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GLOBAL PARTNERS LP（GLP）与道富集团（STT）财务数据对比。点击上方公司名可切换其他公司
道富集团的季度营收约是GLOBAL PARTNERS LP的1.7倍（$3.7B vs $2.2B），道富集团净利率更高（20.4% vs 1.1%，领先19.2%），道富集团同比增速更快（7.5% vs 7.0%），道富集团自由现金流更多（$9.8B vs $62.2M），过去两年道富集团的营收复合增速更高（8.1% 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。
道富集团是总部位于美国波士顿的跨国金融服务及银行控股公司，历史可追溯至1792年成立的联合银行，是美国运营历史第二悠久的存续银行。作为全球顶尖的资产管理与托管机构，截至2025年第三季度，其管理资产规模约5.4万亿美元，托管及管理资产总规模达51.7万亿美元。
GLP vs STT — 直观对比
营收规模更大
STT
是对方的1.7倍
$2.2B
营收增速更快
STT
高出0.5%
7.0%
净利率更高
STT
高出19.2%
1.1%
自由现金流更多
STT
多$9.7B
$62.2M
两年增速更快
STT
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 | $747.0M |
| 毛利率 | 11.9% | — |
| 营业利润率 | 2.6% | 25.0% |
| 净利率 | 1.1% | 20.4% |
| 营收同比 | 7.0% | 7.5% |
| 净利润同比 | 5.0% | -4.6% |
| 每股收益（稀释后） | — | $2.41 |
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GLPSTT
| Q4 25 | $2.2B | $3.7B | ||
| Q3 25 | $2.2B | $3.5B | ||
| Q2 25 | $2.1B | $3.4B | ||
| Q1 25 | $2.2B | $3.3B | ||
| Q4 24 | $2.1B | $3.4B | ||
| Q3 24 | $2.1B | $3.3B | ||
| Q2 24 | $2.3B | $3.2B | ||
| Q1 24 | $2.2B | $3.1B |
净利润GLPSTT
| Q4 25 | $25.1M | $747.0M | ||
| Q3 25 | $29.0M | $861.0M | ||
| Q2 25 | $25.2M | $693.0M | ||
| Q1 25 | $18.7M | $644.0M | ||
| Q4 24 | $23.9M | $783.0M | ||
| Q3 24 | $45.9M | $730.0M | ||
| Q2 24 | $46.1M | $711.0M | ||
| Q1 24 | $-5.6M | $463.0M |
毛利率GLPSTT
| 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GLPSTT
| Q4 25 | 2.6% | 25.0% | ||
| Q3 25 | 2.7% | 31.1% | ||
| Q2 25 | 2.9% | 25.8% | ||
| Q1 25 | 2.6% | 25.0% | ||
| Q4 24 | 2.8% | 28.1% | ||
| Q3 24 | 3.9% | 28.4% | ||
| Q2 24 | 3.7% | 28.6% | ||
| Q1 24 | 1.2% | 19.1% |
净利率GLPSTT
| Q4 25 | 1.1% | 20.4% | ||
| Q3 25 | 1.3% | 24.3% | ||
| Q2 25 | 1.2% | 20.1% | ||
| Q1 25 | 0.9% | 19.6% | ||
| Q4 24 | 1.2% | 22.9% | ||
| Q3 24 | 2.1% | 22.4% | ||
| Q2 24 | 2.0% | 22.3% | ||
| Q1 24 | -0.3% | 14.8% |
每股收益（稀释后）GLPSTT
| Q4 25 | — | $2.41 | ||
| Q3 25 | — | $2.78 | ||
| Q2 25 | — | $2.17 | ||
| Q1 25 | — | $2.04 | ||
| Q4 24 | — | $2.43 | ||
| Q3 24 | — | $2.26 | ||
| Q2 24 | — | $2.15 | ||
| Q1 24 | — | $1.37 |
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 | — | — |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | — | $27.8B |
| 总资产 | $3.9B | $366.0B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
股东权益GLPSTT
| Q4 25 | — | $27.8B | ||
| Q3 25 | — | $27.6B | ||
| Q2 25 | — | $27.3B | ||
| Q1 25 | — | $26.7B | ||
| Q4 24 | — | $25.3B | ||
| Q3 24 | — | $25.8B | ||
| Q2 24 | — | $24.8B | ||
| Q1 24 | — | $24.4B |
总资产GLPSTT
| Q4 25 | $3.9B | $366.0B | ||
| Q3 25 | $3.7B | $371.1B | ||
| Q2 25 | $3.8B | $376.7B | ||
| Q1 25 | $3.8B | $372.7B | ||
| Q4 24 | $3.8B | $353.2B | ||
| Q3 24 | $3.7B | $338.5B | ||
| Q2 24 | $3.8B | $325.6B | ||
| Q1 24 | $3.5B | $338.0B |
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 | $10.0B |
| 自由现金流经营现金流 - 资本支出 | $62.2M | $9.8B |
| 自由现金流率自由现金流/营收 | 2.8% | 266.6% |
| 资本支出强度资本支出/营收 | 1.8% | 7.3% |
| 现金转化率经营现金流/净利润 | 4.03× | 13.44× |
| 过去12个月自由现金流最近4个季度 | $193.3M | $10.8B |
8季度趋势，按日历期对齐
经营现金流GLPSTT
| Q4 25 | $101.0M | $10.0B | ||
| Q3 25 | $19.0M | $7.9B | ||
| Q2 25 | $216.3M | $-8.4B | ||
| Q1 25 | $-51.6M | $2.4B | ||
| Q4 24 | $67.2M | $-7.4B | ||
| Q3 24 | $122.7M | $2.7B | ||
| Q2 24 | $24.3M | $-7.6B | ||
| Q1 24 | $-182.7M | $-844.0M |
自由现金流GLPSTT
| Q4 25 | $62.2M | $9.8B | ||
| Q3 25 | $-678.0K | $7.7B | ||
| Q2 25 | $201.3M | $-8.8B | ||
| Q1 25 | $-69.5M | $2.2B | ||
| Q4 24 | $20.4M | $-7.7B | ||
| Q3 24 | $98.4M | $2.5B | ||
| Q2 24 | $8.7M | $-7.9B | ||
| Q1 24 | $-199.3M | $-1.1B |
自由现金流率GLPSTT
| Q4 25 | 2.8% | 266.6% | ||
| Q3 25 | -0.0% | 216.0% | ||
| Q2 25 | 9.7% | -254.1% | ||
| Q1 25 | -3.2% | 66.1% | ||
| Q4 24 | 1.0% | -225.1% | ||
| Q3 24 | 4.6% | 75.9% | ||
| Q2 24 | 0.4% | -246.2% | ||
| Q1 24 | -9.0% | -34.2% |
资本支出强度GLPSTT
| Q4 25 | 1.8% | 7.3% | ||
| Q3 25 | 0.9% | 6.9% | ||
| Q2 25 | 0.7% | 9.3% | ||
| Q1 25 | 0.8% | 6.9% | ||
| Q4 24 | 2.3% | 7.3% | ||
| Q3 24 | 1.1% | 7.2% | ||
| Q2 24 | 0.7% | 6.7% | ||
| Q1 24 | 0.8% | 7.3% |
现金转化率GLPSTT
| Q4 25 | 4.03× | 13.44× | ||
| Q3 25 | 0.66× | 9.18× | ||
| Q2 25 | 8.58× | -12.18× | ||
| Q1 25 | -2.76× | 3.72× | ||
| Q4 24 | 2.82× | -9.49× | ||
| Q3 24 | 2.67× | 3.71× | ||
| Q2 24 | 0.53× | -10.75× | ||
| Q1 24 | — | -1.82× |
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% |
STT
| Other | $2.2B | 59% |
| Investment Management | $729.0M | 20% |
| Management Services | $662.0M | 18% |
| Other Fee Revenue | $56.0M | 2% |
| Securities Financing Services | $54.0M | 1% |
