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GLOBAL PARTNERS LP（GLP）与MARRIOTT VACATIONS WORLDWIDE Corp（VAC）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MARRIOTT VACATIONS WORLDWIDE Corp的1.8倍（$2.2B vs $1.2B），GLOBAL PARTNERS LP净利率更高（1.1% vs -35.0%，领先36.1%），GLOBAL PARTNERS LP同比增速更快（7.0% vs -0.7%），GLOBAL PARTNERS LP自由现金流更多（$62.2M vs $-6.0M），过去两年MARRIOTT VACATIONS WORLDWIDE Corp的营收复合增速更高（5.2% 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。
万豪度假环球集团是专注于分时度假业务的公众企业，原为万豪国际集团旗下业务板块，2011年11月分拆为独立上市公司，核心业务为度假所有权运营。目前集团运营超过120家度假村，在万豪度假俱乐部品牌矩阵下拥有超70万名业主及会员，产品覆盖多个度假消费场景。
GLP vs VAC — 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7.7%
-0.7%
净利率更高
GLP
高出36.1%
-35.0%
自由现金流更多
GLP
多$68.2M
$-6.0M
两年增速更快
VAC
近两年复合增速
0.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $1.2B |
| 净利润 | $25.1M | $-431.0M |
| 毛利率 | 11.9% | — |
| 营业利润率 | 2.6% | — |
| 净利率 | 1.1% | -35.0% |
| 营收同比 | 7.0% | -0.7% |
| 净利润同比 | 5.0% | -962.0% |
| 每股收益（稀释后） | — | $-12.00 |
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GLPVAC
| Q4 25 | $2.2B | $1.2B | ||
| Q3 25 | $2.2B | $1.2B | ||
| Q2 25 | $2.1B | $1.2B | ||
| Q1 25 | $2.2B | $1.1B | ||
| Q4 24 | $2.1B | $1.2B | ||
| Q3 24 | $2.1B | $1.2B | ||
| Q2 24 | $2.3B | $1.1B | ||
| Q1 24 | $2.2B | $1.1B |
净利润GLPVAC
| Q4 25 | $25.1M | $-431.0M | ||
| Q3 25 | $29.0M | $-2.0M | ||
| Q2 25 | $25.2M | $69.0M | ||
| Q1 25 | $18.7M | $56.0M | ||
| Q4 24 | $23.9M | $50.0M | ||
| Q3 24 | $45.9M | $84.0M | ||
| Q2 24 | $46.1M | $37.0M | ||
| Q1 24 | $-5.6M | $47.0M |
毛利率GLPVAC
| 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GLPVAC
| 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% | — | ||
| Q1 24 | 1.2% | — |
净利率GLPVAC
| Q4 25 | 1.1% | -35.0% | ||
| Q3 25 | 1.3% | -0.2% | ||
| Q2 25 | 1.2% | 6.0% | ||
| Q1 25 | 0.9% | 5.0% | ||
| Q4 24 | 1.2% | 4.0% | ||
| Q3 24 | 2.1% | 6.9% | ||
| Q2 24 | 2.0% | 3.5% | ||
| Q1 24 | -0.3% | 4.2% |
每股收益（稀释后）GLPVAC
| Q4 25 | — | $-12.00 | ||
| Q3 25 | — | $-0.07 | ||
| Q2 25 | — | $1.77 | ||
| Q1 25 | — | $1.46 | ||
| Q4 24 | — | $1.29 | ||
| Q3 24 | — | $2.12 | ||
| Q2 24 | — | $0.98 | ||
| Q1 24 | — | $1.22 |
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 | — | $406.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | — | $2.0B |
| 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GLPVAC
| Q4 25 | — | $406.0M | ||
| Q3 25 | — | $474.0M | ||
| Q2 25 | — | $205.0M | ||
| Q1 25 | — | $196.0M | ||
| Q4 24 | — | $197.0M | ||
| Q3 24 | — | $197.0M | ||
| Q2 24 | — | $206.0M | ||
| Q1 24 | — | $237.0M |
股东权益GLPVAC
| Q4 25 | — | $2.0B | ||
| Q3 25 | — | $2.5B | ||
| Q2 25 | — | $2.5B | ||
| Q1 25 | — | $2.4B | ||
| Q4 24 | — | $2.4B | ||
| Q3 24 | — | $2.4B | ||
| Q2 24 | — | $2.4B | ||
| Q1 24 | — | $2.4B |
总资产GLPVAC
| Q4 25 | $3.9B | $9.8B | ||
| Q3 25 | $3.7B | $10.1B | ||
| Q2 25 | $3.8B | $9.9B | ||
| Q1 25 | $3.8B | $9.9B | ||
| Q4 24 | $3.8B | $9.8B | ||
| Q3 24 | $3.7B | $9.7B | ||
| Q2 24 | $3.8B | $9.6B | ||
| Q1 24 | $3.5B | $9.9B |
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 | $6.0M |
| 自由现金流经营现金流 - 资本支出 | $62.2M | $-6.0M |
| 自由现金流率自由现金流/营收 | 2.8% | -0.5% |
| 资本支出强度资本支出/营收 | 1.8% | 1.0% |
| 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 | $-29.0M |
8季度趋势，按日历期对齐
经营现金流GLPVAC
| Q4 25 | $101.0M | $6.0M | ||
| Q3 25 | $19.0M | $62.0M | ||
| Q2 25 | $216.3M | $-48.0M | ||
| Q1 25 | $-51.6M | $8.0M | ||
| Q4 24 | $67.2M | $100.0M | ||
| Q3 24 | $122.7M | $72.0M | ||
| Q2 24 | $24.3M | $30.0M | ||
| Q1 24 | $-182.7M | $3.0M |
自由现金流GLPVAC
| Q4 25 | $62.2M | $-6.0M | ||
| Q3 25 | $-678.0K | $51.0M | ||
| Q2 25 | $201.3M | $-68.0M | ||
| Q1 25 | $-69.5M | $-6.0M | ||
| Q4 24 | $20.4M | $86.0M | ||
| Q3 24 | $98.4M | $58.0M | ||
| Q2 24 | $8.7M | $17.0M | ||
| Q1 24 | $-199.3M | $-13.0M |
自由现金流率GLPVAC
| Q4 25 | 2.8% | -0.5% | ||
| Q3 25 | -0.0% | 4.3% | ||
| Q2 25 | 9.7% | -5.9% | ||
| Q1 25 | -3.2% | -0.5% | ||
| Q4 24 | 1.0% | 6.9% | ||
| Q3 24 | 4.6% | 4.8% | ||
| Q2 24 | 0.4% | 1.6% | ||
| Q1 24 | -9.0% | -1.2% |
资本支出强度GLPVAC
| Q4 25 | 1.8% | 1.0% | ||
| Q3 25 | 0.9% | 0.9% | ||
| Q2 25 | 0.7% | 1.7% | ||
| Q1 25 | 0.8% | 1.3% | ||
| Q4 24 | 2.3% | 1.1% | ||
| Q3 24 | 1.1% | 1.1% | ||
| Q2 24 | 0.7% | 1.2% | ||
| Q1 24 | 0.8% | 1.4% |
现金转化率GLPVAC
| Q4 25 | 4.03× | — | ||
| Q3 25 | 0.66× | — | ||
| Q2 25 | 8.58× | -0.70× | ||
| Q1 25 | -2.76× | 0.14× | ||
| Q4 24 | 2.82× | 2.00× | ||
| Q3 24 | 2.67× | 0.86× | ||
| Q2 24 | 0.53× | 0.81× | ||
| Q1 24 | — | 0.06× |
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% |
VAC
| Cost Reimbursement | $467.0M | 38% |
| Time Share | $381.0M | 31% |
| Management And Exchange | $212.0M | 17% |
| Ancillary Revenues | $64.0M | 5% |
| Management Service | $55.0M | 4% |
| Service Other | $36.0M | 3% |
