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GLOBAL PARTNERS LP（GLP）与MARTIN MIDSTREAM PARTNERS L.P.（MMLP）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 MIDSTREAM PARTNERS L.P.的11.8倍（$2.2B vs $187.7M）。MARTIN MIDSTREAM PARTNERS L.P.净利率更高（1.7% vs 1.1%，领先0.6%）。GLOBAL PARTNERS LP同比增速更快（7.0% vs -2.5%）。GLOBAL PARTNERS LP自由现金流更多（$62.2M vs $-6.0M）。过去两年MARTIN MIDSTREAM PARTNERS L.P.的营收复合增速更高（0.8% 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。
Martin Midstream Partners L.P.是美国中游能源服务提供商，主营原油、天然气液、精炼石油产品及特种化学品的存储、运输、分销与加工服务，主要服务北美能源及工业领域客户。
GLP vs MMLP — 直观对比
营收规模更大
GLP
是对方的11.8倍
$187.7M
营收增速更快
GLP
高出9.5%
-2.5%
净利率更高
MMLP
高出0.6%
1.1%
自由现金流更多
GLP
多$68.3M
$-6.0M
两年增速更快
MMLP
近两年复合增速
0.2%
损益表 — Q4 2025 vs Q1 2026
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $187.7M |
| 净利润 | $25.1M | $3.2M |
| 毛利率 | 11.9% | — |
| 营业利润率 | 2.6% | — |
| 净利率 | 1.1% | 1.7% |
| 营收同比 | 7.0% | -2.5% |
| 净利润同比 | 5.0% | 132.4% |
| 每股收益（稀释后） | — | — |
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GLPMMLP
| Q1 26 | — | $187.7M | ||
| Q4 25 | $2.2B | $174.2M | ||
| Q3 25 | $2.2B | $168.7M | ||
| Q2 25 | $2.1B | $180.7M | ||
| Q1 25 | $2.2B | $192.5M | ||
| Q4 24 | $2.1B | $171.3M | ||
| Q3 24 | $2.1B | $170.9M | ||
| Q2 24 | $2.3B | $184.5M |
净利润GLPMMLP
| Q1 26 | — | $3.2M | ||
| Q4 25 | $25.1M | $-2.9M | ||
| Q3 25 | $29.0M | $-8.4M | ||
| Q2 25 | $25.2M | $-2.4M | ||
| Q1 25 | $18.7M | $-1.0M | ||
| Q4 24 | $23.9M | $-8.9M | ||
| Q3 24 | $45.9M | $-3.3M | ||
| Q2 24 | $46.1M | $3.8M |
毛利率GLPMMLP
| Q1 26 | — | — | ||
| Q4 25 | 11.9% | 57.1% | ||
| Q3 25 | 12.1% | 55.1% | ||
| Q2 25 | 13.1% | 56.5% | ||
| Q1 25 | 11.7% | 53.5% | ||
| Q4 24 | 13.0% | 58.2% | ||
| Q3 24 | 13.4% | 58.5% | ||
| Q2 24 | 12.6% | 58.4% |
营业利润率GLPMMLP
| Q1 26 | — | — | ||
| Q4 25 | 2.6% | 7.3% | ||
| Q3 25 | 2.7% | 4.1% | ||
| Q2 25 | 2.9% | 8.2% | ||
| Q1 25 | 2.6% | 7.5% | ||
| Q4 24 | 2.8% | 4.0% | ||
| Q3 24 | 3.9% | 7.4% | ||
| Q2 24 | 3.7% | 10.8% |
净利率GLPMMLP
| Q1 26 | — | 1.7% | ||
| Q4 25 | 1.1% | -1.7% | ||
| Q3 25 | 1.3% | -5.0% | ||
| Q2 25 | 1.2% | -1.3% | ||
| Q1 25 | 0.9% | -0.5% | ||
| Q4 24 | 1.2% | -5.2% | ||
| Q3 24 | 2.1% | -1.9% | ||
| Q2 24 | 2.0% | 2.0% |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $62.2M | $-6.0M |
| 自由现金流率自由现金流/营收 | 2.8% | -3.2% |
| 资本支出强度资本支出/营收 | 1.8% | 1.6% |
| 现金转化率经营现金流/净利润 | 4.03× | — |
| 过去12个月自由现金流最近4个季度 | $193.3M | $27.2M |
8季度趋势，按日历期对齐
经营现金流GLPMMLP
| Q1 26 | — | — | ||
| Q4 25 | $101.0M | $22.4M | ||
| Q3 25 | $19.0M | $-1.2M | ||
| Q2 25 | $216.3M | $30.9M | ||
| Q1 25 | $-51.6M | $-6.0M | ||
| Q4 24 | $67.2M | $42.2M | ||
| Q3 24 | $122.7M | $-15.8M | ||
| Q2 24 | $24.3M | $11.8M |
自由现金流GLPMMLP
| Q1 26 | — | $-6.0M | ||
| Q4 25 | $62.2M | $15.6M | ||
| Q3 25 | $-678.0K | $-7.9M | ||
| Q2 25 | $201.3M | $25.6M | ||
| Q1 25 | $-69.5M | $-11.9M | ||
| Q4 24 | $20.4M | $34.2M | ||
| Q3 24 | $98.4M | $-25.6M | ||
| Q2 24 | $8.7M | $-696.0K |
自由现金流率GLPMMLP
| Q1 26 | — | -3.2% | ||
| Q4 25 | 2.8% | 8.9% | ||
| Q3 25 | -0.0% | -4.7% | ||
| Q2 25 | 9.7% | 14.2% | ||
| Q1 25 | -3.2% | -6.2% | ||
| Q4 24 | 1.0% | 20.0% | ||
| Q3 24 | 4.6% | -15.0% | ||
| Q2 24 | 0.4% | -0.4% |
资本支出强度GLPMMLP
| Q1 26 | — | 1.6% | ||
| Q4 25 | 1.8% | 3.9% | ||
| Q3 25 | 0.9% | 4.0% | ||
| Q2 25 | 0.7% | 3.0% | ||
| Q1 25 | 0.8% | 3.1% | ||
| Q4 24 | 2.3% | 4.6% | ||
| Q3 24 | 1.1% | 5.8% | ||
| Q2 24 | 0.7% | 6.8% |
现金转化率GLPMMLP
| Q1 26 | — | — | ||
| Q4 25 | 4.03× | — | ||
| Q3 25 | 0.66× | — | ||
| Q2 25 | 8.58× | — | ||
| Q1 25 | -2.76× | — | ||
| Q4 24 | 2.82× | — | ||
| Q3 24 | 2.67× | — | ||
| Q2 24 | 0.53× | 3.13× |
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% |
MMLP
| Specialty products | $61.6M | 33% |
| Transportation * | $52.8M | 28% |
| Other | $46.5M | 25% |
| Terminalling and storage * | $22.4M | 12% |
| Sulfur services | $4.4M | 2% |
