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Suburban Propane Partners LP: what the price is pricing in

There is no current cash flow reading for Suburban Propane Partners LP: its latest is from March 31, 2023. Switch lens below to see the other readings and how trading the gap would have done.

No published rating for Suburban Propane Partners LP: held for review: after-tax interest is 53% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy. The readings below run our models backwards for research and show how trading the gap would have done; they are not a valuation or a rating. The valuation page shows the models and their status.

What growth in cash flow is the price paying for?

No current reading. The latest is from March 31, 2023: the figures this lens needs have not been filed recently enough (or no longer apply), so there is no position this quarter.

Quarters with a position1111 long, 0 short, since December 31, 2012
Beat the S&P 5005 of 1145.5% of quarters held
Strategy against the index−6.9%cumulative; worst fall -18.7%
$10,000 became$37,590S&P 500 bought and held: $37,758

Over time

The growth in owner earnings (free cash flow after stock-based pay) that would justify the share price in our discounted-cash-flow model, against the growth the model itself assumes from the company's record.

-12%-4%4%12%20% 201220142016201820202022 $13.4$25.4$37.3$49.2 Long from 2014-12-31Long from 2020-12-31Long from 2021-03-31Long from 2021-06-30Long from 2021-09-30Long from 2021-12-31Long from 2022-03-31Long from 2022-06-30Long from 2022-09-30Long from 2022-12-31Long from 2023-03-31
Growth our model assumes Growth the price implies Long quarter Short quarter. Lower panel: the share price at each quarter end, adjusted for later share splits and spin-offs (the table below gives the price as traded).

$10,000 trading the gap vs the S&P 500

$0$20.0k$40.0k 201220142016201820202022 $37.8k$37.6k
StrategyS&P 500, buy and hold Hypothetical, before costs. The strategy holds the S&P 500 and only changes on a signal: it switches into SPH in long quarters and adds a short of SPH in short quarters. The gap between the lines is what the signal added or lost.

Skill or luck?

In plain English: Across 11 quarters with a position, this lens beat the S&P 500 in 5, by −0.3% a quarter on average. That could easily be chance. One company is a small sample: the results across all companies are the better guide.

PositionsQuartersBeat the S&P 500Average vs S&P 500, a quarterTypical (median), a quarterA yearConfidence (t)Evidence
Longs 11 45.5% −0.3% −2.8% −2.6% -0.10 No reliable evidence
Shorts 0 — — — — — —
All positions 11 45.5% −0.3% −2.8% −2.6% -0.10 No reliable evidence

Each position is measured against the S&P 500 over the same quarter: a long earns the stock's return minus the index's, a short the index's minus the stock's. "A year" compounds the per-quarter results. Evidence: strong at a t-statistic of 2 or more, some from 1.5; "worse" when the result is that far below zero; one company's history is a small sample, so read these alongside the results across all companies.

Every quarter (42)
FromPrice paidGrowth the price impliesGrowth our model assumesPositionSPHS&P 500
March 31, 2023 $15.32 -11.1% 9.8% Long −1.4% +8.7%
December 31, 2022 $15.18 -11.6% 11.2% Long +3.0% +7.5%
September 30, 2022 $15.05 -12.0% 11.3% Long +2.9% +7.6%
June 30, 2022 $15.26 -11.0% 9.2% Long +0.6% −4.9%
March 31, 2022 $16.10 -9.9% 9.6% Long −3.4% −16.1%
December 31, 2021 $14.65 -10.5% 6.7% Long +12.3% −4.6%
September 30, 2021 $15.35 -10.0% 4.7% Long −2.6% +11.1%
June 30, 2021 $15.34 -9.2% 2.7% Long +2.1% +0.6%
March 31, 2021 $14.82 -6.5% 4.0% Long +5.6% +8.4%
December 31, 2020 $14.86 -6.7% 4.0% Long +1.7% +6.3%
September 30, 2020 $16.28 -4.5% 4.0% No position −7.0% +12.1%
June 30, 2020 $14.30 -4.4% 4.0% No position +16.5% +9.0%
March 31, 2020 $14.14 -4.9% 2.0% No position +5.5% +20.2%
December 31, 2019 $21.85 -2.8% 2.0% No position −33.5% −19.4%
September 30, 2019 $23.63 2.1% 2.0% No position −5.2% +9.0%
June 30, 2019 $24.29 2.7% 3.0% No position −0.2% +1.8%
March 31, 2019 $22.41 2.3% 5.2% No position +11.2% +4.2%
December 31, 2018 $19.27 0.5% 5.7% No position +19.4% +13.5%
September 30, 2018 $23.53 1.7% 6.5% No position −15.9% −13.5%
June 30, 2018 $23.49 1.1% 6.0% No position +2.9% +7.7%
March 31, 2018 $22.01 0.6% 4.0% No position +9.6% +3.5%
December 31, 2017 $24.22 1.3% 4.0% No position −6.9% −1.0%
September 30, 2017 $26.09 1.2% 4.0% No position −5.0% +6.8%
June 30, 2017 $23.79 -1.3% 4.0% No position +13.7% +4.4%
March 31, 2017 $26.96 3.3% 4.0% No position −8.8% +3.1%
December 31, 2016 $30.06 6.5% 4.0% No position −7.7% +5.9%
September 30, 2016 $33.30 7.9% 4.0% No position −7.3% +4.0%
June 30, 2016 $33.40 7.6% 4.0% No position +2.3% +3.8%
March 31, 2016 $29.89 4.2% 4.0% No position +15.0% +2.5%
December 31, 2015 $24.31 -1.1% 4.0% No position +27.2% +1.3%
September 30, 2015 $32.87 1.9% 4.0% No position −24.1% +7.0%
June 30, 2015 $39.88 4.4% 4.0% No position −15.7% −6.4%
March 31, 2015 $42.97 4.1% 11.0% No position −5.3% +0.2%
December 31, 2014 $43.23 4.7% 15.7% Long +1.4% +0.9%
September 30, 2014 $44.55 6.9% 16.6% No position −1.1% +4.9%
June 30, 2014 $46.00 10.2% 20.0% No position −1.2% +1.1%
March 31, 2014 $41.54 7.2% 13.0% No position +12.9% +5.2%
December 31, 2013 $46.90 8.3% 13.0% No position −9.7% +1.7%
September 30, 2013 $46.80 6.9% 13.0% No position +2.1% +10.5%
June 30, 2013 $46.45 7.5% 13.0% No position +2.6% +5.2%
March 31, 2013 $44.50 10.1% 7.9% No position +6.3% +2.9%
December 31, 2012 $38.86 12.3% 4.0% No position +16.9% +10.5%

Price paid: the closing price that day as traded, before any later share split.

How the test works

At each quarter end since March 2010 we rebuild the models from Suburban Propane Partners LP's quarters ending at least 90 days earlier (and no more than 200 days before that), using the figures as later filed, including any restatement, and value them at that day's close, adjusted for later share splits and spin-offs so that price and share count are on the same basis. A wide enough gap is a long or a short for one quarter (growth 10 points; margin and return on equity 5 points; a PEG under 0.75 or over 3), measured on total return against the S&P 500. The rules were set before the test. No trading or borrowing costs; today's list of companies. Not investment advice. All companies and the results across them.

Compare with peers

Head to head: NWN vs SPHSGU vs SPHCPK vs SPH

More: Gas Utilities stocks compared, Utilities sector, rankings of US companies

Figures from Suburban Propane Partners LP's SEC filings (10-K and 10-Q), retrieved October 26, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Suburban Propane Partners LP.