CrossAmerica Partners LP
CAPL—
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CrossAmerica Partners LP AI Insights
Informational only. Not investment advice.Snapshot
- Negative equity of -91.7M with total debt of 833M (4.4x EBITDA TTM) - distribution sustainability at risk[Total Equity]
- Dividend yield ~10% (2.10/share TTM) but FCF of 37.3M covers only 46% of implied distributions[Dividends Paid Per Share]
- Revenue declining 9.9% YoY and 8.6% 3Y CAGR while gross margin at 10.6% vs industry median 44.6%[Gross Margin]
Watch Triggers
- Dividends Paid Per Share: Any reduction from $2.10 annual rate — Distribution cut would trigger MLP investor exodus and 30-50% unit price decline
- Total Debt: Exceeds 5x EBITDA or covenant breach — Currently 4.4x - limited headroom before lender intervention
- Free Cash Flow: Falls below $30M TTM — Would signal distribution coverage below 40%, forcing immediate action
Bull Case
Asset-heavy model (693M PPE) provides collateral for refinancing; P/S of 0.21 prices in severe distress
PPEP/S Ratio
EBITDA of 188M TTM covers interest 3.7x - no immediate liquidity crisis despite negative equity
EBITDAInterest Expense
Bear Case
Negative equity -91.7M with 833M debt and declining revenue - classic value trap structure
Total EquityTotal DebtTotal Revenue 1Yr Growth
10.6% gross margin vs 44.6% industry median signals commodity-like business with no pricing power
Gross Margin
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
30%
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Forward Thesis
Distribution cut likely within 12-18 months unless asset sales or refinancing occurs
1-3yhigh
- FCF 37.3M vs ~80M annual distribution obligation
- Debt/EBITDA at 4.4x limits refinancing options
- Revenue declining with no margin expansion
FCF TTM 37.3M, dividend/share 2.10Total debt 833M, EBITDA 188M TTMRevenue -9.9% YoY, gross margin 10.6%
Valuation Context
Caveats
Public Strategies Rankings
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CAPL Fundamentals
Retail Trade → Nonstore Retailers
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$796.59M | — | ||
$1.61B | — | ||
20 | — | ||
$3.66B | -10.6% | — | |
$1.02 | -87.0% | — | |
1.46% | -0.1% | — | |
1.07% | +0.6% | — | |
$55.77M | -9.3% | — | |
0% | — | ||
Beta 5Y (Monthly) | unknown | — |
CAPL Dividend History
53 dividends
2026
$0.525002/02/26$0.5250
2025
$2.100011/03/25$0.5250
08/04/25$0.5250
05/05/25$0.5250
02/03/25$0.5250
2024
$2.100011/04/24$0.5250
08/02/24$0.5250
05/02/24$0.5250
02/01/24$0.5250
2023
$2.100011/02/23$0.5250
08/03/23$0.5250
05/02/23$0.5250
02/02/23$0.5250
2022
$2.100011/02/22$0.5250
08/02/22$0.5250
05/02/22$0.5250
02/02/22$0.5250
2021
$2.100011/02/21$0.5250
08/02/21$0.5250
05/03/21$0.5250
02/01/21$0.5250
2020
$2.100011/02/20$0.5250
08/03/20$0.5250
05/04/20$0.5250
01/31/20$0.5250
2019
$2.100011/04/19$0.5250
07/29/19$0.5250
05/03/19$0.5250
02/08/19$0.5250
2018
$2.202511/02/18$0.5250
08/03/18$0.5250
05/17/18$0.5250
02/02/18$0.6275
2017
$2.480511/03/17$0.6275
08/03/17$0.6225
05/04/17$0.6175
02/02/17$0.6130
2016
$2.401011/02/16$0.6080
08/04/16$0.6030
05/17/16$0.5975
02/10/16$0.5925
2015
$2.230011/16/15$0.5775
09/02/15$0.5625
06/11/15$0.5475
03/05/15$0.5425
2014
$2.080011/13/14$0.5325
08/14/14$0.5225
05/15/14$0.5125
03/13/14$0.5125
2013
$1.727311/20/13$0.5025
08/21/13$0.4775
05/21/13$0.4525
01/30/13$0.2948
CAPL Stock Splits
No stock splits
CAPL SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
02/25/26 | 12/31/25 | 10-K | |
11/05/25 | 09/30/25 | 10-Q | |
08/07/25 | 06/30/25 | 10-Q | |
05/08/25 | 03/31/25 | 10-Q | |
02/27/25 | 12/31/24 | Unknown | |
11/06/24 | 09/30/24 | 10-Q | |
08/08/24 | 06/30/24 | 10-Q | |
05/09/24 | 03/31/24 | 10-Q | |
02/27/24 | 12/31/23 | 10-K | |
11/08/23 | 09/30/23 | 10-Q | |
08/08/23 | 06/30/23 | 10-Q | |
05/09/23 | 03/31/23 | 10-Q | |
02/28/23 | 12/31/22 | 10-K | |
11/08/22 | 09/30/22 | 10-Q | |
08/09/22 | 06/30/22 | 10-Q | |
05/10/22 | 03/31/22 | 10-Q | |
03/01/22 | 12/31/21 | 10-K | |
11/09/21 | 09/30/21 | 10-Q | |
08/10/21 | 06/30/21 | 10-Q | |
05/11/21 | 03/31/21 | 10-Q | |
03/02/21 | 12/31/20 | 10-K | |
11/05/20 | 09/30/20 | 10-Q | |
08/07/20 | 06/30/20 | 10-Q | |
05/07/20 | 03/31/20 | 10-Q | |
02/26/20 | 12/31/19 | 10-K | |
11/08/19 | 09/30/19 | 10-Q | |
08/06/19 | 06/30/19 | 10-Q | |
05/07/19 | 03/31/19 | 10-Q | |
02/26/19 | 12/31/18 | 10-K | |
11/07/18 | 09/30/18 | 10-Q | |
08/07/18 | 06/30/18 | 10-Q | |
05/08/18 | 03/31/18 | 10-Q | |
02/27/18 | 12/31/17 | 10-K | |
11/08/17 | 09/30/17 | 10-Q | |
08/08/17 | 06/30/17 | 10-Q | |
05/09/17 | 03/31/17 | 10-Q | |
02/28/17 | 12/31/16 | 10-K | |
11/08/16 | 09/30/16 | 10-Q | |
08/05/16 | 06/30/16 | 10-Q | |
05/06/16 | 03/31/16 | 10-Q | |
02/19/16 | 12/31/15 | 10-K | |
11/06/15 | 09/30/15 | 10-Q | |
08/07/15 | 06/30/15 | 10-Q | |
05/08/15 | 03/31/15 | 10-Q | |
02/27/15 | 12/31/14 | 10-K | |
11/07/14 | 09/30/14 | 10-Q | |
08/11/14 | 06/30/14 | 10-Q | |
05/08/14 | 03/31/14 | 10-Q | |
03/10/14 | 12/31/13 | 10-K | |
11/12/13 | 09/30/13 | 10-Q | |
08/09/13 | 06/30/13 | 10-Q | |
05/14/13 | 03/31/13 | 10-Q | |
03/28/13 | 12/31/12 | 10-K | |
12/10/12 | 09/30/12 | 10-Q | |
10/26/12 | 06/30/12 | 424B4 | |
07/03/12 | 03/31/12 | S-1/A | |
10/26/12 | 12/31/11 | 424B4 | |
12/10/12 | 09/30/11 | 10-Q | |
10/26/12 | 06/30/11 | 424B4 | |
07/03/12 | 03/31/11 | S-1/A |