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Crossamerica Partners
(NYSE:CAPL)
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Rating:55Neutral
Price Target:
$22.50
▲(3.40% Upside)
Action:Reiterated
Date:07/22/26
CAPL’s score is held back primarily by weak financial performance—especially the steep revenue decline and negative equity/high leverage—despite solid operating/free cash flow. The latest earnings call and valuation (high dividend yield with a moderate P/E) provide support, while technicals are mixed with softer near-term momentum.
Positive Factors
Strong cash generation
Consistent, growing cash generation (TTM OCF ~$104M; FCF ~$75M) provides stable internal funding for distributions, capex, and debt paydown. Over the next 2–6 months this durable cash flow underpins deleveraging and shields operations from short-term commodity swings, improving financial resilience.
Negative Factors
High leverage / negative equity
Negative equity and roughly $0.85B of debt leave the partnership financially stressed. Structural leverage limits strategic flexibility, raises refinancing and covenant risk, and amplifies downside in a fuel-demand slowdown, constraining capacity to invest without further asset sales or slower distribution policies.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Consistent, growing cash generation (TTM OCF ~$104M; FCF ~$75M) provides stable internal funding for distributions, capex, and debt paydown. Over the next 2–6 months this durable cash flow underpins deleveraging and shields operations from short-term commodity swings, improving financial resilience.
Read all positive factors
Crossamerica Partners (CAPL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$847.41M
Dividend Yield9.46%
Average Volume (3M)30.79K
Price to Earnings (P/E)14.5
Beta (1Y)0.15
Revenue Growth-9.39%
EPS Growth87.18%
CountryUS
Employees3,047
SectorEnergy
Sector Strength52
IndustryOil & Gas Refining & Marketing
Share Statistics
EPS (TTM)1.53
Shares Outstanding38,154,330
10 Day Avg. Volume27,695
30 Day Avg. Volume30,789
Financial Highlights & Ratios
PEG Ratio0.17
Price to Book (P/B)-10.90
Price to Sales (P/S)0.21
P/FCF Ratio14.07
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)1.06
Revenue Forecast (FY)$3.01B
Crossamerica Partners Business Overview & Revenue Model
Company Description
CrossAmerica Partners LP primarily operates in the United States, focusing on three main areas: the bulk supply of motor fuels, the management of convenience stores, and the acquisition and leasing of properties vital for retail fuel sales. The en...
How the Company Makes Money
CAPL primarily makes money through (1) wholesale distribution of motor fuels, (2) convenience retail and site operations, and (3) real estate and lease-related income tied to fuel and convenience locations.
1) Wholesale fuel distribution (core ca...
Crossamerica Partners Earnings Call Summary
Earnings Call Date:May 06, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 05, 2026
Earnings Call Sentiment Positive
The call highlights a strong operational and financial quarter: record Q1 adjusted EBITDA (+45%), a return to net income, materially higher distributable cash flow (+136%), margin expansion in retail merchandise and stronger retail fuel margins, along with disciplined expense control and targeted asset sales that reduced debt and leverage. Offsetting these positives are persistent volume declines across retail (same-store -7%) and wholesale, reduced wholesale gross profit, site count reductions due to conversions and sales, and an accounting-driven increase in finance lease obligations. On balance, the positive operational leverage, cash generation, margin improvements, and debt reduction outweigh the volume and wholesale challenges.Positive Updates
Record Q1 Adjusted EBITDA
Adjusted EBITDA of $35.1M for Q1 2026, a record for the quarter and a 45% increase versus Q1 2025 (up $10.8M from $24.3M).
Negative Updates
Retail Fuel Volume Declines
Same-store retail fuel volumes declined ~7% year-over-year; company-operated locations down ~4% and commission locations down ~14%, with pressure accelerating in March amid rising and volatile pump prices.
Read all updates
Q1-2026 Updates
Positive
Negative
Record Q1 Adjusted EBITDA
Adjusted EBITDA of $35.1M for Q1 2026, a record for the quarter and a 45% increase versus Q1 2025 (up $10.8M from $24.3M).
Read all positive updates
Company Guidance
The call offered operational rather than formal numeric forward guidance, with management emphasizing continued debt paydown and portfolio optimization while maintaining a target credit‑facility defined leverage of ~4x (3.35x at quarter end vs. 4.27x a year ago) and a continued pipeline of targeted real estate sales (Q1: 16 properties, ~$12.7M proceeds; credit facility reduced by ~ $10M). They said they expect durable cash flow and continued strong fuel margins into spring/summer (Q1 adjusted EBITDA $35.1M, +45% YoY; net income $10.7M; retail fuel margin $0.437/gal; wholesale fuel margin $0.094/gal), and highlighted distributions and cash flow strength (Q1 distributable cash flow $21.5M vs $9.1M prior year; Q1 distribution coverage 1.07x, TTM 1.25x; distribution $0.525/unit). Operational priorities called out include continued retail investments (Q1 capex $3.4M: $2.1M growth, $1.3M sustaining), merchandise/margin focus (merchandise margin 29.7%; merchandise gross profit $27M), maintaining cost discipline (operating expenses down $2.4M YoY), and balance‑sheet/rate management (effective credit facility rate 5.6%; >55% swapped to ~3.4% fixed; finance lease obligations up $56M).Crossamerica Partners Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
18
Very Negative
Cash Flow
55
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.64B | 3.66B | 4.10B | 4.39B | 4.97B | 3.58B |
| Gross Profit | 394.95M | 336.22M | 398.32M | 382.27M | 375.77M | 276.95M |
| EBITDA | 193.19M | 187.81M | 147.32M | 166.02M | 177.13M | 114.53M |
| Net Income | 56.89M | 41.83M | 19.89M | 40.10M | 61.97M | 21.65M |
Balance Sheet | ||||||
| Total Assets | 1.00B | 964.73M | 1.11B | 1.18B | 1.26B | 1.34B |
| Cash, Cash Equivalents and Short-Term Investments | 7.35M | 3.14M | 3.38M | 4.99M | 16.05M | 7.65M |
| Total Debt | 847.48M | 907.90M | 908.56M | 910.47M | 943.35M | 996.55M |
| Total Liabilities | 1.08B | 1.04B | 1.14B | 1.15B | 1.18B | 1.28B |
| Stockholders Equity | -78.45M | -72.04M | -24.78M | 3.01M | 79.13M | 56.56M |
Cash Flow | ||||||
| Free Cash Flow | 75.29M | 55.77M | 61.46M | 82.45M | 130.97M | 53.61M |
| Operating Cash Flow | 104.33M | 91.50M | 87.78M | 117.08M | 161.32M | 95.47M |
| Investing Cash Flow | 77.62M | 68.44M | -16.31M | -28.18M | -46.40M | -298.69M |
| Financing Cash Flow | -181.34M | -160.18M | -73.08M | -99.97M | -106.51M | 210.36M |
Crossamerica Partners Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $15.71B | 19.37 | 17.28% | 4.99% | 37.27% | -29.09% | |
71 Outperform | $4.31B | 9.43 | 32.61% | ― | -2.52% | ― | |
69 Neutral | $1.68B | 13.70 | 18.90% | 6.26% | 9.54% | 13.40% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
62 Neutral | $2.04B | -12.46 | -13.21% | 2.09% | 7.56% | 58.21% | |
55 Neutral | $847.41M | 14.52 | -85.35% | 9.65% | -9.39% | 87.18% | |
47 Neutral | $965.68M | -32.17 | -2.50% | 2.50% | ― | ― |
* Energy Sector Average
CAPL
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Crossamerica Partners Corporate Events
Executive/Board ChangesDividends
CrossAmerica Partners Announces CFO Appointment and Stable Distribution
Positive
Jul 21, 2026
On July 20, 2026, CrossAmerica Partners’ general partner appointed Jonathan E. Benfield as Chief Financial Officer, formalizing his role after serving as Interim CFO and Chief Accounting Officer since March 2, 2026. The partnership confirmed...
Business Operations and StrategyPrivate Placements and Financing
CrossAmerica Partners Extends Credit Facility, Tightens Leverage Covenants
Positive
Jul 17, 2026
On July 15, 2026, CrossAmerica Partners LP and its subsidiary Lehigh Gas Wholesale Services, Inc. amended their long-term syndicated credit facility, originally entered into in 2019 and most recently updated in early 2024. The amendment extends th...
Business Operations and StrategyExecutive/Board ChangesDividendsFinancial Disclosures
CrossAmerica Partners Posts Strong Q1 Results, New Leadership
Positive
May 6, 2026
On May 6, 2026, CrossAmerica Partners reported that first-quarter 2026 net income swung to $10.7 million from a $7.1 million loss a year earlier, with adjusted EBITDA rising to a record $35.1 million and distributable cash flow climbing to $21.5 m...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.