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GLOBAL PARTNERS LP（GLP）与SIRIUS XM HOLDINGS INC.（SIRI）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SIRIUS XM HOLDINGS INC.的1.0倍（$2.2B vs $2.2B），SIRIUS XM HOLDINGS INC.净利率更高（4.5% vs 1.1%，领先3.4%），GLOBAL PARTNERS LP同比增速更快（7.0% vs 0.2%），SIRIUS XM HOLDINGS INC.自由现金流更多（$536.0M vs $62.2M），过去两年SIRIUS XM HOLDINGS INC.的营收复合增速更高（0.7% 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。
天狼星XM控股旗下的XM卫星广播是美国及加拿大三大卫星与在线广播服务商之一，采用类似付费有线电视的订阅制模式运营。平台拥有73个音乐频道、39个新闻、体育、访谈及娱乐频道，另设21个区域交通气象频道与23个体育赛事直播频道，服务覆盖北美大量付费用户。
GLP vs SIRI — 直观对比
营收规模更大
GLP
是对方的1.0倍
$2.2B
营收增速更快
GLP
高出6.8%
0.2%
净利率更高
SIRI
高出3.4%
1.1%
自由现金流更多
SIRI
多$473.8M
$62.2M
两年增速更快
SIRI
近两年复合增速
0.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $2.2B |
| 净利润 | $25.1M | $99.0M |
| 毛利率 | 11.9% | 53.1% |
| 营业利润率 | 2.6% | 10.3% |
| 净利率 | 1.1% | 4.5% |
| 营收同比 | 7.0% | 0.2% |
| 净利润同比 | 5.0% | -55.4% |
| 每股收益（稀释后） | — | $0.23 |
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GLPSIRI
| Q4 25 | $2.2B | $2.2B | ||
| Q3 25 | $2.2B | $2.2B | ||
| Q2 25 | $2.1B | $2.1B | ||
| Q1 25 | $2.2B | $2.1B | ||
| Q4 24 | $2.1B | $2.2B | ||
| Q3 24 | $2.1B | $2.2B | ||
| Q2 24 | $2.3B | $2.2B | ||
| Q1 24 | $2.2B | $2.2B |
净利润GLPSIRI
| Q4 25 | $25.1M | $99.0M | ||
| Q3 25 | $29.0M | $297.0M | ||
| Q2 25 | $25.2M | $205.0M | ||
| Q1 25 | $18.7M | $204.0M | ||
| Q4 24 | $23.9M | $222.0M | ||
| Q3 24 | $45.9M | $-2.5B | ||
| Q2 24 | $46.1M | $304.0M | ||
| Q1 24 | $-5.6M | $265.0M |
毛利率GLPSIRI
| Q4 25 | 11.9% | 53.1% | ||
| Q3 25 | 12.1% | 52.2% | ||
| Q2 25 | 13.1% | 52.4% | ||
| Q1 25 | 11.7% | 52.0% | ||
| Q4 24 | 13.0% | 52.9% | ||
| Q3 24 | 13.4% | 53.2% | ||
| Q2 24 | 12.6% | 53.5% | ||
| Q1 24 | 9.8% | 52.5% |
营业利润率GLPSIRI
| Q4 25 | 2.6% | 10.3% | ||
| Q3 25 | 2.7% | 22.8% | ||
| Q2 25 | 2.9% | 17.1% | ||
| Q1 25 | 2.6% | 18.7% | ||
| Q4 24 | 2.8% | 20.2% | ||
| Q3 24 | 3.9% | -133.6% | ||
| Q2 24 | 3.7% | 23.2% | ||
| Q1 24 | 1.2% | 20.2% |
净利率GLPSIRI
| Q4 25 | 1.1% | 4.5% | ||
| Q3 25 | 1.3% | 13.8% | ||
| Q2 25 | 1.2% | 9.6% | ||
| Q1 25 | 0.9% | 9.9% | ||
| Q4 24 | 1.2% | 10.1% | ||
| Q3 24 | 2.1% | -113.1% | ||
| Q2 24 | 2.0% | 14.0% | ||
| Q1 24 | -0.3% | 12.3% |
每股收益（稀释后）GLPSIRI
| Q4 25 | — | $0.23 | ||
| Q3 25 | — | $0.84 | ||
| Q2 25 | — | $0.57 | ||
| Q1 25 | — | $0.59 | ||
| Q4 24 | — | $2.45 | ||
| Q3 24 | — | $-8.74 | ||
| Q2 24 | — | $0.08 | ||
| Q1 24 | — | $0.07 |
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 | — | $94.0M |
| 总债务越低越好 | — | $8.6B |
| 股东权益账面价值 | — | $11.6B |
| 总资产 | $3.9B | $27.2B |
| 负债/权益比越低杠杆越低 | — | 0.75× |
8季度趋势，按日历期对齐
现金及短期投资GLPSIRI
| Q4 25 | — | $94.0M | ||
| Q3 25 | — | $79.0M | ||
| Q2 25 | — | $92.0M | ||
| Q1 25 | — | $127.0M | ||
| Q4 24 | — | $162.0M | ||
| Q3 24 | — | $127.0M | ||
| Q2 24 | — | $100.0M | ||
| Q1 24 | — | $71.0M |
总债务GLPSIRI
| Q4 25 | — | $8.6B | ||
| Q3 25 | — | $9.0B | ||
| Q2 25 | — | $10.1B | ||
| Q1 25 | — | $10.4B | ||
| Q4 24 | — | $10.3B | ||
| Q3 24 | — | $10.1B | ||
| Q2 24 | — | $9.0B | ||
| Q1 24 | — | $8.7B |
股东权益GLPSIRI
| Q4 25 | — | $11.6B | ||
| Q3 25 | — | $11.6B | ||
| Q2 25 | — | $11.3B | ||
| Q1 25 | — | $11.2B | ||
| Q4 24 | — | $11.1B | ||
| Q3 24 | — | $10.9B | ||
| Q2 24 | — | $-2.1B | ||
| Q1 24 | — | $-2.4B |
总资产GLPSIRI
| Q4 25 | $3.9B | $27.2B | ||
| Q3 25 | $3.7B | $27.4B | ||
| Q2 25 | $3.8B | $27.3B | ||
| Q1 25 | $3.8B | $27.4B | ||
| Q4 24 | $3.8B | $27.5B | ||
| Q3 24 | $3.7B | $27.5B | ||
| Q2 24 | $3.8B | $11.2B | ||
| Q1 24 | $3.5B | $11.2B |
负债/权益比GLPSIRI
| Q4 25 | — | 0.75× | ||
| Q3 25 | — | 0.78× | ||
| Q2 25 | — | 0.89× | ||
| Q1 25 | — | 0.93× | ||
| Q4 24 | — | 0.93× | ||
| Q3 24 | — | 0.93× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $680.0M |
| 自由现金流经营现金流 - 资本支出 | $62.2M | $536.0M |
| 自由现金流率自由现金流/营收 | 2.8% | 24.4% |
| 资本支出强度资本支出/营收 | 1.8% | 6.6% |
| 现金转化率经营现金流/净利润 | 4.03× | 6.87× |
| 过去12个月自由现金流最近4个季度 | $193.3M | $1.2B |
8季度趋势，按日历期对齐
经营现金流GLPSIRI
| Q4 25 | $101.0M | $680.0M | ||
| Q3 25 | $19.0M | $430.0M | ||
| Q2 25 | $216.3M | $546.0M | ||
| Q1 25 | $-51.6M | $242.0M | ||
| Q4 24 | $67.2M | $679.0M | ||
| Q3 24 | $122.7M | $240.0M | ||
| Q2 24 | $24.3M | $514.0M | ||
| Q1 24 | $-182.7M | $308.0M |
自由现金流GLPSIRI
| Q4 25 | $62.2M | $536.0M | ||
| Q3 25 | $-678.0K | $255.0M | ||
| Q2 25 | $201.3M | $401.0M | ||
| Q1 25 | $-69.5M | $53.0M | ||
| Q4 24 | $20.4M | $514.0M | ||
| Q3 24 | $98.4M | $24.0M | ||
| Q2 24 | $8.7M | $341.0M | ||
| Q1 24 | $-199.3M | $134.0M |
自由现金流率GLPSIRI
| Q4 25 | 2.8% | 24.4% | ||
| Q3 25 | -0.0% | 11.8% | ||
| Q2 25 | 9.7% | 18.8% | ||
| Q1 25 | -3.2% | 2.6% | ||
| Q4 24 | 1.0% | 23.5% | ||
| Q3 24 | 4.6% | 1.1% | ||
| Q2 24 | 0.4% | 15.7% | ||
| Q1 24 | -9.0% | 6.2% |
资本支出强度GLPSIRI
| Q4 25 | 1.8% | 6.6% | ||
| Q3 25 | 0.9% | 8.1% | ||
| Q2 25 | 0.7% | 6.8% | ||
| Q1 25 | 0.8% | 9.1% | ||
| Q4 24 | 2.3% | 7.5% | ||
| Q3 24 | 1.1% | 9.9% | ||
| Q2 24 | 0.7% | 7.9% | ||
| Q1 24 | 0.8% | 8.0% |
现金转化率GLPSIRI
| Q4 25 | 4.03× | 6.87× | ||
| Q3 25 | 0.66× | 1.45× | ||
| Q2 25 | 8.58× | 2.66× | ||
| Q1 25 | -2.76× | 1.19× | ||
| Q4 24 | 2.82× | 3.06× | ||
| Q3 24 | 2.67× | — | ||
| Q2 24 | 0.53× | 1.69× | ||
| 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% |
SIRI
| Subscription And Circulation | $1.6B | 74% |
| Advertising | $491.0M | 22% |
| Cost Of Sales Equipment Products And Services | $48.0M | 2% |
| Other Revenue | $28.0M | 1% |
