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GLOBAL PARTNERS LP（GLP）与北极星（PII）财务数据对比。点击上方公司名可切换其他公司
GLOBAL PARTNERS LP的季度营收约是北极星的1.3倍（$2.2B vs $1.7B），GLOBAL PARTNERS LP净利率更高（1.1% vs -2.8%，领先4.0%），北极星同比增速更快（8.0% vs 7.0%），GLOBAL PARTNERS LP自由现金流更多（$62.2M vs $-342.5M），过去两年GLOBAL PARTNERS LP的营收复合增速更高（0.2% vs -8.0%）
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。
北极星公司（Polaris Inc.）是总部位于美国明尼苏达州麦地那的机动车制造企业，创立于明尼苏达州罗索，当地目前仍保留其工程研发与生产设施。公司曾通过胜利摩托子公司生产摩托车，2011年收购印第安摩托品牌后转由该子公司运营摩托业务，此前还曾生产私人水上摩托艇产品。
GLP vs PII — 直观对比
营收规模更大
GLP
是对方的1.3倍
$1.7B
营收增速更快
PII
高出1.0%
7.0%
净利率更高
GLP
高出4.0%
-2.8%
自由现金流更多
GLP
多$404.7M
$-342.5M
两年增速更快
GLP
近两年复合增速
-8.0%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $1.7B |
| 净利润 | $25.1M | $-47.2M |
| 毛利率 | 11.9% | 20.2% |
| 营业利润率 | 2.6% | — |
| 净利率 | 1.1% | -2.8% |
| 营收同比 | 7.0% | 8.0% |
| 净利润同比 | 5.0% | 29.2% |
| 每股收益（稀释后） | — | $-0.83 |
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GLPPII
| Q1 26 | — | $1.7B | ||
| Q4 25 | $2.2B | $1.9B | ||
| Q3 25 | $2.2B | $1.8B | ||
| Q2 25 | $2.1B | $1.9B | ||
| Q1 25 | $2.2B | $1.5B | ||
| Q4 24 | $2.1B | $1.8B | ||
| Q3 24 | $2.1B | $1.7B | ||
| Q2 24 | $2.3B | $2.0B |
净利润GLPPII
| Q1 26 | — | $-47.2M | ||
| Q4 25 | $25.1M | $-303.6M | ||
| Q3 25 | $29.0M | $-15.8M | ||
| Q2 25 | $25.2M | $-79.3M | ||
| Q1 25 | $18.7M | $-66.8M | ||
| Q4 24 | $23.9M | $10.6M | ||
| Q3 24 | $45.9M | $27.7M | ||
| Q2 24 | $46.1M | $68.7M |
毛利率GLPPII
| Q1 26 | — | 20.2% | ||
| Q4 25 | 11.9% | 20.0% | ||
| Q3 25 | 12.1% | 20.7% | ||
| Q2 25 | 13.1% | 19.4% | ||
| Q1 25 | 11.7% | 16.0% | ||
| Q4 24 | 13.0% | 20.4% | ||
| Q3 24 | 13.4% | 20.6% | ||
| Q2 24 | 12.6% | 21.6% |
营业利润率GLPPII
| Q1 26 | — | — | ||
| Q4 25 | 2.6% | -16.7% | ||
| Q3 25 | 2.7% | 1.1% | ||
| Q2 25 | 2.9% | -0.7% | ||
| Q1 25 | 2.6% | -2.4% | ||
| Q4 24 | 2.8% | 3.7% | ||
| Q3 24 | 3.9% | 3.8% | ||
| Q2 24 | 3.7% | 6.1% |
净利率GLPPII
| Q1 26 | — | -2.8% | ||
| Q4 25 | 1.1% | -15.8% | ||
| Q3 25 | 1.3% | -0.9% | ||
| Q2 25 | 1.2% | -4.3% | ||
| Q1 25 | 0.9% | -4.3% | ||
| Q4 24 | 1.2% | 0.6% | ||
| Q3 24 | 2.1% | 1.6% | ||
| Q2 24 | 2.0% | 3.5% |
每股收益（稀释后）GLPPII
| Q1 26 | — | $-0.83 | ||
| Q4 25 | — | $-5.34 | ||
| Q3 25 | — | $-0.28 | ||
| Q2 25 | — | $-1.39 | ||
| Q1 25 | — | $-1.17 | ||
| Q4 24 | — | $0.18 | ||
| Q3 24 | — | $0.49 | ||
| Q2 24 | — | $1.21 |
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 | — | $282.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | — | $750.4M |
| 总资产 | $3.9B | $5.2B |
| 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GLPPII
| Q1 26 | — | $282.0M | ||
| Q4 25 | — | $138.0M | ||
| Q3 25 | — | $335.5M | ||
| Q2 25 | — | $324.3M | ||
| Q1 25 | — | $291.7M | ||
| Q4 24 | — | $287.8M | ||
| Q3 24 | — | $291.3M | ||
| Q2 24 | — | $322.7M |
总债务GLPPII
| Q1 26 | — | — | ||
| Q4 25 | — | $1.5B | ||
| Q3 25 | — | $1.3B | ||
| Q2 25 | — | $1.4B | ||
| Q1 25 | — | $1.6B | ||
| Q4 24 | — | $1.6B | ||
| Q3 24 | — | $1.7B | ||
| Q2 24 | — | $2.1B |
股东权益GLPPII
| Q1 26 | — | $750.4M | ||
| Q4 25 | — | $828.4M | ||
| Q3 25 | — | $1.1B | ||
| Q2 25 | — | $1.2B | ||
| Q1 25 | — | $1.2B | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | — | $1.3B | ||
| Q2 24 | — | $1.3B |
总资产GLPPII
| Q1 26 | — | $5.2B | ||
| Q4 25 | $3.9B | $4.9B | ||
| Q3 25 | $3.7B | $5.3B | ||
| Q2 25 | $3.8B | $5.4B | ||
| Q1 25 | $3.8B | $5.5B | ||
| Q4 24 | $3.8B | $5.5B | ||
| Q3 24 | $3.7B | $5.6B | ||
| Q2 24 | $3.8B | $5.7B |
负债/权益比GLPPII
| Q1 26 | — | — | ||
| Q4 25 | — | 1.82× | ||
| Q3 25 | — | 1.13× | ||
| Q2 25 | — | 1.17× | ||
| Q1 25 | — | 1.32× | ||
| Q4 24 | — | 1.27× | ||
| Q3 24 | — | 1.29× | ||
| Q2 24 | — | 1.56× |
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 | $-342.5M |
| 自由现金流率自由现金流/营收 | 2.8% | -20.6% |
| 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 | $168.0M |
8季度趋势，按日历期对齐
经营现金流GLPPII
| Q1 26 | — | — | ||
| Q4 25 | $101.0M | $178.7M | ||
| Q3 25 | $19.0M | $158.8M | ||
| Q2 25 | $216.3M | $320.3M | ||
| Q1 25 | $-51.6M | $83.2M | ||
| Q4 24 | $67.2M | $206.3M | ||
| Q3 24 | $122.7M | $21.0M | ||
| Q2 24 | $24.3M | $146.3M |
自由现金流GLPPII
| Q1 26 | — | $-342.5M | ||
| Q4 25 | $62.2M | $114.0M | ||
| Q3 25 | $-678.0K | $116.7M | ||
| Q2 25 | $201.3M | $279.8M | ||
| Q1 25 | $-69.5M | $47.6M | ||
| Q4 24 | $20.4M | $137.3M | ||
| Q3 24 | $98.4M | $-32.4M | ||
| Q2 24 | $8.7M | $79.1M |
自由现金流率GLPPII
| Q1 26 | — | -20.6% | ||
| Q4 25 | 2.8% | 5.9% | ||
| Q3 25 | -0.0% | 6.3% | ||
| Q2 25 | 9.7% | 15.1% | ||
| Q1 25 | -3.2% | 3.1% | ||
| Q4 24 | 1.0% | 7.8% | ||
| Q3 24 | 4.6% | -1.9% | ||
| Q2 24 | 0.4% | 4.0% |
资本支出强度GLPPII
| Q1 26 | — | — | ||
| Q4 25 | 1.8% | 3.4% | ||
| Q3 25 | 0.9% | 2.3% | ||
| Q2 25 | 0.7% | 2.2% | ||
| Q1 25 | 0.8% | 2.3% | ||
| Q4 24 | 2.3% | 3.9% | ||
| Q3 24 | 1.1% | 3.1% | ||
| Q2 24 | 0.7% | 3.4% |
现金转化率GLPPII
| Q1 26 | — | — | ||
| Q4 25 | 4.03× | — | ||
| Q3 25 | 0.66× | — | ||
| Q2 25 | 8.58× | — | ||
| Q1 25 | -2.76× | — | ||
| Q4 24 | 2.82× | 19.46× | ||
| Q3 24 | 2.67× | 0.76× | ||
| Q2 24 | 0.53× | 2.13× |
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% |
PII
暂无分部数据
