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GLOBAL PARTNERS LP（GLP）与Primoris Services Corp（PRIM）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Primoris Services Corp的1.2倍（$2.2B vs $1.9B），Primoris Services Corp净利率更高（2.8% vs 1.1%，领先1.7%），GLOBAL PARTNERS LP同比增速更快（7.0% vs 6.7%），Primoris Services Corp自由现金流更多（$121.1M vs $62.2M），过去两年Primoris Services Corp的营收复合增速更高（14.7% 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。
Primoris Services Corp是总部位于美国的上市专业基建与工程建设企业，核心业务覆盖天然气管道、污水管网及供水管道建设领域，2014年入选《财富》1000强榜单，在北美能源及民生基建领域拥有丰富的项目运营经验。
GLP vs PRIM — 直观对比
营收规模更大
GLP
是对方的1.2倍
$1.9B
营收增速更快
GLP
高出0.3%
6.7%
净利率更高
PRIM
高出1.7%
1.1%
自由现金流更多
PRIM
多$58.9M
$62.2M
两年增速更快
PRIM
近两年复合增速
0.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $1.9B |
| 净利润 | $25.1M | $51.7M |
| 毛利率 | 11.9% | 9.4% |
| 营业利润率 | 2.6% | 4.2% |
| 净利率 | 1.1% | 2.8% |
| 营收同比 | 7.0% | 6.7% |
| 净利润同比 | 5.0% | -4.2% |
| 每股收益（稀释后） | — | $0.94 |
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GLPPRIM
| Q4 25 | $2.2B | $1.9B | ||
| Q3 25 | $2.2B | $2.2B | ||
| Q2 25 | $2.1B | $1.9B | ||
| Q1 25 | $2.2B | $1.6B | ||
| Q4 24 | $2.1B | $1.7B | ||
| Q3 24 | $2.1B | $1.6B | ||
| Q2 24 | $2.3B | $1.6B | ||
| Q1 24 | $2.2B | $1.4B |
净利润GLPPRIM
| Q4 25 | $25.1M | $51.7M | ||
| Q3 25 | $29.0M | $94.6M | ||
| Q2 25 | $25.2M | $84.3M | ||
| Q1 25 | $18.7M | $44.2M | ||
| Q4 24 | $23.9M | $54.0M | ||
| Q3 24 | $45.9M | $58.4M | ||
| Q2 24 | $46.1M | $49.5M | ||
| Q1 24 | $-5.6M | $18.9M |
毛利率GLPPRIM
| Q4 25 | 11.9% | 9.4% | ||
| Q3 25 | 12.1% | 10.8% | ||
| Q2 25 | 13.1% | 12.3% | ||
| Q1 25 | 11.7% | 10.4% | ||
| Q4 24 | 13.0% | 10.6% | ||
| Q3 24 | 13.4% | 12.0% | ||
| Q2 24 | 12.6% | 11.9% | ||
| Q1 24 | 9.8% | 9.4% |
营业利润率GLPPRIM
| Q4 25 | 2.6% | 4.2% | ||
| Q3 25 | 2.7% | 6.3% | ||
| Q2 25 | 2.9% | 6.7% | ||
| Q1 25 | 2.6% | 4.3% | ||
| Q4 24 | 2.8% | 5.0% | ||
| Q3 24 | 3.9% | 6.0% | ||
| Q2 24 | 3.7% | 5.5% | ||
| Q1 24 | 1.2% | 3.1% |
净利率GLPPRIM
| Q4 25 | 1.1% | 2.8% | ||
| Q3 25 | 1.3% | 4.3% | ||
| Q2 25 | 1.2% | 4.5% | ||
| Q1 25 | 0.9% | 2.7% | ||
| Q4 24 | 1.2% | 3.1% | ||
| Q3 24 | 2.1% | 3.5% | ||
| Q2 24 | 2.0% | 3.2% | ||
| Q1 24 | -0.3% | 1.3% |
每股收益（稀释后）GLPPRIM
| Q4 25 | — | $0.94 | ||
| Q3 25 | — | $1.73 | ||
| Q2 25 | — | $1.54 | ||
| Q1 25 | — | $0.81 | ||
| Q4 24 | — | $0.98 | ||
| Q3 24 | — | $1.07 | ||
| Q2 24 | — | $0.91 | ||
| Q1 24 | — | $0.35 |
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 | — | $535.5M |
| 总债务越低越好 | — | $469.9M |
| 股东权益账面价值 | — | $1.7B |
| 总资产 | $3.9B | $4.4B |
| 负债/权益比越低杠杆越低 | — | 0.28× |
8季度趋势，按日历期对齐
现金及短期投资GLPPRIM
| Q4 25 | — | $535.5M | ||
| Q3 25 | — | $431.4M | ||
| Q2 25 | — | $390.3M | ||
| Q1 25 | — | $351.6M | ||
| Q4 24 | — | $455.8M | ||
| Q3 24 | — | $352.7M | ||
| Q2 24 | — | $207.4M | ||
| Q1 24 | — | $177.6M |
总债务GLPPRIM
| Q4 25 | — | $469.9M | ||
| Q3 25 | — | $486.0M | ||
| Q2 25 | — | $603.1M | ||
| Q1 25 | — | $612.0M | ||
| Q4 24 | — | $734.8M | ||
| Q3 24 | — | $903.7M | ||
| Q2 24 | — | $933.0M | ||
| Q1 24 | — | $951.7M |
股东权益GLPPRIM
| Q4 25 | — | $1.7B | ||
| Q3 25 | — | $1.6B | ||
| Q2 25 | — | $1.5B | ||
| Q1 25 | — | $1.4B | ||
| Q4 24 | — | $1.4B | ||
| Q3 24 | — | $1.4B | ||
| Q2 24 | — | $1.3B | ||
| Q1 24 | — | $1.2B |
总资产GLPPRIM
| Q4 25 | $3.9B | $4.4B | ||
| Q3 25 | $3.7B | $4.6B | ||
| Q2 25 | $3.8B | $4.5B | ||
| Q1 25 | $3.8B | $4.2B | ||
| Q4 24 | $3.8B | $4.2B | ||
| Q3 24 | $3.7B | $4.2B | ||
| Q2 24 | $3.8B | $4.0B | ||
| Q1 24 | $3.5B | $4.0B |
负债/权益比GLPPRIM
| Q4 25 | — | 0.28× | ||
| Q3 25 | — | 0.30× | ||
| Q2 25 | — | 0.39× | ||
| Q1 25 | — | 0.42× | ||
| Q4 24 | — | 0.52× | ||
| Q3 24 | — | 0.67× | ||
| Q2 24 | — | 0.72× | ||
| Q1 24 | — | 0.76× |
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 | $142.9M |
| 自由现金流经营现金流 - 资本支出 | $62.2M | $121.1M |
| 自由现金流率自由现金流/营收 | 2.8% | 6.5% |
| 资本支出强度资本支出/营收 | 1.8% | 1.2% |
| 现金转化率经营现金流/净利润 | 4.03× | 2.76× |
| 过去12个月自由现金流最近4个季度 | $193.3M | $340.5M |
8季度趋势，按日历期对齐
经营现金流GLPPRIM
| Q4 25 | $101.0M | $142.9M | ||
| Q3 25 | $19.0M | $182.9M | ||
| Q2 25 | $216.3M | $78.5M | ||
| Q1 25 | $-51.6M | $66.2M | ||
| Q4 24 | $67.2M | $298.3M | ||
| Q3 24 | $122.7M | $222.5M | ||
| Q2 24 | $24.3M | $16.1M | ||
| Q1 24 | $-182.7M | $-28.5M |
自由现金流GLPPRIM
| Q4 25 | $62.2M | $121.1M | ||
| Q3 25 | $-678.0K | $148.4M | ||
| Q2 25 | $201.3M | $45.3M | ||
| Q1 25 | $-69.5M | $25.6M | ||
| Q4 24 | $20.4M | $270.0M | ||
| Q3 24 | $98.4M | $158.8M | ||
| Q2 24 | $8.7M | $-8.1M | ||
| Q1 24 | $-199.3M | $-38.9M |
自由现金流率GLPPRIM
| Q4 25 | 2.8% | 6.5% | ||
| Q3 25 | -0.0% | 6.8% | ||
| Q2 25 | 9.7% | 2.4% | ||
| Q1 25 | -3.2% | 1.6% | ||
| Q4 24 | 1.0% | 15.5% | ||
| Q3 24 | 4.6% | 9.6% | ||
| Q2 24 | 0.4% | -0.5% | ||
| Q1 24 | -9.0% | -2.8% |
资本支出强度GLPPRIM
| Q4 25 | 1.8% | 1.2% | ||
| Q3 25 | 0.9% | 1.6% | ||
| Q2 25 | 0.7% | 1.8% | ||
| Q1 25 | 0.8% | 2.5% | ||
| Q4 24 | 2.3% | 1.6% | ||
| Q3 24 | 1.1% | 3.9% | ||
| Q2 24 | 0.7% | 1.5% | ||
| Q1 24 | 0.8% | 0.7% |
现金转化率GLPPRIM
| Q4 25 | 4.03× | 2.76× | ||
| Q3 25 | 0.66× | 1.93× | ||
| Q2 25 | 8.58× | 0.93× | ||
| Q1 25 | -2.76× | 1.50× | ||
| Q4 24 | 2.82× | 5.53× | ||
| Q3 24 | 2.67× | 3.81× | ||
| Q2 24 | 0.53× | 0.32× | ||
| Q1 24 | — | -1.50× |
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% |
PRIM
| Energy Segment | $1.2B | 64% |
| Unit Price Contracts | $473.7M | 25% |
| Cost Reimbursable Contracts | $121.3M | 7% |
| Other | $74.9M | 4% |
