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Suburban Propane Partners, L.P.(SPH)Earnings, Financials & Key Ratios
SPH•NYSE•Utilities
$17.50
10.8× P/E·Price updated Jul 6, 2026
AboutSuburban Propane Partners, L.P., through its subsidiaries, engages in the retail marketing and distribution of propane, fuel oil, and refined fuels. The company operates in four segments: Propane, Fuel Oil and Refined Fuels, Natural Gas and Electricity, and All Other. The Propane segment is involved in the retail distribution of propane to residential, commercial, industrial, and agricultural customers, as well as in the wholesale distribution to industrial end users. It offers propane primarily for space heating, water heating, cooking, and clothes drying in the residential and commercial markets; for use as a motor fuel in internal combustion engines to power over-the-road vehicles, forklifts, and stationary engines, as well as to fire furnaces, as a cutting gas to the industrial customers, and in other process applications; and for tobacco curing, crop drying, poultry brooding, and weed control in the agricultural markets. The Fuel Oil and Refined Fuels segment engages in the retail distribution of fuel oil, diesel, kerosene, and gasoline to residential and commercial customers for use primarily as a source of heat in homes and buildings. The Natural Gas and Electricity segment markets natural gas and electricity to residential and commercial customers in the deregulated energy markets in New York and Pennsylvania. The All Other segment sells, installs, and services a range of home comfort equipment, including whole-house heating products, air cleaners, humidifiers, and space heaters. As of September 25, 2021, the company served approximately 1.0 million residential, commercial, industrial, and agricultural customers through 700 locations in 41 states primarily 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. Suburban Energy Services Group LLC serves as a general partner of Suburban Propane Partners, L.P. The company was founded in 1945 and is headquartered in Whippany, New Jersey.Show more
- Revenue$1.43B+7.9%
- EBITDA$278M+16.8%
- Net Income$107M+43.7%
- Free Cash Flow$58M-42.7%
- EBITDA Margin19.43%+8.3%
- Net Margin7.44%+33.1%
- ROE18.6%+37.1%
- Interest Coverage2.42+20.5%
- Debt/Equity2.22-10.0%
SPH Price & Volume
Suburban Propane Partners, L.P. (SPH) stock price & volume — 10-year historical chart
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Seasonal Volatility Masks Structural Regulatory Transition Risks
Investment Thesis • Updated 2026Q2
VerdictNeutral
Growth:Mixed
Profitability:Strained
Financial:Mixed
Cash Flow:Stable
Primary Risk:Seasonal weather and regulatory
Key Thesis Takeaways
- Suburban Propane Partners faces a challenging outlook as its retail distribution model remains tethered to unpredictable seasonal heating degree days, evidenced by a 6.2% revenue contraction in 2026Q2.
- While the partnership maintains a 7.4% dividend yield, long-term growth is constrained by stagnant net PPE, which has remained range-bound between $781.5 million and $824.6 million over the last ten quarters.
- Investors should remain cautious regarding the firm's exposure to aggressive decarbonization mandates in core markets, which may necessitate significant future capital expenditures beyond the current maintenance-heavy requirements.
Verdict Logic
while the 7.4% dividend yield is attractive, the high sensitivity to seasonal weather and the 51.8% CapEx-to-OCF ratio observed in 2024Q4 suggest limited free cash flow for sustainable long-term growth.
SPH Growth Metrics
Suburban Propane Partners, L.P. (SPH) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years0.11%
5 Years5.27%
3 Years-1.55%
TTM-2.19%
Profit CAGR
10 Years2.37%
5 Years11.89%
3 Years-8.63%
TTM40.72%
EPS CAGR
10 Years1.62%
5 Years10.8%
3 Years-9.42%
TTM38.19%
Return on Capital
10 Years8.75%
5 Years10.74%
3 Years10.05%
Last Year10.42%
SPH Recent Earnings
Suburban Propane Partners, L.P. (SPH) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 4/12 qtrs (33%)●Beat Revenue 5/12 qtrs (42%)
Q2 2026Latest
May 7, 2026Metric
Actual
Est
EPS
$2.06+18.4%
$1.74
Rev
$551M-4.1%
$575M
Q1 2026
Feb 5, 2026Metric
Actual
Est
EPS
$0.69+30.2%
$0.53
Rev
$326M-16.7%
$392M
Q4 2025
Nov 13, 2025Metric
Actual
Est
EPS
$0.62-21.6%
$0.51
Rev
$211M-6.9%
$227M
Q3 2025
Aug 7, 2025Metric
Actual
Est
EPS
$0.23+54.9%
$0.51
Rev
$260M+14.6%
$227M
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | May 7, 2026 | $2.06vs $1.74+18.4% | $551Mvs $575M-4.1% |
| Q1 2026 | Feb 5, 2026 | $0.69vs $0.53+30.2% | $326Mvs $392M-16.7% |
| Q4 2025 | Nov 13, 2025 | $0.62vs $0.51-21.6% | $211Mvs $227M-6.9% |
| Q3 2025 | Aug 7, 2025 | $0.23vs $0.51+54.9% | $260Mvs $227M+14.6% |
Based on last 12 quarters of dataView full earnings history →
Peers Comparison
Key metrics vs top competitors for Suburban Propane Partners, L.P. (SPH)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $17.50 | $1.16B | 10.80 | 7.94% | 7.44% | 18.6% | 7.33% | |
| $15.00 | $1.87B | -4.30 | -9.02% | -5.71% | -39.5% | — | |
| $263.52 | $56.56B | 30.93 | 3.06% | 12.98% | 70.77% | — | |
| $26.21 | $12.99B | -3235.80 | 26.99% | 0.93% | 7.88% | — | |
| $34.92 | $7.5B | 11.30 | 1.07% | 8.71% | 12.75% | — | |
| $88.51 | $6.41B | 14.56 | -62.05% | 18.55% | 11.53% | — |
Compare SPH vs Peers
Suburban Propane Partners, L.P. (SPH) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
SPH SEC Filings & Documents
Suburban Propane Partners, L.P. (SPH) SEC filings — annual & quarterly reports (10-K, 10-Q)
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SPH Frequently Asked Questions
Suburban Propane Partners, L.P. (SPH) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
What is Suburban Propane Partners, L.P.'s revenue?
Suburban Propane Partners, L.P. (SPH) reported $1.39B in revenue for fiscal year 2025. This represents a 97% increase from $707.9M in 1996.
How fast is Suburban Propane Partners, L.P. growing?
Suburban Propane Partners, L.P. (SPH) grew revenue by 7.9% over the past year. This is steady growth.
Is SPH profitable?
Yes, Suburban Propane Partners, L.P. (SPH) is profitable, generating $133.4M in net income for fiscal year 2025 (7.4% net margin).
Dividend & Returns
Does SPH pay dividends?
Yes, Suburban Propane Partners, L.P. (SPH) pays a dividend with a yield of 7.33%. This makes it attractive for income-focused investors.
What is SPH's return on equity?
Suburban Propane Partners, L.P. (SPH) has a return on equity (ROE) of 18.6%. This is reasonable for most industries.
What is Suburban Propane Partners, L.P.'s free cash flow?
Suburban Propane Partners, L.P. (SPH) generated $111.1M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.
Industry Metrics
Is SPH's dividend sustainable?
Suburban Propane Partners, L.P. (SPH) has a dividend payout ratio of 79%. The dividend is reasonably covered.