Superior Plus Corp. SPRPY

UtilitiesNatural Gas UtilitiesCanada

Last close 11.25 USD on Nov 1, 2026, +7.1% year to date

Quant rating

Quant rating A Rank 13 of 89 in Utilities

Growth A 13 of 89
Valuation B 28 of 89
Quality B 19 of 89
Revisions B 26 of 89
Momentum C 48 of 89

Wall Street consensus Hold (2.80)Average target 6.28 USD −44.2%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 1.1B
Enterprise value: 2.9B
52-week range: 5.69 – 11.25
3-year range: 5.69 – 11.25
Dividend yield: 2.29%
Beta (5 years): –
Shares outstanding: 215M
Next earnings: Nov 10, 2026

About the company

Superior Plus Corp. is a Canada-based North American distributor of propane, compressed natural gas, renewable energy and related products and services, serving customers in the United States and Canada. The Company delivers low carbon fuels to residential, commercial, utility, agricultural and industrial customers not connected to a pipeline. The Company's segments include United States Retail Propane Distribution (U.S. Propane), Canadian Retail Propane Distribution (Canadian Propane), North American Wholesale Propane Distribution (Wholesale Propane) and Compressed Natural Gas Distribution (CNG). The U.S. Propane segment distributes propane gas and liquid fuels primarily in the Eastern United States, as well as the Midwest and California, to residential and commercial customers. The CNG segment is a low-carbon energy solution provider engaged in the business of transporting and selling primarily compressed natural gas, renewable natural gas and to a lesser extent hydrogen and helium.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	2,461	2,382	2,482	2,597	1,909	–
Revenue growth	3.3%	−4.0%	−4.4%	36.0%	41.6%	12.8%
EPS (basic, normalized)	0.25	−0.15	0.17	−0.45	0.79	–
EPS growth	–	–	–	–	–	–
Gross margin	52.7%	53.9%	48.1%	35.2%	38.1%	45.6%
Net margin	2.5%	−1.5%	1.6%	−3.3%	−0.3%	−0.2%
ROE	7.2%	−3.7%	3.8%	−10.1%	−0.7%	−0.7%

Balance sheet, last quarter
Cash & short-term investments (mil)	27.0
Current ratio	0.91x
Long-term debt (mil)	1,612
Net debt (mil)	1,889
Total equity (mil)	856
Net debt / equity	2.21x
Net debt / EBITDA	4.08x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	2,461	+3.3%	1.2x	464	+16.3%	6.4x	0.25	+267.0%	45.0x
2026	2,431	−1.2%	1.2x	468	+0.9%	6.3x	0.23	−10.0%	50.0x
2027	2,581	+6.2%	1.1x	497	+6.4%	5.9x	0.45	+100.5%	24.9x
2028	2,670	+3.4%	1.1x	529	+6.3%	5.6x	0.53	+16.9%	21.3x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	2,431	0.0%	−0.1%	−2.8%	0.23	−2.2%	−29.4%	−35.5%
2027	2,581	0.0%	+0.4%	−0.7%	0.45	+0.5%	+1.8%	−1.1%
2028	2,670	0.0%	+0.5%	−1.3%	0.53	+1.4%	−0.9%	+2.4%

Earnings surprises EPS beat in 1 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	666	263	359	702	1,008	423	338	691	897	435
Sales mean (mil)	726	384	330	664	1,012	496	400	714	927	422
Surprise	−8.3%	−31.6%	+9.0%	+5.8%	−0.4%	−14.6%	−15.6%	−3.2%	−3.2%	+3.3%
EPS reported	0.22	−0.20	−0.27	0.00	0.66	−0.09	−0.47	0.18	0.50	−0.30
EPS mean	0.35	−0.10	−0.14	0.15	0.38	−0.13	−0.21	0.18	0.48	−0.16
Surprise	−36.1%	−93.9%	−93.0%	−100.0%	+71.5%	+29.5%	−123.8%	0.0%	+4.2%	−85.2%

Peer comparison Natural Gas Utilities

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
SPRPY Superior Plus Corp.	1.1B	4.08x	2.5%	1.24x	50.0x	24.9x	6.3x	5.9x
CPK Chesapeake Utilities Corporation	3.3B	4.84x	15.1%	1.96x	21.2x	18.6x	12.9x	11.6x
NWN Northwest Natural Holding Company	2.1B	5.42x	8.8%	1.35x	16.2x	15.6x	9.7x	9.2x
NPNGY Nippon Gas Co Ltd	1.8B	1.08x	7.1%	4.25x	20.1x	17.6x	10.0x	9.3x
PPAAY Perusahaan Gas Negara Tbk PT	1.8B	–	–	–	–	–	–	–
SPB Superior Plus Corp.	1.1B	4.23x	2.5%	1.24x	21.6x	10.7x	6.3x	5.9x
Mean		3.93x	7.2%	2.01x	25.8x	17.5x	9.0x	8.4x
Median		4.23x	7.1%	1.35x	21.2x	17.6x	9.7x	9.2x

Technical analysis

1M–
3M–
1Y+97.7%
3Y+97.7%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Superior Plus Corp., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	2,461	2,382	2,482	2,597	1,909	1,348
Cost of revenue	1,163	1,098	1,288	1,683	1,181	666
Gross profit	1,298	1,284	1,194	914	728	681
Selling, general & administrative expenses	839	824	748	590	477	405
Research & development	–	–	–	–	–	–
Depreciation/amortization	256	263	246	184	160	144
Interest expense (income), operating	69.1	155	80.8	173	19.5	31.6
Unusual expense (income)	1.3	15.5	34.5	61.5	5.4	0.6
Other operating expenses	4.3	4.6	1.8	1.6	47.9	5.0
Operating income	127	22.6	83.7	−96.0	18.3	94.8
Net interest income (expense)	–	–	–	–	–	–
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	127	22.6	83.7	−96.0	18.3	94.8
Provision for taxes	47.6	40.5	26.1	−28.4	4.5	48.0
Minority interest	−18.9	−18.9	−18.9	−18.9	−19.0	−8.7
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	60.8	−36.8	38.7	−86.4	−5.3	38.1
Extraordinary items	–	–	–	0	151	17.9
Net income	60.8	−36.8	38.7	−86.4	146	56.0
EBIT, normalized	198	193	199	139	43.2	127
EBITDA, normalized	454	455	444	322	204	271
Basic EPS, normalized	0.25	−0.15	0.17	−0.45	0.79	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Superior Plus Corp., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	23.8	17.1	30.7	43.1	22.5	18.9
Receivables	306	331	323	400	263	246
Total inventory	72.8	77.9	87.3	113	88.3	97.4
Prepaid expenses	62.1	63.6	48.3	66.9	31.2	35.7
Other current assets	3.6	14.9	5.5	7.8	41.6	34.3
Total current assets	468	504	494	631	447	432
Property, plant & equipment	1,379	1,393	1,463	1,007	853	1,294
Goodwill	1,422	1,404	1,443	1,223	1,044	906
Intangibles	308	372	482	414	349	334
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	0.1	103	0.9
Other long-term assets	10.3	13.1	24.6	28.9	21.1	38.5
Total assets	3,588	3,686	3,907	3,304	2,818	3,006
Liabilities
Accounts payable	260	288	312	315	235	221
Payable/accrued	–	–	–	–	–	–
Accrued expenses	125	138	99.9	89.5	110	112
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	50.2	50.7	56.5	45.8	44.6	47.4
Other current liabilities	56.6	53.8	101	93.4	34.0	37.0
Total current liabilities	492	530	570	544	424	418
Long-term debt	1,811	1,818	1,818	1,540	1,246	1,389
Minority interest	260	260	260	142	260	260
Other liabilities	219	192	182	142	110	194
Total liabilities	2,781	2,801	2,830	2,369	2,040	2,260
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	2,447	2,626	2,711	1,931	1,859	1,846
Additional paid-in capital	1.2	1.1	1.1	0.9	0.9	–
Retained earnings (accumulated deficit)	−1,622	−1,733	−1,614	−1,232	−1,124	−1,159
Treasury stock	–	–	–	–	–	–
Other equity	−19.0	−8.2	−20.7	236	41.8	58.5
Total equity	807	886	1,077	936	779	746
Total liabilities & shareholders' equity	3,588	3,686	3,907	3,304	2,818	3,006

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Superior Plus Corp., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	79.7	−17.9	57.6	−67.5	165	64.7
Depreciation, depletion & amortization	256	263	246	184	160	199
Deferred taxes	–	–	–	–	–	–
Non-cash items	114	197	67.3	165	−7.4	87.3
Changes in working capital	−122	−167	35.5	−89.8	−133	−82.6
Cash from operations	329	274	406	191	185	269
Investing activities
Capital expenditures	−114	−160	−148	−90.1	−83.8	−86.7
Other investing cash flows	19.6	18.3	−196	−396	221	−200
Cash from investing	−94.9	−142	−345	−486	137	−287
Financing activities
Financing cash flow items	−2.6	0	−1.8	−15.1	−18.8	0
Cash dividends paid	−48.3	−149	−118	−126	−120	−93.7
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−176	4.4	45.8	456	−180	110
Cash from financing	−227	−145	−73.9	316	−319	16.8
Foreign exchange effects	−0.2	−0.9	0.3	1.9	−0.1	−0.7
Net change in cash	6.7	−13.6	−12.4	23.0	3.4	−1.8
Free cash flow	214	114	258	101	101	182

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.