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Steel Partners Holdings L.P.OTCPK:SPLP Stock Report

Market Cap US$1.0b
Share Price
n/a
1Y21.1%
7D-1.1%
1D-0.2%
Portfolio Value
​
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Steel Partners Holdings L.P.

OTCPK:SPLP Stock Report

Market Cap: US$1.0b

This company listing is no longer active

This company may still be operating, however this listing is no longer active. Find out why through their latest events.

Steel Partners Holdings (SPLP) Stock Overview

Engages in industrial products, energy, banking, defense, supply chain management, logistics, and youth sports businesses worldwide. More details

SPLP fundamental analysis
Snowflake Score
Valuation2/6
Future Growth0/6
Past Performance4/6
Financial Health6/6
Dividends0/6

Rewards

Price-To-Earnings ratio (4x) is below the US market (19.4x)

Earnings grew by 10.3% over the past year

Risk Analysis

No risks detected for SPLP from our risk checks.

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Steel Partners Holdings L.P. Competitors

Price History & Performance

Summary of share price highs, lows and changes for Steel Partners Holdings
Historical stock prices
Current Share PriceUS$50.00
52 Week HighUS$51.25
52 Week LowUS$27.95
Beta0.54
1 Month Change15.61%
3 Month Change18.32%
1 Year Change21.07%
3 Year Change14.81%
5 Year Change264.17%
Change since IPO217.46%

Recent News & Updates

Recent updates

Seeking Alpha • Nov 09

Bargain 10.4% YTM On Term Preferred Stock From Steel Partners Holdings

Summary Steel Partners Holdings (SPLP) Preferred “A” shares (SPLP-A) currently offers a 10.4% yield to maturity with a relatively short maturity date of 2/7/2026. SPLP is a big cash flow generator that easily covers its preferred stock dividend as well as its interest expense. SPLP owns several businesses in different sectors so sector risk is minimal. This diversification adds a lot of safety to a company that is already making large profits. Given the high level of safety that SPLP offers, the 10.4% YTM looks to be a bargain as its price has lagged the recent fixed-income market rally. The lag in the price of SPLP-A versus other fixed-income securities has now made SPLP-A my favorite fixed-income security. Read the full article on Seeking Alpha
Seeking Alpha • Aug 17

Steel Partners Holdings: Bottom Line Remains Robust

Summary Steel Partners Holdings L.P. offers a diversified business model and is undervalued compared to similar companies in the sector. SPLP operates in various industries, including industrial products, energy, defense, supply chain management, logistics, banking, and youth sports. The company's term preferred stock offers a generous yield and provides a unique long-term avenue for investors to generate income. Read the full article on Seeking Alpha
Seeking Alpha • Nov 10

Steel Partners GAAP EPS of $1.45, revenue of $425.7M

Steel Partners press release (NYSE:SPLP): Q3 GAAP EPS of $1.45. Revenue of $425.7M (+8.6% Y/Y). Adjusted EBITDA decreased to $60.2M from $72.5M for the same period in the prior year; Adjusted EBITDA margin was 14.1%. Net cash provided by operating activities was $42.3M. Adjusted free cash flow totaled $48.0M.
Seeking Alpha • Aug 19

Steel Partners: Company Expects To Ride On Favorable Pricing

Steel Partners recorded an increase in sales by $27.1 million in Q2 2022 despite the divestiture of SLPE due to favorable product pricing. Steel Partners has gained more than 10% year-to-date with investors hopeful that the company will acquire the remaining Steel Connect stake. Steel Connect minority shareholders have claimed that Steel Partners' offer grossly undervalues the company. Steel Partners Holdings (SPLP) reported its second quarter results on August 5, 2022. Quarterly revenue per share increased by $1.03 after total earnings hit a record $441.41 million, representing an 8.8% rise (QoQ). In the Trailing Twelve months ('TTM') since December 2021, the conglomerate generated $6.10 as diluted earnings per share ('EPS') indicating an increase of 22.74% in the period. This report comes against the backdrop of SPLP's agreement to purchase all common shares of Steel Connect (STCN) with the deal expected to close in H2 2022. Thesis Over the past year, SPLP has added 43.49% in gains even as investors remain uncertain over the company’s completion of the proposed merger with STCN. The company expects higher pricing of building materials to continue into the second half of the year. Higher demand for energy products is also expected to augment the shareholder value through the increase in earnings. Still, the company is faced with the challenge of significant volatility in product prices as well as demand that may hinder the increase in earnings. Earnings Performance analysis SPLP’s revenue increased 14.22% (QoQ) to $441.4 million leading to a rise of $146.227 million YTD or +20.86%. The 234.19% increase in net income (QoQ) to $92.1 million in Q2 2022 was dragged down by a 20% decline in the adjusted EBITDA and a 29.15% decrease in the adjusted free cash flow (QoQ). As we know the EBITDA includes the capital structure and the tax situation of the company, unlike the net income which excludes these aspects. A decline in the EBITDA, therefore, was accompanied by a decrease in the free cash flow as a result of higher capital expenditures. Steel Partners The lower cash flow was attributed to a dismal performance in the EBITDA although the management stated that it was offset by a better application of the working capital. Still, capital expenditures in the three months ended on June 30, 2022, increased by 0.1 percentage points of the revenue to $10.724 million or 2.4%. Apart from generating record revenue in the quarter, the company also managed to lower its debt and reinvest capital back into its business. Of importance, is that SPLP managed to reduce its total debt by 34.91% and its net debt by 49.19%. Steel Partners sold off its subsidiary SLPE for $144.5 million to AEI, a subsidiary of Advanced Energy Industries, Inc. (AEIS). The all-cash transaction was completed on April 25, 2022, and the proceeds from the sale were used to lower SPLP's debt levels in Q2 2022. SLPE formed the core basic element of Steel Partners' industrial element, particularly in charge of designing, manufacturing, and marketing power conversion solutions. These products were used in the medical, lighting, and even audio-visual controls. Stronger Pricing Despite the divestiture of SLPE, SPLP recorded an increase in sales by $27.1 million. The rise was attributed to the favorable pricing of building materials sold by the company in Q2 2022. In home building, the prices of building materials ticked up 0.4% in July 2022 with commodities such as lumber rising 2.3%. While prices of building materials have surged 35.7% since January 2020, approximately 80% of this increase was registered in January 2021. National Association of Home builders Prices of gypsum products have gained 7.6% through the first half of 2022 after soaring 23% in 2021. However, the price of steel mill products declined 3.7% in June 2022 with the index showing an overall decrease of 10.1% since December 2021. Market Watch HRC Steel Futures for November 2022 in the US have remained on an extended downward trend after it hit a high of $1600 in Q1 2022. It has since dropped towards the $850 mark as of August 2022 indicating a decrease of more than 40% (YTD). Companies such as the United States Steel Corporation (X) have declined 19.63% over the past year despite a 20% increase in its quarterly revenue to $6.29 billion. The global market has generally weakened since Q1 2022 as a result of China’s Covid19 lockdowns and the conflict in Ukraine. These have augmented demand outlook uncertainty in 2022 and the beginning of 2023. However, the ending of the lockdown and resumption of business activities post-Covid is expected to raise the demand situation. Investment Matrix SPLP's investment strategy includes among other things making opportunistic acquisitions, partnerships, collaborations, and restructurings that aim at improving its financial position in the long run. Since entering into a plan of the merger agreement with Steel Connect on June 12, 2022, SPLP has gained ⁓10% on year-to-date (YTD) analysis indicating shareholder optimism in the deal. However, the opposite is true with STCN which has since lost 9.50% (YTD) with its market capitalization stuck at $80.19 million. SPLP's agreement with STCN (as of May 27, 2022) considered $1.35 per share to STCN's shareholders which at the time represented a premium of 12.5% over the stock's closing price as of May 31, 2021. Seeking Alpha The stock has stagnated at $1.35 with all indications showing that the board of STCN will sign the agreement by the end of 2022. Another contingent benefit to be received by investors will be the right to receive pro-rata shares of the proceeds from the sale of the ModusLink business if this business exceeds $80 million. SPLP anticipates that it will sell the ModusLink business within two years after the completion of this combination. SPLP hopes to buy the remaining 52% of STCN within the second half of 2022 and it plans to first divest this business. ModusLink serves the supply chain management market while also providing digital solutions to leading brands across the world. STCN's quarterly results released in June 2022 indicated that various ModusLink facilities had been closed down in the third and fourth quarters of 2020 and Q4 2021. True to form, STCN has managed to reduce its net liabilities despite slow sales from this business but it has affected its gross profit level. Still, STCN's main revenue has been attributed to the supply chain business which raked in about $51.548 million in the three months leading to April 30, 2022. STCN’s total liabilities have declined 82% since July 2020 from $675.2 million to $121.5 million in June 2022. Seeking Alpha In the three months ended on April 30, 2022, STCN's net revenue surged 4.28% to $51.55 million while gross profit declined 6.64%. The decline in gross profit is a result of an increase in the cost of revenue that increased by 7% in the quarter. STCN needs to increase the number of clients accounting for its revenue and this forms another basis for its divestiture. In the nine months ending on April 30, 2022, the company increased its client base (among the 10 largest clientele accounting for at least 78% of its net revenue) by 1 percentage point (YoY). For SPLP, the deal sweetener here is the benefit accruing from the net operating losses (NOLs) carry-forwards. STCN reported that it had accumulated NOL carry-forwards for federal tax uses (as of July 31, 2021) amounting to $2.1 billion. For state purposes, the NOLs stood at $110.0 million at the time. These NOLs arose in tax years ending on January 1, 2018. From a company's viewpoint, the NOL acts as a valuable asset that the company can use to reduce its future taxable income. Long-term STCN investors wrote a letter to the company’s board terming SPLP’s deal as an offer that substantially undervalues its tax assets. One point noted is that at the share purchase price of $1.35, STCN will be offering a 61% discount to the 48% stake purchased at $3.50 and a 45% discount to the 52-week trading high of $2.45. About the NOL tax asset, STCN's ability to use it to offset future taxable income will be affected by this ownership change. Under the company's rule (that is section 382), any stakeholder with ownership of at least 5% who increases aggregate ownership by more than 50% points will limit the company’s use of the NOL. SPLP is eyeing this tax benefit as it presents a key asset for the company.

Shareholder Returns

SPLPUS IndustrialsUS Market
7D-1.1%-32.0%1.6%
1Y21.1%-32.4%18.6%

Return vs Industry: SPLP exceeded the US Industrials industry which returned 5.8% over the past year.

Return vs Market: SPLP exceeded the US Market which returned 15.4% over the past year.

Price Volatility

Is SPLP's price volatile compared to industry and market?
SPLP volatility
SPLP Average Weekly Movement10.5%
Industrials Industry Average Movement14.2%
Market Average Movement7.3%
10% most volatile stocks in US Market16.7%
10% least volatile stocks in US Market3.2%

Stable Share Price: SPLP has not had significant price volatility in the past 3 months compared to the US market.

Volatility Over Time: SPLP's weekly volatility (10%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
19905,200Warren Lichtensteinwww.steelpartners.com

Steel Partners Holdings L.P., together with its subsidiaries, engages in industrial products, energy, banking, defense, supply chain management, logistics, and youth sports businesses worldwide. It operates through Diversified Industrial, Energy, and Financial Services segments. The company fabricates precious metals and alloys into brazing alloys; manufactures and sells seamless stainless steel tubing coils; mechanical and fluid-carrying welded low carbon tubing for automotive, heavy truck, heating, cooling and oil and gas markets; fasteners, adhesives, and fastening systems for the commercial low slope roofing industry, as well as specialty fasteners for the building products industry; and woven substrates of fiberglass, quartz, carbon, and aramid materials.

Steel Partners Holdings L.P. Fundamentals Summary

How do Steel Partners Holdings's earnings and revenue compare to its market cap?
SPLP fundamental statistics
Market capUS$1.00b
Earnings (TTM)US$251.66m
Revenue (TTM)US$2.09b
4.0x
P/E Ratio
0.5x
P/S Ratio

Is SPLP overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report (TTM)
SPLP income statement (TTM)
RevenueUS$2.09b
Cost of RevenueUS$1.17b
Gross ProfitUS$843.04m
Other ExpensesUS$591.38m
EarningsUS$251.66m

Last Reported Earnings

Sep 30, 2025

Next Earnings Date

n/a

Earnings per share (EPS)12.57
Gross Margin40.28%
Net Profit Margin12.03%
Debt/Equity Ratio12.0%

How did SPLP perform over the long term?

See historical performance and comparison

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/01/18 19:30
End of Day Share Price 2026/01/16 00:00
Earnings2025/09/30
Annual Earnings2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Steel Partners Holdings L.P. is covered by 0 analysts. 0 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.