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GLOBAL PARTNERS LP（GLP）与EchoStar CORP（SATS）财务数据对比。点击上方公司名可切换其他公司
EchoStar CORP的季度营收约是GLOBAL PARTNERS LP的1.7倍（$3.8B vs $2.2B），GLOBAL PARTNERS LP净利率更高（1.1% vs -31.8%，领先32.9%），GLOBAL PARTNERS LP同比增速更快（7.0% vs -4.3%），GLOBAL PARTNERS LP自由现金流更多（$62.2M vs $-583.4M），过去两年GLOBAL PARTNERS LP的营收复合增速更高（0.2% vs -2.8%）
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。
EchoStar Corp曾于2004年至2011年与TiVo公司发生专利纠纷，TiVo主张前者侵犯其DVR技术相关专利。该案先后由美国得克萨斯州东区联邦地区法院、联邦巡回上诉法院审理，涉及专利侵权判定、禁令条款、侵权产品改造、藐视法庭裁定及处罚等多个争议点。
GLP vs SATS — 直观对比
营收规模更大
SATS
是对方的1.7倍
$2.2B
营收增速更快
GLP
高出11.3%
-4.3%
净利率更高
GLP
高出32.9%
-31.8%
自由现金流更多
GLP
多$645.7M
$-583.4M
两年增速更快
GLP
近两年复合增速
-2.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $3.8B |
| 净利润 | $25.1M | $-1.2B |
| 毛利率 | 11.9% | — |
| 营业利润率 | 2.6% | -20.5% |
| 净利率 | 1.1% | -31.8% |
| 营收同比 | 7.0% | -4.3% |
| 净利润同比 | 5.0% | -460.1% |
| 每股收益（稀释后） | — | $-4.27 |
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GLPSATS
| Q4 25 | $2.2B | $3.8B | ||
| Q3 25 | $2.2B | $3.6B | ||
| Q2 25 | $2.1B | $3.7B | ||
| Q1 25 | $2.2B | $3.9B | ||
| Q4 24 | $2.1B | $4.0B | ||
| Q3 24 | $2.1B | $3.9B | ||
| Q2 24 | $2.3B | $4.0B | ||
| Q1 24 | $2.2B | $4.0B |
净利润GLPSATS
| Q4 25 | $25.1M | $-1.2B | ||
| Q3 25 | $29.0M | $-12.8B | ||
| Q2 25 | $25.2M | $-306.1M | ||
| Q1 25 | $18.7M | $-202.7M | ||
| Q4 24 | $23.9M | $335.2M | ||
| Q3 24 | $45.9M | $-141.8M | ||
| Q2 24 | $46.1M | $-205.6M | ||
| Q1 24 | $-5.6M | $-107.4M |
毛利率GLPSATS
| 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GLPSATS
| Q4 25 | 2.6% | -20.5% | ||
| Q3 25 | 2.7% | -460.5% | ||
| Q2 25 | 2.9% | -5.7% | ||
| Q1 25 | 2.6% | -2.3% | ||
| Q4 24 | 2.8% | -1.6% | ||
| Q3 24 | 3.9% | -4.1% | ||
| Q2 24 | 3.7% | -1.7% | ||
| Q1 24 | 1.2% | -0.4% |
净利率GLPSATS
| Q4 25 | 1.1% | -31.8% | ||
| Q3 25 | 1.3% | -353.6% | ||
| Q2 25 | 1.2% | -8.2% | ||
| Q1 25 | 0.9% | -5.2% | ||
| Q4 24 | 1.2% | 8.5% | ||
| Q3 24 | 2.1% | -3.6% | ||
| Q2 24 | 2.0% | -5.2% | ||
| Q1 24 | -0.3% | -2.7% |
每股收益（稀释后）GLPSATS
| Q4 25 | — | $-4.27 | ||
| Q3 25 | — | $-44.37 | ||
| Q2 25 | — | $-1.06 | ||
| Q1 25 | — | $-0.71 | ||
| Q4 24 | — | $1.24 | ||
| Q3 24 | — | $-0.52 | ||
| Q2 24 | — | $-0.76 | ||
| Q1 24 | — | $-0.40 |
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 | — | $3.0B |
| 总债务越低越好 | — | $18.7B |
| 股东权益账面价值 | — | $5.8B |
| 总资产 | $3.9B | $43.0B |
| 负债/权益比越低杠杆越低 | — | 3.24× |
8季度趋势，按日历期对齐
现金及短期投资GLPSATS
| Q4 25 | — | $3.0B | ||
| Q3 25 | — | $3.9B | ||
| Q2 25 | — | $4.3B | ||
| Q1 25 | — | $5.1B | ||
| Q4 24 | — | $5.5B | ||
| Q3 24 | — | $674.4M | ||
| Q2 24 | — | $520.6M | ||
| Q1 24 | — | $766.4M |
总债务GLPSATS
| Q4 25 | — | $18.7B | ||
| Q3 25 | — | $21.8B | ||
| Q2 25 | — | $25.4B | ||
| Q1 25 | — | $25.3B | ||
| Q4 24 | — | $25.7B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $951.0M |
股东权益GLPSATS
| Q4 25 | — | $5.8B | ||
| Q3 25 | — | $7.0B | ||
| Q2 25 | — | $19.7B | ||
| Q1 25 | — | $20.0B | ||
| Q4 24 | — | $20.2B | ||
| Q3 24 | — | $19.4B | ||
| Q2 24 | — | $19.6B | ||
| Q1 24 | — | $19.8B |
总资产GLPSATS
| Q4 25 | $3.9B | $43.0B | ||
| Q3 25 | $3.7B | $45.3B | ||
| Q2 25 | $3.8B | $59.9B | ||
| Q1 25 | $3.8B | $60.6B | ||
| Q4 24 | $3.8B | $60.9B | ||
| Q3 24 | $3.7B | $57.5B | ||
| Q2 24 | $3.8B | $55.3B | ||
| Q1 24 | $3.5B | $55.6B |
负债/权益比GLPSATS
| Q4 25 | — | 3.24× | ||
| Q3 25 | — | 3.13× | ||
| Q2 25 | — | 1.29× | ||
| Q1 25 | — | 1.27× | ||
| Q4 24 | — | 1.27× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.05× |
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 | $-425.3M |
| 自由现金流经营现金流 - 资本支出 | $62.2M | $-583.4M |
| 自由现金流率自由现金流/营收 | 2.8% | -15.4% |
| 资本支出强度资本支出/营收 | 1.8% | 4.2% |
| 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 | $-1.1B |
8季度趋势，按日历期对齐
经营现金流GLPSATS
| Q4 25 | $101.0M | $-425.3M | ||
| Q3 25 | $19.0M | $111.7M | ||
| Q2 25 | $216.3M | $7.5M | ||
| Q1 25 | $-51.6M | $206.8M | ||
| Q4 24 | $67.2M | $45.6M | ||
| Q3 24 | $122.7M | $276.2M | ||
| Q2 24 | $24.3M | $479.7M | ||
| Q1 24 | $-182.7M | $451.3M |
自由现金流GLPSATS
| Q4 25 | $62.2M | $-583.4M | ||
| Q3 25 | $-678.0K | $-144.4M | ||
| Q2 25 | $201.3M | $-285.7M | ||
| Q1 25 | $-69.5M | $-51.7M | ||
| Q4 24 | $20.4M | $-298.7M | ||
| Q3 24 | $98.4M | $-57.5M | ||
| Q2 24 | $8.7M | $132.4M | ||
| Q1 24 | $-199.3M | $-68.4M |
自由现金流率GLPSATS
| Q4 25 | 2.8% | -15.4% | ||
| Q3 25 | -0.0% | -4.0% | ||
| Q2 25 | 9.7% | -7.7% | ||
| Q1 25 | -3.2% | -1.3% | ||
| Q4 24 | 1.0% | -7.5% | ||
| Q3 24 | 4.6% | -1.5% | ||
| Q2 24 | 0.4% | 3.3% | ||
| Q1 24 | -9.0% | -1.7% |
资本支出强度GLPSATS
| Q4 25 | 1.8% | 4.2% | ||
| Q3 25 | 0.9% | 7.1% | ||
| Q2 25 | 0.7% | 7.9% | ||
| Q1 25 | 0.8% | 6.7% | ||
| Q4 24 | 2.3% | 8.7% | ||
| Q3 24 | 1.1% | 8.6% | ||
| Q2 24 | 0.7% | 8.8% | ||
| Q1 24 | 0.8% | 12.9% |
现金转化率GLPSATS
| Q4 25 | 4.03× | — | ||
| Q3 25 | 0.66× | — | ||
| Q2 25 | 8.58× | — | ||
| Q1 25 | -2.76× | — | ||
| Q4 24 | 2.82× | 0.14× | ||
| Q3 24 | 2.67× | — | ||
| Q2 24 | 0.53× | — | ||
| 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% |
SATS
| Pay Tv | $2.4B | 62% |
| Wireless Services And Related Revenue | $846.5M | 22% |
| Equipment Sales And Other Revenue | $346.5M | 9% |
| Broadband And Satellite Services And Other Revenue | $264.1M | 7% |
