STAR GROUP, L.P. SGU
Star Group, L.P. ("Star" the "Company," "we," "us," or "our") is a home heating oil and propane distributor and services provider with one reportable operating segment that principally provides heating related services to residential and commercial customers. Our unitholders voted in favor of proposals to have the Company elect to be treated as a corporation, instead of a partnership, for federal income tax purposes (commonly referred to as a "check-the-box election"), along with amendments to our partnership agreement to effect such changes in income tax classification, in each case effective November 1, 2017. In addition, the Company changed its name, effective October 25, 2017, from "Star Gas Partners, L.P." to "Star Group, L.P." to more closely align our name with the scope of our product and service offerings. Unitholders will receive a Form 1099-DIV and will not receive a Schedule K-1 as in tax years prior to December 31, 2017. Our legal structure has remained a Delaware limited partnership and the distribution provisions under our limited partnership agreement, including the incentive distribution structure has remained unchanged. As of November 30, 2025, we had outstanding 33.0 million common partner units (NYSE: "SGU") representing a 99.0% limited partner interest in Star, and 0.3 million general partner units, representing a 1.0% general partner interest in Star.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.78B | $1.77B | $1.95B | $2.01B | $1.50B | $1.47B | $1.75B | $1.68B | $1.32B | $1.16B |
| Cost of revenue | — | — | — | — | — | — | — | — | $239.7M | $229.0M |
| Gross profit | $562.9M | $501.8M | $470.8M | $484.2M | $477.7M | $475.0M | $487.7M | $463.3M | $408.5M | $392.5M |
| SG&A | $30.5M | $28.4M | $25.8M | $24.9M | $25.1M | $25.1M | $28.4M | $24.2M | $25.0M | $23.4M |
| Operating income | $114.5M | $61.1M | $62.5M | $60.5M | $130.2M | $93.0M | $37.4M | $66.1M | $55.3M | $87.4M |
| Pre-tax income | $102.9M | $48.6M | $45.9M | $49.0M | $121.4M | $76.5M | $25.2M | $63.1M | $47.3M | $78.7M |
| Income tax | $29.4M | $13.3M | $14.0M | $13.7M | $33.7M | $20.6M | $7.5M | $7.6M | $20.4M | $33.7M |
| Net income | $73.5M | $35.2M | $31.9M | $35.3M | $87.7M | $55.9M | $17.6M | $55.5M | $26.9M | $44.9M |
| Shares, diluted (wtd. avg.) | 34.3M | 35.3M | 35.7M | 37.4M | 40.6M | 45.7M | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $24.7M | $117.3M | $45.2M | $14.6M | $4.8M | $56.9M | $4.9M | $14.5M | $52.5M | $139.2M |
| Receivables | $102.1M | $95.0M | $114.1M | $138.3M | $99.7M | $83.6M | $120.2M | $132.7M | $96.6M | $78.7M |
| Inventory | $47.0M | $41.6M | $56.5M | $83.6M | $61.2M | $50.3M | $64.8M | $56.4M | $59.6M | $45.9M |
| Total current assets | $207.3M | $281.5M | $254.7M | $288.3M | $222.0M | $226.3M | $226.8M | $256.7M | $241.2M | $294.9M |
| Property, plant and equipment | $128.6M | $104.5M | $105.4M | $107.7M | $99.1M | $93.5M | $98.2M | $87.6M | $79.7M | $70.4M |
| Goodwill | $293.4M | $275.8M | $262.1M | $254.1M | $253.4M | $240.3M | $244.6M | $228.4M | $225.9M | $212.8M |
| Other intangibles | $124.9M | $98.7M | $76.3M | $84.5M | $95.5M | $90.3M | $107.7M | $98.4M | $105.2M | $97.7M |
| Total assets | $937.3M | $939.6M | $875.5M | $912.5M | $853.9M | $838.6M | $752.7M | $730.0M | $673.9M | $692.1M |
| Accounts payable | $33.7M | $31.5M | $35.6M | $49.1M | $37.3M | $30.8M | $34.0M | $35.8M | $26.7M | $25.7M |
| Short-term debt | $21.0M | $21.0M | $20.5M | $12.4M | $17.6M | $13.0M | $9.0M | $7.5M | $10.0M | $16.2M |
| Total current liabilities | $349.2M | $373.8M | $364.9M | $381.1M | $345.0M | $344.9M | $325.6M | $283.2M | $272.3M | $289.9M |
| Long-term debt | $167.1M | $187.8M | $127.3M | $151.7M | $92.4M | $109.8M | $120.4M | $91.8M | $65.7M | $75.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $71.0M | $111.0M | $123.7M | $33.9M | $68.9M | $175.7M | $97.4M | $57.5M | $21.1M | $102.0M |
| Depreciation and amortisation | $36.4M | $32.5M | $33.4M | $33.6M | $34.5M | $35.6M | $33.9M | $32.9M | $29.2M | $27.8M |
| Capital expenditure | $14.9M | $10.7M | $9.0M | $18.7M | $15.1M | $14.1M | $11.3M | $13.6M | $12.2M | $10.1M |
| Investing cash flow | -$99.9M | -$61.2M | -$28.2M | -$32.6M | -$50.3M | -$28.1M | -$82.2M | -$65.3M | -$66.4M | -$19.6M |
| Financing cash flow | -$63.7M | $22.4M | -$64.9M | $8.6M | -$70.7M | -$95.5M | -$24.8M | -$30.1M | -$41.2M | -$43.6M |
| Dividends paid | $26.1M | $25.0M | $23.7M | $23.2M | $23.4M | $24.5M | $25.6M | $25.6M | $24.3M | $23.1M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-25-311490.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.16B | $1.32B | $1.68B | $1.75B | $1.47B | $1.50B | $2.01B | $1.95B | $1.77B | $1.78B |
| Gross profit | $392.5M | $408.5M | $463.3M | $487.7M | $475.0M | $477.7M | $484.2M | $470.8M | $501.8M | $562.9M |
| Net income | $44.9M | $26.9M | $55.5M | $17.6M | $55.9M | $87.7M | $35.3M | $31.9M | $35.2M | $73.5M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Results announced Item 2.02
- Regulation FD disclosure Item 7.01
- Other event Item 8.01
- Other event Item 8.01
- Results announced Item 2.02
- Regulation FD disclosure Item 7.01
- Other event Item 8.01
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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