CrossAmerica Partners is a fuel distributor and convenience store landlord, supplying gas to roughly 1,750 sites across 34 states and leasing properties to dealers. Think of it as the middleman and property owner behind many independent gas stations.
Money comes from wholesale fuel distribution and retail store sales, with gross margins around 10% and net margins near 1.4%—a thin, high-volume business. Revenue is recurring through long-term leases and supply agreements, though fuel price swings affect earn
Its network of leased properties and dealer relationships creates switching costs, but competition from large chains like Pilot Travel Centers and Marathon Petroleum's Speedway can undercut pricing. The moat is eroding as electric vehicle adoption and convenie
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