Suburban Propane Partners, L.P. (SPH) Key Metrics
SPH valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $1.17B
- Enterprise value
- $2.44B
- P/E (TTM)
- 9.1 10-yr median 16.2
- Forward P/E
- 16.6
- PEG ratio
- 1.21
- Price / sales
- 0.8 10-yr median 0.9
- Price / book
- 1.6 10-yr median 2.6
- EV / EBITDA
- 8.9 10-yr median 9.9
- Dividend yield
- 7.44% $1.30 a year
- Beta
- 0.39
SPH key metrics, FY2016–FY2025
Fiscal year ended September 30, 2025 · U.S. dollarsSPH valuation Price multiples at each fiscal year-end price.
SPH returns How much profit the business earns on the capital it uses.
SPH per-share figures Results divided by the shares outstanding at year-end.
SPH financial health Debt, liquidity and how easily interest is covered.
SPH efficiency & capital use Working capital cycle and where the cash goes.
SPH valuation history
SPH returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
SPH debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
SPH cash returned to shareholders
SPH price vs earnings per share
SPH key metrics
FY2016–FY2025| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $1.22B | $1.16B | $1.03B | $963.5M | $971.9M | $1.02B | $1.47B | $1.46B | $1.61B | $2.04B |
| Enterprise value | $2.55B | $2.51B | $2.36B | $2.17B | $2.21B | $2.35B | $2.76B | $2.77B | $2.93B | $3.29B |
| P/E ratio | 11.5 | 15.7 | 8.4 | 6.9 | 7.9 | 16.8 | 21.5 | 19.0 | 42.3 | 141.1 |
| Price / sales | 0.9 | 0.9 | 0.7 | 0.6 | 0.8 | 0.9 | 1.2 | 1.1 | 1.4 | 1.9 |
| Price / book | 2.0 | 2.1 | 1.9 | 1.9 | 2.3 | 2.8 | 3.5 | 2.9 | 2.9 | 2.9 |
| Price / free cash flow | 10.7 | 11.5 | 5.7 | 5.5 | 4.9 | 5.8 | 7.7 | 8.3 | 12.1 | 17.2 |
| Price / operating cash flow | 6.6 | 7.2 | 4.6 | 4.4 | 4.3 | 4.9 | 6.5 | 6.9 | 10.0 | 13.0 |
| EV / sales | 1.8 | 1.9 | 1.7 | 1.4 | 1.7 | 2.1 | 2.2 | 2.1 | 2.5 | 3.1 |
| EV / EBITDA | 9.9 | 11.6 | 9.1 | 8.4 | 7.5 | 9.1 | 10.2 | 9.8 | 12.1 | 15.0 |
| EV / free cash flow | 22.3 | 24.8 | 13.1 | 12.3 | 11.3 | 13.3 | 14.4 | 15.8 | 22.2 | 27.7 |
| Earnings yield | 8.7% | 6.4% | 12.0% | 14.5% | 12.6% | 5.9% | 4.7% | 5.3% | 2.4% | 0.7% |
| Free cash flow yield | 9.3% | 8.7% | 17.4% | 18.3% | 20.2% | 17.3% | 13.0% | 12.1% | 8.2% | 5.8% |
| Dividend yield | 6.9% | 7.1% | 8.0% | 8.5% | 7.9% | 12.8% | 10.0% | 10.1% | 13.5% | 10.6% |
| Shareholder yield (dividends + buybacks) | 6.9% | 7.1% | 8.0% | 8.5% | 7.9% | 12.8% | 10.0% | 10.1% | 13.5% | 10.6% |
| Share price at fiscal year-end | $18.65 | $17.94 | $16.05 | $15.05 | $15.35 | $16.28 | $23.63 | $23.53 | $26.09 | $33.30 |
| Per share | ||||||||||
| Revenue per share | $21.84 | $20.47 | $22.18 | $23.45 | $20.36 | $17.66 | $20.33 | $21.74 | $19.30 | $17.10 |
| Earnings per share | $1.62 | $1.14 | $1.92 | $2.18 | $1.94 | $0.97 | $1.10 | $1.24 | $0.62 | $0.24 |
| Operating cash flow per share | $2.84 | $2.48 | $3.50 | $3.45 | $3.58 | $3.34 | $3.64 | $3.40 | $2.61 | $2.57 |
| Free cash flow per share | $1.74 | $1.56 | $2.80 | $2.75 | $3.11 | $2.82 | $3.08 | $2.84 | $2.15 | $1.94 |
| Cash per share | $0.06 | $0.05 | $0.05 | $0.06 | $0.09 | $0.05 | $0.04 | $0.08 | $0.05 | $0.61 |
| Book value per share | $9.13 | $8.44 | $8.48 | $7.77 | $6.72 | $5.78 | $6.80 | $7.98 | $8.99 | $11.58 |
| Tangible book value per share | −$9.82 | −$10.47 | −$10.60 | −$10.25 | −$11.39 | −$13.16 | −$12.87 | −$12.53 | −$12.37 | −$10.83 |
| Dividends per share | $1.28 | $1.28 | $1.28 | $1.28 | $1.21 | $2.08 | $2.37 | $2.38 | $3.52 | $3.52 |
| Capex per share | $1.10 | $0.92 | $0.70 | $0.69 | $0.47 | $0.52 | $0.56 | $0.53 | $0.46 | $0.63 |
| Debt per share | $20.27 | $20.82 | $20.64 | $18.95 | $19.70 | $21.19 | $20.71 | $21.29 | $21.56 | $21.05 |
| Shares outstanding | 65.6M | 64.8M | 64.4M | 64.0M | 63.3M | 62.7M | 62.4M | 61.8M | 61.5M | 61.2M |
| Change in shares outstanding | +1.2% | +0.6% | +0.7% | +1.1% | +0.9% | +0.6% | +0.8% | +0.5% | +0.6% | +0.4% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 18.6% | 13.6% | 23.7% | 30.3% | 31.2% | 15.5% | 15.0% | 14.6% | 6.0% | 1.8% |
| Return on invested capital (ROIC) | 10.7% | 9.0% | 11.5% | 12.2% | 12.6% | 8.2% | 8.5% | 8.3% | 5.9% | 4.3% |
| Return on assets (ROA) | 4.7% | 3.3% | 5.7% | 6.7% | 6.0% | 3.0% | 3.3% | 3.6% | 1.7% | 0.6% |
| Return on tangible assets | 10.1% | 7.1% | 11.9% | 14.7% | 13.6% | 7.1% | 8.9% | 9.2% | 4.4% | 1.6% |
| Free cash flow margin | 8.0% | 7.6% | 12.6% | 11.7% | 15.3% | 16.0% | 15.1% | 13.1% | 11.1% | 11.3% |
| Income quality (OCF / net income) | 1.75 | 2.16 | 1.82 | 1.58 | 1.84 | 3.45 | 3.30 | 2.75 | 4.22 | 10.88 |
| Financial health | ||||||||||
| Total debt | $1.33B | $1.35B | $1.33B | $1.21B | $1.25B | $1.33B | $1.29B | $1.32B | $1.33B | $1.29B |
| Cash & short-term investments | $3.7M | $3.2M | $3.5M | $4.1M | $5.8M | $3.1M | $2.4M | $5.2M | $2.8M | $37.3M |
| Net debt | $1.33B | $1.35B | $1.33B | $1.21B | $1.24B | $1.33B | $1.29B | $1.31B | $1.32B | $1.25B |
| Debt / equity | 2.22 | 2.47 | 2.43 | 2.44 | 2.93 | 3.67 | 3.05 | 2.67 | 2.40 | 1.82 |
| Debt / assets | 0.58 | 0.59 | 0.59 | 0.58 | 0.61 | 0.65 | 0.65 | 0.63 | 0.61 | 0.56 |
| Net debt / EBITDA | 5.18 | 6.22 | 5.10 | 4.66 | 4.19 | 5.16 | 4.74 | 4.63 | 5.48 | 5.69 |
| Current ratio | 0.55 | 0.51 | 0.53 | 0.57 | 0.63 | 0.47 | 0.57 | 0.72 | 0.66 | 0.72 |
| Quick ratio | 0.31 | 0.33 | 0.33 | 0.35 | 0.41 | 0.28 | 0.36 | 0.45 | 0.41 | 0.50 |
| Interest coverage | 2.7 | 2.3 | 2.8 | 3.4 | 3.1 | 1.9 | 2.0 | 2.0 | 1.5 | 1.2 |
| Working capital | −$136.5M | −$148.6M | −$143.8M | −$131.8M | −$107.0M | −$128.6M | −$92.7M | −$61.3M | −$70.9M | −$57.8M |
| Invested capital | $1.92B | $1.89B | $1.87B | $1.71B | $1.67B | $1.69B | $1.71B | $1.81B | $1.88B | $1.96B |
| Tangible asset value | −$644.0M | −$678.7M | −$683.0M | −$655.9M | −$720.9M | −$825.5M | −$802.7M | −$774.8M | −$761.5M | −$662.7M |
| Net current asset value | −$1.53B | −$1.57B | −$1.56B | −$1.43B | −$1.45B | −$1.57B | −$1.45B | −$1.45B | −$1.48B | −$1.44B |
| Graham number | $18.27 | $14.74 | $19.14 | $19.53 | $17.12 | $11.22 | $12.97 | $14.91 | $11.17 | $7.84 |
| Graham net-net per share | −$24.47 | −$25.37 | −$25.43 | −$23.58 | −$24.26 | −$25.77 | −$24.13 | −$24.56 | −$25.02 | −$24.31 |
| Capital allocation | ||||||||||
| Dividends paid | $84.2M | $83.1M | $82.4M | $81.7M | $76.5M | $130.2M | $147.9M | $147.2M | $216.6M | $215.5M |
| Share buybacks (net) | $0 | — | — | — | — | — | — | $0 | $0 | $0 |
| Dividend payout ratio | 79.0% | 112.0% | 66.6% | 58.5% | 62.3% | 214.3% | 215.5% | 192.3% | 570.0% | — |
| Dividends + buybacks / free cash flow | 73.6% | 82.1% | 45.7% | 46.4% | 38.9% | 73.6% | 77.1% | 83.8% | 163.8% | 181.5% |
| Capex / revenue | 5.0% | 4.5% | 3.1% | 3.0% | 2.3% | 2.9% | 2.8% | 2.4% | 2.4% | 3.7% |
| Capex / operating cash flow | 38.6% | 37.0% | 20.0% | 20.1% | 13.2% | 15.5% | 15.4% | 15.6% | 17.6% | 24.4% |
| Capex / depreciation | 1.00 | 0.89 | 0.72 | 0.75 | 0.29 | 0.28 | 0.29 | 0.26 | 0.22 | 0.30 |
| Stock-based compensation / revenue | 0.5% | 0.6% | 0.9% | 0.7% | 0.8% | 0.8% | 0.8% | 0.9% | 0.6% | 0.7% |
| SG&A / revenue | 6.7% | 6.8% | 6.4% | 5.4% | 5.7% | 6.0% | 5.6% | 4.9% | 4.8% | 5.8% |
| Efficiency | ||||||||||
| Days sales outstanding | 17.3 | 18.4 | 18.7 | 18.2 | 18.0 | 18.9 | 18.8 | 18.6 | 18.4 | 19.8 |
| Days of inventory on hand | 20.9 | 41.0 | 22.0 | 33.0 | 40.9 | 43.8 | 36.4 | 34.6 | 37.7 | 46.9 |
| Days payables outstanding | 13.9 | 28.3 | 12.9 | 19.1 | 26.7 | 31.5 | 25.3 | 23.7 | 27.2 | 33.9 |
| Cash conversion cycle (days) | 24.3 | 31.1 | 27.8 | 32.2 | 32.1 | 31.2 | 29.9 | 29.5 | 28.9 | 32.9 |
| Receivables turnover | 21.08 | 19.79 | 19.55 | 20.03 | 20.33 | 19.30 | 19.41 | 19.63 | 19.88 | 18.40 |
| Payables turnover | 26.24 | 12.88 | 28.40 | 19.16 | 13.65 | 11.59 | 14.43 | 15.41 | 13.44 | 10.77 |
| Inventory turnover | 17.50 | 8.91 | 16.59 | 11.06 | 8.93 | 8.33 | 10.02 | 10.55 | 9.67 | 7.78 |
| Asset turnover | 0.63 | 0.58 | 0.65 | 0.72 | 0.63 | 0.55 | 0.62 | 0.63 | 0.53 | 0.44 |
| Average receivables | $68.0M | $67.1M | $73.1M | $75.0M | $63.4M | $57.4M | $65.3M | $68.5M | $59.7M | $56.9M |
| Average payables | $43.0M | $40.6M | $37.6M | $37.2M | $35.6M | $33.0M | $36.2M | $38.5M | $35.5M | $33.6M |
| Average inventory | $64.6M | $58.6M | $64.4M | $64.4M | $54.3M | $46.0M | $52.1M | $56.2M | $49.3M | $46.5M |
| Intangibles / total assets | 54.1% | 53.9% | 54.1% | 54.8% | 55.9% | 58.0% | 61.4% | 60.4% | 60.5% | 59.7% |
Computed from SPH's annual financial statements (latest annual report filed November 26, 2025) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
SPH valuation and financial ratios
At the end of fiscal 2025 (September 30, 2025), Suburban Propane Partners traded at 11.5 times earnings, against a 10-year median of 16.2. Based on the latest twelve months, the trailing P/E is 9.1 and the forward P/E is 16.6. Suburban Propane Partners earned a return on equity of 18.6% and a return on invested capital of 10.7% in fiscal 2025. It ended the year with $1.3 billion of debt and $3.7 million in cash and short-term investments, net debt of $1.3 billion. It returned $84.2 million to shareholders: $84.2 million in dividends and $0 in share buybacks, 74% of free cash flow. The share count rose 7.2% from 61.2M to 65.6M over 9 years.
See the SPH income statement, the SPH chart for price history, or the SPH stock overview for the latest quote and news.
SPH key metrics FAQ
What is Suburban Propane Partners's P/E ratio?
Suburban Propane Partners's trailing P/E ratio is 9.1 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 16.6. At the end of fiscal 2025 it was 11.5, compared with a 10-year median of 16.2.
What is Suburban Propane Partners's EV/EBITDA?
Suburban Propane Partners's enterprise value was 9.9 times EBITDA at the end of fiscal 2025 (enterprise value $2.5 billion, EBITDA $256.2 million); the current EV/EBITDA is 8.9.
What is Suburban Propane Partners's return on equity?
Suburban Propane Partners's return on equity (ROE) was 18.6% in fiscal 2025: net income of $106.6 million on average shareholders' equity of $572.8 million.
What is Suburban Propane Partners's ROIC?
Suburban Propane Partners's return on invested capital was 10.7% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Suburban Propane Partners have?
Suburban Propane Partners had total debt of $1.3 billion at the end of fiscal 2025, a debt-to-equity ratio of 2.22 and $1.3 billion of net debt (5.18 times EBITDA).
What is Suburban Propane Partners's dividend yield?
Suburban Propane Partners's forward dividend yield is 7.44%. Suburban Propane Partners paid $84.2 million in dividends in fiscal 2025 ($1.28 per share), a payout ratio of 79.0%.
What is Suburban Propane Partners's free cash flow yield?
Suburban Propane Partners generated $114.3 million of free cash flow in fiscal 2025, a free cash flow yield of 9.3% on its market value at year-end ($1.2 billion).
What is Suburban Propane Partners's current ratio?
Suburban Propane Partners's current ratio was 0.55 at the end of fiscal 2025: current assets were 0.55 times current liabilities.