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GLOBAL PARTNERS LP（GLP）与孩之宝（HAS）财务数据对比。点击上方公司名可切换其他公司
GLOBAL PARTNERS LP的季度营收约是孩之宝的1.5倍（$2.2B vs $1.4B），孩之宝净利率更高（13.9% vs 1.1%，领先12.8%），孩之宝同比增速更快（31.3% vs 7.0%），孩之宝自由现金流更多（$389.5M vs $62.2M），过去两年孩之宝的营收复合增速更高（38.2% vs 0.2%）
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。
孩之宝是1923年12月6日成立的美国跨国玩具制造与娱乐控股企业，总部位于罗德岛州波塔基特。旗下拥有Kenner、米尔顿·布拉德利、派克兄弟、威世智等知名品牌，持有大量热门IP商标权，业务覆盖玩具生产、游戏开发、娱乐内容出品等多个领域。
GLP vs HAS — 直观对比
营收规模更大
GLP
是对方的1.5倍
$1.4B
营收增速更快
HAS
高出24.3%
7.0%
净利率更高
HAS
高出12.8%
1.1%
自由现金流更多
HAS
多$327.3M
$62.2M
两年增速更快
HAS
近两年复合增速
0.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $1.4B |
| 净利润 | $25.1M | $201.6M |
| 毛利率 | 11.9% | 68.7% |
| 营业利润率 | 2.6% | 20.6% |
| 净利率 | 1.1% | 13.9% |
| 营收同比 | 7.0% | 31.3% |
| 净利润同比 | 5.0% | 687.8% |
| 每股收益（稀释后） | — | $1.46 |
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GLPHAS
| Q4 25 | $2.2B | $1.4B | ||
| Q3 25 | $2.2B | $1.4B | ||
| Q2 25 | $2.1B | $980.8M | ||
| Q1 25 | $2.2B | $887.1M | ||
| Q4 24 | $2.1B | $1.1B | ||
| Q3 24 | $2.1B | $1.3B | ||
| Q2 24 | $2.3B | $995.3M | ||
| Q1 24 | $2.2B | $757.3M |
净利润GLPHAS
| Q4 25 | $25.1M | $201.6M | ||
| Q3 25 | $29.0M | $233.2M | ||
| Q2 25 | $25.2M | $-855.8M | ||
| Q1 25 | $18.7M | $98.6M | ||
| Q4 24 | $23.9M | $-34.3M | ||
| Q3 24 | $45.9M | $223.2M | ||
| Q2 24 | $46.1M | $138.5M | ||
| Q1 24 | $-5.6M | $58.2M |
毛利率GLPHAS
| Q4 25 | 11.9% | 68.7% | ||
| Q3 25 | 12.1% | 70.1% | ||
| Q2 25 | 13.1% | 77.0% | ||
| Q1 25 | 11.7% | 76.9% | ||
| Q4 24 | 13.0% | 67.4% | ||
| Q3 24 | 13.4% | 70.4% | ||
| Q2 24 | 12.6% | 76.1% | ||
| Q1 24 | 9.8% | 73.0% |
营业利润率GLPHAS
| Q4 25 | 2.6% | 20.6% | ||
| Q3 25 | 2.7% | 24.6% | ||
| Q2 25 | 2.9% | -81.4% | ||
| Q1 25 | 2.6% | 19.2% | ||
| Q4 24 | 2.8% | 5.4% | ||
| Q3 24 | 3.9% | 23.6% | ||
| Q2 24 | 3.7% | 21.3% | ||
| Q1 24 | 1.2% | 15.3% |
净利率GLPHAS
| Q4 25 | 1.1% | 13.9% | ||
| Q3 25 | 1.3% | 16.8% | ||
| Q2 25 | 1.2% | -87.3% | ||
| Q1 25 | 0.9% | 11.1% | ||
| Q4 24 | 1.2% | -3.1% | ||
| Q3 24 | 2.1% | 17.4% | ||
| Q2 24 | 2.0% | 13.9% | ||
| Q1 24 | -0.3% | 7.7% |
每股收益（稀释后）GLPHAS
| Q4 25 | — | $1.46 | ||
| Q3 25 | — | $1.64 | ||
| Q2 25 | — | $-6.10 | ||
| Q1 25 | — | $0.70 | ||
| Q4 24 | — | $-0.25 | ||
| Q3 24 | — | $1.59 | ||
| Q2 24 | — | $0.99 | ||
| Q1 24 | — | $0.42 |
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 | — | — |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | — | $565.5M |
| 总资产 | $3.9B | $5.6B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
股东权益GLPHAS
| Q4 25 | — | $565.5M | ||
| Q3 25 | — | $433.8M | ||
| Q2 25 | — | $269.7M | ||
| Q1 25 | — | $1.2B | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | — | $1.3B | ||
| Q2 24 | — | $1.2B | ||
| Q1 24 | — | $1.0B |
总资产GLPHAS
| Q4 25 | $3.9B | $5.6B | ||
| Q3 25 | $3.7B | $5.5B | ||
| Q2 25 | $3.8B | $5.2B | ||
| Q1 25 | $3.8B | $6.0B | ||
| Q4 24 | $3.8B | $6.3B | ||
| Q3 24 | $3.7B | $7.2B | ||
| Q2 24 | $3.8B | $6.9B | ||
| Q1 24 | $3.5B | $6.2B |
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 | $101.0M | $403.2M |
| 自由现金流经营现金流 - 资本支出 | $62.2M | $389.5M |
| 自由现金流率自由现金流/营收 | 2.8% | 26.9% |
| 资本支出强度资本支出/营收 | 1.8% | 0.9% |
| 现金转化率经营现金流/净利润 | 4.03× | 2.00× |
| 过去12个月自由现金流最近4个季度 | $193.3M | $829.9M |
8季度趋势，按日历期对齐
经营现金流GLPHAS
| Q4 25 | $101.0M | $403.2M | ||
| Q3 25 | $19.0M | $280.6M | ||
| Q2 25 | $216.3M | $71.3M | ||
| Q1 25 | $-51.6M | $138.1M | ||
| Q4 24 | $67.2M | $259.8M | ||
| Q3 24 | $122.7M | $222.5M | ||
| Q2 24 | $24.3M | $187.3M | ||
| Q1 24 | $-182.7M | $177.8M |
自由现金流GLPHAS
| Q4 25 | $62.2M | $389.5M | ||
| Q3 25 | $-678.0K | $260.9M | ||
| Q2 25 | $201.3M | $55.2M | ||
| Q1 25 | $-69.5M | $124.3M | ||
| Q4 24 | $20.4M | $200.8M | ||
| Q3 24 | $98.4M | $174.0M | ||
| Q2 24 | $8.7M | $135.4M | ||
| Q1 24 | $-199.3M | $132.0M |
自由现金流率GLPHAS
| Q4 25 | 2.8% | 26.9% | ||
| Q3 25 | -0.0% | 18.8% | ||
| Q2 25 | 9.7% | 5.6% | ||
| Q1 25 | -3.2% | 14.0% | ||
| Q4 24 | 1.0% | 18.2% | ||
| Q3 24 | 4.6% | 13.6% | ||
| Q2 24 | 0.4% | 13.6% | ||
| Q1 24 | -9.0% | 17.4% |
资本支出强度GLPHAS
| Q4 25 | 1.8% | 0.9% | ||
| Q3 25 | 0.9% | 1.4% | ||
| Q2 25 | 0.7% | 1.6% | ||
| Q1 25 | 0.8% | 1.6% | ||
| Q4 24 | 2.3% | 5.4% | ||
| Q3 24 | 1.1% | 3.8% | ||
| Q2 24 | 0.7% | 5.2% | ||
| Q1 24 | 0.8% | 6.0% |
现金转化率GLPHAS
| Q4 25 | 4.03× | 2.00× | ||
| Q3 25 | 0.66× | 1.20× | ||
| Q2 25 | 8.58× | — | ||
| Q1 25 | -2.76× | 1.40× | ||
| Q4 24 | 2.82× | — | ||
| Q3 24 | 2.67× | 1.00× | ||
| Q2 24 | 0.53× | 1.35× | ||
| Q1 24 | — | 3.05× |
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
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% |
HAS
| Grow Brands | $1.1B | 75% |
| Optimize Brands | $188.7M | 13% |
| Digital And Licensing Gaming | $135.7M | 9% |
| Class Of Principal Product Family Brands | $13.1M | 1% |
| Filmand TV | $2.4M | 0% |
