Forensic Analysis · Retail / Consumer Discretionary · as of Sep 26, 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.
C · Mixed — selective
Forensic grade
Distress
Financial health
0.5
Distress distance (no retained-earnings input)
Clean
Earnings quality
2
Forensic signals
4.7
P / E (ttm)
24.8%
ROE
$415M
Market cap
5.37%
Dividend yield
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 (red flags, auditor quality, say on pay, board independence, going concern, valuation). 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 C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 0.5, placing it in the Distress zone. 2 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+25.7%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +25.7% 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 sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. 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 25.7%. 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.
14.0%
FY2025
Return on invested capital.Return on invested capital is 14.0% in the latest fiscal year and rising across FY2023–FY2025 from 9.0%. After-tax operating profit was $44M in FY2023 and $82M in FY2025, with operating income at 3.2% of revenue in FY2023, 3.5% in FY2024 and 6.4% in FY2025. The capital base behind it grew +20% across FY2023–FY2025, from $486M to $584M, and the return did not fall doing it, so the dollars added over that window earned at least the 9.0% the older base was already earning.
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 Equity24.8%
Debt / Equity0.63x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Star Group, L.P.'s actual 10-K/10-Q/8-K filings?