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Sunoco LPSUN -0.82%80 Owner Earnings per Share (TTM) is 6.02 as of Jun. 2026, which is 56% below its 10-year median of 13.82. GuruFocus rates SUN with a GF Score™ of 80/100 and a GF Value™ of $52.39 (Significantly Overvalued). The stock has 12 warning signs investors should review. Among 453 Oil & Gas companies, Sunoco LP ranks worse than 52.76% on this metric.
"These represent (a) reported earnings plus (b) depreciation, depletion, amortization, and certain other non-cash charges...less (c) the average annual amount of capitalized expenditures for plant and equipment, etc. that the business requires to fully maintain its long-term competitive position and its unit volume (If the business requires additional working capital to maintain its competitive position and unit volume, the increment also should be included in (c))...Our owner-earnings equation does not yield the deceptively precise figures provided by GAAP, since (c) must be a guess - and one sometimes very difficult to make. Despite this problem, we consider the owner earnings figure, not the GAAP figure, to be the relevant item for valuation purposes - both for investors in buying stocks and for managers in buying entire businesses...All of this points up the absurdity of the 'cash flow' numbers that are often set forth in Wall Street reports. These numbers routinely include (a) plus (b) - but do not subtract (c)."
Sunoco LP's Owner Earnings per Share (TTM) ended in Jun. 2026 was $6.02. It's Price-to-Owner-Earnings ratio for today is 12.25.
The historical rank and industry rank for Sunoco LP's Owner Earnings per Share (TTM) or its related term are showing as below:
SUN'
s Price-to-Owner-Earnings Range Over the Past 10 Years
Min: 4.52 Med: 13.82 Max: 229.29
Current: 12.23
During the past 13 years, the highestPrice-to-Owner-Earnings ratio of Sunoco LP was 229.29. The lowest was 4.52. And the median was 13.82.
SUN's Price-to-Owner-Earnings is ranked worse than 52.76% of 453
companies
in the Oil & Gas industry
Industry Median: 11.48
vs SUN: 12.23
Assumption: Companies usually do not report maintenance capital expenditures and growth capital expenditures separately. Here we use estimated numbers and average them over 5 years. The method to estimate maintenance capital expenditures can be found in above part 4.
Note: GuruFocus' Change In Working Capital is provided by Morningstar. It is calculated by adding the items under "Change in operating assets and liabilities" (may refer to a different name for different company) section in Cash Flow Statement from original financial report. And it includes non-current parts of assets and liabilities.
Sunoco LP Owner Earnings per Share (TTM) Related Terms
Sunoco LP Owner Earnings per Share (TTM) Historical Data
* Premium members only.
The historical data trend for Sunoco LP's Owner Earnings per Share (TTM) can be seen below:
* 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.
SUN vs DINO, PBF, IEP: Owner Earnings per Share (TTM) Comparison
For the Oil & Gas Refining & Marketing subindustry, Sunoco LP's Price-to-Owner-Earnings, along with its competitors' market caps and Price-to-Owner-Earnings 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.
Sunoco LP Price-to-Owner-Earnings vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Sunoco LP's Price-to-Owner-Earnings distribution charts can be found below:
* The bar in red indicates where Sunoco LP's Price-to-Owner-Earnings falls into.
"These represent (a) reported earnings plus (b) depreciation, depletion, amortization, and certain other non-cash charges...less (c) the average annual amount of capitalized expenditures for plant and equipment, etc. that the business requires to fully maintain its long-term competitive position and its unit volume. (If the business requires additional working capital to maintain its competitive position and unit volume, the increment also should be included in (c))...Our owner-earnings equation does not yield the deceptively precise figures provided by GAAP, since (c) must be a guess - and one sometimes very difficult to make. Despite this problem, we consider the owner earnings figure, not the GAAP figure, to be the relevant item for valuation purposes - both for investors in buying stocks and for managers in buying entire businesses...All of this points up the absurdity of the 'cash flow' numbers that are often set forth in Wall Street reports. These numbers routinely include (a) plus (b) - but do not subtract (c)."
3. Other non-cash charges usually include "Stock Based Compensation" and "Change In Deferred Tax":
However, to be conservative, GuruFocus will not add Stock Based Compensation back to net income.
Sunoco LP's Change In Deferred Tax for the trailing twelve months (TTM) ended in Jun. 2026 was $61 Mil.
4. Average maintenance capital expenditure over a business/industry cycle: 5-Year Average Maintenance Capital Expenditure = $317 Mil
It is usually best to take a long-term average of maintenance capital expenditure. Ideally this would be as long as 10 years and include at least one economic downturn. However, since many companies do not have as long as 10-year history, here GuruFocus uses the latest 5 years data to do the calculation. To smooth out unusual years but reflect recent developments, we take an average of the 5 year maintenance capital expenditure.
The following shows how to get maintenance capital expenditure.
First, calculate the revenue change regarding to the previous quarter. If the revenue decreased from the previous quarter, then the Maintenance Capital Expenditure = Capital Expenditure (positive).
Second, if the revenue increased from the previous quarter, then calculate the percentage of Net PPE as of corresponding Revenue.
Growth Capital Expenditure = Percentage of Property, Plant and Equipment as of corresponding Revenue * Revenue Increase
Third, calculate Capital Expenditure (positive) - Growth Capital Expenditure.
If [Capital Expenditure (positive) - Growth Capital Expenditure] was negative, then the Maintenance Capital Expenditure = Capital Expenditure (positive).
If [Capital Expenditure (positive) - Growth Capital Expenditure] was positive, then the Maintenance Capital Expenditure = Capital Expenditure (positive) - Growth Capital Expenditure.
Fourth, get the average of the 5 years maintenance capital expenditure.
Sunoco LP's 5-Year Average Maintenance Capital Expenditure = $317 Mil
5. "Change In Working Capital" is from cashflow statement. Sunoco LP's Change In Working Capital for the trailing twelve months (TTM) ended in Jun. 2026 was $-138 Mil.
Note: GuruFocus' Change in Working Capital is provided by Morningstar. It is calculated by adding the items under "Change in operating assets and liabilities" (may refer to a different name for different company) section in Cash Flow Statement from original financial report. And sometimes it includes non-current parts of assets and liabilities.
* 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.
What does a Owner Earnings per Share (TTM) of 6.02 mean?
Sunoco LP (SUN) has a Owner Earnings per Share (TTM) of 6.02 as of Jun. 2026. Warren Buffett defined owner earnings as reported earnings plus depreciation less average maintenance capital expenditure. View historical data on Sunoco LP. This is 56% below median its historical median of 13.82. Over the past decade, Sunoco LP's Owner Earnings per Share (TTM) has ranged from 4.52 to 229.29. According to the industry distribution chart, Sunoco LP ranks #239 out of 453 companies in the Oil & Gas industry, placing it in the top 52.8%.
Is Sunoco LP's Owner Earnings per Share (TTM) too high?
Sunoco LP's current Owner Earnings per Share (TTM) of 6.02 is 56% below median its 10-year median of 13.82. Over the past 10 years, this metric has ranged from a low of 4.52 to a high of 229.29. The Oil & Gas industry median Owner Earnings per Share (TTM) is 11.48. Sunoco LP's value of 6.02 is 47.6% below this industry median. Based on the distribution chart, Sunoco LP ranks #239 out of 453 companies in the Oil & Gas industry, which is below the industry midpoint. Overall, Sunoco LP has a GF Score™ of 80/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Sunoco LP's Owner Earnings per Share (TTM) compare to DINO and PBF?
According to the Oil & Gas industry distribution chart, Sunoco LP ranks #239 out of 453 companies for Owner Earnings per Share (TTM). This places Sunoco LP in the lower half of its industry. The industry median Owner Earnings per Share (TTM) is 11.48. Sunoco LP's value of 6.02 is 47.6% below this benchmark. Historically, Sunoco LP's own Owner Earnings per Share (TTM) has ranged from 4.52 to 229.29 over the past decade. While the company's 10-year median is 13.82 vs. the industry median of 11.48, Sunoco LP has consistently been below the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Owner Earnings per Share (TTM) for an Oil & Gas company?
The median Owner Earnings per Share (TTM) among Oil & Gas companies is 11.48, based on 453 companies in the industry. Companies in the top quartile (top 25%) have a Owner Earnings per Share (TTM) significantly above this median, while those in the bottom quartile fall well below. However, Owner Earnings per Share (TTM) should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Sunoco LP's current Owner Earnings per Share (TTM) of 6.02 is 47.6% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Owner Earnings per Share (TTM) mean?
A high Owner Earnings per Share (TTM) can signal that a stock is expensive relative to its fundamentals. Warren Buffett defined owner earnings as reported earnings plus depreciation less average maintenance capital expenditure. View historical data on Sunoco LP. For the Oil & Gas industry, the median Owner Earnings per Share (TTM) is 11.48 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Sunoco LP's current Owner Earnings per Share (TTM) is 6.02, which is 56% below median its own 10-year median of 13.82. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Sunoco LP stock overvalued right now?
Based on GuruFocus' analysis, Sunoco LP (SUN) is currently considered Significantly Overvalued. The stock's GF Value™ is $52.39, compared to a current price of $73.72 — trading 40.7% above its estimated fair value. The current Owner Earnings per Share (TTM) is 6.02, which is 56% below median its 10-year median of 13.82 and 47.6% below the Oil & Gas industry median of 11.48. Sunoco LP's overall GF Score™ is 80/100 with 12 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Owner Earnings per Share (TTM) calculated?
Owner Earnings per Share (TTM) is calculated from a company's financial statements. For Sunoco LP (SUN), the current Owner Earnings per Share (TTM) is 6.02 as of Jun. 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 Sunoco LP (SUN) Overvalued in 2026?
Based on GuruFocus' analysis, Sunoco LP stock appears to be overvalued.
The current stock price of $73.72 is trading 40.7% above its estimated GF Value™ of $52.39.
GuruFocus considers Sunoco LP to be Significantly Overvalued.
Key valuation signals for SUN:
Owner Earnings per Share (TTM): 6.02 (56% below median its 10-year median of 13.82)
GF Value™: $52.39 vs. price of $73.72 (40.7% above fair value)
Industry Position: 47.6% below the Oil & Gas median (#239 of 453)
No single metric tells the full story. See the SUN stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Sunoco LP is a Delaware limited partnership formed in June 2012 by Susser Holdings Corporation or SUSS. In September 2012, the Company completed its initial public offering. The Company, along with its wholly owned subsidiary, is an independent motor fuel distributor by gallons in Texas, and among the distributors of Valero and Chevron branded motor fuel in the United States. The Company also receives rental income from real estate that it leases or subleases. SUSS operated approximately 580 retail convenience stores under its proprietary Stripes convenience store brand at year-end, mainly in growing Texas markets. Stripes is an independent chain of convenience stores in Texas based on store count and retail motor fuel volumes sold. Its business is integral to the success of SUSS' retail operations, and SUSS purchases substantially all of its motor fuel from the Company. In addition to distributing motor fuel, it also distributes other petroleum products such as propane and lube oil, and receives rental income from real estate that it leases or subleases. The Company purchases motor fuel mainly from independent refiners and oil companies and distributes it throughout Texas and in Louisiana, New Mexico and Oklahoma. The Company competes mainly with other independent motor fuel distributors. The Company is subject to various federal, state and local environmental laws and regulations, including those relating to underground storage tanks; the release or discharge of hazardous materials into the air, water and soil; the generation, storage, handling, use, transportation and disposal of regulated materials; the exposure of persons to regulated materials; and the remediation of contaminated soil and groundwater.
80GF Score
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