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GLOBAL PARTNERS LP（GLP）与亨斯迈（HUN）财务数据对比。点击上方公司名可切换其他公司
GLOBAL PARTNERS LP的季度营收约是亨斯迈的1.6倍（$2.2B vs $1.4B），GLOBAL PARTNERS LP净利率更高（1.1% vs -7.1%，领先8.2%），GLOBAL PARTNERS LP同比增速更快（7.0% vs -6.7%），GLOBAL PARTNERS LP自由现金流更多（$62.2M vs $19.0M），过去两年GLOBAL PARTNERS LP的营收复合增速更高（0.2% vs -4.0%）
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。
亨斯迈公司是总部位于美国得克萨斯州伍德兰兹的全球化化工巨头，面向消费端与工业客户生产、销售各类化工产品，主营聚氨酯、高性能材料及胶粘剂，客户覆盖宝马、通用电气、雪佛龙、宝洁、联合利华等知名品牌。目前公司在全球25个国家设有60余处生产、研发及运营基地，员工约7000人。
GLP vs HUN — 直观对比
营收规模更大
GLP
是对方的1.6倍
$1.4B
营收增速更快
GLP
高出13.7%
-6.7%
净利率更高
GLP
高出8.2%
-7.1%
自由现金流更多
GLP
多$43.2M
$19.0M
两年增速更快
GLP
近两年复合增速
-4.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $1.4B |
| 净利润 | $25.1M | $-96.0M |
| 毛利率 | 11.9% | 12.1% |
| 营业利润率 | 2.6% | -4.4% |
| 净利率 | 1.1% | -7.1% |
| 营收同比 | 7.0% | -6.7% |
| 净利润同比 | 5.0% | 31.9% |
| 每股收益（稀释后） | — | $-0.56 |
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GLPHUN
| Q4 25 | $2.2B | $1.4B | ||
| Q3 25 | $2.2B | $1.5B | ||
| Q2 25 | $2.1B | $1.5B | ||
| Q1 25 | $2.2B | $1.4B | ||
| Q4 24 | $2.1B | $1.5B | ||
| Q3 24 | $2.1B | $1.5B | ||
| Q2 24 | $2.3B | $1.6B | ||
| Q1 24 | $2.2B | $1.5B |
净利润GLPHUN
| Q4 25 | $25.1M | $-96.0M | ||
| Q3 25 | $29.0M | $-25.0M | ||
| Q2 25 | $25.2M | $-158.0M | ||
| Q1 25 | $18.7M | $-5.0M | ||
| Q4 24 | $23.9M | $-141.0M | ||
| Q3 24 | $45.9M | $-33.0M | ||
| Q2 24 | $46.1M | $22.0M | ||
| Q1 24 | $-5.6M | $-37.0M |
毛利率GLPHUN
| Q4 25 | 11.9% | 12.1% | ||
| Q3 25 | 12.1% | 14.0% | ||
| Q2 25 | 13.1% | 12.5% | ||
| Q1 25 | 11.7% | 14.3% | ||
| Q4 24 | 13.0% | 12.9% | ||
| Q3 24 | 13.4% | 15.2% | ||
| Q2 24 | 12.6% | 15.4% | ||
| Q1 24 | 9.8% | 13.7% |
营业利润率GLPHUN
| Q4 25 | 2.6% | -4.4% | ||
| Q3 25 | 2.7% | 0.4% | ||
| Q2 25 | 2.9% | -8.2% | ||
| Q1 25 | 2.6% | 3.0% | ||
| Q4 24 | 2.8% | -4.3% | ||
| Q3 24 | 3.9% | 2.7% | ||
| Q2 24 | 3.7% | 2.2% | ||
| Q1 24 | 1.2% | -2.6% |
净利率GLPHUN
| Q4 25 | 1.1% | -7.1% | ||
| Q3 25 | 1.3% | -1.7% | ||
| Q2 25 | 1.2% | -10.8% | ||
| Q1 25 | 0.9% | -0.4% | ||
| Q4 24 | 1.2% | -9.7% | ||
| Q3 24 | 2.1% | -2.1% | ||
| Q2 24 | 2.0% | 1.4% | ||
| Q1 24 | -0.3% | -2.5% |
每股收益（稀释后）GLPHUN
| Q4 25 | — | $-0.56 | ||
| Q3 25 | — | $-0.14 | ||
| Q2 25 | — | $-0.92 | ||
| Q1 25 | — | $-0.03 | ||
| Q4 24 | — | $-0.82 | ||
| Q3 24 | — | $-0.19 | ||
| Q2 24 | — | $0.13 | ||
| Q1 24 | — | $-0.22 |
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 | — | $429.0M |
| 总债务越低越好 | — | $2.0B |
| 股东权益账面价值 | — | $2.8B |
| 总资产 | $3.9B | $7.0B |
| 负债/权益比越低杠杆越低 | — | 0.73× |
8季度趋势，按日历期对齐
现金及短期投资GLPHUN
| Q4 25 | — | $429.0M | ||
| Q3 25 | — | $468.0M | ||
| Q2 25 | — | $399.0M | ||
| Q1 25 | — | $334.0M | ||
| Q4 24 | — | $340.0M | ||
| Q3 24 | — | $330.0M | ||
| Q2 24 | — | $335.0M | ||
| Q1 24 | — | $552.0M |
总债务GLPHUN
| Q4 25 | — | $2.0B | ||
| Q3 25 | — | $2.0B | ||
| Q2 25 | — | $2.0B | ||
| Q1 25 | — | $2.0B | ||
| Q4 24 | — | $1.8B | ||
| Q3 24 | — | $1.9B | ||
| Q2 24 | — | $1.9B | ||
| Q1 24 | — | $2.1B |
股东权益GLPHUN
| Q4 25 | — | $2.8B | ||
| Q3 25 | — | $2.8B | ||
| Q2 25 | — | $2.8B | ||
| Q1 25 | — | $3.0B | ||
| Q4 24 | — | $3.0B | ||
| Q3 24 | — | $3.1B | ||
| Q2 24 | — | $3.1B | ||
| Q1 24 | — | $3.2B |
总资产GLPHUN
| Q4 25 | $3.9B | $7.0B | ||
| Q3 25 | $3.7B | $7.1B | ||
| Q2 25 | $3.8B | $7.1B | ||
| Q1 25 | $3.8B | $7.2B | ||
| Q4 24 | $3.8B | $7.1B | ||
| Q3 24 | $3.7B | $7.3B | ||
| Q2 24 | $3.8B | $7.3B | ||
| Q1 24 | $3.5B | $7.6B |
负债/权益比GLPHUN
| Q4 25 | — | 0.73× | ||
| Q3 25 | — | 0.73× | ||
| Q2 25 | — | 0.72× | ||
| Q1 25 | — | 0.66× | ||
| Q4 24 | — | 0.62× | ||
| Q3 24 | — | 0.60× | ||
| Q2 24 | — | 0.62× | ||
| Q1 24 | — | 0.65× |
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 | $76.0M |
| 自由现金流经营现金流 - 资本支出 | $62.2M | $19.0M |
| 自由现金流率自由现金流/营收 | 2.8% | 1.4% |
| 资本支出强度资本支出/营收 | 1.8% | 4.2% |
| 现金转化率经营现金流/净利润 | 4.03× | — |
| 过去12个月自由现金流最近4个季度 | $193.3M | $116.0M |
8季度趋势，按日历期对齐
经营现金流GLPHUN
| Q4 25 | $101.0M | $76.0M | ||
| Q3 25 | $19.0M | $196.0M | ||
| Q2 25 | $216.3M | $91.0M | ||
| Q1 25 | $-51.6M | $-74.0M | ||
| Q4 24 | $67.2M | $153.0M | ||
| Q3 24 | $122.7M | $129.0M | ||
| Q2 24 | $24.3M | $46.0M | ||
| Q1 24 | $-182.7M | $-65.0M |
自由现金流GLPHUN
| Q4 25 | $62.2M | $19.0M | ||
| Q3 25 | $-678.0K | $153.0M | ||
| Q2 25 | $201.3M | $54.0M | ||
| Q1 25 | $-69.5M | $-110.0M | ||
| Q4 24 | $20.4M | $102.0M | ||
| Q3 24 | $98.4M | $88.0M | ||
| Q2 24 | $8.7M | $-4.0M | ||
| Q1 24 | $-199.3M | $-107.0M |
自由现金流率GLPHUN
| Q4 25 | 2.8% | 1.4% | ||
| Q3 25 | -0.0% | 10.5% | ||
| Q2 25 | 9.7% | 3.7% | ||
| Q1 25 | -3.2% | -7.8% | ||
| Q4 24 | 1.0% | 7.0% | ||
| Q3 24 | 4.6% | 5.7% | ||
| Q2 24 | 0.4% | -0.3% | ||
| Q1 24 | -9.0% | -7.3% |
资本支出强度GLPHUN
| Q4 25 | 1.8% | 4.2% | ||
| Q3 25 | 0.9% | 2.9% | ||
| Q2 25 | 0.7% | 2.5% | ||
| Q1 25 | 0.8% | 2.6% | ||
| Q4 24 | 2.3% | 3.5% | ||
| Q3 24 | 1.1% | 2.7% | ||
| Q2 24 | 0.7% | 3.2% | ||
| Q1 24 | 0.8% | 2.9% |
现金转化率GLPHUN
| Q4 25 | 4.03× | — | ||
| Q3 25 | 0.66× | — | ||
| Q2 25 | 8.58× | — | ||
| Q1 25 | -2.76× | — | ||
| Q4 24 | 2.82× | — | ||
| Q3 24 | 2.67× | — | ||
| Q2 24 | 0.53× | 2.09× | ||
| Q1 24 | — | — |
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% |
HUN
| Diversified | $897.0M | 66% |
| Specialty | $231.0M | 17% |
| Performance Products | $113.0M | 8% |
| Advanced Materials | $61.0M | 5% |
| Related Party Customers | $19.0M | 1% |
| Other | $12.0M | 1% |
