Star Group Reports $1.8B Revenue for FY2025, Adjusted EBITDA Up 22.2%
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Dec 09 2025
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Should l Buy SGU?
Source: Newsfilter
- Revenue Growth: Star Group's total revenue for FY2025 reached $1.8 billion, reflecting a modest increase of approximately 1% year-over-year, primarily driven by higher sales volumes and installation service revenues, despite a decline in selling prices due to lower wholesale product costs.
- Volume Increase: The volume of home heating oil and propane sold in FY2025 rose by 29.2 million gallons, or 11.5%, indicating successful offsetting of customer attrition through acquisitions and colder weather, which positively impacted sales performance.
- Net Income Improvement: Star Group's net income increased by $38.3 million to $73.5 million in FY2025, largely due to favorable changes in the fair value of derivative instruments and an increase in Adjusted EBITDA, showcasing effective cost management and profitability enhancement.
- Significant Adjusted EBITDA Rise: Adjusted EBITDA for FY2025 grew by $24.8 million, or 22.2%, to $136.4 million, primarily driven by improved margins in the base business and contributions from recent acquisitions, indicating a strengthening competitive position in the market.
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Analyst Views on SGU
About SGU
Star Group, L.P. is a full-service provider specializing in the sale of home heating products and services to residential and commercial customers to heat their homes and buildings. The Company also sells and services heating and air conditioning equipment to its home heating oil and propane customers and, to a lesser extent, provides these offerings to customers outside its home heating oil and propane customer base. It also sells diesel, gasoline and home heating oil on a delivery only basis. It is a retail distributor of home heating oil operating in northern and eastern states within the Northeast and Mid-Atlantic U.S. regions, including its propane locations. The Company conducts its business through an operating subsidiary, Petro Holdings, Inc. It has heating oil and/or propane customers in the states: Connecticut, Delaware, Maryland, Massachusetts, Michigan, New Jersey, New York, Pennsylvania, Rhode Island, Vermont, Virginia, West Virginia and the District of Columbia.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Acquisition Activity: During the quarter, Star Group completed a small heating oil acquisition and is evaluating several other opportunities, indicating a proactive strategy to expand market share and enhance competitiveness.
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- Customer Retention: The company successfully maintained a net customer attrition rate of 0.6%, which not only indicates improved customer satisfaction but also lays a solid foundation for future revenue stability.
- Acquisition Activity: During the quarter, Star Group completed a small heating oil acquisition and is evaluating several other opportunities, indicating a proactive strategy to expand market share and enhance competitiveness.
- Cost Management Measures: In response to rising wholesale product costs, the company is implementing effective inventory controls and supply chain management to mitigate cost pressures, ensuring operational efficiency even in a challenging market environment.
See More
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- Yield Performance: The forward yield of 6.3% not only attracts income-seeking investors but also reflects the company's financial health in the current market environment, enhancing its appeal.
- Payment Schedule: The dividend is payable on May 6, with a record date of April 27 and an ex-dividend date also set for April 27, ensuring shareholders receive timely returns and bolstering investor confidence.
- Future Outlook: With continued EBITDA growth amid colder temperatures, Star Group's dividend growth strategy may further attract investors and enhance its competitive position in the energy market.
See More
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- Market Position Consolidation: Star Group is recognized as the largest retail distributor of home heating oil in the U.S., and with its extensive customer base in the Northeast and Mid-Atlantic regions, it continues to increase its market share, strengthening its leadership position in the competitive energy market.
- Future Outlook: The company’s forward-looking statements indicate that despite facing multiple risks such as geopolitical issues, inflation, and regulatory challenges, it remains committed to achieving sustainable growth through strategic acquisitions and customer retention, demonstrating management's confidence in future developments.
See More
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- JPMorgan Ongoing Expansion: JPMorgan's stock has increased by 14.5%, outperforming the investment banking industry's 24.9% gain, with expectations for a nearly 9% increase in net interest income for 2026, despite challenges from declining asset quality and market volatility.
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- Customer Attrition Management: Despite modest net customer attrition during the period, management emphasized improvements in operational efficiency and execution as key factors in enhancing bottom-line results, indicating ongoing efforts in customer service and cost control.
- Volume Increase: Home heating oil and propane volumes rose by 11.5 million gallons or 14% year-over-year in Q1, benefiting from additional volumes from acquisitions and colder temperatures, although net customer attrition and other factors did impact overall sales.
- Optimistic Future Outlook: Management remains optimistic about acquisition opportunities, anticipating new prospects as spring approaches, while continuing to focus on customer service and cost control to address challenges posed by persistent cold weather.
See More
