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GLOBAL PARTNERS LP（GLP）与Wayfair Inc.（W）财务数据对比。点击上方公司名可切换其他公司
Wayfair Inc.的季度营收约是GLOBAL PARTNERS LP的1.5倍（$3.3B vs $2.2B），GLOBAL PARTNERS LP净利率更高（1.1% vs -3.5%，领先4.6%），GLOBAL PARTNERS LP同比增速更快（7.0% vs 6.9%），Wayfair Inc.自由现金流更多（$177.0M vs $62.2M），过去两年Wayfair Inc.的营收复合增速更高（10.6% 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。
Wayfair Inc.是总部位于美国马萨诸塞州波士顿的电商企业，2002年成立，前身为CSN Stores，专注于家具及家居用品线上销售。目前平台提供来自全球11000余家供应商的1400万款商品，业务遍及北美、加拿大、德国、爱尔兰、中国、英国等国家和地区。
GLP vs W — 直观对比
营收规模更大
W
是对方的1.5倍
$2.2B
营收增速更快
GLP
高出0.1%
6.9%
净利率更高
GLP
高出4.6%
-3.5%
自由现金流更多
W
多$114.8M
$62.2M
两年增速更快
W
近两年复合增速
0.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $3.3B |
| 净利润 | $25.1M | $-116.0M |
| 毛利率 | 11.9% | 30.3% |
| 营业利润率 | 2.6% | 2.5% |
| 净利率 | 1.1% | -3.5% |
| 营收同比 | 7.0% | 6.9% |
| 净利润同比 | 5.0% | 9.4% |
| 每股收益（稀释后） | — | $-0.90 |
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GLPW
| Q4 25 | $2.2B | $3.3B | ||
| Q3 25 | $2.2B | $3.1B | ||
| Q2 25 | $2.1B | $3.3B | ||
| Q1 25 | $2.2B | $2.7B | ||
| Q4 24 | $2.1B | $3.1B | ||
| Q3 24 | $2.1B | $2.9B | ||
| Q2 24 | $2.3B | $3.1B | ||
| Q1 24 | $2.2B | $2.7B |
净利润GLPW
| Q4 25 | $25.1M | $-116.0M | ||
| Q3 25 | $29.0M | $-99.0M | ||
| Q2 25 | $25.2M | $15.0M | ||
| Q1 25 | $18.7M | $-113.0M | ||
| Q4 24 | $23.9M | $-128.0M | ||
| Q3 24 | $45.9M | $-74.0M | ||
| Q2 24 | $46.1M | $-42.0M | ||
| Q1 24 | $-5.6M | $-248.0M |
毛利率GLPW
| Q4 25 | 11.9% | 30.3% | ||
| Q3 25 | 12.1% | 30.0% | ||
| Q2 25 | 13.1% | 30.1% | ||
| Q1 25 | 11.7% | 30.7% | ||
| Q4 24 | 13.0% | 30.2% | ||
| Q3 24 | 13.4% | 30.3% | ||
| Q2 24 | 12.6% | 30.2% | ||
| Q1 24 | 9.8% | 30.0% |
营业利润率GLPW
| Q4 25 | 2.6% | 2.5% | ||
| Q3 25 | 2.7% | 1.2% | ||
| Q2 25 | 2.9% | 0.5% | ||
| Q1 25 | 2.6% | -4.5% | ||
| Q4 24 | 2.8% | -3.7% | ||
| Q3 24 | 3.9% | -2.6% | ||
| Q2 24 | 3.7% | -1.1% | ||
| Q1 24 | 1.2% | -8.6% |
净利率GLPW
| Q4 25 | 1.1% | -3.5% | ||
| Q3 25 | 1.3% | -3.2% | ||
| Q2 25 | 1.2% | 0.5% | ||
| Q1 25 | 0.9% | -4.1% | ||
| Q4 24 | 1.2% | -4.1% | ||
| Q3 24 | 2.1% | -2.6% | ||
| Q2 24 | 2.0% | -1.3% | ||
| Q1 24 | -0.3% | -9.1% |
每股收益（稀释后）GLPW
| Q4 25 | — | $-0.90 | ||
| Q3 25 | — | $-0.76 | ||
| Q2 25 | — | $0.11 | ||
| Q1 25 | — | $-0.89 | ||
| Q4 24 | — | $-1.01 | ||
| Q3 24 | — | $-0.60 | ||
| Q2 24 | — | $-0.34 | ||
| Q1 24 | — | $-2.06 |
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 | — | $1.5B |
| 总债务越低越好 | — | $3.3B |
| 股东权益账面价值 | — | $-2.8B |
| 总资产 | $3.9B | $3.4B |
| 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GLPW
| Q4 25 | — | $1.5B | ||
| Q3 25 | — | $1.2B | ||
| Q2 25 | — | $1.4B | ||
| Q1 25 | — | $1.4B | ||
| Q4 24 | — | $1.4B | ||
| Q3 24 | — | $1.3B | ||
| Q2 24 | — | $1.3B | ||
| Q1 24 | — | $1.2B |
总债务GLPW
| Q4 25 | — | $3.3B | ||
| Q3 25 | — | $2.9B | ||
| Q2 25 | — | $3.0B | ||
| Q1 25 | — | $3.2B | ||
| Q4 24 | — | $3.1B | ||
| Q3 24 | — | $3.2B | ||
| Q2 24 | — | $3.2B | ||
| Q1 24 | — | $3.2B |
股东权益GLPW
| Q4 25 | — | $-2.8B | ||
| Q3 25 | — | $-2.8B | ||
| Q2 25 | — | $-2.7B | ||
| Q1 25 | — | $-2.8B | ||
| Q4 24 | — | $-2.8B | ||
| Q3 24 | — | $-2.7B | ||
| Q2 24 | — | $-2.8B | ||
| Q1 24 | — | $-2.8B |
总资产GLPW
| Q4 25 | $3.9B | $3.4B | ||
| Q3 25 | $3.7B | $3.1B | ||
| Q2 25 | $3.8B | $3.3B | ||
| Q1 25 | $3.8B | $3.4B | ||
| Q4 24 | $3.8B | $3.5B | ||
| Q3 24 | $3.7B | $3.4B | ||
| Q2 24 | $3.8B | $3.4B | ||
| Q1 24 | $3.5B | $3.2B |
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 | $202.0M |
| 自由现金流经营现金流 - 资本支出 | $62.2M | $177.0M |
| 自由现金流率自由现金流/营收 | 2.8% | 5.3% |
| 资本支出强度资本支出/营收 | 1.8% | 0.7% |
| 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 | $464.0M |
8季度趋势，按日历期对齐
经营现金流GLPW
| Q4 25 | $101.0M | $202.0M | ||
| Q3 25 | $19.0M | $155.0M | ||
| Q2 25 | $216.3M | $273.0M | ||
| Q1 25 | $-51.6M | $-96.0M | ||
| Q4 24 | $67.2M | $162.0M | ||
| Q3 24 | $122.7M | $49.0M | ||
| Q2 24 | $24.3M | $245.0M | ||
| Q1 24 | $-182.7M | $-139.0M |
自由现金流GLPW
| Q4 25 | $62.2M | $177.0M | ||
| Q3 25 | $-678.0K | $128.0M | ||
| Q2 25 | $201.3M | $260.0M | ||
| Q1 25 | $-69.5M | $-101.0M | ||
| Q4 24 | $20.4M | $142.0M | ||
| Q3 24 | $98.4M | $32.0M | ||
| Q2 24 | $8.7M | $222.0M | ||
| Q1 24 | $-199.3M | $-152.0M |
自由现金流率GLPW
| Q4 25 | 2.8% | 5.3% | ||
| Q3 25 | -0.0% | 4.1% | ||
| Q2 25 | 9.7% | 7.9% | ||
| Q1 25 | -3.2% | -3.7% | ||
| Q4 24 | 1.0% | 4.5% | ||
| Q3 24 | 4.6% | 1.1% | ||
| Q2 24 | 0.4% | 7.1% | ||
| Q1 24 | -9.0% | -5.6% |
资本支出强度GLPW
| Q4 25 | 1.8% | 0.7% | ||
| Q3 25 | 0.9% | 0.9% | ||
| Q2 25 | 0.7% | 0.4% | ||
| Q1 25 | 0.8% | 0.2% | ||
| Q4 24 | 2.3% | 0.6% | ||
| Q3 24 | 1.1% | 0.6% | ||
| Q2 24 | 0.7% | 0.7% | ||
| Q1 24 | 0.8% | 0.5% |
现金转化率GLPW
| Q4 25 | 4.03× | — | ||
| Q3 25 | 0.66× | — | ||
| Q2 25 | 8.58× | 18.20× | ||
| Q1 25 | -2.76× | — | ||
| Q4 24 | 2.82× | — | ||
| Q3 24 | 2.67× | — | ||
| Q2 24 | 0.53× | — | ||
| Q1 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% |
W
| US Segment | $2.9B | 88% |
| International Segment | $395.0M | 12% |
