Is the business good?
How good a business is SPH?
Suburban Propane Partners, L.P. earns 8.6% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
8.6%
Return on invested capital · cost of capital 9.0% · 0.37 points below what the capital costs: growth destroys value
- Operating margin
- 15%
Operating margin · Utilities - Regulated Gas median 22% · 12 months to Q3 2026
- Cash conversion
- 0.78×
Cash conversion · 1.07× a year ago · some of the reported profit has not turned into cash yet
- Gross margin
- 63%
Gross margin
| Year | Operating margin |
|---|---|
| FY2020 | 13% |
| FY2021 | 17% |
| FY2022 | 14% |
| FY2023 | 14% |
| FY2024 | 13% |
| FY2025 | 14% |
Details›
- Gross margin12 months to Q3 2026
- 63%
- Operating margin12 months to Q3 2026
- 15%
- Net margin12 months to Q3 2026
- 9.4%
- Free cash flow margin
- 7.3%
- Revenue, trailing twelve months
- $1.39B
- Free cash flow, trailing twelve months
- $101M
- Net income, trailing twelve months
- $131M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 8.6%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.
Utilities - Regulated Gas
Ranks #3 of 13 by Smart Score