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Distributes propane and heating fuel oil to residential and commercial customers across the US, plus renewable-energy investments.
Distributes propane and heating fuel oil to residential and commercial customers across the US, plus renewable-energy investments.
Earns the gap between what it pays wholesale for propane and heating oil and what customers are charged, so profit depends on weather and on keeping that margin wide when fuel costs jump. Most business falls in the winter heating months. As a partnership it passes cash to unit holders as distributions.
Moat: narrow (switching costs, distribution). Tank ownership and delivery-route density create switching friction, but propane retailing itself is a commodity business.
Headquarters: Whippany, New Jersey · Founded: 1928 · Employees: 3,190
Size Suburban Propane Partners, L.P (SPH) is a United States Utilities company (Wholesale Distributors) with a market value of $1.15B, the 2166th largest of 3,117 United States companies the cockpit tracks. Shares closed at $17.18 on 6 Nov 2026.
Performance Over six months the shares fell 12.6%, against -10.9% for the median peer and -1.1% for the United States market (cap-weighted) — 10th lowest of 20 in its peer set.
Growth Revenue fell 2.5% over the last twelve months (peer median +7.7%); the operating margin is 15.1% (peer median 15.6%).
Valuation It trades at 8.6× forward earnings against a peer median of 19.0× (5th cheapest of 18).
Price implies For today's price to make sense, revenue must grow about -5% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is -10 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.1 points above its cost of capital (6.0% WACC).
Short interest Short interest is 0.7% of the free float (15 Oct 2026).
Next results Next results expected around 12 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.39B | $1.43B | $1.33B | $1.43B | $1.50B |
| Revenue growth | — | +8% | -7% | -5% | — |
| Gross profit | $305M | $300M | $276M | $302M | $316M |
| EBITDA | $278M | $276M | $253M | $273M | $293M |
| Net income | $131M | $107M | $74.2M | $124M | $140M |
| Free cash flow | $101M | $114M | $101M | $180M | $176M |
| Capital expenditure | $80.1M | $72.0M | $59.4M | $44.9M | $44.4M |
| Total debt | $1.33B | $1.33B | $1.35B | $1.33B | $1.21B |
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 |
|---|---|---|---|---|---|---|
| Suburban Propane Partners, L.P SPH | $1.15B | -13% | -2% | 15% | 8.6× | -4.6% |
| UGI UGI | $7.94B | +15% | 0% | 14% | 10.6× | 6.1% |
| Star Group LP SGU | $432M | +2% | +8% | 6% | n/a | -17.8% |
Peer set: Sector in the same market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | SPH | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.2% | -0.8% | 11th highest of 21 |
| 6-month return | -12.6% | -10.9% | 10th lowest of 20 |
| Distance from 52-week high | -17.4% | -24.0% | 10th highest of 21 |
| Revenue growth (TTM) | -2.5% | +7.7% | 2nd lowest of 21 |
| Operating margin | 15.1% | 15.6% | 11th highest of 21 |
| Forward P/E | 8.6× | 19.0× | 5th cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | -4.6% | 0.5% | 2nd least demanding of 5 |
| Growth delivered (Del g) | +5.3% | +9.2% | lowest of 5 |
| Hurdle (Req g minus delivered) | -9.9 pp | -9.4 pp | 3rd least demanding of 5 |
| ROIC minus cost of capital | +2.1 pp | -1.9 pp | 4th highest of 21 |
| EV / EBITDA | 8.9× | 11.0× | 5th cheapest of 18 |
| Net debt / EBITDA | 4.8× | 4.0× | 6th most indebted of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Suburban Propane Partners, L.P SPH | United States | $1.15B | -13% | -2% | 15% | 8.6× | -4.6% | +5.3% |
| Middlesex Water MSEX | United States | $1.15B | +16% | +9% | 31% | 21.7× | n/a | n/a |
| Unitil UTL | United States | $1.05B | +11% | +21% | 19% | 16.2× | n/a | n/a |
| XPLR Infrastructure, LP XIFR | United States | $1.38B | -38% | -1% | 3% | 3.0× | n/a | n/a |
| Hawaiian Electric Industries HE | United States | $1.45B | -43% | +2% | 11% | 5.2× | n/a | n/a |
| Central Puerto SA Sponsored ADR CEPU | United States | $1.64B | -29% | +51% | 29% | 5.0× | -5.0% | +10.3% |
| Empresa Distribuidora Y Comercializadora Norte S.A. Sponsored ADR EDN | United States | $738M | -40% | +2% | 6% | 6.9× | n/a | n/a |
| Centuri CTRI | United States | $2.06B | -41% | +25% | 3% | 27.4× | n/a | n/a |
| Northwest Natural NWN | United States | $2.18B | +3% | +4% | 36% | 16.6× | n/a | n/a |
| York Water YORW | United States | $529M | +10% | +9% | 37% | 20.1× | n/a | n/a |
| ReNew Energy Global RNW | United States | $2.53B | +23% | +11% | 42% | 26.4× | n/a | n/a |
| Fervo Energy FRVO | United States | $2.66B | n/a | -31% | -35,367% | n/a | n/a | n/a |
| Hallador Energy HNRG | United States | $476M | -46% | +8% | 2% | 2,020.0× | n/a | n/a |
| Genie Energy GNE | United States | $466M | +23% | +10% | 3% | 18.3× | -3.6% | +7.1% |
| Kenon KEN | United States | $2.99B | -35% | +53% | 8% | n/a | n/a | n/a |
| Consolidated Water CWCO | United States | $436M | -17% | -1% | 12% | 19.4× | 4.5% | +12.7% |
| MGE Energy MGEE | United States | $3.03B | +9% | +8% | 23% | 19.0× | n/a | n/a |
| H2O America HTO | United States | $3.04B | +9% | +4% | 21% | 22.5× | n/a | n/a |
| Clean Energy Fuels CLNE | United States | $421M | -14% | +4% | -7% | n/a | 17.0% | +8.1% |
| California Water Service CWT | United States | $3.21B | +17% | +7% | 21% | 19.0× | n/a | n/a |
| Otter Tail OTTR | United States | $3.29B | -11% | +1% | 23% | 14.6× | n/a | n/a |