(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 | 97.9% |
| 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) 4.5
| Net Income: 106.6m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.05 > 0.02 and ΔFCF/TA 0.53 > 1.0 |
| NWC/Revenue: -9.53% < 20% (prev -11.20%; Δ 1.66% < -1%) |
| CFO/TA 0.14 > 3% & CFO 330.7m > Net Income 106.6m |
| Net Debt (1.21b) to EBITDA (256.2m): 4.73 < 3 |
| Current Ratio: 0.55 > 1.5 & < 3 |
| Outstanding Shares: last quarter (65.8m) vs 12m ago 1.57% < -2% |
| Gross Margin: 51.39% > 18% (prev 0.61%; Δ 5078 % > 0.5%) |
| Asset Turnover: 62.71% > 50% (prev 58.39%; Δ 4.31% > 0%) |
| Interest Coverage Ratio: 2.42 > 6 (EBITDA TTM 256.2m / Interest Expense TTM 76.3m) |
Beneish M -2.94
| DSRI: 0.97 (Receivables 69.5m/66.4m, Revenue 1.43b/1.33b) |
| GMI: 1.18 (GM 51.39% / 60.65%) |
| AQI: 0.99 (AQ_t 0.57 / AQ_t-1 0.58) |
| SGI: 1.08 (Revenue 1.43b / 1.33b) |
| TATA: -0.10 (NI 106.6m - CFO 330.7m) / TA 2.30b) |
| Beneish M-Score: -2.94 (Cap -4..+1) = A |
What is the price of SPH shares?
Over the past week, the price has changed by -0.48%, over one month by +9.93%, over three months by +9.63% and over the past year by +1.88%.
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 02, 2026
P/E Forward = 16.6113
P/S = 0.9315
P/B = 2.2558
P/EG = 1.2448
Revenue TTM = 1.43b USD
EBIT TTM = 184.2m USD
EBITDA TTM = 256.2m USD
Long Term Debt = 1.21b USD (from longTermDebt, last quarter)
Short Term Debt = 34.3m USD (from shortTermDebt, last fiscal year)
Debt = 1.33b USD (from shortLongTermDebtTotal, last fiscal year)
Net Debt = 1.21b USD (from netDebt column, last quarter)
Enterprise Value = 2.66b USD (1.33b + Debt 1.33b - CCE 405.0k)
Interest Coverage Ratio = 2.42 (Ebit TTM 184.2m / Interest Expense TTM 76.3m)
EV/FCF = 23.31x (Enterprise Value 2.66b / FCF TTM 114.3m)
FCF Yield = 4.29% (FCF TTM 114.3m / Enterprise Value 2.66b)
FCF Margin = 7.98% (FCF TTM 114.3m / Revenue TTM 1.43b)
Net Margin = 7.44% (Net Income TTM 106.6m / Revenue TTM 1.43b)
Gross Margin = 51.39% ((Revenue TTM 1.43b - Cost of Revenue TTM 696.3m) / Revenue TTM)
Gross Margin QoQ = 1.95% (prev 61.73%)
Tobins Q-Ratio = 1.16 (Enterprise Value 2.66b / Total Assets 2.30b)
Interest Expense / Debt = 1.29% (Interest Expense 17.2m / Debt 1.33b)
Taxrate = 1.25% (1.35m / 107.9m)
NOPAT = 181.9m (EBIT 184.2m * (1 - 1.25%))
Current Ratio = 0.55 (Total Current Assets 166.3m / Total Current Liabilities 302.8m)
Debt / Equity = 2.22 (Debt 1.33b / totalStockholderEquity, last quarter 598.6m)
Debt / EBITDA = 4.73 (Net Debt 1.21b / EBITDA 256.2m)
Debt / FCF = 10.60 (Net Debt 1.21b / FCF TTM 114.3m)
Total Stockholder Equity = 615.4m (last 4 quarters mean from totalStockholderEquity)
RoA = 4.66% (Net Income 106.6m / Total Assets 2.30b)
RoE = 17.32% (Net Income TTM 106.6m / Total Stockholder Equity 615.4m)
RoCE = 10.08% (EBIT 184.2m / Capital Employed (Equity 615.4m + L.T.Debt 1.21b))
RoIC = 9.71% (NOPAT 181.9m / Invested Capital 1.87b)
WACC = 4.39% (E(1.33b)/V(2.66b) * Re(7.49%) + D(1.33b)/V(2.66b) * Rd(1.29%) * (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: 1.11%
[DCF Debug] Terminal Value 84.48% ; FCFF base≈109.0m ; Y1≈92.2m ; Y5≈69.8m
Fair Price DCF = 13.86 (EV 2.13b - Net Debt 1.21b = Equity 917.2m / Shares 66.2m; r=5.90% [WACC]; 5y FCF grow -18.69% → 2.90% )
EPS Correlation: -21.84 | EPS CAGR: -30.89% | SUE: -4.0 | # QB: 0
Revenue Correlation: -27.31 | Revenue CAGR: -14.20% | SUE: -0.12 | # 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%