SGUNYSERetail-Retail Stores, NECUS GAAP · USD

Star Group L.P

Star Group, L.P. is a U.S.-based distributor of home heating oil and propane with a single operating segment focused on heating-related products and services. The company serves residential and commercial customers through a network of local operating businesses and also provides installation, repair, and related service work.

Revenue1,784m USD
+1.0 %y/y
Operating profit (EBIT)114m USD
+87.3 %y/y
EBIT margin6.4%
+3.0 ppy/y
Net income73.5m USD
+108.7 %y/y
Free cash flow56.0m USD
−44.2 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

05001,0001,5002,0002,500m USD2020: 1,467 m USD2020: EBIT 93 m USD20202021: 1,497 m USD2021: EBIT 130 m USD20212022: 2,007 m USD2022: EBIT 60 m USD20222023: 1,953 m USD2023: EBIT 63 m USD20232024: 1,766 m USD2024: EBIT 61 m USD20242025: 1,784 m USD2025: EBIT 114 m USD20251,784114
RevenueOperating profit (EBIT)

Business

Share of revenue
Heating oil and propane delivery78 %

Retail delivery of home heating oil, propane, and related liquid fuels to end users.

Installation and service18 %

Installation, repair, maintenance, and emergency service for heating equipment and systems.

Motor fuels and other petroleum products4 %

Sales of motor fuels and other petroleum products sold through the operating businesses.

Products

Reported · share of revenue
62.8%17.8%FY2025100 %
  • Home Heating Oil and Propane62.8 %
  • Motor Fuel and Other Petroleum Products17.8 %
  • Equipment Maintenance Service Contracts7.6 %
  • Equipment Installations7.6 %
  • Billable Call Services4.2 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

Star Group sells primarily to residential households that rely on delivered heating oil or propane for space heating, especially in colder-weather markets. It also serves commercial and industrial customers that need fuel delivery and heating-related service support. Customers buy from the company for dependable fuel supply, equipment service, and emergency response capability.

Residential variable customers

Households buying delivered heating fuel on a variable-price basis for seasonal heating needs.

Residential price-protected customers

Households buying ceiling-price or fixed-price plans to reduce winter bill volatility.

Commercial/industrial/other

Businesses and institutions buying fuel delivery and related heating services.

Service and installation customers

Existing fuel customers and new accounts purchasing equipment installation, repair, and maintenance.

Strategy

The company’s strategy is to grow adjusted EBITDA and cash flow by retaining customers, improving service, and expanding its installed base of heating-related offerings. It also pursues selective acquisitions of heating oil, propane, and dual-fuel businesses to broaden its footprint and add customers. Service quality and integration of acquired accounts are central to its competitive position in fragmented local markets.

Selective acquisitionsMedium term

The market is fragmented, so acquisitions can add customers, routes, and service density.

Customer retention and service qualityShort term

Recurring fuel delivery depends on keeping households and businesses on the route network.

Expand installations and service revenueMedium term

Service work deepens customer relationships and adds non-fuel revenue streams.

Geography

Star Group operates in the United States through local retail heating businesses and acquired operating companies. Its footprint is shaped by regional heating demand, winter severity, and the density of homes and businesses that use oil or propane for space heating. Geography matters because the business is seasonal and concentrated in markets where delivered fuel remains a practical heating solution.

Risks

Star Group is exposed to fuel-price volatility, weather-driven demand swings, and intense local competition from other distributors and alternative energy sources. Because the business relies on seasonal working capital and commodity hedging, changes in wholesale prices, customer conservation, or supply disruptions can affect cash flow and margins. Acquisition integration, cyber risk, and self-insurance claims are additional company-specific risks that can affect operations and reported results.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Wholesale product price volatility1Seasonal weather and demand variability2Competitive pressure and customer attrition3Acquisition integration risk4Cybersecurity and data security incidents5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Wholesale product price volatilityImpact: HighLikelihood: High

    Fuel costs move quickly, and the company may not fully pass changes through to customers.

    ExposureHeating oilPropaneOther petroleum products
  2. Seasonal weather and demand variabilityImpact: HighLikelihood: High

    Heating demand depends on winter temperatures, which affects volumes and cash flow timing.

    Exposure: Residential heating fuel sales

  3. Competitive pressure and customer attritionImpact: HighLikelihood: High

    Customers can switch to lower-cost suppliers or alternative energy sources.

    Exposure: Local retail heating markets

  4. Acquisition integration riskImpact: MediumLikelihood: Medium

    Growth depends partly on integrating acquired customers, routes, and systems.

    Exposure: Purchased heating oil and propane businesses

  5. Cybersecurity and data security incidentsImpact: MediumLikelihood: Medium

    A breach could disrupt billing, dispatch, customer data, and service operations.

    Exposure: Customer and operational systems

Accounting

Judgemental items
Derivative fair value accounting

Commodity contracts are remeasured at fair value, creating earnings volatility from market moves.

Impact: Can materially affect operating results and balance-sheet assets/liabilities

Seasonal working capital

Winter fuel demand requires inventory and receivables funding before cash collection catches up.

Impact: Quarterly cash flow and liquidity can vary significantly

Self-insurance liabilities

Workers' compensation, auto, general liability, and medical claims require actuarial estimates.

Impact: Changes in assumptions can alter expenses and reserves

Goodwill and intangible assets from acquisitions

Purchased businesses are allocated to goodwill, intangibles, and fixed assets.

Impact: Future impairment or amortization can affect earnings and equity

Publicly listed companies with a comparable business focus.

Last updated: 24/09/2026

Star Group L.P (SGU) Revenue, Earnings & Financials 2025 – Clarifo