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.
Tilikausi 2025 · muutos edellisvuodesta
Kehitys 2020–2025
Liiketoiminta
Osuus liikevaihdostaRetail delivery of home heating oil, propane, and related liquid fuels to end users.
Installation, repair, maintenance, and emergency service for heating equipment and systems.
Sales of motor fuels and other petroleum products sold through the operating businesses.
Tuotteet
Raportoitu · osuus liikevaihdosta- 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 %
Lähde: 10-K FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.
Asiakkaat
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.
Households buying delivered heating fuel on a variable-price basis for seasonal heating needs.
Households buying ceiling-price or fixed-price plans to reduce winter bill volatility.
Businesses and institutions buying fuel delivery and related heating services.
Existing fuel customers and new accounts purchasing equipment installation, repair, and maintenance.
Strategia
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.
The market is fragmented, so acquisitions can add customers, routes, and service density.
Recurring fuel delivery depends on keeping households and businesses on the route network.
Service work deepens customer relationships and adds non-fuel revenue streams.
Maantiede
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.
Riskit
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.
- Wholesale product price volatilityVaikutus: KorkeaTodennäköisyys: Korkea
Fuel costs move quickly, and the company may not fully pass changes through to customers.
Kohdistuu - Seasonal weather and demand variabilityVaikutus: KorkeaTodennäköisyys: Korkea
Heating demand depends on winter temperatures, which affects volumes and cash flow timing.
Kohdistuu: Residential heating fuel sales
- Competitive pressure and customer attritionVaikutus: KorkeaTodennäköisyys: Korkea
Customers can switch to lower-cost suppliers or alternative energy sources.
Kohdistuu: Local retail heating markets
- Acquisition integration riskVaikutus: KeskitasoTodennäköisyys: Kohtalainen
Growth depends partly on integrating acquired customers, routes, and systems.
Kohdistuu: Purchased heating oil and propane businesses
- Cybersecurity and data security incidentsVaikutus: KeskitasoTodennäköisyys: Kohtalainen
A breach could disrupt billing, dispatch, customer data, and service operations.
Kohdistuu: Customer and operational systems
Kirjanpito
Harkinnanvaraiset erätCommodity contracts are remeasured at fair value, creating earnings volatility from market moves.
Vaikutus: Can materially affect operating results and balance-sheet assets/liabilities
Winter fuel demand requires inventory and receivables funding before cash collection catches up.
Vaikutus: Quarterly cash flow and liquidity can vary significantly
Workers' compensation, auto, general liability, and medical claims require actuarial estimates.
Vaikutus: Changes in assumptions can alter expenses and reserves
Purchased businesses are allocated to goodwill, intangibles, and fixed assets.
Vaikutus: Future impairment or amortization can affect earnings and equity
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Päivitetty: 24.9.2026