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GLOBAL PARTNERS LP（GLP）与MARKEL GROUP INC.（MKL）财务数据对比。点击上方公司名可切换其他公司
MARKEL GROUP INC.的季度营收约是GLOBAL PARTNERS LP的1.6倍（$3.6B vs $2.2B），MARKEL GROUP INC.净利率更高（16.1% vs 1.1%，领先15.0%），GLOBAL PARTNERS LP同比增速更快（7.0% vs -6.9%），MARKEL GROUP INC.自由现金流更多（$599.1M vs $62.2M），过去两年GLOBAL PARTNERS LP的营收复合增速更高（0.2% vs -10.5%）
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。
Markel集团是总部位于美国弗吉尼亚州里士满的综合性企业集团，1930年最初以保险公司的身份创立，发展至今业务已覆盖保险承保、投资管理等多个板块，在全球相关行业拥有较高的市场知名度与稳定的合作网络。
GLP vs MKL — 直观对比
营收规模更大
MKL
是对方的1.6倍
$2.2B
营收增速更快
GLP
高出13.9%
-6.9%
净利率更高
MKL
高出15.0%
1.1%
自由现金流更多
MKL
多$536.8M
$62.2M
两年增速更快
GLP
近两年复合增速
-10.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $3.6B |
| 净利润 | $25.1M | $576.8M |
| 毛利率 | 11.9% | — |
| 营业利润率 | 2.6% | 22.2% |
| 净利率 | 1.1% | 16.1% |
| 营收同比 | 7.0% | -6.9% |
| 净利润同比 | 5.0% | 5.0% |
| 每股收益（稀释后） | — | $48.22 |
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GLPMKL
| Q4 25 | $2.2B | $3.6B | ||
| Q3 25 | $2.2B | $3.9B | ||
| Q2 25 | $2.1B | $4.6B | ||
| Q1 25 | $2.2B | $3.4B | ||
| Q4 24 | $2.1B | $3.8B | ||
| Q3 24 | $2.1B | $4.6B | ||
| Q2 24 | $2.3B | $3.7B | ||
| Q1 24 | $2.2B | $4.5B |
净利润GLPMKL
| Q4 25 | $25.1M | $576.8M | ||
| Q3 25 | $29.0M | $751.3M | ||
| Q2 25 | $25.2M | $657.1M | ||
| Q1 25 | $18.7M | $121.7M | ||
| Q4 24 | $23.9M | $549.2M | ||
| Q3 24 | $45.9M | $905.0M | ||
| Q2 24 | $46.1M | $267.7M | ||
| Q1 24 | $-5.6M | $1.0B |
毛利率GLPMKL
| 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GLPMKL
| Q4 25 | 2.6% | 22.2% | ||
| Q3 25 | 2.7% | 25.7% | ||
| Q2 25 | 2.9% | 24.1% | ||
| Q1 25 | 2.6% | 8.3% | ||
| Q4 24 | 2.8% | 15.5% | ||
| Q3 24 | 3.9% | 29.7% | ||
| Q2 24 | 3.7% | 11.1% | ||
| Q1 24 | 1.2% | 29.9% |
净利率GLPMKL
| Q4 25 | 1.1% | 16.1% | ||
| Q3 25 | 1.3% | 19.1% | ||
| Q2 25 | 1.2% | 14.3% | ||
| Q1 25 | 0.9% | 3.6% | ||
| Q4 24 | 1.2% | 14.3% | ||
| Q3 24 | 2.1% | 19.6% | ||
| Q2 24 | 2.0% | 7.2% | ||
| Q1 24 | -0.3% | 23.0% |
每股收益（稀释后）GLPMKL
| Q4 25 | — | $48.22 | ||
| Q3 25 | — | $59.25 | ||
| Q2 25 | — | $49.67 | ||
| Q1 25 | — | $12.08 | ||
| Q4 24 | — | $39.02 | ||
| Q3 24 | — | $66.25 | ||
| Q2 24 | — | $18.62 | ||
| Q1 24 | — | $75.43 |
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 | — | $4.0B |
| 总债务越低越好 | — | $4.3B |
| 股东权益账面价值 | — | $18.6B |
| 总资产 | $3.9B | $68.9B |
| 负债/权益比越低杠杆越低 | — | 0.23× |
8季度趋势，按日历期对齐
现金及短期投资GLPMKL
| Q4 25 | — | $4.0B | ||
| Q3 25 | — | $4.0B | ||
| Q2 25 | — | $3.7B | ||
| Q1 25 | — | $4.2B | ||
| Q4 24 | — | $3.7B | ||
| Q3 24 | — | $3.9B | ||
| Q2 24 | — | $3.5B | ||
| Q1 24 | — | $3.6B |
总债务GLPMKL
| Q4 25 | — | $4.3B | ||
| Q3 25 | — | $4.3B | ||
| Q2 25 | — | $4.4B | ||
| Q1 25 | — | $4.4B | ||
| Q4 24 | — | $4.3B | ||
| Q3 24 | — | $4.4B | ||
| Q2 24 | — | $4.4B | ||
| Q1 24 | — | $3.9B |
股东权益GLPMKL
| Q4 25 | — | $18.6B | ||
| Q3 25 | — | $18.0B | ||
| Q2 25 | — | $17.3B | ||
| Q1 25 | — | $17.1B | ||
| Q4 24 | — | $16.9B | ||
| Q3 24 | — | $17.0B | ||
| Q2 24 | — | $15.9B | ||
| Q1 24 | — | $15.7B |
总资产GLPMKL
| Q4 25 | $3.9B | $68.9B | ||
| Q3 25 | $3.7B | $67.4B | ||
| Q2 25 | $3.8B | $66.8B | ||
| Q1 25 | $3.8B | $64.6B | ||
| Q4 24 | $3.8B | $61.9B | ||
| Q3 24 | $3.7B | $62.3B | ||
| Q2 24 | $3.8B | $59.7B | ||
| Q1 24 | $3.5B | $57.3B |
负债/权益比GLPMKL
| Q4 25 | — | 0.23× | ||
| Q3 25 | — | 0.24× | ||
| Q2 25 | — | 0.25× | ||
| Q1 25 | — | 0.26× | ||
| Q4 24 | — | 0.26× | ||
| Q3 24 | — | 0.26× | ||
| Q2 24 | — | 0.28× | ||
| Q1 24 | — | 0.25× |
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 | $662.2M |
| 自由现金流经营现金流 - 资本支出 | $62.2M | $599.1M |
| 自由现金流率自由现金流/营收 | 2.8% | 16.7% |
| 资本支出强度资本支出/营收 | 1.8% | 1.8% |
| 现金转化率经营现金流/净利润 | 4.03× | 1.15× |
| 过去12个月自由现金流最近4个季度 | $193.3M | $2.6B |
8季度趋势，按日历期对齐
经营现金流GLPMKL
| Q4 25 | $101.0M | $662.2M | ||
| Q3 25 | $19.0M | $1.2B | ||
| Q2 25 | $216.3M | $504.4M | ||
| Q1 25 | $-51.6M | $376.2M | ||
| Q4 24 | $67.2M | $493.9M | ||
| Q3 24 | $122.7M | $890.8M | ||
| Q2 24 | $24.3M | $578.6M | ||
| Q1 24 | $-182.7M | $630.7M |
自由现金流GLPMKL
| Q4 25 | $62.2M | $599.1M | ||
| Q3 25 | $-678.0K | $1.2B | ||
| Q2 25 | $201.3M | $453.8M | ||
| Q1 25 | $-69.5M | $335.5M | ||
| Q4 24 | $20.4M | $420.0M | ||
| Q3 24 | $98.4M | $838.9M | ||
| Q2 24 | $8.7M | $521.4M | ||
| Q1 24 | $-199.3M | $558.7M |
自由现金流率GLPMKL
| Q4 25 | 2.8% | 16.7% | ||
| Q3 25 | -0.0% | 29.6% | ||
| Q2 25 | 9.7% | 9.9% | ||
| Q1 25 | -3.2% | 9.9% | ||
| Q4 24 | 1.0% | 10.9% | ||
| Q3 24 | 4.6% | 18.2% | ||
| Q2 24 | 0.4% | 14.1% | ||
| Q1 24 | -9.0% | 12.5% |
资本支出强度GLPMKL
| Q4 25 | 1.8% | 1.8% | ||
| Q3 25 | 0.9% | 1.3% | ||
| Q2 25 | 0.7% | 1.1% | ||
| Q1 25 | 0.8% | 1.2% | ||
| Q4 24 | 2.3% | 1.9% | ||
| Q3 24 | 1.1% | 1.1% | ||
| Q2 24 | 0.7% | 1.5% | ||
| Q1 24 | 0.8% | 1.6% |
现金转化率GLPMKL
| Q4 25 | 4.03× | 1.15× | ||
| Q3 25 | 0.66× | 1.62× | ||
| Q2 25 | 8.58× | 0.77× | ||
| Q1 25 | -2.76× | 3.09× | ||
| Q4 24 | 2.82× | 0.90× | ||
| Q3 24 | 2.67× | 0.98× | ||
| Q2 24 | 0.53× | 2.16× | ||
| Q1 24 | — | 0.62× |
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% |
MKL
| Industrial | $1.6B | 45% |
| Consumer And Other | $958.3M | 27% |
| Financial | $737.0M | 21% |
| Other | $198.8M | 6% |
| Corporate Operations | $52.0M | 1% |
| Revenue From Contract With Customer | $10.5M | 0% |
