Global Partners LP GLP

EnergyOil & GasUnited States of America

Last close 46.04 USD on Nov 2, 2026, +15.4% year to date

Quant rating

Quant rating C Rank 81 of 167 in Energy

Growth C 102 of 167
Valuation B 40 of 167
Quality C 89 of 167
Revisions B 65 of 167
Momentum C 104 of 167

Wall Street consensus Hold (3.00)

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 1.6B
Enterprise value: 3.3B
52-week range: 39.58 – 54.19
3-year range: 31.46 – 59.88
Dividend yield: 6.62%
Beta (5 years): 1.08
Shares outstanding: 34.0M
Next earnings: Nov 6, 2026

About the company

Global Partners LP is an integrated owner, supplier, and operator of liquid energy terminals, fueling locations, and guest-focused retail experiences. The Company operates or maintains storage at 54 liquid energy terminals with connectivity to rail, pipeline, and marine assets spanning from Maine to Florida and into the United States Gulf States. It distributes gasoline, distillates, residual oil, and renewable fuels. The Company’s segments include Wholesale, Gasoline Distribution and Station Operations (GDSO) and Commercial. The Wholesale segment is engaged in the logistics of selling, gathering, blending, storing and transporting refined petroleum products, gasoline blend stocks, renewable fuels, crude oil and propane. The GDSO segment includes sales of branded and unbranded gasoline to gasoline station operators and sub-jobbers. The Commercial segment includes sales and deliveries of unbranded gasoline, home heating oil, diesel, kerosene, residual oil and bunker fuel.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	18,561	17,164	16,492	18,878	13,248	–
Revenue growth	8.1%	4.1%	−12.6%	42.5%	59.2%	17.4%
EPS (basic, normalized)	2.11	2.41	3.76	10.02	1.31	–
EPS growth	−12.4%	−35.9%	−62.5%	664.9%	–	–
Gross margin	5.7%	6.2%	5.9%	5.8%	5.4%	5.8%
Net margin	0.4%	0.5%	0.8%	1.8%	0.3%	0.8%
ROE	14.1%	14.5%	19.2%	55.0%	11.9%	22.9%

Balance sheet, last quarter
Cash & short-term investments (mil)	23.9
Current ratio	1.19x
Long-term debt (mil)	1,564
Net debt (mil)	1,691
Total equity (mil)	749
Net debt / equity	2.26x
Net debt / EBITDA	4.42x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	18,561	+8.1%	0.2x	383	−4.3%	8.5x	2.11	−12.4%	21.8x
2026	27,416	+47.7%	0.1x	525	+37.0%	6.2x	6.02	+185.3%	7.6x
2027	33,890	+23.6%	0.1x	450	−14.3%	7.2x	3.81	−36.7%	12.1x
2028	36,521	+7.8%	0.1x	475	+5.5%	6.9x	4.28	+12.3%	10.8x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	27,416	0.0%	−2.9%	−9.1%	6.02	+2.6%	+27.8%	+88.7%
2027	33,890	0.0%	−1.4%	+0.6%	3.81	+0.3%	+2.7%	+17.6%
2028	36,521	0.0%	−1.5%	–	4.28	+0.2%	+0.2%	–

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	4,145	4,410	4,422	4,186	4,592	4,627	4,694	4,648	5,322	6,792
Sales mean (mil)	5,221	5,512	5,876	5,803	5,640	5,985	7,211	6,938	6,976	7,507
Surprise	−20.6%	−20.0%	−24.7%	−27.9%	−18.6%	−22.7%	−34.9%	−33.0%	−23.7%	−9.5%
EPS reported	−0.37	1.17	1.17	0.52	0.36	0.64	0.66	0.54	1.85	1.86
EPS mean	0.10	1.50	1.57	0.24	−0.03	0.60	1.09	0.60	0.33	1.24
Surprise	−470.0%	−22.0%	−25.5%	+116.7%	−1,300.0%	+6.7%	−39.4%	−10.0%	+460.6%	+50.0%

Peer comparison Oil & Gas

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
GLP Global Partners LP	1.6B	4.42x	0.4%	2.08x	7.6x	12.1x	6.2x	7.2x
XOM Exxonmobil Holdings Corp	732.9B	0.43x	8.9%	2.76x	13.5x	14.2x	7.5x	7.7x
PSX Phillips 66	107.3B	1.66x	3.3%	3.13x	8.1x	8.5x	5.7x	6.3x
BP BP PLC	126.2B	1.17x	0.4%	2.03x	6.1x	9.1x	3.1x	3.8x
OKE ONEOK, Inc. (Oklahoma)	58.3B	4.68x	10.1%	2.50x	14.4x	15.4x	11.2x	10.4x
WES Western Midstream Partners LP	18.3B	3.67x	30.0%	4.29x	12.1x	11.1x	9.6x	9.0x
Mean		2.67x	8.9%	2.80x	10.3x	11.7x	7.2x	7.4x
Median		2.66x	6.1%	2.63x	10.1x	11.6x	6.9x	7.5x

Technical analysis

1M−1.8%
3M−5.5%
1Y+8.8%
3Y+68.5%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Global Partners LP, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	18,561	17,164	16,492	18,878	13,248	8,322
Cost of revenue	17,499	16,106	15,519	17,780	12,529	7,600
Gross profit	1,062	1,058	974	1,098	719	721
Selling, general & administrative expenses	371	357	335	321	260	236
Research & development	–	–	–	–	–	–
Depreciation/amortization	10.7	13.5	15.5	17.2	19.4	18.9
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	−0.1	−9.0	−2.6	−79.9	−0.1	9.4
Other operating expenses	448	445	382	379	298	272
Operating income	232	251	244	460	142	185
Net interest income (expense)	−133	−136	−83.1	−81.3	−80.1	−83.5
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	99.0	115	161	379	62.1	102
Provision for taxes	1.1	4.6	8.1	16.8	1.3	−0.1
Minority interest	–	–	–	0	0	0.5
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	98.0	110	153	362	60.8	102
Extraordinary items	–	–	–	–	–	–
Net income	98.0	110	153	362	60.8	102
EBIT, normalized	232	242	241	380	142	194
EBITDA, normalized	374	382	351	485	244	295
Basic EPS, normalized	2.11	2.41	3.76	10.02	1.31	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Global Partners LP, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	12.2	8.2	19.6	4.0	10.8	9.7
Receivables	533	479	560	481	412	230
Total inventory	549	594	397	567	510	384
Prepaid expenses	98.5	92.4	90.5	74.0	87.1	119
Other current assets	34.9	33.8	30.4	43.3	45.3	38.2
Total current assets	1,227	1,207	1,098	1,169	1,065	781
Property, plant & equipment	2,036	2,009	1,766	1,506	1,380	1,373
Goodwill	422	422	429	428	328	324
Intangibles	13.3	18.7	20.7	26.9	26.0	35.9
Long-term investments	114	92.7	94.4	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	38.4	38.7	37.5	30.7	32.3	26.6
Total assets	3,851	3,788	3,446	3,161	2,831	2,540
Liabilities
Accounts payable	573	510	649	531	353	208
Payable/accrued	–	–	–	–	–	–
Accrued expenses	281	280	240	222	201	202
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	126	130	16.8	153	205	34.4
Other current liabilities	95.5	80.6	77.4	65.3	80.5	53.1
Total current liabilities	1,076	1,000	983	971	840	498
Long-term debt	1,565	1,588	1,261	982	1,077	1,156
Minority interest	–	–	–	–	–	0
Other liabilities	534	483	401	419	387	391
Total liabilities	3,175	3,072	2,645	2,372	2,303	2,045
Shareholders' equity
Preferred stock	3.6	3.1	1.8	0.4	−1.9	−2.2
Common stock	600	641	659	649	392	429
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	–	–	–	–	–	–
Treasury stock	–	–	–	–	–	–
Other equity	72.3	72.3	140	139	138	68.8
Total equity	676	717	801	788	528	495
Total liabilities & shareholders' equity	3,851	3,788	3,446	3,161	2,831	2,540

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Global Partners LP, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	98.0	110	153	362	60.8	102
Depreciation, depletion & amortization	143	140	110	105	102	100
Deferred taxes	1.0	−5.4	2.5	9.6	0.6	13.3
Non-cash items	13.0	22.1	2.0	−93.8	30.4	4.4
Changes in working capital	30.2	−235	245	97.2	−144	92.9
Cash from operations	285	31.6	512	480	50.2	313
Investing activities
Capital expenditures	−91.5	−103	−88.8	−107	−102	−76.3
Other investing cash flows	−9.5	−174	−404	−129	−13.3	6.6
Cash from investing	−101	−277	−492	−236	−115	−69.7
Financing activities
Financing cash flow items	−4.0	−0.6	−0.1	0	0	−1.2
Cash dividends paid	−127	−122	−145	−100	−91.9	−71.4
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−49.1	356	140	−150	158	−173
Cash from financing	−180	234	−4.5	−251	66.0	−245
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	4.0	−11.4	15.6	−6.8	1.1	−2.3
Free cash flow	193	−71.7	424	373	−51.5	236

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.