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Crossamerica Partners
(NYSE:CAPL)
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Rating:59Neutral
Price Target:
$23.00
▼(-1.25% Downside)
Action:Reiterated
Date:10/22/26
CAPL scores mid-range primarily due to elevated balance-sheet risk (high debt with negative equity) despite improving operating momentum and strong recent free cash flow. The latest earnings call reinforced better profitability, distribution coverage, and leverage progress, but volume declines remain a key headwind. Valuation is supported by a very high dividend yield, while technical signals are mixed to neutral.
Positive Factors
Cash Generation and Coverage
Improving distributable cash flow and stronger distribution coverage indicate that operations are generating meaningful cash after required costs. This supports capital returns, debt reduction, and ongoing investment while providing a more durable financial base over the next several quarters.
Negative Factors
Balance-Sheet Risk
High debt alongside negative equity leaves CAPL with a limited balance-sheet cushion and less capacity to absorb operating setbacks. This structure can constrain investment, increase dependence on cash generation, and make future financing decisions more consequential.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash Generation and Coverage
Improving distributable cash flow and stronger distribution coverage indicate that operations are generating meaningful cash after required costs. This supports capital returns, debt reduction, and ongoing investment while providing a more durable financial base over the next several quarters.
Read all positive factors
Crossamerica Partners (CAPL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$829.12M
Dividend Yield9.59%
Average Volume (3M)26.45K
Price to Earnings (P/E)15.4
Beta (1Y)0.05
Revenue Growth0.29%
EPS Growth21.69%
CountryUS
Employees3,047
SectorEnergy
Sector Strength52
IndustryOil & Gas Refining & Marketing
Share Statistics
EPS (TTM)1.42
Shares Outstanding38,173,256
10 Day Avg. Volume22,244
30 Day Avg. Volume26,449
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 Cap2.07
Enterprise Value/Revenue0.44
Enterprise Value/Gross Profit4.22
Enterprise Value/Ebitda10.30
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)1.38
Revenue Forecast (FY)$4.05B
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 downstream fuel distribution and convenience retail operations. (1) Wholesale fuel distribution: CAPL purchases motor fuel (e.g., gasoline and distillates) and sells it to third-party dealers and company-operated...
Crossamerica Partners Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 04, 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 | 166.65M | 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 | 30.75M | 79.13M | 56.56M |
Cash Flow | ||||||
| Free Cash Flow | 90.26M | 55.77M | 61.46M | 82.45M | 130.97M | 53.61M |
| Operating Cash Flow | 114.90M | 91.50M | 87.78M | 117.08M | 161.32M | 95.47M |
| Investing Cash Flow | 21.27M | 68.44M | -16.31M | -28.18M | -46.40M | -298.69M |
| Financing Cash Flow | -140.97M | -160.18M | -73.08M | -99.97M | -106.51M | 210.36M |
Crossamerica Partners Technical Analysis
Positive
23.29
Price Trends
22.41
Negative
22.05
Positive
21.37
Positive
Market Momentum
-0.09
Negative
59.06
Neutral
78.84
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CAPL, the sentiment is Positive. The current price of 23.29 is above the 20-day moving average (MA) of 21.60, above the 50-day MA of 22.41, and above the 200-day MA of 21.37, indicating a neutral trend. The MACD of -0.09 indicates Negative momentum. The RSI at 59.06 is Neutral, neither overbought nor oversold. The STOCH value of 78.84 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CAPL.
Crossamerica Partners Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $15.04B | 14.72 | 18.17% | 5.23% | 83.34% | 123.75% | |
70 Outperform | $4.24B | 4.88 | 57.75% | ― | 13.19% | ― | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
63 Neutral | $1.66B | 9.92 | 24.61% | 6.26% | 20.35% | 87.03% | |
59 Neutral | $829.12M | 15.42 | -72.93% | 9.50% | 0.29% | 21.69% | |
58 Neutral | $757.08M | 20.08 | 8.43% | 4.98% | ― | ― | |
55 Neutral | $1.86B | -11.35 | -13.21% | 2.37% | 7.56% | 58.21% |
* Energy Sector Average
CAPL
Crossamerica Partners
22.18
3.05
15.95%
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SUN
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PARR
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80.18
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APC
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15.86
-1.00
-5.95%
Crossamerica Partners Corporate Events
DividendsFinancial Disclosures
CrossAmerica Partners Maintains Q3 Distribution, Earnings Upcoming
Positive
Oct 21, 2026
On October 21, 2026, CrossAmerica Partners LP announced that the board of its general partner approved a quarterly cash distribution of $0.5250 per unit for the third quarter of 2026, unchanged from the second quarter and equivalent to $2.10 per u...
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. ...
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.