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Graham Holdings Co（GHC）与GLOBAL PARTNERS LP（GLP）财务数据对比。点击上方公司名可切换其他公司
GLOBAL PARTNERS LP的季度营收约是Graham Holdings Co的1.8倍（$2.2B vs $1.3B），Graham Holdings Co净利率更高（8.7% vs 1.1%，领先7.6%），GLOBAL PARTNERS LP同比增速更快（7.0% vs 0.4%），GLOBAL PARTNERS LP自由现金流更多（$62.2M vs $5.0M），过去两年Graham Holdings Co的营收复合增速更高（4.2% vs 0.2%）
Graham Holdings是一家总部位于美国弗吉尼亚州阿灵顿县、在特拉华州注册的多元化综合控股集团，曾持有知名媒体《华盛顿邮报》与《新闻周刊》的所有权，旗下业务覆盖多个领域，在北美市场拥有深厚的行业运营积淀。
Global Partners LP是一家美国能源供应企业，2018年位列《财富》世界500强第361位，采用业主有限合伙制架构，核心业务为石油产品进口，深耕北美市场开展营销活动，批发的产品涵盖原油、柴油、汽油、取暖油及煤油等品类。
GHC vs GLP — 直观对比
营收规模更大
GLP
是对方的1.8倍
$1.3B
营收增速更快
GLP
高出6.6%
0.4%
净利率更高
GHC
高出7.6%
1.1%
自由现金流更多
GLP
多$57.2M
$5.0M
两年增速更快
GHC
近两年复合增速
0.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $2.2B |
| 净利润 | $108.7M | $25.1M |
| 毛利率 | — | 11.9% |
| 营业利润率 | 3.8% | 2.6% |
| 净利率 | 8.7% | 1.1% |
| 营收同比 | 0.4% | 7.0% |
| 净利润同比 | -80.2% | 5.0% |
| 每股收益（稀释后） | $24.76 | — |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收GHCGLP
| Q4 25 | $1.3B | $2.2B | ||
| Q3 25 | $1.3B | $2.2B | ||
| Q2 25 | $1.2B | $2.1B | ||
| Q1 25 | $1.2B | $2.2B | ||
| Q4 24 | $1.2B | $2.1B | ||
| Q3 24 | $1.2B | $2.1B | ||
| Q2 24 | $1.2B | $2.3B | ||
| Q1 24 | $1.2B | $2.2B |
净利润GHCGLP
| Q4 25 | $108.7M | $25.1M | ||
| Q3 25 | $122.9M | $29.0M | ||
| Q2 25 | $36.7M | $25.2M | ||
| Q1 25 | $23.9M | $18.7M | ||
| Q4 24 | $548.8M | $23.9M | ||
| Q3 24 | $72.5M | $45.9M | ||
| Q2 24 | $-21.0M | $46.1M | ||
| Q1 24 | $124.4M | $-5.6M |
毛利率GHCGLP
| Q4 25 | — | 11.9% | ||
| Q3 25 | — | 12.1% | ||
| Q2 25 | — | 13.1% | ||
| Q1 25 | — | 11.7% | ||
| Q4 24 | — | 13.0% | ||
| Q3 24 | — | 13.4% | ||
| Q2 24 | — | 12.6% | ||
| Q1 24 | — | 9.8% |
营业利润率GHCGLP
| Q4 25 | 3.8% | 2.6% | ||
| Q3 25 | 5.2% | 2.7% | ||
| Q2 25 | 6.0% | 2.9% | ||
| Q1 25 | 4.1% | 2.6% | ||
| Q4 24 | 5.8% | 2.8% | ||
| Q3 24 | 6.8% | 3.9% | ||
| Q2 24 | 2.2% | 3.7% | ||
| Q1 24 | 3.1% | 1.2% |
净利率GHCGLP
| Q4 25 | 8.7% | 1.1% | ||
| Q3 25 | 9.6% | 1.3% | ||
| Q2 25 | 3.0% | 1.2% | ||
| Q1 25 | 2.0% | 0.9% | ||
| Q4 24 | 44.1% | 1.2% | ||
| Q3 24 | 6.0% | 2.1% | ||
| Q2 24 | -1.8% | 2.0% | ||
| Q1 24 | 10.8% | -0.3% |
每股收益（稀释后）GHCGLP
| Q4 25 | $24.76 | — | ||
| Q3 25 | $27.91 | — | ||
| Q2 25 | $8.35 | — | ||
| Q1 25 | $5.45 | — | ||
| Q4 24 | $124.05 | — | ||
| Q3 24 | $16.42 | — | ||
| Q2 24 | $-4.79 | — | ||
| Q1 24 | $27.72 | — |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $267.0M | — |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $4.8B | — |
| 总资产 | $8.4B | $3.9B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资GHCGLP
| Q4 25 | $267.0M | — | ||
| Q3 25 | $190.8M | — | ||
| Q2 25 | $176.2M | — | ||
| Q1 25 | $156.7M | — | ||
| Q4 24 | $260.9M | — | ||
| Q3 24 | $244.4M | — | ||
| Q2 24 | $140.7M | — | ||
| Q1 24 | $130.9M | — |
股东权益GHCGLP
| Q4 25 | $4.8B | — | ||
| Q3 25 | $4.5B | — | ||
| Q2 25 | $4.4B | — | ||
| Q1 25 | $4.3B | — | ||
| Q4 24 | $4.3B | — | ||
| Q3 24 | $4.0B | — | ||
| Q2 24 | $4.0B | — | ||
| Q1 24 | $4.0B | — |
总资产GHCGLP
| Q4 25 | $8.4B | $3.9B | ||
| Q3 25 | $7.9B | $3.7B | ||
| Q2 25 | $7.6B | $3.8B | ||
| Q1 25 | $7.6B | $3.8B | ||
| Q4 24 | $7.7B | $3.8B | ||
| Q3 24 | $7.4B | $3.7B | ||
| Q2 24 | $7.2B | $3.8B | ||
| Q1 24 | $7.3B | $3.5B |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $28.3M | $101.0M |
| 自由现金流经营现金流 - 资本支出 | $5.0M | $62.2M |
| 自由现金流率自由现金流/营收 | 0.4% | 2.8% |
| 资本支出强度资本支出/营收 | 1.9% | 1.8% |
| 现金转化率经营现金流/净利润 | 0.26× | 4.03× |
| 过去12个月自由现金流最近4个季度 | $275.3M | $193.3M |
8季度趋势，按日历期对齐
经营现金流GHCGLP
| Q4 25 | $28.3M | $101.0M | ||
| Q3 25 | $178.1M | $19.0M | ||
| Q2 25 | $94.8M | $216.3M | ||
| Q1 25 | $46.0M | $-51.6M | ||
| Q4 24 | $116.3M | $67.2M | ||
| Q3 24 | $237.6M | $122.7M | ||
| Q2 24 | $52.0M | $24.3M | ||
| Q1 24 | $1.1M | $-182.7M |
自由现金流GHCGLP
| Q4 25 | $5.0M | $62.2M | ||
| Q3 25 | $161.8M | $-678.0K | ||
| Q2 25 | $78.0M | $201.3M | ||
| Q1 25 | $30.5M | $-69.5M | ||
| Q4 24 | $91.1M | $20.4M | ||
| Q3 24 | $219.4M | $98.4M | ||
| Q2 24 | $33.7M | $8.7M | ||
| Q1 24 | $-20.2M | $-199.3M |
自由现金流率GHCGLP
| Q4 25 | 0.4% | 2.8% | ||
| Q3 25 | 12.6% | -0.0% | ||
| Q2 25 | 6.4% | 9.7% | ||
| Q1 25 | 2.6% | -3.2% | ||
| Q4 24 | 7.3% | 1.0% | ||
| Q3 24 | 18.2% | 4.6% | ||
| Q2 24 | 2.8% | 0.4% | ||
| Q1 24 | -1.8% | -9.0% |
资本支出强度GHCGLP
| Q4 25 | 1.9% | 1.8% | ||
| Q3 25 | 1.3% | 0.9% | ||
| Q2 25 | 1.4% | 0.7% | ||
| Q1 25 | 1.3% | 0.8% | ||
| Q4 24 | 2.0% | 2.3% | ||
| Q3 24 | 1.5% | 1.1% | ||
| Q2 24 | 1.5% | 0.7% | ||
| Q1 24 | 1.8% | 0.8% |
现金转化率GHCGLP
| Q4 25 | 0.26× | 4.03× | ||
| Q3 25 | 1.45× | 0.66× | ||
| Q2 25 | 2.58× | 8.58× | ||
| Q1 25 | 1.93× | -2.76× | ||
| Q4 24 | 0.21× | 2.82× | ||
| Q3 24 | 3.28× | 2.67× | ||
| Q2 24 | — | 0.53× | ||
| Q1 24 | 0.01× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
GHC
| Products | $602.7M | 48% |
| Kaplan International | $251.9M | 20% |
| Manufacturing | $117.8M | 9% |
| Television Broadcasting | $110.5M | 9% |
| Higher Education | $83.8M | 7% |
| Supplemental Education | $74.9M | 6% |
| Related Party | $4.4M | 0% |
GLP
| Gasoline | $1.0B | 46% |
| Refined Petroleum Products Renewable Fuels Crude Oil And Propane | $884.7M | 40% |
| Commercial Segment | $187.6M | 8% |
| Station Operations | $110.5M | 5% |
