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GLOBAL PARTNERS LP（GLP）与Taylor Morrison Home Corp（TMHC）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Taylor Morrison Home Corp的1.6倍（$2.2B vs $1.4B），Taylor Morrison Home Corp净利率更高（7.1% vs 1.1%，领先6.0%），GLOBAL PARTNERS LP同比增速更快（7.0% vs -26.8%），过去两年GLOBAL PARTNERS LP的营收复合增速更高（0.2% vs -16.5%）
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。
泰勒莫里森住房公司是美国规模最大的住宅建筑商之一，总部位于亚利桑那州斯科茨代尔，2007年7月由泰勒伍德罗与莫里森住房合并成立。公司业务覆盖亚利桑那、加利福尼亚、得克萨斯等十余个州，产品涵盖首次置业、中端及中高端住宅，可满足不同层级客户的住房需求。
GLP vs TMHC — 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33.8%
-26.8%
净利率更高
TMHC
高出6.0%
1.1%
两年增速更快
GLP
近两年复合增速
-16.5%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $1.4B |
| 净利润 | $25.1M | $98.6M |
| 毛利率 | 11.9% | 21.0% |
| 营业利润率 | 2.6% | — |
| 净利率 | 1.1% | 7.1% |
| 营收同比 | 7.0% | -26.8% |
| 净利润同比 | 5.0% | -53.8% |
| 每股收益（稀释后） | — | $1.12 |
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GLPTMHC
| Q1 26 | — | $1.4B | ||
| Q4 25 | $2.2B | $2.1B | ||
| Q3 25 | $2.2B | $2.1B | ||
| Q2 25 | $2.1B | $2.0B | ||
| Q1 25 | $2.2B | $1.9B | ||
| Q4 24 | $2.1B | $2.4B | ||
| Q3 24 | $2.1B | $2.1B | ||
| Q2 24 | $2.3B | $2.0B |
净利润GLPTMHC
| Q1 26 | — | $98.6M | ||
| Q4 25 | $25.1M | $174.0M | ||
| Q3 25 | $29.0M | $201.4M | ||
| Q2 25 | $25.2M | $193.6M | ||
| Q1 25 | $18.7M | $213.5M | ||
| Q4 24 | $23.9M | $242.5M | ||
| Q3 24 | $45.9M | $251.1M | ||
| Q2 24 | $46.1M | $199.5M |
毛利率GLPTMHC
| Q1 26 | — | 21.0% | ||
| Q4 25 | 11.9% | 22.0% | ||
| Q3 25 | 12.1% | 22.7% | ||
| Q2 25 | 13.1% | 23.0% | ||
| Q1 25 | 11.7% | 24.4% | ||
| Q4 24 | 13.0% | 23.9% | ||
| Q3 24 | 13.4% | 25.0% | ||
| Q2 24 | 12.6% | 23.7% |
营业利润率GLPTMHC
| Q1 26 | — | — | ||
| Q4 25 | 2.6% | — | ||
| Q3 25 | 2.7% | — | ||
| Q2 25 | 2.9% | — | ||
| Q1 25 | 2.6% | — | ||
| Q4 24 | 2.8% | — | ||
| Q3 24 | 3.9% | — | ||
| Q2 24 | 3.7% | — |
净利率GLPTMHC
| Q1 26 | — | 7.1% | ||
| Q4 25 | 1.1% | 8.3% | ||
| Q3 25 | 1.3% | 9.6% | ||
| Q2 25 | 1.2% | 9.5% | ||
| Q1 25 | 0.9% | 11.3% | ||
| Q4 24 | 1.2% | 10.3% | ||
| Q3 24 | 2.1% | 11.8% | ||
| Q2 24 | 2.0% | 10.0% |
每股收益（稀释后）GLPTMHC
| Q1 26 | — | $1.12 | ||
| Q4 25 | — | $1.77 | ||
| Q3 25 | — | $2.01 | ||
| Q2 25 | — | $1.92 | ||
| Q1 25 | — | $2.07 | ||
| Q4 24 | — | $2.29 | ||
| Q3 24 | — | $2.37 | ||
| Q2 24 | — | $1.86 |
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 | — | $652.9M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | — | $6.2B |
| 总资产 | $3.9B | $9.8B |
| 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GLPTMHC
| Q1 26 | — | $652.9M | ||
| Q4 25 | — | $850.0M | ||
| Q3 25 | — | $370.6M | ||
| Q2 25 | — | $130.2M | ||
| Q1 25 | — | $377.8M | ||
| Q4 24 | — | $487.2M | ||
| Q3 24 | — | $256.4M | ||
| Q2 24 | — | $246.8M |
总债务GLPTMHC
| Q1 26 | — | — | ||
| Q4 25 | — | $2.3B | ||
| Q3 25 | — | $2.2B | ||
| Q2 25 | — | $2.1B | ||
| Q1 25 | — | $2.1B | ||
| Q4 24 | — | $2.1B | ||
| Q3 24 | — | $2.1B | ||
| Q2 24 | — | $2.2B |
股东权益GLPTMHC
| Q1 26 | — | $6.2B | ||
| Q4 25 | — | $6.3B | ||
| Q3 25 | — | $6.2B | ||
| Q2 25 | — | $6.1B | ||
| Q1 25 | — | $6.0B | ||
| Q4 24 | — | $5.9B | ||
| Q3 24 | — | $5.7B | ||
| Q2 24 | — | $5.5B |
总资产GLPTMHC
| Q1 26 | — | $9.8B | ||
| Q4 25 | $3.9B | $9.8B | ||
| Q3 25 | $3.7B | $9.6B | ||
| Q2 25 | $3.8B | $9.5B | ||
| Q1 25 | $3.8B | $9.4B | ||
| Q4 24 | $3.8B | $9.3B | ||
| Q3 24 | $3.7B | $9.3B | ||
| Q2 24 | $3.8B | $9.1B |
负债/权益比GLPTMHC
| Q1 26 | — | — | ||
| Q4 25 | — | 0.36× | ||
| Q3 25 | — | 0.35× | ||
| Q2 25 | — | 0.35× | ||
| Q1 25 | — | 0.35× | ||
| Q4 24 | — | 0.36× | ||
| Q3 24 | — | 0.37× | ||
| Q2 24 | — | 0.39× |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $62.2M | — |
| 自由现金流率自由现金流/营收 | 2.8% | — |
| 资本支出强度资本支出/营收 | 1.8% | — |
| 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 | — |
8季度趋势，按日历期对齐
经营现金流GLPTMHC
| Q1 26 | — | — | ||
| Q4 25 | $101.0M | $646.4M | ||
| Q3 25 | $19.0M | $219.6M | ||
| Q2 25 | $216.3M | $-126.0M | ||
| Q1 25 | $-51.6M | $77.2M | ||
| Q4 24 | $67.2M | $438.2M | ||
| Q3 24 | $122.7M | $135.9M | ||
| Q2 24 | $24.3M | $-233.3M |
自由现金流GLPTMHC
| Q1 26 | — | — | ||
| Q4 25 | $62.2M | $635.3M | ||
| Q3 25 | $-678.0K | $206.6M | ||
| Q2 25 | $201.3M | $-133.6M | ||
| Q1 25 | $-69.5M | $68.7M | ||
| Q4 24 | $20.4M | $428.2M | ||
| Q3 24 | $98.4M | $127.1M | ||
| Q2 24 | $8.7M | $-241.7M |
自由现金流率GLPTMHC
| Q1 26 | — | — | ||
| Q4 25 | 2.8% | 30.3% | ||
| Q3 25 | -0.0% | 9.9% | ||
| Q2 25 | 9.7% | -6.6% | ||
| Q1 25 | -3.2% | 3.6% | ||
| Q4 24 | 1.0% | 18.2% | ||
| Q3 24 | 4.6% | 6.0% | ||
| Q2 24 | 0.4% | -12.1% |
资本支出强度GLPTMHC
| Q1 26 | — | — | ||
| Q4 25 | 1.8% | 0.5% | ||
| Q3 25 | 0.9% | 0.6% | ||
| Q2 25 | 0.7% | 0.4% | ||
| Q1 25 | 0.8% | 0.4% | ||
| Q4 24 | 2.3% | 0.4% | ||
| Q3 24 | 1.1% | 0.4% | ||
| Q2 24 | 0.7% | 0.4% |
现金转化率GLPTMHC
| Q1 26 | — | — | ||
| Q4 25 | 4.03× | 3.71× | ||
| Q3 25 | 0.66× | 1.09× | ||
| Q2 25 | 8.58× | -0.65× | ||
| Q1 25 | -2.76× | 0.36× | ||
| Q4 24 | 2.82× | 1.81× | ||
| Q3 24 | 2.67× | 0.54× | ||
| Q2 24 | 0.53× | -1.17× |
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% |
TMHC
| Home closings revenue, net | $1.3B | 95% |
| Financial services revenue, net | $49.3M | 4% |
| Land closings revenue | $14.5M | 1% |
| Amenity and other revenue | $11.9M | 1% |
