Ferrellgas Partners, L.P. (FGPR): fair value, margin of safety and Wheel Score

Is FGPR undervalued?

Ferrellgas Partners, L.P. (FGPR) closed at 20.00 on 5 Nov 2026. The GLS average fair value - the simple average of the 8 valuation models that produced a positive number - is 137.49, which puts the price 85% below it. 8 of the 8 models value the shares above the current price. A gap this wide is rare in our universe of ~7,400 US stocks and is exactly what the Value part of the Wheel Score rewards; it is also where the question "why is it this cheap?" matters most.

There is a wide gap between GLS Growth (27.88) and DCF (267.90). When the models are this far apart the "fair value" is really a range, and the margin of safety above should be read with that range in mind.

Ranked against every other company we cover, FGPR is clearly cheaper than it is fast-growing, so the nightly engine files it under Value (value score 94, growth score 16, out of 100). It also carries the Income tag (Income = a dividend yield of 4% or more).

Nine valuation models for FGPR

Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.

Quality and financial health

Ferrellgas Partners, L.P. scores 6 of 9 on the Piotroski F-score: a middling result that passes the "Piotroski 6 or more" Wheel Trade Filter. Some of the nine tests on profitability, leverage and efficiency are failed, so the accounts are worth a look before selling a put on the name. On durability FGPR scores 5.4/10 on the GLS Moat - a middle reading; the Moat Score tab on the Quote page's Financials view shows which of the four parts hold it back.

Returns on capital are moderate - ROIC 5.7%, ROE -17.6%, ROA 5.2% - with debt at -4.10 times equity and a free-cash-flow yield of 25.2%.

The dividend yield is high at 47.11% (payout ratio 245%) - a payout above 100% of earnings, which is not covered by profits. A yield this size is often the market's way of pricing a risk to the payout, so the health score and cash flow matter more than usual. Revenue comes mainly from Propane And Related Equipment 50%, Retail Sales To End Users 28%, Wholesale Sales To Resellers 18% (quarter Q4 FY2026).

Institutional ownership scores 1/10, insider activity 5/10 and Congressional trading 5/10 on the GLS smart-money scales.

Wheel Score 33: No options

No options are listed on Ferrellgas Partners, L.P. in our nightly snapshot, so it fails the first Wheel Trade Filter (options that actually trade) (it reads 33, under 70) and is left out of every options scan; the fair value and health figures above are still useful for a plain stock position.

Volume runs at 1k shares a day on a market cap of $227M, with a beta of 0.38 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score rates that fair.

The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls: a stock must pass all 9 Wheel Trade Filters to score 70, and the score then ranks the ones that pass; the Sunday Scan is the top 10. It is updated nightly and is not a recommendation. How the Wheel Score works · the walkthrough lesson shows how it fits into a trade, start to finish.

Upcoming events

No upcoming earnings date is recorded for FGPR in the nightly calendar.

Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.

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