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GLOBAL PARTNERS LP（GLP）与KB HOME（KBH）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KB HOME的1.3倍（$2.2B vs $1.7B），KB HOME净利率更高（6.0% vs 1.1%，领先4.9%），GLOBAL PARTNERS LP同比增速更快（7.0% vs -15.3%），KB HOME自由现金流更多（$290.1M vs $62.2M），过去两年KB HOME的营收复合增速更高（7.4% 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。
KB Home是美国知名住宅建造企业，1957年于密歇根州底特律成立，前身为Kaufman & Broad，是首家在纽约证券交易所上市的住宅建造商，总部现位于加利福尼亚州洛杉矶。
GLP vs KBH — 直观对比
营收规模更大
GLP
是对方的1.3倍
$1.7B
营收增速更快
GLP
高出22.3%
-15.3%
净利率更高
KBH
高出4.9%
1.1%
自由现金流更多
KBH
多$227.8M
$62.2M
两年增速更快
KBH
近两年复合增速
0.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $1.7B |
| 净利润 | $25.1M | $101.5M |
| 毛利率 | 11.9% | — |
| 营业利润率 | 2.6% | — |
| 净利率 | 1.1% | 6.0% |
| 营收同比 | 7.0% | -15.3% |
| 净利润同比 | 5.0% | -46.7% |
| 每股收益（稀释后） | — | $1.55 |
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GLPKBH
| Q4 25 | $2.2B | $1.7B | ||
| Q3 25 | $2.2B | $1.6B | ||
| Q2 25 | $2.1B | $1.5B | ||
| Q1 25 | $2.2B | $1.4B | ||
| Q4 24 | $2.1B | $2.0B | ||
| Q3 24 | $2.1B | $1.8B | ||
| Q2 24 | $2.3B | $1.7B | ||
| Q1 24 | $2.2B | $1.5B |
净利润GLPKBH
| Q4 25 | $25.1M | $101.5M | ||
| Q3 25 | $29.0M | $109.8M | ||
| Q2 25 | $25.2M | $107.9M | ||
| Q1 25 | $18.7M | $109.6M | ||
| Q4 24 | $23.9M | $190.6M | ||
| Q3 24 | $45.9M | $157.3M | ||
| Q2 24 | $46.1M | $168.4M | ||
| Q1 24 | $-5.6M | $138.7M |
毛利率GLPKBH
| 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GLPKBH
| Q4 25 | 2.6% | — | ||
| Q3 25 | 2.7% | — | ||
| Q2 25 | 2.9% | — | ||
| Q1 25 | 2.6% | — | ||
| Q4 24 | 2.8% | — | ||
| Q3 24 | 3.9% | — | ||
| Q2 24 | 3.7% | — | ||
| Q1 24 | 1.2% | — |
净利率GLPKBH
| Q4 25 | 1.1% | 6.0% | ||
| Q3 25 | 1.3% | 6.8% | ||
| Q2 25 | 1.2% | 7.1% | ||
| Q1 25 | 0.9% | 7.9% | ||
| Q4 24 | 1.2% | 9.5% | ||
| Q3 24 | 2.1% | 9.0% | ||
| Q2 24 | 2.0% | 9.9% | ||
| Q1 24 | -0.3% | 9.4% |
每股收益（稀释后）GLPKBH
| Q4 25 | — | $1.55 | ||
| Q3 25 | — | $1.61 | ||
| Q2 25 | — | $1.50 | ||
| Q1 25 | — | $1.49 | ||
| Q4 24 | — | $2.50 | ||
| Q3 24 | — | $2.04 | ||
| Q2 24 | — | $2.15 | ||
| Q1 24 | — | $1.76 |
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 | — | $3.9B |
| 总资产 | $3.9B | $6.7B |
| 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GLPKBH
| Q4 25 | — | $3.9B | ||
| Q3 25 | — | $3.9B | ||
| Q2 25 | — | $4.0B | ||
| Q1 25 | — | $4.1B | ||
| Q4 24 | — | $4.1B | ||
| Q3 24 | — | $4.0B | ||
| Q2 24 | — | $4.0B | ||
| Q1 24 | — | $3.9B |
总资产GLPKBH
| Q4 25 | $3.9B | $6.7B | ||
| Q3 25 | $3.7B | $7.0B | ||
| Q2 25 | $3.8B | $7.0B | ||
| Q1 25 | $3.8B | $7.0B | ||
| Q4 24 | $3.8B | $6.9B | ||
| Q3 24 | $3.7B | $6.8B | ||
| Q2 24 | $3.8B | $6.8B | ||
| Q1 24 | $3.5B | $6.7B |
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 | $303.8M |
| 自由现金流经营现金流 - 资本支出 | $62.2M | $290.1M |
| 自由现金流率自由现金流/营收 | 2.8% | 17.1% |
| 资本支出强度资本支出/营收 | 1.8% | 0.8% |
| 现金转化率经营现金流/净利润 | 4.03× | 2.99× |
| 过去12个月自由现金流最近4个季度 | $193.3M | $287.3M |
8季度趋势，按日历期对齐
经营现金流GLPKBH
| Q4 25 | $101.0M | $303.8M | ||
| Q3 25 | $19.0M | $197.7M | ||
| Q2 25 | $216.3M | $168.4M | ||
| Q1 25 | $-51.6M | $-334.3M | ||
| Q4 24 | $67.2M | $362.6M | ||
| Q3 24 | $122.7M | $-89.9M | ||
| Q2 24 | $24.3M | $61.5M | ||
| Q1 24 | $-182.7M | $28.5M |
自由现金流GLPKBH
| Q4 25 | $62.2M | $290.1M | ||
| Q3 25 | $-678.0K | $185.8M | ||
| Q2 25 | $201.3M | $156.9M | ||
| Q1 25 | $-69.5M | $-345.5M | ||
| Q4 24 | $20.4M | $352.6M | ||
| Q3 24 | $98.4M | $-99.4M | ||
| Q2 24 | $8.7M | $51.2M | ||
| Q1 24 | $-199.3M | $19.1M |
自由现金流率GLPKBH
| Q4 25 | 2.8% | 17.1% | ||
| Q3 25 | -0.0% | 11.5% | ||
| Q2 25 | 9.7% | 10.3% | ||
| Q1 25 | -3.2% | -24.8% | ||
| Q4 24 | 1.0% | 17.6% | ||
| Q3 24 | 4.6% | -5.7% | ||
| Q2 24 | 0.4% | 3.0% | ||
| Q1 24 | -9.0% | 1.3% |
资本支出强度GLPKBH
| Q4 25 | 1.8% | 0.8% | ||
| Q3 25 | 0.9% | 0.7% | ||
| Q2 25 | 0.7% | 0.8% | ||
| Q1 25 | 0.8% | 0.8% | ||
| Q4 24 | 2.3% | 0.5% | ||
| Q3 24 | 1.1% | 0.5% | ||
| Q2 24 | 0.7% | 0.6% | ||
| Q1 24 | 0.8% | 0.6% |
现金转化率GLPKBH
| Q4 25 | 4.03× | 2.99× | ||
| Q3 25 | 0.66× | 1.80× | ||
| Q2 25 | 8.58× | 1.56× | ||
| Q1 25 | -2.76× | -3.05× | ||
| Q4 24 | 2.82× | 1.90× | ||
| Q3 24 | 2.67× | -0.57× | ||
| Q2 24 | 0.53× | 0.37× | ||
| Q1 24 | — | 0.21× |
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% |
KBH
| Home Building | $1.7B | 99% |
| Financial Service | $8.7M | 1% |
