Suburban Propane Partners LP (SPH) - Net Assets
Based on the latest financial reports, Suburban Propane Partners LP (SPH) has net assets worth $626.22 Million USD as of December 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($2.40 Billion) and total liabilities ($1.77 Billion). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check SPH asset liquidity ratio to evaluate the company's liquid asset resilience ratio.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $626.22 Million |
| % of Total Assets | 26.14% |
| Annual Growth Rate | 0.22% |
| 5-Year Change | 40.7% |
| 10-Year Change | -15.48% |
| Growth Volatility | 77.2 |
Suburban Propane Partners LP - Net Assets Trend (1994–2025)
This chart illustrates how Suburban Propane Partners LP's net assets have evolved over time, based on quarterly financial data. Also explore Suburban Propane Partners LP balance sheet assets for the complete picture of this company's asset base.
Annual Net Assets for Suburban Propane Partners LP (1994–2025)
The table below shows the annual net assets of Suburban Propane Partners LP from 1994 to 2025. For live valuation and market cap data, see market cap of Suburban Propane Partners LP.
| Year | Net Assets | Change |
|---|---|---|
| 2025-09-30 | $598.57 Million | +9.42% |
| 2024-09-30 | $547.06 Million | +0.13% |
| 2023-09-30 | $546.36 Million | +9.81% |
| 2022-09-30 | $497.53 Million | +16.95% |
| 2021-09-30 | $425.42 Million | +17.40% |
| 2020-09-30 | $362.38 Million | -14.50% |
| 2019-09-30 | $423.83 Million | -14.17% |
| 2018-09-30 | $493.82 Million | -10.70% |
| 2017-09-30 | $552.98 Million | -21.92% |
| 2016-09-30 | $708.23 Million | -21.16% |
| 2015-09-30 | $898.32 Million | -12.05% |
| 2014-09-30 | $1.02 Billion | -9.54% |
| 2013-09-30 | $1.13 Billion | +3.42% |
| 2012-09-30 | $1.09 Billion | +204.77% |
| 2011-09-30 | $358.22 Million | -1.81% |
| 2010-09-30 | $364.84 Million | +1.42% |
| 2009-09-30 | $359.72 Million | +63.45% |
| 2008-09-30 | $220.08 Million | +32.36% |
| 2007-09-30 | $166.28 Million | +65.12% |
| 2006-09-30 | $100.70 Million | +32.30% |
| 2005-09-30 | $76.12 Million | -54.72% |
| 2004-09-30 | $168.12 Million | +99.95% |
| 2003-09-30 | $84.08 Million | +335.95% |
| 2002-09-30 | $19.29 Million | -67.28% |
| 2001-09-30 | $58.95 Million | -4.66% |
| 2000-09-30 | $61.83 Million | -9.61% |
| 1999-09-30 | $68.40 Million | -53.72% |
| 1998-09-30 | $147.80 Million | +4.67% |
| 1997-09-30 | $141.20 Million | -14.27% |
| 1996-09-30 | $164.70 Million | -70.50% |
| 1995-09-30 | $558.30 Million | -0.23% |
| 1994-09-30 | $559.60 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to Suburban Propane Partners LP's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have decreased by 0.0% over the analyzed period, potentially due to dividend distributions or operating losses.
Current Equity Component Breakdown (September 2025)
| Component | Amount | Percentage |
|---|---|---|
| Common Stock | $604.05 Million | 100.92% |
| Other Comprehensive Income | $-5.48 Million | -0.92% |
| Total Equity | $598.57 Million | 100.00% |
Suburban Propane Partners LP Competitors by Market Cap
The table below lists competitors of Suburban Propane Partners LP ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Beijing China Sciences Runyu Environmental Technology Co. Ltd.
SHE:301175
|
$1.33 Billion |
|
ManpowerGroup Inc
NYSE:MAN
|
$1.33 Billion |
|
Zenas BioPharma, Inc. Common Stock
NASDAQ:ZBIO
|
$1.33 Billion |
|
Polestar Automotive Holding UK PLC Class A ADS
NASDAQ:PSNY
|
$1.33 Billion |
|
Hangzhou Zhongtai Cryogenic Technology Corp
SHE:300435
|
$1.33 Billion |
|
Xpel Inc
NASDAQ:XPEL
|
$1.33 Billion |
|
Shandong Intco Recycling Resources Co Ltd
SHG:688087
|
$1.33 Billion |
|
Bank Islam Malaysia Bhd
KLSE:5258
|
$1.33 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Suburban Propane Partners LP's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 547,060,000 to 598,571,000, a change of 51,511,000 (9.4%).
- Net income of 106,570,000 contributed positively to equity growth.
- Dividend payments of 84,175,000 reduced retained earnings.
- Share repurchases of 23,459,000 reduced equity.
- New share issuances of 23,459,000 increased equity.
- Other comprehensive income increased equity by 664,000.
- Other factors increased equity by 28,452,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $106.57 Million | +17.8% |
| Dividends Paid | $84.17 Million | -14.06% |
| Share Repurchases | $23.46 Million | -3.92% |
| Share Issuances | $23.46 Million | +3.92% |
| Other Comprehensive Income | $664.00K | +0.11% |
| Other Changes | $28.45 Million | +4.75% |
| Total Change | $- | 9.42% |
Book Value vs Market Value Analysis
This analysis compares Suburban Propane Partners LP's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 2.19x
- The company is trading above its book value, indicating the market recognizes value beyond its reported assets.
- The price-to-book ratio has increased from 1.03x to 2.19x over the analyzed period, suggesting growing market confidence.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 1994-09-30 | $19.50 | $20.00 | x |
| 1995-09-30 | $19.45 | $20.00 | x |
| 1996-09-30 | $7.55 | $20.00 | x |
| 1997-09-30 | $4.82 | $20.00 | x |
| 1998-09-30 | $5.04 | $20.00 | x |
| 1999-09-30 | $2.40 | $20.00 | x |
| 2000-09-30 | $2.73 | $20.00 | x |
| 2001-09-30 | $2.40 | $20.00 | x |
| 2002-09-30 | $0.78 | $20.00 | x |
| 2003-09-30 | $3.22 | $20.00 | x |
| 2004-09-30 | $5.51 | $20.00 | x |
| 2005-09-30 | $2.51 | $20.00 | x |
| 2006-09-30 | $3.31 | $20.00 | x |
| 2007-09-30 | $5.08 | $20.00 | x |
| 2008-09-30 | $6.68 | $20.00 | x |
| 2009-09-30 | $10.80 | $20.00 | x |
| 2010-09-30 | $10.24 | $20.00 | x |
| 2011-09-30 | $10.03 | $20.00 | x |
| 2012-09-30 | $28.00 | $20.00 | x |
| 2013-09-30 | $19.27 | $20.00 | x |
| 2014-09-30 | $16.81 | $20.00 | x |
| 2015-09-30 | $14.75 | $20.00 | x |
| 2016-09-30 | $11.58 | $20.00 | x |
| 2017-09-30 | $8.99 | $20.00 | x |
| 2018-09-30 | $7.98 | $20.00 | x |
| 2019-09-30 | $6.80 | $20.00 | x |
| 2020-09-30 | $5.78 | $20.00 | x |
| 2021-09-30 | $6.72 | $20.00 | x |
| 2022-09-30 | $7.77 | $20.00 | x |
| 2023-09-30 | $8.48 | $20.00 | x |
| 2024-09-30 | $8.44 | $20.00 | x |
| 2025-09-30 | $9.13 | $20.00 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Suburban Propane Partners LP utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 17.80%
- The company demonstrates strong efficiency in generating profits from shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 7.44%
- • Asset Turnover: 0.62x
- • Equity Multiplier: 3.84x
- Recent ROE (17.80%) is below the historical average (35.63%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 1994 | 7.47% | 6.17% | 0.90x | 1.35x | $-14.16 Million |
| 1995 | 5.41% | 4.77% | 0.86x | 1.32x | $-25.62 Million |
| 1996 | 7.83% | 1.82% | 0.88x | 4.90x | $-3.57 Million |
| 1997 | 9.63% | 1.76% | 0.99x | 5.50x | $-520.00K |
| 1998 | 25.85% | 5.72% | 0.91x | 4.94x | $23.42 Million |
| 1999 | 32.75% | 4.12% | 0.83x | 9.64x | $15.56 Million |
| 2000 | 62.32% | 4.60% | 1.09x | 12.47x | $32.35 Million |
| 2001 | 90.77% | 6.37% | 1.16x | 12.26x | $47.62 Million |
| 2002 | 277.53% | 9.39% | 0.81x | 36.30x | $51.60 Million |
| 2003 | 57.89% | 6.31% | 1.16x | 7.92x | $40.26 Million |
| 2004 | 32.30% | 4.15% | 1.32x | 5.90x | $37.49 Million |
| 2005 | -10.37% | -0.50% | 1.68x | 12.40x | $-15.87 Million |
| 2006 | 90.11% | 5.46% | 1.74x | 9.47x | $80.67 Million |
| 2007 | 76.55% | 8.84% | 1.48x | 5.87x | $110.66 Million |
| 2008 | 70.38% | 9.84% | 1.52x | 4.71x | $132.87 Million |
| 2009 | 45.94% | 14.45% | 1.17x | 2.72x | $129.27 Million |
| 2010 | 31.61% | 10.14% | 1.17x | 2.66x | $78.83 Million |
| 2011 | 32.09% | 9.66% | 1.24x | 2.67x | $79.14 Million |
| 2012 | 0.17% | 0.18% | 0.37x | 2.64x | $-107.29 Million |
| 2013 | 6.98% | 4.63% | 0.62x | 2.42x | $-34.11 Million |
| 2014 | 9.25% | 4.88% | 0.74x | 2.55x | $-7.64 Million |
| 2015 | 9.39% | 5.95% | 0.57x | 2.77x | $-5.48 Million |
| 2016 | 2.04% | 1.38% | 0.46x | 3.24x | $-56.38 Million |
| 2017 | 6.87% | 3.20% | 0.55x | 3.93x | $-17.30 Million |
| 2018 | 15.50% | 5.69% | 0.64x | 4.25x | $27.15 Million |
| 2019 | 16.19% | 5.41% | 0.63x | 4.71x | $26.25 Million |
| 2020 | 16.77% | 5.48% | 0.54x | 5.65x | $24.52 Million |
| 2021 | 28.86% | 9.53% | 0.63x | 4.82x | $80.25 Million |
| 2022 | 28.08% | 9.30% | 0.71x | 4.23x | $89.95 Million |
| 2023 | 22.65% | 8.66% | 0.63x | 4.16x | $69.12 Million |
| 2024 | 13.56% | 5.59% | 0.58x | 4.15x | $19.47 Million |
| 2025 | 17.80% | 7.44% | 0.62x | 3.84x | $46.71 Million |
Industry Comparison
This section compares Suburban Propane Partners LP's net assets metrics with peer companies in the Utilities - Regulated Gas industry.
Industry Context
- Industry: Utilities - Regulated Gas
- Average net assets among peers: $1,320,924,700
- Average return on equity (ROE) among peers: 8.57%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Suburban Propane Partners LP (SPH) | $626.22 Million | 7.47% | 2.83x | $1.33 Billion |
| Atmos Energy Corporation (ATO) | $5.75 Billion | 8.89% | 1.32x | $31.06 Billion |
| Brookfield Infrastructure Corp (BIPC) | $-1.42 Billion | 0.00% | 0.00x | $4.42 Billion |
| Black Hills Corporation (BKH) | $175.40 Million | 13.57% | 1.49x | $5.29 Billion |
| Chesapeake Utilities Corporation (CPK) | $561.58 Million | 11.60% | 2.18x | $2.99 Billion |
| Centuri Holdings, Inc. (CTRI) | $676.33 Million | 5.99% | 2.80x | $3.04 Billion |
| MDU Resources Group Inc (MDU) | $403.00 Million | 13.55% | 1.76x | $4.40 Billion |
| NiSource Inc (NI) | $3.55 Billion | 4.42% | 4.55x | $21.94 Billion |
| NewJersey Resources Corporation (NJR) | $1.18 Billion | 11.21% | 2.17x | $5.66 Billion |
| Northwest Natural Gas Co (NWN) | $502.16 Million | 9.99% | 1.86x | $2.14 Billion |
| One Gas Inc (OGS) | $1.84 Billion | 6.46% | 1.52x | $5.13 Billion |
About Suburban Propane Partners LP
Suburban Propane Partners, L.P., through its subsidiaries, engages in the retail marketing and distribution of propane, renewable propane, renewable natural gas, fuel oil, and refined fuels in the United States. It operates through four segments: Propane, Fuel Oil and Refined Fuels, Natural Gas and Electricity, and All Other. The Propane segment is involved in the retail distribution of propane f… Read more