olivLaw · US equity research
Suburban Propane Partners, L.P. SPH
Retail-Miscellaneous Retail · SIC 5900 · Vertical: Retail-Miscellaneous Retail (SIC 5900)
Suburban Propane is one of the largest propane distributors in the United States, also supplying heating oil, renewable natural gas and home-service work to residential and commercial customers. The company is working through seasonal pressure and warmer-than-normal temperatures while its renewable gas investments come online. Volumes to customers with off-season consumption helped offset some of these effects, according to the latest quarterly report.
At the close of 04 Nov 2026, Suburban Propane Partners, L.P. (SPH) stock was 17.22 USD (+0.35% on the day), with market capitalisation 1.1 bn USD, P/E 7.3 on diluted EPS of 2.36 USD over the last 12 months, beta 0.30, 52-week range 16.39–20.68 USD. Latest reported quarter (Q3 2026): revenue of 261.4 m USD (+0.5% YoY), net income of -17.5 m USD, diluted EPS -0.26 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 46.4
- neutral
- Bollinger (20, 2)
- 16.82 – 18.12
- in the lower half of the band · %B 0.31 · band width 7.5%
- SMA 50 / 200
- 17.22 / 18.70
- mixed trend
- MACD (12, 26, 9)
- 0.12 / 0.16
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +2.7% | −1.1% | +3.8 pp | — |
| 3 months | −3.6% | −0.5% | −3.1 pp | — |
| 6 months | −9.4% | +4.4% | −13.8 pp | — |
| Year to date | −7.1% | +12.3% | −19.4 pp | — |
| 1 year | −4.3% | +13.5% | −17.8 pp | −30.6% |
| 3 years | −3.0% | +76.4% | −79.5 pp | −33.2% |
| 5 years | +13.9% | +63.7% | −49.8 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 27 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 208.6 m | 373.3 m | 587.7 m | 260.2 m | 211.4 m | 370.4 m | 551.2 m | 261.4 m |
| Cost of revenue | 84.6 m | 147.2 m | 242.4 m | 99.6 m | 74.6 m | 130.8 m | 207.5 m | 101.1 m |
| Operating income | -22.5 m | 59.1 m | 158.4 m | 5.6 m | -16.8 m | 67.7 m | 157.9 m | 2.2 m |
| Depreciation & amortisation | 17.5 m | 17.1 m | 17.6 m | 18.7 m | 18.6 m | 16.9 m | 16.3 m | 16.7 m |
| Interest expense | 18.1 m | 19.6 m | 20.6 m | 18.9 m | 17.2 m | 19.8 m | 19.7 m | 18.8 m |
| Pre-tax income | -44.4 m | 20.0 m | 137.1 m | -14.6 m | -34.6 m | 46.0 m | 137.7 m | -17.3 m |
| Income tax | 210.0 k | 563.0 k | -4.0 k | 242.0 k | 547.0 k | 231.0 k | 120.0 k | 182.0 k |
| Net income | -44.6 m | 19.4 m | 137.1 m | -14.8 m | -35.1 m | 45.8 m | 137.5 m | -17.5 m |
| Diluted EPS | -0.17 ≈ | 0.30 | 2.10 | -0.23 | -0.13 ≈ | 0.69 | 2.06 | -0.26 |
| Operating cash flow | 36.8 m | 8.8 m | 40.1 m ≈ | 95.5 m ≈ | 41.8 m | -47.7 m | 116.3 m ≈ | 71.0 m ≈ |
| Capex | 19.1 m | 23.8 m | 19.3 m ≈ | 14.7 m ≈ | 14.1 m | 19.8 m | 24.7 m ≈ | 21.5 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 15 percentile of its own 39-quarter history (min 4.8, median 10.9, max 59.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.3 bn | 1.3 bn | 1.1 bn | 1.3 bn | 1.5 bn | 1.4 bn | 1.3 bn | 1.4 bn |
| Revenue YoY | +13.2% | −5.7% | −12.6% | +16.3% | +16.5% | −4.8% | −7.1% | +7.9% |
| Net income | 76.5 m | 68.6 m | 60.8 m | 122.8 m | 139.7 m | 123.8 m | 74.2 m | 106.6 m |
| Net income YoY | +101.4% | −10.3% | −11.5% | +102.1% | +13.8% | −11.4% | −40.1% | +43.7% |
| Diluted EPS | 1.24 | 1.10 | 0.97 | 1.94 | 2.18 | 1.92 | 1.14 | 1.62 |
| Diluted EPS YoY | +100.0% | −11.3% | −11.8% | +100.0% | +12.4% | −11.9% | −40.6% | +42.1% |
| net % | 5.7% | 5.4% | 5.5% | 9.5% | 9.3% | 8.7% | 5.6% | 7.4% |
| Free cash flow | 177.5 m | 191.8 m | 176.9 m | 196.7 m | 176.2 m | 180.3 m | 101.2 m | 114.3 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 27 Sept 2025
- Cash
- 405.0 k USD
- Financial debt
- 1.2 bn USD
- Net debt
- 1.2 bn USD
- Equity
- unavailable USD
- Total assets
- 2.3 bn USD
- Debt / equity
- unavailable
- Current ratio
- 0.55x
- ROE
- unavailable
- ROA
- 4.7%
- FCF margin
- 8.0%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.1 bn | 1.3 bn | 1.5 bn | 1.4 bn | 1.3 bn | 1.4 bn | SEC (XBRL)· 26 Nov 2025verified |
| Cost of revenue | 383.0 m | 485.5 m | 712.1 m | 590.1 m | 522.2 m | 563.7 m | SEC (XBRL)· 26 Nov 2025verified |
| Gross profit | 724.9 m ≈ | 803.3 m ≈ | 789.3 m ≈ | 839.1 m ≈ | 805.0 m ≈ | 868.8 m ≈ | SEC (XBRL)· 26 Nov 2025derived |
| Operating income | 140.3 m | 213.2 m | 206.3 m | 206.8 m | 171.3 m | 206.3 m | SEC (XBRL)· 26 Nov 2025verified |
| Depreciation & amortisation | 116.8 m | 104.6 m | 58.8 m | 62.6 m | 67.0 m | 72.0 m | SEC (XBRL)· 26 Nov 2025verified |
| EBITDA | 257.1 m ≈ | 317.8 m ≈ | 265.2 m ≈ | 269.4 m ≈ | 238.2 m ≈ | 278.4 m ≈ | SEC (XBRL)· 26 Nov 2025derived |
| Interest expense | 74.7 m | 68.1 m | 60.7 m | 73.4 m | 74.6 m | 76.3 m | SEC (XBRL)· 26 Nov 2025verified |
| Pre-tax income | 60.6 m | 123.9 m | 140.1 m | 124.4 m | 74.9 m | 107.9 m | SEC (XBRL)· 26 Nov 2025verified |
| Income tax | -146.0 k | 1.1 m | 429.0 k | 668.0 k | 734.0 k | 1.3 m | SEC (XBRL)· 26 Nov 2025verified |
| Net income | 60.8 m | 122.8 m | 139.7 m | 123.8 m | 74.2 m | 106.6 m | SEC (XBRL)· 26 Nov 2025verified |
| Diluted EPS | 0.97 | 1.94 | 2.18 | 1.92 | 1.14 | 1.62 | SEC (XBRL)· 26 Nov 2025verified |
| Weighted average diluted shares | 62.7 m | 63.3 m | 64.0 m | 64.4 m | 64.8 m | 65.6 m | SEC (XBRL)· 26 Nov 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 3.1 m | 5.8 m | 4.1 m | 3.5 m | 3.2 m | 405.0 k | SEC (XBRL)· 26 Nov 2025verified |
| Receivables | 55.4 m | 71.4 m | 78.5 m | 67.7 m | 66.4 m | 69.5 m | SEC (XBRL)· 26 Nov 2025verified |
| Inventories | 46.9 m | 61.8 m | 66.9 m | 61.8 m | 55.4 m | 73.7 m | SEC (XBRL)· 26 Nov 2025verified |
| Current assets | 116.0 m | 180.1 m | 174.9 m | 164.0 m | 157.5 m | 166.3 m | SEC (XBRL)· 26 Nov 2025verified |
| Property, plant & equipment, net | 597.5 m | 569.1 m | 563.8 m | 646.1 m | 654.0 m | 691.3 m | SEC (XBRL)· 26 Nov 2025verified |
| Goodwill | 1.1 bn | 1.1 bn | 1.1 bn | 1.1 bn | 1.2 bn | 1.2 bn | SEC (XBRL)· 26 Nov 2025verified |
| Intangibles (excl. goodwill) | 84.1 m | 39.3 m | 40.0 m | 80.6 m | 74.5 m | 84.8 m | SEC (XBRL)· 26 Nov 2025verified |
| Total assets | 2.0 bn | 2.1 bn | 2.1 bn | 2.3 bn | 2.3 bn | 2.3 bn | SEC (XBRL)· 26 Nov 2025verified |
| Accounts payable | 32.0 m | 39.2 m | 35.2 m | 40.0 m | 41.1 m | 45.0 m | SEC (XBRL)· 26 Nov 2025verified |
| Long-term debt | 1.2 bn | 1.1 bn | 1.1 bn | 1.2 bn | 1.2 bn | 1.2 bn | SEC (XBRL)· 26 Nov 2025verified |
| Current liabilities | 244.5 m | 287.1 m | 306.6 m | 307.8 m | 306.1 m | 302.8 m | SEC (XBRL)· 26 Nov 2025verified |
| Total liabilities | 1.7 bn | 1.6 bn | 1.6 bn | 1.7 bn | 1.7 bn | 1.7 bn | SEC (XBRL)· 26 Nov 2025verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 209.4 m | 226.6 m | 220.5 m | 225.2 m | 160.6 m | 186.3 m | SEC (XBRL)· 26 Nov 2025verified |
| Capex | 32.5 m | 29.9 m | 44.4 m | 44.9 m | 59.4 m | 72.0 m | SEC (XBRL)· 26 Nov 2025verified |
| Free cash flow | 176.9 m ≈ | 196.7 m ≈ | 176.2 m ≈ | 180.3 m ≈ | 101.2 m ≈ | 114.3 m ≈ | SEC (XBRL)· 26 Nov 2025derived |
| Investing cash flow | -53.2 m | -34.1 m | -94.4 m | -170.6 m | -81.6 m | -128.3 m | SEC (XBRL)· 26 Nov 2025verified |
| Financing cash flow | -155.4 m | -189.8 m | -127.8 m | -44.6 m | -72.5 m | -66.7 m | SEC (XBRL)· 26 Nov 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 44 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 1.1 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet6
- Quality70
- Valuation85
- Growth0
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 19.84 – 81.02 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)19.84 – 49.28 (Mid 30.22)WACC 7.6% · starting FCFF 176.2 m USD · terminal value share of EV 78%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -14.0%
- Peers: EV/EBITDAunavailable · not enough peers
- Peers: P/E45.89 – 81.02 (Mid 53.83)4 companies used · median multiple 22.8x · quartiles 19.5x – 34.4xEZPW, FCFS, SVV, WINA
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 44/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 9.4% | 73 (vs peers) | 8% |
| FCF conversion · Quality | 77.5% | 68 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | -1.6% | 0 (on a fixed band) | 11% |
| EPS CAGR 3Y · Growth | -9.4% | 0 (on a fixed band) | 11% |
| Net debt / EBITDA · Balance sheet | 4.4x | 0 (on a fixed band) | 13% |
| Interest coverage · Balance sheet | 2.8x | 20 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 0.8x | 0 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 7.3x | 100 (vs peers) | 13% |
| EV/EBITDA · Valuation | 8.5x | 59 (on a fixed band) | 13% |
| FCF yield · Valuation | 8.8% | 100 (on a fixed band) | 11% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet6/100 · 3/3 factors with a value
- Growth0/100 · 2/2 factors with a value
- Quality70/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation85/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
SUBURBAN PROPANE PARTNERS LP (SPH). Latest full fiscal year: 2025; data up to 2026-06-27.
Figures computed from the financial statements: revenue 1.4 bn USD in 2025; YoY growth 7.9%; net margin 9.4%; net debt/EBITDA 4.4x.
The estimated value range is 32.86–65.15 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 42.03 USD, the price of 17.22 USD leaves a potential of 144.1% (value / price − 1) and a margin of safety of 59.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 44/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 9.4%
- P/E (TTM): 7.3x
- FCF yield: 8.8%
- The price is below the estimated value range
What contradicts it
- Revenue CAGR 3Y: -1.6%
- EPS CAGR 3Y: -9.4%
- Net debt / EBITDA: 4.4x
- Interest coverage: 2.8x
- Current ratio: 0.8x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Retail-Miscellaneous Retail (SIC 5900) · same industry (4-digit SIC) · compared with 12 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| FCFSFirstcash Holdings, Inc. | 8.3 bn | 20.9 | 18.2% | 9.5% | +8.0% | +22% / +73% |
| REALTheRealReal, Inc. | 1.7 bn | — | — | -1.4% | +15.4% | −6% / +500% |
| SVVSavers Value Village, Inc. | 1.5 bn | 63.3 | 5.7% | 1.4% | unavailable | +10% / −33% |
| SPHSuburban Propane Partners LP | 1.1 bn | 7.3 | — | 9.4% | +7.9% | −4% / −3% |
| WINAWinmark Corporation | 987.7 m | 24.8 | — | 45.1% | +5.9% | −32% / −35% |
| TMSTeamshares Inc | 344.7 m | — | -6.7% | — | unavailable | −54% / unavailable |
| PLBYPlayboy, Inc. | 164.1 m | 609.5 | 12.4% | 0.2% | +4.1% | −29% / +161% |
| LIVELIVE VENTURES Inc | 22.9 m | — | -2.8% | -0.6% | −5.9% | −19% / −70% |
| WBUYWebuy Global Ltd | 1.3 m | — | -160.3% | -45.3% | −63.0% | −66% / −100% |
| NEXRNexera Technologies Ltd | 62.0 k | — | -43.2% | -21.8% | +23.0% | −100% / −100% |
| WSHPWeShop Holdings Ltd | — | — | -946.5% | -14,972.7% | −67.3% | −98% / unavailable |
| EZPWEzcorp, Inc. | — | 15.1 | 14.7% | 10.0% | +9.7% | +53% / +260% |
| POMPOMDOCTOR Ltd | — | — | — | -32.7% | unavailable | −98% / unavailable |
1- and 3-year price returns: for SPH from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 7.95 Total return -54% · Per year -54% | 14.09 Total return -18% · Per year -18% | 21.29 Total return 24% · Per year 24% |
| 3 years | 6.80 Total return -60% · Per year -27% | 13.66 Total return -21% · Per year -7% | 22.78 Total return 32% · Per year 10% |
| 5 years | 5.82 Total return -66% · Per year -19% | 13.24 Total return -23% · Per year -5% | 24.38 Total return 42% · Per year 7% |
- Exit P/E± 3.41
- Net margin± 2.39
- Annual revenue growth± 2.08
- Annual dilution± 0.20
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Suburban Propane is one of the largest propane distributors in the United States, also supplying heating oil, renewable natural gas and home-service work to residential and commercial customers. The company is working through seasonal pressure and warmer-than-normal temperatures while its renewable gas investments come online. Volumes to customers with off-season consumption helped offset some of these effects, according to the latest quarterly report 3.
SWOT
Strengths
- The company has a dense national network of locations and a large customer base, along with a recognized position in US propane distribution 1.
- A customer base with off-season consumption partly offsets weather swings and supports volumes in warmer quarters 3.
- The company has long experience in customer service and logistics, which supports its reputation and customer loyalty 13.
Weaknesses
- Revenues and profits are strongly seasonal, and the summer and autumn quarters usually bring net losses 13.
- Leverage remains high, and the company's leverage ratio is still close to earlier levels 3.
- The company depends on a few large propane suppliers, and an interruption from any of them could raise acquisition costs 1.
Opportunities
- Growth in renewable natural gas and low-carbon fuels could open new revenue streams if the facilities enter service as planned 23.
- Organic growth of the customer base and selective acquisitions could extend the presence in strategic markets 1.
- Technology modernization of systems could cut operating costs and improve delivery routing 1.
Threats
- Warmer-than-normal temperatures could reduce long-term demand, particularly if the trend persists 13.
- Propane price volatility and geopolitical tensions could affect margins, especially if costs rise quickly 12.
- Changes in climate and emissions regulation could alter costs and demand for traditional fuels 1.
Risks
- Weather dependencehigh
Heating demand falls when winters are warmer, and results can be seriously affected in a year or quarter with unusual temperatures 13.
- Supply cost volatilityhigh
Propane acquisition costs can rise quickly, and the company cannot always pass them on to customers immediately, which could compress margins 12.
- Debt and access to capitalmedium
Existing debt limits financial flexibility, and reliance on unit issuance to reduce debt could be affected by capital market conditions 13.
- Renewable project risksmedium
Renewable gas facilities depend on construction, operation and environmental attributes, and regulatory changes can affect investment returns 13.
- Climate and environmental regulationmedium
Federal and state rules on emissions and climate reporting could raise compliance costs and change demand for the company's products 1.
Investment thesis
What would need to be true (bull case)
- If future winters return closer to normal and customers with off-season consumption keep growing, revenues and margins could gradually recover 3.
- Bringing all three renewable gas facilities into service could add organic growth on top of customer base growth 3.
- A national network of locations and a large customer base can support a solid position in propane distribution, especially if cost discipline holds 13.
What would break the thesis
- If warm temperatures persist, heating demand could keep falling and weigh on revenues and the capacity to fund distributions 13.
- High debt and cost pressure could limit the company's flexibility, especially if supply prices rise sharply 3.
- Renewable projects depend on regulation and public funding, and delays or policy changes could reduce the expected return 23.
What to watch
- Commissioning of the Columbus, Ohio facility and RNG production trendsQ4 fiscal 2026
- Winter temperatures against normal and volumes soldQ1 2027
- Leverage level reported at fiscal year endnext 10-K
- Trends in propane prices and US inventoriesQ1 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Suburban Propane Partners, L.P. is a listed partnership that distributes propane, renewable propane, renewable natural gas (RNG), heating oil and other refined fuels, and markets natural gas and electricity in deregulated markets 1. The company operates through about 750 locations in 42 states, concentrated on the East and West Coasts, and serves customers through customer service centers with storage, delivery fleets and installation and repair teams 1. In fiscal 2025 it sold about 400.5 million gallons of propane to retail customers, plus 16.5 million gallons of fuel oil and refined fuels 1.
The core business relies on a customer service model in which centers are measured on profitability and net customer growth, and selective acquisitions in strategic markets add to organic growth 1. The company also runs a renewable energy platform through Suburban Renewable Energy, which includes RNG production facilities in Arizona, Ohio and New York, plus equity stakes in companies developing low-carbon fuels 12.
Seasonality is significant: roughly two-thirds of retail propane volume is sold in the October to March heating season, so profits are concentrated in the first two fiscal quarters 1. The third fiscal quarter of 2026 closed with a net loss of 17.5 million dollars, which is typical for this period 3.
Segments
Propane
The propane segment is the largest and distributes propane and renewable propane to residential, commercial, industrial, government and agricultural customers, with about 43% of gallons going to residential and 39% to commercial customers in fiscal 2025 1. It also includes the equity stake in Oberon Fuels, a developer of rDME fuel 1.
Market context
The US retail propane market is fragmented and sensitive to weather, input costs and competition from natural gas, and the company relies on residential and commercial customers in areas without a gas network 1. In the third fiscal quarter of 2026, US propane inventories were 20.7% above June 2025 levels, while average prices rose 3.6% year over year, amid Middle East tensions and strong export demand 23.
Demand depends on winter temperatures, on customers cutting consumption when prices rise and on the broader economy; changes in environmental policy and taxes can alter both costs and the appeal of renewable fuels 12.
Trends
- Warmer-than-normal wintersheadwind
Temperatures ran warmer than normal across recent fiscal years, and the company warns this trend could reduce demand over the longer term if it continues 13.
- Off-season customer basetailwind
The base of customers with consumption outside the cold season partly offset lower volumes in the third fiscal quarter of 2026, suggesting that a more diversified customer mix can soften weather effects 3.
- Energy transition and renewable gasmixed
Demand for low-carbon fuels and higher prices for environmental attributes could support RNG revenues, but the regulatory framework and dependence on public funding could change that quickly 23.
- Rising operating costsheadwind
Higher payroll, transport and equipment costs have pushed up operating and administrative expenses, which the company tries to contain through operational discipline 23.
Competitive position
The company operates in a competitive market where propane, heating oil and natural gas suppliers compete for the same residential and commercial customers 1. In propane, the company describes itself as the third-largest US retail marketer by volume sold in 2024, so competition comes from both national rivals and smaller regional operators 1.
Rivals may offer lower prices or more flexible service, and pressure is greater where natural gas is available; the company responds with customer service and selective acquisitions in strategic markets 1.
- Ferrellgas Partners
US retail propane distributor with comparable propane distribution and customer service activities; the source texts provided do not allow confirming its ticker.
- AmeriGas Partners
US retail propane competitor active in the same residential and commercial distribution; the source texts provided do not confirm ticker details.
- Energy Transfer
Major propane supplier to the company and a player in its supply chain; the relationship is supplier rather than direct competitor, and the ticker is not confirmed in the sources.
- Targa Resources
Propane supplier to the company and important in its supply chain; the relationship is supplier, and the ticker is not confirmed in the source texts.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report22 Oct 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report21 Oct 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Quarterly report06 Aug 2026
- Current report06 Aug 2026Results of operations · Financial statements and exhibits
- Current report23 Jul 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report22 Jul 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Quarterly report07 May 2026
- Current report07 May 2026Results of operations · Financial statements and exhibits
- Current report23 Apr 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report22 Apr 2026Regulation FD disclosure · Other events · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-09-27 · SEC / Suburban Propane Partners, L.P. · 26 Nov 2025
- [2] Form 10-Q, quarter ended 2026-06-27 · SEC / Suburban Propane Partners, L.P. · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Suburban Propane Partners, L.P. · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.