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Global Partners LP (GLP) 10-Year Financial Performance & Capital Metrics

GLP • • Industrial / General
EnergyMidstream Oil & GasTerminal & Storage OperationsMulti-Commodity Terminal Operators
AboutGlobal Partners LP engages in the purchasing, selling, gathering, blending, storing, and logistics of transporting gasoline and gasoline blendstocks, distillates, residual oil, renewable fuels, crude oil, and propane to wholesalers, retailers, and commercial customers in the New England states, Mid-Atlantic region, and New York. The company is also involved in the transportation of petroleum products and renewable fuels through rail from the mid-continent region of the United States and Canada. Its Wholesale segment sells home heating oil, branded and unbranded gasoline and gasoline blendstocks, diesel, kerosene, residual oil, and propane to home heating oil retailers and wholesale distributors. It also aggregates crude oil through truck or pipeline in the mid-continent region of the United States and Canada, as well as transports it through rail and ships it through barge to refiners. The company's Gasoline Distribution and Station Operations segment sells branded and unbranded gasoline to gasoline station operators and sub-jobbers; operates gasoline stations and convenience stores; and provides car wash, lottery, and ATM services, as well as leases gasoline stations. Its Commercial segment sells and delivers unbranded gasoline, home heating oil, diesel, kerosene, residual oil, and bunker fuel to customers in the public sector, as well as to commercial and industrial end-users; and sells custom blended fuels. As of December 31, 2021, the company had a portfolio of 1,595 owned, leased, and supplied gasoline stations, which included 295 directly operated convenience stores; and owned, leased, or maintained storage facilities at 26 bulk terminals with a collective storage capacity of 11.9 million barrels. Global GP LLC serves as the general partner of the company. The company was incorporated in 2005 and is based in Waltham, Massachusetts.Show more
  • Revenue $17.16B +4.1%
  • EBITDA $391M +10.5%
  • Net Income $108M -29.4%
  • EPS (Diluted) 2.41 -35.9%
  • Gross Margin 6.16% +4.4%
  • EBITDA Margin 2.28% +6.1%
  • Operating Margin 1.46% -1.0%
  • Net Margin 0.63% -32.1%
  • ROE 14.2% -26.0%
  • ROIC 7.46% -7.5%
  • Debt/Equity 2.83 +47.2%
  • Interest Coverage 1.86 -34.5%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Excellent 3Y average ROE of 41.9%
  • ✓Strong 5Y profit CAGR of 24.6%
  • ✓Efficient asset utilization: 4.5x turnover

✗Weaknesses

  • ✗High debt to equity ratio of 2.8x
  • ✗Negative free cash flow
  • ✗Low quality earnings: Net income not backed by cash flow
  • ✗Dividend payout exceeds 100% of earnings
  • ✗Thin 5Y average net margin of 1.0%

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-0.06%
5Y5.58%
3Y9.01%
TTM4.1%

Profit (Net Income) CAGR

10Y-0.63%
5Y24.59%
3Y21%
TTM-35.75%

EPS CAGR

10Y-4.82%
5Y24.37%
3Y10.84%
TTM-36.86%

ROCE

10Y Avg8.18%
5Y Avg11.54%
3Y Avg13.91%
Latest9.41%

Peer Comparison

Multi-Commodity Terminal Operators
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
GLPGlobal Partners LP1.53B45.3218.814.07%0.48%12.8%2.83
MMLPMartin Midstream Partners L.P.110.53M2.83-21.77-11.32%-2.89%5.74%

Profit & Loss

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Sales/Revenue+10.31B8.24B8.92B12.67B13.08B8.32B13.25B18.88B16.49B17.16B
Revenue Growth %-0.4%-0.2%0.08%0.42%0.03%-0.36%0.59%0.42%-0.13%0.04%
Cost of Goods Sold+9.72B7.69B8.34B12.02B12.42B7.6B12.53B17.78B15.52B16.11B
COGS % of Revenue0.94%0.93%0.93%0.95%0.95%0.91%0.95%0.94%0.94%0.94%
Gross Profit+597.67M546.49M583.05M650.41M662.76M721.14M719.26M1.1B973.64M1.06B
Gross Margin %0.06%0.07%0.07%0.05%0.05%0.09%0.05%0.06%0.06%0.06%
Gross Profit Growth %0.1%-0.09%0.07%0.12%0.02%0.09%-0%0.53%-0.11%0.09%
Operating Expenses+480.85M447.61M464.08M450.45M523.55M528.87M577.04M637.36M729.87M806.67M
OpEx % of Revenue0.05%0.05%0.05%0.04%0.04%0.06%0.04%0.03%0.04%0.05%
Selling, General & Admin177.04M149.67M155.03M171M170.94M192.53M212.88M263.11M273.73M292.07M
SG&A % of Revenue0.02%0.02%0.02%0.01%0.01%0.02%0.02%0.01%0.02%0.02%
Research & Development0000000000
R&D % of Revenue----------
Other Operating Expenses303.81M297.94M309.05M279.45M352.61M336.34M364.17M374.25M456.14M514.6M
Operating Income+114.72M-152.25M119.78M197.17M139.21M192.27M142.22M460.29M243.77M251.22M
Operating Margin %0.01%-0.02%0.01%0.02%0.01%0.02%0.01%0.02%0.01%0.01%
Operating Income Growth %-0.31%-2.33%1.79%0.65%-0.29%0.38%-0.26%2.24%-0.47%0.03%
EBITDA+128.22M-40.31M225.44M304.01M247.4M292.4M244.46M565.08M353.86M390.91M
EBITDA Margin %0.01%-0%0.03%0.02%0.02%0.04%0.02%0.03%0.02%0.02%
EBITDA Growth %-0.31%-1.31%6.59%0.35%-0.19%0.18%-0.16%1.31%-0.37%0.1%
D&A (Non-Cash Add-back)13.5M111.94M105.65M106.84M108.19M100.14M102.24M104.8M110.09M139.69M
EBIT114.72M-152.25M119.78M197.17M126.13M185.1M142.22M460.29M246.27M249.71M
Net Interest Income+-73.33M-86.32M-86.23M-89.14M-89.86M-83.54M-80.09M-81.26M-85.63M-134.77M
Interest Income0000000000
Interest Expense73.33M86.32M86.23M89.14M89.86M83.54M80.09M81.26M85.63M134.77M
Other Income/Expense-73.33M-86.32M-86.23M-89.14M-102.94M-90.7M-80.09M-81.26M-83.13M-136.29M
Pretax Income+41.39M-238.57M33.55M108.03M36.27M101.56M62.13M379.03M160.64M114.94M
Pretax Margin %0%-0.03%0%0.01%0%0.01%0%0.02%0.01%0.01%
Income Tax+-1.87M53K-23.56M5.62M1.09M-119K1.34M16.82M8.14M4.61M
Effective Tax Rate %1.05%0.84%1.75%0.96%0.99%1.01%0.98%0.96%0.95%0.94%
Net Income+43.56M-199.41M58.75M103.91M35.87M102.21M60.8M362.21M152.51M107.69M
Net Margin %0%-0.02%0.01%0.01%0%0.01%0%0.02%0.01%0.01%
Net Income Growth %-0.62%-5.58%1.29%0.77%-0.65%1.85%-0.41%4.96%-0.58%-0.29%
Net Income (Continuing)43.26M-238.62M57.12M102.4M35.18M101.68M60.8M362.21M152.51M110.33M
Discontinued Operations0000000000
Minority Interest46.2M5.19M3.37M1.86M-1.45M-2.17M-1.95M406K1.83M3.09M
EPS (Diluted)+1.11-5.951.743.060.812.741.7710.023.762.41
EPS Growth %-0.72%-6.36%1.29%0.76%-0.74%2.38%-0.35%4.66%-0.62%-0.36%
EPS (Basic)1.12-5.951.743.080.822.771.7910.063.772.45
Diluted Shares Outstanding32.32M33.52M33.63M33.97M34.34M34.31M34.28M34.04M34.04M34.34M
Basic Shares Outstanding32.18M33.52M33.59M33.7M33.81M33.91M33.94M33.94M33.97M33.84M
Dividend Payout Ratio2.24%-1.07%0.64%2.14%0.7%1.51%0.28%0.95%1.13%

Balance Sheet

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Current Assets+867.03M1.08B878.13M874.91M1B781.43M1.07B1.17B1.1B1.21B
Cash & Short-Term Investments1.12M10.03M14.86M8.12M12.04M9.71M10.85M4.04M19.64M8.21M
Cash Only1.12M10.03M14.86M8.12M12.04M9.71M10.85M4.04M19.64M8.21M
Short-Term Investments0000000000
Accounts Receivable313.93M424.5M421.04M340.21M421.02M245.53M412.33M481.22M559.91M472.59M
Days Sales Outstanding11.1118.817.239.811.7510.7711.369.312.3910.05
Inventory388.95M521.88M350.74M386.44M450.48M384.43M509.52M566.73M397.31M594.07M
Days Inventory Outstanding14.6124.7615.3511.7313.2418.4614.8411.639.3413.46
Other Current Assets66.1M21.38M3.84M26.39M120.97M141.76M98.73M93.84M120.97M40.09M
Total Non-Current Assets+1.8B1.49B1.44B1.55B1.89B1.83B1.77B1.99B2.43B2.58B
Property, Plant & Equipment1.24B1.1B1.04B1.13B1.4B1.37B1.38B1.51B1.77B1.98B
Fixed Asset Turnover8.30x7.49x8.61x11.19x9.33x6.06x9.60x12.53x9.34x8.68x
Goodwill435.37M294.77M312.4M327.41M324.47M323.56M328.13M427.78M429.21M421.91M
Intangible Assets75.69M65.01M56.55M58.53M46.77M35.92M26.01M26.85M20.72M18.68M
Long-Term Investments-44.71M-44.19M-28.92M-38.94M00-74.95M-91.44M94.35M92.71M
Other Non-Current Assets42.89M28.87M36.42M30.81M31.07M26.59M32.3M30.68M37.5M69.21M
Total Assets+2.66B2.56B2.32B2.42B2.9B2.61B2.83B3.16B3.53B3.79B
Asset Turnover3.87x3.21x3.84x5.23x4.52x3.18x4.68x5.97x4.67x4.53x
Asset Growth %0.31%-0.04%-0.1%0.04%0.19%-0.1%0.08%0.12%0.12%0.07%
Total Current Liabilities+594.73M799.23M668.66M582.75M753.89M497.53M839.6M971.48M982.79M1B
Accounts Payable303.78M320.26M313.41M308.98M373.39M207.87M353.3M530.94M648.72M509.98M
Days Payables Outstanding11.4115.1913.729.3810.979.9810.2910.915.2611.56
Short-Term Debt98.1M274.6M126.7M103.3M217.06M109.78M204.7M153.4M76.74M129.5M
Deferred Revenue (Current)1000K1000K1000K1000K001000K000
Other Current Liabilities71.68M184.2M201.56M140.21M135.29M133.95M122.81M119.41M212.58M145.27M
Current Ratio1.46x1.35x1.31x1.50x1.33x1.57x1.27x1.20x1.12x1.21x
Quick Ratio0.80x0.69x0.79x0.84x0.73x0.80x0.66x0.62x0.71x0.61x
Cash Conversion Cycle14.3128.3718.8612.1514.0119.2515.9110.046.4811.96
Total Non-Current Liabilities+1.37B1.37B1.26B1.34B1.68B1.62B1.46B1.4B1.75B2.07B
Long-Term Debt1.08B1.03B957.77M1.03B1.06B1.01B932.71M840.01M1.12B1.59B
Capital Lease Obligations89.79M152.44M150.33M150M387.48M373.18M372.65M373.21M338.68M251.75M
Deferred Tax Liabilities84.83M66.05M40.1M42.86M129.67M129.22M56.82M66.4M155.22M63.55M
Other Non-Current Liabilities124.77M122.61M108.98M115.04M106.71M108.46M101.62M121.33M132.25M167.97M
Total Liabilities1.97B2.17B1.93B1.93B2.44B2.12B2.3B2.37B2.73B3.07B
Total Debt+1.26B1.45B1.23B1.29B1.66B1.49B1.57B1.43B1.54B2.03B
Net Debt1.26B1.44B1.22B1.28B1.65B1.48B1.56B1.43B1.52B2.02B
Debt / Equity1.82x3.65x3.13x-3.62x3.01x-1.81x1.92x2.83x
Debt / EBITDA9.85x-5.48x4.24x6.72x5.10x6.43x2.53x4.35x5.18x
Net Debt / EBITDA9.84x-5.41x4.21x6.67x5.07x6.39x2.53x4.29x5.16x
Interest Coverage1.56x-1.76x1.39x2.21x1.55x2.30x1.78x5.66x2.85x1.86x
Total Equity+693.98M397.84M394.32M-3.4M459.24M495.5M-3.85M788.85M800.66M716.61M
Equity Growth %0.09%-0.43%-0.01%-1.01%136.19%0.08%-1.01%205.9%0.01%-0.1%
Book Value per Share21.4711.8711.72-0.1013.3714.44-0.1123.1723.5220.87
Total Shareholders' Equity647.79M392.65M390.95M-5.26M460.69M497.67M-1.9M788.44M798.83M713.52M
Common Stock657.07M401.04M399.4M437.87M398.54M428.84M392.09M648.96M658.67M641.22M
Retained Earnings000-510.36M00-533.52M-788.49M00
Treasury Stock0000000000
Accumulated OCI-8.09M-5.44M-5.47M-5.26M-5.08M1.6M-1.9M-449K381K0
Minority Interest46.2M5.19M3.37M1.86M-1.45M-2.17M-1.95M406K1.83M3.09M

Cash Flow

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+62.51M-119.89M348.44M168.86M94.4M312.53M50.22M480M512.44M31.6M
Operating CF Margin %0.01%-0.01%0.04%0.01%0.01%0.04%0%0.03%0.03%0%
Operating CF Growth %-0.82%-2.92%3.91%-0.52%-0.44%2.31%-0.84%8.56%0.07%-0.94%
Net Income43.26M-238.62M57.12M102.4M35.18M101.68M57.22M362.21M152.51M110.33M
Depreciation & Amortization115.85M111.94M105.65M106.84M108.19M100.14M102.24M104.8M110.09M139.69M
Stock-Based Compensation4.21M4.14M2.75M2.74M1.97M1.08M02.7M10.61M15.49M
Deferred Taxes-3.62M-18.78M-25.95M-49.88M23K13.34M599K9.58M2.51M-5.36M
Other Non-Cash Items11.05M181.19M7.69M14.08M19.06M15.98M9.51M-74.31M3.23M1.58M
Working Capital Changes-108.24M-159.76M201.18M-7.33M-70.02M80.31M-119.34M75.02M233.5M-230.13M
Change in Receivables156.04M-110.8M3.26M80.24M-81.37M190.58M-182.56M-69.02M-79.54M81.08M
Change in Inventory-32.65M-135.89M173.17M-29.78M-64.79M65.59M-123.89M-52.09M172.11M-200.41M
Change in Payables-172.32M17.41M-6.85M-4.43M64.41M-165.51M145.42M177.64M117.78M-138.74M
Cash from Investing+-649.76M6.45M-61.64M-225.72M-67.21M-69.73M-115.05M-236.19M-492.38M-276.87M
Capital Expenditures-92.92M-71.28M-49.87M-69.17M-82.86M-76.33M-101.72M-106.8M-313.17M-215.09M
CapEx % of Revenue0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.02%0.01%
Acquisitions----------
Investments----------
Other Investing4.33M77.73M26.7M15.07M-1.41M6.61M-1.69M126.85M-82.41M-42.66M
Cash from Financing+583.14M122.35M-281.97M50.13M-23.27M-245.13M65.97M-250.61M-4.46M233.84M
Debt Issued (Net)----------
Equity Issued (Net)----------
Dividends Paid-97.5M-62.52M-62.66M-66M-76.63M-71.36M-91.92M-100.45M-144.72M-121.61M
Share Repurchases----------
Other Financing-2.72M-1.8M-186K-835K0-1.25M-2.21M0-149K-566K
Net Change in Cash----------
Free Cash Flow+-30.42M-191.16M298.58M99.68M11.54M236.19M-51.5M373.2M110.42M-286.78M
FCF Margin %-0%-0.02%0.03%0.01%0%0.03%-0%0.02%0.01%-0.02%
FCF Growth %-1.12%-5.28%2.56%-0.67%-0.88%19.47%-1.22%8.25%-0.7%-3.6%
FCF per Share-0.94-5.708.882.930.346.88-1.5010.963.24-8.35
FCF Conversion (FCF/Net Income)1.43x0.60x5.93x1.63x2.63x3.06x0.83x1.33x3.36x0.29x
Interest Paid59.76M64.11M62.51M67.16M058.64M060.91M65.26M94.69M
Taxes Paid2.77M16.99M7.36M653K0008.05M2.9M9.3M

Key Ratios

Metric2015201620172018201920202021202220232024
Return on Equity (ROE)6.55%-36.53%14.83%53.16%15.74%21.41%24.73%92.28%19.19%14.2%
Return on Invested Capital (ROIC)5.39%-6.01%5.2%10.23%6.17%7.05%6.03%18.29%8.06%7.46%
Gross Margin5.79%6.63%6.54%5.13%5.07%8.67%5.43%5.81%5.9%6.16%
Net Margin0.42%-2.42%0.66%0.82%0.27%1.23%0.46%1.92%0.92%0.63%
Debt / Equity1.82x3.65x3.13x-3.62x3.01x-1.81x1.92x2.83x
Interest Coverage1.56x-1.76x1.39x2.21x1.55x2.30x1.78x5.66x2.85x1.86x
FCF Conversion1.43x0.60x5.93x1.63x2.63x3.06x0.83x1.33x3.36x0.29x
Revenue Growth-40.27%-20.12%8.26%42.06%3.23%-36.39%59.2%42.49%-12.64%4.07%

Revenue by Segment

2015201620172018201920202021202220232024
Wholesale-------7.19B9.61B10.72B
Wholesale Growth--------33.67%11.49%
GDSO------75.1M79.37M5.84B5.37B
GDSO Growth-------5.68%7258.52%-7.99%
Commercial-------460.5M1.04B1.07B
Commercial Growth--------125.48%3.25%
Wholesale5.91B4.11B4.29B5.31B5.75B3.31B5.24B---
Wholesale Growth--30.52%4.40%23.86%8.24%-42.41%58.25%---
Commercial732.63M689.44M846.51M503.83M584.13M324.42M349.62M---
Commercial Growth--5.90%22.78%-40.48%15.94%-44.46%7.77%---
Gasoline Distribution And Station Operations3.67B3.44B3.79B71.56M72.08M71.05M----
Gasoline Distribution And Station Operations Growth--6.20%9.97%-98.11%0.74%-1.43%----
Gasoline3.29B3.07B3.43B-------
Gasoline Growth--6.63%11.82%-------
Gasoline And Gasoline Blendstock2.71B2.03B2.1B-------
Gasoline And Gasoline Blendstock Growth--25.34%3.53%-------
Other Oils And Related Products2.01B1.53B1.73B-------
Other Oils And Related Products Growth--23.55%12.47%-------
Crude Oil1.19B546.54M464.23M-------
Crude Oil Growth--54.09%-15.06%-------
Station Operations381.19M371.66M351.88M-------
Station Operations Growth--2.50%-5.32%-------

Frequently Asked Questions

Valuation & Price

Global Partners LP (GLP) has a price-to-earnings (P/E) ratio of 18.8x. This is roughly in line with market averages.

Growth & Financials

Global Partners LP (GLP) reported $18.10B in revenue for fiscal year 2024. This represents a 22% increase from $14.84B in 2011.

Global Partners LP (GLP) grew revenue by 4.1% over the past year. Growth has been modest.

Yes, Global Partners LP (GLP) is profitable, generating $87.4M in net income for fiscal year 2024 (0.6% net margin).

Dividend & Returns

Yes, Global Partners LP (GLP) pays a dividend with a yield of 7.81%. This makes it attractive for income-focused investors.

Global Partners LP (GLP) has a return on equity (ROE) of 14.2%. This is reasonable for most industries.

Global Partners LP (GLP) had negative free cash flow of $63.8M in fiscal year 2024, likely due to heavy capital investments.

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