A Business at a Glance
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GLOBAL PARTNERS LP
GLP
$1.4B
Mkt Cap
$48.38
+0.12%
GLOBAL PARTNERS LP (GLP) has a current P/E ratio of 87.7, 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 18.7%. This indicates strong capital allocation and a potential competitive advantage.
GLOBAL PARTNERS LP (GLP) does not currently pay a regular dividend.
Based on historical P/E analysis, GLOBAL PARTNERS LP (GLP) appears expensive. The current P/E of 87.7 is 842% 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.
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 | $0.00 | - | - | - | $10.05 | $1.54 |
| Free Cash Flow | 193M | 193M | -72M | 424M | 373M | -51M |
| ROIC | 12.8% | 13.8% | 15.2% | 16.8% | 34.7% | 12.8% |
| Gross Margin | 5.7% | 5.7% | 6.2% | 5.9% | 5.8% | 5.4% |
| Debt/Equity | 1.71 | 1.71 | 1.60 | 0.99 | 0.88 | 1.58 |
| 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% | 14.5% | 19.2% | 55.0% | 11.9% |
| Shares Outstanding | 0M | - | - | - | 36M | 39M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 17.3B | 10.3B | 8.2B | 8.9B | 12.7B | 13.1B | 8.3B | 13.2B | 18.9B | 16.5B | 17.2B | 18.6B | 18.6B |
| Gross Margin | 3.2% | 5.8% | 6.6% | 6.5% | 5.1% | 5.1% | 8.7% | 5.4% | 5.8% | 5.9% | 6.2% | 5.7% | 5.7% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 154M | 177M | 150M | 155M | 171M | 171M | 193M | 213M | 263M | 274M | 292M | 306M | 306M |
| EBIT | 166M | 115M | -152M | 120M | 197M | 139M | 192M | 142M | 460M | 244M | 251M | 235M | 235M |
| Op. Margin | 1.0% | 1.1% | -1.8% | 1.3% | 1.6% | 1.1% | 2.3% | 1.1% | 2.4% | 1.5% | 1.5% | 1.3% | 1.3% |
| Net Income | 85M | 44M | -199M | 59M | 104M | 36M | 102M | 61M | 362M | 153M | 110M | 98M | 98M |
| Net Margin | 0.5% | 0.4% | -2.4% | 0.7% | 0.8% | 0.3% | 1.2% | 0.5% | 1.9% | 0.9% | 0.6% | 0.5% | 0.5% |
| Non-Recurring | -2.2M | -2.1M | 101M | 2.4M | -5.5M | 2.0M | 1.9M | 380K | 0 | 0 | 492K | 231K | 231K |
| Returns on Capital | |||||||||||||
| ROIC | 17.4% | 10.2% | -16.9% | 11.5% | 17.1% | 11.7% | 19.5% | 12.8% | 34.7% | 16.8% | 15.2% | 13.8% | 12.8% |
| ROE | 17.0% | 7.1% | -38.3% | 15.0% | 23.4% | 7.5% | 21.4% | 11.9% | 55.0% | 19.2% | 14.5% | 14.1% | 14.5% |
| ROA | 3.8% | 1.9% | -7.6% | 2.4% | 4.4% | 1.4% | 3.8% | 2.3% | 12.1% | 4.6% | 3.1% | 2.6% | 2.5% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 345M | 63M | -120M | 348M | 169M | 94M | 313M | 50M | 480M | 512M | 32M | 285M | 285M |
| Free Cash Flow | 250M | -30M | -191M | 299M | 100M | 12M | 236M | -51M | 373M | 424M | -72M | 193M | 193M |
| Owner Earnings | 255M | 45M | -133M | 336M | 155M | 81M | 301M | 39M | 468M | 494M | 7.8M | 266M | 266M |
| CapEx | 95M | 93M | 71M | 50M | 69M | 83M | 76M | 102M | 107M | 89M | 103M | 91M | 91M |
| Maint. CapEx | 86M | 13M | 9.4M | 9.2M | 11M | 11M | 11M | 11M | 8.9M | 8.1M | 8.3M | 5.3M | 5.3M |
| Growth CapEx | 8.8M | 79M | 62M | 41M | 58M | 71M | 65M | 91M | 98M | 81M | 95M | 86M | 86M |
| D&A | 86M | 13M | 9.4M | 9.2M | 11M | 11M | 11M | 11M | 8.9M | 8.1M | 8.3M | 5.3M | 5.3M |
| CapEx/OCF | 27.6% | 148.7% | N/A | 14.3% | 41.0% | 87.8% | 24.4% | 202.6% | 22.2% | 17.3% | 326.9% | 32.1% | 32.1% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 8.6M | 3.9M | 0 | 0 | 0 | 0 | 291K | 3.8M | 2.9M | 3.5M | 14M | 10.0M | 10.0M |
| Buyback Yield | 2.2% | 1.9% | N/A | N/A | N/A | N/A | 0.1% | 0.7% | 0.3% | 0.3% | 0.9% | 0.7% | 0.0% |
| Stock-Based Comp | 3.5M | 4.2M | 4.1M | 2.8M | 2.7M | 2.0M | 1.1M | 707K | 2.7M | 11M | 15M | 13M | 13M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | 355M | 655M | 649M | 647M | 656M | 688M | 637M | 822M | 686M | 776M | 1.1B | 1.1B | 1.1B |
| Cash & Equiv. | 5.2M | 1.1M | 10M | 15M | 8.1M | 12M | 9.7M | 11M | 4.0M | 20M | 8.2M | 12M | 12M |
| Long-Term Debt | 360M | 657M | 659M | 662M | 664M | 393M | 345M | 144M | 142M | 138M | 441M | 441M | 441M |
| Debt/Equity | 0.61 | 1.01 | 1.68 | 1.69 | 1.34 | 1.53 | 1.31 | 1.58 | 0.88 | 0.99 | 1.60 | 1.71 | 1.71 |
| Interest Coverage | 3.5 | 1.6 | -761.3 | N/A | 1971.7 | 1392.1 | N/A | N/A | 7.6 | 3.7 | 2.7 | 13.7 | 13.7 |
| Equity | 587M | 648M | 393M | 391M | 497M | 458M | 495M | 528M | 788M | 801M | 717M | 676M | 676M |
| Total Assets | 2.0B | 2.7B | 2.6B | 2.3B | 2.4B | 2.8B | 2.5B | 2.8B | 3.2B | 3.4B | 3.8B | 3.9B | 3.9B |
| Total Liabilities | 1.4B | 2.0B | 2.2B | 1.9B | 1.9B | 2.3B | 2.0B | 2.3B | 2.4B | 2.6B | 3.1B | 3.2B | 3.2B |
| Intangibles | 49M | 76M | 65M | 57M | 59M | 47M | 36M | 26M | 27M | 21M | 19M | 13M | 13M |
| Retained Earnings | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Working Capital | 252M | 272M | 276M | 209M | 292M | 251M | 284M | 225M | 198M | 115M | 207M | 151M | 151M |
| Current Assets | 959M | 867M | 1.1B | 878M | 875M | 1.0B | 781M | 1.1B | 1.2B | 1.1B | 1.2B | 1.2B | 1.2B |
| Current Liabilities | 707M | 595M | 799M | 669M | 583M | 754M | 498M | 840M | 971M | 983M | 1.0B | 1.1B | 1.1B |
| Per Share Data | |||||||||||||
| EPS | 2.88 | 1.23 | N/A | N/A | N/A | N/A | N/A | 1.54 | 10.05 | N/A | N/A | N/A | 0.00 |
| Owner EPS | 8.64 | 1.26 | N/A | N/A | N/A | N/A | N/A | 0.98 | 13.00 | N/A | N/A | N/A | N/A |
| Book Value | 19.87 | 18.29 | N/A | N/A | N/A | N/A | N/A | 13.37 | 21.88 | N/A | N/A | N/A | 0.00 |
| Cash Flow/Share | 11.68 | 1.76 | N/A | N/A | N/A | N/A | N/A | 1.27 | 13.32 | N/A | N/A | N/A | 0.00 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 29.5M | 35.4M | N/A | N/A | N/A | N/A | N/A | 39.5M | 36.0M | N/A | N/A | N/A | 0.0M |
| Valuation | |||||||||||||
| P/E Ratio | 66.1 | 27.2 | N/A | 4.5 | 2.7 | 11.1 | 3.7 | 9.3 | 131.1 | 124.2 | 98.6 | 75.9 | N/A |
| P/FCF | 1.4 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 2.7 | N/A | N/A | N/A | N/A |
| EV/EBIT | 4.5 | 7.5 | N/A | 8.7 | 5.3 | 8.8 | 5.9 | 10.5 | 4.0 | 8.1 | 11.2 | 11.8 | 4.9 |
| Price/Book | 0.7 | 0.3 | 0.6 | 0.7 | 0.6 | 0.9 | 0.8 | 1.1 | 1.2 | 1.5 | 2.1 | 2.1 | N/A |
| Price/Sales | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 | N/A |
| FCF Yield | 63.2% | -14.6% | -77.2% | 112.2% | 35.0% | 2.9% | 63.2% | -9.1% | 39.9% | 34.4% | -4.7% | 13.6% | N/A |
| Market Cap | 396M | 209M | 248M | 266M | 285M | 399M | 373M | 566M | 936M | 1.2B | 1.5B | 1.4B | 0 |
| Avg. Price | 13.30 | 11.97 | 5.88 | 8.15 | 8.71 | 10.67 | 8.37 | 15.40 | 20.69 | 27.16 | 41.19 | 47.79 | 48.38 |
| Year-End Price | 11.63 | 6.14 | 7.28 | 7.83 | 8.37 | 11.72 | 10.98 | 16.65 | 27.53 | 36.20 | 44.50 | 41.89 | 48.38 |
GLOBAL PARTNERS LP passes 2 of 9 quality checks, indicating weak fundamentals.
GLOBAL PARTNERS LP trades at 87.7x 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 8.5x vs a median of 2.7x. The company's 5-year average ROIC is 18.7% with a gross margin of 5.8%. At current prices, the estimated annualized return to fair value is +10.6%.
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 1.71. This indicates higher leverage, which may increase financial risk.
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.