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GLOBAL PARTNERS LP（GLP）与利氏兄弟拍卖行（RBA）财务数据对比。点击上方公司名可切换其他公司
GLOBAL PARTNERS LP的季度营收约是利氏兄弟拍卖行的1.8倍（$2.2B vs $1.2B），利氏兄弟拍卖行净利率更高（9.1% vs 1.1%，领先8.0%），GLOBAL PARTNERS LP同比增速更快（7.0% vs 5.4%），利氏兄弟拍卖行自由现金流更多（$186.5M vs $62.2M），过去两年利氏兄弟拍卖行的营收复合增速更高（6.3% 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。
利氏兄弟拍卖行（股票代码RBA）是全球知名的工业资产拍卖服务商，注册地位于加拿大，属公开上市企业，总部设在美国伊利诺伊州韦斯特切斯特，普通股同时在多伦多证券交易所与纽约证券交易所挂牌交易。
GLP vs RBA — 直观对比
营收规模更大
GLP
是对方的1.8倍
$1.2B
营收增速更快
GLP
高出1.6%
5.4%
净利率更高
RBA
高出8.0%
1.1%
自由现金流更多
RBA
多$124.3M
$62.2M
两年增速更快
RBA
近两年复合增速
0.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $1.2B |
| 净利润 | $25.1M | $109.7M |
| 毛利率 | 11.9% | — |
| 营业利润率 | 2.6% | 14.7% |
| 净利率 | 1.1% | 9.1% |
| 营收同比 | 7.0% | 5.4% |
| 净利润同比 | 5.0% | -7.4% |
| 每股收益（稀释后） | — | $0.53 |
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GLPRBA
| Q4 25 | $2.2B | $1.2B | ||
| Q3 25 | $2.2B | $1.1B | ||
| Q2 25 | $2.1B | $1.2B | ||
| Q1 25 | $2.2B | $1.1B | ||
| Q4 24 | $2.1B | $1.1B | ||
| Q3 24 | $2.1B | $981.8M | ||
| Q2 24 | $2.3B | $1.1B | ||
| Q1 24 | $2.2B | $1.1B |
净利润GLPRBA
| Q4 25 | $25.1M | $109.7M | ||
| Q3 25 | $29.0M | $95.5M | ||
| Q2 25 | $25.2M | $109.8M | ||
| Q1 25 | $18.7M | $113.4M | ||
| Q4 24 | $23.9M | $118.5M | ||
| Q3 24 | $45.9M | $76.1M | ||
| Q2 24 | $46.1M | $111.1M | ||
| Q1 24 | $-5.6M | $107.4M |
毛利率GLPRBA
| 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GLPRBA
| Q4 25 | 2.6% | 14.7% | ||
| Q3 25 | 2.7% | 14.5% | ||
| Q2 25 | 2.9% | 15.9% | ||
| Q1 25 | 2.6% | 17.1% | ||
| Q4 24 | 2.8% | 18.1% | ||
| Q3 24 | 3.9% | 15.6% | ||
| Q2 24 | 3.7% | 18.4% | ||
| Q1 24 | 1.2% | 18.7% |
净利率GLPRBA
| Q4 25 | 1.1% | 9.1% | ||
| Q3 25 | 1.3% | 8.7% | ||
| Q2 25 | 1.2% | 9.3% | ||
| Q1 25 | 0.9% | 10.2% | ||
| Q4 24 | 1.2% | 10.4% | ||
| Q3 24 | 2.1% | 7.8% | ||
| Q2 24 | 2.0% | 10.1% | ||
| Q1 24 | -0.3% | 10.1% |
每股收益（稀释后）GLPRBA
| Q4 25 | — | $0.53 | ||
| Q3 25 | — | $0.43 | ||
| Q2 25 | — | $0.53 | ||
| Q1 25 | — | $0.55 | ||
| Q4 24 | — | $0.58 | ||
| Q3 24 | — | $0.36 | ||
| Q2 24 | — | $0.54 | ||
| Q1 24 | — | $0.53 |
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 | — | $531.5M |
| 总债务越低越好 | — | $2.3B |
| 股东权益账面价值 | — | $5.6B |
| 总资产 | $3.9B | $12.1B |
| 负债/权益比越低杠杆越低 | — | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资GLPRBA
| Q4 25 | — | $531.5M | ||
| Q3 25 | — | $674.7M | ||
| Q2 25 | — | $710.2M | ||
| Q1 25 | — | $578.1M | ||
| Q4 24 | — | $533.9M | ||
| Q3 24 | — | $650.7M | ||
| Q2 24 | — | $599.5M | ||
| Q1 24 | — | $462.8M |
总债务GLPRBA
| Q4 25 | — | $2.3B | ||
| Q3 25 | — | $2.6B | ||
| Q2 25 | — | $2.6B | ||
| Q1 25 | — | $2.6B | ||
| Q4 24 | — | $2.6B | ||
| Q3 24 | — | $2.7B | ||
| Q2 24 | — | $2.8B | ||
| Q1 24 | — | $2.9B |
股东权益GLPRBA
| Q4 25 | — | $5.6B | ||
| Q3 25 | — | $5.5B | ||
| Q2 25 | — | $5.5B | ||
| Q1 25 | — | $5.3B | ||
| Q4 24 | — | $5.2B | ||
| Q3 24 | — | $5.2B | ||
| Q2 24 | — | $5.2B | ||
| Q1 24 | — | $5.1B |
总资产GLPRBA
| Q4 25 | $3.9B | $12.1B | ||
| Q3 25 | $3.7B | $12.2B | ||
| Q2 25 | $3.8B | $12.2B | ||
| Q1 25 | $3.8B | $11.9B | ||
| Q4 24 | $3.8B | $11.8B | ||
| Q3 24 | $3.7B | $11.9B | ||
| Q2 24 | $3.8B | $12.1B | ||
| Q1 24 | $3.5B | $12.0B |
负债/权益比GLPRBA
| Q4 25 | — | 0.42× | ||
| Q3 25 | — | 0.47× | ||
| Q2 25 | — | 0.47× | ||
| Q1 25 | — | 0.50× | ||
| Q4 24 | — | 0.50× | ||
| Q3 24 | — | 0.52× | ||
| Q2 24 | — | 0.55× | ||
| Q1 24 | — | 0.58× |
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 | $255.2M |
| 自由现金流经营现金流 - 资本支出 | $62.2M | $186.5M |
| 自由现金流率自由现金流/营收 | 2.8% | 15.5% |
| 资本支出强度资本支出/营收 | 1.8% | 5.7% |
| 现金转化率经营现金流/净利润 | 4.03× | 2.33× |
| 过去12个月自由现金流最近4个季度 | $193.3M | $719.2M |
8季度趋势，按日历期对齐
经营现金流GLPRBA
| Q4 25 | $101.0M | $255.2M | ||
| Q3 25 | $19.0M | $239.7M | ||
| Q2 25 | $216.3M | $326.5M | ||
| Q1 25 | $-51.6M | $156.8M | ||
| Q4 24 | $67.2M | $184.5M | ||
| Q3 24 | $122.7M | $285.4M | ||
| Q2 24 | $24.3M | $337.3M | ||
| Q1 24 | $-182.7M | $124.8M |
自由现金流GLPRBA
| Q4 25 | $62.2M | $186.5M | ||
| Q3 25 | $-678.0K | $188.5M | ||
| Q2 25 | $201.3M | $241.7M | ||
| Q1 25 | $-69.5M | $102.5M | ||
| Q4 24 | $20.4M | $127.9M | ||
| Q3 24 | $98.4M | $248.5M | ||
| Q2 24 | $8.7M | $308.6M | ||
| Q1 24 | $-199.3M | $79.6M |
自由现金流率GLPRBA
| Q4 25 | 2.8% | 15.5% | ||
| Q3 25 | -0.0% | 17.3% | ||
| Q2 25 | 9.7% | 20.4% | ||
| Q1 25 | -3.2% | 9.2% | ||
| Q4 24 | 1.0% | 11.2% | ||
| Q3 24 | 4.6% | 25.3% | ||
| Q2 24 | 0.4% | 28.2% | ||
| Q1 24 | -9.0% | 7.5% |
资本支出强度GLPRBA
| Q4 25 | 1.8% | 5.7% | ||
| Q3 25 | 0.9% | 4.7% | ||
| Q2 25 | 0.7% | 7.2% | ||
| Q1 25 | 0.8% | 4.9% | ||
| Q4 24 | 2.3% | 5.0% | ||
| Q3 24 | 1.1% | 3.8% | ||
| Q2 24 | 0.7% | 2.6% | ||
| Q1 24 | 0.8% | 4.2% |
现金转化率GLPRBA
| Q4 25 | 4.03× | 2.33× | ||
| Q3 25 | 0.66× | 2.51× | ||
| Q2 25 | 8.58× | 2.97× | ||
| Q1 25 | -2.76× | 1.38× | ||
| Q4 24 | 2.82× | 1.56× | ||
| Q3 24 | 2.67× | 3.75× | ||
| Q2 24 | 0.53× | 3.04× | ||
| Q1 24 | — | 1.16× |
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% |
RBA
| Buyer Revenue | $577.2M | 48% |
| Seller Revenue | $255.2M | 21% |
| CA | $199.0M | 17% |
| Other | $124.7M | 10% |
| AU | $47.3M | 4% |
