MeritValue

CrossAmerica Partners LP

CAPLdata completeness 88%15 fiscal years on file

Data notes: no data for concept 'stockholdersEquity'

The thesis, from the filings

The estimate methods put fair value between $3.18 and $11.33 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$3.58B1$4.97B2$4.39B3$4.1B3$3.66B3
Net income$21.7M4$63.7M5$42.6M6$22.5M6$41.8M6
Operating cash flow$95.5M7$161.3M8$117.1M9$87.8M9$91.5M9
Capital expenditure$41.9M10$30.4M11$34.6M12$26.3M12$35.7M12
Free cash flow (derived)$53.6M7$131M8$82.5M9$61.5M9$55.8M9
Total debt$818.9M13$767.9M14$764M15$772.2M16$693.5M17
Cash & equivalents$7.65M18$16.1M19$4.99M20$3.38M21$3.14M21
Diluted shares37.9M38.1M38.1M38.2M38.2M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
—
your share of equity
Profit it earned you last year
$10.94
Free cash flow it threw off
$14.58
Debt you’d be carrying
$181.32

10 shares of this business that earned you $10.94 and generated $14.58 of cash last year, against $181.32 of debt.

iii. Is this a good business?
Moat signal · return on equity
— avg · 5y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →
Management signal · capital allocation
+1% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has fallen 15% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

The 3 estimate methods that apply put fair value between $3.18 and $11.33 a share. They rest on different assumptions, so where they diverge is the story.

DCF · Growth Exit 10Y
$3.18
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$61.5M
DCF · Growth Exit 5Y
$4.91
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$61.5M
Earnings Power Value
$11.33
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$41.8M
  • growthAssumed0.0%
Graham Number
not applicable
book value / share count missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years0.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $4.91
The three cases
Bear0.0%$4.91
Base0.0%$4.91
Bull5.0%$10.47

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000950170-24-020383 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-25-028082 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001193125-26-071870 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0000950170-24-020383 (ProfitLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-25-028082 (ProfitLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001193125-26-071870 (ProfitLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000950170-24-020383 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000950170-25-028082 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001193125-26-071870 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000950170-24-020383 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0000950170-25-028082 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001193125-26-071870 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001564590-22-007821 (LongTermDebt)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-23-004794 (LongTermDebt)
  15. 10-K · period ending 2023-12-31 · accession 0000950170-24-020383 (LongTermDebt)
  16. 10-K · period ending 2024-12-31 · accession 0000950170-25-028082 (LongTermDebt)
  17. 10-K · period ending 2025-12-31 · accession 0001193125-26-071870 (LongTermDebt)
  18. 10-K · period ending 2021-12-31 · accession 0000950170-23-004794 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2022-12-31 · accession 0000950170-24-020383 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2023-12-31 · accession 0000950170-25-028082 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2024-12-31 · accession 0001193125-26-071870 (CashAndCashEquivalentsAtCarryingValue)