Forensic Analysis · Retail / Consumer Discretionary · as of Nov 10, 2026
Star Group, L.P. (SGU)
A forensic read on Star Group, L.P. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
B · Sound & dependable
Forensic grade
Distress
Financial health
0.3
Distress distance (no retained-earnings input)
Clean
Earnings quality
1
Forensic signals
26.2%
ROE
1.0%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Star Group, L.P. earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 0.3, placing it in the Distress zone. 1 forensic signal was flagged in its latest SEC filings, led by accruals ratio (% of NOA).
What the filings flag
+15.0%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +15.0% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. Net operating assets also rose $43.7M through acquisitions (increase in goodwill and intangibles); that purchase is investing and is excluded from this ratio. The build is led by inventory up +13% against -3% in cost of sales. A cash-flow measure on the same base disagrees: reported earnings ran in line with operating cash by 1% of net operating assets, against an accruals ratio of 15.0%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.
Key fundamentals
Latest Revenue$1.78B
Revenue Growth YoY+1.0%
Revenue CAGR (2yr)-4.4%
Net Margin4.1%
Free Cash Flow$56.0M
Return on Equity26.2%
Debt / Equity0.63x
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