SPH
Suburban Propane Partners, L.P.
SPH's fundamentals are mixed: earnings per share grew 31%, but revenue fell 2.5%. At 8.9x earnings, it's trading below its usual 11x.
SPH Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Stable | |
| Weak |
SPH's profitability is currently healthy, and its revenue and cash flow are stable, but its balance sheet is weak.
SPH PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 8x | $15.55 | -9.9% |
| Current | 8.9x | $17.27 | — |
| Fair | 11x | $20.87 | +21% |
| Expensive | 16x | $31.33 | +81% |
Historical ranges are pointers, not guarantees.
SPH's PE is in its cheap range at 8.9x.
SPH Forward outlook
There aren't enough analyst estimates for SPH to show an outlook.
SPH Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $1.94 | +31% |
| Q1 2026 | $1.97 | +37% |
| Q4 2025 | $2.01 | +90% |
| Q3 2025 | $1.62 | +42% |
| Q2 2025 | $1.48 | -1.3% |
| Q1 2025 | $1.44 | -15% |
| Q4 2024 | $1.06 | -33% |
| Q3 2024 | $1.14 | -41% |
SPH's earnings per share have fallen from their peak: $1.94 over the past year, against $2.76 in mid-2022.
SPH Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $261.4M | +0.5% |
| Q1 2026 | $551.2M | -6.2% |
| Q4 2025 | $370.4M | -0.8% |
| Q3 2025 | $211.4M | +1.3% |
| Q2 2025 | $260.2M | +2.2% |
| Q1 2025 | $587.7M | +18% |
| Q4 2024 | $373.3M | +2% |
| Q3 2024 | $208.6M | -7.9% |
SPH's revenue fell from its 2022 peak and has held roughly level since: $261M last quarter, about level with the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 0.8% | -1.3 points |
| Q1 2026 | 29% | +1.7 points |
| Q4 2025 | 18% | +2.4 points |
| Q3 2025 | -7.9% | +2.9 points |
| Q2 2025 | 2.1% | -1.1 points |
| Q1 2025 | 27% | -0.5 points |
| Q4 2024 | 16% | +2.5 points |
| Q3 2024 | -11% | -13 points |
SPH's operating margin was 0.8% last quarter, down 1.3 points from the same quarter a year ago.
SPH Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $49.5M | -39% |
| Q1 2026 | $91.5M | +340% |
| Q4 2025 | -$67.5M | -$52.4M |
| Q3 2025 | $27.7M | +56% |
| Q2 2025 | $80.9M | +73% |
| Q1 2025 | $20.8M | -66% |
| Q4 2024 | -$15.1M | +$8.9M |
| Q3 2024 | $17.7M | -62% |
SPH still generates free cash flow, though less than at its 2022 peak: $101M over the past year.
SPH Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +1.2% | +748K shares |
| 1 year | +2.5% | +1.6M shares |
| 3 years | +4.6% | +2.9M shares |
SPH has 66M diluted shares, up 2.5% from a year ago.
SPH Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 4.4x | High |
| Q1 2026 | 4.4x | High |
| Q4 2025 | 4.6x | High |
| Q3 2025 | 4.4x | High |
| Q2 2025 | 4.5x | High |
| Q1 2025 | 4.8x | High |
| Q4 2024 | 5.2x | High |
| Q3 2024 | 5.1x | High |
SPH's net debt is about 4.4 years of its operating earnings (EBITDA), about the same as a year ago.
SPH Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 43.9 | Neutral |
| Stochastic | 50.6 | Neutral |
SPH's weekly RSI is 44 (neutral) and its Stochastic is 51 (neutral).
SPH PE vs Utilities Sector
| Metric | SPH | Sector median | Relative |
|---|---|---|---|
| PE | 8.9x | 20x | 56% below |
| PE % | 23 | 44 | 21 pts below |
SPH is trading at 8.9x earnings, a 56% discount to the Utilities sector's median of 20x.
SPH Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $17.3 | 0.1% above |
| 20 week MA | $17.5 | 1.5% below |
| 50 week MA | $18.6 | 7.3% below |
| 100 week MA | $18.9 | 8.7% below |
| 200 week MA | $18.1 | 4.6% below |
SPH has bounced recently, but its long-term trend is still down: it's above its 8-week average, but 4.6% below its 200-week average.
SPH Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $22.0 | $14.6 | -34% |
| 2021 | $14.6 | $14.2 | -2.7% |
| 2022 | $14.2 | $15.3 | +7.7% |
| 2023 | $15.3 | $17.8 | +16% |
| 2024 | $17.8 | $17.3 | -2.6% |
| 2025 | $17.3 | $18.8 | +8.8% |
| 2026 YTD | $18.8 | $17.3 | -8.2% |
SPH has finished lower in three of the last six years. It's down 8.2% so far in 2026.