Yesway, Inc. (YSWY)

Price$24.79Cached quoteAs of 2026-09-05 23:55 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because solid growth is offset by debt and unusually high fuel profits.

Using 63.2 million economic shares, the quote implies about $1.45 billion of equity value. Adding $618.4 million of debt and financing obligations and subtracting $81.6 million of cash gives roughly $1.99 billion of enterprise value. That equals about 8.3 times the midpoint of management’s $235 million-$245 million adjusted EBITDA outlook, a profit measure before interest, taxes, depreciation and selected costs. The multiple is reasonable, but not an obvious bargain given elevated fuel profits and meaningful leverage.

Big pictureProfit and cash surged, but recent fuel conditions make that improvement hard to treat as normal.

Operating cash flow remained near $58 million-$62 million annually from 2023 through 2025, while capital spending fell from $165.5 million to $98.0 million. Free cash flow—cash left after operating and capital spending—therefore stayed negative, although the deficit narrowed from $107.1 million to $36.1 million. The first half of 2026 produced $104.9 million of operating cash and $35.1 million of capital spending. That improvement is encouraging, but higher fuel profits and a $26.2 million increase in fuel accounts payable helped cash generation.

Business strengthA broad store base and steady merchandise gains help cushion volatile fuel profits.

Revenue reached $2.67 billion in 2025, up 5.8%, while operating income rose 51% to $115.8 million and net income more than doubled to $54.0 million. Momentum continued in the first half of 2026: merchandise sales at established stores grew 2.6%, fuel gallons grew 0.7%, and the network reached 450 stores. However, fuel profit per gallon rose to 51.1 cents from 38.7 cents; that increase produced 82% of the improvement in fuel gross profit. Those unusually favorable conditions reduce earnings durability.

What could change the storyDebt reduction could unlock value, while stock awards and weaker fuel margins could dilute it.

June liquidity was adequate, with $232.9 million of current assets against $156.9 million of current liabilities, but debt and financing obligations still totaled $618.4 million. The offering supplied $301.1 million after underwriting discounts; $251.5 million redeemed preferred interests rather than funding stores. Meanwhile, 1.83 million restricted shares and 1.80 million performance shares could add about 5.7% to the 63.2 million economic share base, with 7.33 million awards authorized initially. Sustained cash after capital spending and debt repayment would strengthen the bull case; fuel profits below management’s low-forties assumption would weaken it.

AI: News

Outlook raised after strong quarterSecond-quarter profit grew and management raised its yearly outlook after unusually strong fuel profitability.

On August 13, Yesway reported net income of $29.7 million, versus $24.2 million a year earlier, while adjusted EBITDA increased 35% to $70.9 million. Management raised its full-year adjusted EBITDA forecast to $235 million-$245 million from $210 million-$220 million. The shares closed 11.3% higher that day. The timing supports an association, not proof of causation. Investors also must consider that fuel profit per gallon reached 52.6 cents, well above the 41.3-cent comparison.

First public quarter whipsaws sharesFirst-quarter profit rebounded sharply, yet the shares fell as investors weighed the gain’s staying power.

Yesway’s June 2 release showed first-quarter net income of $30.2 million, reversing a $5.6 million loss, while adjusted EBITDA rose 112.9% to $59.2 million. Merchandise sales at established stores grew 4.5%, but fuel gallons increased only 0.2%. Although the shares initially rose before regular trading, they closed 10.1% lower that day. That reversal makes the cause uncertain; concerns about fuel-margin durability, guidance quality or the young listing may have outweighed the headline growth.

Public offering reshapes financesThe public listing raised cash and removed preferred claims, but it also expanded the share count.

Yesway priced its initial offering on April 21 and ultimately issued 16.1 million Class A shares after underwriters exercised their option. The transaction generated $301.1 million after underwriting discounts; $251.5 million redeemed senior preferred interests, and the company also reduced its revolving borrowing. Reuters reported that the shares rose about 10% in their Nasdaq debut. The offering improved the capital structure, but most proceeds removed an existing claim rather than directly financing new stores or repurchasing debt.

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Revenue

2023

2024

2025

Net income

2023

2024

2025

Free cash flow

2023

2024

2025

Total cash / debt

CashTotal debt

2024

2025

Financial statements

	2025	2024	2023
Revenue	$2.67B	$2.53B	$2.53B
Operating expenses	$488.6M	$426.1M	$402.1M
Operating income	$115.8M	$76.7M	$91.4M
Operating margin	4.33%	3.03%	3.61%
EBITDA	$159.4M	$147.3M	$156.6M
EBITDA margin	5.96%	5.83%	6.18%
Net income	$54.0M	$23.6M	$38.7M
Net profit margin	2.02%	0.93%	1.53%
Basic EPSper basic share	$0.39	$0.80	$1.33
Diluted EPSper diluted share	$0.39	$0.80	$1.33

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

≈55.30%of listed shares

TRKLA THOMAS N.17.25M shares · Apr 24, 2026

View holders

Top 20 reported holders of YSWY
Holder	% owned
TRKLA THOMAS N.	≈55.30%17.25M shares
PRINCIPAL FINANCIAL GROUP INC	8.51%2.65M shares
AMERICAN CENTURY COMPANIES INC	6.20%1.93M shares
ROYCE & ASSOCIATES LP	4.79%1.49M shares
BlackRock, Inc.	4.26%1.33M shares
Boston Partners	3.78%1.18M shares
CITADEL ADVISORS LLC	3.46%1.08M shares
WELLINGTON MANAGEMENT GROUP LLP	2.96%923.52K shares
MASSACHUSETTS FINANCIAL SERVICES CO /MA/	2.75%857.77K shares
GOLDMAN SACHS GROUP INC	2.43%759.24K shares
VANGUARD CAPITAL MANAGEMENT LLC	2.05%639K shares
Russell Investments Group, Ltd.	1.63%507.7K shares
MILLENNIUM MANAGEMENT LLC	1.55%482.59K shares
LAZARD ASSET MANAGEMENT LLC	1.51%471.54K shares
Yaupon Capital Management LP	1.40%437.38K shares
Ayles Ericka L.	≈1.39%432K shares
Zernich Kurt M.	≈1.27%396K shares
Brown Thomas Warren	≈1.27%396K shares
GEODE CAPITAL MANAGEMENT, LLC	1.25%389.09K shares
JANE STREET GROUP, LLC	1.15%358.84K shares

Percentages use 31.19M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Reported positions exceed 100% in total, so the circle shows the selected holder only.

Source: SEC Form 4 ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)0$0.00 disclosed value

No insider transactions transactions were reported in the stored SEC coverage.

Review ownership filings at SEC.gov ↗

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Yesway, Inc. (YSWY)

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