Suburban Propane Partners, L.P. (SPH) Stock

Suburban Propane Partners, L.P. (SPH) is a Consumer Discretionary stock trading at $17.57 (as of 2026-08-20), with a market capitalization of $1.17B and a trailing P/E of 8.7. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Suburban Propane Partners, L.P., through its subsidiaries, distributes and markets propane and other energy products, including fuel oil and refined fuels, and also has operations in natural gas and electricity. It sells primarily to residential, commercial, industrial, agricultural, and other customers through segments covering propane, fuel oil and refined fuels, natural gas and electricity, and additional activities.

Understand Suburban Propane Partners, L.P.: how it makes money

Suburban Propane Partners markets and distributes propane, fuel oil, refined fuels, and also supplies natural gas and electricity, earning revenue primarily from selling these fuels to residential, commercial, industrial, and agricultural customers and, for propane, from wholesale distribution to industrial end users.

Propane is the profit engine because it dominates revenue (0.49B of about 0.6B total) and retail propane gallons sold (161.6M) is the key operating driver of results.

Revenue by segment (latest quarter)
Propane$0.5B
Fuel Oil and Refined Fuels$0.0B
Natural Gas and Electricity$0.0B
All Other$0.0B

Business quality (Strong): Strong clarity on what drives operations (retail propane volume) and how the mix matters (propane is the majority of revenue). The main monitoring challenge is weather sensitivity, which can show up quickly as changes in retail gallons sold.

Valuation: At 9× earnings, SPH trades 54% below the Retail average (19×). Note: one-time items can distort reported P/E.

Bull case

  • Propane-led scale: Propane accounts for the majority of revenue (0.49B) and retail propane gallons sold are large (161.6M).
  • Profitability shown in the latest period: For the period ending 2026-03-28, gross margin is 62.4% and operating margin is 28.6%.

Bear case

  • Volume can weaken year over year: Retail Propane Gallons Sold Decrease vs. Prior Year is 8.1%.
  • Demand is exposed to weather conditions: Weather indicators show warmer than normal conditions (14% warmer than normal), which can reduce space and water heating fuel usage.
  • Limited revenue diversification away from propane: Other segments are smaller (Natural Gas and Electricity is 0.01B, Fuel Oil and Refined Fuels is 0.03B), so results are more dependent on propane performance.
Valuation — source: SEC EDGAR (first-party)
Price$17.57
Market Cap$1.17B
P/E Ratio8.7
EV / EBITDA8.5
Price / Sales0.84
FCF Yield15.6%
DCF Value (model)$41.93
DCF Upside vs Price138.6%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$1.43B
Net Margin7.4%
Revenue Growth (YoY)-6.2%
EPS Growth (YoY)-1.9%
FCF Growth (YoY)340.2%
Financial Health — source: SEC EDGAR
Piotroski F-Score7/9 (strong)
Valuation vs Sector & Industry
Stock P/E8.7
Sector P/E (Consumer Discretionary)20.5
Industry P/E (Retail)19.5
vs Sector-57.3%
vs Industry-55.2%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderALPS ADVISORS INC ($302.75M)
Institutional Holders Tracked10
Congressional Trades (recent)2
Company
SectorConsumer Discretionary
IndustryRetail
CEOMichael A. Stivala
Employees3,098
CountryUS
IPO Date1996-02-29

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SPH earnings history · SPH institutional & insider holders · SPH KPIs & operating metrics · SPH financials · SPH investor presentations & press releases · SPH SEC filings · SPH peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.