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GLOBAL PARTNERS LP（GLP）与TUTOR PERINI CORP（TPC）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TUTOR PERINI CORP的1.5倍（$2.2B vs $1.5B），TUTOR PERINI CORP净利率更高（1.9% vs 1.1%，领先0.8%），TUTOR PERINI CORP同比增速更快（41.2% vs 7.0%），TUTOR PERINI CORP自由现金流更多（$98.7M vs $62.2M），过去两年TUTOR PERINI CORP的营收复合增速更高（19.9% 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。
Tutor Perini集团是美国顶尖的大型总承包商之一，2008年由Perini公司与Tutor-Saliba公司合并成立，总部位于加利福尼亚州西尔马。公司业务覆盖北美全境，2024年营收约43.3亿美元，核心业务涵盖桥梁、公路、隧道、机场、公共交通系统等民用基建项目，同时也涉足建筑工程领域。
GLP vs TPC — 直观对比
营收规模更大
GLP
是对方的1.5倍
$1.5B
营收增速更快
TPC
高出34.2%
7.0%
净利率更高
TPC
高出0.8%
1.1%
自由现金流更多
TPC
多$36.5M
$62.2M
两年增速更快
TPC
近两年复合增速
0.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $1.5B |
| 净利润 | $25.1M | $28.8M |
| 毛利率 | 11.9% | 9.8% |
| 营业利润率 | 2.6% | 3.3% |
| 净利率 | 1.1% | 1.9% |
| 营收同比 | 7.0% | 41.2% |
| 净利润同比 | 5.0% | 136.3% |
| 每股收益（稀释后） | — | $0.53 |
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GLPTPC
| Q4 25 | $2.2B | $1.5B | ||
| Q3 25 | $2.2B | $1.4B | ||
| Q2 25 | $2.1B | $1.4B | ||
| Q1 25 | $2.2B | $1.2B | ||
| Q4 24 | $2.1B | $1.1B | ||
| Q3 24 | $2.1B | $1.1B | ||
| Q2 24 | $2.3B | $1.1B | ||
| Q1 24 | $2.2B | $1.0B |
净利润GLPTPC
| Q4 25 | $25.1M | $28.8M | ||
| Q3 25 | $29.0M | $3.6M | ||
| Q2 25 | $25.2M | $20.0M | ||
| Q1 25 | $18.7M | $28.0M | ||
| Q4 24 | $23.9M | $-79.4M | ||
| Q3 24 | $45.9M | $-100.9M | ||
| Q2 24 | $46.1M | $812.0K | ||
| Q1 24 | $-5.6M | $15.8M |
毛利率GLPTPC
| Q4 25 | 11.9% | 9.8% | ||
| Q3 25 | 12.1% | 12.0% | ||
| Q2 25 | 13.1% | 14.3% | ||
| Q1 25 | 11.7% | 10.8% | ||
| Q4 24 | 13.0% | -0.9% | ||
| Q3 24 | 13.4% | -2.4% | ||
| Q2 24 | 12.6% | 10.4% | ||
| Q1 24 | 9.8% | 11.0% |
营业利润率GLPTPC
| Q4 25 | 2.6% | 3.3% | ||
| Q3 25 | 2.7% | 2.8% | ||
| Q2 25 | 2.9% | 5.6% | ||
| Q1 25 | 2.6% | 5.2% | ||
| Q4 24 | 2.8% | -8.1% | ||
| Q3 24 | 3.9% | -9.9% | ||
| Q2 24 | 3.7% | 3.6% | ||
| Q1 24 | 1.2% | 4.7% |
净利率GLPTPC
| Q4 25 | 1.1% | 1.9% | ||
| Q3 25 | 1.3% | 0.3% | ||
| Q2 25 | 1.2% | 1.5% | ||
| Q1 25 | 0.9% | 2.2% | ||
| Q4 24 | 1.2% | -7.4% | ||
| Q3 24 | 2.1% | -9.3% | ||
| Q2 24 | 2.0% | 0.1% | ||
| Q1 24 | -0.3% | 1.5% |
每股收益（稀释后）GLPTPC
| Q4 25 | — | $0.53 | ||
| Q3 25 | — | $0.07 | ||
| Q2 25 | — | $0.38 | ||
| Q1 25 | — | $0.53 | ||
| Q4 24 | — | $-1.53 | ||
| Q3 24 | — | $-1.92 | ||
| Q2 24 | — | $0.02 | ||
| Q1 24 | — | $0.30 |
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 | — | $734.6M |
| 总债务越低越好 | — | $407.4M |
| 股东权益账面价值 | — | $1.2B |
| 总资产 | $3.9B | $5.2B |
| 负债/权益比越低杠杆越低 | — | 0.33× |
8季度趋势，按日历期对齐
现金及短期投资GLPTPC
| Q4 25 | — | $734.6M | ||
| Q3 25 | — | $695.7M | ||
| Q2 25 | — | $526.1M | ||
| Q1 25 | — | $276.5M | ||
| Q4 24 | — | $455.1M | ||
| Q3 24 | — | $287.4M | ||
| Q2 24 | — | $267.1M | ||
| Q1 24 | — | $358.3M |
总债务GLPTPC
| Q4 25 | — | $407.4M | ||
| Q3 25 | — | $413.1M | ||
| Q2 25 | — | $419.4M | ||
| Q1 25 | — | $405.6M | ||
| Q4 24 | — | $534.1M | ||
| Q3 24 | — | $681.4M | ||
| Q2 24 | — | $676.4M | ||
| Q1 24 | — | $801.2M |
股东权益GLPTPC
| Q4 25 | — | $1.2B | ||
| Q3 25 | — | $1.2B | ||
| Q2 25 | — | $1.2B | ||
| Q1 25 | — | $1.2B | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | $1.3B | ||
| Q1 24 | — | $1.3B |
总资产GLPTPC
| Q4 25 | $3.9B | $5.2B | ||
| Q3 25 | $3.7B | $5.2B | ||
| Q2 25 | $3.8B | $4.9B | ||
| Q1 25 | $3.8B | $4.5B | ||
| Q4 24 | $3.8B | $4.2B | ||
| Q3 24 | $3.7B | $4.4B | ||
| Q2 24 | $3.8B | $4.3B | ||
| Q1 24 | $3.5B | $4.4B |
负债/权益比GLPTPC
| Q4 25 | — | 0.33× | ||
| Q3 25 | — | 0.35× | ||
| Q2 25 | — | 0.35× | ||
| Q1 25 | — | 0.35× | ||
| Q4 24 | — | 0.47× | ||
| Q3 24 | — | 0.56× | ||
| Q2 24 | — | 0.52× | ||
| Q1 24 | — | 0.61× |
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 | $173.7M |
| 自由现金流经营现金流 - 资本支出 | $62.2M | $98.7M |
| 自由现金流率自由现金流/营收 | 2.8% | 6.5% |
| 资本支出强度资本支出/营收 | 1.8% | 5.0% |
| 现金转化率经营现金流/净利润 | 4.03× | 6.02× |
| 过去12个月自由现金流最近4个季度 | $193.3M | $567.2M |
8季度趋势，按日历期对齐
经营现金流GLPTPC
| Q4 25 | $101.0M | $173.7M | ||
| Q3 25 | $19.0M | $289.1M | ||
| Q2 25 | $216.3M | $262.4M | ||
| Q1 25 | $-51.6M | $22.9M | ||
| Q4 24 | $67.2M | $329.6M | ||
| Q3 24 | $122.7M | $22.6M | ||
| Q2 24 | $24.3M | $53.1M | ||
| Q1 24 | $-182.7M | $98.3M |
自由现金流GLPTPC
| Q4 25 | $62.2M | $98.7M | ||
| Q3 25 | $-678.0K | $240.2M | ||
| Q2 25 | $201.3M | $235.6M | ||
| Q1 25 | $-69.5M | $-7.2M | ||
| Q4 24 | $20.4M | $320.4M | ||
| Q3 24 | $98.4M | $15.6M | ||
| Q2 24 | $8.7M | $42.2M | ||
| Q1 24 | $-199.3M | $87.8M |
自由现金流率GLPTPC
| Q4 25 | 2.8% | 6.5% | ||
| Q3 25 | -0.0% | 17.0% | ||
| Q2 25 | 9.7% | 17.1% | ||
| Q1 25 | -3.2% | -0.6% | ||
| Q4 24 | 1.0% | 30.0% | ||
| Q3 24 | 4.6% | 1.4% | ||
| Q2 24 | 0.4% | 3.7% | ||
| Q1 24 | -9.0% | 8.4% |
资本支出强度GLPTPC
| Q4 25 | 1.8% | 5.0% | ||
| Q3 25 | 0.9% | 3.5% | ||
| Q2 25 | 0.7% | 2.0% | ||
| Q1 25 | 0.8% | 2.4% | ||
| Q4 24 | 2.3% | 0.9% | ||
| Q3 24 | 1.1% | 0.6% | ||
| Q2 24 | 0.7% | 1.0% | ||
| Q1 24 | 0.8% | 1.0% |
现金转化率GLPTPC
| Q4 25 | 4.03× | 6.02× | ||
| Q3 25 | 0.66× | 79.63× | ||
| Q2 25 | 8.58× | 13.14× | ||
| Q1 25 | -2.76× | 0.82× | ||
| Q4 24 | 2.82× | — | ||
| Q3 24 | 2.67× | — | ||
| Q2 24 | 0.53× | 65.44× | ||
| Q1 24 | — | 6.24× |
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% |
TPC
| State And Local Agencies | $591.1M | 39% |
| Mass Transit | $449.9M | 30% |
| Federal Agencies | $115.0M | 8% |
| Bridges | $100.5M | 7% |
| Military Facilities | $93.1M | 6% |
| Commercial And Industrial Facilities | $46.7M | 3% |
| Detention Facilities | $43.8M | 3% |
| Power And Energy | $35.8M | 2% |
| Multi Unit Residential | $25.9M | 2% |
| Education Facilities | $12.0M | 1% |
| Water | $3.6M | 0% |
