# Star Group, L.P. (SGU)

> Source: Nexqual · https://nexqual.com/SGU · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Star Group, L.P. (SGU), nexqual.com/SGU" · informational, not investment advice.

**Price:** USD 12.98 (+0.46% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 12.92 · day 12.91–13.04 · 52w 11.39–13.53 · market cap $426M · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.91B, net income $87.4M (4.6% margin), free cash flow $56.8M (SEC filings).
- Valuation: P/E 4.9x (avg 10.2x at the last 3 fiscal year-ends), EV/EBITDA 3.3x, net debt $146M.
- 1 of 80 tracked superinvestors hold SGU (13F, Q2 2026): 0 new, 0 added, 0 reduced, 1 unchanged.
- Analysts: None.
- Total return with dividends: 1Y +14.8% vs S&P 500 +14.9%; 5Y +59.3% vs S&P 500 +80.3%.
- Next earnings: 2026-08-05, EPS estimate USD —, revenue estimate $0K.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.50B | $2.01B | $1.95B | $1.77B | $1.78B | $1.91B |
| Gross profit | $478M | $484M | $471M | $502M | $563M | — |
| Operating income | $130M | $60.5M | $62.5M | $61.1M | $114M | $136M |
| Net income | $87.7M | $35.3M | $31.9M | $35.2M | $73.5M | $87.4M |
| Free cash flow | $53.8M | $15.2M | $115M | $100M | $56.0M | $56.8M |
| Gross margin | 31.9% | 24.1% | 24.1% | 28.4% | 31.5% | — |
| Operating margin | 8.7% | 3.0% | 3.2% | 3.5% | 6.4% | 7.1% |
| Net margin | 5.9% | 1.8% | 1.6% | 2.0% | 4.1% | 4.6% |
| Revenue growth | +2.0% | +34.0% | -2.7% | -9.6% | +1.0% | — |
| Cash + short-term investments | $4.8M | $14.6M | $45.2M | $117M | $24.7M | — |
| Total debt | $119M | $184M | $148M | $209M | $188M | — |
Fiscal years end Sep. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 4.9x · P/S 0.2x · EV/EBITDA 3.3x · EV/Sales 0.3x · P/FCF 7.5x · FCF yield 13.34% · Earnings yield 20.52% · Dividend yield (paid, TTM) 6.24% · Net debt $146M · EV $571M
P/E at fiscal year-ends: Sep 2025 5.5x, Sep 2024 11.8x, Sep 2023 13.4x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold SGU. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Bryan Lawrence | Oakcliff Capital | 5.26% | $14.1M | Unchanged |

## Analysts
Consensus None.

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +14.8% | +59.3% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +14.8% | +9.7% |
| Volatility (annualized) | 16.7% | 25.6% |
| Max drawdown | -8.2% (Feb 2026→Mar 2026) | -30.9% (Jun 2023→Mar 2024) |

## Peers (Oil & Gas Refining & Marketing)
CLNE (Clean Energy Fuels Corp.) USD 1.4 +3.70% · APC (ARKO Petroleum Corp.) USD 15.86 +0.06% · CAPL (CrossAmerica Partners LP) USD 22.18 +1.28% · WKC (World Kinect Corporation) USD 36.5 +0.52% · DKL (Delek Logistics Partners, L.P.) USD 56.91 +0.25% · PARR (Par Pacific Holdings, Inc. Comm) USD 80.18 -5.34%

## More
Full page: https://nexqual.com/SGU · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in SGU's own 10-K filed 2025-12-09 (https://www.sec.gov/Archives/edgar/data/1002590/000119312525311490/sgu-20250930.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Cargill | "We purchase derivatives, futures contracts and swaps of diesel fuel primarily from members of our lending group and Cargill Inc. in order to mitigate exposure to market risk associated with our inventory and the purchase…" |
| Partner | Kestrel Heat | "Our general partner is Kestrel Heat, LLC, a Delaware limited liability company ("Kestrel Heat" or the "general partner")." |
| Partner | New York Stock Exchange | "As of November 30, 2025, we had outstanding 33.0 million common partner units (NYSE: "SGU") representing a 99.0% limited partner interest in Star, and 0.3 million general partner units, representing a 1.0% general partne…" |
| Partner | Amended and Restated Agreement of | "Our Third Amended and Restated Agreement of Limited Partnership, provides that our general partner, Kestrel Heat, shall conduct, direct and manage all activities of the Company." |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Product | $267.0M | 74.6% | +23.5% |
| Public Utilities Inventory Petroleum Products | $267.0M | 74.6% | +23.5% |
| Home Heating Oil & Propane | $153.1M | 42.8% | +12.5% |
| Other Petroleum Products | $113.9M | 31.8% | +42.3% |
| Motor Fuel & Other Petroleum Products | $113.9M | 31.8% | +42.3% |
| Installation & Services | $91.1M | 25.4% | +1.8% |
| Equipment Maintenance Service Contracts & Billable Call Services | $58.3M | 16.3% | +3.9% |
| Equipment Maintenance Service Contracts | $36.9M | 10.3% | -0.1% |
| Equipment Installations | $32.7M | 9.1% | -1.7% |
| Billable Call Services | $21.5M | 6.0% | +11.4% |
| Total revenue | $358.1M | 100% | — |
The lines above cover 322.7% of total revenue.

## Company outlook (8-K filed 2026-08-05)

- "Important factors that could cause actual results to differ materially from the Company's expectations ("Cautionary Statements") are disclosed in this news release and in the Company's Form 10-K and our Quarterly Reports on Form 10-Q."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter | — | — | — | $0 | — |
| Next quarter | — | — | — | $0 | — |
| Current fiscal year (ends 2018-09-30) | — | — | — | $0 | — |
| Next fiscal year | — | — | — | $0 | — |

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-12-18 | 56 | 18.1% | ±4.9% |