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  3. •

    Regulated Gas
Superior Plus Corp.

Superior Plus Corp.

SPB.TO
Superior Plus Corp.CA flagToronto Stock Exchange
7.83
CAD
+0.03
- -
1.68BMarket Cap
Superior Plus Corp.
SPB.TO
(Toronto Stock Exchange)

Recent

price

7.83

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
33.49
35.21
32.56
28.63
27.14
12.59
10.6
13.28
12.71
12.49
8.06
10.66
12.78
10.84
8.58
10.83
10.57
Revenue per Share
-0.72
-2.71
0.81
0.4
0.39
0.15
1.54
-0.16
-0.16
0.62
0.34
0.82
-0.43
0.17
-0.13
0.27
0.19
Basic EPS, GAAP
-0.29
1.56
2.06
0.81
0.94
0.93
0.26
0.59
0.73
1.26
1.09
0.57
0.5
1.12
0.41
0.94
0.93
Free Cash Flow per Basic Share
1.48
1.23
0.6
0.56
0.53
0.52
0.54
0.57
0.52
0.55
0.56
0.67
0.62
0.51
0.54
0.21
0.22
Dividend per Share
-7.55
3.63
3.82
4.17
3.59
3.36
4.27
3.82
4.25
4.08
3.9
4.14
4.26
4.79
3.22
3.63
4.2
Book Value per Share
2.68
0.89
1.32
2.5
2.31
2.77
3.65
1.03
-2.02
-1.89
-1.45
-2.01
-2.88
-2.57
-2.27
-2.92
-2.37
Tangible Book Value per Share
106
109
112
123
126
129
142
143
158
175
176
176
195
229
278
227
222
Basic Weighted Avg Shares
3,537
3,845
3,643
3,525
3,425
1,624
1,506
1,897
2,010
2,184
1,417
1,877
2,490
2,482
2,382
2,461
2,350
Sales/Revenue/Turnover
2.9
3.22
4.37
4.12
4.56
3.4
5.83
7.44
6.69
11.05
11.25
5.7
5.47
8.09
8.29
8.21
8.28
Operating Margin (%)
126
128
115
97
88
92
90
90
146
193
152
158
176
246
263
256
258
Depreciation Expense
-76
-296
90
49
49
19
219
-22
-25
109
59
143
-83
39
-37
61
41
Net Income, GAAP
- -
- -
9.09
9.76
21.73
- -
24.42
124.09
- -
14.92
50.59
24.89
- -
31.18
179.2
37.39
41.72
Effective Tax Rate (%)
-2.14
-7.71
2.48
1.4
1.43
1.18
14.56
-1.17
-1.24
5
4.16
7.64
-3.33
1.56
-1.54
2.47
1.76
Profit Margin (%)
225
226
158
209
129
96
78
114
48
-3
11
22
86
-75
-26
-23
91
Working Capital
1,216
1,198
1,055
919
804
588
380
814
1,340
1,429
1,386
1,235
1,540
1,818
1,818
1,811
1,730
LT Debt
754
342
376
507
474
514
691
617
799
795
1,004
1,029
1,078
1,337
1,146
1,067
1,180
Total Equity
- -
- -
9.17
8.68
8.69
- -
6.03
-2.69
- -
9.27
3.34
3.39
- -
4.72
-5.03
4.26
3.77
Return on Invested Capital (%)
- -
- -
9.98
7.06
6.29
- -
23.86
-2.73
- -
8.69
3.85
7.34
- -
2.79
-4.36
3.27
2.41
Return on Capital (%)
- -
- -
21.94
10.51
10.14
4.31
42.13
-3.85
-4.1
15.75
8.42
20.29
-10.63
4.01
-3.7
7.08
4.24
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
49
50
47
LT Borrowings
1,666
1,702
1,626
LT Finance Leases
113
109
105
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
223
219
215
Market Capitalization
1,898
1,599
1,492

Working Capital

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
339
468
505
Cash, Cash Equivalents & STI
38
24
39
Accounts Receivable, Net
168
291
321
Inventories
72
73
55
Total Current Liabilities
403
492
415
Payables & Accruals
300
388
326
ST Debt
49
50
47
Deferred Revenue
19
21
16

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
8.9%
2.03%
-6.88%
Free Cash Flow
32.5%
29.6%
88.57%
Net Income, GAAP
-25.44%
-124.24%
-265.22%
Sales/Revenue/Turnover
6.23%
12.82%
3.29%
Total Cash Common Dividend
1.98%
-4.27%
-67.61%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
898
423
359
702
2,382
2025
1,008
423
338
691
2,461
2026
897
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.32
-0.2
-0.27
- -
-0.13
2025
0.6
-0.09
-0.47
0.2
0.27
2026
0.56
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.15
0.15
0.15
0.13
0.54
2025
0.05
0.05
0.05
0.05
0.21
2026
0.06
- -
- -
- -
- -
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Business
Superior Plus Corp. is a leading North American distributor of propane, compressed natural gas, renewable natural gas, hydrogen and related products and services to residential, commercial, utility, agricultural and industrial customers not connected to pipelines. The company operates through four primary divisions: U.S. Propane Distribution, which supplies propane and liquid fuels such as heating oil primarily in the Northeast, Southeast, Midwest and California regions along with equipment installation, maintenance and repair services; Canadian Propane Distribution under the Superior Propane trade name, offering propane distribution, retail sales, tank and cylinder rentals, equipment supply, installation, repair and warranty programs across Canada; Wholesale Propane Distribution through Superior Gas Liquids, providing transportation, storage, risk management, supply and logistics services to propane retailers in the U.S. and Canada; and Certarus, delivering low-carbon compressed natural gas, renewable natural gas and hydrogen solutions with a focus on energy transition applications. Superior Plus Corp., founded in 1996 and headquartered in Toronto, Ontario, services approximately 936,500 customer locations across the United States and Canada. Recent strategic developments include the launch of the Superior Delivers transformation initiative, which has contributed $5 million to adjusted EBITDA year-to-date through customer growth, cost-to-serve improvements and scheduling optimization tools, with a target of at least $75 million in incremental adjusted EBITDA by 2027; a 12% reduction in non-field workforce generating $5 million in annual savings starting in 2026; executive appointments such as Deena LaMarque Piquion as Chief Commercial Officer, North American Propane in November 2025 and Dale Winger as President, Certarus in March 2025; new Certarus contracts including a supply agreement with a large-scale data center and a Florida hub for utility and industrial applications; and ongoing share repurchases totaling approximately 6.5% of outstanding common shares year-to-date under a normal course issuer bid, with plans to allocate C$135 million in 2025.