CrossAmerica Partners LP (CAPL) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+105.8%

$43.63

vs $21.20 price

Levered DCF

$18.13

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

4.68

Safe zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	18.73×	42.31×	21.51×	12.17×	33.44×	5.98×	34.71×	94.4×
P/B	-10.9×	-33.76×	28.14×	9.5×	12.77×	5.85×	7.93×	4.38×
P/S	0.21×	0.2×	0.2×	0.15×	0.2×	0.33×	0.29×	0.2×
EV / EBITDA	9×	11.82×	10.67×	9.48×	14.94×	7.27×	12.96×	10.6×
Gross margin	9.2%	9.7%	8.7%	7.6%	7.7%	11.0%	7.2%	7.1%
Operating margin	5.6%	1.7%	2.0%	1.9%	1.0%	6.0%	2.0%	1.4%
Net margin	1.1%	0.5%	0.9%	1.2%	0.6%	5.6%	0.8%	0.2%
Current ratio	0.72×	0.73×	0.67×	0.68×	0.65×	0.51×	0.62×	0.58×
Debt / equity	-12.6×	-36.66×	29.61×	11.92×	17.62×	6.41×	8.43×	5.38×
Interest coverage	4.28×	1.35×	2.01×	2.99×	1.98×	6.97×	1.6×	1.07×
Dividend yield	10.2%	9.5%	9.2%	10.6%	11.0%	12.1%	11.6%	15.5%
Payout ratio	191.9%	401.4%	198.8%	128.5%	367.4%	72.5%	400.2%	1439.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-58.1%	-80.3%	130.4%	78.3%	38.3%	98.0%	23.1%	4.7%
Return on invested capital	20.3%	7.1%	7.9%	8.4%	3.0%	11.9%	5.0%	4.5%
Return on assets	4.3%	1.8%	3.4%	4.9%	1.6%	9.9%	1.9%	0.6%
Free cash flow yield	7.1%	7.3%	9.5%	17.4%	7.4%	10.5%	7.7%	15.6%
Earnings yield	5.3%	2.4%	4.6%	8.2%	3.0%	16.7%	2.9%	1.1%
Enterprise value	$1.7B	$1.7B	$1.8B	$1.7B	$1.7B	$1.3B	$1.3B	$1.1B
Net debt / EBITDA	4.82×	6.14×	5.45×	5.23×	8.63×	3.8×	6.67×	5.82×
Cash conversion cycle (days)	3	1	0	-0	0	-4	-2	0