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GLOBAL PARTNERS LP（GLP）与SHOPIFY INC.（SHOP）财务数据对比。点击上方公司名可切换其他公司
SHOPIFY INC.的季度营收约是GLOBAL PARTNERS LP的1.7倍（$3.7B vs $2.2B），SHOPIFY INC.净利率更高（20.2% vs 1.1%，领先19.1%），SHOPIFY INC.同比增速更快（30.6% vs 7.0%），SHOPIFY INC.自由现金流更多（$715.0M vs $62.2M），过去两年SHOPIFY INC.的营收复合增速更高（40.5% 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。
Shopify是总部位于加拿大安大略省渥太华的跨国电商企业，运营零售POS系统及相关服务平台，全球客户超500万，2024年总交易处理额达2923亿美元，其中57%来自美国市场，服务客户包括特斯拉、路威酩轩、雀巢、百事、百威英博、红牛、凯悦等知名品牌。
GLP vs SHOP — 直观对比
营收规模更大
SHOP
是对方的1.7倍
$2.2B
营收增速更快
SHOP
高出23.6%
7.0%
净利率更高
SHOP
高出19.1%
1.1%
自由现金流更多
SHOP
多$652.8M
$62.2M
两年增速更快
SHOP
近两年复合增速
0.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $3.7B |
| 净利润 | $25.1M | $743.0M |
| 毛利率 | 11.9% | 46.1% |
| 营业利润率 | 2.6% | 17.2% |
| 净利率 | 1.1% | 20.2% |
| 营收同比 | 7.0% | 30.6% |
| 净利润同比 | 5.0% | -42.5% |
| 每股收益（稀释后） | — | $0.58 |
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GLPSHOP
| Q4 25 | $2.2B | $3.7B | ||
| Q3 25 | $2.2B | $2.8B | ||
| Q2 25 | $2.1B | $2.7B | ||
| Q1 25 | $2.2B | $2.4B | ||
| Q4 24 | $2.1B | $2.8B | ||
| Q3 24 | $2.1B | $2.2B | ||
| Q2 24 | $2.3B | $2.0B | ||
| Q1 24 | $2.2B | $1.9B |
净利润GLPSHOP
| Q4 25 | $25.1M | $743.0M | ||
| Q3 25 | $29.0M | $264.0M | ||
| Q2 25 | $25.2M | $906.0M | ||
| Q1 25 | $18.7M | $-682.0M | ||
| Q4 24 | $23.9M | $1.3B | ||
| Q3 24 | $45.9M | $828.0M | ||
| Q2 24 | $46.1M | $171.0M | ||
| Q1 24 | $-5.6M | $-273.0M |
毛利率GLPSHOP
| Q4 25 | 11.9% | 46.1% | ||
| Q3 25 | 12.1% | 48.9% | ||
| Q2 25 | 13.1% | 48.6% | ||
| Q1 25 | 11.7% | 49.5% | ||
| Q4 24 | 13.0% | 48.1% | ||
| Q3 24 | 13.4% | 51.7% | ||
| Q2 24 | 12.6% | 51.1% | ||
| Q1 24 | 9.8% | 51.4% |
营业利润率GLPSHOP
| Q4 25 | 2.6% | 17.2% | ||
| Q3 25 | 2.7% | 12.1% | ||
| Q2 25 | 2.9% | 10.9% | ||
| Q1 25 | 2.6% | 8.6% | ||
| Q4 24 | 2.8% | 16.5% | ||
| Q3 24 | 3.9% | 13.1% | ||
| Q2 24 | 3.7% | 11.8% | ||
| Q1 24 | 1.2% | 4.6% |
净利率GLPSHOP
| Q4 25 | 1.1% | 20.2% | ||
| Q3 25 | 1.3% | 9.3% | ||
| Q2 25 | 1.2% | 33.8% | ||
| Q1 25 | 0.9% | -28.9% | ||
| Q4 24 | 1.2% | 46.0% | ||
| Q3 24 | 2.1% | 38.3% | ||
| Q2 24 | 2.0% | 8.4% | ||
| Q1 24 | -0.3% | -14.7% |
每股收益（稀释后）GLPSHOP
| Q4 25 | — | $0.58 | ||
| Q3 25 | — | $0.20 | ||
| Q2 25 | — | $0.69 | ||
| Q1 25 | — | $-0.53 | ||
| Q4 24 | — | $0.99 | ||
| Q3 24 | — | $0.64 | ||
| Q2 24 | — | $0.13 | ||
| Q1 24 | — | $-0.21 |
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 | — | $5.8B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | — | $13.5B |
| 总资产 | $3.9B | $15.2B |
| 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GLPSHOP
| Q4 25 | — | $5.8B | ||
| Q3 25 | — | $6.3B | ||
| Q2 25 | — | $5.8B | ||
| Q1 25 | — | $5.5B | ||
| Q4 24 | — | $5.5B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益GLPSHOP
| Q4 25 | — | $13.5B | ||
| Q3 25 | — | $12.5B | ||
| Q2 25 | — | $12.1B | ||
| Q1 25 | — | $11.1B | ||
| Q4 24 | — | $11.6B | ||
| Q3 24 | — | $10.1B | ||
| Q2 24 | — | $9.2B | ||
| Q1 24 | — | $8.9B |
总资产GLPSHOP
| Q4 25 | $3.9B | $15.2B | ||
| Q3 25 | $3.7B | $15.0B | ||
| Q2 25 | $3.8B | $14.6B | ||
| Q1 25 | $3.8B | $13.4B | ||
| Q4 24 | $3.8B | $13.9B | ||
| Q3 24 | $3.7B | — | ||
| Q2 24 | $3.8B | — | ||
| Q1 24 | $3.5B | — |
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 | $725.0M |
| 自由现金流经营现金流 - 资本支出 | $62.2M | $715.0M |
| 自由现金流率自由现金流/营收 | 2.8% | 19.5% |
| 资本支出强度资本支出/营收 | 1.8% | 0.3% |
| 现金转化率经营现金流/净利润 | 4.03× | 0.98× |
| 过去12个月自由现金流最近4个季度 | $193.3M | $2.0B |
8季度趋势，按日历期对齐
经营现金流GLPSHOP
| Q4 25 | $101.0M | $725.0M | ||
| Q3 25 | $19.0M | $513.0M | ||
| Q2 25 | $216.3M | $428.0M | ||
| Q1 25 | $-51.6M | $367.0M | ||
| Q4 24 | $67.2M | $615.0M | ||
| Q3 24 | $122.7M | $423.0M | ||
| Q2 24 | $24.3M | $340.0M | ||
| Q1 24 | $-182.7M | $238.0M |
自由现金流GLPSHOP
| Q4 25 | $62.2M | $715.0M | ||
| Q3 25 | $-678.0K | $507.0M | ||
| Q2 25 | $201.3M | $422.0M | ||
| Q1 25 | $-69.5M | $363.0M | ||
| Q4 24 | $20.4M | $611.0M | ||
| Q3 24 | $98.4M | $421.0M | ||
| Q2 24 | $8.7M | $333.0M | ||
| Q1 24 | $-199.3M | $232.0M |
自由现金流率GLPSHOP
| Q4 25 | 2.8% | 19.5% | ||
| Q3 25 | -0.0% | 17.8% | ||
| Q2 25 | 9.7% | 15.7% | ||
| Q1 25 | -3.2% | 15.4% | ||
| Q4 24 | 1.0% | 21.7% | ||
| Q3 24 | 4.6% | 19.5% | ||
| Q2 24 | 0.4% | 16.3% | ||
| Q1 24 | -9.0% | 12.5% |
资本支出强度GLPSHOP
| Q4 25 | 1.8% | 0.3% | ||
| Q3 25 | 0.9% | 0.2% | ||
| Q2 25 | 0.7% | 0.2% | ||
| Q1 25 | 0.8% | 0.2% | ||
| Q4 24 | 2.3% | 0.1% | ||
| Q3 24 | 1.1% | 0.1% | ||
| Q2 24 | 0.7% | 0.3% | ||
| Q1 24 | 0.8% | 0.3% |
现金转化率GLPSHOP
| Q4 25 | 4.03× | 0.98× | ||
| Q3 25 | 0.66× | 1.94× | ||
| Q2 25 | 8.58× | 0.47× | ||
| Q1 25 | -2.76× | — | ||
| Q4 24 | 2.82× | 0.48× | ||
| Q3 24 | 2.67× | 0.51× | ||
| Q2 24 | 0.53× | 1.99× | ||
| 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% |
SHOP
| Services | $2.9B | 79% |
| Subscription And Circulation | $777.0M | 21% |
