Suburban Propane Partners, L.P.

NYSE:SPH 주식 리포트

시가총액: US$1.2b

Suburban Propane Partners 향후 성장

Future 기준 점검 0/6

Suburban Propane Partners의 수익이 증가할 것으로 예상됨입니다. 주당 순이익은 감소 연간 3.7%할 것으로 예상됩니다.

핵심 정보

n/a

이익 성장률

-3.67%

EPS 성장률

Gas Utilities 이익 성장10.1%
매출 성장률1.9%
향후 자기자본이익률n/a
애널리스트 커버리지

Low

마지막 업데이트07 Aug 2026

최근 향후 성장 업데이트

Recent updates

분석 기사 • Jun 20

Suburban Propane Partners (SPH) Stock Could Be 75% Below Fair Value After Recent Slide

Suburban Propane Partners (SPH) has recently come into focus for investors after a period in which the unit price declined about 18% over both the past month and the past 3 months, sharpening interest in its underlying fundamentals. See our latest analysis for Suburban Propane Partners. At a latest share price of US$16.55, Suburban Propane Partners has seen its short term share price momentum fade, with the 7 day share price return down 7.33% and the 30 day share price return down 17.99%,...
Seeking Alpha • May 13

Suburban Propane: Be Wary Of This Melting Ice Cube

Summary Suburban Propane is rated 'Sell' due to secular decline and excess debt, despite recent outperformance and a secure 6.6% dividend yield. SPH's Q2 EBITDA was flat at $175 million, with strong H1 results driven by an unusually cold winter in the Northeast. Leverage remains elevated at 4.3x, with management prioritizing debt reduction over distribution growth for the next 18-24 months. SPH faces ongoing headwinds from improved home insulation, fuel substitution, and slow secular decline, warranting a fair value estimate of ~$17.50. Read the full article on Seeking Alpha
Seeking Alpha • Nov 05

Suburban Propane: Attractive Distribution With Manageable Debt

Summary Suburban Propane is a partnership that specializes in the distribution of propane to fuel the heating needs of homes and businesses. Cash flows and revenues have a stable track record, suggesting solid coverage of the distribution. Leverage is pretty high yet well managed, with maturity not until 2027. Units are a buy with a price target of $25. Read the full article on Seeking Alpha
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새로운 내러티브 • Sep 15

Renewable Energy Ventures And Critical Acquisitions Set To Boost Growth And Margins

Strategic expansion into renewable energy and acquisition of small retail businesses are poised to diversify and grow revenue streams.
Seeking Alpha • Feb 14

Suburban Propane's 40% Gain In 6 Months Needs Cautious Watching

Summary Suburban Propane has outperformed the S&P 500 in the past six months, gaining close to 40%. Institutional buying and a major ETF's purchase have contributed to the stock's appreciation. The company's pattern of performing well in January and selling off in February and March suggests waiting to see if the increase is sustained. Propane's cleaner energy footprint, as well as the company's investment in renewable natural gas, renewable propane, and other green energy companies, has attracted interest and contributed to the price increase. The MLP's distribution has been paid for 27 years, but not without cuts along the way that have made it more secure going forward. Read the full article on Seeking Alpha
Seeking Alpha • Jan 26

Suburban Propane Partners Is Well-Positioned For Long-Run Accretive Growth

Summary Suburban Propane's valuation and financials are improved through geographic expansion. Leadership in the propane industry is strengthened as the company expands its reach. The company's growth in different regions contributes to its overall success and financial performance. Read the full article on Seeking Alpha
Seeking Alpha • Nov 16

Suburban Propane: M&A Rumors Boost Stock Price, Maintain Hold

Summary Suburban Propane Partners' business fundamentals continue to be weak, with dil. EPS declining 12% YoY. The stock's recent surge could be due to unsubstantiated rumours of a potential M&A transaction with another large industry player. Without any concrete news on the M&A front and the potential for another warm winter, I remain cautious on Suburban and maintain my hold rating. Read the full article on Seeking Alpha
Seeking Alpha • Sep 01

Suburban Propane: Downgrading To Hold On Softening Fundamentals

Summary Suburban Propane Partners' business fundamentals are deteriorating, with YTD's diluted EPS declining YoY due to poor expense management. The acquisition of RNG facilities has led to increased operating expenses and G&A expenses without a commensurate large increase in revenues. Although Suburban maintained its quarterly distribution of $0.325/unit, downside risks are rising. I am downgrading Suburban to a hold. Read the full article on Seeking Alpha
Seeking Alpha • Jun 16

Suburban Propane Partners Is Facing A Challenging Macroeconomic Backdrop

Summary Suburban Propane Partners faces operational challenges due to tighter margins in the natural gas market and a high leverage ratio of 5.53x, potentially making it a value trap. The company is investing in renewable energy sources, which may yield value in FY24/25, but may face challenges in the meantime due to the decline in natural gas and propane prices. The author gives Suburban a price target of $8.69/unit, or 8x EV/EBITDA, considering the risks presented in the commodities market and the company's high leverage ratio. Read the full article on Seeking Alpha
Seeking Alpha • Feb 14

Suburban Propane Partners: Steady Q1, Further Expansion Into RNG

Summary SPH delivered a strong start to fiscal 2023 with Q1/23 revenues of $397.5 million and $0.71 in EPS. Suburban also expanded in the RNG market by purchasing 2 existing plants for $190 million. Without associated financials, it is hard to judge the quality of the transaction. SPH maintained its quarterly distribution of $0.325. Overall, Suburban Propane Partners L.P. (SPH) continues to be a beacon of stability in a volatile macro environment. The underlying business continues to perform well, with 3.3% volume growth in Q1/2023 and $0.71 / share in EPS. Looking forward, the large price tags placed on RNG transactions gives me some pause, is management overpaying? Without any financial statements to analyze, it is hard to gauge the economics and valuations of SPH's RNG transactions. For now, I will give management the benefit of the doubt. Strong Start To Fiscal 2023 On February 3rd, Suburban announced its results for the 1st quarter of fiscal 2023, ended December 24, 2022. SPH's quarterly results were solid, with the company reporting revenues of $397.5 million, a 5.9% YoY increase from Q1/2022. Operating income was also strong, increasing 67.0% YoY to $62.3 million, and EPS was $0.71, a 108.8% YoY increase from $0.34. Customer base growth and cooler than average temperatures in December (which improved heating demand) were the primary drivers of the strong operating results, as retail propane volumes increased 3.3% YoY. Figure 1 - SPH Q1/2023 revenues (SPH Q1/2023 10Q report) SPH's bounce back in quarterly profits also helped assuage some investor concerns that were raised in the fourth quarter, when SPH reported a loss of $0.86 / share on the back of MTM losses on derivatives. As I wrote in my prior note, "The key is to track the unrealized MTM gains and losses over time and make sure they even out." It was comforting to see SPH report Q1 COGS of 46.0%, a 6.3% YoY improvement from 52.3% in Q1/2022, showing no residual effects from Q4's MTM hedging losses (Figure 2). Figure 2 - SPH Q1/2023 gross profits (SPH Q1/2023 10Q report) SPH's Q1/2023 gross margin of 54.0% is also consistent with the company's long-term gross margins of ~50% (Figure 3). Figure 3 - SPH historical gross margin (Author created with data from roic.ai) Operating Expenses Continue To Creep Higher One area that deserves monitoring is SPH's operating expenses line, which increased 9.4% YoY due to labour and vehicle fuel increases (Figure 4). As a percentage of revenues, operating expenses rose to 29.1% from 28.2% in Q1/2022, indicating the business had gotten less efficient. Figure 4 - SPH Q1/2023 operating expenses (SPH Q1/2023 10Q report) Further Expansion Into RNG A few months ago, I highlighted SPH's entry into the renewable natural gas ("RNG") market an agreement with Adirondack Farms to build and operate a biodigester to produce RNG. SPH followed up with an announcement on December 28, 2022 that the company was acquiring a platform of two producing RNG assets from Equilibrium Capital Group for $190 million. The purchase of $190 million includes a large-scale RNG production facility in Stanfield, Arizona, that is currently operating with manure rights from ~55,000 dairy cattle and an interconnect to an interstate pipeline. It also includes an operating facility in Columbus, Ohio, that is currently receiving a tipping fee from several large food and beverage companies for processing food wastes into fertilizer and biogas. in addition, the deal includes the right of first offer for a third RNG facility that is currently being developed by Equilibrium and a joint venture (70% SPH / 30% Equilibrium) to invest in future RNG projects. The large $190 million price tag was a bit of a surprise to me and shows SPH is committed to developing its RNG business. SPH is funding the transaction with $120 million in revolving credit and the assumption of $80 million in outstanding green bonds. RNG Refresher Renewable Natural Gas ("RNG"), for those not familiar, is pipeline quality natural gas that is made from the decomposition of bio materials such as landfills, livestock, and waste treatment plants. While there is certainly an element of hype surrounding RNG, its promise of greenhouse gas reduction with an ability to plug into existing natural gas infrastructure is alluring. Based on a 2018 presentation by SoCal Gas, the U.S. has enough biomass to produce ~1Tcf of RNG (Figure 5). So the potential is enormous.
Seeking Alpha • Feb 04

Suburban Propane Partners: Turning Waste Into Future Distribution Growth

Summary Suburban Propane Partners surprised and disappointed unitholders back in late 2022 when they failed to provide any distribution growth. Thankfully, their cash flow performance remains favorable and recently enjoyed a strong start to their fiscal year 2023. More so, it is now clearer why they skipped on distribution growth as they have recently announced a sizable $190m acquisition. This sees them move into renewable natural gas, which I view as a good fit for their partnership, although the profitability remains to be proven. At least their financial position can absorb the cost, and thus, I believe that maintaining my buy rating is appropriate. Introduction Despite the once-strong distribution growth outlook for Suburban Propane Partners (SPH), back in late 2022, it was both surprising and disappointing to see no distribution growth, as my previous article expressed. Following their recently announced sizable Equilibrium acquisition, thankfully the reasoning is clearer with management electing to double down on building out their clean energy business segment via renewable natural gas, which sees the potential of turning waste into future distribution growth. Coverage Summary & Ratings Since many readers are likely short on time, the table below provides a brief summary and ratings for the primary criteria assessed. If interested, this Google Document provides information regarding my rating system and importantly, links to my library of equivalent analyses that share a comparable approach to enhance cross-investment comparability. Author Detailed Analysis Author When it comes to their operating cash flow, it once again continued its steady performance, if looking annually and thus disregarding its typical seasonality. Since their fiscal year 2022 ended after conducting my previous analysis, it can now be seen their operating cash flow landed at $220.5m and thus is very similar to their previous results of $226.6m and $209.4m during their fiscal years 2021 and 2020, respectively. Even though they ramped up their capital expenditure building out their clean energy business segment during their fiscal year 2022, they still generated $120.1m of free cash flow that provided strong coverage of 146.97% to their accompanying distribution payments of $81.7m. Author If viewing their cash flow performance on a quarterly basis, we can take a look into their most recent results for the first quarter of their fiscal year 2023. As for their reported results, their operating cash flow was barely visible at only $6.3m, although this is normal as one year prior, they saw a result of negative $13.3m. Upon removing their routine large working capital movements, their underlying results were much higher year-on-year with $62.4m versus $41.4m across these same two points in time, thereby seeing a strong start to their latest fiscal year. Whilst their cash flow performance is important to monitor, the big news is actually the building out their clean energy business segment that recently took its most notable move so far, being their Equilibrium acquisition. This sees the partnership spending $190m to acquire renewable natural gas assets, which are expected to be accretive to their financial performance starting from their fiscal year 2024. Renewable natural gas is produced from waste and importantly, it is interchangeable with traditional natural gas, as per the quote included below. "Renewable natural gas ((RNG)) is a pipeline-quality gas that is fully interchangeable with conventional natural gas and thus can be used in natural gas vehicles. RNG is essentially biogas (the gaseous product of the decomposition of organic matter) that has been processed to purity standards. Like conventional natural gas, RNG can be used as a transportation fuel in the form of compressed natural gas ((CNG)) or liquefied natural gas ((LNG))." -Alternative Fuels Data Center. In my eyes, this is a more suitable and lower-risk investment than their earlier hydrogen investments that were discussed within my previously linked article, mostly because natural gas already sees wide and extremely well-established demand. Since renewable natural gas is interchangeable but carries better environmental credentials, it lowers the risks versus hydrogen that is still more of an emerging fuel source and thus by extension, sees a less certain future. If this pans out as hoped, it stands to build upon their existing free cash flow, thereby effectively turning waste into future distribution growth once they complete this growth era. That said, until the results hit their financial statements in the coming years, unitholders will have to sit back and wait because the extent of its profitability remains to be proven. Author Since conducting the previous analysis, their subsequent two fiscal quarters saw their net debt broadly track sideways to $1.106b following the first quarter of their fiscal year 2023 versus its previous level of $1.072b following the third quarter of their fiscal year 2022. This is keeping in practice with the last couple of fiscal years but when looking ahead, the next report should see their net debt spike circa 17% as a result of their $190m Equilibrium acquisition. Author Due to the typical seasonality in their financial performance, there is no point in comparing their latest leverage ratios to those seen when conducting the previous analysis. More so, their full-year results paint an accurate picture and most recently, their fiscal year 2022 ended with a net debt-to-EBITDA of 4.05 and a net debt-to-operating cash flow of 4.87. Whilst these are in the high territory of between 3.51 and 5.00, they are certainly not crippling nor a reason for alarm given their reasonably stable and cash-generating propane business segment. When looking ahead, in the short-term their Equilibrium acquisition is likely to push these towards the very high territory as their net debt spikes higher, mainly their net debt-to-operating cash flow. If this scales higher around 17% in tandem, its latest full-year result of 4.87 would increase to 5.70 and thus cross the threshold of 5.01 the very high territory. Despite not being ideal, in the medium to long-term the additional earnings expected to flow from their fiscal year 2024 onwards should help revert this lower. That said, whether these are sufficient remains to be seen and thus, it is now becoming clearer why management previously elected to halt their distribution growth whilst they integrate this sizeable acquisition. Author Similar to their leverage, their debt serviceability is also affected by the seasonality in their financial performance, thereby rendering anything but full-year results useless. Thankfully, they have routinely sported sufficient interest coverage across both fiscal years 2021 and 2022 with the latter seeing results of 3.40 and 3.64 when compared against their EBIT and operating cash flow, respectively. Even though higher net debt will weigh on their interest coverage in the short-term, this means it should be manageable until the earnings begin flowing from their new renewable natural gas assets in 2024.
Seeking Alpha • Jan 19

Suburban Propane Partners declares $0.325 dividend

Suburban Propane Partners (NYSE:SPH) declares $0.325/share quarterly dividend, in line with previous. Forward yield 8.28% Payable Feb. 7; for shareholders of record Jan. 31; ex-div Jan. 30. See SPH Dividend Scorecard, Yield Chart, & Dividend Growth.
Seeking Alpha • Dec 28

Suburban Propane partners with Equilibrium Capital for $190M RNG assets deal

Suburban Propane (NYSE:SPH) said Wednesday its unit bought a platform of renewable natural gas assets from Equilibrium Capital for $190 million. The acquisition is expected to be accretive to Suburban's distributable cash flow in fiscal 2024. In addition to the purchase of two operational biogas facilities, the parties have formed a partnership for working on additional RNG projects. The parties have agreed to establish a development company to invest about $155.0 million of future RNG projects, of which Suburban Renewables will own about 70%, and Equilibrium will own the remainder.
Seeking Alpha • Nov 10

Suburban Propane Partners GAAP EPS of -$0.86 misses by $0.41, revenue of $237.63M

Suburban Propane Partners press release (NYSE:SPH): Q4 GAAP EPS of -$0.86 misses by $0.41. Revenue of $237.63M (+14.1% Y/Y). Adjusted EBITDA for the fourth quarter of fiscal 2022 increased to $2.8 million, compared to $0.3 million in the fourth quarter of fiscal 2021. Retail propane gallons sold of 61.4 million gallons for the fourth quarter of fiscal 2022 decreased 1.5% compared to the prior year fourth quarter.

이익 및 매출 성장 예측

NYSE:SPH - 애널리스트 향후 추정치 및 과거 재무 데이터 (USD Millions)
날짜매출이익자유현금흐름영업현금흐름평균 애널리스트 수
9/30/20281,468N/AN/AN/A1
9/30/20271,453N/AN/AN/A1
9/30/20261,400N/AN/AN/A1
6/27/20261,394131101181N/A
3/28/20261,393133133206N/A
12/27/20251,43013362130N/A
9/27/20251,433107114186N/A
6/28/20251,43097104181N/A
3/29/20251,4249570147N/A
12/28/20241,33569110182N/A
9/28/20241,32774101161N/A
6/29/20241,34598130182N/A
3/30/20241,369110136182N/A
12/30/20231,398103161206N/A
9/30/20231,429124180225N/A
6/24/20231,44090172217N/A
3/25/20231,46293184230N/A
12/24/20221,524164196240N/A
9/24/20221,501140176221N/A
6/25/20221,472177176217N/A
3/26/20221,410154182220N/A
12/25/20211,359106174209N/A
9/25/20211,289123197227N/A
6/26/20211,24798193221N/A
3/27/20211,215108194220N/A
12/26/20201,07959173198N/A
9/26/20201,10861177209N/A
6/27/20201,11451193230N/A
3/28/20201,12137N/A217N/A
12/28/20191,22481N/A235N/A
9/28/20191,26869N/A227N/A
6/29/20191,28969N/A219N/A
3/30/20191,31681N/A228N/A
12/29/20181,34867N/A215N/A
9/29/20181,34477N/A210N/A
6/30/20181,34977N/A195N/A
3/31/20181,33064N/A165N/A
12/30/20171,24441N/A141N/A
9/30/20171,18838N/A164N/A
6/24/20171,15228N/A152N/A
3/25/20171,13428N/A156N/A
12/24/20161,08837N/A170N/A
9/24/20161,04614N/A157N/A
6/25/20161,0598N/A194N/A
3/26/20161,075-4N/A245N/A
12/26/20151,27041N/A301N/A
9/26/20151,41784N/A324N/A

애널리스트 향후 성장 전망

수입 대 저축률: SPH 의 예상 수익 증가율이 절약률(3.7%)보다 높은지 판단하기에는 데이터가 부족합니다.

수익 vs 시장: SPH 의 수익이 US 시장보다 빠르게 성장할 것으로 예상되는지 판단하기에는 데이터가 부족합니다.

고성장 수익: SPH 의 수익이 향후 3년 동안 상당히 증가할 것으로 예상되는지 판단하기에는 데이터가 부족합니다.

수익 대 시장: SPH 의 수익(연간 1.9%)이 US 시장(연간 13%)보다 느리게 성장할 것으로 예상됩니다.

고성장 매출: SPH 의 수익(연간 1.9%)은 연간 20%보다 느리게 증가할 것으로 예상됩니다.

주당순이익 성장 예측

향후 자기자본이익률

미래 ROE: SPH의 자본 수익률이 3년 후 높을 것으로 예상되는지 판단하기에 데이터가 부족합니다.

성장 기업 찾아보기

7D

1Y

7D

1Y

7D

1Y

기업 분석 및 재무 데이터 상태

데이터최종 업데이트 (UTC 시간)
기업 분석2026/08/09 22:35
종가2026/08/07 00:00
수익2026/06/27
연간 수익2025/09/27

데이터 소스

당사의 기업 분석에 사용되는 데이터는 S&P Global Market Intelligence LLC에서 제공됩니다. 아래 데이터는 이 보고서를 생성하기 위해 분석 모델에서 사용됩니다. 데이터는 정규화되므로 소스가 제공된 후 지연이 발생할 수 있습니다.

패키지데이터기간미국 소스 예시 *
기업 재무제표10년
  • 손익계산서
  • 현금흐름표
  • 대차대조표
분석가 컨센서스 추정치+3년
  • 재무 예측
  • 분석가 목표주가
시장 가격30년
  • 주가
  • 배당, 분할 및 기타 조치
지분 구조10년
  • 주요 주주
  • 내부자 거래
경영진10년
  • 리더십 팀
  • 이사회
주요 개발10년
  • 회사 공시

* 미국 증권에 대한 예시이며, 비(非)미국 증권에는 해당 국가의 규제 서식 및 자료원을 사용합니다.

별도로 명시되지 않는 한 모든 재무 데이터는 연간 기간을 기준으로 하지만 분기별로 업데이트됩니다. 이를 TTM(최근 12개월) 또는 LTM(지난 12개월) 데이터라고 합니다. 자세히 알아보기.

분석 모델 및 스노우플레이크

이 보고서를 생성하는 데 사용된 분석 모델의 세부 정보는 당사의 GitHub 페이지에서 확인하실 수 있습니다. 또한 보고서 사용 방법에 대한 가이드와 YouTube 튜토리얼도 제공하고 있습니다.

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산업 및 섹터 지표

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분석가 소스

Suburban Propane Partners, L.P.는 12명의 분석가가 다루고 있습니다. 이 중 1명의 분석가가 우리 보고서에 입력 데이터로 사용되는 매출 또는 수익 추정치를 제출했습니다. 분석가의 제출 자료는 하루 종일 업데이트됩니다.

분석가기관
null nullArgus Research Company
Richard GrossBarclays
Michael GyureBrean Capital Historical (Janney Montgomery)