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GLOBAL PARTNERS LP（GLP）与是德科技（KEYS）财务数据对比。点击上方公司名可切换其他公司
GLOBAL PARTNERS LP的季度营收约是是德科技的1.6倍（$2.2B vs $1.4B），是德科技净利率更高（16.4% vs 1.1%，领先15.3%），是德科技同比增速更快（10.3% vs 7.0%），是德科技自由现金流更多（$187.0M vs $62.2M），过去两年是德科技的营收复合增速更高（6.2% 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。
是德科技是一家美国企业，主营电子测试测量设备与软件的研发、生产业务。公司由安捷伦科技拆分而来，核心产品线继承自惠普测试测量部门上世纪60年代末至千禧年间开发的相关产品，后独立为现有品牌。
GLP vs KEYS — 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
KEYS
高出3.3%
7.0%
净利率更高
KEYS
高出15.3%
1.1%
自由现金流更多
KEYS
多$124.8M
$62.2M
两年增速更快
KEYS
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 | $233.0M |
| 毛利率 | 11.9% | 61.2% |
| 营业利润率 | 2.6% | 15.3% |
| 净利率 | 1.1% | 16.4% |
| 营收同比 | 7.0% | 10.3% |
| 净利润同比 | 5.0% | 419.2% |
| 每股收益（稀释后） | — | $1.35 |
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GLPKEYS
| Q4 25 | $2.2B | $1.4B | ||
| Q3 25 | $2.2B | $1.4B | ||
| Q2 25 | $2.1B | $1.3B | ||
| Q1 25 | $2.2B | $1.3B | ||
| Q4 24 | $2.1B | $1.3B | ||
| Q3 24 | $2.1B | $1.2B | ||
| Q2 24 | $2.3B | $1.2B | ||
| Q1 24 | $2.2B | $1.3B |
净利润GLPKEYS
| Q4 25 | $25.1M | $233.0M | ||
| Q3 25 | $29.0M | $191.0M | ||
| Q2 25 | $25.2M | $257.0M | ||
| Q1 25 | $18.7M | $169.0M | ||
| Q4 24 | $23.9M | $-73.0M | ||
| Q3 24 | $45.9M | $389.0M | ||
| Q2 24 | $46.1M | $126.0M | ||
| Q1 24 | $-5.6M | $172.0M |
毛利率GLPKEYS
| Q4 25 | 11.9% | 61.2% | ||
| Q3 25 | 12.1% | 61.7% | ||
| Q2 25 | 13.1% | 62.3% | ||
| Q1 25 | 11.7% | 63.2% | ||
| Q4 24 | 13.0% | 62.3% | ||
| Q3 24 | 13.4% | 62.0% | ||
| Q2 24 | 12.6% | 62.7% | ||
| Q1 24 | 9.8% | 64.6% |
营业利润率GLPKEYS
| Q4 25 | 2.6% | 15.3% | ||
| Q3 25 | 2.7% | 17.3% | ||
| Q2 25 | 2.9% | 15.8% | ||
| Q1 25 | 2.6% | 16.8% | ||
| Q4 24 | 2.8% | 17.9% | ||
| Q3 24 | 3.9% | 16.8% | ||
| Q2 24 | 3.7% | 14.6% | ||
| Q1 24 | 1.2% | 17.6% |
净利率GLPKEYS
| Q4 25 | 1.1% | 16.4% | ||
| Q3 25 | 1.3% | 14.1% | ||
| Q2 25 | 1.2% | 19.7% | ||
| Q1 25 | 0.9% | 13.0% | ||
| Q4 24 | 1.2% | -5.7% | ||
| Q3 24 | 2.1% | 32.0% | ||
| Q2 24 | 2.0% | 10.4% | ||
| Q1 24 | -0.3% | 13.7% |
每股收益（稀释后）GLPKEYS
| Q4 25 | — | $1.35 | ||
| Q3 25 | — | $1.10 | ||
| Q2 25 | — | $1.49 | ||
| Q1 25 | — | $0.97 | ||
| Q4 24 | — | $-0.41 | ||
| Q3 24 | — | $2.22 | ||
| Q2 24 | — | $0.72 | ||
| Q1 24 | — | $0.98 |
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 | — | $1.9B |
| 总债务越低越好 | — | $2.5B |
| 股东权益账面价值 | — | $5.9B |
| 总资产 | $3.9B | $11.3B |
| 负债/权益比越低杠杆越低 | — | 0.43× |
8季度趋势，按日历期对齐
现金及短期投资GLPKEYS
| Q4 25 | — | $1.9B | ||
| Q3 25 | — | $2.6B | ||
| Q2 25 | — | $3.1B | ||
| Q1 25 | — | $2.1B | ||
| Q4 24 | — | $1.8B | ||
| Q3 24 | — | $1.6B | ||
| Q2 24 | — | $1.7B | ||
| Q1 24 | — | $1.7B |
总债务GLPKEYS
| Q4 25 | — | $2.5B | ||
| Q3 25 | — | $2.5B | ||
| Q2 25 | — | $2.5B | ||
| Q1 25 | — | $1.8B | ||
| Q4 24 | — | $1.8B | ||
| Q3 24 | — | $1.8B | ||
| Q2 24 | — | $1.8B | ||
| Q1 24 | — | $1.8B |
股东权益GLPKEYS
| Q4 25 | — | $5.9B | ||
| Q3 25 | — | $5.7B | ||
| Q2 25 | — | $5.5B | ||
| Q1 25 | — | $5.2B | ||
| Q4 24 | — | $5.1B | ||
| Q3 24 | — | $5.2B | ||
| Q2 24 | — | $4.9B | ||
| Q1 24 | — | $4.8B |
总资产GLPKEYS
| Q4 25 | $3.9B | $11.3B | ||
| Q3 25 | $3.7B | $10.7B | ||
| Q2 25 | $3.8B | $10.5B | ||
| Q1 25 | $3.8B | $9.4B | ||
| Q4 24 | $3.8B | $9.3B | ||
| Q3 24 | $3.7B | $9.3B | ||
| Q2 24 | $3.8B | $9.0B | ||
| Q1 24 | $3.5B | $9.1B |
负债/权益比GLPKEYS
| Q4 25 | — | 0.43× | ||
| Q3 25 | — | 0.45× | ||
| Q2 25 | — | 0.46× | ||
| Q1 25 | — | 0.35× | ||
| Q4 24 | — | 0.35× | ||
| Q3 24 | — | 0.34× | ||
| Q2 24 | — | 0.37× | ||
| Q1 24 | — | 0.38× |
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 | $225.0M |
| 自由现金流经营现金流 - 资本支出 | $62.2M | $187.0M |
| 自由现金流率自由现金流/营收 | 2.8% | 13.2% |
| 资本支出强度资本支出/营收 | 1.8% | 2.7% |
| 现金转化率经营现金流/净利润 | 4.03× | 0.97× |
| 过去12个月自由现金流最近4个季度 | $193.3M | $1.3B |
8季度趋势，按日历期对齐
经营现金流GLPKEYS
| Q4 25 | $101.0M | $225.0M | ||
| Q3 25 | $19.0M | $322.0M | ||
| Q2 25 | $216.3M | $484.0M | ||
| Q1 25 | $-51.6M | $378.0M | ||
| Q4 24 | $67.2M | $359.0M | ||
| Q3 24 | $122.7M | $255.0M | ||
| Q2 24 | $24.3M | $110.0M | ||
| Q1 24 | $-182.7M | $328.0M |
自由现金流GLPKEYS
| Q4 25 | $62.2M | $187.0M | ||
| Q3 25 | $-678.0K | $291.0M | ||
| Q2 25 | $201.3M | $457.0M | ||
| Q1 25 | $-69.5M | $346.0M | ||
| Q4 24 | $20.4M | $321.0M | ||
| Q3 24 | $98.4M | $222.0M | ||
| Q2 24 | $8.7M | $74.0M | ||
| Q1 24 | $-199.3M | $281.0M |
自由现金流率GLPKEYS
| Q4 25 | 2.8% | 13.2% | ||
| Q3 25 | -0.0% | 21.5% | ||
| Q2 25 | 9.7% | 35.0% | ||
| Q1 25 | -3.2% | 26.7% | ||
| Q4 24 | 1.0% | 24.9% | ||
| Q3 24 | 4.6% | 18.2% | ||
| Q2 24 | 0.4% | 6.1% | ||
| Q1 24 | -9.0% | 22.3% |
资本支出强度GLPKEYS
| Q4 25 | 1.8% | 2.7% | ||
| Q3 25 | 0.9% | 2.3% | ||
| Q2 25 | 0.7% | 2.1% | ||
| Q1 25 | 0.8% | 2.5% | ||
| Q4 24 | 2.3% | 3.0% | ||
| Q3 24 | 1.1% | 2.7% | ||
| Q2 24 | 0.7% | 3.0% | ||
| Q1 24 | 0.8% | 3.7% |
现金转化率GLPKEYS
| Q4 25 | 4.03× | 0.97× | ||
| Q3 25 | 0.66× | 1.69× | ||
| Q2 25 | 8.58× | 1.88× | ||
| Q1 25 | -2.76× | 2.24× | ||
| Q4 24 | 2.82× | — | ||
| Q3 24 | 2.67× | 0.66× | ||
| Q2 24 | 0.53× | 0.87× | ||
| Q1 24 | — | 1.91× |
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% |
KEYS
| Transferred At Point In Time | $790.0M | 56% |
| Electronicindustrial | $429.0M | 30% |
| Transferred Over Time | $200.0M | 14% |
