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Suburban Propane Partners LP (SPH)



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Upturn Advisory Summary
10/10/2025: SPH (1-star) has a low Upturn Star Rating. Not recommended to BUY.
1 Year Target Price $17
1 Year Target Price $17
1 | Strong Buy |
0 | Buy |
0 | Hold |
0 | Sell |
1 | Strong Sell |
Analysis of Past Performance
Type Stock | Historic Profit 16.52% | Avg. Invested days 48 | Today’s Advisory WEAK BUY |
Upturn Star Rating ![]() ![]() | Upturn Advisory Performance ![]() | Stock Returns Performance ![]() |
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Key Highlights
Company Size Small-Cap Stock | Market Capitalization 1.18B USD | Price to earnings Ratio 12.22 | 1Y Target Price 17 |
Price to earnings Ratio 12.22 | 1Y Target Price 17 | ||
Volume (30-day avg) 2 | Beta 0.28 | 52 Weeks Range 16.12 - 21.51 | Updated Date 10/12/2025 |
52 Weeks Range 16.12 - 21.51 | Updated Date 10/12/2025 | ||
Dividends yield (FY) 7.10% | Basic EPS (TTM) 1.48 |
Analyzing Revenue: Products, Geography and Growth
Revenue by Products
Product revenue - Year on Year
Earnings Date
Report Date - | When - | Estimate - | Actual - |
Profitability
Profit Margin 6.79% | Operating Margin (TTM) 1.89% |
Management Effectiveness
Return on Assets (TTM) 5.49% | Return on Equity (TTM) 15.5% |
Valuation
Trailing PE 12.22 | Forward PE 16.61 | Enterprise Value 2564474789 | Price to Sales(TTM) 0.83 |
Enterprise Value 2564474789 | Price to Sales(TTM) 0.83 | ||
Enterprise Value to Revenue 1.79 | Enterprise Value to EBITDA 10.42 | Shares Outstanding 65473322 | Shares Floating 63492754 |
Shares Outstanding 65473322 | Shares Floating 63492754 | ||
Percent Insiders 2.46 | Percent Institutions 42.22 |
Upturn AI SWOT
Suburban Propane Partners LP

Company Overview
History and Background
Suburban Propane Partners LP was founded in 1928 and is headquartered in Whippany, New Jersey. It has grown through acquisitions and organic expansion to become a significant distributor of propane, fuel oil and related products and services.
Core Business Areas
- Propane Distribution: The core business, involving the retail distribution of propane to residential, commercial, industrial, and agricultural customers.
- Fuel Oil and Refined Fuels Distribution: Distribution of fuel oil, diesel, kerosene, and other refined fuels.
- Other Energy Services: This includes the sale, installation, and servicing of heating and other energy-related equipment, along with other related services.
- Natural Gas and Electricity: This includes natural gas and electricity sales and services in select markets.
Leadership and Structure
Suburban Propane is led by President and Chief Executive Officer Michael A. Stivala. The company operates as a master limited partnership (MLP).
Top Products and Market Share
Key Offerings
- Propane: Propane is the primary product, used for heating, cooking, water heating, and industrial processes. Market share information isn't readily available, but Suburban is one of the largest retail propane distributors in the U.S. Key competitors include AmeriGas, Ferrellgas, and local independent propane retailers. Revenue from propane sales constitutes the majority of the company's revenue.
- Fuel Oil: Fuel oil is distributed to residential and commercial customers for heating purposes. Market share information isn't publicly available. Competitors include local and regional fuel oil distributors. Fuel oil sales contribute a smaller percentage of overall revenue compared to propane.
- Related Equipment & Services: Sale, installation, and repair of heating equipment, propane tanks, and other related products and services. Competitors include local HVAC contractors and home improvement retailers. This segment contributes to overall revenue through service fees and equipment sales.
Market Dynamics
Industry Overview
The propane distribution industry is mature and fragmented, with demand influenced by weather patterns, economic conditions, and energy prices. The industry is also subject to environmental regulations.
Positioning
Suburban Propane is a leading national propane distributor with a strong retail network. Its competitive advantages include its scale, established infrastructure, brand recognition, and customer service. It is also diversifying into renewable energy solutions.
Total Addressable Market (TAM)
The TAM for propane in the U.S. is estimated to be over $20 billion annually. Suburban Propane is positioned to capture a significant share of this market through its extensive distribution network and customer base.
Upturn SWOT Analysis
Strengths
- Extensive retail network
- Established brand reputation
- Strong customer relationships
- Diversified product and service offerings
- Experienced management team
Weaknesses
- Exposure to weather-related demand fluctuations
- Dependence on propane prices
- High debt levels
- Limited growth opportunities in core propane business
- Seasonality of business
Opportunities
- Expansion into renewable energy solutions
- Acquisition of smaller propane distributors
- Growth in commercial and industrial propane demand
- Increased demand for propane as a transportation fuel
- Expansion of service offerings
Threats
- Competition from other energy sources (natural gas, electricity)
- Increased energy efficiency
- Environmental regulations
- Fluctuations in propane prices
- Economic downturn
Competitors and Market Share
Key Competitors
- APU
- FGPR
- UGI
Competitive Landscape
Suburban Propane competes with other large propane distributors, regional and local distributors, and other energy providers. Its competitive advantages include its scale, brand recognition, and customer service. Disadvantages may include higher debt levels and reliance on propane prices.
Major Acquisitions
Inergy Propane
- Year: 2012
- Acquisition Price (USD millions): 1030
- Strategic Rationale: Expanded Suburban Propane's geographic footprint and customer base.
Growth Trajectory and Initiatives
Historical Growth: Historical growth has been primarily driven by acquisitions and organic expansion within the propane distribution industry.
Future Projections: Future growth is expected to be driven by expansion into renewable energy, acquisitions, and growth in commercial and industrial propane demand. Analyst estimates vary.
Recent Initiatives: Recent initiatives include investments in renewable energy projects, acquisitions of smaller propane distributors, and expansion of service offerings.
Summary
Suburban Propane is a leading propane distributor with a strong retail network, but faces challenges from weather-related demand fluctuations and competition from other energy sources. It is diversifying into renewable energy to improve long-term prospects and should continue to look to expand its service offerings. Its reliance on propane prices and seasonality present ongoing challenges. Its scale and brand recognition are key strengths.
Peer Comparison
Sources and Disclaimers
Data Sources:
- SEC Filings
- Company Website
- Industry Reports
- Analyst Reports
Disclaimers:
The information provided is for informational purposes only and should not be considered financial advice. Investment decisions should be based on thorough research and consultation with a financial advisor. Market share data is estimated and may not be precise.
AI Summarization is directionally correct and might not be accurate.
Summarized information shown could be a few years old and not current.
Fundamental Rating based on AI could be based on old data.
AI-generated summaries may have inaccuracies (hallucinations). Please verify the information before taking action.
About Suburban Propane Partners LP
Exchange NYSE | Headquaters Whippany, NJ, United States | ||
IPO Launch date 1996-02-29 | President, CEO & Supervisor Mr. Michael A. Stivala | ||
Sector Utilities | Industry Utilities - Regulated Gas | Full time employees 3098 | Website https://www.suburbanpropane.com |
Full time employees 3098 | Website https://www.suburbanpropane.com |
Suburban Propane Partners, L.P., through its subsidiaries, engages in the retail marketing and distribution of propane, renewable propane, fuel oil, and refined fuels in the United States. The company operates through 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 for space heating, water heating, cooking, and clothes drying 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 for tobacco curing, crop drying, poultry brooding, and weed control in the agricultural markets. It also engages in the wholesale distribution of propane to industrial end users. Its 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 in 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. The company serves residential, commercial, industrial, and agricultural customers 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 Propane Partners, L.P. was founded in 1945 and is based in Whippany, New Jersey.

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