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GLOBAL PARTNERS LP（GLP）与QVC Group, Inc.（QVCGA）财务数据对比。点击上方公司名可切换其他公司
QVC Group, Inc.的季度营收约是GLOBAL PARTNERS LP的1.2倍（$2.7B vs $2.2B），GLOBAL PARTNERS LP净利率更高（1.1% vs -1.4%，领先2.5%），GLOBAL PARTNERS LP同比增速更快（7.0% vs -9.1%），QVC Group, Inc.自由现金流更多（$191.0M vs $62.2M），过去两年QVC Group, Inc.的营收复合增速更高（6.9% 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。
QVC集团是一家美国媒体 conglomerate 企业，由董事长约翰·C·马龙控制，马龙持有该公司多数具有投票权的股份，主营媒体相关业务，是美国本土颇具影响力的传媒集团。
GLP vs QVCGA — 直观对比
营收规模更大
QVCGA
是对方的1.2倍
$2.2B
营收增速更快
GLP
高出16.1%
-9.1%
净利率更高
GLP
高出2.5%
-1.4%
自由现金流更多
QVCGA
多$128.8M
$62.2M
两年增速更快
QVCGA
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 | $-37.0M |
| 毛利率 | 11.9% | 32.9% |
| 营业利润率 | 2.6% | 3.7% |
| 净利率 | 1.1% | -1.4% |
| 营收同比 | 7.0% | -9.1% |
| 净利润同比 | 5.0% | 97.1% |
| 每股收益（稀释后） | — | $-17.37 |
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GLPQVCGA
| Q4 25 | $2.2B | $2.7B | ||
| Q3 25 | $2.2B | $2.2B | ||
| Q2 25 | $2.1B | $2.2B | ||
| Q1 25 | $2.2B | $2.1B | ||
| Q4 24 | $2.1B | $2.9B | ||
| Q3 24 | $2.1B | $2.3B | ||
| Q2 24 | $2.3B | $2.4B | ||
| Q1 24 | $2.2B | $2.3B |
净利润GLPQVCGA
| Q4 25 | $25.1M | $-37.0M | ||
| Q3 25 | $29.0M | $-80.0M | ||
| Q2 25 | $25.2M | $-2.2B | ||
| Q1 25 | $18.7M | $-100.0M | ||
| Q4 24 | $23.9M | $-1.3B | ||
| Q3 24 | $45.9M | $-23.0M | ||
| Q2 24 | $46.1M | $20.0M | ||
| Q1 24 | $-5.6M | $-1.0M |
毛利率GLPQVCGA
| Q4 25 | 11.9% | 32.9% | ||
| Q3 25 | 12.1% | 34.0% | ||
| Q2 25 | 13.1% | 36.4% | ||
| Q1 25 | 11.7% | 34.2% | ||
| Q4 24 | 13.0% | 33.3% | ||
| Q3 24 | 13.4% | 35.3% | ||
| Q2 24 | 12.6% | 36.4% | ||
| Q1 24 | 9.8% | 35.5% |
营业利润率GLPQVCGA
| Q4 25 | 2.6% | 3.7% | ||
| Q3 25 | 2.7% | 2.7% | ||
| Q2 25 | 2.9% | -101.6% | ||
| Q1 25 | 2.6% | 0.7% | ||
| Q4 24 | 2.8% | -43.2% | ||
| Q3 24 | 3.9% | 6.5% | ||
| Q2 24 | 3.7% | 6.9% | ||
| Q1 24 | 1.2% | 6.2% |
净利率GLPQVCGA
| Q4 25 | 1.1% | -1.4% | ||
| Q3 25 | 1.3% | -3.6% | ||
| Q2 25 | 1.2% | -99.4% | ||
| Q1 25 | 0.9% | -4.8% | ||
| Q4 24 | 1.2% | -43.7% | ||
| Q3 24 | 2.1% | -1.0% | ||
| Q2 24 | 2.0% | 0.8% | ||
| Q1 24 | -0.3% | -0.0% |
每股收益（稀释后）GLPQVCGA
| Q4 25 | — | $-17.37 | ||
| Q3 25 | — | $-9.89 | ||
| Q2 25 | — | $-275.46 | ||
| Q1 25 | — | $-0.25 | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $-0.06 | ||
| Q2 24 | — | $2.57 | ||
| Q1 24 | — | — |
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 | — | $2.0B |
| 总债务越低越好 | — | $790.0M |
| 股东权益账面价值 | — | $-3.1B |
| 总资产 | $3.9B | $7.6B |
| 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GLPQVCGA
| Q4 25 | — | $2.0B | ||
| Q3 25 | — | $1.8B | ||
| Q2 25 | — | $897.0M | ||
| Q1 25 | — | $833.0M | ||
| Q4 24 | — | $905.0M | ||
| Q3 24 | — | $873.0M | ||
| Q2 24 | — | $1.2B | ||
| Q1 24 | — | $1.1B |
总债务GLPQVCGA
| Q4 25 | — | $790.0M | ||
| Q3 25 | — | $5.9B | ||
| Q2 25 | — | $4.9B | ||
| Q1 25 | — | $5.0B | ||
| Q4 24 | — | $4.1B | ||
| Q3 24 | — | $5.1B | ||
| Q2 24 | — | $5.3B | ||
| Q1 24 | — | $5.5B |
股东权益GLPQVCGA
| Q4 25 | — | $-3.1B | ||
| Q3 25 | — | $-3.1B | ||
| Q2 25 | — | $-3.0B | ||
| Q1 25 | — | $-981.0M | ||
| Q4 24 | — | $-971.0M | ||
| Q3 24 | — | $397.0M | ||
| Q2 24 | — | $328.0M | ||
| Q1 24 | — | $255.0M |
总资产GLPQVCGA
| Q4 25 | $3.9B | $7.6B | ||
| Q3 25 | $3.7B | $7.6B | ||
| Q2 25 | $3.8B | $6.7B | ||
| Q1 25 | $3.8B | $9.0B | ||
| Q4 24 | $3.8B | $9.2B | ||
| Q3 24 | $3.7B | $10.8B | ||
| Q2 24 | $3.8B | $10.9B | ||
| Q1 24 | $3.5B | $11.0B |
负债/权益比GLPQVCGA
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 12.74× | ||
| Q2 24 | — | 16.28× | ||
| Q1 24 | — | 21.53× |
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 | $244.0M |
| 自由现金流经营现金流 - 资本支出 | $62.2M | $191.0M |
| 自由现金流率自由现金流/营收 | 2.8% | 7.1% |
| 资本支出强度资本支出/营收 | 1.8% | 2.0% |
| 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 | $118.0M |
8季度趋势，按日历期对齐
经营现金流GLPQVCGA
| Q4 25 | $101.0M | $244.0M | ||
| Q3 25 | $19.0M | $4.0M | ||
| Q2 25 | $216.3M | $86.0M | ||
| Q1 25 | $-51.6M | $-60.0M | ||
| Q4 24 | $67.2M | $212.0M | ||
| Q3 24 | $122.7M | $20.0M | ||
| Q2 24 | $24.3M | $267.0M | ||
| Q1 24 | $-182.7M | $26.0M |
自由现金流GLPQVCGA
| Q4 25 | $62.2M | $191.0M | ||
| Q3 25 | $-678.0K | $-27.0M | ||
| Q2 25 | $201.3M | $48.0M | ||
| Q1 25 | $-69.5M | $-94.0M | ||
| Q4 24 | $20.4M | $150.0M | ||
| Q3 24 | $98.4M | $-23.0M | ||
| Q2 24 | $8.7M | $213.0M | ||
| Q1 24 | $-199.3M | $-14.0M |
自由现金流率GLPQVCGA
| Q4 25 | 2.8% | 7.1% | ||
| Q3 25 | -0.0% | -1.2% | ||
| Q2 25 | 9.7% | 2.1% | ||
| Q1 25 | -3.2% | -4.5% | ||
| Q4 24 | 1.0% | 5.1% | ||
| Q3 24 | 4.6% | -1.0% | ||
| Q2 24 | 0.4% | 8.8% | ||
| Q1 24 | -9.0% | -0.6% |
资本支出强度GLPQVCGA
| Q4 25 | 1.8% | 2.0% | ||
| Q3 25 | 0.9% | 1.4% | ||
| Q2 25 | 0.7% | 1.7% | ||
| Q1 25 | 0.8% | 1.6% | ||
| Q4 24 | 2.3% | 2.1% | ||
| Q3 24 | 1.1% | 1.8% | ||
| Q2 24 | 0.7% | 2.2% | ||
| Q1 24 | 0.8% | 1.7% |
现金转化率GLPQVCGA
| Q4 25 | 4.03× | — | ||
| Q3 25 | 0.66× | — | ||
| Q2 25 | 8.58× | — | ||
| Q1 25 | -2.76× | — | ||
| Q4 24 | 2.82× | — | ||
| Q3 24 | 2.67× | — | ||
| Q2 24 | 0.53× | 13.35× | ||
| 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% |
QVCGA
| Other | $915.0M | 34% |
| Home | $754.0M | 28% |
| Beauty | $260.0M | 10% |
| Apparel | $254.0M | 9% |
| Electronics | $187.0M | 7% |
| Accessories | $181.0M | 7% |
| Jewelry | $87.0M | 3% |
| Manufactured Product Other | $38.0M | 1% |
