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GLOBAL PARTNERS LP（GLP）与希悦尔（SEE）财务数据对比。点击上方公司名可切换其他公司
GLOBAL PARTNERS LP的季度营收约是希悦尔的1.6倍（$2.2B vs $1.4B），希悦尔净利率更高（3.1% vs 1.1%，领先2.0%），GLOBAL PARTNERS LP同比增速更快（7.0% vs 2.6%），希悦尔自由现金流更多（$257.7M vs $62.2M），过去两年希悦尔的营收复合增速更高（2.7% 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。
希悦尔是全球领先的包装与防护解决方案供应商，核心产品包括缓冲防护材料、食品保鲜包装、可持续减废包装系统，服务覆盖电商、零售、食品饮料、工业制造等多个海内外领域。
GLP vs SEE — 直观对比
营收规模更大
GLP
是对方的1.6倍
$1.4B
营收增速更快
GLP
高出4.4%
2.6%
净利率更高
SEE
高出2.0%
1.1%
自由现金流更多
SEE
多$195.5M
$62.2M
两年增速更快
SEE
近两年复合增速
0.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $1.4B |
| 净利润 | $25.1M | $43.8M |
| 毛利率 | 11.9% | 28.6% |
| 营业利润率 | 2.6% | 11.4% |
| 净利率 | 1.1% | 3.1% |
| 营收同比 | 7.0% | 2.6% |
| 净利润同比 | 5.0% | 700.0% |
| 每股收益（稀释后） | — | $0.30 |
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GLPSEE
| Q4 25 | $2.2B | $1.4B | ||
| Q3 25 | $2.2B | $1.3B | ||
| Q2 25 | $2.1B | $1.3B | ||
| Q1 25 | $2.2B | $1.3B | ||
| Q4 24 | $2.1B | $1.4B | ||
| Q3 24 | $2.1B | $1.3B | ||
| Q2 24 | $2.3B | $1.3B | ||
| Q1 24 | $2.2B | $1.3B |
净利润GLPSEE
| Q4 25 | $25.1M | $43.8M | ||
| Q3 25 | $29.0M | $255.1M | ||
| Q2 25 | $25.2M | $93.1M | ||
| Q1 25 | $18.7M | $113.5M | ||
| Q4 24 | $23.9M | $-7.3M | ||
| Q3 24 | $45.9M | $91.7M | ||
| Q2 24 | $46.1M | $98.3M | ||
| Q1 24 | $-5.6M | $82.0M |
毛利率GLPSEE
| Q4 25 | 11.9% | 28.6% | ||
| Q3 25 | 12.1% | 29.8% | ||
| Q2 25 | 13.1% | 30.7% | ||
| Q1 25 | 11.7% | 30.9% | ||
| Q4 24 | 13.0% | 30.0% | ||
| Q3 24 | 13.4% | 30.1% | ||
| Q2 24 | 12.6% | 31.2% | ||
| Q1 24 | 9.8% | 30.3% |
营业利润率GLPSEE
| Q4 25 | 2.6% | 11.4% | ||
| Q3 25 | 2.7% | 13.8% | ||
| Q2 25 | 2.9% | 15.0% | ||
| Q1 25 | 2.6% | 14.5% | ||
| Q4 24 | 2.8% | 11.7% | ||
| Q3 24 | 3.9% | 13.9% | ||
| Q2 24 | 3.7% | 15.4% | ||
| Q1 24 | 1.2% | 14.0% |
净利率GLPSEE
| Q4 25 | 1.1% | 3.1% | ||
| Q3 25 | 1.3% | 19.0% | ||
| Q2 25 | 1.2% | 7.0% | ||
| Q1 25 | 0.9% | 9.0% | ||
| Q4 24 | 1.2% | -0.5% | ||
| Q3 24 | 2.1% | 6.9% | ||
| Q2 24 | 2.0% | 7.4% | ||
| Q1 24 | -0.3% | 6.2% |
每股收益（稀释后）GLPSEE
| Q4 25 | — | $0.30 | ||
| Q3 25 | — | $1.73 | ||
| Q2 25 | — | $0.63 | ||
| Q1 25 | — | $0.77 | ||
| Q4 24 | — | $-0.05 | ||
| Q3 24 | — | $0.63 | ||
| Q2 24 | — | $0.67 | ||
| Q1 24 | — | $0.56 |
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 | — | $344.0M |
| 总债务越低越好 | — | $3.3B |
| 股东权益账面价值 | — | $1.2B |
| 总资产 | $3.9B | $7.0B |
| 负债/权益比越低杠杆越低 | — | 2.65× |
8季度趋势，按日历期对齐
现金及短期投资GLPSEE
| Q4 25 | — | $344.0M | ||
| Q3 25 | — | $282.5M | ||
| Q2 25 | — | $354.4M | ||
| Q1 25 | — | $335.2M | ||
| Q4 24 | — | $371.8M | ||
| Q3 24 | — | $386.0M | ||
| Q2 24 | — | $388.6M | ||
| Q1 24 | — | $352.8M |
总债务GLPSEE
| Q4 25 | — | $3.3B | ||
| Q3 25 | — | $4.0B | ||
| Q2 25 | — | $4.0B | ||
| Q1 25 | — | $4.2B | ||
| Q4 24 | — | $4.2B | ||
| Q3 24 | — | $4.3B | ||
| Q2 24 | — | $4.4B | ||
| Q1 24 | — | $4.5B |
股东权益GLPSEE
| Q4 25 | — | $1.2B | ||
| Q3 25 | — | $1.2B | ||
| Q2 25 | — | $953.1M | ||
| Q1 25 | — | $797.9M | ||
| Q4 24 | — | $624.5M | ||
| Q3 24 | — | $771.2M | ||
| Q2 24 | — | $650.1M | ||
| Q1 24 | — | $598.3M |
总资产GLPSEE
| Q4 25 | $3.9B | $7.0B | ||
| Q3 25 | $3.7B | $7.1B | ||
| Q2 25 | $3.8B | $7.2B | ||
| Q1 25 | $3.8B | $7.0B | ||
| Q4 24 | $3.8B | $7.0B | ||
| Q3 24 | $3.7B | $7.3B | ||
| Q2 24 | $3.8B | $7.3B | ||
| Q1 24 | $3.5B | $7.2B |
负债/权益比GLPSEE
| Q4 25 | — | 2.65× | ||
| Q3 25 | — | 3.34× | ||
| Q2 25 | — | 4.18× | ||
| Q1 25 | — | 5.26× | ||
| Q4 24 | — | 6.72× | ||
| Q3 24 | — | 5.62× | ||
| Q2 24 | — | 6.81× | ||
| Q1 24 | — | 7.49× |
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 | $293.6M |
| 自由现金流经营现金流 - 资本支出 | $62.2M | $257.7M |
| 自由现金流率自由现金流/营收 | 2.8% | 18.5% |
| 资本支出强度资本支出/营收 | 1.8% | 2.6% |
| 现金转化率经营现金流/净利润 | 4.03× | 6.70× |
| 过去12个月自由现金流最近4个季度 | $193.3M | $458.5M |
8季度趋势，按日历期对齐
经营现金流GLPSEE
| Q4 25 | $101.0M | $293.6M | ||
| Q3 25 | $19.0M | $165.9M | ||
| Q2 25 | $216.3M | $136.6M | ||
| Q1 25 | $-51.6M | $31.9M | ||
| Q4 24 | $67.2M | $244.2M | ||
| Q3 24 | $122.7M | $170.5M | ||
| Q2 24 | $24.3M | $188.2M | ||
| Q1 24 | $-182.7M | $125.1M |
自由现金流GLPSEE
| Q4 25 | $62.2M | $257.7M | ||
| Q3 25 | $-678.0K | $119.6M | ||
| Q2 25 | $201.3M | $93.2M | ||
| Q1 25 | $-69.5M | $-12.0M | ||
| Q4 24 | $20.4M | $185.1M | ||
| Q3 24 | $98.4M | $115.2M | ||
| Q2 24 | $8.7M | $129.5M | ||
| Q1 24 | $-199.3M | $78.0M |
自由现金流率GLPSEE
| Q4 25 | 2.8% | 18.5% | ||
| Q3 25 | -0.0% | 8.9% | ||
| Q2 25 | 9.7% | 7.0% | ||
| Q1 25 | -3.2% | -0.9% | ||
| Q4 24 | 1.0% | 13.6% | ||
| Q3 24 | 4.6% | 8.6% | ||
| Q2 24 | 0.4% | 9.7% | ||
| Q1 24 | -9.0% | 5.9% |
资本支出强度GLPSEE
| Q4 25 | 1.8% | 2.6% | ||
| Q3 25 | 0.9% | 3.4% | ||
| Q2 25 | 0.7% | 3.3% | ||
| Q1 25 | 0.8% | 3.5% | ||
| Q4 24 | 2.3% | 4.4% | ||
| Q3 24 | 1.1% | 4.1% | ||
| Q2 24 | 0.7% | 4.4% | ||
| Q1 24 | 0.8% | 3.6% |
现金转化率GLPSEE
| Q4 25 | 4.03× | 6.70× | ||
| Q3 25 | 0.66× | 0.65× | ||
| Q2 25 | 8.58× | 1.47× | ||
| Q1 25 | -2.76× | 0.28× | ||
| Q4 24 | 2.82× | — | ||
| Q3 24 | 2.67× | 1.86× | ||
| Q2 24 | 0.53× | 1.91× | ||
| Q1 24 | — | 1.53× |
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% |
SEE
| Protective Segment | $1.1B | 78% |
| Other | $292.0M | 21% |
| Pension Plans Defined Benefit | $7.9M | 1% |
