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GLOBAL PARTNERS LP（GLP）与PPL Corporation（PPL）财务数据对比。点击上方公司名可切换其他公司
PPL Corporation的季度营收约是GLOBAL PARTNERS LP的1.1倍（$2.3B vs $2.2B），PPL Corporation净利率更高（11.3% vs 1.1%，领先10.2%），PPL Corporation同比增速更快（7.2% vs 7.0%），GLOBAL PARTNERS LP自由现金流更多（$62.2M vs $-614.0M），过去两年PPL Corporation的营收复合增速更高（1.0% 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。
PPL公司是总部位于美国宾夕法尼亚州的能源公用事业控股企业，为宾州、肯塔基州、罗德岛州约350万居民及工商业用户提供电力与天然气供应服务，核心业务方向包括电网现代化升级、清洁能源转型、高可靠性可持续能源服务供给。
GLP vs PPL — 直观对比
营收规模更大
PPL
是对方的1.1倍
$2.2B
营收增速更快
PPL
高出0.2%
7.0%
净利率更高
PPL
高出10.2%
1.1%
自由现金流更多
GLP
多$676.2M
$-614.0M
两年增速更快
PPL
近两年复合增速
0.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $2.3B |
| 净利润 | $25.1M | $266.0M |
| 毛利率 | 11.9% | — |
| 营业利润率 | 2.6% | 20.3% |
| 净利率 | 1.1% | 11.3% |
| 营收同比 | 7.0% | 7.2% |
| 净利润同比 | 5.0% | 50.3% |
| 每股收益（稀释后） | — | $0.35 |
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GLPPPL
| Q4 25 | $2.2B | $2.3B | ||
| Q3 25 | $2.2B | $2.2B | ||
| Q2 25 | $2.1B | $2.0B | ||
| Q1 25 | $2.2B | $2.5B | ||
| Q4 24 | $2.1B | $2.2B | ||
| Q3 24 | $2.1B | $2.1B | ||
| Q2 24 | $2.3B | $1.9B | ||
| Q1 24 | $2.2B | $2.3B |
净利润GLPPPL
| Q4 25 | $25.1M | $266.0M | ||
| Q3 25 | $29.0M | $318.0M | ||
| Q2 25 | $25.2M | $183.0M | ||
| Q1 25 | $18.7M | $414.0M | ||
| Q4 24 | $23.9M | $177.0M | ||
| Q3 24 | $45.9M | $214.0M | ||
| Q2 24 | $46.1M | $190.0M | ||
| Q1 24 | $-5.6M | $307.0M |
毛利率GLPPPL
| 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GLPPPL
| Q4 25 | 2.6% | 20.3% | ||
| Q3 25 | 2.7% | 25.4% | ||
| Q2 25 | 2.9% | 19.9% | ||
| Q1 25 | 2.6% | 26.6% | ||
| Q4 24 | 2.8% | 17.2% | ||
| Q3 24 | 3.9% | 20.6% | ||
| Q2 24 | 3.7% | 20.8% | ||
| Q1 24 | 1.2% | 23.7% |
净利率GLPPPL
| Q4 25 | 1.1% | 11.3% | ||
| Q3 25 | 1.3% | 14.2% | ||
| Q2 25 | 1.2% | 9.0% | ||
| Q1 25 | 0.9% | 16.3% | ||
| Q4 24 | 1.2% | 8.1% | ||
| Q3 24 | 2.1% | 10.3% | ||
| Q2 24 | 2.0% | 10.1% | ||
| Q1 24 | -0.3% | 13.3% |
每股收益（稀释后）GLPPPL
| Q4 25 | — | $0.35 | ||
| Q3 25 | — | $0.43 | ||
| Q2 25 | — | $0.25 | ||
| Q1 25 | — | $0.56 | ||
| Q4 24 | — | $0.23 | ||
| Q3 24 | — | $0.29 | ||
| Q2 24 | — | $0.26 | ||
| Q1 24 | — | $0.42 |
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 | — | $1.1B |
| 总债务越低越好 | — | $18.9B |
| 股东权益账面价值 | — | $14.9B |
| 总资产 | $3.9B | $45.2B |
| 负债/权益比越低杠杆越低 | — | 1.27× |
8季度趋势，按日历期对齐
现金及短期投资GLPPPL
| Q4 25 | — | $1.1B | ||
| Q3 25 | — | $1.1B | ||
| Q2 25 | — | $294.0M | ||
| Q1 25 | — | $312.0M | ||
| Q4 24 | — | $306.0M | ||
| Q3 24 | — | $542.0M | ||
| Q2 24 | — | $282.0M | ||
| Q1 24 | — | $276.0M |
总债务GLPPPL
| Q4 25 | — | $18.9B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $16.5B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益GLPPPL
| Q4 25 | — | $14.9B | ||
| Q3 25 | — | $14.4B | ||
| Q2 25 | — | $14.3B | ||
| Q1 25 | — | $14.3B | ||
| Q4 24 | — | $14.1B | ||
| Q3 24 | — | $14.1B | ||
| Q2 24 | — | $14.1B | ||
| Q1 24 | — | $14.1B |
总资产GLPPPL
| Q4 25 | $3.9B | $45.2B | ||
| Q3 25 | $3.7B | $43.9B | ||
| Q2 25 | $3.8B | $42.4B | ||
| Q1 25 | $3.8B | $41.8B | ||
| Q4 24 | $3.8B | $41.1B | ||
| Q3 24 | $3.7B | $40.5B | ||
| Q2 24 | $3.8B | $39.8B | ||
| Q1 24 | $3.5B | $39.6B |
负债/权益比GLPPPL
| Q4 25 | — | 1.27× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.17× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $548.0M |
| 自由现金流经营现金流 - 资本支出 | $62.2M | $-614.0M |
| 自由现金流率自由现金流/营收 | 2.8% | -26.1% |
| 资本支出强度资本支出/营收 | 1.8% | 49.5% |
| 现金转化率经营现金流/净利润 | 4.03× | 2.06× |
| 过去12个月自由现金流最近4个季度 | $193.3M | $-1.4B |
8季度趋势，按日历期对齐
经营现金流GLPPPL
| Q4 25 | $101.0M | $548.0M | ||
| Q3 25 | $19.0M | $966.0M | ||
| Q2 25 | $216.3M | $602.0M | ||
| Q1 25 | $-51.6M | $513.0M | ||
| Q4 24 | $67.2M | $511.0M | ||
| Q3 24 | $122.7M | $781.0M | ||
| Q2 24 | $24.3M | $766.0M | ||
| Q1 24 | $-182.7M | $282.0M |
自由现金流GLPPPL
| Q4 25 | $62.2M | $-614.0M | ||
| Q3 25 | $-678.0K | $-179.0M | ||
| Q2 25 | $201.3M | $-328.0M | ||
| Q1 25 | $-69.5M | $-280.0M | ||
| Q4 24 | $20.4M | $-349.0M | ||
| Q3 24 | $98.4M | $102.0M | ||
| Q2 24 | $8.7M | $96.0M | ||
| Q1 24 | $-199.3M | $-314.0M |
自由现金流率GLPPPL
| Q4 25 | 2.8% | -26.1% | ||
| Q3 25 | -0.0% | -8.0% | ||
| Q2 25 | 9.7% | -16.1% | ||
| Q1 25 | -3.2% | -11.0% | ||
| Q4 24 | 1.0% | -15.9% | ||
| Q3 24 | 4.6% | 4.9% | ||
| Q2 24 | 0.4% | 5.1% | ||
| Q1 24 | -9.0% | -13.6% |
资本支出强度GLPPPL
| Q4 25 | 1.8% | 49.5% | ||
| Q3 25 | 0.9% | 51.2% | ||
| Q2 25 | 0.7% | 45.6% | ||
| Q1 25 | 0.8% | 31.2% | ||
| Q4 24 | 2.3% | 39.3% | ||
| Q3 24 | 1.1% | 32.7% | ||
| Q2 24 | 0.7% | 35.8% | ||
| Q1 24 | 0.8% | 25.9% |
现金转化率GLPPPL
| Q4 25 | 4.03× | 2.06× | ||
| Q3 25 | 0.66× | 3.04× | ||
| Q2 25 | 8.58× | 3.29× | ||
| Q1 25 | -2.76× | 1.24× | ||
| Q4 24 | 2.82× | 2.89× | ||
| Q3 24 | 2.67× | 3.65× | ||
| Q2 24 | 0.53× | 4.03× | ||
| Q1 24 | — | 0.92× |
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% |
PPL
| Rhode Island Regulated | $539.0M | 23% |
| Other | $532.0M | 23% |
| Residential | $451.0M | 19% |
| Nonrelated Party | $425.0M | 18% |
| Transmission | $228.0M | 10% |
| Commercial | $117.0M | 5% |
| Wholesale Other | $23.0M | 1% |
| Industrial | $14.0M | 1% |
| Related Party | $13.0M | 1% |
| Wholesale Municipal | $6.0M | 0% |
