MeritValue

Sunoco LP

SUNdata completeness 75%15 fiscal years on file

Data notes: no data for concept 'stockholdersEquity'; no data for concept 'dilutedShares'; no data for concept 'epsDiluted'

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$17.6B1$25.7B2$23.1B3$22.7B3$25.2B3
Net income$524M4$475M4$394M5$866M5$527M5
Operating cash flow$543M6$561M7$600M8$549M8$1.19B8
Capital expenditure$157M9$186M9$215M10$344M10$577M10
Free cash flow (derived)$386M6$375M7$385M8$205M8$615M8
Total debt$2.67B11$3.57B12$3.58B13$7.48B14$13.4B14
Cash & equivalents$25M15$82M16$29M16$94M17$891M17
Diluted shares—————

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

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
— shares · 5y

Total debt has risen 401% over the same window.

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
DCF · Growth Exit 10Y
not applicable
no diluted share count — cannot compute per-share value
DCF · Growth Exit 5Y
not applicable
no diluted share count — cannot compute per-share value
Earnings Power Value
not applicable
no diluted share count
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001552275-24-000013 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001552275-25-000019 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001552275-26-000021 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001552275-24-000013 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001552275-26-000021 (NetIncomeLoss)
  6. 10-K · period ending 2021-12-31 · accession 0001552275-24-000013 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2022-12-31 · accession 0001552275-25-000019 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0001552275-26-000021 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2021-12-31 · accession 0001552275-23-000010 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2023-12-31 · accession 0001552275-26-000021 (PaymentsForCapitalImprovements)
  11. 10-K · period ending 2021-12-31 · accession 0001552275-23-000010 (LongTermDebt)
  12. 10-K · period ending 2022-12-31 · accession 0001552275-24-000013 (LongTermDebt)
  13. 10-K · period ending 2023-12-31 · accession 0001552275-25-000019 (LongTermDebt)
  14. 10-K · period ending 2024-12-31 · accession 0001552275-26-000021 (LongTermDebt)
  15. 10-K · period ending 2021-12-31 · accession 0001552275-22-000019 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2022-12-31 · accession 0001552275-25-000019 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  17. 10-K · period ending 2024-12-31 · accession 0001552275-26-000021 (CashAndCashEquivalentsAtCarryingValue)