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The zones of discrimination for M-Score is as such:
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Good Sign:
Beneish M-Score -2.65 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Suburban Propane Partners LP's Beneish M-Score or its related term are showing as below:
SPH'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.21 Med: -2.63 Max: -2.17
Current: -2.65
During the past 13 years, the highest Beneish M-Score of Suburban Propane Partners LP was -2.17. The lowest was -3.21. And the median was -2.63.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
SPH vs NWN, RGCO, OPAL: Beneish M-Score Comparison
For the Utilities - Regulated Gas subindustry, Suburban Propane Partners LP's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Suburban Propane Partners LP Beneish M-Score vs Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, Suburban Propane Partners LP's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Suburban Propane Partners LP's Beneish M-Score falls into.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Suburban Propane Partners LP for today is based on a combination of the following eight different indices:
M
=
-4.84
+
0.92 * DSRI
+
0.528 * GMI
+
0.404 * AQI
+
0.892 * SGI
+
0.115 * DEPI
=
-4.84
+
0.92 * 1.0062
+
0.528 * 0.9505
+
0.404 * 0.9948
+
0.892 * 0.9781
+
0.115 * 0.9767
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0494
+
4.679 * -0.028125
-
0.327 * 0.9637
=
-2.65
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
DEPI
=
(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))
/
(Depreciation_t / (Depreciaton_t + PPE_t))
=
(68.556 / (68.556 + 822.449))
/
(70.458 / (70.458 + 823.945))
=
0.076942
/
0.078777
=
0.9767
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
TATA
=
(IncomefromContinuingOperations_t
-
CashFlowsfromOperations_t)
/
TotalAssets_t
=
(NetIncome_t - NonOperatingIncome_t
-
CashFlowsfromOperations_t)
/
TotalAssets_t
=
(133.351 - -4.371
-
205.971)
/
2426.635
=
-0.028125
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Suburban Propane Partners LP has a M-score of -2.65 suggests that the company is unlikely to be a manipulator.
Suburban Propane Partners LP (SPH) has a Beneish M-Score of -2.65 as of Aug. 01, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Suburban Propane Partners LP and its competitors. According to the industry distribution chart, Suburban Propane Partners LP ranks #207 out of 486 companies in the Utilities - Regulated industry, placing it in the top 42.6%.
Is Suburban Propane Partners LP's Beneish M-Score too high?
Suburban Propane Partners LP's current Beneish M-Score is -2.65. Based on the distribution chart, Suburban Propane Partners LP ranks #207 out of 486 companies in the Utilities - Regulated industry, which is above the industry midpoint. Overall, Suburban Propane Partners LP has a GF Score™ of 57/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Suburban Propane Partners LP's Beneish M-Score compare to NWN and RGCO?
According to the Utilities - Regulated industry distribution chart, Suburban Propane Partners LP ranks #207 out of 486 companies for Beneish M-Score. This puts Suburban Propane Partners LP in the upper half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for an Utilities - Regulated company?
A good Beneish M-Score depends on the Utilities - Regulated industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Suburban Propane Partners LP and its competitors. Suburban Propane Partners LP's current Beneish M-Score is -2.65. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Suburban Propane Partners LP stock overvalued right now?
Based on GuruFocus' analysis, Suburban Propane Partners LP (SPH) is currently considered Fairly Valued. The stock's GF Value™ is $18.09, compared to a current price of $18.66 — trading 3.2% above its estimated fair value. The current Beneish M-Score is -2.65. Suburban Propane Partners LP's overall GF Score™ is 57/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Suburban Propane Partners LP (SPH), the current Beneish M-Score is -2.65 as of Aug. 01, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Suburban Propane Partners LP (SPH) Overvalued in 2026?
Based on GuruFocus' analysis, Suburban Propane Partners LP stock appears to be overvalued.
The current stock price of $18.66 is trading 3.2% above its estimated GF Value™ of $18.09.
GuruFocus considers Suburban Propane Partners LP to be Fairly Valued.
Key valuation signals for SPH:
Beneish M-Score: -2.65
GF Value™: $18.09 vs. price of $18.66 (3.2% above fair value)
No single metric tells the full story. See the SPH stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Suburban Propane Partners LP distributes propane, renewable propane, renewable natural gas (RNG), fuel oil, refined fuels, and markets natural gas and electricity in deregulated markets. It produces and invests in low-carbon fuel alternatives. The company installs and services home comfort heating and ventilation equipment and distributes fuel oil, kerosene, diesel, and gasoline to about 25,000 residential and commercial customers mainly in the U.S. northeast. It operates three segments: Propane, Fuel Oil and Refined Fuels, and Natural Gas and Electricity, with the Propane segment generating the majority of revenue. Propane, a by-product of natural gas processing and petroleum refining, is a clean-burning energy source known for transportability and ease of use.
57GF Score
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