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GLOBAL PARTNERS LP（GLP）与PAR PACIFIC HOLDINGS, INC.（PARR）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PAR PACIFIC HOLDINGS, INC.的1.2倍（$2.2B vs $1.8B），PAR PACIFIC HOLDINGS, INC.净利率更高（4.3% vs 1.1%，领先3.2%），GLOBAL PARTNERS LP同比增速更快（7.0% vs -1.0%），PAR PACIFIC HOLDINGS, INC.自由现金流更多（$66.3M vs $62.2M），过去两年GLOBAL PARTNERS LP的营收复合增速更高（0.2% vs -4.3%）
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。
Par Pacific Holdings是总部位于美国休斯顿的油气勘探生产企业，曾在破产重组后以Par Petroleum Corporation为名运营，2015年10月20日正式更名为现名，2017年入选《财富》美国1000强企业。
GLP vs PARR — 直观对比
营收规模更大
GLP
是对方的1.2倍
$1.8B
营收增速更快
GLP
高出8.0%
-1.0%
净利率更高
PARR
高出3.2%
1.1%
自由现金流更多
PARR
多$4.0M
$62.2M
两年增速更快
GLP
近两年复合增速
-4.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $1.8B |
| 净利润 | $25.1M | $77.7M |
| 毛利率 | 11.9% | — |
| 营业利润率 | 2.6% | 5.5% |
| 净利率 | 1.1% | 4.3% |
| 营收同比 | 7.0% | -1.0% |
| 净利润同比 | 5.0% | 239.5% |
| 每股收益（稀释后） | — | $1.40 |
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GLPPARR
| Q4 25 | $2.2B | $1.8B | ||
| Q3 25 | $2.2B | $2.0B | ||
| Q2 25 | $2.1B | $1.9B | ||
| Q1 25 | $2.2B | $1.7B | ||
| Q4 24 | $2.1B | $1.8B | ||
| Q3 24 | $2.1B | $2.1B | ||
| Q2 24 | $2.3B | $2.0B | ||
| Q1 24 | $2.2B | $2.0B |
净利润GLPPARR
| Q4 25 | $25.1M | $77.7M | ||
| Q3 25 | $29.0M | $262.6M | ||
| Q2 25 | $25.2M | $59.5M | ||
| Q1 25 | $18.7M | $-30.4M | ||
| Q4 24 | $23.9M | $-55.7M | ||
| Q3 24 | $45.9M | $7.5M | ||
| Q2 24 | $46.1M | $18.6M | ||
| Q1 24 | $-5.6M | $-3.8M |
毛利率GLPPARR
| 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GLPPARR
| Q4 25 | 2.6% | 5.5% | ||
| Q3 25 | 2.7% | 17.8% | ||
| Q2 25 | 2.9% | 5.1% | ||
| Q1 25 | 2.6% | -0.9% | ||
| Q4 24 | 2.8% | -2.6% | ||
| Q3 24 | 3.9% | 1.7% | ||
| Q2 24 | 3.7% | 2.4% | ||
| Q1 24 | 1.2% | 0.5% |
净利率GLPPARR
| Q4 25 | 1.1% | 4.3% | ||
| Q3 25 | 1.3% | 13.0% | ||
| Q2 25 | 1.2% | 3.1% | ||
| Q1 25 | 0.9% | -1.7% | ||
| Q4 24 | 1.2% | -3.0% | ||
| Q3 24 | 2.1% | 0.3% | ||
| Q2 24 | 2.0% | 0.9% | ||
| Q1 24 | -0.3% | -0.2% |
每股收益（稀释后）GLPPARR
| Q4 25 | — | $1.40 | ||
| Q3 25 | — | $5.16 | ||
| Q2 25 | — | $1.17 | ||
| Q1 25 | — | $-0.57 | ||
| Q4 24 | — | $-0.98 | ||
| Q3 24 | — | $0.13 | ||
| Q2 24 | — | $0.32 | ||
| Q1 24 | — | $-0.06 |
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 | — | $164.1M |
| 总债务越低越好 | — | $802.9M |
| 股东权益账面价值 | — | $1.5B |
| 总资产 | $3.9B | $3.8B |
| 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GLPPARR
| Q4 25 | — | $164.1M | ||
| Q3 25 | — | $159.1M | ||
| Q2 25 | — | $169.2M | ||
| Q1 25 | — | $133.7M | ||
| Q4 24 | — | $191.9M | ||
| Q3 24 | — | $183.0M | ||
| Q2 24 | — | $179.7M | ||
| Q1 24 | — | $228.3M |
总债务GLPPARR
| Q4 25 | — | $802.9M | ||
| Q3 25 | — | $967.1M | ||
| Q2 25 | — | $1.1B | ||
| Q1 25 | — | $1.2B | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | — | $1.0B | ||
| Q2 24 | — | $1.1B | ||
| Q1 24 | — | $639.5M |
股东权益GLPPARR
| Q4 25 | — | $1.5B | ||
| Q3 25 | — | $1.4B | ||
| Q2 25 | — | $1.1B | ||
| Q1 25 | — | $1.1B | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | — | $1.3B | ||
| Q2 24 | — | $1.3B | ||
| Q1 24 | — | $1.3B |
总资产GLPPARR
| Q4 25 | $3.9B | $3.8B | ||
| Q3 25 | $3.7B | $4.1B | ||
| Q2 25 | $3.8B | $3.9B | ||
| Q1 25 | $3.8B | $3.8B | ||
| Q4 24 | $3.8B | $3.8B | ||
| Q3 24 | $3.7B | $3.9B | ||
| Q2 24 | $3.8B | $3.9B | ||
| Q1 24 | $3.5B | $3.8B |
负债/权益比GLPPARR
| Q4 25 | — | 0.53× | ||
| Q3 25 | — | 0.69× | ||
| Q2 25 | — | 0.97× | ||
| Q1 25 | — | 1.04× | ||
| Q4 24 | — | 0.93× | ||
| Q3 24 | — | 0.83× | ||
| Q2 24 | — | 0.84× | ||
| 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 | $93.8M |
| 自由现金流经营现金流 - 资本支出 | $62.2M | $66.3M |
| 自由现金流率自由现金流/营收 | 2.8% | 3.7% |
| 资本支出强度资本支出/营收 | 1.8% | 1.5% |
| 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 | $296.5M |
8季度趋势，按日历期对齐
经营现金流GLPPARR
| Q4 25 | $101.0M | $93.8M | ||
| Q3 25 | $19.0M | $219.4M | ||
| Q2 25 | $216.3M | $133.6M | ||
| Q1 25 | $-51.6M | $-1.4M | ||
| Q4 24 | $67.2M | $-15.5M | ||
| Q3 24 | $122.7M | $78.5M | ||
| Q2 24 | $24.3M | $-4.7M | ||
| Q1 24 | $-182.7M | $25.4M |
自由现金流GLPPARR
| Q4 25 | $62.2M | $66.3M | ||
| Q3 25 | $-678.0K | $187.1M | ||
| Q2 25 | $201.3M | $85.5M | ||
| Q1 25 | $-69.5M | $-42.3M | ||
| Q4 24 | $20.4M | $-63.1M | ||
| Q3 24 | $98.4M | $50.2M | ||
| Q2 24 | $8.7M | $-41.6M | ||
| Q1 24 | $-199.3M | $2.8M |
自由现金流率GLPPARR
| Q4 25 | 2.8% | 3.7% | ||
| Q3 25 | -0.0% | 9.3% | ||
| Q2 25 | 9.7% | 4.5% | ||
| Q1 25 | -3.2% | -2.4% | ||
| Q4 24 | 1.0% | -3.4% | ||
| Q3 24 | 4.6% | 2.3% | ||
| Q2 24 | 0.4% | -2.1% | ||
| Q1 24 | -9.0% | 0.1% |
资本支出强度GLPPARR
| Q4 25 | 1.8% | 1.5% | ||
| Q3 25 | 0.9% | 1.6% | ||
| Q2 25 | 0.7% | 2.5% | ||
| Q1 25 | 0.8% | 2.3% | ||
| Q4 24 | 2.3% | 2.6% | ||
| Q3 24 | 1.1% | 1.3% | ||
| Q2 24 | 0.7% | 1.8% | ||
| Q1 24 | 0.8% | 1.1% |
现金转化率GLPPARR
| Q4 25 | 4.03× | 1.21× | ||
| Q3 25 | 0.66× | 0.84× | ||
| Q2 25 | 8.58× | 2.25× | ||
| Q1 25 | -2.76× | — | ||
| Q4 24 | 2.82× | — | ||
| Q3 24 | 2.67× | 10.48× | ||
| Q2 24 | 0.53× | -0.25× | ||
| Q1 24 | — | — |
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% |
PARR
| Distillates | $750.6M | 41% |
| Gasoline | $603.9M | 33% |
| Other Refined Products | $348.8M | 19% |
| Logistics | $73.7M | 4% |
| Other Revenues | $44.8M | 2% |
