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GLOBAL PARTNERS LP（GLP）与国民油井华高（NOV）财务数据对比。点击上方公司名可切换其他公司
GLOBAL PARTNERS LP的季度营收约是国民油井华高的1.1倍（$2.2B vs $2.1B），GLOBAL PARTNERS LP净利率更高（1.1% vs 1.0%，领先0.2%），GLOBAL PARTNERS LP同比增速更快（7.0% vs -9.9%），GLOBAL PARTNERS LP自由现金流更多（$62.2M vs $51.0M），过去两年GLOBAL PARTNERS LP的营收复合增速更高（0.2% vs -3.8%）
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。
NOV Inc.（前称国民油井华高）是总部位于美国得克萨斯州休斯顿的跨国企业，为上游油气行业提供钻探及生产作业所需的设备零部件、油田服务及供应链整合服务，在六大洲布局超500个运营点，下设能源设备、能源产品与服务两大业务板块。
GLP vs NOV — 直观对比
营收规模更大
GLP
是对方的1.1倍
$2.1B
营收增速更快
GLP
高出16.9%
-9.9%
净利率更高
GLP
高出0.2%
1.0%
自由现金流更多
GLP
多$11.2M
$51.0M
两年增速更快
GLP
近两年复合增速
-3.8%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $2.1B |
| 净利润 | $25.1M | $20.0M |
| 毛利率 | 11.9% | 18.5% |
| 营业利润率 | 2.6% | 2.3% |
| 净利率 | 1.1% | 1.0% |
| 营收同比 | 7.0% | -9.9% |
| 净利润同比 | 5.0% | -73.0% |
| 每股收益（稀释后） | — | $0.05 |
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GLPNOV
| Q1 26 | — | $2.1B | ||
| Q4 25 | $2.2B | $2.3B | ||
| Q3 25 | $2.2B | $2.2B | ||
| Q2 25 | $2.1B | $2.2B | ||
| Q1 25 | $2.2B | $2.1B | ||
| Q4 24 | $2.1B | $2.3B | ||
| Q3 24 | $2.1B | $2.2B | ||
| Q2 24 | $2.3B | $2.2B |
净利润GLPNOV
| Q1 26 | — | $20.0M | ||
| Q4 25 | $25.1M | $-78.0M | ||
| Q3 25 | $29.0M | $42.0M | ||
| Q2 25 | $25.2M | $108.0M | ||
| Q1 25 | $18.7M | $73.0M | ||
| Q4 24 | $23.9M | $160.0M | ||
| Q3 24 | $45.9M | $130.0M | ||
| Q2 24 | $46.1M | $226.0M |
毛利率GLPNOV
| Q1 26 | — | 18.5% | ||
| Q4 25 | 11.9% | 20.3% | ||
| Q3 25 | 12.1% | 18.9% | ||
| Q2 25 | 13.1% | 20.4% | ||
| Q1 25 | 11.7% | 21.3% | ||
| Q4 24 | 13.0% | 21.4% | ||
| Q3 24 | 13.4% | 21.4% | ||
| Q2 24 | 12.6% | 26.6% |
营业利润率GLPNOV
| Q1 26 | — | 2.3% | ||
| Q4 25 | 2.6% | 4.0% | ||
| Q3 25 | 2.7% | 4.9% | ||
| Q2 25 | 2.9% | 6.5% | ||
| Q1 25 | 2.6% | 7.2% | ||
| Q4 24 | 2.8% | 9.0% | ||
| Q3 24 | 3.9% | 8.9% | ||
| Q2 24 | 3.7% | 14.1% |
净利率GLPNOV
| Q1 26 | — | 1.0% | ||
| Q4 25 | 1.1% | -3.4% | ||
| Q3 25 | 1.3% | 1.9% | ||
| Q2 25 | 1.2% | 4.9% | ||
| Q1 25 | 0.9% | 3.5% | ||
| Q4 24 | 1.2% | 6.9% | ||
| Q3 24 | 2.1% | 5.9% | ||
| Q2 24 | 2.0% | 10.2% |
每股收益（稀释后）GLPNOV
| Q1 26 | — | $0.05 | ||
| Q4 25 | — | $-0.20 | ||
| Q3 25 | — | $0.11 | ||
| Q2 25 | — | $0.29 | ||
| Q1 25 | — | $0.19 | ||
| Q4 24 | — | $0.40 | ||
| Q3 24 | — | $0.33 | ||
| Q2 24 | — | $0.57 |
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 | — | $1.3B |
| 总债务越低越好 | — | $1.7B |
| 股东权益账面价值 | — | — |
| 总资产 | $3.9B | $11.1B |
| 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GLPNOV
| Q1 26 | — | $1.3B | ||
| Q4 25 | — | $1.6B | ||
| Q3 25 | — | $1.2B | ||
| Q2 25 | — | $1.1B | ||
| Q1 25 | — | $1.2B | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | — | $985.0M | ||
| Q2 24 | — | $827.0M |
总债务GLPNOV
| Q1 26 | — | $1.7B | ||
| Q4 25 | — | $1.7B | ||
| Q3 25 | — | $1.7B | ||
| Q2 25 | — | $1.7B | ||
| Q1 25 | — | $1.7B | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | — | $1.7B | ||
| Q2 24 | — | $1.7B |
股东权益GLPNOV
| Q1 26 | — | — | ||
| Q4 25 | — | $6.3B | ||
| Q3 25 | — | $6.5B | ||
| Q2 25 | — | $6.5B | ||
| Q1 25 | — | $6.4B | ||
| Q4 24 | — | $6.4B | ||
| Q3 24 | — | $6.5B | ||
| Q2 24 | — | $6.4B |
总资产GLPNOV
| Q1 26 | — | $11.1B | ||
| Q4 25 | $3.9B | $11.3B | ||
| Q3 25 | $3.7B | $11.3B | ||
| Q2 25 | $3.8B | $11.4B | ||
| Q1 25 | $3.8B | $11.3B | ||
| Q4 24 | $3.8B | $11.4B | ||
| Q3 24 | $3.7B | $11.4B | ||
| Q2 24 | $3.8B | $11.3B |
负债/权益比GLPNOV
| Q1 26 | — | — | ||
| Q4 25 | — | 0.27× | ||
| Q3 25 | — | 0.27× | ||
| Q2 25 | — | 0.27× | ||
| Q1 25 | — | 0.27× | ||
| Q4 24 | — | 0.27× | ||
| Q3 24 | — | 0.27× | ||
| Q2 24 | — | 0.27× |
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 | $51.0M |
| 自由现金流率自由现金流/营收 | 2.8% | 2.5% |
| 资本支出强度资本支出/营收 | 1.8% | — |
| 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 | $876.0M |
8季度趋势，按日历期对齐
经营现金流GLPNOV
| Q1 26 | — | — | ||
| Q4 25 | $101.0M | $573.0M | ||
| Q3 25 | $19.0M | $352.0M | ||
| Q2 25 | $216.3M | $191.0M | ||
| Q1 25 | $-51.6M | $135.0M | ||
| Q4 24 | $67.2M | $591.0M | ||
| Q3 24 | $122.7M | $359.0M | ||
| Q2 24 | $24.3M | $432.0M |
自由现金流GLPNOV
| Q1 26 | — | $51.0M | ||
| Q4 25 | $62.2M | $472.0M | ||
| Q3 25 | $-678.0K | $245.0M | ||
| Q2 25 | $201.3M | $108.0M | ||
| Q1 25 | $-69.5M | $51.0M | ||
| Q4 24 | $20.4M | $473.0M | ||
| Q3 24 | $98.4M | $277.0M | ||
| Q2 24 | $8.7M | $350.0M |
自由现金流率GLPNOV
| Q1 26 | — | 2.5% | ||
| Q4 25 | 2.8% | 20.7% | ||
| Q3 25 | -0.0% | 11.3% | ||
| Q2 25 | 9.7% | 4.9% | ||
| Q1 25 | -3.2% | 2.4% | ||
| Q4 24 | 1.0% | 20.5% | ||
| Q3 24 | 4.6% | 12.6% | ||
| Q2 24 | 0.4% | 15.8% |
资本支出强度GLPNOV
| Q1 26 | — | — | ||
| Q4 25 | 1.8% | 4.4% | ||
| Q3 25 | 0.9% | 4.9% | ||
| Q2 25 | 0.7% | 3.8% | ||
| Q1 25 | 0.8% | 4.0% | ||
| Q4 24 | 2.3% | 5.1% | ||
| Q3 24 | 1.1% | 3.7% | ||
| Q2 24 | 0.7% | 3.7% |
现金转化率GLPNOV
| Q1 26 | — | — | ||
| Q4 25 | 4.03× | — | ||
| Q3 25 | 0.66× | 8.38× | ||
| Q2 25 | 8.58× | 1.77× | ||
| Q1 25 | -2.76× | 1.85× | ||
| Q4 24 | 2.82× | 3.69× | ||
| Q3 24 | 2.67× | 2.76× | ||
| Q2 24 | 0.53× | 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% |
NOV
| Energy Equipment | $1.2B | 58% |
| Energy Products and Services | $897.0M | 44% |
