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CrossAmerica Partners (CAPL) USD

CrossAmerica Partners LP distributes motor fuels wholesale and operates convenience stores and retail fuel sites across the United States, also owning and leasing real estate used in fuel retail.

At a glance: strengths & risks
✓Revenue growing (+23% y/y, Q2 2026)✗Profit falling (-17% y/y, Q2 2026)✗Margins compressing (7%→4%, Q2 2026)✗High leverage (4.3x EBITDA)

Sector: Oil refining

Geography: United States

COMM_CAPL

Price chart

22.16 USDDay -0.11%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
22.16 USD · -0.11%
Market cap
847 mln USD

Growth

Δ revenue y/y
22.6%
Δ EBITDA y/y
-19.7%

Multiples

P/E (LTM)
15.3x
3y avg: 25.6x
P/B (FY)
—
P/E (ann.)
10.2x
EV/EBITDA (LTM)
8.9x
3y avg: 10.4x
EV/EBITDA (ann.)
8.0x

Cash return

Dividend yield
9.5%
FCF yield (LTM)
9.3%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+2.7%
↓ details

Liquidity

Daily turnover (listing)
0.1 mln USD

Shares: yahoo_fundamentals_timeseries/CAPL

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30Q2 2026 (3M)OK1179.0
y/y 22.6%
35.3
y/y -15.0%
16.8
y/y -28.0%
52.1
y/y -19.7%
20.8
y/y -17.3%
33.2-7.4982.0
y/y -4.5%
-75.7
y/y —
-89.9%815.8Yahoo Finance
2026-03-31Q1 2026 (3M)OK841.8
y/y -2.4%
23.8
y/y 1086.9%
17.1
y/y -35.1%
40.8
y/y 44.2%
10.7
y/y —
27.9-3.41002.8
y/y -7.7%
-109.4
y/y —
-40.3%830.3Link
2025-12-31Q4 2025 (3M)OK866.3
y/y -8.3%
26.1
y/y -8.0%
19.9
y/y 10.2%
46.0
y/y -0.9%
10.2
y/y -39.6%
29.4-7.1964.7
y/y -13.5%
-102.3
y/y —
-43.1%810.0Link
2025-09-30Q3 2025 (3M)OK971.8
y/y -9.9%
28.1
y/y 3.7%
20.0
y/y -3.4%
48.1
y/y 0.6%
13.6
y/y 26.9%
24.4-6.7998.9
y/y -11.6%
-91.7
y/y —
-20.6%824.1Link
2025-06-30Q2 2025 (3M)OK961.9
y/y -15.1%
41.5
y/y 47.3%
23.3
y/y 26.5%
64.8
y/y 39.1%
25.2
y/y 102.6%
22.6-11.81028.5
y/y -11.7%
-84.5
y/y —
-118.1%842.3Link
2025-03-31Q1 2025 (3M)OK862.5
y/y -8.4%
2.0
y/y —
26.3
y/y 40.5%
28.3
y/y 398.7%
-7.1
y/y —
15.0-10.11086.6
y/y -7.9%
-86.0
y/y —
40.7%904.5Link
2024-12-31Q4 2024 (3M)OK944.2
y/y -6.9%
28.3
y/y 5.1%
18.1
y/y -4.6%
46.4
y/y 1.1%
16.9
y/y 0.7%
11.1-7.21114.7
y/y -5.7%
-53.8
y/y -274.7%
-39.8%901.9Link
2024-09-30Q3 2024 (3M)OK1079.2
y/y -10.8%
27.1
y/y 12.2%
20.7
y/y 8.6%
47.8
y/y 10.6%
10.7
y/y -12.9%
41.9-7.71130.1
y/y -7.2%
-59.0
y/y -219.7%
-29.7%904.3Link
2024-06-30Q2 2024 (3M)OK1133.4
y/y -1.1%
28.2
y/y 1.2%
18.4
y/y -4.4%
46.6
y/y -1.1%
12.4
y/y -14.5%
28.9-5.31164.7
y/y -4.3%
-37.3
y/y -167.0%
-147.3%928.4Link
2024-03-31Q1 2024 (3M)OK941.5
y/y -7.3%
-13.0
y/y -243.2%
18.7
y/y -5.5%
5.7
y/y -80.4%
-17.5
y/y —
5.8-6.11179.5
y/y -3.6%
-30.2
y/y -154.4%
-24923.6%940.8Link
2023-12-31Q4 2023 (3M)OK1014.7
y/y —
27.0
y/y —
18.9
y/y —
45.9
y/y —
16.7
y/y —
38.1-12.91181.7
y/y —
30.8
y/y —
106.3%902.4Link
2023-09-30Q3 2023 (3M)OK1210.0
y/y —
24.1
y/y —
19.1
y/y —
43.2
y/y —
12.3
y/y —
31.7-10.41217.2
y/y —
49.3
y/y —
31.2%913.5Link
2023-06-30Q2 2023 (3M)OK1145.4
y/y —
27.9
y/y —
19.3
y/y —
47.2
y/y —
14.5
y/y —
35.7-5.31217.6
y/y —
55.6
y/y —
104.7%917.9Link
2023-03-31Q1 2023 (3M)OK1016.2
y/y —
9.1
y/y —
19.8
y/y —
28.9
y/y —
-1.0
y/y —
11.5-6.01223.7
y/y —
55.5
y/y —
—936.2Link

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)25
Long-term debt (incl. LT leases)796
− Cash & equivalents5
Net debt816

Net debt / LTM EBITDA: 4.4x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

02505007501 0001 2502024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-200%0%200%400%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

Operating and investing cash flow (OCF + ICF) ($ mln)

-40-200204060802024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

02004006008001 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit runs ahead of cash
In a typical year of 2021–2025 operating cash flow came to 2.75x of reported net profit; after capex, 2.06x.
year20212022202320242025
cash flow / profit4.41x2.53x2.75x3.91x2.19x
accruals, % of assets-5.8%-7.8%-6.3%-5.9%-5.1%
Last twelve months (to 2026-06-30): 2.08x of profit came back as operating cash flow.
net debt / EBITDA 4.3x · EBIT covers interest 2.0x · capex 0.4x of depreciation · dividends 104% of free cash flow
● Capex is 42% of depreciation - the asset base is being consumed faster than replaced.
● Net debt / EBITDA 4.3x at the last full year.
● EBIT covers interest 2.0x.
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Key-commodity price — Brent

Current 114spot vs LTM +50%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: +2.7% → +0.0 pp 1d

Main driver: Brent +50% vs LTM; revenue ×1.50 vs costs ×1.04; EBITDA 187→374; at 4.5× EV/EBITDA → +3%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Brent (rev)+100%114.4376.5181.17+50%+6%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue3 859
LTM EBITDA187
LTM cash costs (revenue − EBITDA)3 672
2 · Revenue projection
Revenue multiplier — spot×1.496 (+50%)
= Spot revenue5 772
Revenue multiplier — 3y price×1.061 (+6%)
= 3-year-price revenue4 094
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs3 819
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs3 819
4 · EBITDA projection (revenue − costs)
= Spot EBITDA1 953
= 3-year-price EBITDA276
Conservative EBITDA = min(spot, avg)374
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)4.5x
Target EV = EV/EBITDA × conservative EBITDA1 699
Net debt812
Target market cap = EV − net debt867
Current market cap845

Upside = target market cap ÷ current − 1 = +2.7%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2023 Q31 2101 124+7.6%432—
2023 Q41 0151 115-9.0%465—
2024 Q19421 089-13.5%67—
2024 Q21 1331 116+1.5%4748-2.0%
2024 Q31 0791 008+7.0%48-57—
2024 Q4944939+0.5%46-92—
2025 Q1862963-10.4%28-50—
2025 Q2962859+11.9%65-127—
2025 Q3972889+9.3%48-49—
2025 Q4866832+4.1%46-78—
2026 Q18421 046-19.5%41155-73.7%
2026 Q21 1791 278-7.8%52396-86.8%

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth -11% vs -7% the year before — a -4.1 pp move. 3-year CAGR -10%.
revenue growth by year: 2023 -12% · 2024 -7% · 2025 -11%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 0.8x · target 75th pct (3y) 7.5x · LTM avg 11.8x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Peer comparison

Group: Oil refining. Each peer is shown as it trades and re-priced onto this company's market (global) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
Par Pacificglobal4.13.9x3.9x
PBF Energyglobal9.14.1x4.1x
REX American Resourcesglobal1.35.3x5.3x
S-OilKorea11.56.3x6.7x
Valero Energyglobal131.76.8x6.8x
Delek USglobal4.67.1x7.1x
Sunoco LPglobal10.08.2x8.2x
CVR Energyglobal5.98.5x8.5x
Marathon Petroleumglobal140.59.5x9.5x
Valvolineglobal4.114.3x14.3x
Phillips 66global114.217.6x17.6x
Calumetglobal4.330.2x30.2x
Group median7.7x7.7x
Group average10.1x10.2x
This companyglobal0.88.9x8.9x

Group median 7.7x as traded, 7.7x adjusted; this company 8.9x — a 16% premium.

Group average 10.1x as traded, 10.2x adjusted; against the average this company is at a 13% discount. The average sits 33% above the median: Calumet (30.2x) skews the group.

At the adjusted group median the market cap would be -27% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 20.5x, Russia 3.7x, South Africa 5.0x, Kazakhstan 4.7x, India 18.7x, Indonesia 5.4x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-23; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-08-030.525 USDEx-dividend: 0.525 USD per sharePaidYahoo Finance (ex-div)
2026-05-040.525 USDEx-dividend: 0.525 USD per sharePaidYahoo Finance (ex-div)
2026-02-020.525 USDEx-dividend: 0.525 USD per sharePaidYahoo Finance (ex-div)
2025-11-030.525 USDEx-dividend: 0.525 USD per sharePaidYahoo Finance (ex-div)
2025-08-040.525 USDEx-dividend: 0.525 USD per sharePaidYahoo Finance (ex-div)
2025-05-050.525 USDEx-dividend: 0.525 USD per sharePaidYahoo Finance (ex-div)
2025-02-030.525 USDEx-dividend: 0.525 USD per sharePaidYahoo Finance (ex-div)
2024-11-040.525 USDEx-dividend: 0.525 USD per sharePaidYahoo Finance (ex-div)
2024-08-020.525 USDEx-dividend: 0.525 USD per sharePaidYahoo Finance (ex-div)
2024-05-020.525 USDEx-dividend: 0.525 USD per sharePaidYahoo Finance (ex-div)
2024-02-010.525 USDEx-dividend: 0.525 USD per sharePaidYahoo Finance (ex-div)
2023-11-020.525 USDEx-dividend: 0.525 USD per sharePaidYahoo Finance (ex-div)
2023-08-030.525 USDEx-dividend: 0.525 USD per sharePaidYahoo Finance (ex-div)
2023-05-020.525 USDEx-dividend: 0.525 USD per sharePaidYahoo Finance (ex-div)
2023-02-020.525 USDEx-dividend: 0.525 USD per sharePaidYahoo Finance (ex-div)
2022-11-020.525 USDEx-dividend: 0.525 USD per sharePaidYahoo Finance (ex-div)
2022-08-020.525 USDEx-dividend: 0.525 USD per sharePaidYahoo Finance (ex-div)
2022-05-020.525 USDEx-dividend: 0.525 USD per sharePaidYahoo Finance (ex-div)
2022-02-020.525 USDEx-dividend: 0.525 USD per sharePaidYahoo Finance (ex-div)
2021-11-020.525 USDEx-dividend: 0.525 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of CrossAmerica Partners (CAPL) — from primary filings.

Frequently asked questions

What is CrossAmerica Partners (CAPL)'s P/E ratio?
CrossAmerica Partners (CAPL) trades at a P/E of 15.3x (price to trailing 12-month earnings).
What is CrossAmerica Partners (CAPL)'s EV/EBITDA?
CrossAmerica Partners (CAPL) trades at 8.9x EV/EBITDA.
What is CrossAmerica Partners (CAPL)'s dividend yield?
CrossAmerica Partners (CAPL)'s trailing 12-month dividend yield is 9.5%.
What is CrossAmerica Partners (CAPL)'s return on equity (ROE)?
CrossAmerica Partners (CAPL)'s ROE is -89.9%.
What is CrossAmerica Partners (CAPL)'s market capitalization?
CrossAmerica Partners (CAPL)'s market cap is 847 mln USD.

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