Recent News
April 23, 2026: Board declared a quarterly distribution of $0.325 per common unit. April 22, 2026: Company scheduled its Fiscal 2026 second-quarter results conference call. April 14, 2026: Suburban Propane promoted a branded event (Suburban Propane 300) and introduced a new mascot. March 24, 2026: Expanded NASCAR presence to power additional racetracks.
Technical Analysis
ADX at 16.29 signals no established trend and limits conviction for a directional breakout.
DI+ at 17.76 (increasing) paired with DI- at 17.93 (decreasing) indicates bullish directional pressure emerging relative to recent price action.
MACD at 0.13 is increasing and sits above the signal line (0.03), which constitutes a bullish momentum cross.
MRO at -11.76 (peak & reversal) indicates price sits below the model target and the recent peak-and-reverse lowers the immediate strength of that mean-reversion signal.
RSI at 51.49 (increasing) places momentum near neutral-to-slightly-constructive territory rather than overbought or oversold extremes.
Price sits above the 12-day and 26-day EMAs (price close $20.18 vs 12-day EMA $20.02 and 26-day EMA $19.86) and above the 200-day average ($19.12), which biases near-term price action higher within a non-trending environment.
Bollinger bands show the close inside the upper band (upper 1σ $20.33), keeping price within the recent volatility band while super-trend support lies near $19.09.
Volume at 95,857 trails the 10-day average (174,353), reducing conviction for strong immediate follow-through despite bullish indicator alignment.
Fundamental Analysis
Revenue totaled $551,206,000 with revenue growth quarter-over-quarter down -35.10% and year-over-year down -14.97%, indicating recent top-line moderation despite a larger trailing growth metric noted elsewhere.
Gross margin stands at 62.36% and increased +6.12% YoY, supporting high operating leverage in the period.
Operating margin registered 28.65% with an operating-margin QoQ improvement of +56.85% and YoY improvement of +6.77%, reflecting stronger operating profitability.
EBIT $157,356,000 and EBIT margin 28.55% sit above the industry peer mean of 23.91% and above the industry peer median of 15.18%, with EBIT margin QoQ up +60.78% and YoY up +6.40%.
Net income $137,542,000 and EPS actual $2.08 beat the estimate $1.98 by $0.10, an EPS surprise of 5.05%.
Interest coverage ratio of 7.99 exceeds the industry peer mean of 3.744 (industry peer median 3.325), indicating comfortable coverage of interest expense despite elevated leverage metrics.
Total debt $1,364,574,000 with debt-to-assets 56.23% and debt-to-equity 183.44% underscore a leverage profile materially above simple-capital benchmarks; debt-to-EBITDA sits at 7.86x.
Free cash flow $91,535,000 yields 7.00%, which sits above the industry peer mean free-cash-flow yield of roughly 1.20%, supporting distribution sustainability given a dividend payout ratio of 15.67% and dividend coverage ratio of 6.38.
Valuation: The current valuation as determined by WMDST classifies the stock as under-valued, supported by a relatively low trailing PE of 9.48 alongside a materially higher forward PE (43.18) reflecting lower forward EPS, and an enterprise multiple of 15.37; cash on hand remains modest ($4,292,000) while net debt approximates $1.25 billion versus market cap $1.31 billion.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-03-31 |
| REPORT DATE: | 2026-05-07 |
| NEXT REPORT DATE: | 2026-08-06 |
| CASH FLOW | Begin Period Cash Flow | $ 11.6 M |
| Operating Cash Flow | $ 116.3 M | |
| Capital Expenditures | $ -24.73 M | |
| Change In Working Capital | $ -37.34 M | |
| Dividends Paid | $ -21.56 M | |
| Cash Flow Delta | $ -7.28 M | |
| End Period Cash Flow | $ 4.3 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 551.2 M | |
| Forward Revenue | $ 30.7 M | |
| COSTS | ||
| Cost Of Revenue | $ 207.5 M | |
| Depreciation | $ 16.3 M | |
| Depreciation and Amortization | $ 16.3 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 393.3 M | |
| PROFITABILITY | ||
| Gross Profit | $ 343.7 M | |
| EBITDA | $ 173.6 M | |
| EBIT | $ 157.4 M | |
| Operating Income | $ 157.9 M | |
| Interest Income | — | |
| Interest Expense | $ 19.7 M | |
| Net Interest Income | $ -19.69 M | |
| Income Before Tax | $ 137.7 M | |
| Tax Provision | $ 120.0 K | |
| Tax Rate | 0.087 % | |
| Net Income | $ 137.5 M | |
| Net Income From Continuing Operations | $ 137.5 M | |
| EARNINGS | ||
| EPS Estimate | $ 1.98 | |
| EPS Actual | $ 2.08 | |
| EPS Difference | $ 0.10 | |
| EPS Surprise | 5.051 % | |
| Forward EPS | $ 0.46 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 2.4 B | |
| Intangible Assets | $ 1.3 B | |
| Net Tangible Assets | $ -1.25 B | |
| Total Current Assets | $ 267.5 M | |
| Cash and Short-Term Investments | $ 4.3 M | |
| Cash | $ 4.3 M | |
| Net Receivables | $ 148.1 M | |
| Inventory | $ 63.5 M | |
| Long-Term Investments | $ 82.7 M | |
| LIABILITIES | ||
| Accounts Payable | $ 44.9 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 247.8 M | |
| Net Debt | $ 1.3 B | |
| Total Debt | $ 1.4 B | |
| Total Liabilities | $ 1.7 B | |
| EQUITY | ||
| Total Equity | $ 743.9 M | |
| Retained Earnings | — | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 11.21 | |
| Shares Outstanding | 66.334 M | |
| Revenue Per-Share | $ 8.31 | |
| VALUATION | Market Capitalization | $ 1.3 B |
| Enterprise Value | $ 2.7 B | |
| Enterprise Multiple | 15.368 | |
| Enterprise Multiple QoQ | -52.966 % | |
| Enterprise Multiple YoY | -0.441 % | |
| Enterprise Multiple IPRWA | high: 81.733 median: 47.168 mean: 46.995 low: 16.207 SPH: 15.368 |
|
| EV/R | 4.84 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 3.262 | |
| Asset To Liability | 1.442 | |
| Debt To Capital | 0.647 | |
| Debt To Assets | 0.562 | |
| Debt To Assets QoQ | -6.114 % | |
| Debt To Assets YoY | -5.158 % | |
| Debt To Assets IPRWA | high: 0.831 SPH: 0.562 mean: 0.499 median: 0.482 low: 0.284 |
|
| Debt To Equity | 1.834 | |
| Debt To Equity QoQ | -19.948 % | |
| Debt To Equity YoY | -13.395 % | |
| Debt To Equity IPRWA | high: 3.154 SPH: 1.834 mean: 1.39 median: 1.147 low: -2.33 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.758 | |
| Price To Book QoQ | -13.062 % | |
| Price To Book YoY | -8.213 % | |
| Price To Book IPRWA | high: 4.045 mean: 2.555 median: 2.38 SPH: 1.758 low: 1.673 |
|
| Price To Earnings (P/E) | 9.477 | |
| Price To Earnings QoQ | -65.246 % | |
| Price To Earnings YoY | -0.232 % | |
| Price To Earnings IPRWA | high: 104.347 mean: 59.316 median: 53.899 low: 25.144 SPH: 9.477 |
|
| PE/G Ratio | 0.048 | |
| Price To Sales (P/S) | 2.372 | |
| Price To Sales QoQ | -30.603 % | |
| Price To Sales YoY | 8.36 % | |
| Price To Sales IPRWA | high: 40.101 mean: 10.595 median: 8.411 SPH: 2.372 low: 0.297 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 43.184 | |
| Forward PE/G | 0.219 | |
| Forward P/S | 42.542 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 2.853 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.229 | |
| Asset Turnover Ratio QoQ | 44.794 % | |
| Asset Turnover Ratio YoY | -6.941 % | |
| Asset Turnover Ratio IPRWA | SPH: 0.229 high: 0.208 median: 0.143 mean: 0.128 low: 0.031 |
|
| Receivables Turnover | 3.974 | |
| Receivables Turnover Ratio QoQ | 6.634 % | |
| Receivables Turnover Ratio YoY | -6.813 % | |
| Receivables Turnover Ratio IPRWA | high: 8.168 SPH: 3.974 median: 2.88 mean: 2.859 low: 0.759 |
|
| Inventory Turnover | 3.124 | |
| Inventory Turnover Ratio QoQ | 70.742 % | |
| Inventory Turnover Ratio YoY | -23.405 % | |
| Inventory Turnover Ratio IPRWA | high: 17.74 mean: 6.276 median: 4.829 SPH: 3.124 low: 2.689 |
|
| Days Sales Outstanding (DSO) | 22.962 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 36.93 | |
| Cash Conversion Cycle Days QoQ | -32.998 % | |
| Cash Conversion Cycle Days YoY | 91.072 % | |
| Cash Conversion Cycle Days IPRWA | high: 73.369 SPH: 36.93 mean: 20.648 median: 15.512 low: -43.635 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 27.97 | |
| CapEx To Revenue | -0.045 | |
| CapEx To Depreciation | -1.522 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 2.0 B | |
| Net Invested Capital | $ 2.0 B | |
| Invested Capital | $ 2.0 B | |
| Net Tangible Assets | $ -1.25 B | |
| Net Working Capital | $ 19.7 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.017 | |
| Current Ratio | 1.08 | |
| Current Ratio QoQ | 24.699 % | |
| Current Ratio YoY | 1.724 % | |
| Current Ratio IPRWA | high: 1.828 SPH: 1.08 median: 0.91 mean: 0.859 low: 0.419 |
|
| Quick Ratio | 0.823 | |
| Quick Ratio QoQ | 34.573 % | |
| Quick Ratio YoY | 1.114 % | |
| Quick Ratio IPRWA | high: 1.621 SPH: 0.823 mean: 0.678 median: 0.606 low: 0.368 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 7.86 | |
| Cost Of Debt | 1.406 % | |
| Interest Coverage Ratio | 7.99 | |
| Interest Coverage Ratio QoQ | 140.016 % | |
| Interest Coverage Ratio YoY | 4.216 % | |
| Interest Coverage Ratio IPRWA | SPH: 7.99 high: 5.25 mean: 3.744 median: 3.326 low: 0.885 |
|
| Operating Cash Flow Ratio | 0.556 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 32.352 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 6.38 | |
| Dividend Payout Ratio | 0.157 | |
| Dividend Rate | $ 0.32 | |
| Dividend Yield | 0.016 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 1.288 % | |
| Revenue Growth | 48.819 % | |
| Revenue Growth QoQ | -35.104 % | |
| Revenue Growth YoY | -14.967 % | |
| Revenue Growth IPRWA | SPH: 48.819 % high: 29.351 % mean: 6.891 % median: 6.1 % low: -8.088 % |
|
| Earnings Growth | 197.143 % | |
| Earnings Growth QoQ | -185.852 % | |
| Earnings Growth YoY | -67.143 % | |
| Earnings Growth IPRWA | SPH: 197.143 % high: 56.098 % median: 6.579 % mean: 3.551 % low: -64.352 % |
|
| MARGINS | ||
| Gross Margin | 62.355 % | |
| Gross Margin QoQ | -3.587 % | |
| Gross Margin YoY | 6.122 % | |
| Gross Margin IPRWA | high: 79.464 % SPH: 62.355 % mean: 30.66 % median: 22.739 % low: 6.242 % |
|
| EBIT Margin | 28.548 % | |
| EBIT Margin QoQ | 60.779 % | |
| EBIT Margin YoY | 6.395 % | |
| EBIT Margin IPRWA | high: 90.67 % SPH: 28.548 % mean: 23.905 % median: 15.18 % low: 2.001 % |
|
| Return On Sales (ROS) | 28.648 % | |
| Return On Sales QoQ | 56.846 % | |
| Return On Sales YoY | 6.768 % | |
| Return On Sales IPRWA | high: 57.736 % SPH: 28.648 % mean: 21.91 % median: 14.92 % low: -0.941 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 91.5 M | |
| Free Cash Flow Yield | 7.0 % | |
| Free Cash Flow Yield QoQ | -231.357 % | |
| Free Cash Flow Yield YoY | 333.168 % | |
| Free Cash Flow Yield IPRWA | SPH: 7.0 % high: 4.285 % mean: 1.203 % median: 0.97 % low: -2.314 % |
|
| Free Cash Growth | -235.666 % | |
| Free Cash Growth QoQ | -31.407 % | |
| Free Cash Growth YoY | -1.005 % | |
| Free Cash Growth IPRWA | high: 573.333 % median: -58.497 % mean: -137.68 % SPH: -235.666 % low: -749.778 % |
|
| Free Cash To Net Income | 0.666 | |
| Cash Flow Margin | 24.991 % | |
| Cash Flow To Earnings | 1.002 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 5.704 % | |
| Return On Assets QoQ | 192.363 % | |
| Return On Assets YoY | -0.488 % | |
| Return On Assets IPRWA | SPH: 5.704 % high: 2.122 % mean: 1.422 % median: 1.339 % low: -0.072 % |
|
| Return On Capital Employed (ROCE) | 7.222 % | |
| Return On Equity (ROE) | 0.185 | |
| Return On Equity QoQ | 152.893 % | |
| Return On Equity YoY | -9.416 % | |
| Return On Equity IPRWA | SPH: 0.185 high: 0.133 mean: 0.043 median: 0.036 low: 0.003 |
|
| DuPont ROE | 20.077 % | |
| Return On Invested Capital (ROIC) | 7.849 % | |
| Return On Invested Capital QoQ | 133.74 % | |
| Return On Invested Capital YoY | 23.84 % | |
| Return On Invested Capital IPRWA | SPH: 7.849 % high: 4.282 % median: 2.758 % mean: 2.409 % low: 1.54 % |
|