Recent News
Dec. 8, 2025: Company priced a private offering of $350 million aggregate principal of 6.500% senior notes due 2035. Dec. 22, 2025: Issuance of $350 million 6.500% Senior Notes due 2035 completed; proceeds plus revolver borrowings funded redemption of the 5.875% senior notes due 2027, with redemption scheduled Jan. 7, 2026. Jan. 21–22, 2026: Fiscal Q1 results conference call scheduled for Feb. 5 and the Board declared a quarterly distribution of $0.325 per common unit, payable Feb. 10, 2026.
Technical Analysis
ADX at 18.18 indicates no established directional trend, implying limited conviction for a sustained breakout or breakdown versus recent price ranges; this weak trend context constrains conviction around valuation re-ratings in the near term.
Directional indicators show DI+ 16.31 decreasing (bearish) while DI- 12.73 decreasing (bullish); the simultaneous decreases suggest waning directional pressure rather than a clear push higher, reinforcing the ADX reading that momentum lacks strong direction.
MACD sits at 0.26 below its signal line at 0.27 with a recorded peak-and-reversal pattern, signifying a shift toward bearish momentum; that shift increases the risk of short-term caps on price appreciation despite longer-term fundamentals.
MRO reads -1.62 (negative), which implies price currently sits below WMDST’s target framework and therefore contains some upward potential; the recent MRO peak-and-reversal history, however, tempers the immediacy of that potential.
RSI at 57.59 with a peak-and-reversal signal shows momentum topping from recent gains and aligns with MACD’s bearish momentum signal, suggesting near-term consolidation around current levels rather than sustained extension.
Price sits above the 200-day average ($18.53) and marginally above the 20-day average ($20.16), with the 12-day EMA trending higher; that configuration supports the valuation view but, given the weak ADX and bearish MACD, implies the current premium to long-term averages may stall. Near-term technical support clusters around the super trend lower at $19.52 and the 20-day average; upside remains capped near analyst mean targets unless momentum indicators reassert bullish direction.
Fundamental Analysis
Revenue totaled $370,386,000 with revenue growth of 75.226% (total period) and revenue growth YoY at -4.698%, while QoQ revenue growth declined -5.01248%. Gross profit reached $239,547,000 and gross margin measured 64.675%, with gross margin YoY up 6.758% and essentially flat QoQ.
Operating income $67,651,000 produced an operating margin of 18.265% and EBIT of $65,767,000 yields an EBIT margin of 17.756%; EBIT margin QoQ declined -315.905% while EBIT margin YoY rose 67.415%—the absolute margins remain solid for the business, but QoQ compression requires monitoring for seasonal effects or cost shifts.
Net income $45,780,000 and EPS actual $0.70 missed the estimate of $0.75 by $0.05, an EPS surprise ratio of -6.667%. Forward EPS sits at $0.5125, translating to a forward P/E of 36.44. Trailing P/E stands at 27.27, below the industry peer mean of 60.89 and below the peer median of 31.74, indicating the market prices Suburban Propane at a lower multiple than most peers.
PEG ratio shows -0.11876 while the industry peer mean PEG reads 1.07512 (peer median 0.23759), reflecting negative or unusual near-term growth dynamics embedded in current earnings expectations relative to peers. Earnings growth metrics show an overall earnings growth of -2.2963% with earnings growth YoY positive at 60.045% but QoQ down -270.37%—a divergence that highlights strong year-over-year seasonality against weaker sequential momentum.
Leverage and liquidity present constraints: total debt $1,434,945,000, net debt $1,321,221,000, debt-to-equity 2.29x (229.14%), and debt-to-EBITDA about 17.37x. Interest coverage around 3.33x provides some buffer, but free cash flow negative at -$67,471,000 and operating cash flow negative at -$47,666,000 create pressure on near-term discretionary capital. Cash on hand sits at $1,284,000 with a cash ratio of 0.47% and current ratio 0.866, signaling constrained short-term liquidity that the recent long-term note issuance addresses by pushing out maturities.
Dividend metrics: declared quarterly distribution $0.325 (annualized $1.30) yields approximately 1.69%; dividend payout ratio about 46.745% with dividend coverage ratio 2.14x. The completed refinancing and distribution declaration preserve the distribution cadence while decreasing near-term rollover risk, but sustained coverage depends on restoring positive operating cash flow.
WMDST values the stock as fair-valued. The valuation balances a below-peer trailing P/E, a depressed PEG, high leverage multiples, and negative free cash flow; absent improvement in operating cash generation, valuation upside would require demonstrable cash-flow recovery or lower leverage over time.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-02-05 |
| NEXT REPORT DATE: | 2026-05-07 |
| CASH FLOW | Begin Period Cash Flow | $ 11.8 M |
| Operating Cash Flow | $ -47.67 M | |
| Capital Expenditures | $ -19.80 M | |
| Change In Working Capital | $ -115.39 M | |
| Dividends Paid | $ -21.40 M | |
| Cash Flow Delta | $ -196.00 K | |
| End Period Cash Flow | $ 11.6 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 370.4 M | |
| Forward Revenue | $ 68.8 M | |
| COSTS | ||
| Cost Of Revenue | $ 130.8 M | |
| Depreciation | $ 16.9 M | |
| Depreciation and Amortization | $ 16.9 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 302.7 M | |
| PROFITABILITY | ||
| Gross Profit | $ 239.5 M | |
| EBITDA | $ 82.6 M | |
| EBIT | $ 65.8 M | |
| Operating Income | $ 67.7 M | |
| Interest Income | — | |
| Interest Expense | $ 19.8 M | |
| Net Interest Income | $ -19.76 M | |
| Income Before Tax | $ 46.0 M | |
| Tax Provision | $ 231.0 K | |
| Tax Rate | 0.502 % | |
| Net Income | $ 45.8 M | |
| Net Income From Continuing Operations | $ 45.8 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.75 | |
| EPS Actual | $ 0.70 | |
| EPS Difference | $ -0.05 | |
| EPS Surprise | -6.667 % | |
| Forward EPS | $ 0.51 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 2.4 B | |
| Intangible Assets | $ 1.3 B | |
| Net Tangible Assets | $ -1.26 B | |
| Total Current Assets | $ 236.0 M | |
| Cash and Short-Term Investments | $ 1.3 M | |
| Cash | $ 1.3 M | |
| Net Receivables | $ 129.3 M | |
| Inventory | $ 69.3 M | |
| Long-Term Investments | $ 79.4 M | |
| LIABILITIES | ||
| Accounts Payable | $ 47.9 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 272.6 M | |
| Net Debt | $ 1.3 B | |
| Total Debt | $ 1.4 B | |
| Total Liabilities | $ 1.8 B | |
| EQUITY | ||
| Total Equity | $ 626.2 M | |
| Retained Earnings | — | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 9.44 | |
| Shares Outstanding | 66.329 M | |
| Revenue Per-Share | $ 5.58 | |
| VALUATION | Market Capitalization | $ 1.3 B |
| Enterprise Value | $ 2.7 B | |
| Enterprise Multiple | 32.673 | |
| Enterprise Multiple QoQ | -98.42 % | |
| Enterprise Multiple YoY | -29.889 % | |
| Enterprise Multiple IPRWA | — | |
| EV/R | 7.289 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 3.826 | |
| Asset To Liability | 1.354 | |
| Debt To Capital | 0.696 | |
| Debt To Assets | 0.599 | |
| Debt To Assets QoQ | 3.43 % | |
| Debt To Assets YoY | -0.864 % | |
| Debt To Assets IPRWA | — | |
| Debt To Equity | 2.291 | |
| Debt To Equity QoQ | 3.146 % | |
| Debt To Equity YoY | -13.297 % | |
| Debt To Equity IPRWA | — | |
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 2.022 | |
| Price To Book QoQ | 0.674 % | |
| Price To Book YoY | -8.588 % | |
| Price To Book IPRWA | — | |
| Price To Earnings (P/E) | 27.27 | |
| Price To Earnings QoQ | -180.657 % | |
| Price To Earnings YoY | -56.244 % | |
| Price To Earnings IPRWA | high: 95.037 mean: 60.889 low: 31.743 median: 31.743 SPH: 27.27 |
|
| PE/G Ratio | -0.119 | |
| Price To Sales (P/S) | 3.418 | |
| Price To Sales QoQ | -39.892 % | |
| Price To Sales YoY | 5.843 % | |
| Price To Sales IPRWA | — | |
| FORWARD MULTIPLES | ||
| Forward P/E | 36.437 | |
| Forward PE/G | -0.159 | |
| Forward P/S | 18.415 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -6.358 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.158 | |
| Asset Turnover Ratio QoQ | 72.189 % | |
| Asset Turnover Ratio YoY | -1.522 % | |
| Asset Turnover Ratio IPRWA | — | |
| Receivables Turnover | 3.727 | |
| Receivables Turnover Ratio QoQ | 31.712 % | |
| Receivables Turnover Ratio YoY | -4.393 % | |
| Receivables Turnover Ratio IPRWA | — | |
| Inventory Turnover | 1.83 | |
| Inventory Turnover Ratio QoQ | 64.469 % | |
| Inventory Turnover Ratio YoY | -27.884 % | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 24.485 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 55.118 | |
| Cash Conversion Cycle Days QoQ | -9.312 % | |
| Cash Conversion Cycle Days YoY | 218.475 % | |
| Cash Conversion Cycle Days IPRWA | — | |
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | -10.117 | |
| CapEx To Revenue | -0.053 | |
| CapEx To Depreciation | -1.174 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 1.9 B | |
| Net Invested Capital | $ 1.9 B | |
| Invested Capital | $ 1.9 B | |
| Net Tangible Assets | $ -1.26 B | |
| Net Working Capital | $ -36.61 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.005 | |
| Current Ratio | 0.866 | |
| Current Ratio QoQ | 57.664 % | |
| Current Ratio YoY | 23.986 % | |
| Current Ratio IPRWA | — | |
| Quick Ratio | 0.612 | |
| Quick Ratio QoQ | 100.118 % | |
| Quick Ratio YoY | 18.9 % | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 17.366 | |
| Cost Of Debt | 1.422 % | |
| Interest Coverage Ratio | 3.329 | |
| Interest Coverage Ratio QoQ | -429.47 % | |
| Interest Coverage Ratio YoY | 64.888 % | |
| Interest Coverage Ratio IPRWA | — | |
| Operating Cash Flow Ratio | 0.037 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 56.803 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 2.139 | |
| Dividend Payout Ratio | 0.467 | |
| Dividend Rate | $ 0.32 | |
| Dividend Yield | 0.017 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 4.333 % | |
| Revenue Growth | 75.226 % | |
| Revenue Growth QoQ | -501.248 % | |
| Revenue Growth YoY | -4.698 % | |
| Revenue Growth IPRWA | — | |
| Earnings Growth | -229.63 % | |
| Earnings Growth QoQ | -270.37 % | |
| Earnings Growth YoY | 60.045 % | |
| Earnings Growth IPRWA | high: 55.172 % mean: 55.172 % low: -30.921 % median: -30.921 % SPH: -229.63 % |
|
| MARGINS | ||
| Gross Margin | 64.675 % | |
| Gross Margin QoQ | -0.034 % | |
| Gross Margin YoY | 6.758 % | |
| Gross Margin IPRWA | — | |
| EBIT Margin | 17.756 % | |
| EBIT Margin QoQ | -315.905 % | |
| EBIT Margin YoY | 67.415 % | |
| EBIT Margin IPRWA | — | |
| Return On Sales (ROS) | 18.265 % | |
| Return On Sales QoQ | -330.415 % | |
| Return On Sales YoY | 72.214 % | |
| Return On Sales IPRWA | — | |
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -67.47 M | |
| Free Cash Flow Yield | -5.329 % | |
| Free Cash Flow Yield QoQ | -331.293 % | |
| Free Cash Flow Yield YoY | 326.661 % | |
| Free Cash Flow Yield IPRWA | — | |
| Free Cash Growth | -343.569 % | |
| Free Cash Growth QoQ | 422.594 % | |
| Free Cash Growth YoY | 85.728 % | |
| Free Cash Growth IPRWA | — | |
| Free Cash To Net Income | -1.474 | |
| Cash Flow Margin | 2.726 % | |
| Cash Flow To Earnings | 0.221 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 1.951 % | |
| Return On Assets QoQ | -228.018 % | |
| Return On Assets YoY | 133.933 % | |
| Return On Assets IPRWA | — | |
| Return On Capital Employed (ROCE) | 3.098 % | |
| Return On Equity (ROE) | 0.073 | |
| Return On Equity QoQ | -224.549 % | |
| Return On Equity YoY | 105.25 % | |
| Return On Equity IPRWA | — | |
| DuPont ROE | 7.476 % | |
| Return On Invested Capital (ROIC) | 3.358 % | |
| Return On Invested Capital QoQ | -542.424 % | |
| Return On Invested Capital YoY | 25.345 % | |
| Return On Invested Capital IPRWA | — | |