# Sunoco LP (SUN.US)

Canonical: https://gigainvestors.com/s/SUN

Analysis as of: 2026-10-16T07:32:10.724Z. Financial observations: FY2009–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $72.56 per share; close as of 2026-10-15.

## Checklist

### understandable: pass

- 5 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 2

- Operating margin variation: 0.30×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.01×

- FY2017: 0.02×

- FY2018: 0.02×

- FY2019: 0.03×

- FY2020: 0.04×

- FY2021: 0.04×

- FY2022: 0.03×

- FY2023: 0.03×

- FY2024: 0.03×

- FY2025: 0.04×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 12.3%

- ROIC, second-lowest year: 4.1%

- Typical minus recent gross margin: -0.5 pp

- Typical gross margin (annual median): 7.1%

- Recent gross margin (lower of latest and 3-year median): 7.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.1%

- ROIC including acquisitions, ten-year median: 5.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 2.3%

- FY2017: 4.5%

- FY2018: 10.4%

- FY2019: 16.6%

- FY2020: 14.2%

- FY2021: 23.5%

- FY2022: 19.0%

- FY2023: 16.8%

- FY2024: 6.3%

- FY2025: 4.1%

### economics: pass

- Owner earnings / net income, 5-yr: 1.05×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $2.5B

- Net income, five-year total: $2.4B

- Return on incremental invested capital: 56.4%

- Working capital / revenue, annual change: 0.1 pp

- Working capital / revenue, change between three-year averages: 0.6 pp

- Working capital / revenue, final three-year average: 4.3%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.01×

- FY2022: 1.02×

- FY2023: 0.91×

- FY2024: 1.03×

- FY2025: 1.21×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 4.5% vs 6.3%

- Per-share earnings: 1.50 to 3.84 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 9.6%

- Ordinary dilution, 5-year annual growth: 10.3%

- Market cap gain: $4.6B

- Cumulative retained earnings: -$2.7B

- Diluted shares, 10-year annual growth: 9.6%

- Diluted shares, 5-year annual growth: 10.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 12.5%

- Per-share value change: $2.34

- Per-share value, starting three-year median: $1.50

- Per-share value, ending three-year median: $3.84

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 18.3%

- Buyback history: 2 years

- Debt-funded buybacks: Yes

- Acquisition spending: $2.8B

- Cumulative net income, 10 years: $2.3B

- ROIC, first three-year median: 4.5%

- ROIC, last three-year median: 6.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: -$4.26

- FY2017: $1.50

- FY2018: -$2.49

- FY2019: $2.81

- FY2020: $1.61

- FY2021: $5.27

- FY2022: $4.68

- FY2023: $3.65

- FY2024: $6.00

- FY2025: $3.84

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -2.3%

- Receivables to sales index (DSRI): 1.53×

- Restructuring years, last five: 2

- Stock compensation / operating cash flow: 1.6%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.26×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.68×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -11.1%

- FY2017: -3.5%

- FY2018: -3.5%

- FY2019: -3.7%

- FY2020: -7.0%

- FY2021: -1.7%

- FY2022: -2.4%

- FY2023: -4.2%

- FY2024: 1.2%

- FY2025: -2.3%

## Holders

- [Leon Cooperman](https://gigainvestors.com/oa): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Up 45% since Oct 2023 · "The outlook reflects roughly $125 million in expected synergies from the Parkland acquisition." (finance.yahoo.com, Jan 2026) · sales +11.1%

Story as of 2026-10-16T09:59:38.694Z; price observation 2026-10-15.

- 2026-02-14: Sunoco Expands Retail Footprint With Duck Thru Deal And Valuation Upside ([finance.yahoo.com](https://finance.yahoo.com/news/sunoco-expands-retail-footprint-duck-021040106.html))

- 2026-08-05: SUN Q2 Earnings Miss Estimates on Higher Costs, Revenues Beat ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/sun-q2-earnings-miss-estimates-153300209.html))

### Sales · FY2024–2025

sales +11.1%; source https://www.sec.gov/Archives/edgar/data/1552275/000155227526000021/sun-20251231.htm; observed 2026-02-19.

- FY2016: $10.0B 

- FY2017: $12B 

- FY2018: $17B 

- FY2019: $17B 

- FY2020: $11B 

- FY2021: $18B 

- FY2022: $26B 

- FY2023: $23B 

- FY2024: $23B 

- FY2025: $25B 

### Gross margin · FY2025

gross margin 8.3%; source https://www.sec.gov/Archives/edgar/data/1552275/000155227526000021/sun-20251231.htm; observed 2026-02-19.

- FY2016: 9.8% 

- FY2017: 8.0% 

- FY2018: 5.5% 

- FY2019: 6.2% 

- FY2020: 8.1% 

- FY2021: 6.7% 

- FY2022: 4.6% 

- FY2023: 5.1% 

- FY2024: 7.6% 

- FY2025: 8.3% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in oil & gas refining & marketing; annual sales are USD 25.2 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1552275/000155227526000021/sun-20251231.htm (filed 2026-02-19); FY2025: revenue 25201000000; grossProfit 2104000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SUN.US: Sunoco LP, together with its subsidiaries, engages in the energy infrastructure and distribution of motor fuels in the United States. It operates in four segments: Fuel Distribution, Pipeline Systems, Refinery, and Terminals. The Fuel Distribution segment distributes motor fuels and other petroleum products, such as propane and lubricating oil to third-party dealers and distributors, independent operators of commission agent locations, other commercial consumers of motor fuel, and retail locations; and leases real estate properties. This segment also offers non-fuel products, including in-store merchandise and company-operated retail stores food services, as well as credit card processing, car washes, lottery, and other services. The Pipeline Systems segment includes an integrated pipeline and terminal network comprising refined product, crude oil, and ammonia pipelines and terminals. The Terminals segment operates transmix processing facilities and refined product terminals; and provides blending, additive injections, handling, and filtering services. The company was formerly known as Susser Petroleum Partners LP and changed its name to Sunoco LP in 2014. Sunoco LP was founded in 1960 and is based in Dallas, Texas.

### Why customers stay

Margins ranged from 5.1% to 8.3% during 2023–25; it earns 12.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2023: grossProfit / revenue = 5.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2024: grossProfit / revenue = 7.6%.

- Source: https://www.sec.gov/Archives/edgar/data/1552275/000155227526000021/sun-20251231.htm (filed 2026-02-19); FY2025: grossProfit / revenue = 8.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); 10-year return on capital observations [[2016,0.022651769824006327],[2017,0.04508761567237645],[2018,0.10410863509749303],[2019,0.16553692472351053],[2020,0.14189137134052388],[2021,0.23512792340291946],[2022,0.19023805009099884],[2023,0.16801536508874548],[2024,0.06278972860331558],[2025,0.041144962197593775]]; median 0.12300000321900845. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Earns 56.4% on new investment; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2017: growth capex 0; upkeep 142000000; owner earnings 176000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2019: growth capex 0; upkeep 148000000; owner earnings 270000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2020: growth capex 0; upkeep 124000000; owner earnings 200000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2021: growth capex 0; upkeep 174000000; owner earnings 449000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2022: growth capex 0; upkeep 186000000; cash acquisitions 318000000; owner earnings 404000000. Growth capex plus acquisitions / owner earnings = 0.7871287128712872.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2023: growth capex 0; upkeep 215000000; cash acquisitions 111000000; owner earnings 283000000. Growth capex plus acquisitions / owner earnings = 0.392226148409894.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2024: growth capex 0; upkeep 344000000; cash acquisitions 0; owner earnings 740000000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1552275/000155227526000021/sun-20251231.htm (filed 2026-02-19); FY2025: growth capex 0; upkeep 577000000; cash acquisitions 2330000000; owner earnings 638000000. Growth capex plus acquisitions / owner earnings = 3.652037617554859.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); Incremental return on capital 0.564483697822272, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); Dividend observations: [[2016,436000000],[2017,431000000],[2018,383000000],[2019,353000000],[2020,354000000],[2021,357000000],[2022,359000000],[2023,371000000],[2024,566000000],[2025,657000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 21.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SUN.US SharesStats.PercentInsiders = 21.312 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.4 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); Closing price 72.56 USD; reporting-to-trading FX 1; FY2025 annual sales per share 183.68314375628407; price multiple 0.39502808214277213. FY2025 cash earnings/share 4.650206171045166. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $28.49 per share

- 2016-11: $24.10 per share

- 2016-12: $26.89 per share

- 2017-01: $28.30 per share

- 2017-02: $25.61 per share

- 2017-03: $24.17 per share

- 2017-04: $30.39 per share

- 2017-05: $29.82 per share

- 2017-06: $30.61 per share

- 2017-07: $32.32 per share

- 2017-08: $31.31 per share

- 2017-09: $31.10 per share

- 2017-10: $30.97 per share

- 2017-11: $29.36 per share

- 2017-12: $28.40 per share

- 2018-01: $31.91 per share

- 2018-02: $28.92 per share

- 2018-03: $25.51 per share

- 2018-04: $27.52 per share

- 2018-05: $26.60 per share

- 2018-06: $24.96 per share

- 2018-07: $26.69 per share

- 2018-08: $27.09 per share

- 2018-09: $29.55 per share

- 2018-10: $27.34 per share

- 2018-11: $27.96 per share

- 2018-12: $27.19 per share

- 2019-01: $30.63 per share

- 2019-02: $29.98 per share

- 2019-03: $31.16 per share

- 2019-04: $30.93 per share

- 2019-05: $29.96 per share

- 2019-06: $31.28 per share

- 2019-07: $33.79 per share

- 2019-08: $31.37 per share

- 2019-09: $31.45 per share

- 2019-10: $33.61 per share

- 2019-11: $31.15 per share

- 2019-12: $30.60 per share

- 2020-01: $31.11 per share

- 2020-02: $27.03 per share

- 2020-03: $15.64 per share

- 2020-04: $24.82 per share

- 2020-05: $25.80 per share

- 2020-06: $22.83 per share

- 2020-07: $24.82 per share

- 2020-08: $26.53 per share

- 2020-09: $24.39 per share

- 2020-10: $25.17 per share

- 2020-11: $27.79 per share

- 2020-12: $28.78 per share

- 2021-01: $31.28 per share

- 2021-02: $30.60 per share

- 2021-03: $31.84 per share

- 2021-04: $35.10 per share

- 2021-05: $35.04 per share

- 2021-06: $37.70 per share

- 2021-07: $38.01 per share

- 2021-08: $36.80 per share

- 2021-09: $37.32 per share

- 2021-10: $40.49 per share

- 2021-11: $38.39 per share

- 2021-12: $40.83 per share

- 2022-01: $44.93 per share

- 2022-02: $43.15 per share

- 2022-03: $40.84 per share

- 2022-04: $41.83 per share

- 2022-05: $41.24 per share

- 2022-06: $37.25 per share

- 2022-07: $41.36 per share

- 2022-08: $39.68 per share

- 2022-09: $38.97 per share

- 2022-10: $43.91 per share

- 2022-11: $42.94 per share

- 2022-12: $43.10 per share

- 2023-01: $47.73 per share

- 2023-02: $45.48 per share

- 2023-03: $43.89 per share

- 2023-04: $45.44 per share

- 2023-05: $42.99 per share

- 2023-06: $43.56 per share

- 2023-07: $45.84 per share

- 2023-08: $45.96 per share

- 2023-09: $48.95 per share

- 2023-10: $50.19 per share

- 2023-11: $54.66 per share

- 2023-12: $59.93 per share

- 2024-01: $59.47 per share

- 2024-02: $61.38 per share

- 2024-03: $60.29 per share

- 2024-04: $56.30 per share

- 2024-05: $51.00 per share

- 2024-06: $56.54 per share

- 2024-07: $54.92 per share

- 2024-08: $54.17 per share

- 2024-09: $53.68 per share

- 2024-10: $50.80 per share

- 2024-11: $56.46 per share

- 2024-12: $51.44 per share

- 2025-01: $56.33 per share

- 2025-02: $58.81 per share

- 2025-03: $58.06 per share

- 2025-04: $58.15 per share

- 2025-05: $53.94 per share

- 2025-06: $53.59 per share

- 2025-07: $55.31 per share

- 2025-08: $52.30 per share

- 2025-09: $50.01 per share

- 2025-10: $52.22 per share

- 2025-11: $56.23 per share

- 2025-12: $52.41 per share

- 2026-01: $57.58 per share

- 2026-02: $63.79 per share

- 2026-03: $64.97 per share

- 2026-04: $69.65 per share

- 2026-05: $64.94 per share

- 2026-06: $67.50 per share

- 2026-07: $76.69 per share

- 2026-08: $76.04 per share

- 2026-09: $72.87 per share

- 2026-10: $72.56 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1552275/000155227526000021/sun-20251231.htm); period 2025-12-31, filed 2026-02-19.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.