Recent News
Dec 8, 2025 — Suburban Propane priced a private offering of $350 million aggregate principal amount of 6.500% senior notes due 2035, expected to close Dec. 22, 2025.
Dec 22, 2025 — The offering of $350 million 6.500% Senior Notes due 2035 closed; net proceeds after expenses approximated $344.3 million and the company indicated the proceeds plus revolver borrowings would fund redemption of the Issuers’ 5.875% senior notes due 2027.
Jan 22, 2026 — The Board declared a quarterly distribution of $0.325 per common unit (annualized $1.30); the distribution paid on Feb. 10, 2026 to unitholders of record Feb. 3, 2026.
Technical Analysis
Directional strength: ADX at 25.09 signals a strong directional regime; DI+ at 20.72 trends lower (DI+ peak-and-reverse), while DI- at 14.66 trends higher — both indicate directional pressure toward sellers and imply the current strength carries bearish directional momentum relative to the recent move.
MACD sits at 0.29 with a peak-and-reversal pattern matching the signal line, signaling waning bullish momentum; no bullish MACD crossover appears, which weighs on near-term upside conviction.
MRO at -4.99 registers negative, implying price presently sits below the model target and therefore contains upside mean-reversion potential rather than immediate downside pressure.
RSI 56.95 shows the market above neutral but the RSI trend displays a peak-and-reversal, indicating prior upward momentum has cooled and short-term price gains may stall absent fresh bullish catalysts.
Price structure: the close of $20.05 trades slightly above the 12-day EMA ($19.94, increasing) and above the 50- and 200-day averages ($19.20 and $18.48), signaling the medium-term price bias remains higher than longer-term averages even as short-term momentum softens. Price sits inside the upper Bollinger band area (upper 1× std dev $20.33), and volume (222,904) exceeds the 10-day average (176,624), showing active participation on recent moves.
Fundamental Analysis
Profitability and margins: operating margin stands at 18.265% and EBIT margin at 17.756%; EBIT margin contracted QoQ by about -3.16% but improved YoY by roughly 0.67%, supporting the valuation base while signaling slight sequential compression. EBITDA totaled $82,631,000 and EBIT $65,767,000 for the measured period.
Earnings and per-share metrics: reported EPS $0.70 fell short of the $0.75 estimate by $0.05, an EPS surprise of -6.67%. Forward EPS sits at $0.5125, with forward P/E near 36.44x while the reported trailing P/E equals 27.27x.
Cash flow and liquidity: operating cash flow registered negative at -$47,666,000 and free cash flow totaled -$67,471,000, producing a free cash flow yield around -5.33%. Cash and short-term investments show $1,284,000 and the cash conversion cycle at 55.12 days. Current ratio 0.87 and quick ratio 0.61 indicate working-capital tightness; the company relies on debt and liquidity facilities for near-term funding.
Leverage and coverage: total debt equals $1,434,945,000 with net debt $1,321,221,000 and debt-to-EBITDA about 17.37x; interest coverage near 3.33x. Debt-to-equity roughly 2.29x and debt-to-assets near 59.90% highlight a leveraged balance sheet that the recent private note issuance targets to rework (see news above).
Growth and returns: revenue declined QoQ by about -5.01% and YoY by roughly -4.70%; return on equity measured 7.31% and return on assets 1.95%. Gross margin sits at 64.675% with gross profit $239,547,000. Dividend yield equals about 1.69% with dividend payout ratio near 46.74% and dividend coverage roughly 2.14x.
Valuation context: WMDST values the stock as fair-valued. Trailing P/E at 27.27x sits below the industry peer low of 31.74x and well below the industry peer mean of 95.04x; PEG at -0.12 sits below the industry peer mean of 0.24 while remaining inside the industry peer range (low -1.65 to high 2.25). These relative points reflect lower market multiple versus peers amid heavier leverage and compressed cash flow.
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: 95.037 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: 400.0 % mean: 400.0 % 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 | — | |