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SUBURBAN PROPANE PARTNERS LP (SPH) Stock Fundamental Analysis

USA - NYSE:SPH - US8644821048

18.56 USD
+0.06 (+0.32%)
Last: 10/15/2025, 4:15:55 PM
18.878 USD
+0.32 (+1.71%)
After Hours: 10/15/2025, 4:15:55 PM
Fundamental Rating

5

SPH gets a fundamental rating of 5 out of 10. The analysis compared the fundamentals against 14 industry peers in the Gas Utilities industry. While SPH is still in line with the averages on profitability rating, there are concerns on its financial health. SPH scores decently on growth, while it is valued quite cheap. This could make an interesting combination.


Dividend Valuation Growth Profitability Health

6

1. Profitability

1.1 Basic Checks

In the past year SPH was profitable.
In the past year SPH had a positive cash flow from operations.
SPH had positive earnings in each of the past 5 years.
SPH had a positive operating cash flow in each of the past 5 years.
SPH Yearly Net Income VS EBIT VS OCF VS FCFSPH Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 100M 200M 300M

1.2 Ratios

The Return On Assets of SPH (4.20%) is better than 85.71% of its industry peers.
SPH's Return On Equity of 15.03% is amongst the best of the industry. SPH outperforms 85.71% of its industry peers.
The Return On Invested Capital of SPH (7.67%) is better than 78.57% of its industry peers.
The Average Return On Invested Capital over the past 3 years for SPH is in line with the industry average of 6.32%.
Industry RankSector Rank
ROA 4.2%
ROE 15.03%
ROIC 7.67%
ROA(3y)5.12%
ROA(5y)4.86%
ROE(3y)21.43%
ROE(5y)21.99%
ROIC(3y)8.09%
ROIC(5y)7.99%
SPH Yearly ROA, ROE, ROICSPH Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 5 10 15 20 25

1.3 Margins

The Profit Margin of SPH (6.79%) is worse than 64.29% of its industry peers.
SPH's Profit Margin has been stable in the last couple of years.
The Operating Margin of SPH (14.02%) is worse than 71.43% of its industry peers.
SPH's Operating Margin has been stable in the last couple of years.
With a Gross Margin value of 59.87%, SPH perfoms like the industry average, outperforming 50.00% of the companies in the same industry.
SPH's Gross Margin has been stable in the last couple of years.
Industry RankSector Rank
OM 14.02%
PM (TTM) 6.79%
GM 59.87%
OM growth 3Y-7.95%
OM growth 5Y0.58%
PM growth 3Y-16.29%
PM growth 5Y0.65%
GM growth 3Y-0.9%
GM growth 5Y0.4%
SPH Yearly Profit, Operating, Gross MarginsSPH Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 20 40 60

2

2. Health

2.1 Basic Checks

With a Return on Invested Capital (ROIC) just above the Cost of Capital (WACC), SPH is creating some value.
The number of shares outstanding for SPH has been increased compared to 1 year ago.
Compared to 5 years ago, SPH has more shares outstanding
Compared to 1 year ago, SPH has a worse debt to assets ratio.
SPH Yearly Shares OutstandingSPH Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 20M 40M 60M
SPH Yearly Total Debt VS Total AssetsSPH Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 500M 1B 1.5B 2B

2.2 Solvency

The Debt to FCF ratio of SPH is 11.75, which is on the high side as it means it would take SPH, 11.75 years of fcf income to pay off all of its debts.
The Debt to FCF ratio of SPH (11.75) is better than 92.86% of its industry peers.
A Debt/Equity ratio of 1.90 is on the high side and indicates that SPH has dependencies on debt financing.
Looking at the Debt to Equity ratio, with a value of 1.90, SPH is doing worse than 85.71% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 1.9
Debt/FCF 11.75
Altman-Z N/A
ROIC/WACC1.13
WACC6.77%
SPH Yearly LT Debt VS Equity VS FCFSPH Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 200M 400M 600M 800M 1B

2.3 Liquidity

A Current Ratio of 0.70 indicates that SPH may have some problems paying its short term obligations.
SPH has a Current ratio of 0.70. This is comparable to the rest of the industry: SPH outperforms 50.00% of its industry peers.
A Quick Ratio of 0.46 indicates that SPH may have some problems paying its short term obligations.
Looking at the Quick ratio, with a value of 0.46, SPH is doing worse than 64.29% of the companies in the same industry.
Industry RankSector Rank
Current Ratio 0.7
Quick Ratio 0.46
SPH Yearly Current Assets VS Current LiabilitesSPH Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 100M 200M 300M

4

3. Growth

3.1 Past

SPH shows a slight negative growth in Earnings Per Share. In the last year, the EPS has decreased by -1.33%.
Measured over the past 5 years, SPH shows a small growth in Earnings Per Share. The EPS has been growing by 0.72% on average per year.
Looking at the last year, SPH shows a small growth in Revenue. The Revenue has grown by 6.29% in the last year.
Measured over the past years, SPH shows a small growth in Revenue. The Revenue has been growing by 0.92% on average per year.
EPS 1Y (TTM)-1.33%
EPS 3Y-20.63%
EPS 5Y0.72%
EPS Q2Q%14.81%
Revenue 1Y (TTM)6.29%
Revenue growth 3Y0.98%
Revenue growth 5Y0.92%
Sales Q2Q%2.18%

3.2 Future

SPH is expected to show quite a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 15.23% yearly.
The Revenue is expected to grow by 2.50% on average over the next years.
EPS Next Y38.65%
EPS Next 2Y25.76%
EPS Next 3Y18.75%
EPS Next 5Y15.23%
Revenue Next Year9.03%
Revenue Next 2Y4.24%
Revenue Next 3Y3.2%
Revenue Next 5Y2.5%

3.3 Evolution

The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
SPH Yearly Revenue VS EstimatesSPH Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 500M 1B 1.5B
SPH Yearly EPS VS EstimatesSPH Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 0.5 1 1.5 2

8

4. Valuation

4.1 Price/Earnings Ratio

Based on the Price/Earnings ratio of 12.54, the valuation of SPH can be described as correct.
SPH's Price/Earnings ratio is a bit cheaper when compared to the industry. SPH is cheaper than 78.57% of the companies in the same industry.
SPH is valuated cheaply when we compare the Price/Earnings ratio to 27.49, which is the current average of the S&P500 Index.
A Price/Forward Earnings ratio of 10.29 indicates a reasonable valuation of SPH.
SPH's Price/Forward Earnings ratio is a bit cheaper when compared to the industry. SPH is cheaper than 78.57% of the companies in the same industry.
When comparing the Price/Forward Earnings ratio of SPH to the average of the S&P500 Index (22.99), we can say SPH is valued rather cheaply.
Industry RankSector Rank
PE 12.54
Fwd PE 10.29
SPH Price Earnings VS Forward Price EarningsSPH Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of SPH indicates a somewhat cheap valuation: SPH is cheaper than 71.43% of the companies listed in the same industry.
Compared to the rest of the industry, the Price/Free Cash Flow ratio of SPH indicates a rather cheap valuation: SPH is cheaper than 92.86% of the companies listed in the same industry.
Industry RankSector Rank
P/FCF 11.65
EV/EBITDA 8.97
SPH Per share dataSPH EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 10 20

4.3 Compensation for Growth

SPH's low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
The decent profitability rating of SPH may justify a higher PE ratio.
SPH's earnings are expected to grow with 18.75% in the coming years. This may justify a more expensive valuation.
PEG (NY)0.32
PEG (5Y)17.49
EPS Next 2Y25.76%
EPS Next 3Y18.75%

5

5. Dividend

5.1 Amount

SPH has a Yearly Dividend Yield of 7.10%, which is a nice return.
Compared to an average industry Dividend Yield of 3.87, SPH pays a better dividend. On top of this SPH pays more dividend than 100.00% of the companies listed in the same industry.
Compared to an average S&P500 Dividend Yield of 2.43, SPH pays a better dividend.
Industry RankSector Rank
Dividend Yield 7.1%

5.2 History

The dividend of SPH decreases each year by -11.53%.
SPH has been paying a dividend for at least 10 years, so it has a reliable track record.
SPH has not decreased its dividend in the last 3 years.
Dividend Growth(5Y)-11.53%
Div Incr Years0
Div Non Decr Years3
SPH Yearly Dividends per shareSPH Yearly Dividends per shareYearly Dividends per share 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1 2 3

5.3 Sustainability

SPH pays out 86.21% of its income as dividend. This is not a sustainable payout ratio.
DP86.21%
EPS Next 2Y25.76%
EPS Next 3Y18.75%
SPH Yearly Income VS Free CF VS DividendSPH Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 50M 100M 150M 200M 250M
SPH Dividend Payout.SPH Dividend Payout, showing the Payout Ratio.SPH Dividend Payout.PayoutRetained Earnings

SUBURBAN PROPANE PARTNERS LP

NYSE:SPH (10/15/2025, 4:15:55 PM)

After market: 18.878 +0.32 (+1.71%)

18.56

+0.06 (+0.32%)

Chartmill FA Rating
GICS SectorUtilities
GICS IndustryGroupUtilities
GICS IndustryGas Utilities
Earnings (Last)08-07 2025-08-07/bmo
Earnings (Next)11-12 2025-11-12/amc
Inst Owners41.5%
Inst Owner Change0.05%
Ins Owners2.72%
Ins Owner Change-0.52%
Market Cap1.22B
Analysts48.89
Price Target17.34 (-6.57%)
Short Float %0.79%
Short Ratio4.02
Dividend
Industry RankSector Rank
Dividend Yield 7.1%
Yearly Dividend1.3
Dividend Growth(5Y)-11.53%
DP86.21%
Div Incr Years0
Div Non Decr Years3
Ex-Date08-05 2025-08-05 (0.325)
Surprises & Revisions
EPS beat(2)0
Avg EPS beat(2)-12.24%
Min EPS beat(2)-19.85%
Max EPS beat(2)-4.62%
EPS beat(4)0
Avg EPS beat(4)-31.07%
Min EPS beat(4)-56%
Max EPS beat(4)-4.62%
EPS beat(8)1
Avg EPS beat(8)-25.44%
EPS beat(12)N/A
Avg EPS beat(12)N/A
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)1
Avg Revenue beat(2)0.79%
Min Revenue beat(2)-4.6%
Max Revenue beat(2)6.18%
Revenue beat(4)1
Avg Revenue beat(4)-2.73%
Min Revenue beat(4)-11.34%
Max Revenue beat(4)6.18%
Revenue beat(8)1
Avg Revenue beat(8)-3.49%
Revenue beat(12)N/A
Avg Revenue beat(12)N/A
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)0%
PT rev (3m)0%
EPS NQ rev (1m)0%
EPS NQ rev (3m)0%
EPS NY rev (1m)0%
EPS NY rev (3m)0%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)0%
Revenue NY rev (1m)0%
Revenue NY rev (3m)0%
Valuation
Industry RankSector Rank
PE 12.54
Fwd PE 10.29
P/S 0.85
P/FCF 11.65
P/OCF 6.71
P/B 1.88
P/tB N/A
EV/EBITDA 8.97
EPS(TTM)1.48
EY7.97%
EPS(NY)1.8
Fwd EY9.71%
FCF(TTM)1.59
FCFY8.58%
OCF(TTM)2.77
OCFY14.91%
SpS21.84
BVpS9.87
TBVpS-9.16
PEG (NY)0.32
PEG (5Y)17.49
Profitability
Industry RankSector Rank
ROA 4.2%
ROE 15.03%
ROCE 9.72%
ROIC 7.67%
ROICexc 7.68%
ROICexgc 19.39%
OM 14.02%
PM (TTM) 6.79%
GM 59.87%
FCFM 7.3%
ROA(3y)5.12%
ROA(5y)4.86%
ROE(3y)21.43%
ROE(5y)21.99%
ROIC(3y)8.09%
ROIC(5y)7.99%
ROICexc(3y)8.11%
ROICexc(5y)8.01%
ROICexgc(3y)22.07%
ROICexgc(5y)22.37%
ROCE(3y)10.24%
ROCE(5y)10.12%
ROICexcg growth 3Y-12.63%
ROICexcg growth 5Y-4.17%
ROICexc growth 3Y-10.39%
ROICexc growth 5Y-0.47%
OM growth 3Y-7.95%
OM growth 5Y0.58%
PM growth 3Y-16.29%
PM growth 5Y0.65%
GM growth 3Y-0.9%
GM growth 5Y0.4%
F-Score5
Asset Turnover0.62
Health
Industry RankSector Rank
Debt/Equity 1.9
Debt/FCF 11.75
Debt/EBITDA 4.51
Cap/Depr 108.43%
Cap/Sales 5.38%
Interest Coverage 250
Cash Conversion 66.76%
Profit Quality 107.41%
Current Ratio 0.7
Quick Ratio 0.46
Altman-Z N/A
F-Score5
WACC6.77%
ROIC/WACC1.13
Cap/Depr(3y)78.69%
Cap/Depr(5y)58.5%
Cap/Sales(3y)3.53%
Cap/Sales(5y)3.17%
Profit Quality(3y)136.04%
Profit Quality(5y)171.85%
High Growth Momentum
Growth
EPS 1Y (TTM)-1.33%
EPS 3Y-20.63%
EPS 5Y0.72%
EPS Q2Q%14.81%
EPS Next Y38.65%
EPS Next 2Y25.76%
EPS Next 3Y18.75%
EPS Next 5Y15.23%
Revenue 1Y (TTM)6.29%
Revenue growth 3Y0.98%
Revenue growth 5Y0.92%
Sales Q2Q%2.18%
Revenue Next Year9.03%
Revenue Next 2Y4.24%
Revenue Next 3Y3.2%
Revenue Next 5Y2.5%
EBIT growth 1Y1.38%
EBIT growth 3Y-7.04%
EBIT growth 5Y1.51%
EBIT Next Year61.49%
EBIT Next 3Y18.84%
EBIT Next 5Y14.05%
FCF growth 1Y-39.46%
FCF growth 3Y-19.88%
FCF growth 5Y-12.01%
OCF growth 1Y-16.42%
OCF growth 3Y-10.84%
OCF growth 5Y-6.67%