NYSE · SUN

Sunoco LP

Energy · Oil & Gas Refining & Marketing

$76.34▼ 1.86% ($1.45)at close

After hours$75.50▼ 1.10%5:33 PM ET

52-week

$47.98$78.11

Market cap

$10.44B

P/E

9.46

Volume

614.02K

Shares outstanding

136.76M

What the market price implies · Reverse DCF

To support a price of $76.34, this model requires revenue to grow by -5.04%/yr over the next 10 years, compounded annually.

Historical revenue grew by 9.4%/yr over the past 4 years. The required annual growth rate is 14.43 percentage points lower.

Selected forecast · Base scenario

19.61%/yr · actual 10-year annualized revenue growth

Year 1 growth: 40%

Market-implied · Base operating assumptions + edited margins

-5.04%/yr · flat 10-year annualized revenue growth

Reverse DCF solves revenue growth itself using Base operating assumptions and your edited margins. Changing forecast growth alone does not change the implied rate. This is a model-implied requirement, not an analyst forecast.

Valuation

Recommended · Revenue & margin DCF

Price used

$76.34

Estimated value / share

$1,268.33

Base scenario

This estimate is 1,561.42% above the price used.

USD · TTM ending 2026-06-30

Latest quarterly growth differs materially from the latest annual pace. It remains an observed growth input; review whether acceleration or a change in the business explains it.

This estimate is at least 3× the price used. Review the growth, margin and investment assumptions behind the gap.

Year 1 growth 40% · Ending margin 5.93% · Discount rate 6.8%

Assumption scenarios, not statistical confidence intervals.

Method, dates & sources

Estimated from future revenue, operating margins, and the investment needed to support them.

Price timestamp: Sep 10, 2026, 8:00 PM UTC
Financial statement period: TTM ending 2026-06-30
Data refreshed: Sep 11, 2026, 1:27 AM UTC · provider

Why this method?

FCFF is positive, but the series is too unstable to anchor a direct cash-flow CAGR and the business still fails the steady-state comparability checks. Use a revenue-and-margin transition model instead of normalizing and compounding current FCFF.

Is FCFF positive and has it been for 3+ consecutive years? 9 consecutive positive FCFF years are available.

Is FCFF stable (not swinging >30% year to year)? The largest recent FCFF swing is 25.5%. Latest capex is 2.9x the prior median, which points to a capex supercycle that should be normalized first.

Do you have 5+ years of positive FCFF history? 9 consecutive positive FCFF years are available.

Is the business model structurally similar to what it should be in 10 years? Revenue is still growing 164.5%, above the 15.0% maturity threshold, so a steady-state FCFF model would lean too heavily on a business still scaling.

Price vs Fundamentals

Why The Stock Is Moving

Fundamentals are supporting the moveHigh confidence

1Y Price: 51.11%Revenue (TTM): 83.34%FCF (TTM): 609.4%P/FCF: 18th pct

What changed

The stock rose 51.11% over the last year. Revenue grew 83.34% over the trailing twelve months. Operating margin moved from 3.9% to 4.88%. Free cash flow grew 609.4% over the trailing twelve months.

What the market seems to be pricing

The stock move broadly lines up with stronger business momentum, and the shares are still only around the 18th percentile of their historical P/FCF range.

What would invalidate this read

Operating margin is at 4.88%. Revenue grew 83.34% — this thesis depends on that trajectory holding. If revenue growth, margins, or free cash flow roll over while the stock keeps climbing, more of the move would be coming from multiple expansion than business progress.

Performance

Return analysis

Company profile

Sunoco LP, together with its subsidiaries, engages in the energy infrastructure and distribution of motor fuels in the United States.

CEOJoseph Kim

SectorEnergy

IndustryOil & Gas Refining & Marketing

Employees8,910

IPO dateSep 25, 2012

https://www.sunocolp.com

Market multiples

Forward P/E—

EV/EBITDA12.31

Enterprise value$22.37B

Stock splits

No stock splits recorded for this ticker.

Profitability & growth

Revenue growth164.55%

Gross margin10.75%▲0.7ppvs FY2024

Operating margin4.88%▲0.2ppvs FY2024

ROE17.87%▲9.1ppvs FY2025

Analyst consensus

RatingHold

Target price$79.60▲4.27%

Buy

Hold

Sell

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.

Next report

Nov 4, 2026

Q4 FY26 · EPS est $2.46 · Revenue est $11.76B

View

Dividends

$3.84/shareQuarterlyDividend Achiever · 13yrStretched

SUN pays a dividend with a 5.04% dividend yield, 13 consecutive years of growth, growing at 3.09% annually, covered 0.9× by free cash flow.

Dividend Yield

5.04%

Annual Div / Share

$3.84

5yr CAGR

+3.09%

Doubles every ~22.8yr

Payout Ratio

71.22%

Stretched

Dividend Growth Rate

3yr CAGR

+4.85%

5yr CAGR

+3.09%

10yr CAGR

+1.88%

Dividend Safety

3/10Stretched

Dividend History

Annualized dividend cycles per share

YearAnnual DivYoY

2026$3.84+7.7%

2025$3.57+3.9%

2024$3.44+3.0%

2023$3.33+1.0%

2022$3.30+0.0%

2021$3.30+0.0%

2020$3.30+0.0%

Income Projection

Invest

Growth rate:

Reinvest dividends

Today

$50/yr

$4/mo

In 5 yrs

$59/yr+16%

$5/mo

In 10 yrs

$68/yr+36%

$6/mo

Today	In 5 yrs	In 10 yrs
$50/yr $4/mo	$59/yr+16% $5/mo	$68/yr+36% $6/mo

Yield-on-cost grows from 5.04% → 6.82% over 10yr

Analysis

Dividend Strengths

Dividend Achiever

SUN has raised its dividend for 13 consecutive years — qualifying as a Dividend Achiever, demonstrating long-term commitment to shareholder income.

Risks to Watch

Dividend exceeds free cash flow

Free cash flow covers only 0.94× the dividend. The company is paying out more than it generates in cash, which is unsustainable without borrowing or asset sales.

NYSE · SUN

Sunoco LP

Energy · Oil & Gas Refining & Marketing

$76.34▼ 1.86% ($1.45)at close

After hours$75.50▼ 1.10%5:33 PM ET

52-week

$47.98$78.11

Market cap

$10.44B

P/E

9.46

Volume

614.02K

Shares outstanding

136.76M

What the market price implies · Reverse DCF

To support a price of $76.34, this model requires revenue to grow by -5.04%/yr over the next 10 years, compounded annually.

Historical revenue grew by 9.4%/yr over the past 4 years. The required annual growth rate is 14.43 percentage points lower.

Selected forecast · Base scenario

19.61%/yr · actual 10-year annualized revenue growth

Year 1 growth: 40%

Market-implied · Base operating assumptions + edited margins

-5.04%/yr · flat 10-year annualized revenue growth

Valuation

Recommended · Revenue & margin DCF

Price used

$76.34

Estimated value / share

$1,268.33

Base scenario

This estimate is 1,561.42% above the price used.

USD · TTM ending 2026-06-30

Latest quarterly growth differs materially from the latest annual pace. It remains an observed growth input; review whether acceleration or a change in the business explains it.

This estimate is at least 3× the price used. Review the growth, margin and investment assumptions behind the gap.

Year 1 growth 40% · Ending margin 5.93% · Discount rate 6.8%

Assumption scenarios, not statistical confidence intervals.

Method, dates & sources

Estimated from future revenue, operating margins, and the investment needed to support them.

Price timestamp: Sep 10, 2026, 8:00 PM UTC
Financial statement period: TTM ending 2026-06-30
Data refreshed: Sep 11, 2026, 1:27 AM UTC · provider

Why this method?

Is FCFF positive and has it been for 3+ consecutive years? 9 consecutive positive FCFF years are available.

Is FCFF stable (not swinging >30% year to year)? The largest recent FCFF swing is 25.5%. Latest capex is 2.9x the prior median, which points to a capex supercycle that should be normalized first.

Do you have 5+ years of positive FCFF history? 9 consecutive positive FCFF years are available.

Price vs Fundamentals

Why The Stock Is Moving

Fundamentals are supporting the moveHigh confidence

1Y Price: 51.11%Revenue (TTM): 83.34%FCF (TTM): 609.4%P/FCF: 18th pct

What changed

The stock rose 51.11% over the last year. Revenue grew 83.34% over the trailing twelve months. Operating margin moved from 3.9% to 4.88%. Free cash flow grew 609.4% over the trailing twelve months.

What the market seems to be pricing

The stock move broadly lines up with stronger business momentum, and the shares are still only around the 18th percentile of their historical P/FCF range.

What would invalidate this read

Performance

Return analysis

Company profile

Sunoco LP, together with its subsidiaries, engages in the energy infrastructure and distribution of motor fuels in the United States.

CEOJoseph Kim

SectorEnergy

IndustryOil & Gas Refining & Marketing

Employees8,910

IPO dateSep 25, 2012

https://www.sunocolp.com

Market multiples

Forward P/E—

EV/EBITDA12.31

Enterprise value$22.37B

Stock splits

No stock splits recorded for this ticker.

Profitability & growth

Revenue growth164.55%

Gross margin10.75%▲0.7ppvs FY2024

Operating margin4.88%▲0.2ppvs FY2024

ROE17.87%▲9.1ppvs FY2025

Analyst consensus

RatingHold

Target price$79.60▲4.27%

Buy

Hold

Sell

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.

Next report

Nov 4, 2026

Q4 FY26 · EPS est $2.46 · Revenue est $11.76B

View

Dividends

$3.84/shareQuarterlyDividend Achiever · 13yrStretched

SUN pays a dividend with a 5.04% dividend yield, 13 consecutive years of growth, growing at 3.09% annually, covered 0.9× by free cash flow.

Dividend Yield

5.04%

Annual Div / Share

$3.84

5yr CAGR

+3.09%

Doubles every ~22.8yr

Payout Ratio

71.22%

Stretched

Dividend Growth Rate

3yr CAGR

+4.85%

5yr CAGR

+3.09%

10yr CAGR

+1.88%

Dividend Safety

3/10Stretched

Dividend History

Annualized dividend cycles per share

YearAnnual DivYoY

2026$3.84+7.7%

2025$3.57+3.9%

2024$3.44+3.0%

2023$3.33+1.0%

2022$3.30+0.0%

2021$3.30+0.0%

2020$3.30+0.0%

Income Projection

Invest

Growth rate:

Reinvest dividends

Today

$50/yr

$4/mo

In 5 yrs

$59/yr+16%

$5/mo

In 10 yrs

$68/yr+36%

$6/mo

Today	In 5 yrs	In 10 yrs
$50/yr $4/mo	$59/yr+16% $5/mo	$68/yr+36% $6/mo

Yield-on-cost grows from 5.04% → 6.82% over 10yr

Analysis

Dividend Strengths

Dividend Achiever

SUN has raised its dividend for 13 consecutive years — qualifying as a Dividend Achiever, demonstrating long-term commitment to shareholder income.

Risks to Watch

Dividend exceeds free cash flow

Free cash flow covers only 0.94× the dividend. The company is paying out more than it generates in cash, which is unsustainable without borrowing or asset sales.