SPHSuburban Propane Partners, L.P.
Is the business good?
A genuinely good business: 7 of 9 health tests passed and margins widening.
High fundamental quality. Nine pass/fail tests of year-over-year health from the filings.
Operating profit is mostly backed by cash.
Operating margin has widened over the past few years, the business is getting more profitable per dollar of sales.
A balanced mix of margins, efficiency, and leverage. ROE 19% = margin × turnover × leverage.
Unless marked, from derived.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
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.
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
- 0.87×
Cash conversion · 0.91× a year ago · most of the operating profit arrived as cash, working capital took the rest
- 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 is operating cash flow over operating profit after tax.