FERRELLGAS PARTNERS L P

FGPR
About the company

Ferrellgas Partners, L.P. retail distribution of propane, related equipment and supplies. It transports propane to propane distribution locations, tanks on customers' premises, or to portable propane tanks delivered to retailers. The company also conducts its portable tank exchange operations under the Blue Rhino brand name through a network of independent and partnership-owned distribution outlets.

Country: United StatesPrice: $18.65Market Cap: $211.8M

Investment snapshot

24%positive consensus
Scored 1d ago

Positive

3

BUY / PASS

Neutral / negative

3 / 10

NEUTRAL / FAIL

Median fair value

—

No comparable estimates

Models with upside

0 / 17

Positive margin of safety

Strongest signal

7 of 10 pass — Buffett, Dreman and Ackman object

Key risk

11 of 12 flag FGPR's debt & leverage — Graham, Buffett, Lynch +8 more

Framework analysis

VerdictMeaning
BUYPositive purchase signal: the framework's buy requirements are met.
PASSThe company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRALNeither a positive nor negative conclusion. It does not mean to hold an existing position.
FAILThe company does not clear the framework's requirements.
RankedRanked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

MetricGraham

Defensive Value

Buffett

Quality Compounder

Lynch

GARP

Greenblatt

Magic Formula

Piotroski

F-Score

Dreman

Contrarian Value

Munger

Quality Focus

Pabrai

Dhandho Framework

Akre

Three-Legged Stool

Marks

Risk-Aware Value

Ackman

Activist Value

Templeton

Global Bargain Hunter

Sleep

Scale Economies Shared

Asness

Systematic Factors

Neff

Low-P/E Total Return

Schloss

Asset-Value Discipline

O'Shaughnessy

Systematic Factor Composite

VerdictFAILFAILFAILBUY · Rank #262 (Top 8.5%)PASSFAILPASSNEUTRALFAILFAILFAILFAILPASSNEUTRALFAILFAILNEUTRAL
Score
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Intrinsic Value (annual)N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Margin of SafetyN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Financial Basis

TTM ended 2026-07-31 · Balance sheet at 2026-07-31 · Annual history · FY 2025

Latest source filing: 2026-09-25

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-07-31

Latest source filing: 2026-09-25

Score computed: 2026-11-14

Annual history · FY 2025 · Balance sheet at 2026-07-31 · TTM ended 2026-07-31 vs 2025-07-31 · TTM ended 2026-07-31

Latest source filing: 2026-09-25

Score computed: 2026-11-14

TTM ended 2026-07-31

Latest source filing: 2026-09-25

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2025-10-15

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-07-31 · Balance sheet at 2026-07-31 · Market data at 2026-11-01

Latest source filing: 2026-09-25

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025 · TTM ended 2026-07-31 · Balance sheet at 2026-07-31

Latest source filing: 2026-09-25

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025

Latest source filing: 2025-10-15

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment · TTM ended 2026-07-31 · Balance sheet at 2026-07-31

Latest source filing: 2026-09-25

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-07-31 · Qualitative assessment

Latest source filing: 2026-09-25

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-07-31 · Balance sheet at 2026-07-31 · Market data at 2026-11-01

Latest source filing: 2026-09-25

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 · Balance sheet at 2026-07-31

Latest source filing: 2026-09-25

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2025-10-15

Score computed: 2026-11-14

TTM ended 2026-07-31 · Balance sheet at 2026-07-31 · Price history 2025-01-01–2026-11-01 · Annual history · FY 2025

Latest source filing: 2026-09-25

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-07-31

Latest source filing: 2026-09-25

Score computed: 2026-11-14

Annual history · FY 2025 · Balance sheet at 2026-07-31

Latest source filing: 2026-09-25

Score computed: 2026-11-14

TTM ended 2026-07-31 · Annual history · FY 2025 · Price history 2025-01-01–2026-11-01

Latest source filing: 2026-09-25

Score computed: 2026-11-14

Where It Passes

  • Cash Flow70% pass✓ 8✗ 4▾

    7 of 10 pass — Buffett, Dreman and Ackman object

    Free Cash Flow Proxy$2.9M
    ✗BuffettPositive and growing
    FCF Positive and Growing$75.3M
    ✓LynchPositive and growing
    Operating Cash Flow$136.3M
    ✓PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=9.62%, ROA=-1.10%
    ✓PiotroskiCFO/Assets > ROA
    Price / (CFO / Shares)
    ✗Dreman< 8x
    P/E or FCF YieldFCF Yield=26.6%
    ✓PabraiP/E < 15 or FCF Yield > 10%
    FCF Positive16/18 years FCF positive
    ✓MarksPositive FCF in majority of recent years
    (OCF - CapEx) / Market Cap
    ✗Ackman>= 4%
    Price / FCF per Share
    ✗Ackman<= 25
    Positive Operating Cash Flow frequency23/23 years positive
    ✓SleepPositive OCF in >= 70% of available years
    Operating Cash Flow - Capital Expenditures$75.3M
    ✓Neff> $0 (app proxy for a strong fundamental case)
    (Operating cash flow - capex) / market capitalization+35.57%; #157/4519 (top 3.5%)
    ✓OshaughnessyTop 10% of eligible cross-section

Where It Falls Short

  • Debt & Leverage8% pass✓ 1✗ 14▾

    11 of 12 flag FGPR's debt & leverage — Graham, Buffett, Lynch +8 more

    LT Debt vs Net Current AssetsLT Debt $1.5B vs NCA $-20.5M
    ✗GrahamLT Debt <= Net Current Assets
    Debt/Equity & Interest CoverageD/E: N/A (negative equity), IC: 1.6x
    ✗BuffettD/E < 0.5 AND Interest Coverage > 5x
    Total Debt / EquityN/A (negative equity)
    ✗Lynch< 0.33
    Cash - Long-term Debt$-1.4B
    ✗LynchPositive preferred
    LT Debt / Total Assets Change100.15% -> 57.56%
    ✓PiotroskiDecreased YoY
    Current Assets / Current Liabilities0.93
    ✗Dreman> 1.5✗SchlossCurrent ratio >= 1.50x (app cutoff)
    Total Debt / Shareholders' Equity
    ✗Dreman< 0.8✗Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✗SchlossD/E < 1.00x
    Debt LevelsN/A (non-positive equity)
    ✗MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3
    Interest Coverage & Debt/EBITDAIC=1.6x, D/EBITDA=4.8x
    ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Total Debt / Shareholders Equity
    ✗Ackman<= 1.0
    Negative debt-to-equity (higher means less debt)
    ✗AsnessTop 30% of eligible cross-section
  • Profitability13% pass✓ 6✗ 29▾

    14 of 16 flag FGPR's profitability — Graham, Buffett, Lynch +11 more

    Positive EPS (10 years)5/26 years positive
    ✗GrahamPositive EPS every year for 10 years
    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Net Income Positive (10+ years)14/26 years positive
    ✗BuffettPositive every year for 10+ years
    ROE (up to 5-year arithmetic mean)9.5%
    ✗Buffett> 15% arithmetic mean (app rule)
    Operating Margin (10-yr trend)4.6% (latest)
    ✗BuffettStable or rising over 10 years
    Free Cash Flow Proxy$2.9M
    ✗BuffettPositive and growing
    Earnings Variance (10-yr CoV)
    ✗BuffettCoV < 0.3
    Retained Earnings Effectiveness
    ✗Buffett$1 retained -> > $1 market value created
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    ROEN/A (negative equity)
    ✗Lynch> 15%
    EBIT / Enterprise Value12.2%
    ✓Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=12.2%, ROC=37.9%
    ✓GreenblattBoth EY > 10% and ROC > 25%
    Net Income / Total Assets-1.10%
    ✗PiotroskiROA > 0
    ROA Change YoY7.56% -> -1.10% (delta: -8.65%)
    ✗PiotroskiCurrent ROA > Prior ROA
    (CFO / Total Assets) vs ROACFO/Assets=9.62%, ROA=-1.10%
    ✓PiotroskiCFO/Assets > ROA
    Gross Margin Change YoY
    ✗PiotroskiImproved YoY
    Pre-Tax Income / Revenue3.9%
    ✗Dreman>= 8%
    Net Income / Shareholders' Equity
    ✗Dreman> 12%
    Margin of Safety
    ✗PabraiP/B < 1.5 or P/E < 15
    Return on Equity1.1% (3-yr avg)
    ✗AkreROE > 20% (3-year avg)
    Discount to Intrinsic Value
    ✗Marks>= 20% below intrinsic value
    Positive Net Income Frequency14/23 years positive
    ✓MarksPositive net income in >= 7 of last 10 years
    Operating Income / Revenue10.6%
    ✗Ackman>= 15%
    Net Income / Shareholders Equity
    ✗Ackman>= 15%
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Operating Margin Trend11.5% (2023) -> 4.6% (2025)
    ✗TempletonNon-negative operating-margin trend over 3 years
    Revenue growth vs. gross and operating margin trendrevenue flat/down, operating margin 11.5% -> 4.6%
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    Net income / market capitalization+33.87%; #180/6340 (top 2.8%)
    ✓AsnessTop 30% of eligible cross-section✓OshaughnessyTop 10% of eligible cross-section
    Gross profit / total assets
    ✗AsnessTop 30% of eligible cross-section
    Net income / positive book equity
    ✗AsnessTop 30% of eligible cross-section
    Negative 5-year standard deviation of ROA-0.0554; #2701/5884 (top 45.9%)
    ✗AsnessTop 30% of eligible cross-section
    3-5 Year Diluted EPS CAGR-5.7% over 5 years
    ✗Neff7%-20% annualized
    Positive Diluted-EPS Years0/6 years positive
    ✗Schloss>= 70% positive over 5-10 observed years (app rule)
  • Growth13% pass✓ 2✗ 11▾

    7 of 8 flag FGPR's growth — Graham, Lynch, Dreman +4 more

    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    Inventory Growth vs Revenue GrowthInv: -6.6% vs Rev: -3.8%
    ✓LynchInventory growth < Revenue growth
    EPS Growth Direction
    ✗DremanPositive over recent years
    EPS CAGR-12.7% CAGR over 6 years
    ✗Dreman> 5% annualized
    Positive Net Income Frequency14/23 years positive
    ✓MarksPositive net income in >= 7 of last 10 years
    3yr Median Revenue Growth-4.2%
    ✗Ackman>= 5%
    Positive EPS Growth Frequency
    ✗AckmanPositive EPS growth in >= 3 of last 5 years
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Revenue growth vs. gross and operating margin trendrevenue flat/down, operating margin 11.5% -> 4.6%
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    5-year Revenue CAGR5.3%
    ✗SleepCAGR > 7%
    3-5 Year Diluted EPS CAGR-5.7% over 5 years
    ✗Neff7%-20% annualized
  • Valuation15% pass✓ 7✗ 21▾

    11 of 13 flag FGPR's valuation — Graham, Lynch, Dreman +8 more

    Price / 3-yr avg EPS
    ✗Graham<= 15x
    Price-to-Book Ratio
    ✗Graham<= 1.5x
    P/E x P/B
    ✗Graham<= 22.5
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    EBIT / Enterprise Value12.2%
    ✓Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=12.2%, ROC=37.9%
    ✓GreenblattBoth EY > 10% and ROC > 25%
    Price / EPS
    ✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
    Price / (CFO / Shares)
    ✗Dreman< 8x
    Price / Book Value per Share
    ✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
    Valuation Reasonableness
    ✗MungerP/E < 25 or Owner Earnings Yield > 5%
    P/E or FCF YieldFCF Yield=26.6%
    ✓PabraiP/E < 15 or FCF Yield > 10%
    P/B or P/E vs. Historical Average
    ✗MarksP/E < 15 or P/B < 2.0
    Discount to Intrinsic Value
    ✗Marks>= 20% below intrinsic value
    Price / FCF per Share
    ✗Ackman<= 25
    Price vs. Trailing Low207% of trailing low ($9.00)
    ✗Templeton<= 120% of trailing low (certified split-adjusted live window)
    Net income / market capitalization+33.87%; #180/6340 (top 2.8%)
    ✓AsnessTop 30% of eligible cross-section✓OshaughnessyTop 10% of eligible cross-section
    Positive book equity / market capitalization-5.2936; #6234/6449 (top 96.7%)
    ✗AsnessTop 30% of eligible cross-section
    Price / Diluted EPS
    ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
    (EPS CAGR % + Dividend Yield %) / P/E
    ✗Neff> 0.7 (Neff's published traditional edge)
    Price / Tangible Book Value per Share
    ✗SchlossP/TBV <= 1.00x (app cutoff)
    Book Value per Share Change
    ✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
    Revenue / market capitalization+8.8000; #346/5247 (top 6.6%)
    ✓OshaughnessyTop 10% of eligible cross-section
    (Operating cash flow - capex) / market capitalization+35.57%; #157/4519 (top 3.5%)
    ✓OshaughnessyTop 10% of eligible cross-section
    Trailing six-month price return through the evaluation date-30.93%; #4449/6202 (top 71.7%)
    ✗OshaughnessyTop 10% of eligible cross-section
  • Verdicts29% pass✓ 4✗ 10▾

    Split decision: 10 FAIL · 3 PASS · 3 NEUTRAL

    Overall verdict
    ✗GrahamFAIL (1/9)✗BuffettFAIL (2/9)✗LynchFAIL (2/7)✓GreenblattRank #262✓PiotroskiPASS (F-Score 4)✗DremanFAIL (0/11)✓MungerPASS (2/4)•PabraiNEUTRAL (2/3)✗AkreFAIL (2/6)✗MarksFAIL (2/5)✗AckmanFAIL (1/9)✗TempletonFAIL (1/8)✓SleepPASS (3/6)•AsnessNEUTRAL (Not ranked)✗NeffFAIL (2/6)✗SchlossFAIL (1/7)•OshaughnessyNEUTRAL (Not ranked)
  • Efficiency50% pass✓ 7✗ 4▾

    4 of 8 pass — Graham, Piotroski, Dreman +1 more object

    Current Ratio0.93
    ✗Graham>= 2.0
    ROIC (3-5 yr avg)39.0%
    ✓Buffett> 10%
    ROIC - WACC+29.0%
    ✓BuffettPositive (WACC = 10%)
    EBIT / (NWC + Net Fixed Assets)37.9%
    ✓Greenblatt> 25%
    Current Ratio Change YoY1.55 -> 0.37
    ✗PiotroskiIncreased YoY
    Revenue / Total Assets Change YoY1.26x -> 1.37x
    ✓PiotroskiImproved YoY
    Current Assets / Current Liabilities0.93
    ✗Dreman> 1.5
    Return on Invested Capital46.6%
    ✓Munger> 15%
    ROIC (high and growing)FY2023: ROIC=32.5%; FY2024: ROIC=31.1%; FY2025: ROIC=15.9%
    ✓AkreLatest 3 consecutive FYs: ROIC > 15% in each
    Reinvestment Rate x ROICN/A (non-positive net income)
    ✗AkreReinvestment Rate * ROIC > 10%
    ROIC (5-year)5/5 years above 12% (latest 15.9%)
    ✓SleepROIC > 12% in a majority of years

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Industry: Retail
SIC Sector: Miscellaneous Retail
Size: Micro Cap($211.8M)
Revenue: $1.9B+5.5% YoY
Net Income: $15.6M-114.1% YoY

Financial Snapshot

Operating Margin4.6%
Return on Equity1.5%
Debt / Equity-1.44
Current Ratio0.37

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

The latest annual period end is unavailable. Showing the latest fiscal cycle’s quarters; quarter and annual columns may overlap. Quarterly shows the full quarter history.

MetricTTM · 2026-07-31

2025-08-01 – 2026-07-31

Sources · derived quarter values

Derived from cumulative filings: operating cash flow, capex, revenue, net income, operating income, ebit, pre tax income, interest expense, depreciation amortization.

Q4 FY 2026

2026-05-01 – 2026-07-31

Sources · derived quarter values

Derived from cumulative filings: revenue, net income, operating income, ebit, pre tax income, interest expense, operating cash flow, depreciation amortization, capex.

Q3 FY 2026

2026-02-01 – 2026-04-30

Sources · derived quarter values

Derived from cumulative filings: operating cash flow, capex.

Q2 FY 2026

2025-11-01 – 2026-01-31

Sources · derived quarter values

Derived from cumulative filings: operating cash flow, capex.

Q1 FY 2026

2025-08-01 – 2025-10-31

Sources
FY 2025
Sources
  • 10-K · 2025-10-15
FY 2024
Sources
  • 10-K · 2024-09-27
FY 2023
Sources
  • 10-K · 2023-09-29
FY 2022
Sources
  • 10-K · 2022-09-30
FY 2021
Sources
  • 10-K · 2021-10-15
Market Cap$211.8Mcurrent----------------$77.1Mest.
Revenue$1.9B↓4%$342.9M$524.6M↓6%$641.4M↓4%$355.2M↓2%$1.9B↑6%$1.8B↓9%$2.0B↓4%$2.1B↑21%$1.8B
Operating Income$198.3M↑120%$215.0K↑111%$60.1M↓31%$136.2M↑7%$1.9M↑102%$90.1M↓56%$205.1M↓12%$233.7M↓5%$245.1M↑13%$216.3M
Net Income$71.7M↑561%-$31.6M↓18%$28.0M↓53%$102.2M↑3%-$26.9M↑82%-$15.6M↓114%$110.2M↓19%$136.9M↓8%$148.0M↑316%-$68.4M
EPS (Diluted)----$-11.54------------$-18.89
Gross Margin——————————
Operating Margin10.6%↑129%0.1%↑111%11.5%↓26%21.2%↑11%0.5%↑102%4.6%↓58%11.2%↓3%11.5%↓1%11.6%↓6%12.3%
ROE-6.4%↓519%————1.5%↑113%-11.7%↑24%-15.4%↑9%-16.8%↓300%8.4%
Total Debt$1.5B↓1%$1.5B↓1%$1.5B↓1%$1.5B↓1%$1.5B↓1%$1.5B$1.5B$1.5B$1.5B$1.4B
Shareholders' Equity-$1.1B↓10%-$1.1B↓10%-$1.1B↓9%-$982.3M↑3%-$1.1B↑2%-$1.0B↓8%-$942.0M↓6%-$891.6M↓1%-$880.2M↓8%-$815.1M
Current Ratio0.93↑149%0.93↑149%1.06↑145%1.29↑7%1.04↑9%0.37↓76%1.55↓8%1.68↑3%1.64↓15%1.93
Debt / Equity-1.30↑10%-1.30↑10%-1.37↑8%-1.48↓2%-1.36↓2%-1.44↑7%-1.55↑5%-1.64↑1%-1.65↑7%-1.77
Operating Cash Flow$152.7M↑12%$1.9M↓90%$118.5M$40.7M↑24%-$8.5M↑75%$136.3M↓44%$245.6M↑16%$212.3M↑32%$160.5M↓22%$206.4M
Free Cash Flow$75.3M↑34%-$3.6M↓146%$91.0M↓1%$18.2M↑38%-$30.2M↑46%$56.3M↓68%$174.7M↑42%$123.3M↑89%$65.2M↓56%$147.0M

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Retail

FGPR vs Peers — Financial Grading

Revenue$1.9BBottom 25%
Net Income$15.6MBottom 25%
ROE1.5%Bottom 25%
D/E-1.44Top 25%
Op. Margin4.6%Median
Curr. Ratio0.37Bottom 25%
CompanyMarket CapPriceRevenueNet IncomeROED/EOp. MarginCurr. RatioGrahamBuffettLynchGreenblattPiotroskiDreman
COSTCO WHOLESALE CORP /NEWCOST$490.2B$1106.21$275.2B$8.1B27.8%0.203.8%1.032/95/96/71/3F-Score 63/11
HOME DEPOT, INC.HD$347.9B$348.69$164.7B$14.2B110.5%4.0012.7%1.063/95/93/71/3F-Score 43/11
TJX COMPANIES INC /DE/TJX$148.4B$134.37$60.4B$5.5B53.9%0.28—1.143/96/97/71/3F-Score 74/11
FASTENAL COFAST$63.3B$55.19$8.2B$1.3B31.9%0.0320.2%4.854/97/95/71/3F-Score 75/11
AUTOZONE INCAZO$52.5B$3259.70$18.9B$2.5B-73.2%-2.6119.1%0.883/96/92/71/3F-Score 64/11
KROGER COKR$41.8B$70.80$147.6B$1.0B17.1%2.681.3%0.803/94/93/70/3F-Score 73/11
WILLIAMS SONOMA INCWSM$29.9B$254.05$7.8B$1.1B52.3%—18.1%1.393/96/93/71/3F-Score 53/11
CASEYS GENERAL STORES INCCASY$26.3B$712.08$17.6B$714.4M18.1%0.62—1.013/93/92/70/3F-Score 93/11