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

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

**Price:** USD 17.73 (+2.49% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 17.3 · day 17.35–17.76 · 52w 16.25–20.8 · market cap $1.18B · NYQ

## Key facts
- Last four reported quarters (through Jun 27, 2026): revenue $1.39B, net income $131M (9.4% margin), free cash flow $101M (SEC filings).
- Valuation: P/E 9.1x (avg 11.9x at the last 3 fiscal year-ends), EV/EBITDA 8.6x, net debt $1.22B.
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $59K; 2 not under a Rule 10b5-1 plan ($59K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 3.00 on a 1–5 scale) (2 analysts), mean target USD 17 (range 17–17).
- Total return with dividends: 1Y -0.2% vs S&P 500 +14.9%; 5Y +59.8% vs S&P 500 +80.3%.
- Next earnings: 2026-11-12, EPS estimate USD -0.58, revenue estimate $217M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.29B | $1.50B | $1.43B | $1.33B | $1.43B | $1.39B |
| Gross profit | $803M | $789M | $839M | $805M | $869M | — |
| Operating income | $213M | $206M | $207M | $171M | $206M | $211M |
| Net income | $123M | $140M | $124M | $74.2M | $107M | $131M |
| EPS (diluted) | $1.94 | $2.18 | $1.92 | $1.14 | $1.62 | — |
| Free cash flow | $197M | $176M | $180M | $101M | $114M | $101M |
| Gross margin | 62.3% | 52.6% | 58.7% | 60.7% | 60.6% | — |
| Operating margin | 16.5% | 13.7% | 14.5% | 12.9% | 14.4% | 15.1% |
| Net margin | 9.5% | 9.3% | 8.7% | 5.6% | 7.4% | 9.4% |
| Revenue growth | +16.3% | +16.5% | -4.8% | -7.1% | +7.9% | — |
| Cash + short-term investments | $5.8M | $4.1M | $3.5M | $3.2M | $405K | — |
| Total debt | $1.12B | $1.08B | $1.19B | $1.21B | $1.21B | — |
Fiscal years end Sep. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 27, 2026)
P/E 9.1x · P/S 0.8x · EV/EBITDA 8.6x · EV/Sales 1.7x · P/FCF 11.7x · FCF yield 8.56% · Earnings yield 11.05% · Net debt $1.22B · EV $2.40B
P/E at fiscal year-ends: Sep 2025 11.5x, Sep 2024 15.7x, Sep 2023 8.4x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 2 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-28…2026-09-29 | Swift Jane | Director | 512 | $8K | 1.4% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-08-31 | Koepke Bryon L | VP,General Counsel & Secretary | 2,848 | $50K | 2.8% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 3.00 on a 1–5 scale), 2 analysts; mean target USD 17 (low 17, high 17).

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -0.2% | +59.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -0.2% | +9.8% |
| Volatility (annualized) | 21.2% | 23.8% |
| Max drawdown | -19.0% (May 2026→Jun 2026) | -18.4% (May 2026→Jun 2026) |

## Peers (Utilities - Regulated Gas)
CTRI (Centuri Holdings, Inc.) USD 19.32 -2.37% · NWN (Northwest Natural Holding Compa) USD 49.93 +2.32% · CPK (Chesapeake Utilities Corporatio) USD 134.17 +3.27% · MDU (MDU Resources Group, Inc.) USD 19.37 +1.31% · BIPC (Brookfield Infrastructure Corpo) USD 37.63 +2.53% · OGS (ONE Gas, Inc.) USD 78.25 +3.57%

## More
Full page: https://nexqual.com/SPH · 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

## Revenue by business segment (quarter ended 2026-06-27)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Propane | $227.0M | 86.8% | +0.0% | $36.9M | 16.3% |
| All Other Segments | $18.2M | 7.0% | -2.8% | — | — |
| Fuel Oil & Refined Fuels | $11.7M | 4.5% | +20.6% | -$2.4M | -20.7% |
| Natural Gas & Electricity | $4.5M | 1.7% | -6.5% | $535,000 | 11.8% |
| Total revenue | $261.4M | 100% | — | $35.1M | 13.4% |

## Revenue by product line (quarter ended 2026-06-27)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Propane | $227.0M | 86.8% | +0.0% |
| Other Sales Revenue Net | $18.2M | 7.0% | -2.8% |
| Fuel Oil & Refined Fuels | $11.7M | 4.5% | +20.6% |
| Wholesale | $9.7M | 3.7% | +46.8% |
| Natural Gas & Electricity | $4.5M | 1.7% | -6.5% |
| Total revenue | $261.4M | 100% | — |
The lines above cover 103.7% of total revenue.

## Company outlook (8-K filed 2026-08-06)

- "During the quarter, we used excess cash flows and proceeds from the issuance of Common Units under our At-the-Market equity program to fund growth capital projects and reduce debt by more than $36 million." Mr."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.58 | $-0.55 | +5.5% | $217.0M | 1 |
| Next quarter (ends 2026-12-31) | — | — | — | $0 | — |
| Current fiscal year (ends 2026-09-30) | $1.93 | $1.91 | +1.0% | $1.40B | 1 |
| Next fiscal year (ends 2027-09-30) | $2.08 | $1.85 | +12.4% | $1.45B | 1 |

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

Expected move by 2026-11-20 (includes earnings 2026-11-12): ±6.1%; last 8 reports averaged ±3%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 29.3% | ±6.1% |
| 2027-02-19 | 119 | 31.0% | ±9.7% |
| 2027-05-21 | 210 | 35.5% | ±21.2% |