Suburban Propane Partners, L.P. (SPH) Balance Sheet
SPH balance sheet, FY2025
September 30, 2025 · U.S. dollars$2.30B assets = $1.70B liabilities + $598.6M equity
Both columns are drawn to the same scale: what SPH owns equals what it owes plus shareholders’ equity. Hover a block for its value.
SPH financial health
Descriptive bands, not a rating. Fiscal FY2025.
SPH balance sheet trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $2.30BFY2016 | $2.30BFY2025 | +0.0%/yr | |
| Total liabilities | $1.59BFY2016 | $1.70BFY2025 | +0.7%/yr | |
| Shareholders’ equity | $708.2MFY2016 | $598.6MFY2025 | −1.9%/yr | |
| Cash & short-term investments | $37.3MFY2016 | $3.7MFY2025 | −22.6%/yr | |
| Total debt | $1.29BFY2016 | $1.33BFY2025 | +0.4%/yr | |
| Net cash (debt) | −$1.25BFY2016 | −$1.33BFY2025 | −$75.9M | |
| Working capital | −$57.8MFY2016 | −$136.5MFY2025 | −$78.8M | |
| Book value per share | $11.58FY2016 | $9.13FY2025 | −2.6%/yr | |
| Current ratio | 0.72FY2016 | 0.55FY2025 | −0.17 | |
| Debt / equity | 1.82FY2016 | 2.22FY2025 | +0.40 | |
| Shares outstanding | 61.2MFY2016 | 65.6MFY2025 | +0.8%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
SPH assets
SPH liabilities and equity
SPH debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
SPH balance sheet
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $3.7M | $3.2M | $3.5M | $4.1M | $5.8M | $3.1M | $2.4M | $5.2M | $2.8M | $37.3M |
| Cash & equivalents | $3.7M | $3.2M | $3.5M | $4.1M | $5.8M | $3.1M | $2.4M | $5.2M | $2.8M | $37.3M |
| Short-term investments | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Receivables | $69.5M | $66.4M | $67.7M | $78.5M | $71.4M | $55.4M | $59.3M | $71.3M | $65.7M | $53.8M |
| Inventory | $73.7M | $55.4M | $61.8M | $66.9M | $61.8M | $46.9M | $45.0M | $59.1M | $53.2M | $45.4M |
| Other current assets | $19.4M | $32.5M | $31.0M | $25.3M | $41.1M | $10.5M | $16.6M | $22.2M | $17.8M | $10.8M |
| Total current assets | $166.3M | $157.5M | $164.0M | $174.9M | $180.1M | $116.0M | $123.4M | $157.8M | $139.5M | $147.3M |
| Property, plant & equipment (net) | $810.3M | $794.2M | $789.0M | $700.4M | $699.1M | $717.0M | $627.2M | $649.2M | $692.6M | $742.1M |
| Goodwill & intangible assets | $1.24B | $1.23B | $1.23B | $1.15B | $1.15B | $1.19B | $1.23B | $1.27B | $1.31B | $1.37B |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $77.1M | $95.2M | $88.2M | $75.1M | $26.2M | $26.3M | $21.2M | $25.6M | $24.7M | $35.6M |
| Total assets | $2.30B | $2.27B | $2.27B | $2.10B | $2.05B | $2.05B | $2.00B | $2.10B | $2.17B | $2.30B |
| Liabilities | ||||||||||
| Accounts payable | $45.0M | $41.1M | $40.0M | $35.2M | $39.2M | $32.0M | $34.1M | $38.3M | $38.7M | $32.3M |
| Short-term debt | $34.3M | $35.6M | $33.6M | $32.1M | $30.9M | $26.4M | $64.5M | $61.4M | $54.7M | $49.4M |
| Deferred revenue | $121.7M | $126.6M | $127.3M | $127.6M | $111.7M | $104.4M | $97.9M | $95.5M | $97.0M | $106.2M |
| Total current liabilities | $302.8M | $306.1M | $307.8M | $306.6M | $287.1M | $244.5M | $216.1M | $219.0M | $210.4M | $205.1M |
| Long-term debt | $1.21B | $1.21B | $1.19B | $1.08B | $1.12B | $1.21B | $1.23B | $1.26B | $1.27B | $1.24B |
| Lease obligations | $118.0M | $139.4M | $142.1M | $135.8M | $129.4M | $119.1M | — | — | — | — |
| Other long-term liabilities | $183.1M | $209.3M | $228.1M | $222.2M | $221.1M | $230.2M | $131.3M | $133.2M | $135.8M | $144.5M |
| Total liabilities | $1.70B | $1.73B | $1.72B | $1.61B | $1.63B | $1.68B | $1.57B | $1.61B | $1.62B | $1.59B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $604.1M | $553.2M | $557.0M | $510.1M | $443.0M | $388.2M | $450.0M | $518.5M | $581.8M | $754.1M |
| Retained earnings (deficit) | — | — | — | $139.7M | — | — | — | $0 | $0 | $0 |
| Treasury stock | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Accumulated other comprehensive income | −$5.5M | −$6.1M | −$10.7M | −$12.6M | −$17.6M | −$25.8M | −$26.2M | −$24.7M | −$28.8M | −$45.8M |
| Minority interest | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Total shareholders' equity | $598.6M | $547.1M | $546.4M | $497.5M | $425.4M | $362.4M | $423.8M | $493.8M | $553.0M | $708.2M |
| Key figures | ||||||||||
| Total debt | $1.33B | $1.35B | $1.33B | $1.21B | $1.25B | $1.33B | $1.29B | $1.32B | $1.33B | $1.29B |
| Net cash (debt) | −$1.33B | −$1.35B | −$1.33B | −$1.21B | −$1.24B | −$1.33B | −$1.29B | −$1.31B | −$1.32B | −$1.25B |
| Working capital | −$136.5M | −$148.6M | −$143.8M | −$131.8M | −$107.0M | −$128.6M | −$92.7M | −$61.3M | −$70.9M | −$57.8M |
| Tangible book value | −$644.0M | −$678.7M | −$683.0M | −$655.9M | −$720.9M | −$825.5M | −$802.7M | −$774.8M | −$761.5M | −$662.7M |
| Book value per share | $9.13 | $8.44 | $8.48 | $7.77 | $6.72 | $5.78 | $6.80 | $7.98 | $8.99 | $11.58 |
| Shares outstanding | 65.6M | 64.8M | 64.4M | 64.0M | 63.3M | 62.7M | 62.4M | 61.8M | 61.5M | 61.2M |
| Current ratio | 0.55 | 0.51 | 0.53 | 0.57 | 0.63 | 0.47 | 0.57 | 0.72 | 0.66 | 0.72 |
| Quick ratio | 0.24 | 0.23 | 0.23 | 0.27 | 0.27 | 0.24 | 0.29 | 0.35 | 0.33 | 0.44 |
| Debt / equity | 2.22 | 2.47 | 2.43 | 2.44 | 2.93 | 3.67 | 3.05 | 2.67 | 2.40 | 1.82 |
| Equity / assets | 26.1% | 24.1% | 24.1% | 23.6% | 20.7% | 17.7% | 21.2% | 23.5% | 25.5% | 30.8% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $5.0M | $4.3M | $3.5M | $3.7M | $4.6M | $9.3M | $4.4M | $3.2M | $4.9M | $4.4M | $6.3M | $3.5M |
| Cash & equivalents | $5.0M | $4.3M | $3.5M | $3.7M | $4.6M | $9.3M | $4.4M | $3.2M | $4.9M | $4.4M | $6.3M | $3.5M |
| Receivables | $84.7M | $148.1M | $129.3M | $69.5M | $79.9M | $150.5M | $125.1M | $66.4M | $73.8M | $123.0M | $118.7M | $67.7M |
| Inventory | $65.9M | $63.5M | $69.3M | $73.7M | $60.4M | $58.3M | $60.6M | $55.4M | $51.3M | $58.0M | $61.0M | $61.8M |
| Other current assets | $38.3M | $51.5M | $33.9M | $19.4M | $30.2M | $32.0M | $39.9M | $32.5M | $34.7M | $40.7M | $35.7M | $31.0M |
| Total current assets | $194.0M | $267.5M | $236.0M | $166.3M | $175.2M | $250.1M | $230.0M | $157.5M | $164.7M | $226.1M | $221.6M | $164.0M |
| Property, plant & equipment (net) | $827.2M | $823.9M | $824.6M | $810.3M | $813.1M | $822.4M | $824.6M | $794.2M | $794.8M | $792.2M | $781.5M | $789.0M |
| Goodwill & intangible assets | $1.25B | $1.25B | $1.26B | $1.24B | $1.25B | $1.25B | $1.25B | $1.23B | $1.23B | $1.22B | $1.23B | $1.23B |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $85.8M | $82.7M | $79.4M | $77.1M | $80.7M | $78.7M | $77.6M | $95.2M | $95.4M | $95.8M | $90.0M | $88.2M |
| Total assets | $2.36B | $2.43B | $2.40B | $2.30B | $2.31B | $2.40B | $2.38B | $2.27B | $2.28B | $2.34B | $2.32B | $2.27B |
| Liabilities | ||||||||||||
| Accounts payable | $37.2M | $44.9M | $47.9M | $45.0M | $26.9M | $39.3M | $86.3M | $41.1M | $26.5M | $52.4M | $72.2M | $40.0M |
| Short-term debt | $29.9M | $31.0M | $32.8M | $34.3M | $35.1M | $35.7M | $36.3M | $35.6M | $35.5M | $35.1M | $33.5M | $33.6M |
| Deferred revenue | $90.9M | $63.4M | $104.7M | $121.7M | $90.4M | $64.3M | $111.5M | $126.6M | $96.8M | $72.7M | $112.2M | $127.3M |
| Total current liabilities | $247.9M | $247.8M | $272.6M | $302.8M | $250.6M | $235.7M | $329.4M | $306.1M | $252.4M | $257.2M | $309.6M | $307.8M |
| Long-term debt | $1.22B | $1.26B | $1.32B | $1.21B | $1.23B | $1.29B | $1.30B | $1.21B | $1.20B | $1.21B | $1.24B | $1.19B |
| Lease obligations | $103.8M | $105.5M | $112.4M | $118.0M | $122.7M | $129.4M | $137.9M | $139.4M | $144.6M | $147.6M | $137.3M | $142.1M |
| Other long-term liabilities | $171.3M | $175.9M | $174.4M | $183.1M | $192.5M | $198.9M | $207.3M | $209.3M | $221.4M | $225.4M | $216.4M | $228.1M |
| Total liabilities | $1.64B | $1.68B | $1.77B | $1.70B | $1.67B | $1.73B | $1.84B | $1.73B | $1.68B | $1.69B | $1.77B | $1.72B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $718.8M | $749.6M | $631.8M | $604.1M | $652.2M | $678.2M | $551.4M | $553.2M | $616.8M | $653.0M | $560.4M | $557.0M |
| Accumulated other comprehensive income | −$5.8M | −$5.7M | −$5.6M | −$5.5M | −$6.0M | −$6.4M | −$6.3M | −$6.1M | −$9.6M | −$10.3M | −$10.5M | −$10.7M |
| Total shareholders' equity | $713.0M | $743.9M | $626.2M | $598.6M | $646.1M | $671.8M | $545.1M | $547.1M | $607.2M | $642.7M | $549.9M | $546.4M |
| Key figures | ||||||||||||
| Total debt | $1.33B | $1.36B | $1.51B | $1.33B | $1.35B | $1.42B | $1.44B | $1.35B | $1.35B | $1.36B | $1.38B | $1.33B |
| Net cash (debt) | −$1.32B | −$1.36B | −$1.51B | −$1.33B | −$1.34B | −$1.41B | −$1.44B | −$1.35B | −$1.34B | −$1.36B | −$1.37B | −$1.33B |
| Working capital | −$53.9M | $19.7M | −$36.6M | −$136.5M | −$75.4M | $14.4M | −$99.4M | −$148.6M | −$87.6M | −$31.1M | −$87.9M | −$143.8M |
| Tangible book value | −$536.2M | −$508.6M | −$629.5M | −$644.0M | −$599.5M | −$576.9M | −$707.3M | −$678.7M | −$621.4M | −$580.8M | −$676.6M | −$683.0M |
| Book value per share | $10.72 | $11.12 | $9.42 | $9.09 | $9.88 | $10.29 | $8.42 | $8.44 | $9.43 | $9.91 | $8.54 | $8.55 |
| Shares outstanding | 66.5M | 66.9M | 66.5M | 65.8M | 65.4M | 65.3M | 64.8M | 64.8M | 64.4M | 64.8M | 64.4M | 63.9M |
| Current ratio | 0.78 | 1.08 | 0.87 | 0.55 | 0.70 | 1.06 | 0.70 | 0.51 | 0.65 | 0.88 | 0.72 | 0.53 |
| Quick ratio | 0.36 | 0.62 | 0.49 | 0.24 | 0.34 | 0.68 | 0.39 | 0.23 | 0.31 | 0.50 | 0.40 | 0.23 |
| Debt / equity | 1.86 | 1.83 | 2.42 | 2.22 | 2.09 | 2.12 | 2.64 | 2.47 | 2.22 | 2.12 | 2.51 | 2.43 |
| Equity / assets | 30.3% | 30.7% | 26.1% | 26.1% | 27.9% | 28.0% | 22.9% | 24.1% | 26.6% | 27.5% | 23.7% | 24.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed November 26, 2025); data from EODHD.
SPH financial position
At the end of fiscal 2025 (September 30, 2025), Suburban Propane Partners had total assets of $2.3 billion (up 1.0% from a year earlier), total liabilities of $1.7 billion and shareholders' equity of $598.6 million. It held $3.7 million in cash and short-term investments against $1.3 billion of debt, net debt of $1.3 billion. Its current ratio was 0.55. In the latest quarter (ended June 30, 2026) total assets were $2.4 billion and equity $713.0 million.
Related: SPH income statement, SPH cash flow statement, SPH key metrics. See the SPH stock overview for the latest quote and news.
SPH balance sheet FAQ
What are Suburban Propane Partners's total assets?
Suburban Propane Partners reported total assets of $2.3 billion at the end of fiscal 2025 (September 30, 2025), compared with $2.3 billion a year earlier.
How much debt does Suburban Propane Partners have?
Suburban Propane Partners had $1.3 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 2.22.
How much cash does Suburban Propane Partners have?
Suburban Propane Partners held $3.7 million in cash and short-term investments at the end of fiscal 2025; with $1.3 billion of debt that is net debt of $1.3 billion.
What is Suburban Propane Partners's book value?
Suburban Propane Partners's shareholders' equity (book value) was $598.6 million at the end of fiscal 2025, or $9.13 per share.
What is Suburban Propane Partners's current ratio?
Suburban Propane Partners had current assets of $166.3 million and current liabilities of $302.8 million, a current ratio of 0.55 (current liabilities exceed current assets).
How much goodwill does Suburban Propane Partners have?
Suburban Propane Partners carried $1.2 billion of goodwill and intangible assets, 54.1% of total assets, at the end of fiscal 2025.