A Business at a Glance
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Items 1. and 2. Business and Properties. We are a master limited partnership formed in March 2005. We own, control or have access to a large terminal network of refined petroleum products and renewable fuels—with connectivity to strategic rail, pipeline and marine assets—spanning from Maine to Florida and into the U.S. Gulf States. We are one of the largest independent owners, suppliers and operators of gasoline stations and convenience stores, primarily in Massachusetts, Maine, Connecticut, Vermont, New Hampshire, Rhode Island, New York, New Jersey and Pennsylvania (collectively, the “Northeast”) and Maryland and Virginia. As of December 31, 2025, we had a portfolio of 1,524 owned, leased and/or supplied gasoline stations, including 290 directly operated convenience stores, primarily in the Northeast, as well as 67 gasoline stations located in Texas that are operated or supplied by our joint venture, Spring Partners Retail LLC (“SPR”).
| Segment | 2021 | 2022 | 2023 | 2024 | 2025 | % of Total |
|---|---|---|---|---|---|---|
Petroleum and related product sales | $7.18B | $10.67B | $9.26B | $8.21B | $8.25B | 95% |
Station operations | $401M | $480M | $491M | $482M | $462M | 5% |
Refined petroleum products, renewable fuels and crude oil | $7.18B | $10.67B | — | — | — | — |
Convenience store and prepared food sales, rental income and sundries | $401M | $480M | — | — | — | — |
Refined Petroleum Products, Renewable Fuels, Crude Oil And Propane | $7.18B | — | — | — | — | — |
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 18.6B | 18.6B | 17.2B | 16.5B | 18.9B | 13.2B |
| Net Income | 98M | 98M | 110M | 153M | 362M | 61M |
| EPS | $2.88 | $2.88 | $3.25 | $4.49 | $10.65 | $1.79 |
| Free Cash Flow | 193M | 193M | -72M | 424M | 373M | -51M |
| ROIC | 9.6% | 10.5% | 9.3% | 10.6% | 22.3% | 7.9% |
| Gross Margin | 5.7% | 5.7% | 6.2% | 5.9% | 5.8% | 5.4% |
| Debt/Equity | 2.58 | 2.58 | 2.64 | 1.75 | 1.51 | 2.34 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 235M | 235M | 251M | 244M | 460M | 142M |
| Operating Margin | 1.3% | 1.3% | 1.5% | 1.5% | 2.4% | 1.1% |
| ROE | 14.5% | 14.1% | 15.4% | 19.0% | 45.9% | 11.5% |
| Shares Outstanding | 34M | 34M | 34M | 34M | 34M | 34M |
GLOBAL PARTNERS LP passes 2 of 9 quality checks, indicating weak fundamentals.
GLOBAL PARTNERS LP trades at 83.1x trailing earnings, compared to its 15-year median P/E of 9.3x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 8.1x vs a median of 2.9x. The company's 5-year average ROIC is 12.1% with a gross margin of 5.8%. Total shareholder yield (buybacks) is 0.6%. At current prices, the estimated annualized return to fair value is +9.3%.
GLOBAL PARTNERS LP (GLP) has a current P/E ratio of 83.1, compared to its historical median P/E of 9.3. The stock is currently considered Expensive based on its historical valuation range.
GLOBAL PARTNERS LP (GLP) has a 5-year average return on invested capital (ROIC) of 12.1%. This indicates solid capital allocation.
GLOBAL PARTNERS LP (GLP) has a market capitalization of $1.6B. It is classified as a small-cap stock.
GLOBAL PARTNERS LP (GLP) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 0.64%.
Based on historical P/E analysis, GLOBAL PARTNERS LP (GLP) appears expensive. The current P/E of 83.1 is 793% above its historical median of 9.3. The estimated fair value CAGR (P/E method) is -20.4%.
GLOBAL PARTNERS LP (GLP) operates in the Wholesale-Petroleum Bulk Stations & Terminals industry, within the Consumer Defensive sector.
GLOBAL PARTNERS LP (GLP) reported annual revenue of $18.6 billion in its most recent fiscal year, based on SEC EDGAR filings.
GLOBAL PARTNERS LP (GLP) has a net profit margin of 0.5%. This is a modest margin.
GLOBAL PARTNERS LP (GLP) generated $193 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
GLOBAL PARTNERS LP (GLP) has a debt-to-equity ratio of 2.58. This indicates higher leverage, which may increase financial risk.
GLOBAL PARTNERS LP (GLP) reported earnings per share (EPS) of $2.88 in its most recent fiscal year.
GLOBAL PARTNERS LP (GLP) has a return on equity (ROE) of 14.1%. This indicates moderate shareholder returns.
GLOBAL PARTNERS LP (GLP) has a 5-year average gross margin of 5.8%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 16 years of financial data for GLOBAL PARTNERS LP (GLP), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
GLOBAL PARTNERS LP (GLP) has a book value per share of $19.87, based on its most recent annual SEC filing.