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Ferrellgas Partners L.P (FGPR) fair value: what the stock is really worth

As of Sep 23, 2026: fair value of Ferrellgas Partners L.P $46.32, price $22.05, upside +110.1%, quality 50 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? Yes
  3. Add to watchlist

Energy · US · ISIN US3152932097

FP Ferrellgas Partners L.P logo Some data Sep 23, 2026

Ferrellgas Partners L.P

FGPR · US

Cheap, value-trap riskThe stock looks deeply undervalued, but low quality raises value-trap risk.

✓Fair value $46.32 · Strongly undervalued (+110%)
!Quality 50/100
!Weak Growth (revenue 5y +5.3 %/yr)
!Thin margins · 4.1% net margin (TTM)
✓Negative equity (buybacks among others) · generates free cash flow
✓Ranks above peers (7/11)
!Narrow moat 43/100
!Evidence only medium, so the estimate is less certain
!The models disagree: range $17.29 to $87.44
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

$27.20 $6.47 Fair Value $46.32 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.

How to read this chart

60‑month range $6.47 – $27.20 · fair‑value band $17.29 – $87.44 · the $22.05 price screens below the $46.32 fair value. Dashed = 300-day average. As of Sep 23, 2026.

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Company profile

Ferrellgas Partners, L.P. retail distribution of propane, related equipment and supplies. It transports propane to propane distribution locations, tanks on customers' premises, or to portable propane tanks delivered to retailers.

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Ferrellgas Partners, L.P. retail distribution of propane, related equipment and supplies. It transports propane to propane distribution locations, tanks on customers' premises, or to portable propane tanks delivered to retailers. The company also conducts its portable tank exchange operations under the Blue Rhino brand name through a network of independent and partnership-owned distribution outlets. In addition, its propane is primarily used for space and water heating, cooking, outdoor cooking using gas grills, crop drying, irrigation, weed control, and other propane fueled appliances; as an engine fuel for combustion engine vehicles and forklifts; and as a heating or energy source in manufacturing and drying processes. Further, the company is involved in the sale of refined fuels; provision of common carrier services; and retail sale of propane appliances and related parts and fittings, as well as other retail propane related services and consumer products. It serves residential, industrial/commercial, portable tank exchange, agricultural, wholesale, and other customers in the United States, the District of Columbia, and Puerto Rico. As of July 31, 2025, the company operates through a network of 36 service centers and 664 service units for propane distribution locations. Ferrellgas Partners, L.P. was founded in 1939 and is based in Liberty, Missouri.

Stock analysis

Ferrellgas Partners L.P (FGPR) currently trades at $22.05, while our model-based Fair Value estimate is $46.32, implying the stock looks roughly 52.4% undervalued today.

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Valuation

Bull case: the Multiples group reads highest at a median of $74.23 per share, and 11 of the 14 models we run sit above the $22.05 price.

Bear case: the Growth DCF group reads lowest at $15.32, and 3 of the 14 models stay below the price. Evidence for this calculation is medium.

Scenario range: $17.29 (bear) to $87.44 (bull), the price of $22.05 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 50/100 (solid quality), in the Energy sector.

Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.

Ferrellgas Partners L.P reported revenue of $1.9B in FY2025 versus $1.8B in FY2021, a compound +2.5%/yr. Reported net income was −$15.4M in FY2025.

Key figures

Market cap $267M · P/S ratio 0.14 · EPS (TTM) $−17.57 · Net margin −0.8% · Return on assets (EBIT) 14.5% · Operating margin 11.5% · Revenue (TTM) $1.9B · Revenue growth (YoY) −6.5%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 27 out of 100 (low confidence).

What moves the price

The share trades about 19% below its 52-week high and 52% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Energy peers we cover trades at −61% fair-value upside, at 110%, FGPR screens cheaper than that median.

Fair Value models

Bear $17.29 Fair Value $46.32 Bull $87.44
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
FCF DCF n/a $17.10 $53.20 77
Growth DCF n/a $15.32 $46.56 75
5Y EBITDA Exit n/a $38.39 $93.88 72
All 14 models by family
DCF Models
FCF DCF n/a $17.10 $53.20 77
5Y Revenue Exit $0.9600 $61.30 $135.21 64
5Y EBITDA Exit n/a $38.39 $93.88 72
10Y Revenue Exit n/a $36.75 $94.01 64
10Y EBITDA Exit n/a $23.54 $68.39 65
Earnings-Based
EPV $4.83 $19.82 $31.99 67
Dividend Discount
Gordon GGM $39.41 $57.57 $73.66 69
DDM Multi-Stage $39.41 $53.10 $65.36 67
Multiples
EV/EBIT $25.65 $74.23 $122.82 61
EV/EBITDA $6.34 $48.49 $90.64 59
EV/Revenue $23.25 $84.69 $146.13 49
Growth DCF
Growth DCF n/a $15.32 $46.56 75
Rev-Margin DCF $0.9600 $62.73 $128.72 65
Economic Profit
ROIC Compounder $7.53 $27.45 $47.16 66

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Quality Score breakdown

Overall quality 50/100

Of which business quality 46 · Market factors (momentum, volatility) 60

Profitability 56
Margins and returns on capital today
Quality Growth 33
Are margins and returns improving?
Cashflow 24
Earnings quality: real cash, not paper profit
Fin. Strength 17
Balance sheet, leverage, solvency risk
Investment 96
Disciplined investing over empire-building
Low Volatility 68
Calm price path (market factor)
Momentum 49
Price trend over the last 3–12 months (market factor)
52W Momentum 70
Distance to the 52-week high (market factor)
Net Issuance 82
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+5.5%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−2.9%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.3%
Start year 2020 (pandemic). Over 10 years: −0.4% a year
Revenue growth 31 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+15.1%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
6.7% (2019) → 11.2% (2024)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Oil & Gas Refining & Marketing · 110 stocks

Beats the industry median on 7/11 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 50 · Below median
Fair Value upside +110% · Top 25%
Profitability
Return on equity (TTM) Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
Return on assets 14% · Top 25%
Net margin (TTM) 4% · Above median
Operating margin (TTM) 12% · Above median
Growth and dividend
Revenue growth −7% · Bottom 25%
Dividend yield (TTM) 24.1% · Top 25%
Balance sheet
Debt / equity Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.

Valuation Multiplesvs Oil & Gas Refining & Marketing median · lower = cheaper

P/B Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
P/S (TTM) 0.14× · Cheapest 25%
P/FCF 4.7× · Pricier than median
EV/EBITDA 3.8× · Cheapest 25%
PEG 11.27× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 15
FUTURE (revenue growth)0 · sector 15
PAST (return on equity)0 · sector 35
HEALTH (low debt)0 · sector 81
DIVIDEND (yield)100 · sector 52

PAST 0: with negative equity (buybacks among others) return on equity is not meaningfully computable.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

Oil & gas

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Ferrellgas Partners L.P · Fair Value
$46.32 +52%Fair Value
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Cite: Fair Value Calculator (2026). "Ferrellgas Partners L.P Fair Value". https://www.fairvalue-calculator.com/stock/FGPR

Frequently asked questions

Is Ferrellgas Partners L.P (FGPR) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of $46.32 versus a price of $22.05, about +110% upside (undervalued).
What is the fair value of FGPR?
Our model-based fair value for Ferrellgas Partners L.P is $46.32 (as of Sep 23, 2026), built from audited fundamentals. The current price: $22.05.
What is the quality score of FGPR?
Ferrellgas Partners L.P has a Quality Score of 50/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Ferrellgas Partners L.P (FGPR)?
Our model-based price target is the fair value of $46.32 (as of Sep 23, 2026) from 14 valuation models. Cautious scenario $17.29, optimistic scenario $87.44. It is a calculation from audited fundamentals, not an analyst target.
What is the Ferrellgas Partners L.P stock forecast for 2026?
Our models put fair value at $46.32, about +110% upside versus a price of $22.05 (undervalued). Cautious scenario $17.29, optimistic scenario $87.44. The calculation is refreshed regularly with new filings.
What is the revenue of Ferrellgas Partners L.P (FGPR)?
Ferrellgas Partners L.P reported trailing-twelve-month revenue of about $1.9B (latest available figure, as of Sep 23, 2026).
What is the intrinsic value of Ferrellgas Partners L.P (FGPR)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Ferrellgas Partners L.P it is $46.32 per share (as of Sep 23, 2026), against a price of $22.05. It is the blended result of 14 valuation models (cash flow, earnings, asset, dividend).
Is Ferrellgas Partners L.P stock overvalued or undervalued in 2026?
As of Sep 23, 2026, FGPR trades below its calculated fair value: price $22.05, fair value $46.32, a gap of about +110% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of FGPR?
No. The price is what the market pays today ($22.05); the fair value is what the company's own numbers justify ($46.32). For Ferrellgas Partners L.P the two are $24.27 per share apart. That gap is exactly why we show both numbers side by side.
How much is Ferrellgas Partners L.P worth?
The market values Ferrellgas Partners L.P at about $267M (market capitalisation, as of Sep 23, 2026). Per share that is $22.05; our models calculate a fair value of $46.32 per share.
What do the bullish and bearish scenarios say about FGPR?
Our models span a range for Ferrellgas Partners L.P: cautious scenario $17.29, base $46.32, optimistic $87.44 per share (as of Sep 23, 2026, price $22.05). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of FGPR?
The PEG ratio of Ferrellgas Partners L.P is 11.27 (P/E divided by earnings growth, as of Sep 23, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Ferrellgas Partners L.P (FGPR)?
Balance-sheet figures for Ferrellgas Partners L.P (as of Sep 23, 2026): negative equity, so no return on equity and no debt-to-equity ratio. They feed the Quality Score of 50/100, which measures business quality independently of the share price.
How far is FGPR from its 52-week high?
Ferrellgas Partners L.P trades at $22.05, about 19% below its 52-week high of $27.20 and 52% above the low of $14.53 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of $46.32 is for.
Which stocks are comparable to Ferrellgas Partners L.P?
From the same area (Energy) we also value Reliance Industries Limited, Valero Energy Corporation, Marathon Petroleum Corporation, Phillips 66, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Ferrellgas Partners L.P stock attractive at the current price?
The data as of Sep 23, 2026: price $22.05, calculated fair value $46.32 (+110%), Quality Score 50/100, from 14 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of FGPR calculated?
We run Ferrellgas Partners L.P through 14 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $46.32, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.1 % above its aggregate fair value. Ferrellgas Partners L.P currently trades 110 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Ferrellgas Partners L.P (FGPR)?
The closing price on Sep 23, 2026 was $22.05. Our model-based fair value is $46.32, about +110% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Ferrellgas Partners L.P right now?
The model range is unusually wide ($17.29 to $87.44). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid quality (50/100) at a price below fair value, the discount is the argument here, not the business quality.
Where does the earnings growth of Ferrellgas Partners L.P (FGPR) come from?
Earnings per share at Ferrellgas Partners L.P grew +1.6 % a year from 2014 to 2025. Broken into its drivers: revenue per share −3.3 %, EBIT margin +6.9 %, tax rate +0.2 %, residual (interest, one-offs) −1.8 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.

Key figures of Ferrellgas Partners L.P

How large is the market capitalisation of Ferrellgas Partners L.P (FGPR)?
The market capitalisation of Ferrellgas Partners L.P is $267M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Ferrellgas Partners L.P (FGPR)?
The price-to-sales ratio of Ferrellgas Partners L.P is 0.14 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Ferrellgas Partners L.P (FGPR)?
Earnings per share at Ferrellgas Partners L.P are $−17.57. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Ferrellgas Partners L.P (FGPR)?
The net margin of Ferrellgas Partners L.P is −0.8% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the EBIT return on assets of Ferrellgas Partners L.P (FGPR)?
On an EBIT basis the return on assets of Ferrellgas Partners L.P is 14.5% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Ferrellgas Partners L.P (FGPR)?
The operating margin of Ferrellgas Partners L.P is 11.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Ferrellgas Partners L.P (FGPR)?
Revenue at Ferrellgas Partners L.P is growing −6.5% versus a year earlier (3y avg −2.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Ferrellgas Partners L.P (FGPR)?
Earnings per share at Ferrellgas Partners L.P are growing +4.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Ferrellgas Partners L.P (FGPR) generate?
The free cash flow of Ferrellgas Partners L.P is $56.3M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Ferrellgas Partners L.P (FGPR) carry?
The net debt of Ferrellgas Partners L.P is $1.4B (fiscal year 2025, ≈ 25.0 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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