Latest Ratios: P/E Ratio 10.8x · EV/EBITDA 8.9x · ROE 18.6%. (1996–2025 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 | $1.2B | $1.2B | $1.2B | $1.0B | $963M | $972M | $1.0B | $1.5B | $1.5B | $1.6B | $2.0B |
| Enterprise Value | $2.5B | $2.5B | $2.5B | $2.4B | $2.2B | $2.2B | $2.3B | $2.7B | $2.7B | $2.9B | $3.2B |
| P/E Ratio → | 10.80 | 11.46 | 15.74 | 8.36 | 6.90 | 7.91 | 16.78 | 21.48 | 18.98 | 42.08 | 138.75 |
| P/S Ratio | 0.81 | 0.85 | 0.88 | 0.72 | 0.64 | 0.75 | 0.92 | 1.16 | 1.08 | 1.35 | 1.95 |
| P/B Ratio | 1.92 | 2.03 | 2.13 | 1.89 | 1.94 | 2.28 | 2.82 | 3.48 | 2.95 | 2.90 | 2.88 |
| P/FCF | 20.02 | 20.99 | 11.50 | 18.94 | 7.64 | 4.94 | 6.54 | 7.68 | 8.29 | 12.15 | 17.16 |
| P/OCF | 6.23 | 6.54 | 7.24 | 4.59 | 4.37 | 4.29 | 4.88 | 6.50 | 6.98 | 10.01 | 12.97 |
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 | — | 1.78 | 1.89 | 1.65 | 1.45 | 1.72 | 2.12 | 2.13 | 2.01 | 2.42 | 3.10 |
| EV / EBITDA | 8.94 | 9.14 | 10.54 | 8.76 | 8.19 | 6.97 | 9.13 | 9.93 | 9.71 | 11.82 | 14.72 |
| EV / EBIT | 12.05 | 13.81 | 16.79 | 11.94 | 10.53 | 10.38 | 16.73 | 17.89 | 16.61 | 25.28 | 35.93 |
| EV / FCF | — | 43.85 | 24.81 | 43.24 | 17.23 | 11.25 | 15.04 | 14.07 | 15.40 | 21.75 | 27.27 |
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 | 21.1% | 21.1% | 60.7% | 25.3% | 52.6% | 62.3% | 65.4% | 58.8% | 55.9% | 59.9% | 65.4% |
| Operating Margin | 14.4% | 14.4% | 12.9% | 14.5% | 13.7% | 16.5% | 12.7% | 11.9% | 11.4% | 9.7% | 8.6% |
| Net Profit Margin | 7.4% | 7.4% | 5.6% | 8.7% | 9.3% | 9.5% | 5.5% | 5.4% | 5.7% | 3.2% | 1.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 18.6% | 18.6% | 13.6% | 23.7% | 30.3% | 31.2% | 15.5% | 15.0% | 14.6% | 6.0% | 1.8% |
| ROA | 4.7% | 4.7% | 3.3% | 5.7% | 6.7% | 6.0% | 3.0% | 3.3% | 3.6% | 1.7% | 0.6% |
| ROIC | 8.1% | 8.1% | 6.8% | 8.7% | 9.2% | 9.5% | 6.3% | 6.7% | 6.4% | 4.6% | 3.5% |
| ROCE | 10.4% | 10.4% | 8.7% | 11.0% | 11.6% | 12.0% | 7.8% | 8.2% | 8.0% | 5.7% | 4.1% |
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 | 2.22 | 2.22 | 2.47 | 2.43 | 2.44 | 2.93 | 3.67 | 2.90 | 2.54 | 2.30 | 1.75 |
| Debt / EBITDA | 4.78 | 4.78 | 5.67 | 4.94 | 4.57 | 3.93 | 5.17 | 4.52 | 4.51 | 5.23 | 5.63 |
| Net Debt / Equity | — | 2.22 | 2.46 | 2.43 | 2.43 | 2.92 | 3.66 | 2.89 | 2.53 | 2.30 | 1.70 |
| Net Debt / EBITDA | 4.76 | 4.76 | 5.65 | 4.92 | 4.56 | 3.91 | 5.16 | 4.51 | 4.49 | 5.22 | 5.46 |
| Debt / FCF | — | 22.86 | 13.31 | 24.30 | 9.59 | 6.31 | 8.49 | 6.38 | 7.12 | 9.60 | 10.11 |
| Interest Coverage | 2.42 | 2.42 | 2.00 | 2.70 | 3.40 | 3.13 | 1.88 | 1.97 | 2.10 | 1.51 | 1.20 |
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 | 0.55 | 0.55 | 0.51 | 0.53 | 0.57 | 0.63 | 0.47 | 0.57 | 0.72 | 0.66 | 0.72 |
| Quick Ratio | 0.31 | 0.31 | 0.33 | 0.33 | 0.35 | 0.41 | 0.28 | 0.36 | 0.45 | 0.41 | 0.50 |
| Cash Ratio | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.02 | 0.01 | 0.01 | 0.02 | 0.01 | 0.18 |
| Asset Turnover | — | 0.62 | 0.58 | 0.63 | 0.71 | 0.63 | 0.54 | 0.63 | 0.64 | 0.55 | 0.46 |
| Inventory Turnover | 15.32 | 15.32 | 9.42 | 17.28 | 10.64 | 7.86 | 8.17 | 11.59 | 10.03 | 8.96 | 7.98 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
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 | 7.3% | 6.9% | 7.1% | 8.0% | 8.5% | 7.9% | 12.8% | 10.0% | 10.1% | 13.5% | 10.6% |
| Payout Ratio | 79.0% | 79.0% | 112.0% | 66.6% | 58.5% | 62.3% | 214.3% | 215.5% | 192.3% | 570.0% | 1492.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 9.3% | 8.7% | 6.4% | 12.0% | 14.5% | 12.6% | 6.0% | 4.7% | 5.3% | 2.4% | 0.7% |
| FCF Yield | 5.0% | 4.8% | 8.7% | 5.3% | 13.1% | 20.2% | 15.3% | 13.0% | 12.1% | 8.2% | 5.8% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 7.3% | 6.9% | 7.1% | 8.0% | 8.5% | 7.9% | 12.8% | 10.0% | 10.1% | 13.5% | 10.6% |
| Shares Outstanding | — | $66M | $65M | $64M | $64M | $63M | $63M | $62M | $62M | $62M | $61M |
Seasonal weather and regulatory
According to current market data, SPH trades at a forward P/E of 8.52 with a 7.4% dividend yield, suggesting that investors demand a significant risk premium compared to traditional utilities due to the partnership's exposure to seasonal weather volatility and long-term regulatory decarbonization headwinds.
The valuation appears anchored to the sustainability of the distribution rather than earnings growth, as the forward PEG of 0.79 indicates the market is pricing in a contractionary outlook. Investors should monitor whether the current yield remains a defensive floor or if it reflects a permanent re-rating of the partnership's terminal value in a post-fossil fuel environment.
Based on reported figures, the debt-to-capital ratio fluctuated between 0.12 and 0.73 over the last ten quarters, which suggests that the partnership's leverage profile is highly sensitive to seasonal working capital requirements and potential accounting anomalies rather than a consistent long-term debt management strategy.
The wide variance in interest coverage, ranging from -1.01 to 8.09, indicates that the partnership's ability to service debt is tethered to the peak winter heating season. This cyclicality may limit the firm's financial flexibility during off-peak periods, necessitating a cautious approach to assessing the long-term stability of the balance sheet.
As reported in financial statements, the dividend payout ratio has shown extreme volatility, swinging from 15.3% in 2025Q2 to over 100% in 2025Q1, which highlights the inherent difficulty in maintaining a consistent distribution policy given the partnership's reliance on highly seasonal cash flow generation.
The payout ratio's sensitivity to quarterly earnings suggests that the distribution is not supported by a steady, regulated rate base but rather by the success of the winter heating season. Investors should interpret these fluctuations as a signal that the dividend remains vulnerable to warmer-than-average winters or unexpected operational disruptions.
Market participants often incorrectly apply standard utility P/E multiples to SPH, which obscures the fact that the partnership lacks a guaranteed regulatory rate of return and is instead subject to the commodity-linked margin risks inherent in the retail propane distribution business model.
Comparing SPH to regulated electric or water utilities ignores the absence of a constructive regulatory compact, which is the primary driver of utility valuation. Analysts should instead prioritize Distributable Cash Flow (DCF) and enterprise value-to-EBITDA ratios to better capture the partnership's true cash-generating capacity and operational risk profile.
Includes 30+ ratios · 30 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying SPH stock.
Suburban Propane Partners, L.P.'s current P/E ratio is 10.8x. The historical average is 23.1x. This places it at the 18th percentile of its historical range.
Suburban Propane Partners, L.P.'s current EV/EBITDA is 8.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.8x.
Suburban Propane Partners, L.P.'s return on equity (ROE) is 18.6%. The historical average is 35.6%.
Based on historical data, Suburban Propane Partners, L.P. is trading at a P/E of 10.8x. This is at the 18th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Suburban Propane Partners, L.P.'s current dividend yield is 7.33% with a payout ratio of 79.0%.
Suburban Propane Partners, L.P. has 21.1% gross margin and 14.4% operating margin. Operating margin between 10-20% is typical for established companies.
Suburban Propane Partners, L.P.'s Debt/EBITDA ratio is 4.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.