Stock fact sheet · data as of
Suburban Propane Partners, L.P. (SPH): fair value, margin of safety and Wheel Score
Energy · Oil & Gas Energy · United States · High Yield Income
Is SPH undervalued?
Suburban Propane Partners, L.P. (SPH) closed at 17.02 on 16 Oct 2026. The GLS average fair value - the simple average of the 9 valuation models that produced a positive number - is 24.94, which puts the price 32% below it. 7 of the 9 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 Lynch (2.13) and 10 Cap (49.27). 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.
The nightly engine files SPH under High Yield Income: a dividend yield above 4%.
Nine valuation models for SPH
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.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 47.98 | +182% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 21.77 | +28% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 20.49 | +20% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 2.13 | -87% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 5.75 | -66% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 49.27 | +189% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 36.12 | +112% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | 19.13 | +12% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 21.83 | +28% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -23.08 | -236% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 21.00 | +23% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
Suburban Propane Partners, L.P. scores 6 of 9 on the Piotroski F-score: a middling result that passes the Sunday Scan's "6 or more" rule. 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. A GLS Moat score of 3.5/10 is a weak reading: the ten-year history the score grades (revenue, EPS, book value, margins, cash flow, share count, ROIC) has not been steady, so the Moat part of the Wheel Score contributes little.
Returns on capital are moderate - ROIC 5.5%, ROE 17.8%, ROA 4.6% - with debt at 2.22 times equity and a free-cash-flow yield of 11.1%. Debt of 2.22 times equity is on the high side for the sector and is worth checking against the cash flow before treating the stock as a long-term hold.
The dividend yield is high at 7.64% (payout ratio 99%). 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 93%, Fuel Oil And Refined Fuels 5%, Natural Gas And Electricity 2% (quarter Q3 FY2026).
Institutional ownership scores 5/10, insider activity 9/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 6 / 9 | ROIC | 5.5% |
|---|---|---|---|
| GLS Moat | 3.5 / 10 | ROE | 17.8% |
| Debt / equity | 2.22 | ROA | 4.6% |
| Free-cash-flow yield | 11.1% | Payout ratio | 99% |
| Institutions | 5 / 10 | Insiders · Congress | 9 · 5 / 10 |
Wheel Score 73: Good
With a Wheel Score of 73 - the Good band - Suburban Propane Partners, L.P. clears the Sunday Scan's "70 or higher" rule. The parts: Value 25/25, Health 13/20, Moat 5/15, Premium 20/20, Stability 10/20; Moat (5/15) scores lowest.
Implied volatility is 47% on the near-the-money contracts 20-60 days out - inside the 35-60% range the Wheel Score pays full marks for: enough premium to be worth selling, not so much that the risk is unpaid. Chain open interest is 3,380 contracts across all expiries - enough for the wheel at normal size.
Volume runs at 180k shares a day on a market cap of $1.1B, with a beta of 0.39 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score gives that 10 of 20.
| Part | Points | From | |
|---|---|---|---|
| Value | 25 / 25 | 32% margin of safety | |
| Health | 13 / 20 | Piotroski 6/9 | |
| Moat | 5 / 15 | moat 3.5/10 | |
| Premium | 20 / 20 | implied volatility 47% | |
| Stability | 10 / 20 | 180k shares/day, $1.1B cap, beta 0.39 |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls; it is updated nightly and is not a recommendation. The walkthrough lesson shows how the score fits into a trade, start to finish.
Upcoming events
The next earnings report is due on 12 Nov 2026 (before the open), 27 days away; a 30-45-day put sold today would expire after it, which is worth weighing against the premium.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Energy
The 12 companies below are the closest to Suburban Propane Partners, L.P. by market cap within the Energy sector, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| NBR Nabors Industries Ltd. | 76.39 | 707.20 | +89% | 76Good | $1.2B |
| VTOL Bristow Group Inc. | 39.34 | 79.35 | +50% | 71Good | $1.2B |
| PDS Precision Drilling Corporation | 85.03 | 340.91 | +75% | 45Weak | $1.1B |
| SBR Sabine Royalty Trust | 72.43 | 44.62 | -62% | 25No options | $1.1B |
| TBN Tamboran Resources Corp | 35.31 | 3.54 | -897% | 14No options | $1.2B |
| DEC Diversified Energy Company PLC | 14.43 | 223.31 | +94% | 39No options | $1.0B |
| HPK HighPeak Energy, Inc. | 9.95 | 7.12 | -40% | 37Weak | $1.3B |
| PUMP ProPetro Holding Corp. | 8.22 | 7.89 | -4% | 45Weak | $1.0B |
| REPX Riley Exploration Permian, Inc. | 46.43 | 83.64 | +44% | 77Good | $1.0B |
| TK Teekay Corporation | 14.51 | 66.64 | +78% | 80Prime | $1.3B |
| AESI Atlas Energy Solutions Inc. | 10.31 | 0.1530 | -6639% | 45Weak | $1.3B |
| HOS Hornbeck Offshore Services, Inc. | 6.72 | 1.79 | -276% | 42Weak | $990M |
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Start free See the Sunday ScanQuestions about SPH
Is SPH undervalued right now?
By the GLS models, yes: at 17.02 the stock is 32% below the average fair value of 24.94 (data as of 16 Oct 2026). Whether the discount is deserved is the question to research next.
What is the Wheel Score of SPH and what does it mean?
SPH scores 73 out of 100 (Good). The Wheel Score blends the margin of safety (25 points), Piotroski health (20), the GLS moat (15), the option premium on offer (20) and trading stability (20) into one number that ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned. 80 and above is Prime, 65-79 Good, 50-64 Fair, under 50 Weak.
What is the GLS fair value for SPH?
24.94 per share as of 16 Oct 2026 - the simple average of the 9 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does Suburban Propane Partners, L.P. report earnings next?
The next earnings report is due on 12 Nov 2026 (before the open), 27 days from the data date of 16 Oct 2026. The Calendars page lists every upcoming report with its time of day.
Does SPH have listed options, and how liquid are they?
Yes. The nightly snapshot found 110 listed contracts with 3,380 open interest across all expiries and implied volatility of 47% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.