Latest Ratios: P/E Ratio 22.8x · EV/EBITDA 11.1x · ROE 11.4%. (2001–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.6B | $1.4B | $1.6B | $1.4B | $1.2B | $805M | $570M | $692M | $554M | $562M | $652M |
| Enterprise Value | $3.7B | $3.5B | $3.6B | $3.0B | $2.6B | $2.4B | $2.1B | $2.3B | $1.8B | $1.8B | $2.1B |
| P/E Ratio → | 22.83 | 19.83 | 19.32 | 11.25 | 3.47 | 13.27 | 6.07 | 24.89 | 5.33 | 9.60 | — |
| P/S Ratio | 0.09 | 0.08 | 0.09 | 0.09 | 0.06 | 0.06 | 0.07 | 0.05 | 0.04 | 0.06 | 0.08 |
| P/B Ratio | 2.44 | 2.12 | 2.23 | 1.80 | 1.50 | — | 1.15 | 1.51 | — | 1.42 | 1.64 |
| P/FCF | 8.47 | 7.41 | — | 13.04 | 3.17 | — | 2.41 | 60.00 | 5.56 | 1.88 | — |
| P/OCF | 5.75 | 5.03 | 50.58 | 2.81 | 2.47 | 16.03 | 1.82 | 7.33 | 3.28 | 1.61 | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.19 | 0.21 | 0.18 | 0.14 | 0.18 | 0.25 | 0.18 | 0.14 | 0.20 | 0.25 |
| EV / EBITDA | 11.08 | 10.47 | 9.25 | 8.36 | 4.62 | 9.68 | 7.02 | 9.47 | 6.03 | 7.90 | — |
| EV / EBIT | 19.35 | 14.80 | 14.48 | 12.01 | 5.67 | 16.64 | 11.09 | 18.58 | 9.30 | 14.87 | — |
| EV / FCF | — | 18.08 | — | 26.79 | 7.00 | — | 8.69 | 203.07 | 18.39 | 5.97 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 2.6% | 2.6% | 6.2% | 5.9% | 5.8% | 5.4% | 8.7% | 5.1% | 5.1% | 6.5% | 6.6% |
| Operating Margin | 1.0% | 1.0% | 1.5% | 1.5% | 2.4% | 1.1% | 2.3% | 1.1% | 1.6% | 1.3% | -1.8% |
| Net Profit Margin | 0.4% | 0.4% | 0.6% | 0.9% | 1.9% | 0.5% | 1.2% | 0.3% | 0.8% | 0.7% | -2.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 11.4% | 11.4% | 14.2% | 19.2% | 92.3% | 24.7% | 21.4% | 15.7% | 53.2% | 14.8% | -36.5% |
| ROA | 2.1% | 2.1% | 2.9% | 4.6% | 12.1% | 2.2% | 3.7% | 1.3% | 4.4% | 2.4% | -7.6% |
| ROIC | 5.2% | 5.2% | 7.5% | 8.1% | 18.3% | 6.0% | 7.1% | 6.2% | 10.2% | 5.2% | -6.0% |
| ROCE | 6.9% | 6.9% | 9.4% | 10.3% | 22.0% | 6.9% | 9.0% | 7.0% | 11.3% | 7.0% | -7.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 3.07 | 3.07 | 2.83 | 1.92 | 1.81 | — | 3.01 | 3.62 | — | 3.13 | 3.65 |
| Debt / EBITDA | 6.22 | 6.22 | 5.18 | 4.35 | 2.53 | 6.43 | 5.10 | 6.72 | 4.24 | 5.48 | — |
| Net Debt / Equity | — | 3.06 | 2.82 | 1.90 | 1.81 | — | 2.99 | 3.59 | — | 3.09 | 3.63 |
| Net Debt / EBITDA | 6.18 | 6.18 | 5.16 | 4.29 | 2.53 | 6.39 | 5.07 | 6.67 | 4.21 | 5.41 | — |
| Debt / FCF | — | 10.67 | — | 13.75 | 3.83 | — | 6.28 | 143.07 | 12.84 | 4.09 | — |
| Interest Coverage | 1.72 | 1.72 | 1.85 | 2.88 | 5.66 | 1.78 | 2.22 | 1.40 | 2.21 | 1.39 | -1.76 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.14 | 1.14 | 1.21 | 1.12 | 1.20 | 1.27 | 1.57 | 1.33 | 1.50 | 1.31 | 1.35 |
| Quick Ratio | 0.63 | 0.63 | 0.61 | 0.71 | 0.62 | 0.66 | 0.80 | 0.73 | 0.84 | 0.79 | 0.69 |
| Cash Ratio | 0.01 | 0.01 | 0.01 | 0.02 | 0.00 | 0.01 | 0.02 | 0.02 | 0.01 | 0.02 | 0.01 |
| Asset Turnover | — | 4.82 | 4.53 | 4.67 | 5.97 | 4.68 | 3.18 | 4.52 | 5.23 | 3.84 | 3.21 |
| Inventory Turnover | 32.91 | 32.91 | 27.11 | 39.06 | 31.37 | 24.59 | 19.77 | 27.57 | 31.11 | 23.77 | 14.74 |
| Days Sales Outstanding | — | 10.42 | 10.05 | 12.21 | 9.30 | 11.36 | 10.77 | 11.75 | 9.80 | 17.23 | 18.80 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 7.7% | 8.8% | 7.6% | 10.0% | 8.5% | 11.4% | 12.5% | 11.1% | 11.9% | 11.2% | 9.6% |
| Payout Ratio | 159.9% | 159.9% | 112.9% | 94.9% | 27.7% | 151.2% | 69.8% | 213.6% | 63.5% | 106.7% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.4% | 5.0% | 5.2% | 8.9% | 28.8% | 7.5% | 16.5% | 4.0% | 18.8% | 10.4% | — |
| FCF Yield | 11.8% | 13.5% | — | 7.7% | 31.5% | — | 41.4% | 1.7% | 18.0% | 53.2% | — |
| Buyback Yield | 0.6% | 0.7% | 5.3% | 0.3% | 0.2% | 0.5% | 0.1% | 0.1% | 0.2% | 0.1% | 0.0% |
| Total Shareholder Yield | 8.3% | 9.5% | 12.9% | 10.3% | 8.7% | 11.9% | 12.6% | 11.2% | 12.1% | 11.2% | 9.6% |
| Shares Outstanding | — | $34M | $34M | $34M | $34M | $34M | $34M | $34M | $34M | $34M | $34M |
Includes 30+ ratios · 25 years · Updated daily
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Quick answers to the most common questions about buying GLP stock.
Global Partners LP's current P/E ratio is 22.8x. The historical average is 13.8x. This places it at the 85th percentile of its historical range.
Global Partners LP's current EV/EBITDA is 11.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.4x.
Global Partners LP's return on equity (ROE) is 11.4%. The historical average is 23.6%.
Based on historical data, Global Partners LP is trading at a P/E of 22.8x. This is at the 85th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Global Partners LP's current dividend yield is 7.68% with a payout ratio of 159.9%.
Global Partners LP has 2.6% gross margin and 1.0% operating margin.
Global Partners LP's Debt/EBITDA ratio is 6.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
High leverage and regulatory overhang
Metrics are mathematically derived from official filings.
Thin Margins Mask Underlying Spread Recovery
Gross margin improved to 4.8% in Q2 2026 from 2.8% a year earlier, per the latest financials, yet remains structurally thin, reflecting the high-volume, low-margin fuel distribution model.
The 4.8% gross margin in Q2 2026 is a notable improvement from the 2.8% in Q2 2025, but it still underscores the company's role as a spread-based middleman. Operating margin of 1.6% and net margin of 0.9% indicate that even with strong revenue growth, profitability is highly sensitive to cents-per-gallon spreads and cost pass-through. The sequential jump in ROE to 8.7% from 3.0% in Q4 2025 suggests that the recent earnings beat may reflect a temporary favorable spread environment rather than a structural shift in earning power.
Return on Capital Remains Subdued
ROIC spiked to 10.1% in Q1 2026 but averaged only 2.8% in Q2 2026, per the ratio data, indicating that capital efficiency is volatile and generally below the cost of capital.
The ten-quarter ROIC series shows a range from 0.5% to 10.1%, with most quarters below 3%. This suggests that the company's aggressive acquisition strategy has not consistently generated returns above its cost of capital, which is likely elevated given the high leverage. The Q1 2026 spike appears to be an outlier, possibly driven by timing of working capital or one-time gains, and the subsequent drop to 2.8% in Q2 2026 reinforces the view that returns on invested capital are structurally thin. Investors should monitor whether the recent earnings beat translates into sustained ROIC improvement or remains a quarterly anomaly.
Working Capital Cycle Tightens Slightly
Cash conversion cycle improved to 9 days in Q2 2026 from 12 days in Q4 2024, per the ratio data, reflecting stable DSO and DIO but a slight reduction in DPO.
The CCC has remained in a narrow band of 9-12 days over the past ten quarters, indicating that working capital management is efficient but offers limited room for further improvement. DSO has stayed around 10-12 days, which is typical for fuel distributors with daily settlement, while DPO has hovered near 11-13 days, suggesting the company does not have significant supplier leverage. The slight reduction in DPO to 10 days in Q2 2026 may indicate faster payments to suppliers, which could be a sign of improved credit terms or a deliberate strategy to secure supply. Overall, the efficiency metrics suggest a stable, low-working-capital business model, but the thin margins mean that even small changes in the cycle can have outsized effects on cash flow.
Leverage Creeps Higher, Pressuring Coverage
Debt-to-equity rose to 2.68 in Q2 2026 from 2.40 in Q4 2025, per the balance sheet data, while interest coverage improved to 3.31x from 1.76x, but remains vulnerable to rate shocks.
The sequential increase in D/E to 2.68, following a peak of 3.15 in Q1 2026, indicates that the company continues to fund growth with debt. Interest coverage of 3.31x in Q2 2026 is an improvement from the 1.00x in Q1 2026, but this is largely due to the strong earnings quarter; the ten-quarter average coverage is closer to 1.8x, which is thin for a company with $2.0B in debt. The D/EBITDA ratio of 14.13x in Q2 2026 is elevated, though it fluctuates widely due to EBITDA volatility. Given the 'higher-for-longer' rate environment, the cost of servicing variable-rate debt could rise, potentially pressuring distribution coverage and limiting future acquisition capacity.
Liquidity Cushion Remains Thin
Current ratio of 1.19 and quick ratio of 0.71 in Q2 2026, per the ratio data, indicate a modest liquidity buffer that relies heavily on inventory and receivables.
The current ratio has been consistently below 1.25 over the past ten quarters, and the quick ratio has never exceeded 0.76, suggesting that the company would struggle to meet short-term obligations without liquidating inventory. Cash on hand of just $23.9M against $2.0B in debt highlights the reliance on revolving credit and working capital lines. In a severe stress scenario—such as a sharp drop in fuel prices or a demand shock—the inventory-dependent liquidity position could be quickly eroded. Investors should monitor the availability and terms of the company's credit facilities, as the thin cash buffer provides little room for error.
P/E Misleads on Cyclical Earnings
The trailing P/E of 24.09 overstates valuation because it is based on depressed TTM earnings, while the forward P/E of 10.79, per the valuation data, better reflects normalized earnings power.
The most commonly misapplied ratio for Global Partners is the P/E multiple, because the company's earnings are highly cyclical and influenced by commodity price swings and inventory gains. The trailing P/E of 24.09 is inflated by a weak TTM earnings base, while the forward P/E of 10.79 suggests the market is pricing in a recovery. A more appropriate metric is EV/EBITDA, which at 11.35x TTM and 5.94x forward, better captures the company's cash-generating ability and is more comparable to MLP peers. Additionally, investors should adjust for inventory gains and derivative paper gains to assess recurring earnings power, as the FIFO method can distort net income in rising price environments.