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Crossamerica Partners
(NYSE:CAPL)
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Rating:57Neutral
Price Target:
$22.00
▲(1.10% Upside)
Action:Reiterated
Date:08/07/26
CAPL’s score is held back mainly by balance-sheet risk (high debt and negative equity) and currently weak technical momentum (negative MACD and sub-50 RSI). Offsetting factors include improving margins and strong recent free cash flow/distribution coverage, plus supportive valuation with a high dividend yield and moderate P/E.
Positive Factors
Cash generation
Sustained, material TTM operating and free cash flow provides a durable internal funding source to cover distributions, sustaining capex, and debt paydown. Strong cash conversion reduces near-term refinancing pressure and supports execution of real-estate optimization over the medium term.
Negative Factors
Balance-sheet risk
High absolute debt paired with negative equity signals limited capital cushion and elevated solvency risk. Negative equity constrains flexibility for acquisitions or large capex, increases sensitivity to cash-flow shocks, and limits options should volumes or margins deteriorate.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation
Sustained, material TTM operating and free cash flow provides a durable internal funding source to cover distributions, sustaining capex, and debt paydown. Strong cash conversion reduces near-term refinancing pressure and supports execution of real-estate optimization over the medium term.
Read all positive factors
Crossamerica Partners (CAPL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$847.41M
Dividend Yield9.46%
Average Volume (3M)30.79K
Price to Earnings (P/E)14.5
Beta (1Y)0.15
Revenue Growth-9.39%
EPS Growth87.18%
CountryUS
Employees3,047
SectorEnergy
Sector Strength52
IndustryOil & Gas Refining & Marketing
Share Statistics
EPS (TTM)1.42
Shares Outstanding38,154,330
10 Day Avg. Volume27,695
30 Day Avg. Volume30,789
Financial Highlights & Ratios
PEG Ratio0.17
Price to Book (P/B)-10.90
Price to Sales (P/S)0.21
P/FCF Ratio14.07
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)1.06
Revenue Forecast (FY)$3.04B
Crossamerica Partners Business Overview & Revenue Model
Company Description
CrossAmerica Partners LP primarily operates in the United States, focusing on three main areas: the bulk supply of motor fuels, the management of convenience stores, and the acquisition and leasing of properties vital for retail fuel sales. The en...
How the Company Makes Money
CAPL primarily makes money through (1) wholesale distribution of motor fuels, (2) convenience retail and site operations, and (3) real estate and lease-related income tied to fuel and convenience locations.
1) Wholesale fuel distribution (core ca...
Crossamerica Partners Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 09, 2026
Earnings Call Sentiment Positive
The call emphasized multiple strong operational and financial wins: a 40% increase in adjusted EBITDA, materially higher distributable cash flow, improved merchandise margins, expense reductions for the seventh consecutive quarter, wholesale and retail margin improvements, and debt reduction/credit facility extension that strengthen the balance sheet. These positives largely offset notable challenges, primarily volume declines (same-store retail down 11% and wholesale down ~8–11%), ongoing fuel price volatility that pressured volumes, and lower one-time real estate gains versus the prior-year peak. On balance, management portrayed the quarter as a clear operational improvement and balance sheet-strengthening period despite volume headwinds.Positive Updates
Adjusted EBITDA Growth
Adjusted EBITDA of $51.8 million in Q2 2026, up 40% year-over-year from $37.1 million, driven by higher motor fuel margins, improved merchandise gross profit and expense control.
Negative Updates
Retail Volume Decline
Same-store retail volume declined 11% year-over-year in Q2 2026, with company-operated same-store volume down ~8% and commission class volumes more heavily impacted; volume softness was tied to elevated pump prices and persisted into early Q3.
Read all updates
Q2-2026 Updates
Positive
Negative
Adjusted EBITDA Growth
Adjusted EBITDA of $51.8 million in Q2 2026, up 40% year-over-year from $37.1 million, driven by higher motor fuel margins, improved merchandise gross profit and expense control.
Read all positive updates
Company Guidance
Management didn't give a formal numeric outlook but guided to sustain the operating and balance-sheet momentum demonstrated in Q2 — including maintaining disciplined retail fuel pricing to balance volumes (same-store retail volumes were down 11% YoY, company-operated down ~8%, wholesale same-store down ~8%) and elevated fuel margins (retail $0.492/gal vs $0.37 prior year; wholesale $0.111/gal) while growing merchandise margin (merchandise margin 29.5%, +130 bps; merchandise GP $31.0M, +2%) and controlling costs (total operating expenses $55M, down $2.9M; retail opex down 4%; wholesale opex down 11%; G&A $6.8M). They reaffirmed priorities to invest in food/growth capex (Q2 capex $7.4M: $2.5M growth, $4.9M sustaining), continue targeted real‑estate optimization (sold 5 properties for ~$2.7M with a pipeline for the rest of the year at a lower pace than 2025), sustain strong cash generation (Q2 adjusted EBITDA $51.8M, +40% YoY; Q2 DCF $33.6M) and maintain a conservative leverage posture (credit‑facility defined leverage ~3.57x, management target ~4x, reduced debt ~$20M YTD), with a strengthened credit facility (maturity extended to July 15, 2031, ~60% swapped to a ~3.4% fixed rate, blended effective rate ~5.5%) and a continued focus on distribution coverage (Q2 distribution coverage 1.68x; TTM 1.39x) to drive durable, consistent cash flows.Crossamerica Partners Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
24
Negative
Cash Flow
66
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.86B | 3.66B | 4.10B | 4.39B | 4.97B | 3.58B |
| Gross Profit | 406.75M | 336.22M | 398.32M | 382.27M | 375.77M | 276.95M |
| EBITDA | 180.05M | 187.81M | 147.32M | 166.02M | 177.13M | 114.53M |
| Net Income | 52.53M | 41.83M | 19.89M | 40.10M | 61.97M | 21.65M |
Balance Sheet | ||||||
| Total Assets | 981.99M | 964.73M | 1.11B | 1.18B | 1.26B | 1.34B |
| Cash, Cash Equivalents and Short-Term Investments | 4.92M | 3.14M | 3.38M | 4.99M | 16.05M | 7.65M |
| Total Debt | 830.51M | 907.90M | 908.56M | 910.47M | 943.35M | 996.55M |
| Total Liabilities | 1.06B | 1.04B | 1.14B | 1.15B | 1.18B | 1.28B |
| Stockholders Equity | -75.68M | -72.04M | -24.78M | 3.01M | 79.13M | 56.56M |
Cash Flow | ||||||
| Free Cash Flow | 114.71M | 55.77M | 61.46M | 82.45M | 130.97M | 53.61M |
| Operating Cash Flow | 142.78M | 91.50M | 87.78M | 117.08M | 161.32M | 95.47M |
| Investing Cash Flow | 29.12M | 68.44M | -16.31M | -28.18M | -46.40M | -298.69M |
| Financing Cash Flow | -172.48M | -160.18M | -73.08M | -99.97M | -106.51M | 210.36M |
Crossamerica Partners Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | $4.31B | 9.43 | 53.51% | ― | -2.52% | ― | |
69 Neutral | $15.71B | 19.37 | 23.59% | 4.99% | 37.27% | -29.09% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
63 Neutral | $1.68B | 13.70 | 18.90% | 6.26% | 9.54% | 13.40% | |
62 Neutral | $2.04B | -12.46 | -13.21% | 2.09% | 7.56% | 58.21% | |
58 Neutral | $965.68M | -32.17 | -2.50% | 2.50% | ― | ― | |
57 Neutral | $847.41M | 14.52 | -85.35% | 9.65% | -9.39% | 87.18% |
* Energy Sector Average
CAPL
Crossamerica Partners
21.70
3.41
18.62%
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48.52
1.44
3.07%
WKC
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37.23
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52.58%
SUN
Sunoco
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24.60
50.22%
PARR
Par Pacific Holdings
68.94
41.81
154.11%
APC
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19.81
2.50
14.47%
Crossamerica Partners Corporate Events
Business Operations and StrategyExecutive/Board ChangesDividendsFinancial DisclosuresPrivate Placements and Financing
CrossAmerica boosts margins, extends credit, appoints new CFO
Positive
Aug 5, 2026
For the quarter ended June 30, 2026, CrossAmerica Partners reported net income of $20.8 million, down from $25.2 million a year earlier, but delivered strong growth in adjusted EBITDA to $51.8 million and distributable cash flow to $33.6 million. ...
Executive/Board ChangesDividends
CrossAmerica Partners Announces CFO Appointment and Stable Distribution
Positive
Jul 21, 2026
On July 20, 2026, CrossAmerica Partners’ general partner appointed Jonathan E. Benfield as Chief Financial Officer, formalizing his role after serving as Interim CFO and Chief Accounting Officer since March 2, 2026. The partnership confirmed...
Business Operations and StrategyPrivate Placements and Financing
CrossAmerica Partners Extends Credit Facility, Tightens Leverage Covenants
Positive
Jul 17, 2026
On July 15, 2026, CrossAmerica Partners LP and its subsidiary Lehigh Gas Wholesale Services, Inc. amended their long-term syndicated credit facility, originally entered into in 2019 and most recently updated in early 2024. The amendment extends th...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.