| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 91 | 8.8x | 17.4x | Top tier | |
Growth | 23 | -2.5% | 7.1% | Bottom tier | |
Quality | 77 | 10.4% | 4.5% | Top tier | |
Safety | 41 | 4.7x | 2.6x | Around median | |
Capital Return | 97 | 11.30% | 0.18% | Top tier | |
Momentum | 31 | -5.6% | 1.3% | Bottom tier | |
Sentiment | 21 | 1 | 3 | Bottom tier |
The floor: what the company is worth if growth stopped today
19% of today's price is what a buyer pays for growth that has not happened yet.
10-year US Treasury yield 5.31% as of 2026-10-05. Estimates computed from company data and analyst targets, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Suburban Propane Partners operates through a core propane distribution business, serving heating-related demand alongside applications such as powering port equipment, generating power for data center construction projects, backup power, and agricultural uses. It is also building a renewable natural gas RNG platform that includes the anaerobic digestion facility in Stanfield, Arizona, and projects in Upstate New York and Columbus, Ohio, making revenue and cash flows primarily dependent on propane, with a growing contribution from renewable energy and environmental credits.
In Q3 fiscal 2026, the partnership reported revenue of $261.4 million and gross profit of $160.3 million, equivalent to a gross margin of approximately 61.3%. The net loss was $17.5 million, or a loss of $0.26 per unit, compared with revenue of $551.2 million and net income of $137.5 million in Q2 fiscal 2026; revenue therefore declined by approximately 52.6% quarter over quarter, and profitability turned into a loss.
The operating mix is clearly reflected in the Q2 fiscal 2026 data: the partnership sold 161.6 million gallons of propane, while average daily D3 RNG injection increased by 16% from the previous quarter and by more than 12% from the comparable period. Adjusted earnings before interest, taxes, depreciation, and amortization were $175.3 million in that quarter and reached $258.7 million in the first half of fiscal 2026, up 3.4% from the comparable period.
Automated analysis for informational purposes only — not investment advice.
The analyst consensus on SPH is Neutral, with an average price target of $21 and a wide range between $17 and $25 that reflects meaningful divergence in risk and return assessments. The average target is slightly above the top of the 52-week range of $20.80, while the highest target is approximately 20% above that high and the lowest target is close to the range low of $16.53; therefore, RNG potential and debt reduction should be weighed against the Q3 fiscal 2026 loss, weather volatility, and leverage.
Figures in the text are as of 2026-09-02; the live price is shown at the top of the page.
The core business relies on selling and distributing propane for heating and applications such as port equipment, data center construction, backup power, and agriculture. The partnership sold 161.6 million gallons of propane in Q2 fiscal 2026. Alongside this, it is developing an RNG platform that includes Stanfield in Arizona and projects in Upstate New York and Columbus in Ohio.
Revenue was $261.4 million and gross profit was $160.3 million, equivalent to a gross margin of approximately 61.3%. The partnership reported a net loss of $17.5 million and a loss of $0.26 per unit. Compared with Q2 fiscal 2026, revenue declined by approximately 52.6%, and the result shifted from net income of $137.5 million to a loss.
Average daily D3 RNG injection in Q2 fiscal 2026 increased by 16% from the previous quarter and by more than 12% annually. According to management's expectations during the May 7, 2026 call, the Upstate New York and Columbus projects were on track to add approximately 200 thousand MMBtu of annual production in the second half of fiscal 2026. The partnership also recognized $3.5 million in production tax credits during the quarter, while returns remain exposed to California LCFS credit prices.
On April 23, 2026, the Board of Supervisors declared a quarterly distribution of $0.325 per unit for Q2 fiscal 2026, equivalent to $1.30 annually. Distribution coverage was 2.2 times during the twelve months ended March 2026. In the same quarter, the partnership used excess cash flows to repay $64.3 million of credit facility borrowings.
Propane demand is sensitive to weather; western volumes declined by approximately 10% in Q2 fiscal 2026 when the weather was 17% warmer than in the comparable period. Leverage also remained at 4.34 times in March 2026, despite improving from 4.54 times in March 2025, and RNG projects require estimated capital spending of between $35 million and $40 million during fiscal 2026. Additional risks include low California LCFS credit prices and volatility in the propane spot price from the mid-$0.60-per-gallon range at the end of February 2026 to approximately $0.90.
The analyst consensus is Neutral, with an average price target of $21. The target range is between $17 and $25, compared with a 52-week range between $16.53 and $20.80. The average target is slightly above the top of the 52-week range, but the wide range of targets is consistent with the contrast between RNG opportunities and debt reduction on one hand, and earnings, weather, and leverage volatility on the other.
