Suburban Propane Partners, L.P. (SPH) Financial Ratios
30 years of historical data (1996–2025) · Utilities · Regulated Gas
EV/EBITDA
↑
8.71
-0% vs avg
5yr avg: 8.72
30Y Low6.6·High63.2
P/FCF
↑
18.93
↑+48% vs avg
5yr avg: 12.80
30Y Low4.9·High91.8
P/B Ratio
↓
1.81
↓-12% vs avg
5yr avg: 2.05
30Y Low1.5·High34.3
ROE
↓
18.6%
↑-21% vs avg
5yr avg: 23.5%
30Y Low-7%·High137%
Debt/EBITDA
↑
4.78
+0% vs avg
5yr avg: 4.78
30Y Low1.5·High27.3
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
SPH Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Suburban Propane Partners, L.P. trades at 10.2x earnings, roughly in line with its 5-year average of 10.1x, sitting at the 18th percentile of its historical range. Compared to the Utilities sector median P/E of 19.0x, the stock trades at a discount of 46%. On a free-cash-flow basis, the stock trades at 18.9x P/FCF, 48% above the 5-year average of 12.8x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.1B | $1.2B | $1.2B | $1.0B | $963M | $972M | $1.0B | $1.5B | $1.5B | $1.6B | $2.0B |
| Enterprise Value | $2.4B | $2.5B | $2.5B | $2.4B | $2.2B | $2.2B | $2.3B | $2.7B | $2.7B | $2.9B | $3.2B |
| P/E Ratio → | 10.22 | 11.46 | 15.74 | 8.36 | 6.90 | 7.91 | 16.78 | 21.48 | 18.98 | 42.08 | 138.75 |
| P/S Ratio | 0.77 | 0.85 | 0.88 | 0.72 | 0.64 | 0.75 | 0.92 | 1.16 | 1.08 | 1.35 | 1.95 |
| P/B Ratio | 1.81 | 2.03 | 2.13 | 1.89 | 1.94 | 2.28 | 2.82 | 3.48 | 2.95 | 2.90 | 2.88 |
| P/FCF | 18.93 | 20.99 | 11.50 | 18.94 | 7.64 | 4.94 | 6.54 | 7.68 | 8.29 | 12.15 | 17.16 |
| P/OCF | 5.89 | 6.54 | 7.24 | 4.59 | 4.37 | 4.29 | 4.88 | 6.50 | 6.98 | 10.01 | 12.97 |
P/E links to full P/E history page with 30-year chart
SPH EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Suburban Propane Partners, L.P.'s enterprise value stands at 8.7x EBITDA, roughly in line with its 5-year average of 8.7x. The Utilities sector median is 11.9x, placing the stock at a 27% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.78 | 1.89 | 1.65 | 1.45 | 1.72 | 2.12 | 2.13 | 2.01 | 2.42 | 3.10 |
| EV / EBITDA | 8.71 | 9.14 | 10.54 | 8.76 | 8.19 | 6.97 | 9.13 | 9.93 | 9.71 | 11.82 | 14.72 |
| EV / EBIT | 11.75 | 13.81 | 16.79 | 11.94 | 10.53 | 10.38 | 16.73 | 17.89 | 16.61 | 25.28 | 35.93 |
| EV / FCF | — | 43.85 | 24.81 | 43.24 | 17.23 | 11.25 | 15.04 | 14.07 | 15.40 | 21.75 | 27.27 |
SPH Profitability
Margins and return-on-capital ratios measuring operating efficiency
Suburban Propane Partners, L.P. earns an operating margin of 14.4%, below the Utilities sector average of 18.5%. ROE of 18.6% indicates solid capital efficiency, compared to the sector median of 9.3%. ROIC of 8.1% represents adequate returns on invested capital.
Margins
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 | 21.1% | 21.1% | 60.7% | 25.3% | 52.6% | 62.3% | 65.4% | 58.8% | 55.9% | 59.9% | 65.4% |
| Operating Margin | 14.4% | 14.4% | 12.9% | 14.5% | 13.7% | 16.5% | 12.7% | 11.9% | 11.4% | 9.7% | 8.6% |
| Net Profit Margin | 7.4% | 7.4% | 5.6% | 8.7% | 9.3% | 9.5% | 5.5% | 5.4% | 5.7% | 3.2% | 1.4% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 18.6% | 18.6% | 13.6% | 23.7% | 30.3% | 31.2% | 15.5% | 15.0% | 14.6% | 6.0% | 1.8% |
| ROA | 4.7% | 4.7% | 3.3% | 5.7% | 6.7% | 6.0% | 3.0% | 3.3% | 3.6% | 1.7% | 0.6% |
| ROIC | 8.1% | 8.1% | 6.8% | 8.7% | 9.2% | 9.5% | 6.3% | 6.7% | 6.4% | 4.6% | 3.5% |
| ROCE | 10.4% | 10.4% | 8.7% | 11.0% | 11.6% | 12.0% | 7.8% | 8.2% | 8.0% | 5.7% | 4.1% |
SPH Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Suburban Propane Partners, L.P. carries a Debt/EBITDA ratio of 4.8x, which is highly leveraged (8% below the sector average of 5.2x). Net debt stands at $1.3B ($1.3B total debt minus $4M cash). Interest coverage of just 2.4x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.22 | 2.22 | 2.47 | 2.43 | 2.44 | 2.93 | 3.67 | 2.90 | 2.54 | 2.30 | 1.75 |
| Debt / EBITDA | 4.78 | 4.78 | 5.67 | 4.94 | 4.57 | 3.93 | 5.17 | 4.52 | 4.51 | 5.23 | 5.63 |
| Net Debt / Equity | — | 2.22 | 2.46 | 2.43 | 2.43 | 2.92 | 3.66 | 2.89 | 2.53 | 2.30 | 1.70 |
| Net Debt / EBITDA | 4.76 | 4.76 | 5.65 | 4.92 | 4.56 | 3.91 | 5.16 | 4.51 | 4.49 | 5.22 | 5.46 |
| Debt / FCF | — | 22.86 | 13.31 | 24.30 | 9.59 | 6.31 | 8.49 | 6.38 | 7.12 | 9.60 | 10.11 |
| Interest Coverage | 2.42 | 2.42 | 2.00 | 2.70 | 3.40 | 3.13 | 1.88 | 1.97 | 2.10 | 1.51 | 1.20 |
SPH Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.55x is below 1.0, meaning current liabilities exceed current assets.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.55 | 0.55 | 0.51 | 0.53 | 0.57 | 0.63 | 0.47 | 0.57 | 0.72 | 0.66 | 0.72 |
| Quick Ratio | 0.31 | 0.31 | 0.33 | 0.33 | 0.35 | 0.41 | 0.28 | 0.36 | 0.45 | 0.41 | 0.50 |
| Cash Ratio | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.02 | 0.01 | 0.01 | 0.02 | 0.01 | 0.18 |
| Asset Turnover | — | 0.62 | 0.58 | 0.63 | 0.71 | 0.63 | 0.54 | 0.63 | 0.64 | 0.55 | 0.46 |
| Inventory Turnover | 15.32 | 15.32 | 9.42 | 17.28 | 10.64 | 7.86 | 8.17 | 11.59 | 10.03 | 8.96 | 7.98 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
SPH Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Suburban Propane Partners, L.P. returns 7.8% to shareholders annually primarily through dividends. The payout ratio of 79.0% is elevated — while still covered by earnings, there is limited headroom for dividend increases. The earnings yield of 9.8% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
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 | 7.8% | 6.9% | 7.1% | 8.0% | 8.5% | 7.9% | 12.8% | 10.0% | 10.1% | 13.5% | 10.6% |
| Payout Ratio | 79.0% | 79.0% | 112.0% | 66.6% | 58.5% | 62.3% | 214.3% | 215.5% | 192.3% | 570.0% | 1492.5% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 9.8% | 8.7% | 6.4% | 12.0% | 14.5% | 12.6% | 6.0% | 4.7% | 5.3% | 2.4% | 0.7% |
| FCF Yield | 5.3% | 4.8% | 8.7% | 5.3% | 13.1% | 20.2% | 15.3% | 13.0% | 12.1% | 8.2% | 5.8% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 7.8% | 6.9% | 7.1% | 8.0% | 8.5% | 7.9% | 12.8% | 10.0% | 10.1% | 13.5% | 10.6% |
| Shares Outstanding | — | $66M | $65M | $64M | $64M | $63M | $63M | $62M | $62M | $62M | $61M |
Peer Comparison
Compare SPH with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 SPHYou | $1B | 10.2 | 8.7 | 18.9 | 21.1% | 14.4% | 18.6% | 8.1% | 4.8 |
 NGL | $2B | -4.6 | 8.3 | 13.8 | 23.7% | 12.2% | -52.1% | 8.1% | 5.2 |
 TRGP | $56B | 30.3 | 14.7 | 95.0 | 26.5% | 20.1% | 48.4% | 13.2% | 3.5 |
 DKNG | $13B | -3258.0 | 51.7 | 20.2 | 41.3% | -0.3% | 0.5% | -0.9% | 7.4 |
 UGI | $7B | 10.9 | 8.7 | 18.6 | 49.9% | 15.2% | 14.8% | 7.1% | 4.5 |
 SWX | $6B | 14.6 | 11.6 | — | 29.3% | 24.4% | 11.5% | 4.7% | 4.4 |
 NWN | $2B | 17.7 | 7.8 | — | 39.6% | 31.4% | 7.9% | 8.1% | 4.5 |
 SR | $5B | 17.6 | 11.9 | — | 78.1% | 21.2% | 8.2% | 4.7% | 6.4 |
 OGS | $5B | 17.6 | 10.6 | — | 58.8% | 18.8% | 8.1% | 5.2% | 4.4 |
 CNX | $5B | 8.2 | 5.2 | 8.7 | 47.2% | 36.8% | 15.0% | 9.0% | 1.8 |
 AR | $10B | 16.4 | 9.6 | 8.3 | 22.1% | 16.5% | 8.5% | 5.2% | 3.2 |
| Utilities Median | — | 19.0 | 11.9 | 18.6 | 38.4% | 18.5% | 9.3% | 4.9% | 5.2 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 30 years · Updated daily
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SPH — Frequently Asked Questions
Quick answers to the most common questions about buying SPH stock.
What is Suburban Propane Partners, L.P.'s P/E ratio?
Suburban Propane Partners, L.P.'s current P/E ratio is 10.2x. The historical average is 23.1x. This places it at the 18th percentile of its historical range.
What is Suburban Propane Partners, L.P.'s EV/EBITDA?
Suburban Propane Partners, L.P.'s current EV/EBITDA is 8.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.8x.
What is Suburban Propane Partners, L.P.'s ROE?
Suburban Propane Partners, L.P.'s return on equity (ROE) is 18.6%. The historical average is 35.6%.
Is SPH stock overvalued?
Based on historical data, Suburban Propane Partners, L.P. is trading at a P/E of 10.2x. This is at the 18th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Suburban Propane Partners, L.P.'s dividend yield?
Suburban Propane Partners, L.P.'s current dividend yield is 7.75% with a payout ratio of 79.0%.
What are Suburban Propane Partners, L.P.'s profit margins?
Suburban Propane Partners, L.P. has 21.1% gross margin and 14.4% operating margin. Operating margin between 10-20% is typical for established companies.
How much debt does Suburban Propane Partners, L.P. have?
Suburban Propane Partners, L.P.'s Debt/EBITDA ratio is 4.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.