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GLOBAL PARTNERS LP（GLP）与TRINET GROUP, INC.（TNET）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TRINET GROUP, INC.的1.8倍（$2.2B vs $1.2B），GLOBAL PARTNERS LP同比增速更快（7.0% vs -2.2%），GLOBAL PARTNERS LP自由现金流更多（$62.2M vs $43.0M），过去两年GLOBAL PARTNERS LP的营收复合增速更高（0.2% vs -0.6%）
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。
TriNet Group, Inc.是一家面向中小企业的专业雇主组织，总部位于加州都柏林，服务员工规模在3至2500人之间的各类机构。可提供薪资管理、健康福利管理服务，还能为客户提供劳动法规合规、风险降低相关咨询，可作为外包人力资源部门为企业分担人事相关事务。
GLP vs TNET — 直观对比
营收规模更大
GLP
是对方的1.8倍
$1.2B
营收增速更快
GLP
高出9.2%
-2.2%
自由现金流更多
GLP
多$19.2M
$43.0M
两年增速更快
GLP
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $1.2B |
| 净利润 | $25.1M | — |
| 毛利率 | 11.9% | — |
| 营业利润率 | 2.6% | 0.1% |
| 净利率 | 1.1% | — |
| 营收同比 | 7.0% | -2.2% |
| 净利润同比 | 5.0% | — |
| 每股收益（稀释后） | — | $0.02 |
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GLPTNET
| Q4 25 | $2.2B | $1.2B | ||
| Q3 25 | $2.2B | $1.2B | ||
| Q2 25 | $2.1B | $1.2B | ||
| Q1 25 | $2.2B | $1.3B | ||
| Q4 24 | $2.1B | $1.3B | ||
| Q3 24 | $2.1B | $1.2B | ||
| Q2 24 | $2.3B | $1.2B | ||
| Q1 24 | $2.2B | $1.3B |
净利润GLPTNET
| Q4 25 | $25.1M | — | ||
| Q3 25 | $29.0M | $34.0M | ||
| Q2 25 | $25.2M | $37.0M | ||
| Q1 25 | $18.7M | $85.0M | ||
| Q4 24 | $23.9M | — | ||
| Q3 24 | $45.9M | $45.0M | ||
| Q2 24 | $46.1M | $60.0M | ||
| Q1 24 | $-5.6M | $91.0M |
毛利率GLPTNET
| 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GLPTNET
| Q4 25 | 2.6% | 0.1% | ||
| Q3 25 | 2.7% | 4.1% | ||
| Q2 25 | 2.9% | 4.1% | ||
| Q1 25 | 2.6% | 8.9% | ||
| Q4 24 | 2.8% | -2.9% | ||
| Q3 24 | 3.9% | 4.7% | ||
| Q2 24 | 3.7% | 6.5% | ||
| Q1 24 | 1.2% | 9.7% |
净利率GLPTNET
| Q4 25 | 1.1% | — | ||
| Q3 25 | 1.3% | 2.8% | ||
| Q2 25 | 1.2% | 3.0% | ||
| Q1 25 | 0.9% | 6.6% | ||
| Q4 24 | 1.2% | — | ||
| Q3 24 | 2.1% | 3.6% | ||
| Q2 24 | 2.0% | 4.9% | ||
| Q1 24 | -0.3% | 7.2% |
每股收益（稀释后）GLPTNET
| Q4 25 | — | $0.02 | ||
| Q3 25 | — | $0.70 | ||
| Q2 25 | — | $0.77 | ||
| Q1 25 | — | $1.71 | ||
| Q4 24 | — | $-0.44 | ||
| Q3 24 | — | $0.89 | ||
| Q2 24 | — | $1.20 | ||
| Q1 24 | — | $1.78 |
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 | — | $287.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | — | $54.0M |
| 总资产 | $3.9B | $3.8B |
| 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GLPTNET
| Q4 25 | — | $287.0M | ||
| Q3 25 | — | $321.0M | ||
| Q2 25 | — | $407.0M | ||
| Q1 25 | — | $349.0M | ||
| Q4 24 | — | $360.0M | ||
| Q3 24 | — | $301.0M | ||
| Q2 24 | — | $249.0M | ||
| Q1 24 | — | $383.0M |
股东权益GLPTNET
| Q4 25 | — | $54.0M | ||
| Q3 25 | — | $110.0M | ||
| Q2 25 | — | $107.0M | ||
| Q1 25 | — | $63.0M | ||
| Q4 24 | — | $69.0M | ||
| Q3 24 | — | $129.0M | ||
| Q2 24 | — | $100.0M | ||
| Q1 24 | — | $143.0M |
总资产GLPTNET
| Q4 25 | $3.9B | $3.8B | ||
| Q3 25 | $3.7B | $3.4B | ||
| Q2 25 | $3.8B | $3.7B | ||
| Q1 25 | $3.8B | $3.8B | ||
| Q4 24 | $3.8B | $4.1B | ||
| Q3 24 | $3.7B | $3.7B | ||
| Q2 24 | $3.8B | $3.7B | ||
| Q1 24 | $3.5B | $4.0B |
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 | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $62.2M | $43.0M |
| 自由现金流率自由现金流/营收 | 2.8% | 3.4% |
| 资本支出强度资本支出/营收 | 1.8% | 1.4% |
| 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 | $234.0M |
8季度趋势，按日历期对齐
经营现金流GLPTNET
| Q4 25 | $101.0M | $61.0M | ||
| Q3 25 | $19.0M | $72.0M | ||
| Q2 25 | $216.3M | $75.0M | ||
| Q1 25 | $-51.6M | $95.0M | ||
| Q4 24 | $67.2M | $65.0M | ||
| Q3 24 | $122.7M | $84.0M | ||
| Q2 24 | $24.3M | $39.0M | ||
| Q1 24 | $-182.7M | $91.0M |
自由现金流GLPTNET
| Q4 25 | $62.2M | $43.0M | ||
| Q3 25 | $-678.0K | $55.0M | ||
| Q2 25 | $201.3M | $57.0M | ||
| Q1 25 | $-69.5M | $79.0M | ||
| Q4 24 | $20.4M | $47.0M | ||
| Q3 24 | $98.4M | $59.0M | ||
| Q2 24 | $8.7M | $22.0M | ||
| Q1 24 | $-199.3M | $73.0M |
自由现金流率GLPTNET
| Q4 25 | 2.8% | 3.4% | ||
| Q3 25 | -0.0% | 4.5% | ||
| Q2 25 | 9.7% | 4.6% | ||
| Q1 25 | -3.2% | 6.1% | ||
| Q4 24 | 1.0% | 3.7% | ||
| Q3 24 | 4.6% | 4.8% | ||
| Q2 24 | 0.4% | 1.8% | ||
| Q1 24 | -9.0% | 5.8% |
资本支出强度GLPTNET
| Q4 25 | 1.8% | 1.4% | ||
| Q3 25 | 0.9% | 1.4% | ||
| Q2 25 | 0.7% | 1.5% | ||
| Q1 25 | 0.8% | 1.2% | ||
| Q4 24 | 2.3% | 1.4% | ||
| Q3 24 | 1.1% | 2.0% | ||
| Q2 24 | 0.7% | 1.4% | ||
| Q1 24 | 0.8% | 1.4% |
现金转化率GLPTNET
| Q4 25 | 4.03× | — | ||
| Q3 25 | 0.66× | 2.12× | ||
| Q2 25 | 8.58× | 2.03× | ||
| Q1 25 | -2.76× | 1.12× | ||
| Q4 24 | 2.82× | — | ||
| Q3 24 | 2.67× | 1.87× | ||
| Q2 24 | 0.53× | 0.65× | ||
| Q1 24 | — | 1.00× |
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% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
