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GLOBAL PARTNERS LP（GLP）与韦莱韬悦（WTW）财务数据对比。点击上方公司名可切换其他公司
韦莱韬悦的季度营收约是GLOBAL PARTNERS LP的1.3倍（$2.9B vs $2.2B），韦莱韬悦净利率更高（25.5% vs 1.1%，领先24.4%），GLOBAL PARTNERS LP同比增速更快（7.0% vs -3.5%），韦莱韬悦自由现金流更多（$708.0M vs $62.2M），过去两年韦莱韬悦的营收复合增速更高（12.0% 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。
韦莱韬悦是一家英美联营的跨国咨询、经纪及解决方案服务商，业务覆盖商业保险经纪与风险咨询、员工福利与薪酬咨询、退休与精算服务，同时可为养老基金、机构投资者提供专业投资建议，服务网络覆盖全球多个市场。
GLP vs WTW — 直观对比
营收规模更大
WTW
是对方的1.3倍
$2.2B
营收增速更快
GLP
高出10.5%
-3.5%
净利率更高
WTW
高出24.4%
1.1%
自由现金流更多
WTW
多$645.8M
$62.2M
两年增速更快
WTW
近两年复合增速
0.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $2.9B |
| 净利润 | $25.1M | $735.0M |
| 毛利率 | 11.9% | — |
| 营业利润率 | 2.6% | 35.3% |
| 净利率 | 1.1% | 25.5% |
| 营收同比 | 7.0% | -3.5% |
| 净利润同比 | 5.0% | -41.0% |
| 每股收益（稀释后） | — | $7.50 |
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GLPWTW
| Q4 25 | $2.2B | $2.9B | ||
| Q3 25 | $2.2B | $2.2B | ||
| Q2 25 | $2.1B | $2.2B | ||
| Q1 25 | $2.2B | $2.2B | ||
| Q4 24 | $2.1B | $3.0B | ||
| Q3 24 | $2.1B | $2.2B | ||
| Q2 24 | $2.3B | $2.2B | ||
| Q1 24 | $2.2B | $2.3B |
净利润GLPWTW
| Q4 25 | $25.1M | $735.0M | ||
| Q3 25 | $29.0M | $304.0M | ||
| Q2 25 | $25.2M | $331.0M | ||
| Q1 25 | $18.7M | $235.0M | ||
| Q4 24 | $23.9M | $1.2B | ||
| Q3 24 | $45.9M | $-1.7B | ||
| Q2 24 | $46.1M | $141.0M | ||
| Q1 24 | $-5.6M | $190.0M |
毛利率GLPWTW
| 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GLPWTW
| Q4 25 | 2.6% | 35.3% | ||
| Q3 25 | 2.7% | 18.7% | ||
| Q2 25 | 2.9% | 16.6% | ||
| Q1 25 | 2.6% | 19.8% | ||
| Q4 24 | 2.8% | 30.2% | ||
| Q3 24 | 3.9% | -34.2% | ||
| Q2 24 | 3.7% | 9.6% | ||
| Q1 24 | 1.2% | 12.2% |
净利率GLPWTW
| Q4 25 | 1.1% | 25.5% | ||
| Q3 25 | 1.3% | 13.6% | ||
| Q2 25 | 1.2% | 14.9% | ||
| Q1 25 | 0.9% | 10.8% | ||
| Q4 24 | 1.2% | 41.7% | ||
| Q3 24 | 2.1% | -74.8% | ||
| Q2 24 | 2.0% | 6.4% | ||
| Q1 24 | -0.3% | 8.3% |
每股收益（稀释后）GLPWTW
| Q4 25 | — | $7.50 | ||
| Q3 25 | — | $3.11 | ||
| Q2 25 | — | $3.32 | ||
| Q1 25 | — | $2.33 | ||
| Q4 24 | — | $12.29 | ||
| Q3 24 | — | $-16.44 | ||
| Q2 24 | — | $1.36 | ||
| Q1 24 | — | $1.83 |
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 | — | $3.2B |
| 总债务越低越好 | — | $9.7B |
| 股东权益账面价值 | — | $8.0B |
| 总资产 | $3.9B | $29.5B |
| 负债/权益比越低杠杆越低 | — | 1.21× |
8季度趋势，按日历期对齐
现金及短期投资GLPWTW
| Q4 25 | — | $3.2B | ||
| Q3 25 | — | $1.9B | ||
| Q2 25 | — | $2.0B | ||
| Q1 25 | — | $1.5B | ||
| Q4 24 | — | $1.9B | ||
| Q3 24 | — | $1.4B | ||
| Q2 24 | — | $1.2B | ||
| Q1 24 | — | $1.9B |
总债务GLPWTW
| Q4 25 | — | $9.7B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $8.6B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益GLPWTW
| Q4 25 | — | $8.0B | ||
| Q3 25 | — | $7.7B | ||
| Q2 25 | — | $8.1B | ||
| Q1 25 | — | $8.1B | ||
| Q4 24 | — | $7.9B | ||
| Q3 24 | — | $7.5B | ||
| Q2 24 | — | $9.3B | ||
| Q1 24 | — | $9.5B |
总资产GLPWTW
| Q4 25 | $3.9B | $29.5B | ||
| Q3 25 | $3.7B | $27.4B | ||
| Q2 25 | $3.8B | $28.5B | ||
| Q1 25 | $3.8B | $28.1B | ||
| Q4 24 | $3.8B | $27.7B | ||
| Q3 24 | $3.7B | $27.2B | ||
| Q2 24 | $3.8B | $29.6B | ||
| Q1 24 | $3.5B | $30.2B |
负债/权益比GLPWTW
| Q4 25 | — | 1.21× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.08× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $771.0M |
| 自由现金流经营现金流 - 资本支出 | $62.2M | $708.0M |
| 自由现金流率自由现金流/营收 | 2.8% | 24.6% |
| 资本支出强度资本支出/营收 | 1.8% | 2.2% |
| 现金转化率经营现金流/净利润 | 4.03× | 1.05× |
| 过去12个月自由现金流最近4个季度 | $193.3M | $1.5B |
8季度趋势，按日历期对齐
经营现金流GLPWTW
| Q4 25 | $101.0M | $771.0M | ||
| Q3 25 | $19.0M | $678.0M | ||
| Q2 25 | $216.3M | $361.0M | ||
| Q1 25 | $-51.6M | $-35.0M | ||
| Q4 24 | $67.2M | $599.0M | ||
| Q3 24 | $122.7M | $482.0M | ||
| Q2 24 | $24.3M | $407.0M | ||
| Q1 24 | $-182.7M | $24.0M |
自由现金流GLPWTW
| Q4 25 | $62.2M | $708.0M | ||
| Q3 25 | $-678.0K | $621.0M | ||
| Q2 25 | $201.3M | $303.0M | ||
| Q1 25 | $-69.5M | $-86.0M | ||
| Q4 24 | $20.4M | $543.0M | ||
| Q3 24 | $98.4M | $419.0M | ||
| Q2 24 | $8.7M | $341.0M | ||
| Q1 24 | $-199.3M | $-36.0M |
自由现金流率GLPWTW
| Q4 25 | 2.8% | 24.6% | ||
| Q3 25 | -0.0% | 27.7% | ||
| Q2 25 | 9.7% | 13.7% | ||
| Q1 25 | -3.2% | -3.9% | ||
| Q4 24 | 1.0% | 18.2% | ||
| Q3 24 | 4.6% | 18.7% | ||
| Q2 24 | 0.4% | 15.4% | ||
| Q1 24 | -9.0% | -1.6% |
资本支出强度GLPWTW
| Q4 25 | 1.8% | 2.2% | ||
| Q3 25 | 0.9% | 2.5% | ||
| Q2 25 | 0.7% | 2.6% | ||
| Q1 25 | 0.8% | 2.3% | ||
| Q4 24 | 2.3% | 1.9% | ||
| Q3 24 | 1.1% | 2.8% | ||
| Q2 24 | 0.7% | 3.0% | ||
| Q1 24 | 0.8% | 2.6% |
现金转化率GLPWTW
| Q4 25 | 4.03× | 1.05× | ||
| Q3 25 | 0.66× | 2.23× | ||
| Q2 25 | 8.58× | 1.09× | ||
| Q1 25 | -2.76× | -0.15× | ||
| Q4 24 | 2.82× | 0.48× | ||
| Q3 24 | 2.67× | — | ||
| Q2 24 | 0.53× | 2.89× | ||
| Q1 24 | — | 0.13× |
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% |
WTW
| Health Wealth And Career | $1.7B | 58% |
| GB | $566.0M | 20% |
| Broking | $465.0M | 16% |
| Other | $113.0M | 4% |
| December Thirty One Two Thousand And Twenty Four | $67.0M | 2% |
| IE | $38.0M | 1% |
