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GLOBAL PARTNERS LP（GLP）与宜瑞安（INGR）财务数据对比。点击上方公司名可切换其他公司
GLOBAL PARTNERS LP的季度营收约是宜瑞安的1.3倍（$2.2B vs $1.8B），宜瑞安净利率更高（9.5% vs 1.1%，领先8.4%），GLOBAL PARTNERS LP同比增速更快（7.0% vs -2.4%），宜瑞安自由现金流更多（$270.0M vs $62.2M），过去两年GLOBAL PARTNERS LP的营收复合增速更高（0.2% vs -3.4%）
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。
宜瑞安（Ingredion Inc.）是总部位于美国伊利诺伊州的食品饮料配料供应商，主打产品包括淀粉、非转基因甜味剂、甜菊糖、豌豆蛋白等，以玉米、木薯、马铃薯、谷物、果蔬等为原料，产品供应食品、饮料、酿造、制药等多个行业，在全球44个站点拥有约1.2万名员工，客户覆盖超120个国家。
GLP vs INGR — 直观对比
营收规模更大
GLP
是对方的1.3倍
$1.8B
营收增速更快
GLP
高出9.4%
-2.4%
净利率更高
INGR
高出8.4%
1.1%
自由现金流更多
INGR
多$207.8M
$62.2M
两年增速更快
GLP
近两年复合增速
-3.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $1.8B |
| 净利润 | $25.1M | $167.0M |
| 毛利率 | 11.9% | 24.5% |
| 营业利润率 | 2.6% | 12.5% |
| 净利率 | 1.1% | 9.5% |
| 营收同比 | 7.0% | -2.4% |
| 净利润同比 | 5.0% | 72.2% |
| 每股收益（稀释后） | — | $2.58 |
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GLPINGR
| Q4 25 | $2.2B | $1.8B | ||
| Q3 25 | $2.2B | $1.8B | ||
| Q2 25 | $2.1B | $1.8B | ||
| Q1 25 | $2.2B | $1.8B | ||
| Q4 24 | $2.1B | $1.8B | ||
| Q3 24 | $2.1B | $1.9B | ||
| Q2 24 | $2.3B | $1.9B | ||
| Q1 24 | $2.2B | $1.9B |
净利润GLPINGR
| Q4 25 | $25.1M | $167.0M | ||
| Q3 25 | $29.0M | $171.0M | ||
| Q2 25 | $25.2M | $196.0M | ||
| Q1 25 | $18.7M | $197.0M | ||
| Q4 24 | $23.9M | $97.0M | ||
| Q3 24 | $45.9M | $188.0M | ||
| Q2 24 | $46.1M | $148.0M | ||
| Q1 24 | $-5.6M | $216.0M |
毛利率GLPINGR
| Q4 25 | 11.9% | 24.5% | ||
| Q3 25 | 12.1% | 25.1% | ||
| Q2 25 | 13.1% | 26.0% | ||
| Q1 25 | 11.7% | 25.7% | ||
| Q4 24 | 13.0% | 24.9% | ||
| Q3 24 | 13.4% | 25.6% | ||
| Q2 24 | 12.6% | 23.7% | ||
| Q1 24 | 9.8% | 22.2% |
营业利润率GLPINGR
| Q4 25 | 2.6% | 12.5% | ||
| Q3 25 | 2.7% | 13.7% | ||
| Q2 25 | 2.9% | 14.8% | ||
| Q1 25 | 2.6% | 15.2% | ||
| Q4 24 | 2.8% | 9.0% | ||
| Q3 24 | 3.9% | 14.3% | ||
| Q2 24 | 3.7% | 12.8% | ||
| Q1 24 | 1.2% | 11.3% |
净利率GLPINGR
| Q4 25 | 1.1% | 9.5% | ||
| Q3 25 | 1.3% | 9.4% | ||
| Q2 25 | 1.2% | 10.7% | ||
| Q1 25 | 0.9% | 10.9% | ||
| Q4 24 | 1.2% | 5.4% | ||
| Q3 24 | 2.1% | 10.1% | ||
| Q2 24 | 2.0% | 7.9% | ||
| Q1 24 | -0.3% | 11.5% |
每股收益（稀释后）GLPINGR
| Q4 25 | — | $2.58 | ||
| Q3 25 | — | $2.61 | ||
| Q2 25 | — | $2.99 | ||
| Q1 25 | — | $3.00 | ||
| Q4 24 | — | $1.43 | ||
| Q3 24 | — | $2.83 | ||
| Q2 24 | — | $2.22 | ||
| Q1 24 | — | $3.23 |
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 | — | $1.0B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | — | $4.3B |
| 总资产 | $3.9B | $7.9B |
| 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GLPINGR
| Q4 25 | — | $1.0B | ||
| Q3 25 | — | $915.0M | ||
| Q2 25 | — | $861.0M | ||
| Q1 25 | — | $837.0M | ||
| Q4 24 | — | $997.0M | ||
| Q3 24 | — | $877.0M | ||
| Q2 24 | — | $505.0M | ||
| Q1 24 | — | $438.0M |
股东权益GLPINGR
| Q4 25 | — | $4.3B | ||
| Q3 25 | — | $4.2B | ||
| Q2 25 | — | $4.2B | ||
| Q1 25 | — | $4.0B | ||
| Q4 24 | — | $3.8B | ||
| Q3 24 | — | $4.0B | ||
| Q2 24 | — | $3.7B | ||
| Q1 24 | — | $3.7B |
总资产GLPINGR
| Q4 25 | $3.9B | $7.9B | ||
| Q3 25 | $3.7B | $7.8B | ||
| Q2 25 | $3.8B | $7.8B | ||
| Q1 25 | $3.8B | $7.5B | ||
| Q4 24 | $3.8B | $7.4B | ||
| Q3 24 | $3.7B | $7.5B | ||
| Q2 24 | $3.8B | $7.2B | ||
| Q1 24 | $3.5B | $7.3B |
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 | $405.0M |
| 自由现金流经营现金流 - 资本支出 | $62.2M | $270.0M |
| 自由现金流率自由现金流/营收 | 2.8% | 15.4% |
| 资本支出强度资本支出/营收 | 1.8% | 7.7% |
| 现金转化率经营现金流/净利润 | 4.03× | 2.43× |
| 过去12个月自由现金流最近4个季度 | $193.3M | $511.0M |
8季度趋势，按日历期对齐
经营现金流GLPINGR
| Q4 25 | $101.0M | $405.0M | ||
| Q3 25 | $19.0M | $277.0M | ||
| Q2 25 | $216.3M | $185.0M | ||
| Q1 25 | $-51.6M | $77.0M | ||
| Q4 24 | $67.2M | $436.0M | ||
| Q3 24 | $122.7M | $479.0M | ||
| Q2 24 | $24.3M | $312.0M | ||
| Q1 24 | $-182.7M | $209.0M |
自由现金流GLPINGR
| Q4 25 | $62.2M | $270.0M | ||
| Q3 25 | $-678.0K | $172.0M | ||
| Q2 25 | $201.3M | $84.0M | ||
| Q1 25 | $-69.5M | $-15.0M | ||
| Q4 24 | $20.4M | $311.0M | ||
| Q3 24 | $98.4M | $429.0M | ||
| Q2 24 | $8.7M | $257.0M | ||
| Q1 24 | $-199.3M | $144.0M |
自由现金流率GLPINGR
| Q4 25 | 2.8% | 15.4% | ||
| Q3 25 | -0.0% | 9.5% | ||
| Q2 25 | 9.7% | 4.6% | ||
| Q1 25 | -3.2% | -0.8% | ||
| Q4 24 | 1.0% | 17.3% | ||
| Q3 24 | 4.6% | 22.9% | ||
| Q2 24 | 0.4% | 13.7% | ||
| Q1 24 | -9.0% | 7.7% |
资本支出强度GLPINGR
| Q4 25 | 1.8% | 7.7% | ||
| Q3 25 | 0.9% | 5.8% | ||
| Q2 25 | 0.7% | 5.5% | ||
| Q1 25 | 0.8% | 5.1% | ||
| Q4 24 | 2.3% | 6.9% | ||
| Q3 24 | 1.1% | 2.7% | ||
| Q2 24 | 0.7% | 2.9% | ||
| Q1 24 | 0.8% | 3.5% |
现金转化率GLPINGR
| Q4 25 | 4.03× | 2.43× | ||
| Q3 25 | 0.66× | 1.62× | ||
| Q2 25 | 8.58× | 0.94× | ||
| Q1 25 | -2.76× | 0.39× | ||
| Q4 24 | 2.82× | 4.49× | ||
| Q3 24 | 2.67× | 2.55× | ||
| Q2 24 | 0.53× | 2.11× | ||
| Q1 24 | — | 0.97× |
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% |
INGR
| Food And Industrial Ingredients LATAM Segment | $599.0M | 34% |
| Texture And Healthful Solutions Segment | $598.0M | 34% |
| Food And Industrial Ingredients U.S.Canada Segment | $486.0M | 28% |
| Other | $74.0M | 4% |
