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GLOBAL PARTNERS LP（GLP）与NVR, Inc.（NVR）财务数据对比。点击上方公司名可切换其他公司
NVR, Inc.的季度营收约是GLOBAL PARTNERS LP的1.2倍（$2.7B vs $2.2B），NVR, Inc.净利率更高（13.4% vs 1.1%，领先12.3%），GLOBAL PARTNERS LP同比增速更快（7.0% vs -4.7%），NVR, Inc.自由现金流更多（$436.0M vs $62.2M），过去两年NVR, Inc.的营收复合增速更高（7.8% 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。
NVR, Inc.是总部位于美国弗吉尼亚州雷斯顿的知名住宅建造企业，同时运营抵押贷款银行及产权服务相关业务。公司业务主要布局美国东海岸，覆盖14个州及华盛顿特区，2021年有22%的营收来自华盛顿大都会区。
GLP vs NVR — 直观对比
营收规模更大
NVR
是对方的1.2倍
$2.2B
营收增速更快
GLP
高出11.7%
-4.7%
净利率更高
NVR
高出12.3%
1.1%
自由现金流更多
NVR
多$373.8M
$62.2M
两年增速更快
NVR
近两年复合增速
0.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $2.7B |
| 净利润 | $25.1M | $363.8M |
| 毛利率 | 11.9% | — |
| 营业利润率 | 2.6% | — |
| 净利率 | 1.1% | 13.4% |
| 营收同比 | 7.0% | -4.7% |
| 净利润同比 | 5.0% | -20.5% |
| 每股收益（稀释后） | — | $120.85 |
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GLPNVR
| Q4 25 | $2.2B | $2.7B | ||
| Q3 25 | $2.2B | $2.6B | ||
| Q2 25 | $2.1B | $2.6B | ||
| Q1 25 | $2.2B | $2.4B | ||
| Q4 24 | $2.1B | $2.8B | ||
| Q3 24 | $2.1B | $2.7B | ||
| Q2 24 | $2.3B | $2.6B | ||
| Q1 24 | $2.2B | $2.3B |
净利润GLPNVR
| Q4 25 | $25.1M | $363.8M | ||
| Q3 25 | $29.0M | $342.7M | ||
| Q2 25 | $25.2M | $333.7M | ||
| Q1 25 | $18.7M | $299.6M | ||
| Q4 24 | $23.9M | $457.4M | ||
| Q3 24 | $45.9M | $429.3M | ||
| Q2 24 | $46.1M | $400.9M | ||
| Q1 24 | $-5.6M | $394.3M |
毛利率GLPNVR
| 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GLPNVR
| Q4 25 | 2.6% | — | ||
| Q3 25 | 2.7% | — | ||
| Q2 25 | 2.9% | — | ||
| Q1 25 | 2.6% | — | ||
| Q4 24 | 2.8% | — | ||
| Q3 24 | 3.9% | — | ||
| Q2 24 | 3.7% | — | ||
| Q1 24 | 1.2% | — |
净利率GLPNVR
| Q4 25 | 1.1% | 13.4% | ||
| Q3 25 | 1.3% | 13.1% | ||
| Q2 25 | 1.2% | 12.8% | ||
| Q1 25 | 0.9% | 12.5% | ||
| Q4 24 | 1.2% | 16.1% | ||
| Q3 24 | 2.1% | 15.7% | ||
| Q2 24 | 2.0% | 15.3% | ||
| Q1 24 | -0.3% | 16.9% |
每股收益（稀释后）GLPNVR
| Q4 25 | — | $120.85 | ||
| Q3 25 | — | $112.33 | ||
| Q2 25 | — | $108.54 | ||
| Q1 25 | — | $94.83 | ||
| Q4 24 | — | $139.09 | ||
| Q3 24 | — | $130.50 | ||
| Q2 24 | — | $120.69 | ||
| Q1 24 | — | $116.41 |
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 | — | — |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | — | $3.9B |
| 总资产 | $3.9B | $5.9B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
股东权益GLPNVR
| Q4 25 | — | $3.9B | ||
| Q3 25 | — | $4.0B | ||
| Q2 25 | — | $3.8B | ||
| Q1 25 | — | $4.0B | ||
| Q4 24 | — | $4.2B | ||
| Q3 24 | — | $4.3B | ||
| Q2 24 | — | $4.1B | ||
| Q1 24 | — | $4.3B |
总资产GLPNVR
| Q4 25 | $3.9B | $5.9B | ||
| Q3 25 | $3.7B | $6.0B | ||
| Q2 25 | $3.8B | $5.9B | ||
| Q1 25 | $3.8B | $6.2B | ||
| Q4 24 | $3.8B | $6.4B | ||
| Q3 24 | $3.7B | $6.5B | ||
| Q2 24 | $3.8B | $6.4B | ||
| Q1 24 | $3.5B | $6.5B |
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 | $439.7M |
| 自由现金流经营现金流 - 资本支出 | $62.2M | $436.0M |
| 自由现金流率自由现金流/营收 | 2.8% | 16.1% |
| 资本支出强度资本支出/营收 | 1.8% | 0.1% |
| 现金转化率经营现金流/净利润 | 4.03× | 1.21× |
| 过去12个月自由现金流最近4个季度 | $193.3M | $1.1B |
8季度趋势，按日历期对齐
经营现金流GLPNVR
| Q4 25 | $101.0M | $439.7M | ||
| Q3 25 | $19.0M | $438.7M | ||
| Q2 25 | $216.3M | $35.1M | ||
| Q1 25 | $-51.6M | $207.8M | ||
| Q4 24 | $67.2M | $637.0M | ||
| Q3 24 | $122.7M | $358.3M | ||
| Q2 24 | $24.3M | $232.7M | ||
| Q1 24 | $-182.7M | $146.5M |
自由现金流GLPNVR
| Q4 25 | $62.2M | $436.0M | ||
| Q3 25 | $-678.0K | $433.3M | ||
| Q2 25 | $201.3M | $26.8M | ||
| Q1 25 | $-69.5M | $200.7M | ||
| Q4 24 | $20.4M | $631.5M | ||
| Q3 24 | $98.4M | $350.1M | ||
| Q2 24 | $8.7M | $226.3M | ||
| Q1 24 | $-199.3M | $137.5M |
自由现金流率GLPNVR
| Q4 25 | 2.8% | 16.1% | ||
| Q3 25 | -0.0% | 16.6% | ||
| Q2 25 | 9.7% | 1.0% | ||
| Q1 25 | -3.2% | 8.4% | ||
| Q4 24 | 1.0% | 22.2% | ||
| Q3 24 | 4.6% | 12.8% | ||
| Q2 24 | 0.4% | 8.7% | ||
| Q1 24 | -9.0% | 5.9% |
资本支出强度GLPNVR
| Q4 25 | 1.8% | 0.1% | ||
| Q3 25 | 0.9% | 0.2% | ||
| Q2 25 | 0.7% | 0.3% | ||
| Q1 25 | 0.8% | 0.3% | ||
| Q4 24 | 2.3% | 0.2% | ||
| Q3 24 | 1.1% | 0.3% | ||
| Q2 24 | 0.7% | 0.2% | ||
| Q1 24 | 0.8% | 0.4% |
现金转化率GLPNVR
| Q4 25 | 4.03× | 1.21× | ||
| Q3 25 | 0.66× | 1.28× | ||
| Q2 25 | 8.58× | 0.11× | ||
| Q1 25 | -2.76× | 0.69× | ||
| Q4 24 | 2.82× | 1.39× | ||
| Q3 24 | 2.67× | 0.83× | ||
| Q2 24 | 0.53× | 0.58× | ||
| Q1 24 | — | 0.37× |
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% |
NVR
| Home Building Segment | $2.6B | 97% |
| Mortgage Banking Segment | $77.4M | 3% |
