Suburban Propane Partners LP (SPH) fair value: what the stock is really worth
We calculate from audited financials what Suburban Propane Partners LP is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily, free.
Compare price with fair valuebelow fair value = cheap, above = expensive
Check the quality50 and up solid, 75 and up strong
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Utilities · US · Market cap $1.1B · ISIN US8644821048
At a glance
SPSuburban Propane Partners LPSPH · US
Price$17.42
Fair Value$15.41
Upside−11.5%
Quality53/100
A solid business, but trading 13% above our fair value of $15.41.
As of Aug 13, 2026, the fair value of Suburban Propane Partners LP is $15.41 per share against a price of $17.42, so the fair value sits 12% below the price. A model estimate from reported figures, not an analyst target.
✓Healthy Growth (revenue 5y +5.3 %/yr)
!Thin margins · 9.6% net margin
!High debt · generates free cash flow
·7.46% dividend yield
✓Ranks above peers (10/15)
!Moderate moat 64/100
!Weak on valuation: 18 out of 100
Evidence: HighRange $10.84 to $23.63
Fair value as of: Aug 13, 2026
From 24 valuation models · updated 27 days ago
Fair value updated Aug 13, 2026, revised from $15.79 to $15.41 (−2.4%) since Jul 18, 2026. Share price −0.5% over the past month.
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What matters now
A fairly wide model range ($10.84 to $23.63) leaves room in how you read the outcome.
The price sits in the upper half of our model range, so the margin of safety is thin.
The data supports the verdict: every model runs on fully documented inputs.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.
How to read this chart
60‑month range $10.07 – $20.44 · fair‑value band $10.84 – $23.63 · the $17.42 price screens above the $15.41 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.
Suburban Propane Partners LP (SPH) currently trades at $17.42, while our model-based Fair Value estimate is $15.41, implying the stock looks roughly 13.0% overvalued today. The Quality Score stands at 53/100 (solid quality), in the Utilities sector. Bull case: the Multiples group reads highest at a median of $23.75 per share, and 7 of the 24 models we run sit above the $17.42 price. Bear case: the Asset-Based group reads lowest at $6.04, and 17 of the 24 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Suburban Propane Partners LP generated revenue of $1.4B at a net margin of 9.6%. Revenue declined 6.2% year over year. It earns a return on equity of 18.8%. Net debt stands at $1.3B. Fundamentals as of Aug 13, 2026
Scenario range: $10.84 (bear) to $23.63 (bull), the price of $17.42 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target. The share trades about 15% below its 52-week high and 6% above its 52-week low, currently below its 200-day average. For context, the median of 10 Utilities peers we cover trades at −24% fair-value upside, at −12%, SPH screens cheaper than that median.
Fair Value models
Based on fiscal year 2025 figures (about 11 months old). Earnings retained since then ($0.6238 per share) are deliberately not added.
Each model values the company its own way; the fair value above is the evidence-weighted blend. Evidence (0 to 100) shows how complete a model's inputs are. How we calculate →
ModelBear ⓘ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
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Key figures & financial health
P/E ratio8.9
P/S ratio0.66P/E × margin
EPS (TTM)$1.96price ÷ EPS = P/E 8.9
Dividend yield7.5%payout 66.3%
Net margin7.4%FY2025
Return on equity18.8%TTM
More key figures
Profitability
Return on assets (EBIT)9.2%avg 5y
Operating margin28.6%TTM
Growth
Revenue (TTM)$1.4BTTM
Revenue growth (YoY)−6.2%3y avg −1.6%
EPS growth (YoY)−1.9%
Balance sheet & cash flow
Free cash flow$114MFY2025
Net debt$1.3BFY2025 · ≈ 11.6 yrs of FCF
Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Overall quality53/100
Of which business quality 48
· Market factors (momentum, volatility) 49
Profitability42
Margins and returns on capital today
Quality Growth49
Are margins and returns improving?
Cashflow56
Earnings quality: real cash, not paper profit
Fin. Strength12
Balance sheet, leverage, solvency risk
Investment79
Disciplined investing over empire-building
Low Volatility93
Calm price path (market factor)
Momentum31
Price trend over the last 3–12 months (market factor)
52W Momentum29
Distance to the 52-week high (market factor)
Net Issuance72
Buybacks instead of dilution
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Suburban Propane Partners, L.P., through its subsidiaries, engages in the retail marketing and distribution of propane, renewable propane, renewable natural gas, fuel oil, and refined fuels in the United States. It operates through four segments: Propane, Fuel Oil and Refined Fuels, Natural Gas and Electricity, and All Other.
Full company description
Suburban Propane Partners, L.P., through its subsidiaries, engages in the retail marketing and distribution of propane, renewable propane, renewable natural gas, fuel oil, and refined fuels in the United States. It operates through four segments: Propane, Fuel Oil and Refined Fuels, Natural Gas and Electricity, and All Other. The Propane segment is involved in the retail distribution of propane for space heating, water heating, cooking, and clothes drying for use as a motor fuel in internal combustion engines to power over-the-road vehicles, forklifts, and stationary engines, as well as to fire furnaces as a cutting gas to the industrial customers; and for tobacco curing, crop drying, poultry brooding, and weed control in the agricultural markets. It also engages in the wholesale distribution of propane to industrial end users. Its Fuel Oil and Refined Fuels segment engages in the retail distribution of fuel oil, diesel, kerosene, and gasoline to residential and commercial customers for use in primarily as a source of heat in homes and buildings. The Natural Gas and Electricity segment markets natural gas and electricity to residential and commercial customers in the deregulated energy markets. Its All Other segment sells, installs, and services a range of home comfort equipment, including whole-house heating products, air cleaners, humidifiers, and space heaters. The company serves residential, commercial, industrial, and agricultural customers. Suburban Propane Partners, L.P. was founded in 1945 and is based in Whippany, New Jersey.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Suburban Propane Partners LP reported revenue of $1.4B in FY2025 versus $1.3B in FY2021, a compound +2.7%/yr. Reported net income was $107M in FY2025, compounding −3.5%/yr from FY2021.
Growth Quality 70/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
$1.4B
Latest YoY
+7.9%
Avg. revenue growth/yr (3Y) ⓘ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.
−1.6%
Avg. revenue growth/yr (5Y) ⓘ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.
+5.3%
Avg. revenue growth/yr (34Y) ⓘ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.
+2.3%
Value creation/yr (5Y) ⓘEarnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+15.6%
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share+8.1%
Dividend yield7.5%
Trend ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.5Y 8.1% vs 10Y 1.6%, picking up
Operating margin (EBIT) ⓘ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.12.7% (2020) → 14.4% (2025) · rising
Worst earnings drop99% (2012) · in USD
⚠ Revenue per share shrinking 2.8%/yr over ~10Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Revenue+2.7%/yr
FY21$1.3B
FY22$1.5B
FY23$1.4B
FY24$1.3B
FY25$1.4B
Net income−3.5%/yr
FY21$123M
FY22$140M
FY23$124M
FY24$74.2M
FY25$107M
Character of growth · EPS growth decomposed (2014-2025)+4.4 % p.a.
Revenue per share−1.3 %
of which total revenue −0.5 % · buybacks/dilution −0.7 %
EBIT margin+3.3 %
Tax rate+0.0 %
Residual (interest, one-offs)+2.4 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
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.
Valuation
Quality Score53 · Above median
Fair Value upside−12% · Below median
Profitability
Return on equity (TTM)19% · Top 25%
Return on assets6% · Top 25%
Net margin (TTM)10% · Above median
Operating margin (TTM)29% · Top 25%
Growth and dividend
Revenue growth−6% · Below median
Dividend yield (TTM)7.5% · Top 25%
Balance sheet
Debt / equity2.02× · Highest 25%
Valuation Multiples vs Utilities - Regulated Gas median · lower = cheaper
P/E (TTM)8.9× · Cheapest 25%
P/B1.88× · Pricier than median
P/S (TTM)0.81× · Cheaper than median
P/FCF9.9× · Priciest 25%
EV/EBITDA8.2× · Cheaper than median
PEG1.21× · Cheapest 25%
What the price implies (reverse DCF)
The inverse question: what free-cash-flow growth must Suburban Propane Partners LP deliver for ten years so that today's price is fair in our DCF model? Same formula, same discount rate as the fair value.
Implied FCF growth, 10 years+14.2 % per year
Achieved revenue growth, 5 years+5.3 % p.a.
Sector median revenue growth+0.7 %
FCF yield on price10.00 %
Discount rate (WACC) in the models9.8 %
The price demands an acceleration versus past growth: a high bar the company still has to clear. Ranking of the largest stocks →
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
This stockSector peers
VALUE18· sector 27
FUTURE0· sector 0
PAST75· sector 35
HEALTH0· sector 85
DIVIDEND100· sector 73
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
None of the checked exposures detected
Similar stocks
10 more Utilities - Regulated Gas stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).
Is Suburban Propane Partners LP (SPH) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of $15.41 versus a price of $17.42, about −12% upside (overvalued).
What is the fair value of SPH?
Our model-based fair value for Suburban Propane Partners LP is $15.41 (as of Aug 13, 2026), built from audited fundamentals. The current price: $17.42.
What is the quality score of SPH?
Suburban Propane Partners LP has a Quality Score of 53/100. 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 Suburban Propane Partners LP (SPH)?
Our model-based price target is the fair value of $15.41 (as of Aug 13, 2026) from 24 valuation models. Cautious scenario $10.84, optimistic scenario $23.63. It is a calculation from audited fundamentals, not an analyst target.
What is the Suburban Propane Partners LP stock forecast for 2026?
Our models put fair value at $15.41, about −12% upside versus a price of $17.42 (overvalued). Cautious scenario $10.84, optimistic scenario $23.63. The calculation is refreshed regularly with new filings.
What is the revenue of Suburban Propane Partners LP (SPH)?
Suburban Propane Partners LP reported trailing-twelve-month revenue of about $1.4B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of SPH?
The net profit margin of Suburban Propane Partners LP is about 9.6%, meaning it keeps roughly 9.6% of revenue as net income. Based on the latest reported figures.
Does Suburban Propane Partners LP pay a dividend?
Suburban Propane Partners LP currently shows a dividend yield of about 7.46% relative to its recent price (as of Aug 13, 2026).
What growth is priced into Suburban Propane Partners LP (SPH)?
For today's price to be fair in a discounted-cash-flow model, Suburban Propane Partners LP would have to grow free cash flow by +14.2 % per year for ten years (discount rate 9.8 %, then 2 % perpetual growth). Over the last 5 years revenue grew +5.3 % per year. As of Aug 13, 2026.
What discount rate (WACC) does the fair value of SPH use?
Our models discount Suburban Propane Partners LP at 9.8 %: a base by market capitalisation (small), damped by beta 0.36, country premium for USA. The same rate applies in all 26 models.
What is the intrinsic value of Suburban Propane Partners LP (SPH)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Suburban Propane Partners LP it is $15.41 per share (as of Aug 13, 2026), against a price of $17.42. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Suburban Propane Partners LP stock overvalued or undervalued in 2026?
As of Aug 13, 2026, SPH trades above its calculated fair value: price $17.42, fair value $15.41, a gap of about −12% (overvalued). 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 SPH?
No. The price is what the market pays today ($17.42); the fair value is what the company's own numbers justify ($15.41). For Suburban Propane Partners LP the two are $2.01 per share apart. That gap is exactly why we show both numbers side by side.
How much is Suburban Propane Partners LP worth?
The market values Suburban Propane Partners LP at about $1.1B (market capitalisation, as of Aug 13, 2026). Per share that is $17.42; our models calculate a fair value of $15.41 per share.
What do the bullish and bearish scenarios say about SPH?
Our models span a range for Suburban Propane Partners LP: cautious scenario $10.84, base $15.41, optimistic $23.63 per share (as of Aug 13, 2026, price $17.42). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of SPH?
Suburban Propane Partners LP trades at a price-to-earnings ratio of 8.9 (as of Aug 13, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $15.41 is built from several models across several years. Other multiples: PEG 1.2, P/B 1.9, P/S 0.8, EV/EBITDA 8.2.
What is the PEG ratio of SPH?
The PEG ratio of Suburban Propane Partners LP is 1.21 (P/E divided by earnings growth, as of Aug 13, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Suburban Propane Partners LP (SPH)?
Balance-sheet figures for Suburban Propane Partners LP (as of Aug 13, 2026): return on equity 18.8%, debt of 2.02 per unit of equity. They feed the Quality Score of 53/100, which measures business quality independently of the share price.
How far is SPH from its 52-week high?
Suburban Propane Partners LP trades at $17.42, about 15% below its 52-week high of $20.53 and 6% above the low of $16.45 (as of Aug 13, 2026). Distance from the high says nothing about value: that is what the fair value of $15.41 is for.
Which stocks are comparable to Suburban Propane Partners LP?
From the same area (Utilities) we also value Naturgy Energy Group, Atmos Energy Corporation, NiSource Inc, Uniper SE, 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 Suburban Propane Partners LP stock attractive at the current price?
The data as of Aug 13, 2026: price $17.42, calculated fair value $15.41 (−12%), Quality Score 53/100, from 24 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 SPH calculated?
We run Suburban Propane Partners LP through 24 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 $15.41, with the spread shown as a cautious and an optimistic scenario.
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Suburban Propane Partners LP
SPH · US