HIGHBuilt-inGeographic
100%
North America (propane supply)
“10-K Item 1: 'Approximately 85% of our total propane purchases were from domestic suppliers and 100% came from North America in fiscal 2025.'”
SPH · Concentration risk · 10-K extracted
Suburban Propane Partners (SPH) concentration risks
Updated
The most significant concentration Suburban Propane Partners discloses is North America (propane supply) at 100%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Suburban Propane Partners’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 3 disclosed concentrations
HIGH1
MEDIUM1
LOW1
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
MEDIUMOutside partySupplier
30%
Energy Transfer LP
“10-K Item 1: 'Energy Transfer LP ("ET") and Targa Liquids Marketing and Trade LLC ("Targa") provided approximately 30% and 12% of our total propane purchases, respectively.'”
LOWOutside partySupplier
12%
Targa Liquids Marketing and Trade LLC
“10-K Item 1: 'Energy Transfer LP ("ET") and Targa Liquids Marketing and Trade LLC ("Targa") provided approximately 30% and 12% of our total propane purchases, respectively.'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-07-06Suburban Propane Partners' concentration risk sits almost entirely on the supply side. Approximately 85% of total propane purchases were from domestic suppliers, with 100% sourced from North America in fiscal 2025 — a structural, geography-based concentration inherent to how the propane supply chain is organized rather than a single-counterparty dependency. Within that North American supply base, two named suppliers stand out: Energy Transfer LP provided approximately 30% of total propane purchases, and Targa Liquids Marketing and Trade LLC provided approximately 12%. Together these two suppliers account for a meaningful share of total purchases, with Energy Transfer the larger and more consequential of the two relationships. Because propane itself is a fungible commodity available from multiple potential suppliers, the character of this risk leans toward negotiating and logistics exposure rather than an irreplaceable single source, but reliance on these two named counterparties for a large portion of purchases means a disruption at either — particularly Energy Transfer — could pressure near-term procurement costs or availability more than a fully diversified supplier base would allow.
For the engine’s reasoning on SPH’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Utilities - Regulated Gas
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| MDU | MDU Resources Group, Inc. | 3 | 0 | 0 | 3 |
| SPH● | Suburban Propane Partners, L.P. | 1 | 1 | 1 | 3 |
| ATO | Atmos Energy Corporation | 1 | 0 | 0 | 1 |
| BKH | Black Hills Corporation | 0 | 2 | 0 | 2 |
| CPK | Chesapeake Utilities Corporatio | 0 | 1 | 1 | 2 |
| CTRI | Centuri Holdings, Inc. | 0 | 1 | 0 | 1 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.