Latest Ratios: P/E Ratio 20.7x · EV/EBITDA 6.0x · ROE N/A. (2010–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $859M | $788M | $840M | $869M | $755M | $722M | $642M | $622M | $486M | $804M | $841M |
| Enterprise Value | $1.8B | $1.7B | $1.7B | $1.8B | $1.7B | $1.7B | $1.3B | $1.3B | $1.1B | $1.4B | $1.4B |
| P/E Ratio → | 20.66 | 18.90 | 42.31 | 21.71 | 12.17 | 33.44 | 5.98 | 34.71 | 94.40 | 42.41 | 114.50 |
| P/S Ratio | 0.23 | 0.22 | 0.20 | 0.20 | 0.15 | 0.20 | 0.33 | 0.29 | 0.20 | 0.38 | 0.45 |
| P/B Ratio | — | — | — | 28.26 | 9.54 | 12.77 | 5.85 | 7.93 | 4.38 | 4.71 | 3.81 |
| P/FCF | 15.40 | 14.13 | 13.66 | 10.54 | 5.76 | 13.47 | 9.52 | 13.03 | 6.40 | 10.51 | 14.33 |
| P/OCF | 9.39 | 8.61 | 9.57 | 7.42 | 4.68 | 7.56 | 6.14 | 8.60 | 5.42 | 9.04 | 10.58 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.46 | 0.43 | 0.40 | 0.34 | 0.48 | 0.70 | 0.60 | 0.44 | 0.67 | 0.74 |
| EV / EBITDA | 5.96 | 5.72 | 11.91 | 10.74 | 9.52 | 15.01 | 7.29 | 13.02 | 10.64 | 15.67 | 15.96 |
| EV / EBIT | 8.55 | 17.23 | 24.46 | 19.97 | 17.43 | 46.65 | 11.58 | 29.22 | 30.52 | 42.90 | 41.94 |
| EV / FCF | — | 30.35 | 28.39 | 21.52 | 12.84 | 31.92 | 19.94 | 26.85 | 14.20 | 18.43 | 23.60 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 9.2% | 9.2% | 9.7% | 8.7% | 7.6% | 7.7% | 11.0% | 7.2% | 7.1% | 7.7% | 8.3% |
| Operating Margin | 5.6% | 5.6% | 1.7% | 2.0% | 1.9% | 1.0% | 6.0% | 2.0% | 1.4% | 1.5% | 1.7% |
| Net Profit Margin | 1.1% | 1.1% | 0.5% | 0.9% | 1.2% | 0.6% | 5.6% | 0.8% | 0.2% | 1.1% | 0.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | 666.6% | 73.0% | 91.3% | 26.1% | 114.3% | 19.1% | 3.7% | 11.8% | 4.4% |
| ROA | 4.0% | 4.0% | 1.7% | 3.3% | 4.8% | 1.8% | 10.5% | 2.0% | 0.6% | 2.5% | 1.2% |
| ROIC | 18.1% | 18.1% | 5.8% | 6.8% | 7.0% | 2.9% | 11.2% | 4.5% | 3.5% | 3.2% | 3.3% |
| ROCE | 23.4% | 23.4% | 7.2% | 8.4% | 8.5% | 3.4% | 13.0% | 5.3% | 4.3% | 3.8% | 3.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | 29.61 | 11.92 | 17.62 | 6.41 | 8.43 | 5.38 | 3.57 | 2.47 |
| Debt / EBITDA | 3.07 | 3.07 | 6.20 | 5.51 | 5.34 | 8.74 | 3.82 | 6.72 | 5.88 | 6.78 | 6.29 |
| Net Debt / Equity | — | — | — | 29.45 | 11.72 | 17.48 | 6.41 | 8.41 | 5.35 | 3.55 | 2.47 |
| Net Debt / EBITDA | 3.06 | 3.06 | 6.18 | 5.48 | 5.25 | 8.68 | 3.81 | 6.70 | 5.85 | 6.73 | 6.27 |
| Debt / FCF | — | 16.22 | 14.73 | 10.98 | 7.08 | 18.45 | 10.42 | 13.81 | 7.81 | 7.92 | 9.28 |
| Interest Coverage | 2.04 | 2.04 | 1.36 | 2.03 | 3.01 | 2.01 | 7.00 | 1.62 | 1.08 | 1.18 | 1.45 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.72 | 0.72 | 0.73 | 0.67 | 0.68 | 0.65 | 0.51 | 0.62 | 0.58 | 0.86 | 0.87 |
| Quick Ratio | 0.33 | 0.33 | 0.34 | 0.35 | 0.41 | 0.37 | 0.35 | 0.56 | 0.42 | 0.70 | 0.70 |
| Cash Ratio | 0.02 | 0.02 | 0.02 | 0.03 | 0.09 | 0.05 | 0.00 | 0.02 | 0.04 | 0.04 | 0.02 |
| Asset Turnover | — | 3.80 | 3.68 | 3.71 | 3.95 | 2.67 | 1.79 | 2.25 | 2.82 | 2.21 | 2.01 |
| Inventory Turnover | 55.80 | 55.80 | 58.57 | 76.49 | 97.06 | 71.63 | 73.98 | 320.19 | 161.41 | 127.90 | 130.22 |
| Days Sales Outstanding | — | 2.85 | 2.94 | 2.63 | 2.62 | 3.57 | 5.81 | 7.55 | 3.86 | 7.36 | 8.24 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 9.3% | 10.2% | 9.5% | 9.2% | 10.6% | 11.0% | 12.1% | 11.6% | 15.5% | 10.4% | 9.5% |
| Payout Ratio | 191.9% | 191.9% | 401.4% | 198.8% | 128.5% | 367.4% | 72.5% | 400.2% | 1439.0% | 361.7% | 747.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.8% | 5.3% | 2.4% | 4.6% | 8.2% | 3.0% | 16.7% | 2.9% | 1.1% | 2.4% | 0.9% |
| FCF Yield | 6.5% | 7.1% | 7.3% | 9.5% | 17.4% | 7.4% | 10.5% | 7.7% | 15.6% | 9.5% | 7.0% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.4% |
| Total Shareholder Yield | 9.3% | 10.2% | 9.5% | 9.2% | 10.6% | 11.0% | 12.1% | 11.6% | 15.5% | 10.4% | 9.9% |
| Shares Outstanding | — | $38M | $38M | $38M | $38M | $38M | $37M | $34M | $34M | $34M | $33M |
Negative Equity and Leverage
According to current market data, CAPL trades at a 9.4% dividend yield, yet the 20.43x P/E ratio appears disconnected from the partnership's contracting revenue base and the significant risks associated with its highly leveraged capital structure compared to broader energy sector peers.
The current valuation suggests investors are prioritizing immediate income over long-term capital preservation, ignoring the potential for distribution cuts given the thin net margins. The forward EV/EBITDA multiple of 14.99x indicates that the market may be pricing in a significant recovery that remains unsupported by the recent 10.63% revenue decline.
Based on reported financial statements, CAPL's ROIC has struggled to exceed 2.6% in recent quarters, a figure that suggests the partnership is failing to generate returns on invested capital that meaningfully exceed its cost of debt in a high-interest rate environment.
The persistent low ROIC reflects the capital-intensive nature of maintaining 1,750 fuel sites while operating on razor-thin margins. This trend indicates that the partnership is essentially recycling capital to maintain existing assets rather than compounding value, which warrants caution regarding future growth prospects.
As indicated by the most recent quarterly filings, CAPL maintains a cash conversion cycle of approximately 1-2 days, which suggests that the partnership manages its receivables and payables with extreme efficiency to mitigate the impact of its thin 9.18% gross margin profile.
While the rapid cash conversion cycle is a positive operational indicator, it provides little buffer against the volatility of wholesale fuel prices. Investors should monitor whether this efficiency is sustainable or if it relies on aggressive payment terms with suppliers that could be renegotiated during periods of industry stress.
According to recent balance sheet disclosures, CAPL's debt-to-EBITDA ratio has fluctuated significantly, reaching as high as 32.31x in 2025Q1, which highlights a precarious reliance on debt that leaves the partnership highly vulnerable to interest rate volatility and potential covenant breaches.
The interest coverage ratio, which dipped to 0.17 in early 2025, underscores the fragility of the partnership's ability to service its obligations from core operations. This level of leverage suggests that any further contraction in fuel volumes could necessitate a restructuring of the capital stack to ensure long-term solvency.
Market participants frequently rely on Distributable Cash Flow (DCF) as the primary metric for CAPL, yet this figure often obscures the true economic cost of maintaining aging fuel infrastructure, potentially leading to an overestimation of the partnership's ability to sustain its current distribution levels.
Analysts should instead focus on Free Cash Flow after maintenance capital expenditures, as the standard DCF calculation often fails to account for the necessary reinvestment required to keep the 1,150 owned or leased sites competitive. Relying solely on DCF risks ignoring the structural erosion of the underlying asset base.
Includes 30+ ratios · 16 years · Updated daily
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Quick answers to the most common questions about buying CAPL stock.
CrossAmerica Partners LP's current P/E ratio is 20.7x. The historical average is 43.2x. This places it at the 25th percentile of its historical range.
CrossAmerica Partners LP's current EV/EBITDA is 6.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.0x.
Based on historical data, CrossAmerica Partners LP is trading at a P/E of 20.7x. This is at the 25th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
CrossAmerica Partners LP's current dividend yield is 9.32% with a payout ratio of 191.9%.
CrossAmerica Partners LP has 9.2% gross margin and 5.6% operating margin.
CrossAmerica Partners LP's Debt/EBITDA ratio is 3.1x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.