Suburban Propane Partners, L.P. (SPH) 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

+175.5%

$49.48

vs $17.96 price

Levered DCF

$32.27

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.29

Distress zone

Rating

A-

Overall 4 / 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	11.32×	15.6×	8.27×	6.81×	7.83×	16.61×	21.29×	18.88×
P/B	2.02×	2.11×	1.88×	1.91×	2.26×	2.8×	3.46×	2.92×
P/S	0.84×	0.87×	0.72×	0.63×	0.75×	0.92×	1.16×	1.07×
EV / EBITDA	9.89×	11.55×	9.03×	8.32×	7.43×	9.1×	9.9×	9.5×
Gross margin	21.1%	60.7%	25.3%	52.6%	62.3%	65.4%	58.8%	55.9%
Operating margin	14.4%	12.9%	14.5%	13.7%	16.5%	12.7%	11.9%	11.4%
Net margin	7.4%	5.6%	8.7%	9.3%	9.5%	5.5%	5.4%	5.7%
Current ratio	0.55×	0.51×	0.53×	0.57×	0.63×	0.47×	0.57×	0.72×
Debt / equity	2.22×	2.47×	2.43×	2.44×	2.93×	3.67×	2.9×	2.54×
Interest coverage	2.71×	2.3×	2.82×	3.4×	3.13×	1.88×	1.97×	1.98×
Dividend yield	7.0%	7.2%	8.0%	8.6%	7.9%	12.8%	10.1%	10.2%
Payout ratio	79.0%	112.0%	66.6%	58.5%	62.3%	214.3%	215.5%	192.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	17.8%	13.6%	22.7%	28.1%	28.9%	16.8%	16.2%	15.5%
Return on invested capital	10.0%	8.5%	10.3%	11.2%	11.8%	7.7%	8.4%	8.1%
Return on assets	4.6%	3.3%	5.5%	6.6%	6.0%	3.0%	3.4%	3.6%
Free cash flow yield	9.5%	8.8%	17.6%	18.5%	20.4%	17.4%	13.1%	12.2%
Earnings yield	8.8%	6.4%	12.1%	14.7%	12.8%	6.0%	4.7%	5.3%
Enterprise value	$2.5B	$2.5B	$2.4B	$2.2B	$2.2B	$2.3B	$2.7B	$2.7B
Net debt / EBITDA	5.18×	6.22×	5.1×	4.66×	4.19×	5.16×	4.51×	4.41×
Cash conversion cycle (days)	27	28	25	35	37	32	25	32