CrossAmerica Partners LP

CAPL

Oil & Gas Refining & Marketing · Energy

Price

$23.84

-0.16 (-0.67%)

Market Cap

$909.6M

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Good

Cash Flow

Strong

Stability

Mixed

Valuation

Mixed

Dividends

Good

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Winston Score History

The full picture

CrossAmerica Partners is a fuel distribution and convenience store company based in the United States. It supplies gasoline and diesel fuel to gas stations and convenience stores, and it also directly operates some retail fuel locations. The company works with major fuel brands like BP, Shell, and ExxonMobil, acting as a middleman between fuel suppliers and the stations that sell to everyday drivers.

CrossAmerica makes money in two main ways: distributing wholesale fuel to independent dealers and operating its own retail fuel sites. It works almost entirely within the United States, with operations spread across roughly 30 states. As a master limited partnership (MLP), it is structured to pay out most of its cash to investors as distributions, which attracts income-focused shareholders. The main risk the business faces is its thin profit margins, which means even small swings in fuel prices or volumes can have a noticeable impact on earnings.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+22.6% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-17.2% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

52.1%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$7M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

CrossAmerica Partners LP is a rare growth stock that's already generating positive cash flow while growing at 23%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

+1.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 37.9M (2021) → 38.2M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

9.6%

Thin — 9.6% gross margin

Profit after running costs

Operating Margin

3.0%

Thin — 3.0% operating margin

Return on the money invested

ROCE

4.9%

Weak — 4.9% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

+0.3%

Nearly flat sales (+0.3% YoY)

Profit growth

EPS YoY

+24.6%

Earnings growing fast (+24.6% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

219%

Turns 219% of profit into real cash

Spare cash per sale

FCF Margin

2.3%

Thin free cash flow (2.3%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

—

Data not available

Covers its interest

Interest Cover

5.58x

Adequate interest coverage (5.6x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

16.8x

Fair value — P/E 16.8

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

-0.6

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend

Dividend Yield

8.81%

Healthy income — 8.81% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

+0.0%

Dividend flat

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