Ferrellgas Partners (FGPR) AI Stock Analysis

• Market Cap: $113.99M
• Dividend Yield: N/A
• Average Volume (3M): 5.16K
• Price to Earnings (P/E): 0.2
• Beta (1Y): 0.62
• Revenue Growth: 5.42%
• EPS Growth: 72.92%
• Country: US
• Employees: 4,005
• Sector: Energy
• Sector Strength: 52
• Industry: Oil & Gas Refining & Marketing
• EPS (TTM): 2.51
• Shares Outstanding: 4,857,605
• 10 Day Avg. Volume: 2,161
• 30 Day Avg. Volume: 5,156
• PEG Ratio: -0.10
• Price to Book (P/B): -0.23
• Price to Sales (P/S): 0.04
• P/FCF Ratio: 1.21
• Enterprise Value/Market Cap: 13.98
• Enterprise Value/Revenue: 0.84
• Enterprise Value/Gross Profit: 1.85
• Enterprise Value/Ebitda: 4.96
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 63 Neutral
• Price Target: $24.50 ▲(28.95% Upside)
• Action: Reiterated Date: 03/17/26
• Date: Action: Reiterated 03/17/26

The score is held back primarily by balance-sheet stress (very high debt and negative equity) despite improved profitability and positive free cash flow. Offsetting positives include a strong technical uptrend and very low P/E valuation, with the earnings call adding support via improving operating metrics and a meaningful capital-structure simplification.

Positive Factors

Cash Generation & FCF Growth

Sustained positive operating cash flow and rising free cash flow provide durable internal funding for working capital, annual capex (~$70–90M), and debt servicing. Strong FCF growth improves the partnership's ability to deleverage over time and supports reinvestment without sole reliance on external capital.

Per-Gallon Margin & Operational Efficiency

Improved margin and operating income per gallon reflect lasting operational gains—fewer skipped stops, better route productivity, and telematics-driven fuel efficiency. These unit-level improvements scale with volumes and provide a structural cushion against commodity price swings and seasonal variability.

Equity Simplification / Class B Conversion

Eliminating the multi-class unit structure reduces governance complexity and should lower cost of capital. A unified, fungible equity base can enhance liquidity, streamline investor communications, and materially improve the company’s ability to pursue M&A, autogas, and power-generation growth initiatives.

Negative Factors

High Leverage & Negative Equity

Very high debt and persistently negative equity materially constrain financial flexibility, raise refinancing and covenant risks, and increase interest expense sensitivity. This leverage profile limits strategic optionality and makes execution of growth plans dependent on sustained cash generation or external financing access.

Commodity & Seasonality Exposure

Propane price volatility and weather-driven demand create structural top-line variability. Even if margins can offset some price moves, recurring revenue swings and uneven wholesale volumes increase forecasting difficulty, stress working capital timing, and elevate earnings volatility over planning horizons.

Senior Finance Leadership Vacancy

An open CFO role is a persistent governance and execution risk while the company navigates major capital-structure changes and heavy leverage. Absence of a permanent finance chief can slow refinancing, weaken investor outreach, and complicate implementation of strategic initiatives that require tight financial stewardship.

Ferrellgas Partners Business Overview & Revenue Model

Company Description

Ferrellgas Partners, L.P. distributes and sells propane and related equipment and supplies. The company transports propane to propane distribution locations, tanks on customers' premises, or to portable propane tanks delivered to retailers. It conducts its portable tank exchange operations under the Blue Rhino brand name through a network of independent and partnership-owned distribution outlets. The company's propane is primarily used for space heating, water heating, cooking, outdoor cooking using gas grills, crop drying, irrigation, weed control, and other propane fueled appliances; as an engine fuel for combustion engine vehicles and forklifts; and as a heating or energy source in manufacturing and drying processes. It serves residential, industrial and commercial, portable tank exchange, agricultural, wholesale, and other customers in the United States, the District of Columbia, and Puerto Rico. As of July 31, 2021, it operated 50 service centers and 800 service units for propane distribution locations. The company is also involved in the sale of refined fuels; provision of common carrier services; and retail sale of propane appliances and related parts and fittings, as well as other retail propane related services and consumer products. Ferrellgas Partners, L.P. was founded in 1939 and is headquartered in Overland Park, Kansas.

How the Company Makes Money

Ferrellgas Partners makes money primarily by selling and delivering propane to end customers. Revenue is generated from (1) propane sales, where earnings depend on gallons delivered and the margin between the delivered sales price and the company’s propane supply and logistics costs; and (2) fees and service revenue tied to its propane distribution business, including charges associated with tank installations, equipment sales, and ongoing service/maintenance, where applicable. Key factors influencing earnings include customer demand (often weather-driven due to heating usage), customer mix (residential vs. commercial/industrial/agricultural), competitive pricing in local markets, the ability to procure propane supply efficiently, and the costs of transportation and storage. The company’s cash generation is supported by recurring demand from established customer accounts and by managing propane price risk and supply logistics to protect per-gallon margins.

Ferrellgas Partners Financial Statement Overview

Summary

Cash flow is positive with solid TTM operating cash flow (~$168M) and free cash flow (~$86M) plus strong FCF growth, and profitability has improved versus the prior annual loss. However, the balance sheet is a major constraint: very high debt (~$1.49B TTM) alongside persistently negative equity materially elevates refinancing/credit risk and limits financial flexibility.

Income Statement

TTM (Trailing-Twelve-Months) revenue is slightly down (-1.47%), following a choppy multi-year pattern (growth in 2021–2022, then declines in 2023–2024, modest rebound in 2025). Profitability is mixed: gross margin remains strong (~47% TTM), but operating profitability has been volatile, and net margin is modest (about 3.8% TTM). A key positive is the swing from a net loss in 2025 (annual) to a solid profit in TTM, but overall earnings quality appears inconsistent given the historical variability.

Balance Sheet

Leverage is the central concern. Total debt remains very high (~$1.49B TTM) relative to the company’s size, while stockholders’ equity is negative in TTM (and also negative across most recent annual periods), which materially weakens balance-sheet flexibility and raises refinancing/credit risk. Total assets are roughly flat, suggesting limited balance-sheet deleveraging progress despite earnings improvement in TTM.

Cash Flow

Cash generation is a relative strength: TTM operating cash flow (~$168M) and free cash flow (~$86M) are positive, with strong TTM free cash flow growth (+36.95%). However, cash conversion is not particularly strong versus accounting earnings in TTM (free cash flow is well below net income), and operating cash flow relative to net income is also modest, indicating earnings-to-cash translation is not consistently robust.

Breakdown	TTM	Jul 2025	Jul 2024	Jul 2023	Jul 2022	Jul 2021
Income Statement
Total Revenue	1.90B	1.94B	1.84B	2.03B	2.11B	1.75B
Gross Profit	859.64M	915.99M	983.14M	1.01B	928.03M	859.65M
EBITDA	321.19M	191.49M	308.06M	329.68M	339.83M	190.63M
Net Income	70.27M	-15.41M	10.22M	75.85M	48.00M	-67.73M
Balance Sheet
Total Assets	1.54B	1.42B	1.46B	1.53B	1.61B	1.73B
Cash, Cash Equivalents and Short-Term Investments	88.39M	96.88M	113.48M	126.22M	147.53M	270.45M
Total Debt	1.56B	1.51B	1.54B	1.54B	1.56B	1.58B
Total Liabilities	1.88B	1.79B	1.76B	1.78B	1.84B	1.90B
Stockholders Equity	-260.52M	-298.44M	-220.56M	-218.36M	37.91M	88.87M
Cash Flow
Free Cash Flow	85.72M	56.34M	174.71M	123.34M	63.79M	145.27M
Operating Cash Flow	168.18M	136.35M	245.57M	212.26M	160.47M	206.43M
Investing Cash Flow	-79.82M	-80.80M	-85.05M	-110.77M	-111.78M	-60.95M
Financing Cash Flow	-39.38M	-82.82M	-173.71M	-122.87M	-171.90M	-197.28M

Ferrellgas Partners Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 19.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FGPR, the sentiment is Positive. The current price of 19 is below the 20-day moving average (MA) of 22.37, below the 50-day MA of 20.75, and above the 200-day MA of 16.29, indicating a bullish trend. The MACD of 0.85 indicates Positive momentum. The RSI at 60.59 is Neutral, neither overbought nor oversold. The STOCH value of 34.39 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FGPR.

Ferrellgas Partners Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SUN	68 Neutral	$13.26B	18.46	7.27%	6.88%	-5.18%	-33.14%
SGU	67 Neutral	$418.88M	2.76	19.81%	6.14%	1.04%	111.69%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
FGPR	63 Neutral	$113.99M	0.23	―	―	5.42%	72.92%
DK	62 Neutral	$2.53B	5.68	-14.06%	3.42%	-22.37%	-27.22%
CLNE	55 Neutral	$476.17M	-2.09	-38.08%	―	2.59%	-192.73%
CAPL	49 Neutral	$832.11M	18.76	-67.36%	10.09%	-10.27%	131.17%

Ferrellgas Partners Corporate Events

Ferrellgas Partners Converts Class B Units to Class A

On March 13, 2026, Ferrellgas Partners, L.P. paid a previously disclosed cash distribution to holders of its Class B units and thereby met the Class B Conversion Threshold specified in its partnership agreement. On March 16, 2026, the partnership notified Class B unitholders that it was electing to convert each Class B unit into five Class A units at a conversion factor of 5.00, resulting in the issuance of 6,500,000 new Class A units and the elimination of all outstanding Class B units.

The partnership engaged Computershare Inc. and its affiliate as conversion agent, and its public accounting firm determined that the newly issued Class A units are fully fungible and tradable pari passu with previously outstanding Class A units. The move simplifies Ferrellgas Partners’ equity structure and consolidates all limited partner interests into a single class of publicly tradable units, clarifying capital structure for investors and potentially enhancing liquidity in the Class A units.

The most recent analyst rating on (FGPR) stock is a Buy with a $28.00 price target. To see the full list of analyst forecasts on Ferrellgas Partners stock, see the FGPR Stock Forecast page.

Ferrellgas Partners Converts Class B Units to Class A

On March 13, 2026, Ferrellgas Partners, L.P. made a previously disclosed cash distribution to holders of its Class B units and, as a result, achieved the Class B Conversion Threshold defined in its limited partnership agreement. This milestone enabled the partnership to proceed with a planned restructuring of its equity capital.

On March 16, 2026, Ferrellgas notified Class B unitholders that it had elected to convert each Class B unit into five Class A units at a conversion factor of 5.00, resulting in the issuance of 6,500,000 new Class A units. The newly issued units were determined by the partnership’s public accounting firm to be fully fungible and tradable on an equal basis with existing Class A units, simplifying the capital structure and potentially enhancing liquidity for unitholders.

The most recent analyst rating on (FGPR) stock is a Buy with a $28.00 price target. To see the full list of analyst forecasts on Ferrellgas Partners stock, see the FGPR Stock Forecast page.

Ferrellgas Simplifies Equity Structure After Solid Quarterly Results

Ferrellgas Partners reported on March 5, 2026, that second-quarter fiscal 2026 gross profit rose about 1% to deliver a 3% increase in net earnings to $102.2 million, as a sharp decline in propane prices cut revenue but more steeply reduced product costs and boosted margins. Adjusted EBITDA increased 6% to $166.1 million, helped by lower general and administrative and lease expenses, while operational initiatives such as supply infrastructure upgrades, telematics investments, and a shift of some Will Call customers to Auto Fill improved efficiency and operating income per gallon.

Winter weather patterns, including late-quarter cold and Winter Storm Fern in the eastern U.S., highlighted the value of Ferrellgas’ national footprint, enabling the company to reallocate drivers and equipment, grow residential gross profit, expand tank sets, and win new national accounts. On March 4, 2026, the board declared an $82.32 per Class B Unit cash distribution totaling about $107 million and approved converting all 1.3 million outstanding Class B Units into Class A Units after payment, a move that meets the partnership’s Class B conversion threshold and simplifies its equity structure for unitholders.

The most recent analyst rating on (FGPR) stock is a Hold with a $21.00 price target. To see the full list of analyst forecasts on Ferrellgas Partners stock, see the FGPR Stock Forecast page.

Ferrellgas Partners Reports Q2 Earnings Growth, Unit Conversion

Ferrellgas Partners reported on March 5, 2026, that for its second fiscal quarter ended January 31, 2026, gross profit rose about 1% to deliver a $3.3 million increase in net earnings to $102.2 million, as lower propane prices reduced revenue but were more than offset by a 10% decline in product costs and tighter expense control. Adjusted EBITDA climbed 6% to $166.1 million, driven by lower general and administrative and lease expenses, while operational efficiencies boosted margin per gallon by roughly 6% and operating income per gallon by about 13% amid regionally mixed winter weather.

The company highlighted extensive winter preparedness, including upgraded supply infrastructure, expanded telematics, added drivers and trucks, and new distribution locations, which enabled it to meet elevated eastern U.S. demand during Winter Storm Fern and support community relief efforts. Retail initiatives such as higher tank-set growth, improved residential conversion rates, expansion of Auto Fill delivery, and new national accounts underpinned profitable volume gains, while the board approved an $82.32 per Class B Unit cash distribution on March 4, 2026, triggering the threshold for converting all 1.3 million outstanding Class B Units into Class A Units shortly after the payment date.

The most recent analyst rating on (FGPR) stock is a Hold with a $21.00 price target. To see the full list of analyst forecasts on Ferrellgas Partners stock, see the FGPR Stock Forecast page.

Ferrellgas Partners Declares Distribution, Triggers Class B Conversion

On March 4, 2026, the board of Ferrellgas, Inc., as general partner of Ferrellgas Partners, L.P., declared a cash distribution of $82.32 per Class B Unit, totaling approximately $107.0 million, payable on or about March 13, 2026, to holders of record as of March 6, 2026. This distribution will cause the partnership to reach its Class B Conversion Threshold, enabling it to elect to convert all 1.3 million outstanding Class B Units into Class A Units at a rate of five Class A Units per Class B Unit shortly after payment, a move that would simplify the capital structure and may affect unit liquidity and the tax treatment of distributions, particularly for non-U.S. investors who face full U.S.-connected income characterization and heightened withholding obligations.

The most recent analyst rating on (FGPR) stock is a Hold with a $21.00 price target. To see the full list of analyst forecasts on Ferrellgas Partners stock, see the FGPR Stock Forecast page.

Ferrellgas Partners Declares Large Distribution, Plans Unit Conversion

On March 4, 2026, Ferrellgas Partners’ board declared a cash distribution of $82.32 per Class B Unit, totaling about $107 million, payable on or about March 13, 2026, to Class B Unitholders of record as of March 6, 2026. This payout brings the partnership to the Class B Conversion Threshold, enabling it under its partnership agreement to elect to convert all 1.3 million Class B Units into Class A Units at a five‑for‑one ratio shortly after the distribution, a move that would simplify the capital structure and alter the ownership mix for unitholders.

The board on March 4, 2026, also approved the intent to make this conversion election by written notice, though the filing clarifies the conversion itself will not be effective until such notice is formally delivered to Class B holders as required. The filing further notifies foreign investors and their brokers that 100% of the partnership’s distributions are treated as effectively connected U.S. trade or business income and are subject to U.S. federal withholding at the highest applicable rate, plus an additional 10% withholding because the entire distribution exceeds cumulative net income, affecting after‑tax returns for non‑U.S. unitholders.

The most recent analyst rating on (FGPR) stock is a Hold with a $21.00 price target. To see the full list of analyst forecasts on Ferrellgas Partners stock, see the FGPR Stock Forecast page.

Ferrellgas Partners Schedules Q2 2026 Earnings Webcast

Ferrellgas Partners plans to hold an online teleconference on March 5, 2026, to discuss its operational and financial performance for the second fiscal quarter that ended on January 31, 2026. The webcast is scheduled to start at 8:00 a.m. Central Time, and the company is inviting investors to submit questions in advance via its investor relations email channel.

This event underscores Ferrellgas Partners’ ongoing efforts to maintain transparent communication with the investment community regarding quarterly results. By providing live access to management’s discussion and a structured channel for investor questions, the company is aiming to keep stakeholders informed and engaged around its recent quarter performance.

The most recent analyst rating on (FGPR) stock is a Hold with a $21.00 price target. To see the full list of analyst forecasts on Ferrellgas Partners stock, see the FGPR Stock Forecast page.

Ferrellgas Partners Schedules Q2 2026 Results Webcast

Ferrellgas Partners announced that it will host an online teleconference on March 5, 2026, to review its operating results for the second fiscal quarter ended January 31, 2026. The webcast will start at 8:00 a.m. Central Time, allowing investors and stakeholders to follow the company’s quarterly performance discussion in real time and submit questions electronically.

The most recent analyst rating on (FGPR) stock is a Hold with a $21.00 price target. To see the full list of analyst forecasts on Ferrellgas Partners stock, see the FGPR Stock Forecast page.

Ferrellgas Partners appoints Scott Asner to board

On January 6, 2026, Ferrellgas, Inc., the general partner of Ferrellgas Partners, L.P. and Ferrellgas, L.P., appointed veteran investment manager and attorney Scott I. Asner to its Board of Directors, effective immediately. Asner, a founding principal and Co-CEO of real estate investment platform Eighteen Capital Group with more than 30 years’ experience in multifamily real estate and a 20-year legal career, joins the board as an independent director, with no related-party transactions or prearranged selection arrangements disclosed, and will receive the standard compensation and indemnification provided to other board members, although his potential committee assignments have not yet been determined.

The most recent analyst rating on (FGPR) stock is a Hold with a $19.50 price target. To see the full list of analyst forecasts on Ferrellgas Partners stock, see the FGPR Stock Forecast page.

Ferrellgas Partners appoints Scott Asner to board

On January 6, 2026, Ferrellgas, Inc., the general partner of Ferrellgas Partners, L.P. and Ferrellgas, L.P., appointed veteran investment manager and attorney Scott I. Asner to its Board of Directors, effective immediately. Asner brings more than three decades of experience in multifamily real estate investment and prior legal practice, along with extensive board and leadership service, and will receive the standard director compensation and indemnification; the company noted there are currently no related-party transactions tied to his appointment and no committee assignments have yet been determined, underscoring a conventional but strategically experienced addition to the board for stakeholders.

The most recent analyst rating on (FGPR) stock is a Hold with a $19.50 price target. To see the full list of analyst forecasts on Ferrellgas Partners stock, see the FGPR Stock Forecast page.