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GLOBAL PARTNERS LP（GLP）与MPLX LP（MPLX）财务数据对比。点击上方公司名可切换其他公司
MPLX LP的季度营收约是GLOBAL PARTNERS LP的1.1倍（$2.5B vs $2.2B），MPLX LP净利率更高（49.1% vs 1.1%，领先47.9%），GLOBAL PARTNERS LP同比增速更快（7.0% vs 1.4%），MPLX LP自由现金流更多（$782.0M vs $62.2M），过去两年MPLX LP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。
MPLX LP旗下子公司MarkWest Energy Partners是美国业主有限合伙企业，主营天然气收集、加工及运输业务。该公司1988年成立于科罗拉多州丹佛市，曾发展为科罗拉多州第13大企业，2015年被马拉松石油旗下的MPLX收购。
GLP vs MPLX — 直观对比
营收规模更大
MPLX
是对方的1.1倍
$2.2B
营收增速更快
GLP
高出5.6%
1.4%
净利率更高
MPLX
高出47.9%
1.1%
自由现金流更多
MPLX
多$719.8M
$62.2M
两年增速更快
MPLX
近两年复合增速
0.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $2.5B |
| 净利润 | $25.1M | $1.2B |
| 毛利率 | 11.9% | — |
| 营业利润率 | 2.6% | 60.5% |
| 净利率 | 1.1% | 49.1% |
| 营收同比 | 7.0% | 1.4% |
| 净利润同比 | 5.0% | 8.5% |
| 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GLPMPLX
| Q4 25 | $2.2B | $2.5B | ||
| Q3 25 | $2.2B | $2.5B | ||
| Q2 25 | $2.1B | $2.4B | ||
| Q1 25 | $2.2B | $2.5B | ||
| Q4 24 | $2.1B | $2.4B | ||
| Q3 24 | $2.1B | $2.3B | ||
| Q2 24 | $2.3B | $2.3B | ||
| Q1 24 | $2.2B | $2.2B |
净利润GLPMPLX
| Q4 25 | $25.1M | $1.2B | ||
| Q3 25 | $29.0M | $1.6B | ||
| Q2 25 | $25.2M | $1.1B | ||
| Q1 25 | $18.7M | $1.1B | ||
| Q4 24 | $23.9M | $1.1B | ||
| Q3 24 | $45.9M | $1.0B | ||
| Q2 24 | $46.1M | $1.2B | ||
| Q1 24 | $-5.6M | $1.0B |
毛利率GLPMPLX
| 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GLPMPLX
| Q4 25 | 2.6% | 60.5% | ||
| Q3 25 | 2.7% | 73.2% | ||
| Q2 25 | 2.9% | 54.9% | ||
| Q1 25 | 2.6% | 55.5% | ||
| Q4 24 | 2.8% | 55.6% | ||
| Q3 24 | 3.9% | 54.4% | ||
| Q2 24 | 3.7% | 62.9% | ||
| Q1 24 | 1.2% | 57.6% |
净利率GLPMPLX
| Q4 25 | 1.1% | 49.1% | ||
| Q3 25 | 1.3% | 63.2% | ||
| Q2 25 | 1.2% | 44.9% | ||
| Q1 25 | 0.9% | 46.2% | ||
| Q4 24 | 1.2% | 45.9% | ||
| Q3 24 | 2.1% | 44.6% | ||
| Q2 24 | 2.0% | 52.6% | ||
| Q1 24 | -0.3% | 46.7% |
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 | — | $2.1B |
| 总债务越低越好 | — | $24.2B |
| 股东权益账面价值 | — | — |
| 总资产 | $3.9B | $43.0B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资GLPMPLX
| Q4 25 | — | $2.1B | ||
| Q3 25 | — | $1.8B | ||
| Q2 25 | — | $1.4B | ||
| Q1 25 | — | $2.5B | ||
| Q4 24 | — | $1.5B | ||
| Q3 24 | — | $2.4B | ||
| Q2 24 | — | $2.5B | ||
| Q1 24 | — | $385.0M |
总债务GLPMPLX
| Q4 25 | — | $24.2B | ||
| Q3 25 | — | $24.1B | ||
| Q2 25 | — | $19.7B | ||
| Q1 25 | — | $19.7B | ||
| Q4 24 | — | $19.3B | ||
| Q3 24 | — | $19.3B | ||
| Q2 24 | — | $19.2B | ||
| Q1 24 | — | $18.8B |
总资产GLPMPLX
| Q4 25 | $3.9B | $43.0B | ||
| Q3 25 | $3.7B | $43.2B | ||
| Q2 25 | $3.8B | $37.8B | ||
| Q1 25 | $3.8B | $39.0B | ||
| Q4 24 | $3.8B | $37.5B | ||
| Q3 24 | $3.7B | $38.5B | ||
| Q2 24 | $3.8B | $38.4B | ||
| Q1 24 | $3.5B | $36.5B |
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 | $1.5B |
| 自由现金流经营现金流 - 资本支出 | $62.2M | $782.0M |
| 自由现金流率自由现金流/营收 | 2.8% | 31.9% |
| 资本支出强度资本支出/营收 | 1.8% | 29.1% |
| 现金转化率经营现金流/净利润 | 4.03× | 1.24× |
| 过去12个月自由现金流最近4个季度 | $193.3M | $4.1B |
8季度趋势，按日历期对齐
经营现金流GLPMPLX
| Q4 25 | $101.0M | $1.5B | ||
| Q3 25 | $19.0M | $1.4B | ||
| Q2 25 | $216.3M | $1.7B | ||
| Q1 25 | $-51.6M | $1.2B | ||
| Q4 24 | $67.2M | $1.7B | ||
| Q3 24 | $122.7M | $1.4B | ||
| Q2 24 | $24.3M | $1.6B | ||
| Q1 24 | $-182.7M | $1.3B |
自由现金流GLPMPLX
| Q4 25 | $62.2M | $782.0M | ||
| Q3 25 | $-678.0K | $905.0M | ||
| Q2 25 | $201.3M | $1.4B | ||
| Q1 25 | $-69.5M | $979.0M | ||
| Q4 24 | $20.4M | $1.4B | ||
| Q3 24 | $98.4M | $1.1B | ||
| Q2 24 | $8.7M | $1.4B | ||
| Q1 24 | $-199.3M | $1.0B |
自由现金流率GLPMPLX
| Q4 25 | 2.8% | 31.9% | ||
| Q3 25 | -0.0% | 36.8% | ||
| Q2 25 | 9.7% | 60.9% | ||
| Q1 25 | -3.2% | 39.8% | ||
| Q4 24 | 1.0% | 56.6% | ||
| Q3 24 | 4.6% | 48.4% | ||
| Q2 24 | 0.4% | 60.0% | ||
| Q1 24 | -9.0% | 47.7% |
资本支出强度GLPMPLX
| Q4 25 | 1.8% | 29.1% | ||
| Q3 25 | 0.9% | 21.4% | ||
| Q2 25 | 0.7% | 12.8% | ||
| Q1 25 | 0.8% | 10.9% | ||
| Q4 24 | 2.3% | 12.7% | ||
| Q3 24 | 1.1% | 11.9% | ||
| Q2 24 | 0.7% | 9.4% | ||
| Q1 24 | 0.8% | 11.7% |
现金转化率GLPMPLX
| Q4 25 | 4.03× | 1.24× | ||
| Q3 25 | 0.66× | 0.92× | ||
| Q2 25 | 8.58× | 1.64× | ||
| Q1 25 | -2.76× | 1.10× | ||
| Q4 24 | 2.82× | 1.51× | ||
| Q3 24 | 2.67× | 1.35× | ||
| Q2 24 | 0.53× | 1.32× | ||
| Q1 24 | — | 1.27× |
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% |
MPLX
| Services | $746.0M | 30% |
| Other | $675.0M | 28% |
| Products | $492.0M | 20% |
| Nonrelated Party | $186.0M | 8% |
| Related Party | $151.0M | 6% |
| Crude Oil And Products Logistics | $104.0M | 4% |
| Service Other | $56.0M | 2% |
| Natural Gas And NGL Services | $41.0M | 2% |
