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Distributes propane and related energy products to residential, commercial and industrial customers in Canada and the US.
Distributes propane and related energy products to residential, commercial and industrial customers in Canada and the US.
Delivers propane to tanks at homes and businesses and earns the markup over wholesale cost, so revenue is seasonal with winter heating. Customers tend to stay with the local supplier that owns the tank, and the fragmented market lets the company grow by buying small distributors.
Moat: narrow (scale, distribution, switching costs). Established delivery routes, storage and long-standing customer relationships create local density advantages.
Headquarters: Toronto, Canada
Size Superior Plus (SPB.TO) is a Canada Industrials company (Wholesale Distributors) with a market value of $890M, the 261st largest of 420 Canada companies the cockpit tracks. Shares closed at C$5.81 on 6 Nov 2026.
Performance Over six months the shares fell 22.3%, against -13.6% for the median peer and +5.2% for the Canada market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue fell 6.9% over the last twelve months (peer median +6.8%); the operating margin is 8.2% (peer median 3.7%).
Valuation It trades at 13.8× forward earnings against a peer median of 11.4× (4th most expensive of 12).
Price implies For today's price to make sense, revenue must grow about -1% a year for seven years (Req g). Recent delivered growth is +14%, so the hurdle is -15 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.0 points below its cost of capital (5.0% WACC).
Credit Superior Plus has 1 bond outstanding ($600M), rated BB- by the agencies and trading like BB- at a weighted spread of 181 bp.
Next results Next results expected around 10 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$3.26B | C$3.44B | C$3.26B | C$3.35B | C$3.38B |
| Revenue growth | — | +5% | -3% | -1% | — |
| Gross profit | C$1.46B | C$1.45B | C$1.40B | C$1.28B | C$951M |
| EBITDA | C$622M | C$641M | C$625M | C$603M | C$422M |
| Net income | -C$5.60M | C$85.0M | -C$50.4M | C$51.6M | -C$112M |
| Free cash flow | C$277M | C$300M | C$156M | C$350M | C$131M |
| Capital expenditure | C$174M | C$160M | C$220M | C$200M | C$117M |
| Total debt | C$2.35B | C$2.55B | C$2.69B | C$2.48B | C$2.15B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Superior Plus SPB.TO | $890M | -22% | -7% | 8% | 13.8× | -1.3% |
| Suburban Propane Partners, L.P SPH | $1.15B | -13% | -2% | 15% | 8.6× | -4.6% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | SPB.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -17.0% | -5.3% | 3rd lowest of 21 |
| 6-month return | -22.3% | -13.6% | 8th lowest of 21 |
| Distance from 52-week high | -34.4% | -33.3% | 9th lowest of 21 |
| Revenue growth (TTM) | -6.9% | +6.8% | 4th lowest of 21 |
| Operating margin | 8.2% | 3.7% | 4th highest of 21 |
| Forward P/E | 13.8× | 11.4× | 4th most expensive of 12 |
| Growth the price implies (Req g, 7 yrs) | -1.3% | -5.2% | 4th most demanding of 13 |
| Growth delivered (Del g) | +13.7% | +5.9% | 3rd highest of 13 |
| Hurdle (Req g minus delivered) | -15.0 pp | -11.5 pp | 5th least demanding of 13 |
| ROIC minus cost of capital | -0.0 pp | +1.1 pp | 9th lowest of 21 |
| EV / EBITDA | 6.3× | 7.0× | 4th cheapest of 7 |
| Net debt / EBITDA | 3.7× | 0.7× | 3rd most indebted of 14 |
| Bond spread | 181 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Superior Plus SPB.TO | Canada | $890M | -22% | -7% | 8% | 13.8× | -1.3% | +13.7% |
| Matsuda Sangyo 7456.T | Japan | $891M | -12% | +49% | 4% | 5.6× | n/a | n/a |
| Yellow Hat 9882.T | Japan | $888M | +12% | +7% | 9% | n/a | -5.5% | +3.1% |
| Mitsuuroko 8131.T | Japan | $893M | +26% | 0% | 3% | n/a | -3.7% | +8.4% |
| Wah Lee Industrial 3010.TW | Taiwan | $910M | -15% | +6% | 4% | 11.4× | -6.5% | +5.8% |
| Kamei 8037.T | Japan | $869M | +40% | +1% | 3% | n/a | -13.1% | +7.6% |
| Lx International 001120.KS | South Korea | $913M | -35% | +11% | 2% | 4.6× | n/a | n/a |
| Auto Partner APR.WA | Poland | $928M | +26% | +67% | 8% | 12.2× | -5.0% | +21.5% |
| MAAS MGH.AX | Australia | $849M | -20% | +31% | 8% | 11.7× | n/a | n/a |
| San-ai Obbli 8097.T | Japan | $843M | -3% | -8% | 2% | n/a | -3.1% | +5.2% |
| Huludao Zinc Industry 000751.SZ | China | $943M | -36% | +17% | 1% | n/a | n/a | n/a |
| Dlg Exhibitions & Events 600826.SS | China | $944M | -9% | +2% | 15% | 18.7× | 6.9% | -11.5% |
| State Power Rixin Technology 301162.SZ | China | $944M | -25% | +12% | 17% | 36.8× | 22.6% | +23.8% |
| Hangzhou Cogeneration 605011.SS | China | $956M | -23% | -1% | 5% | n/a | n/a | n/a |
| Trusco Nakayama 9830.T | Japan | $958M | +6% | +10% | 7% | 9.4× | n/a | n/a |
| China Aviation Oil (Singapore) G92.SI | Singapore | $815M | -39% | -8% | 0% | 8.3× | -11.7% | +8.2% |
| Yamazen 8051.T | Japan | $978M | +13% | +7% | 2% | n/a | -6.3% | +4.5% |
| Shandong Nanshan Fashion Sci-Tech 300918.SZ | China | $808M | -24% | +40% | 5% | 38.9× | n/a | n/a |
| SK Networks 001740.KS | South Korea | $804M | -4% | -4% | 1% | 9.9× | n/a | n/a |
| Dongfeng Electronic Technology 600081.SS | China | $795M | -15% | -15% | 3% | n/a | 2.3% | -3.6% |
| Deep Source 0990.HK | Hong Kong | $1.00B | -31% | +7% | 2% | n/a | -13.6% | +6.1% |
Superior Plus has 1 bond outstanding with $600M face value. The agencies rate it BB-; its bonds trade like BB-. Weighted yield 6.34%, a spread of 181 bp over government bonds.