SUBURBAN PROPANE PARTNERS LP SPH
Suburban Propane Partners, L.P. (the "Partnership"), a publicly traded Delaware limited partnership, is a nationwide marketer and distributor of a diverse array of products meeting the energy needs of our customers. We specialize in the distribution of propane, renewable propane, renewable natural gas ("RNG"), fuel oil and refined fuels, as well as the marketing of natural gas and electricity in deregulated markets and production of and investing in low-carbon fuel alternatives. In support of our core marketing and distribution operations, we install and service a variety of home comfort equipment, particularly in the areas of heating and ventilation. We believe, based on LP/Gas Magazine dated February 2025, that we are the third-largest retail marketer of propane in the United States, measured by retail gallons sold in calendar year 2024. As of September 27, 2025, we were serving the energy needs of approximately 1.0 million residential, commercial, industrial and agricultural customers through approximately 750 locations in 42 states with operations principally concentrated in the east and west coast regions of the United States, as well as portions of the midwest region of the United States and Alaska. We sold approximately 400.5 million gallons of propane and 16.5 million gallons of fuel oil and refined fuels to retail customers during the year ended September 27, 2025. Together with our predecessor companies, we have been continuously engaged in the retail propane business since 1928.
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 | $1.43B | $1.33B | $1.43B | $1.50B | $1.29B | $1.11B | $1.27B | $1.34B | $1.19B | $1.05B |
| Cost of revenue | $563.7M | $522.2M | $590.1M | $712.1M | $485.5M | $383.0M | $522.0M | $592.6M | $476.7M | $362.0M |
| Gross profit | $868.8M | $805.0M | $839.1M | $789.3M | $803.3M | $724.9M | $745.7M | $751.8M | $711.2M | $684.2M |
| SG&A | $96.4M | $89.9M | $91.6M | $81.8M | $74.1M | $65.9M | $71.0M | $66.2M | $57.3M | $61.1M |
| Total operating expenses | $1.23B | $1.16B | $1.22B | $1.30B | $1.08B | $967.6M | $1.12B | $1.18B | $1.06B | $965.5M |
| Operating income | $206.3M | $171.2M | $206.8M | $206.3M | $213.2M | $140.3M | $150.9M | $158.0M | $128.6M | $90.4M |
| Interest expense | $76.3M | $74.6M | $73.4M | $60.7M | $68.1M | $74.7M | $76.7M | $77.4M | $75.3M | — |
| Pre-tax income | $107.9M | $74.9M | $124.4M | $140.1M | $123.9M | $60.6M | $69.5M | $75.9M | $38.5M | $15.0M |
| Income tax | $1.3M | $734.0K | $668.0K | $429.0K | $1.1M | $146.0K | $857.0K | $606.0K | $459.0K | $588.0K |
| Net income | $106.6M | $74.2M | $123.8M | $139.7M | $122.8M | $60.8M | $68.6M | $76.5M | $38.0M | $14.4M |
| EPS, basic | 1.64 | 1.15 | 1.94 | 2.21 | 1.96 | 0.98 | 1.11 | 1.24 | 0.62 | 0.24 |
| EPS, diluted | 1.62 | 1.14 | 1.92 | 2.18 | 1.94 | 0.97 | 1.10 | 1.24 | 0.62 | 0.24 |
| Shares, diluted (wtd. avg.) | $65.6M | $64.8M | $64.4M | $64.0M | $63.3M | $62.7M | $62.4M | $61.8M | $61.5M | $61.2M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $405.0K | $3.2M | $3.5M | $4.1M | $5.8M | $3.1M | $2.4M | $5.2M | $2.8M | $37.3M |
| Receivables | $69.5M | $66.4M | $67.7M | $78.5M | $71.4M | $55.4M | $59.3M | $71.3M | $65.7M | $53.8M |
| Inventory | $73.7M | $55.4M | $61.8M | $66.9M | $61.8M | $46.9M | $45.0M | $59.1M | $53.2M | $45.4M |
| Total current assets | $166.3M | $157.5M | $164.0M | $174.9M | $180.1M | $116.0M | $123.4M | $157.8M | $139.5M | $147.3M |
| Property, plant and equipment | $691.3M | $654.0M | $646.1M | $563.8M | $569.1M | $597.5M | $627.2M | $649.2M | $692.6M | $742.1M |
| Goodwill | $1.16B | $1.15B | $1.15B | $1.11B | $1.11B | $1.10B | $1.10B | $1.09B | $1.09B | $1.09B |
| Other intangibles | $84.8M | $74.5M | $80.6M | $40.0M | $39.3M | $84.1M | $128.4M | $175.2M | $219.9M | $276.3M |
| Total assets | $2.30B | $2.27B | $2.27B | $2.10B | $2.05B | $2.05B | $2.00B | $2.10B | $2.17B | $2.28B |
| Accounts payable | $45.0M | $41.1M | $40.0M | $35.2M | $39.2M | $32.0M | $34.1M | $38.3M | $38.7M | $32.3M |
| Total current liabilities | $302.8M | $306.1M | $307.8M | $306.6M | $287.1M | $244.5M | $216.1M | $219.0M | $210.4M | $205.1M |
| Long-term debt | $1.21B | $1.21B | $1.19B | $1.08B | $1.12B | $1.21B | $1.23B | $1.26B | $1.27B | $1.22B |
| Total liabilities | $1.70B | $1.73B | $1.72B | $1.61B | $1.63B | $1.68B | $1.57B | $1.61B | $1.62B | $1.57B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $186.3M | $160.6M | $225.2M | $220.5M | $226.6M | $209.4M | $226.8M | $210.4M | $163.8M | $157.4M |
| Depreciation and amortisation | $72.0M | $67.0M | $62.6M | $58.8M | $104.6M | $116.8M | $120.9M | $125.2M | $127.9M | $129.6M |
| Capital expenditure | $72.0M | $59.4M | $44.9M | $44.4M | $29.9M | $32.5M | $35.0M | $32.9M | $28.2M | $38.4M |
| Investing cash flow | -$128.3M | -$81.6M | -$170.6M | -$94.4M | -$34.1M | -$53.2M | -$48.5M | -$39.1M | -$23.0M | -$53.9M |
| Financing cash flow | -$66.7M | -$72.5M | -$44.6M | -$127.8M | -$189.8M | -$155.4M | -$181.0M | -$168.9M | -$175.4M | -$218.5M |
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 0001193125-25-298630.
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