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GLOBAL PARTNERS LP（GLP）与Martin Marietta Materials（MLM）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Martin Marietta Materials的1.9倍（$2.2B vs $1.1B），Martin Marietta Materials净利率更高（24.5% vs 1.1%，领先23.3%），GLOBAL PARTNERS LP同比增速更快（7.0% vs -30.1%），Martin Marietta Materials自由现金流更多（$424.0M vs $62.2M），过去两年GLOBAL PARTNERS LP的营收复合增速更高（0.2% vs -4.5%）
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。
马丁·玛丽埃塔材料公司是美国大型集料及重型建筑材料供应商，业务覆盖美国26个州、加拿大及加勒比地区，主要为道路、人行道、地基等各类基建项目提供所需原材料。
GLP vs MLM — 直观对比
营收规模更大
GLP
是对方的1.9倍
$1.1B
营收增速更快
GLP
高出37.1%
-30.1%
净利率更高
MLM
高出23.3%
1.1%
自由现金流更多
MLM
多$361.8M
$62.2M
两年增速更快
GLP
近两年复合增速
-4.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $1.1B |
| 净利润 | $25.1M | $279.0M |
| 毛利率 | 11.9% | 35.0% |
| 营业利润率 | 2.6% | 24.6% |
| 净利率 | 1.1% | 24.5% |
| 营收同比 | 7.0% | -30.1% |
| 净利润同比 | 5.0% | -4.8% |
| 每股收益（稀释后） | — | $4.59 |
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GLPMLM
| Q4 25 | $2.2B | $1.1B | ||
| Q3 25 | $2.2B | $1.8B | ||
| Q2 25 | $2.1B | $1.8B | ||
| Q1 25 | $2.2B | $1.4B | ||
| Q4 24 | $2.1B | $1.6B | ||
| Q3 24 | $2.1B | $1.9B | ||
| Q2 24 | $2.3B | $1.8B | ||
| Q1 24 | $2.2B | $1.3B |
净利润GLPMLM
| Q4 25 | $25.1M | $279.0M | ||
| Q3 25 | $29.0M | $414.0M | ||
| Q2 25 | $25.2M | $328.0M | ||
| Q1 25 | $18.7M | $116.0M | ||
| Q4 24 | $23.9M | $293.0M | ||
| Q3 24 | $45.9M | $363.0M | ||
| Q2 24 | $46.1M | $294.0M | ||
| Q1 24 | $-5.6M | $1.0B |
毛利率GLPMLM
| Q4 25 | 11.9% | 35.0% | ||
| Q3 25 | 12.1% | 33.1% | ||
| Q2 25 | 13.1% | 30.0% | ||
| Q1 25 | 11.7% | 24.8% | ||
| Q4 24 | 13.0% | 30.0% | ||
| Q3 24 | 13.4% | 31.7% | ||
| Q2 24 | 12.6% | 29.3% | ||
| Q1 24 | 9.8% | 21.7% |
营业利润率GLPMLM
| Q4 25 | 2.6% | 24.6% | ||
| Q3 25 | 2.7% | 27.4% | ||
| Q2 25 | 2.9% | 25.3% | ||
| Q1 25 | 2.6% | 14.3% | ||
| Q4 24 | 2.8% | 24.4% | ||
| Q3 24 | 3.9% | 25.9% | ||
| Q2 24 | 3.7% | 22.6% | ||
| Q1 24 | 1.2% | — |
净利率GLPMLM
| Q4 25 | 1.1% | 24.5% | ||
| Q3 25 | 1.3% | 22.4% | ||
| Q2 25 | 1.2% | 18.1% | ||
| Q1 25 | 0.9% | 8.6% | ||
| Q4 24 | 1.2% | 18.0% | ||
| Q3 24 | 2.1% | 19.2% | ||
| Q2 24 | 2.0% | 16.7% | ||
| Q1 24 | -0.3% | 83.5% |
每股收益（稀释后）GLPMLM
| Q4 25 | — | $4.59 | ||
| Q3 25 | — | $6.85 | ||
| Q2 25 | — | $5.43 | ||
| Q1 25 | — | $1.90 | ||
| Q4 24 | — | $4.87 | ||
| Q3 24 | — | $5.91 | ||
| Q2 24 | — | $4.76 | ||
| Q1 24 | — | $16.87 |
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 | — | $67.0M |
| 总债务越低越好 | — | $5.3B |
| 股东权益账面价值 | — | $10.0B |
| 总资产 | $3.9B | $18.7B |
| 负债/权益比越低杠杆越低 | — | 0.53× |
8季度趋势，按日历期对齐
现金及短期投资GLPMLM
| Q4 25 | — | $67.0M | ||
| Q3 25 | — | $57.0M | ||
| Q2 25 | — | $225.0M | ||
| Q1 25 | — | $101.0M | ||
| Q4 24 | — | $670.0M | ||
| Q3 24 | — | $52.0M | ||
| Q2 24 | — | $109.0M | ||
| Q1 24 | — | $2.6B |
总债务GLPMLM
| Q4 25 | — | $5.3B | ||
| Q3 25 | — | $5.5B | ||
| Q2 25 | — | $5.4B | ||
| Q1 25 | — | $5.4B | ||
| Q4 24 | — | $5.4B | ||
| Q3 24 | — | $4.0B | ||
| Q2 24 | — | $4.3B | ||
| Q1 24 | — | $4.3B |
股东权益GLPMLM
| Q4 25 | — | $10.0B | ||
| Q3 25 | — | $9.7B | ||
| Q2 25 | — | $9.4B | ||
| Q1 25 | — | $9.1B | ||
| Q4 24 | — | $9.5B | ||
| Q3 24 | — | $9.2B | ||
| Q2 24 | — | $8.8B | ||
| Q1 24 | — | $8.9B |
总资产GLPMLM
| Q4 25 | $3.9B | $18.7B | ||
| Q3 25 | $3.7B | $18.7B | ||
| Q2 25 | $3.8B | $18.1B | ||
| Q1 25 | $3.8B | $17.7B | ||
| Q4 24 | $3.8B | $18.2B | ||
| Q3 24 | $3.7B | $16.5B | ||
| Q2 24 | $3.8B | $16.3B | ||
| Q1 24 | $3.5B | $16.2B |
负债/权益比GLPMLM
| Q4 25 | — | 0.53× | ||
| Q3 25 | — | 0.57× | ||
| Q2 25 | — | 0.58× | ||
| Q1 25 | — | 0.60× | ||
| Q4 24 | — | 0.57× | ||
| Q3 24 | — | 0.44× | ||
| Q2 24 | — | 0.49× | ||
| Q1 24 | — | 0.49× |
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 | $629.0M |
| 自由现金流经营现金流 - 资本支出 | $62.2M | $424.0M |
| 自由现金流率自由现金流/营收 | 2.8% | 37.2% |
| 资本支出强度资本支出/营收 | 1.8% | 18.0% |
| 现金转化率经营现金流/净利润 | 4.03× | 2.25× |
| 过去12个月自由现金流最近4个季度 | $193.3M | $978.0M |
8季度趋势，按日历期对齐
经营现金流GLPMLM
| Q4 25 | $101.0M | $629.0M | ||
| Q3 25 | $19.0M | $551.0M | ||
| Q2 25 | $216.3M | $387.0M | ||
| Q1 25 | $-51.6M | $218.0M | ||
| Q4 24 | $67.2M | $686.0M | ||
| Q3 24 | $122.7M | $600.0M | ||
| Q2 24 | $24.3M | $1.0M | ||
| Q1 24 | $-182.7M | $172.0M |
自由现金流GLPMLM
| Q4 25 | $62.2M | $424.0M | ||
| Q3 25 | $-678.0K | $361.0M | ||
| Q2 25 | $201.3M | $208.0M | ||
| Q1 25 | $-69.5M | $-15.0M | ||
| Q4 24 | $20.4M | $453.0M | ||
| Q3 24 | $98.4M | $317.0M | ||
| Q2 24 | $8.7M | $-138.0M | ||
| Q1 24 | $-199.3M | $-28.0M |
自由现金流率GLPMLM
| Q4 25 | 2.8% | 37.2% | ||
| Q3 25 | -0.0% | 19.6% | ||
| Q2 25 | 9.7% | 11.5% | ||
| Q1 25 | -3.2% | -1.1% | ||
| Q4 24 | 1.0% | 27.8% | ||
| Q3 24 | 4.6% | 16.8% | ||
| Q2 24 | 0.4% | -7.8% | ||
| Q1 24 | -9.0% | -2.2% |
资本支出强度GLPMLM
| Q4 25 | 1.8% | 18.0% | ||
| Q3 25 | 0.9% | 10.3% | ||
| Q2 25 | 0.7% | 9.9% | ||
| Q1 25 | 0.8% | 17.2% | ||
| Q4 24 | 2.3% | 14.3% | ||
| Q3 24 | 1.1% | 15.0% | ||
| Q2 24 | 0.7% | 7.9% | ||
| Q1 24 | 0.8% | 16.0% |
现金转化率GLPMLM
| Q4 25 | 4.03× | 2.25× | ||
| Q3 25 | 0.66× | 1.33× | ||
| Q2 25 | 8.58× | 1.18× | ||
| Q1 25 | -2.76× | 1.88× | ||
| Q4 24 | 2.82× | 2.34× | ||
| Q3 24 | 2.67× | 1.65× | ||
| Q2 24 | 0.53× | 0.00× | ||
| Q1 24 | — | 0.16× |
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% |
MLM
| Building Materials Business East Group | $774.0M | 68% |
| Building Materials Business West Group | $233.0M | 20% |
| Services | $88.0M | 8% |
| Other | $45.0M | 4% |
