.35 | 0.38 | 1.43 | -0.18 | 0.50 | -1.02 | -0.72 | -0.17 | -0.14 | -0.39 | -0.23 | 0.07 | -2.59 | -0.17 | 0.37 | 0.11 |
| EPS Growth % | 238.89% | 102.22% | 11.11% | -4.71% | -53.3% | 70.09% | 205.71% | -61.11% | 95.65% | -34.29% | 18.64% | 3.51% | 21.28% | 17.5% | 14.29% | -7.89% | -73.43% | 894.44% | -136% | 149.02% | -41.67% | -323.53% | -21.43% | 64.1% | -69.57% | -428.57% | 102.7% | -1423.53% | -145.95% | 236.36% | - |
| EPS (Basic) | - | 1.82 | 0.90 | 0.81 | 0.85 | 1.82 | 1.07 | 0.35 | 0.90 | 0.46 | 0.70 | 0.59 | 0.57 | 0.47 | 0.40 | 0.35 | 0.38 | 1.43 | -0.18 | 0.50 | -1.02 | -0.72 | -0.17 | -0.14 | -0.39 | -0.23 | 0.07 | -2.59 | -0.17 | 0.37 | 0.11 |
| Diluted Shares Outstanding | 32.88M | 34.28M | 35.27M | 35.69M | 37.38M | 40.55M | 45.66M | 50.81M | 54.76M | 55.89M | 57.02M | 57.28M | 57.48M | 59.41M | 61.93M | 66.82M | 70.02M | 75.74M | 75.77M | 75.77M | 52.94M | 35.82M | 35.2M | 32.77M | 28.79M | 22.82M | 18.29M | 11.45M | 6.04M | 5.38M | 2.88M |
| Basic Shares Outstanding | 32.88M | 34.28M | 35.27M | 35.69M | 37.38M | 40.55M | 45.66M | 50.81M | 54.76M | 55.89M | 57.02M | 57.28M | 57.48M | 59.41M | 61.93M | 66.82M | 70.02M | 75.74M | 75.77M | 75.77M | 52.94M | 35.82M | 35.2M | 32.66M | 28.79M | 22.82M | 18.29M | 11.45M | 6.04M | 5.27M | 2.88M |
| Dividend Payout Ratio | - | 41.36% | 78% | 80.91% | 65.72% | 26.73% | 43.73% | 145.11% | 52.08% | 93.6% | 57.16% | 62.21% | 60.35% | 69.23% | 78.58% | 86.99% | 71.87% | 11.76% | - | - | - | - | - | 34241.51% | - | - | 2632% | - | - | 590% | 1061.54% |
Regulatory heating oil phase-out
As reported in recent financial filings, Star Group's revenue growth remains highly erratic, fluctuating between a 3.2% increase in 2026Q2 and a 18.5% decline in 2024Q1, underscoring the company's extreme sensitivity to regional weather patterns and the inherent limitations of its organic growth profile.
The revenue trajectory appears heavily tethered to heating degree days rather than consistent market share expansion. Investors should monitor whether the recent shift toward a broader home services identity can successfully decouple top-line performance from the declining demand for traditional heating oil.
Based on the provided income statement data, Star Group's gross margin has demonstrated significant variance, peaking at 33.8% in 2025Q2 before contracting to 20.2% in 2025Q4, which suggests that the company's ability to pass through wholesale fuel price volatility remains a critical operational vulnerability.
The fluctuation in gross margins indicates that the company's pricing power may be insufficient to fully insulate profitability during periods of rapid commodity price shifts. This volatility warrants further investigation into the effectiveness of their hedging strategies and the underlying stability of their retail-to-wholesale spread.
According to the company's quarterly income statements, operating income exhibits extreme swings, ranging from a $157.2M profit in 2026Q2 to a $48.6M loss in 2024Q4, reflecting the difficulty of maintaining operating leverage when fixed costs must be absorbed across a highly seasonal revenue base.
The inability to maintain positive operating margins during shoulder seasons suggests that the company's cost structure is heavily weighted toward fixed fleet and labor expenses. This operational profile implies that profitability is essentially binary, dependent on achieving sufficient volume during the peak winter months.
While the company maintains a stable debt-to-equity ratio of 0.96%, the persistent reliance on acquisitions to offset organic customer churn, as evidenced by the lack of consistent revenue growth, suggests that the long-term terminal value of the core heating oil business may be fundamentally impaired.
Short-sellers would likely focus on the potential for accelerated customer attrition as state-level legislative pressure in the Northeast increases. The company's strategy of rolling up smaller dealers may be merely delaying an inevitable contraction in the total addressable market for fossil-fuel-based home heating.
Quick answers to the most common questions about buying SGU stock.
For fiscal year 2025, Star Group, L.P. (SGU) reported total revenue of $1.78B. This represents a 1392.0% increase compared to $119.6M in 1996.
Star Group, L.P. (SGU) is profitable, generating $63.1M in net income for the fiscal year ending 2025 with a net profit margin of 3.5%.
Star Group, L.P. (SGU) reported an operating income of $96.2M, resulting in an operating profit margin of 5.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Star Group, L.P. (SGU) generated $527.5M in gross profit for the year, representing a gross profit margin of 29.6%. This demonstrates the company's core pricing power and production efficiency.