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Side-by-side financial comparison of SUBURBAN PROPANE PARTNERS LP (SPH) and Varex Imaging Corp (VREX). Click either name above to swap in a different company.
SUBURBAN PROPANE PARTNERS LP is the larger business by last-quarter revenue ($370.4M vs $209.6M, roughly 1.8× Varex Imaging Corp). SUBURBAN PROPANE PARTNERS LP runs the higher net margin — 12.4% vs 1.1%, a 11.3% gap on every dollar of revenue. On growth, Varex Imaging Corp posted the faster year-over-year revenue change (4.9% vs -0.8%). Varex Imaging Corp produced more free cash flow last quarter ($-26.8M vs $-67.5M). Over the past eight quarters, Varex Imaging Corp's revenue compounded faster (0.8% CAGR vs -13.8%).
Suburban Propane Partners LP is a leading U.S. distributor of propane, natural gas, heating oil and related energy products, serving residential, commercial, industrial and agricultural customers across the country. It also provides HVAC system installation, maintenance and repair services, catering mainly to suburban and off-grid communities.
Varex Imaging Corp is a global supplier of advanced imaging components and solutions, including X-ray tubes, digital flat panel detectors, and image processing software. Its products serve medical imaging, radiation oncology, and industrial non-destructive testing segments, with customers across key global markets.
SPH vs VREX — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $370.4M | $209.6M |
| Net Profit | $45.8M | $2.3M |
| Gross Margin | 64.7% | 33.3% |
| Operating Margin | 18.3% | 7.3% |
| Net Margin | 12.4% | 1.1% |
| Revenue YoY | -0.8% | 4.9% |
| Net Profit YoY | 135.7% | 866.7% |
| EPS (diluted) | $0.69 | $0.05 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $209.6M | ||
| Q4 25 | $370.4M | $228.9M | ||
| Q3 25 | $211.4M | $203.0M | ||
| Q2 25 | $260.1M | $212.9M | ||
| Q1 25 | $587.7M | $199.8M | ||
| Q4 24 | $373.3M | — | ||
| Q3 24 | $208.6M | $205.7M | ||
| Q2 24 | $254.6M | $209.1M |
| Q1 26 | — | $2.3M | ||
| Q4 25 | $45.8M | $12.2M | ||
| Q3 25 | $-35.1M | $-89.1M | ||
| Q2 25 | $-14.8M | $6.9M | ||
| Q1 25 | $137.1M | $-300.0K | ||
| Q4 24 | $19.4M | — | ||
| Q3 24 | $-44.6M | $-51.1M | ||
| Q2 24 | $-17.2M | $1.4M |
| Q1 26 | — | 33.3% | ||
| Q4 25 | 64.7% | 34.0% | ||
| Q3 25 | 64.7% | 33.3% | ||
| Q2 25 | 61.7% | 36.0% | ||
| Q1 25 | 58.8% | 34.3% | ||
| Q4 24 | 60.6% | — | ||
| Q3 24 | 59.4% | 32.6% | ||
| Q2 24 | 62.9% | 32.0% |
| Q1 26 | — | 7.3% | ||
| Q4 25 | 18.3% | 8.6% | ||
| Q3 25 | -7.9% | -39.8% | ||
| Q2 25 | 2.1% | 10.4% | ||
| Q1 25 | 27.0% | 5.6% | ||
| Q4 24 | 15.8% | — | ||
| Q3 24 | -10.8% | 5.3% | ||
| Q2 24 | 3.2% | 4.4% |
| Q1 26 | — | 1.1% | ||
| Q4 25 | 12.4% | 5.3% | ||
| Q3 25 | -16.6% | -43.9% | ||
| Q2 25 | -5.7% | 3.2% | ||
| Q1 25 | 23.3% | -0.2% | ||
| Q4 24 | 5.2% | — | ||
| Q3 24 | -21.4% | -24.8% | ||
| Q2 24 | -6.8% | 0.7% |
| Q1 26 | — | $0.05 | ||
| Q4 25 | $0.69 | $0.29 | ||
| Q3 25 | $-0.55 | $-2.15 | ||
| Q2 25 | $-0.23 | $0.17 | ||
| Q1 25 | $2.10 | $-0.01 | ||
| Q4 24 | $0.30 | — | ||
| Q3 24 | $-0.69 | $-1.25 | ||
| Q2 24 | $-0.27 | $0.03 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.3M | $125.6M |
| Total DebtLower is stronger | $1.3B | $367.6M |
| Stockholders' EquityBook value | — | $476.9M |
| Total Assets | $2.4B | $1.1B |
| Debt / EquityLower = less leverage | — | 0.77× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $125.6M | ||
| Q4 25 | $1.3M | $155.1M | ||
| Q3 25 | $405.0K | $152.6M | ||
| Q2 25 | $1.3M | $223.0M | ||
| Q1 25 | $3.9M | $212.6M | ||
| Q4 24 | $4.4M | — | ||
| Q3 24 | $3.2M | $200.5M | ||
| Q2 24 | $4.9M | $190.0M |
| Q1 26 | — | $367.6M | ||
| Q4 25 | $1.3B | $367.5M | ||
| Q3 25 | $1.2B | $367.5M | ||
| Q2 25 | $1.2B | $567.2M | ||
| Q1 25 | $1.3B | $567.0M | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.2B | $443.4M | ||
| Q2 24 | $1.2B | $443.1M |
| Q1 26 | — | $476.9M | ||
| Q4 25 | — | $472.6M | ||
| Q3 25 | — | $455.3M | ||
| Q2 25 | — | $549.7M | ||
| Q1 25 | — | $540.2M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $529.1M | ||
| Q2 24 | — | $581.2M |
| Q1 26 | — | $1.1B | ||
| Q4 25 | $2.4B | $1.1B | ||
| Q3 25 | $2.3B | $1.1B | ||
| Q2 25 | $2.3B | $1.4B | ||
| Q1 25 | $2.4B | $1.3B | ||
| Q4 24 | $2.4B | — | ||
| Q3 24 | $2.3B | $1.2B | ||
| Q2 24 | $2.3B | $1.3B |
| Q1 26 | — | 0.77× | ||
| Q4 25 | — | 0.78× | ||
| Q3 25 | — | 0.81× | ||
| Q2 25 | — | 1.03× | ||
| Q1 25 | — | 1.05× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.84× | ||
| Q2 24 | — | 0.76× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-47.7M | $-16.1M |
| Free Cash FlowOCF − Capex | $-67.5M | $-26.8M |
| FCF MarginFCF / Revenue | -18.2% | -12.8% |
| Capex IntensityCapex / Revenue | 5.3% | 5.1% |
| Cash ConversionOCF / Net Profit | -1.04× | -7.00× |
| TTM Free Cash FlowTrailing 4 quarters | $61.9M | $-13.3M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $-16.1M | ||
| Q4 25 | $-47.7M | $7.9M | ||
| Q3 25 | $41.8M | $7.7M | ||
| Q2 25 | $95.5M | $16.6M | ||
| Q1 25 | $40.1M | $9.5M | ||
| Q4 24 | $8.8M | — | ||
| Q3 24 | $36.8M | $25.9M | ||
| Q2 24 | $61.4M | $8.0M |
| Q1 26 | — | $-26.8M | ||
| Q4 25 | $-67.5M | $2.3M | ||
| Q3 25 | $27.7M | $1.4M | ||
| Q2 25 | $80.9M | $9.8M | ||
| Q1 25 | $20.8M | $5.3M | ||
| Q4 24 | $-15.1M | — | ||
| Q3 24 | $17.7M | $19.9M | ||
| Q2 24 | $46.8M | $3.3M |
| Q1 26 | — | -12.8% | ||
| Q4 25 | -18.2% | 1.0% | ||
| Q3 25 | 13.1% | 0.7% | ||
| Q2 25 | 31.1% | 4.6% | ||
| Q1 25 | 3.5% | 2.7% | ||
| Q4 24 | -4.0% | — | ||
| Q3 24 | 8.5% | 9.7% | ||
| Q2 24 | 18.4% | 1.6% |
| Q1 26 | — | 5.1% | ||
| Q4 25 | 5.3% | 2.4% | ||
| Q3 25 | 6.7% | 3.1% | ||
| Q2 25 | 5.6% | 3.2% | ||
| Q1 25 | 3.3% | 2.1% | ||
| Q4 24 | 6.4% | — | ||
| Q3 24 | 9.1% | 2.9% | ||
| Q2 24 | 5.8% | 2.2% |
| Q1 26 | — | -7.00× | ||
| Q4 25 | -1.04× | 0.65× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 2.41× | ||
| Q1 25 | 0.29× | — | ||
| Q4 24 | 0.45× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 5.71× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
SPH
| Propane | $326.4M | 88% |
| Other Sales Revenue Net | $19.9M | 5% |
| Fuel Oil And Refined Fuels | $18.2M | 5% |
| Natural Gas And Electricity | $5.9M | 2% |
| Wholesale | $4.1M | 1% |
VREX
| Medical Segment | $144.8M | 69% |
| Industrial Segment | $64.8M | 31% |
