Suburban Propane Partners LP (SPH) Fair Value & Analysis
Utilities · US · Market cap $1.1B · ISIN US8644821048
What is Suburban Propane Partners LP really worth?
Suburban Propane Partners LP
SPH · US
A solid business, but trading 14% above our fair value of $15.41.
Strengths
Risks
For context
Fair value as of: Aug 13, 2026
From 24 valuation models · updated 22 days ago
Fair value updated Aug 13, 2026, revised from $15.79 to $15.41 (−2.4%) since Jul 18, 2026. Share price −3.9% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- Solid but not exceptional quality (53/100) and above fair value, neither a clear bargain nor a standout compounder.
- A fairly wide model range ($10.84 to $23.63) leaves room in how you read the outcome.
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 $17.52 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.
Analysis
Suburban Propane Partners LP (SPH) currently trades at $17.52, while our model-based Fair Value estimate is $15.41, implying the stock looks roughly 13.7% 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 $17.52 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
Our scenario range runs from $10.84 (bear case) to $23.63 (bull case); at $17.52, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 15% below its 52-week high and 7% 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
This estimate rests on fiscal year 2025 figures, and about 11 months have passed since. In that time the company retained roughly $0.6148 per share, which is 4.0 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 24 models by family
Widest divergence: Multiples ($23.75) versus Growth DCF ($1.31). Highest evidence: FCF DCF (77).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 48 · Market factors (momentum, volatility) 49
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.
of which total revenue −0.5 % · buybacks/dilution −0.7 %
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).
SPH screens 14% overvalued. Compare with Naturgy Energy Group →
Earlier news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- SPH vs. UGI: Which Propane Stock Has More Fuel for Growth?
- Can Counter-Seasonal Growth Ease SPH's Weather Dependence?
- Did Mixed Q3 Loss and Strong Nine-Month Earnings Just Shift Suburban Propane Partners' (SPH) Investment Narrative?
- 3 Reasons Suburban Propane Is a Buy Despite Wider Q3 Loss
Peer Group
Utilities - Regulated Gas · 105 stocks
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 Multiples vs Utilities - Regulated Gas median · lower = cheaper
Strength profile in five axes (Snowflake)
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.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Utilities - Regulated Gas stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Naturgy Energy Group NTGY | €29.60 | €31.58 | +7% |
| Atmos Energy Corporation ATO | $166.65 | $85.67 | −49% |
| NiSource Inc NI | $40.96 | $28.59 | −30% |
| Uniper SE UN0 | €47.45 | €48.32 | +2% |
| The Hong Kong and China Gas Company 0003 | HK$7.31 | HK$4.79 | −34% |
| GAIL (India) Limited GAIL | ₹171.10 | ₹130.21 | −24% |
| Italgas S.p.A IG | €8.67 | €8.63 | −1% |
| Adani Total Gas Limited ATGL | ₹654.05 | ₹101.36 | −85% |
| ENN Natural Gas Co 600803 | ¥17.51 | ¥25.71 | +47% |
| UGI Corporation UGI | $38.01 | $26.72 | −30% |
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