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As used in this report, the terms Company, SunocoCorp, we, us or our should be understood to refer to SunocoCorp LLC, including its consolidated subsidiary, Sunoco LP. The terms Partnership or Sunoco should be understood to refer to Sunoco LP and its consolidated subsidiaries.
Operating margin is thin at 3.71%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue grew 11.1%, still solid.
Net debt of $14.05B represents 22.8x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$25.20B
▲ +11.1% YoY
Net Income (TTM)
-$5M
Op. Margin
3.71%
▲ +0.2pp YoY
ROIC
—
Cash Flow & Balance Sheet
FCF (TTM)
$615M
▲ +200.0% YoY
Op. Cash Flow (TTM)
$1.19B
▲ +117.1% YoY
Net Debt
$14.05B
Cash & Equiv.
$891M
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