Suburban Propane Partners LP (SPH) intrinsic value & 10-year financials
Suburban Propane Partners LP (SPH) has a Graham intrinsic value of $53.81 per share. At $17.48 on Oct 17, 2026, the stock trades 68% below that value. Over the last 10 fiscal years revenue grew 3.5% a year to $1.4B.
- Graham intrinsic value
- $53.81
- Share price (Oct 17, 2026)
- $17.48
- Price vs Graham value
- 68% below
- Market cap
- $1.1B
- Revenue (FY2025)
- $1.4B
- Revenue growth (10-yr CAGR)
- 3.5%
- Free cash flow (FY2025)
- $114.3M
SPH 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $1.4B | $106.6M | $1.62 | $114.3M | 14.4% | — |
| FY2024 | $1.3B | $74.2M | $1.14 | $101.2M | 12.9% | — |
| FY2023 | $1.4B | $123.8M | $1.92 | $180.3M | 14.5% | — |
| FY2022 | $1.5B | $139.7M | $2.18 | $176.2M | 13.7% | — |
| FY2021 | $1.3B | $122.8M | $1.94 | $196.7M | 16.5% | — |
| FY2020 | $1.1B | $60.8M | $0.97 | $176.9M | 12.7% | — |
| FY2019 | $1.3B | $68.6M | $1.10 | $191.8M | 11.9% | — |
| FY2018 | $1.3B | $76.5M | $1.24 | $175.6M | 11.4% | — |
| FY2017 | $1.2B | $38.0M | $0.62 | $133.2M | 9.7% | — |
| FY2016 | $1.0B | $14.4M | $0.24 | $119.0M | 8.6% | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
SUBURBAN PROPANE PARTNERS LP has demonstrated mature, steady growth, with revenue compounding at 3.6% annually over the past decade.
SUBURBAN PROPANE PARTNERS LP 10-year average ROIC is N/A; capital efficiency cannot be assessed from the available history.
SUBURBAN PROPANE PARTNERS LP has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, SUBURBAN PROPANE PARTNERS LP is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $53.81 per share.