Recent News
Apr 23, 2026 — Suburban Propane Partners, L.P. declared a quarterly cash distribution of $0.325 per Common Unit for the three months ended March 28, 2026, payable in May. Apr 22, 2026 — the company issued a press release scheduling its Fiscal 2026 Second Quarter Results conference call for early May.
Technical Analysis
Directional indicators show a strengthening trend: ADX at 29.47 signals a strong underlying trend in place while DI+ (11.22) registers a dip & reversal and DI- (24.78) shows a peak & reversal, a configuration that reads as bullish directional pressure into the near term.
MACD shows a dip & reversal, which signals bullish momentum development; however MACD remains negative at -0.26 and sits below its signal line (-0.22), so momentum requires confirmation from a cross above the signal to become unambiguous.
MRO at -33.78 indicates the price trades below the WMDST target and therefore contains upside reversion potential; the MRO trend is decreasing, which magnifies the magnitude of that negative deviation from target.
RSI sits at 48.12 with a dip & reversal, placing momentum near the midpoint while tilting toward recovery from the recent pullback; that midpoint level implies limited immediate momentum tailwind.
Price sits at $19.30, below the 50-day average ($20.07) and above the 200-day average ($18.94). Short-term moving averages and the super trend upper band ($19.79) act as resistance while the 200-day average and the lower Bollinger band (~$18.88) provide visible support—this structure supports a range-bound profile with constrained upside unless momentum indicators confirm a stronger advance. Volume measures (10-day avg ~101k vs recent volume ~64.5k) show below-average activity, suggesting limited near-term conviction behind directional moves.
Fundamental Analysis
Reported earnings and cash flow: net income for the recent period totaled $45.78M and diluted EPS registered at $0.70 versus an estimate of $0.75, an EPS miss of $0.05 (a -6.67% surprise). Operating cash flow came in negative at $-47.67M and free cash flow registered $-67.47M, producing a free cash flow yield of -5.33%.
Profitability sits on a solid gross margin of 64.68% and an EBIT margin of 17.76%. The EBIT margin improved year-over-year by roughly +67.42% while declining sequentially by about -3.16% quarter-over-quarter, indicating both meaningful YoY margin expansion and some recent compression versus the prior quarter. When placed versus the industry peer mean EBIT margin (31.035%), Suburban Propane’s 17.76% margin ranks below the industry peer mean and median.
Valuation multiples present a mixed signal: trailing P/E stands at 27.27 with forward P/E near 36.44; trailing price-to-book at 2.02 sits below the industry peer mean (3.07) while the enterprise multiple (EV/EBIT) registers at 32.67—above the peer mean. PEG metrics show negative forward growth assumptions (PEG ~ -0.12), and forward EPS ($0.4625) compresses implied near-term earnings power versus trailing results. WMDST values the stock as over-valued given the combination of multiples, growth, and capital structure.
Leverage and coverage: total debt totaled about $1.435B with net debt around $1.321B, producing a debt-to-EBITDA ratio near 17.4 and debt-to-equity roughly 2.29. Interest coverage runs about 3.33, below the industry peer mean interest coverage. The high debt-to-EBITDA ratio and modest interest coverage create a higher sensitivity of distributable cash to interest rate or working capital swings; working capital moved by -$115.39M in the period, which contributed to negative operating cash flow.
Liquidity metrics show a current ratio of 0.866 and a cash ratio of 0.47%; quick ratio registers at 0.612. Receivables turnover (3.73) and days inventory outstanding (~87.4 days) highlight working-capital intensity tied to fuel inventory and receivables cycles. Dividend metrics show a quarterly distribution of $0.325 (annualized $1.30), a dividend payout ratio near 46.7% and dividend coverage around 2.14—coverage exceeds one but cash conversion and free cash flow remain weak.
Revenue trends: revenue totaled $370.39M with revenue per share at $5.58; revenue growth on a year-over-year basis registered about -4.70% while sequential metrics show headwinds. Asset turnover remains low (0.158) but improved sequentially; operating leverage and cost-of-revenue dynamics sustain high gross margins despite top-line pressure.
Valuation summary: strong gross margins and positive YoY operating-margin expansion contrast with high leverage, negative free cash flow, and lower-than-peer EBIT margin. Those factors underpin WMDST’s assessment that the current valuation carries over-valued characteristics relative to fundamental resilience and balance-sheet risk.
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 | $ 62.0 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 | $ 0.46 | |
| 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 | high: 59.048 mean: 41.654 median: 39.238 SPH: 32.673 low: 10.34 |
|
| 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 | high: 0.856 SPH: 0.599 mean: 0.514 median: 0.496 low: 0.268 |
|
| Debt To Equity | 2.291 | |
| Debt To Equity QoQ | 3.146 % | |
| Debt To Equity YoY | -13.297 % | |
| Debt To Equity IPRWA | high: 5.354 SPH: 2.291 mean: 1.631 median: 1.459 low: 0.379 |
|
| 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 | high: 5.955 mean: 3.071 median: 2.341 SPH: 2.022 low: 1.712 |
|
| Price To Earnings (P/E) | 27.27 | |
| Price To Earnings QoQ | -180.657 % | |
| Price To Earnings YoY | -56.244 % | |
| Price To Earnings IPRWA | high: 113.155 mean: 65.051 median: 49.431 SPH: 27.27 low: 17.853 |
|
| 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 | high: 39.081 mean: 12.438 median: 9.865 SPH: 3.418 low: 0.334 |
|
| 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 | high: 0.21 SPH: 0.158 mean: 0.114 median: 0.096 low: 0.031 |
|
| Receivables Turnover | 3.727 | |
| Receivables Turnover Ratio QoQ | 31.712 % | |
| Receivables Turnover Ratio YoY | -4.393 % | |
| Receivables Turnover Ratio IPRWA | high: 8.839 SPH: 3.727 mean: 2.769 median: 2.393 low: 0.769 |
|
| Inventory Turnover | 1.83 | |
| Inventory Turnover Ratio QoQ | 64.469 % | |
| Inventory Turnover Ratio YoY | -27.884 % | |
| Inventory Turnover Ratio IPRWA | high: 11.616 mean: 5.287 median: 3.642 low: 2.914 SPH: 1.83 |
|
| 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 | high: 71.269 SPH: 55.118 median: 13.243 mean: 1.851 low: -82.244 |
|
| 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 | high: 1.43 mean: 0.891 SPH: 0.866 median: 0.783 low: 0.531 |
|
| Quick Ratio | 0.612 | |
| Quick Ratio QoQ | 100.118 % | |
| Quick Ratio YoY | 18.9 % | |
| Quick Ratio IPRWA | high: 1.176 mean: 0.717 median: 0.678 SPH: 0.612 low: 0.48 |
|
| 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 | high: 8.945 mean: 4.245 median: 3.764 SPH: 3.329 low: 1.765 |
|
| 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 | SPH: 75.226 % high: 44.343 % mean: 11.814 % median: 9.408 % low: -7.231 % |
|
| Earnings Growth | -229.63 % | |
| Earnings Growth QoQ | -270.37 % | |
| Earnings Growth YoY | 60.045 % | |
| Earnings Growth IPRWA | high: 442.105 % mean: 21.241 % median: 3.774 % low: -30.921 % SPH: -229.63 % |
|
| MARGINS | ||
| Gross Margin | 64.675 % | |
| Gross Margin QoQ | -0.034 % | |
| Gross Margin YoY | 6.758 % | |
| Gross Margin IPRWA | high: 78.864 % SPH: 64.675 % median: 43.607 % mean: 39.896 % low: 5.66 % |
|
| EBIT Margin | 17.756 % | |
| EBIT Margin QoQ | -315.905 % | |
| EBIT Margin YoY | 67.415 % | |
| EBIT Margin IPRWA | high: 61.514 % mean: 31.035 % median: 30.257 % SPH: 17.756 % low: 1.264 % |
|
| Return On Sales (ROS) | 18.265 % | |
| Return On Sales QoQ | -330.415 % | |
| Return On Sales YoY | 72.214 % | |
| Return On Sales IPRWA | high: 50.481 % median: 30.257 % mean: 28.648 % SPH: 18.265 % low: 1.212 % |
|
| 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 | high: 4.487 % median: 1.434 % mean: 0.926 % SPH: -5.329 % low: -6.341 % |
|
| Free Cash Growth | -343.569 % | |
| Free Cash Growth QoQ | 422.594 % | |
| Free Cash Growth YoY | 85.728 % | |
| Free Cash Growth IPRWA | high: 380.46 % median: -117.647 % mean: -156.426 % SPH: -343.569 % low: -694.761 % |
|
| 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 | high: 7.511 % mean: 2.033 % SPH: 1.951 % median: 1.466 % low: 0.664 % |
|
| 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 | high: 0.091 SPH: 0.073 median: 0.055 mean: 0.05 low: 0.023 |
|
| 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 | high: 7.82 % SPH: 3.358 % mean: 2.833 % median: 2.504 % low: 1.695 % |
|