(SPH) Suburban Propane Partners - Overview
Stock: Propane, Fuel Oil, Natural Gas, Electricity
EPS (Earnings per Share)
Revenue
Dividends
| Dividend Yield | 8.30% |
| Yield on Cost 5y | 12.52% |
| Yield CAGR 5y | 0.99% |
| Payout Consistency | 95.5% |
| Payout Ratio | 64.1% |
| Risk 5d forecast | |
|---|---|
| Volatility | 22.4% |
| Relative Tail Risk | -3.84% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 0.02 |
| Alpha | -11.39 |
| Character TTM | |
|---|---|
| Beta | 0.428 |
| Beta Downside | 0.510 |
| Drawdowns 3y | |
|---|---|
| Max DD | 20.01% |
| CAGR/Max DD | 0.80 |
Description: SPH Suburban Propane Partners January 18, 2026
Suburban Propane Partners L.P. (NYSE: SPH) distributes propane, renewable propane, renewable natural gas, fuel oil, diesel, kerosene, gasoline, natural gas, and electricity across residential, commercial, industrial, and agricultural markets in the United States.
The business is organized into four segments: (1) Propane – retail and wholesale sales for heating, cooking, agricultural uses, and as a motor fuel for trucks, forklifts, and stationary engines; (2) Fuel Oil & Refined Fuels – retail delivery of heating oil, diesel, kerosene, and gasoline; (3) Natural Gas & Electricity – sales of gas and power in deregulated markets; and (4) All Other – installation and service of home-comfort equipment such as whole-house heaters, air cleaners, and humidifiers.
Key operating metrics from the most recent filing show FY 2023 revenue of roughly $1.1 billion with an adjusted EBITDA margin of 12 %, reflecting the capital-intensive but stable cash-flow nature of the propane distribution business. Seasonal weather patterns drive propane demand, while construction activity and the shift toward low-carbon fuels boost renewable propane volumes, which grew ~15 % YoY in 2023.
Sector-wide, propane consumption is sensitive to winter heating degree days (HDD) and to the broader macro-trend of rural electrification, which can either suppress or augment demand for traditional heating fuels. Additionally, the deregulated natural-gas market exposure adds volatility to margins, making hedging strategies and contract mix critical levers for earnings stability.
Founded in 1945 and headquartered in Whippany, New Jersey, SPH leverages an extensive dealer network to serve a diversified customer base, positioning it to capture both traditional fuel demand and emerging renewable-fuel opportunities.
For a deeper dive into SPH’s valuation metrics and peer comparisons, see the ValueRay analysis.
Piotroski VR‑10 (Strict, 0-10) 3.0
| Net Income: 132.9m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.03 > 0.02 and ΔFCF/TA -2.03 > 1.0 |
| NWC/Revenue: -2.56% < 20% (prev -7.45%; Δ 4.89% < -1%) |
| CFO/TA 0.05 > 3% & CFO 129.8m > Net Income 132.9m |
| Net Debt (1.51b) to EBITDA (283.1m): 5.34 < 3 |
| Current Ratio: 0.87 > 1.5 & < 3 |
| Outstanding Shares: last quarter (66.5m) vs 12m ago 2.65% < -2% |
| Gross Margin: 43.54% > 18% (prev 0.61%; Δ 4292 % > 0.5%) |
| Asset Turnover: 59.81% > 50% (prev 55.97%; Δ 3.84% > 0%) |
| Interest Coverage Ratio: 2.77 > 6 (EBITDA TTM 283.1m / Interest Expense TTM 76.4m) |
Beneish M -2.63
| DSRI: 0.96 (Receivables 129.3m/125.1m, Revenue 1.43b/1.33b) |
| GMI: 1.41 (GM 43.54% / 61.32%) |
| AQI: 1.00 (AQ_t 0.56 / AQ_t-1 0.56) |
| SGI: 1.07 (Revenue 1.43b / 1.33b) |
| TATA: 0.00 (NI 132.9m - CFO 129.8m) / TA 2.40b) |
| Beneish M-Score: -2.63 (Cap -4..+1) = A |
What is the price of SPH shares?
Over the past week, the price has changed by -0.63%, over one month by +9.21%, over three months by +7.92% and over the past year by -1.07%.
Is SPH a buy, sell or hold?
- StrongBuy: 1
- Buy: 0
- Hold: 0
- Sell: 0
- StrongSell: 1
What are the forecasts/targets for the SPH price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 17 | -13.9% |
| Analysts Target Price | 17 | -13.9% |
| ValueRay Target Price | 23.4 | 18.4% |
SPH Fundamental Data Overview February 08, 2026
P/E Forward = 16.6113
P/S = 0.9164
P/B = 2.092
P/EG = 1.2448
Revenue TTM = 1.43b USD
EBIT TTM = 211.3m USD
EBITDA TTM = 283.1m USD
Long Term Debt = 1.21b USD (from longTermDebt, last fiscal year)
Short Term Debt = 32.8m USD (from shortTermDebt, last quarter)
Debt = 1.51b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 1.51b USD (from netDebt column, last quarter)
Enterprise Value = 2.82b USD (1.31b + Debt 1.51b - CCE 3.51m)
Interest Coverage Ratio = 2.77 (Ebit TTM 211.3m / Interest Expense TTM 76.4m)
EV/FCF = 45.59x (Enterprise Value 2.82b / FCF TTM 61.9m)
FCF Yield = 2.19% (FCF TTM 61.9m / Enterprise Value 2.82b)
FCF Margin = 4.33% (FCF TTM 61.9m / Revenue TTM 1.43b)
Net Margin = 9.30% (Net Income TTM 132.9m / Revenue TTM 1.43b)
Gross Margin = 43.54% ((Revenue TTM 1.43b - Cost of Revenue TTM 807.2m) / Revenue TTM)
Gross Margin QoQ = 30.34% (prev 1.95%)
Tobins Q-Ratio = 1.18 (Enterprise Value 2.82b / Total Assets 2.40b)
Interest Expense / Debt = 1.30% (Interest Expense 19.8m / Debt 1.51b)
Taxrate = 0.50% (231.0k / 46.0m)
NOPAT = 210.2m (EBIT 211.3m * (1 - 0.50%))
Current Ratio = 0.87 (Total Current Assets 236.0m / Total Current Liabilities 272.6m)
Debt / Equity = 2.42 (Debt 1.51b / totalStockholderEquity, last quarter 626.2m)
Debt / EBITDA = 5.34 (Net Debt 1.51b / EBITDA 283.1m)
Debt / FCF = 24.42 (Net Debt 1.51b / FCF TTM 61.9m)
Total Stockholder Equity = 635.7m (last 4 quarters mean from totalStockholderEquity)
RoA = 5.56% (Net Income 132.9m / Total Assets 2.40b)
RoE = 20.91% (Net Income TTM 132.9m / Total Stockholder Equity 635.7m)
RoCE = 11.44% (EBIT 211.3m / Capital Employed (Equity 635.7m + L.T.Debt 1.21b))
RoIC = 11.17% (NOPAT 210.2m / Invested Capital 1.88b)
WACC = 4.17% (E(1.31b)/V(2.82b) * Re(7.49%) + D(1.51b)/V(2.82b) * Rd(1.30%) * (1-Tc(0.01)))
Discount Rate = 7.49% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 7.95%
Shares Correlation 3-Years: 100.0 | Cagr: 1.55%
[DCF Debug] Terminal Value 84.02% ; FCFF base≈81.1m ; Y1≈66.2m ; Y5≈46.6m
Fair Price DCF = N/A (negative equity: EV 1.43b - Net Debt 1.51b = -83.3m; debt exceeds intrinsic value)
EPS Correlation: -13.18 | EPS CAGR: -30.50% | SUE: -0.39 | # QB: 0
Revenue Correlation: -19.88 | Revenue CAGR: -11.60% | SUE: -0.16 | # QB: 0
EPS next Quarter (2026-03-31): EPS=2.10 | Chg30d=N/A | Revisions Net=+0 | Analysts=1
EPS current Year (2026-09-30): EPS=2.11 | Chg30d=+0.060 | Revisions Net=+1 | Growth EPS=+8.0% | Growth Revenue=+1.1%
EPS next Year (2027-09-30): EPS=2.05 | Chg30d=+0.040 | Revisions Net=+1 | Growth EPS=-2.8% | Growth Revenue=+1.6%