Four companies in this trade have to show their math in public. UGI Corp. (whose AmeriGas propane business is reported as a segment), Ferrellgas Partners, Suburban Propane Partners and Star Group each file audited annual results with the Securities and Exchange Commission. The fiscal 2025 annual reports are on file. So is each one’s most recent quarterly report.
An independent dealer will never file a 10-K. That is why these documents are worth reading. These filings put on the record, in public, gallons delivered, margin per gallon, what weather did to volume, and what it cost to buy a competitor — figures an independent almost never sees from anyone else in this trade. The annual 10-K is audited. It is free.
Read the four side by side. AmeriGas and Ferrellgas are losing gallons in the current year. Suburban and Star grew gallons in fiscal 2025 — Star by mixing heating oil with propane. What they share is unit margin carrying the year.
Since June the picture sharpened, against a backdrop that includes AmeriGas’s September 2025 Hawaii sale still working through the fiscal 2026 comparisons. One company cleaned up old legal claims. One refinanced its debt. One kept buying small. None of it changed the core story, and the core story is the one an independent can use.
Originally published on Propane Insider.