STAR GROUP, L.P. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data STAR GROUP, L.P. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,161	1,324	1,678	1,754	1,467	1,497	2,007	1,953	1,766	1,784
Cost of revenue	540	675
Gross profit	392	408	463	488	475	478	484	471	502	563
General and administrative	23.4	25	24.2	28.4	25.1	25.1	24.9	25.8	28.4	30.5
Operating income	87.4	55.3	66.1	37.4	93	130	60.5	62.5	61.1	114
Other non-operating income			7.04	0	-5.72	0		0	0	3.82
Pre-tax income	78.7	47.3	63.1	25.2	76.5	121	49	45.9	48.6	103
Income tax	33.7	20.4	7.6	7.52	20.6	33.7	13.7	14	13.3	29.4
Net income	44.9	26.9	55.5	17.6	55.9	87.7	35.3	31.9	35.2	73.5
EBITDA	115	84.5	98.9	71.3	129	165	94	96	93.6	151
Shares, basic (weighted)	57	55.9	54.8	50.8	45.7	40.6	37.4	35.7	35.3	34.3
Shares, diluted (weighted)	57	55.9	54.8	50.8	45.7	40.6	37.4	35.7	35.3	34.3

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	139	52.5	14.5	4.9	56.9	4.77	14.6	45.2	117	24.7
Receivables	78.7	96.6	133	120	83.6	99.7	138	114	95	102
Inventory	45.9	59.6	56.4	64.8	50.3	61.2	83.6	56.5	41.6	47
Other current assets	27.1	26.7	35.5	36.9	29.6	30.1	32	28.3	27.6	32.7
Total current assets	295	241	257	227	226	222	288	255	281	207
Property, plant and equipment	70.4	79.7	87.6	98.2	93.5	99.1	108	105	105	129
Lease right-of-use assets					99.8	95.8	93.4	90.6	91.1	93.3
Goodwill	213	226	228	245	240	253	254	262	276	293
Intangible assets	97.7	105	98.4	108	90.3	95.5	84.5	76.3	98.7	125
Long-term investments		11.8
Other non-current assets	11.1	9.84	13.1	16.6	18.3	17.9	17.5	15.4	12.8	11.5
Total assets	692	674	730	753	839	854	912	875	940	937
Accounts payable	25.7	26.7	35.8	34	30.8	37.3	49.1	35.6	31.5	33.7
Accrued liabilities	104	108	116	121	127	121	126	116	116	119
Deferred revenue	57	60.1	60.7	61.2	58.4	57	62.9	63.2	66.4	66.9
Short-term debt	16.2	10	7.5	9	13	17.6	12.4	20.5	21	21
Total current liabilities	290	272	283	326	345	345	381	365	374	349
Long-term debt	75.4	65.7	91.8	120	110	92.4	152	127	188	167
Lease liabilities					85.9	84	81.4	77.6	75.9	77.2
Other non-current liabilities	25.3	23.7	24	25.7	25	25.2	14.8	16.2	16.3	16.2
Total debt	91.6	75.7	101	153	123	119	184	148	209	188
Other comprehensive income	-20.8	-18.8	-18	-16.9	-15	-14	-15.6	-13.5	-12.5	-11.3
Total liabilities and equity	692	674	730	753	839	854	912	875	940	937

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	44.9	26.9	55.5	17.6	55.9	87.7	35.3	31.9	35.2	73.5
Depreciation and amortization	27.8	29.2	32.9	33.9	35.6	34.5	33.6	33.4	32.5	36.4
Change in receivables	11	-19.8	-37.1	10.1	34.4	-15.2	-43.5	15.6	11.3	-14
Change in inventory	9.98	-10.6	4.18	-6.31	14.6	-11.5	-21.1	27	18.5	-3.23
Change in payables	-0.71	2.17	9.7	-2.92	-3.2	6.94	12	-13.8	-3.93	1.59
Cash from operations	102	21.1	57.5	97.4	176	68.9	33.9	124	111	71
Capital expenditures	-10.1	-12.2	-13.6	-11.3	-14.1	-15.1	-18.7	-9.01	-10.7	-14.9
Acquisitions	-9.82	-43.3	-23.7	-60.9	-4.23	-40.7	-13.1	-19.8	-49.4	-88.1
Purchases of investments		-11.6	-35.2	-11.1	-10.4	-1.05	-1.8	-2.55	-1.67	-2.6
Cash from investing	-19.6	-66.4	-65.3	-82.2	-28.1	-50.3	-32.6	-28.2	-61.2	-99.9
Debt issued			100	0	130	0	165	0	210	0
Debt repaid	-7.5	-16.2	-76.3	-7.5	-99	-13	-111	-16.5	-149	-21
Share buybacks	-12		-26.7	-51.4	-38.4	-42.8	-30.8	-4.48	-11.1	-15.6
Dividends paid	-23.1	-24.3	-25.6	-25.6	-24.5	-23.4	-23.2	-23.7	-25	-26.1
Cash from financing	-43.6	-41.2	-30.1	-24.8	-95.5	-70.7	8.57	-64.9	22.4	-63.7
Net change in cash	38.7	-86.5	-37.9	-9.63	52	-52.1	9.85	30.6	72.1	-92.7
Free cash flow	91.8	8.89	43.9	86.1	162	53.8	15.2	115	100	56
Interest paid	7.79	7.81	8.93	12.6	11.7	8.93	10.1	17.8	15.2	19.2
Income taxes paid	22.6	4.43	2.57	5.13	25.3	21.9	17.1	15.1	17.1	22

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $12.83 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	7.1%	Operating income / revenue.
EBITDA margin	9.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	6.5%	Pre-tax income / revenue.
Net margin	4.6%	Net income / revenue.
FCF margin	3.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	3.7%	Cash from operations / revenue.
Effective tax rate	29.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	8.7%	Net income / average total assets.
Capex / revenue	0.8%	Capital expenditures / revenue.
D&A / revenue	1.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	1.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-3.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	4.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	12.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	5.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	3.5%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	87.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	23.7%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	4.2%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	61.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	17.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	3.3%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	108.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	27.7%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	5.6%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-36.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	27.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-16.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-44.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	54.5%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-19.1%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-0.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	0.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	2.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-2.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-2.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-5.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.87x	Current assets / current liabilities.
Quick ratio	0.56x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.08x	(Cash + short-term investments) / current liabilities.
Debt / assets	17.1%	Total debt / total assets.
Net debt	$145.6M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.85x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	-$44.2M	Current assets - current liabilities.
Goodwill and intangibles / assets	40.2%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.89x	Revenue / average total assets.
Fixed asset turnover	15.0x	Revenue / average property, plant and equipment.
Receivables turnover	11.9x	Revenue / average receivables.
Days sales outstanding	31 days	365 x average receivables / revenue.
FCF conversion	65.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	20.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.66	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$58.22	Revenue / diluted weighted shares.
FCF per share	$1.73	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.18	Cash from operations / diluted weighted shares.
Cash per share	$0.82	(Cash + short-term investments) / shares outstanding.
Payout ratio	30.4%	Dividends paid / net income, when net income is positive.
Dividends / FCF	46.8%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	19.5%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$421.0M	Share price x shares outstanding.
Enterprise value	$566.5M	Market cap + total debt - cash - short-term investments.
P/E	4.82x	Market cap / net income. Only when net income is positive.
P/S	0.22x	Market cap / revenue.
P/FCF	7.41x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	5.88x	Market cap / cash from operations, when positive.
EV/Sales	0.30x	Enterprise value / revenue.
EV/EBIT	4.15x	Enterprise value / operating income, when both are positive.
EV/EBITDA	3.30x	Enterprise value / EBITDA, when both are positive.
EV/FCF	9.97x	Enterprise value / free cash flow, when both are positive.
FCF yield	13.5%	Free cash flow / market cap.
Earnings yield	20.8%	Net income / market cap (the inverse of P/E).
Dividend yield	6.3%	Dividends paid over the period / market cap.
Shareholder yield	8.9%	(Dividends paid + share buybacks) / market cap.

What was STAR GROUP, L.P.'s revenue in fiscal 2025?

STAR GROUP, L.P. reported revenue of $1.78B for fiscal 2025, 1% higher than the year before.

Was STAR GROUP, L.P. profitable in fiscal 2025?

Yes. Net income was $73.5M, a net margin of 4.1%.

How much free cash flow did STAR GROUP, L.P. generate in fiscal 2025?

Cash from operations of $71.0M minus capital expenditures of $14.9M left free cash flow of $56.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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