Global Partners LP
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
The operating foundation is solid: real infrastructure, a covered and rising distribution, plus an exceptionally strong first quarter of 2026. At the same time, the three structural carrying costs — no say, the IDR ladder, withholding tax — are permanent and fixed by contract; they do not disappear when business is good, they grow with it. Whoever buys should have settled two things first: their personal tax treatment (broker, residence, refund routes) and the question of whether a halved participation in future raises is enough for them. Watchable waypoints: distribution coverage out of distributable cash flow (2025: 1.6 times), the interest burden at upcoming refinancings, and volume trends in heating oil and gasoline. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Global Partners is the opposite of a story stock: terminals, gas stations, razor-thin margins on an enormous revenue base — and a distribution that rose 13 quarters in a row and was covered about 1.6 times by 2025 distributable cash flow. The price is the wrapper: a master limited partnership with no vote for the investors, an IDR ladder through which the general partner draws about 19 percent of net income on a 0.67 percent capital stake, a tax backpack that, per the report, burdens non-U.S. holders with the highest applicable rate plus 10 percent withholding on every distribution — and structurally shrinking end markets in heating oil and, long term, gasoline. The yield is real; so are its carrying costs. Not investment advice.
Business model & market position
A hard-to-replace asset network: about 22.3 million barrels of terminal capacity from Maine to the Gulf Coast plus 1,524 gas stations/convenience stores; the GDSO station segment delivers about 71 percent of product margin on 26 percent of revenue (annual report 10-K for 2025).
Trajectory of the numbers
Revenue is growing ($16.49 billion to $18.56 billion, 2023–2025), but net income fell from $152.5 million to $98.0 million over the same span — mainly on an interest burden up 60 percent ($137.2 million in 2025). The first quarter of 2026 was exceptionally strong at $70.1 million of net income, but seasonally favored.
Distribution & coverage
13 consecutive quarterly raises to $0.765 per unit (Q1 2026; $3.06 annualized, about a 6.3 percent yield on the July 15, 2026 market value); the distributions paid in 2025 ($119.9 million) were covered about 1.6 times by distributable cash flow. The report is equally clear: nothing is guaranteed.
IDR structure (the cost of the wrapper)
Above $0.6625 per quarter, the general partner receives 48.67 percent of every additional cent through incentive distribution rights; its share of net income rose from 6.5 percent (2023) to about 19 percent (2025, $18.8 million) — on a 0.67 percent capital stake. Of every future raise, only about half reaches the investors.
Governance & say
Unitholders elect neither the general partner nor its board; removal requires 66 2/3 percent of all units (counting the general partner's). 95 percent of the general partner sits with Slifka/Jalkut family vehicles; the report expressly names conflicts of interest and limited fiduciary duties as a risk (Item 1A, 10-K for 2025).
Taxes for investors
Partnership logic: income is attributed even without a payout (Schedule K-1 instead of a dividend statement); non-U.S. holders face withholding at the highest applicable rate plus a flat 10 percent on the entire distribution, per the report. The gross yield therefore overstates — depending on residence, substantially — what actually arrives.
Worth Noting
GLP landed on our research list through our Reddit hype scanner (ApeWisdom data): 6 mentions in 24 hours as of July 15, 2026. Forum mentions are sentiment signals, not quality signals. Our fundamental scanners (Russell 3000 universe of corporations) do not cover the limited partnership by design.
Global Partners is a master limited partnership: common units, not shares; U.S. holders receive an annual Schedule K-1 tax form instead of a dividend statement, and non-U.S. holders face U.S. withholding on the entire distribution (details in the tax chapter). This analysis is no substitute for tax advice.
The market value figure is dated July 15, 2026 (about $1.64 billion, arithmetically about $48 per unit); analyses are evergreen, daily prices are not a buy argument.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at GLP since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 39.60 $ to 54.10 $ · Last price: 50.50 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Oil & Gas Midstream
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Global Partners LP GLP | 1.7 | 14.0 | 7.7 | 5.8 | 1.9 | 8.1 | 5.5 |
| Williams Companies Inc WMB | 86.8 | 31.7 | 14.9 | 63.6 | 33.6 | 13.8 | 25.4 |
| Enterprise Products Partners LP EPD | 83.1 | 13.3 | 11.5 | 13.3 | 11.8 | -6.4 | 27.7 |
| Energy Transfer LP ET | 72.6 | 14.4 | 8.2 | 17.5 | 10.4 | -0.1 | 29.1 |
| Kinder Morgan Inc KMI | 69.0 | 21.5 | 13.1 | 49.4 | 29.9 | 12.5 | 18.1 |
| Targa Resources Inc TRGP | 60.2 | 29.5 | 14.9 | 43.2 | 20.9 | 3.1 | 74.9 |
| MPLX LP MPLX | 59.5 | 12.6 | 11.7 | 55.7 | 38.3 | 8.4 | 22.6 |
| ONEOK Inc OKE | 57.5 | 16.6 | 11.6 | 27.2 | 14.9 | 55.4 | 34.7 |
| Cheniere Energy Inc LNG | 55.8 | 47.4 | 10.4 | 36.9 | -53.8 | 24.4 | 15.1 |
| Median of companies shown | 60.2 | 16.6 | 11.6 | 36.9 | 14.9 | 8.4 | 25.4 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 8,240 | -152 | -199 | -5.95 | -120 | 393 | 2,564 |
| 2017 | 8,921 | 120 | 59 | 1.75 | 348 | 391 | 2,320 |
| 2018 | 12,673 | 197 | 104 | 3.06 | 169 | -5 | 2,424 |
| 2019 | 13,082 | 139 | 36 | 1.04 | 94 | 461 | 2,895 |
| 2020 | 8,322 | 192 | 102 | 2.98 | 313 | 498 | 2,614 |
| 2021 | 13,248 | 142 | 61 | 1.77 | 50 | 528 | 2,831 |
| 2022 | 18,878 | 460 | 362 | 10.64 | 480 | 788 | 3,161 |
| 2023 | 16,492 | 244 | 153 | 4.48 | 512 | 799 | 3,446 |
| 2024 | 17,164 | 251 | 108 | 3.14 | 32 | 714 | 3,788 |
| 2025 | 18,561 | 191 | 79 | 2.32 | 285 | 672 | 3,851 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | 1.10 | 4.80 | 4,410 | 15.10 | 1.00 | 32 | 17 |
| 2024: Q3 | 1.17 | 95.00 | 4,422 | 4.80 | 1.00 | 120 | 96 |
| 2024: Q4 | 0.52 | -63.10 | 4,186 | -5.10 | 0.60 | 62 | -200 |
| 2025: Q1 | 0.36 | 197.30 | 4,592 | 10.80 | 0.40 | -52 | -70 |
| 2025: Q2 | 0.55 | -50.00 | 4,627 | 4.90 | 0.40 | 222 | 207 |
| 2025: Q3 | 0.66 | -43.60 | 4,694 | 6.20 | 0.50 | 19 | -1 |
| 2025: Q4 | 0.54 | 3.80 | 4,648 | 11.00 | 0.40 | 101 | 62 |
| 2026: Q1 | 1.85 | 413.90 | 5,322 | 15.90 | 1.20 | -81 | -113 |
| 2026: Q2 | – | – | 6,792 | 46.80 | 1.00 | 309 | 309 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 4 of our scanner strategies — each hit links to the scanner.
Growth
Quality & Balance Sheet
Dividends
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 5.87 | 5.87 – 5.87 | 27,416 | – | 1 |
| 12/31/2027 | 3.80 | 3.80 – 3.80 | 33,890 | – | 1 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly -4.0% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $199.4M |
|---|---|
| Market cap | $1.71B |
| Free cash flow in year ten | $132.1M |
| Terminal value as a share of market value | 40.7% |
For comparison: over the past five years free cash flow shrank by 3.9% per year.
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Geprüft am 15.07.2026 gegen den Geschäftsbericht (10-K) für 2025 (eingereicht 27.02.2026), den 10-K für 2024 und die vier jüngsten Quartalsberichte (10-Q): In den ausgewerteten SEC-Filings von Global Partners findet sich kein wesentlicher KI-Bezug. Die einzigen Erwähnungen von „artificial intelligence“ sind generische Boilerplate-Passagen in den Risikokapiteln beider 10-K: erstens die Cybersecurity-Floskel, dass Fortschritte u. a. „in the field of artificial intelligence“ die eigenen Schutzsysteme kompromittieren könnten, zweitens der Standardhinweis, dass Dritt-Dienstleister „generative artificial intelligence and other similar artificial intelligence („AI“) tools and systems“ in ihre Angebote einbauen könnten und dabei Datenschutz-/Regulierungsstandards verfehlen könnten. Die vier 10-Q (Q1 2025 bis Q1 2026) enthalten überhaupt keine KI-Treffer. Weder ist KI eine Umsatzquelle (Terminals, Kraftstoff-Großhandel, Tankstellen/Convenience-Stores), noch belegen die Berichte operativen KI-Einsatz, noch wird KI als konkretes Risiko für das eigene Geschäftsmodell benannt — nach dem Kriterienkatalog bleibt es bei „neutral“ (Negativ-Befund dokumentiert, geprüfte Filings gelistet).
View the full file — quotes, sources, reviewed filings
Filings Reviewed: 10-Q 2026-05-08 · 10-Q 2025-11-07 · 10-Q 2025-08-07 · 10-Q 2025-05-08 · 10-K 2026-02-27 · 10-K 2025-02-28
Rated on July 15, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years -0.6%
- More than 10% revenue growth is expected for the coming year -59.8%
- Share count grows by less than 3% a year 0.2%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 9.2%
- Gross margin at 40% or higher and without meaningful erosion 2.7%
- Goodwill from acquisitions does not grow faster than revenue 11.0%
- Net debt below twice EBITDA 5.5 x EBITDA
- Operating cash flow covers the profits of the last three years 489 m
- Return on capital at 15% or higher, or up versus two years ago 6.9%
- Insiders hold at least 10% or are net buyers 30.1%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
5/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 9.4%
- Exp. sales growth 3Y > 5% 35.1%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 28.1%
- Net debt < 4x EBIT 10.8x
- EBIT positive, 10Y straight 9
- Max. EBIT decline < 50% 58.4%
- Return on equity > 15% 33.5%
- ROCE > 15% 6.9%
- Expected return > 10% 42.6%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 16, 2026 | Global GP LLC | General Partner | Buy | 5,000 | 50.55 | 252,750 |
| Sep 15, 2026 | Global GP LLC | General Partner | Buy | 5,000 | 50.89 | 254,450 |
| Sep 14, 2026 | Global GP LLC | General Partner | Buy | 5,000 | 52.20 | 261,000 |
The company
About the Company
Global 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. The company operates through three segments: Wholesale, Gasoline Distribution and Station Operations (GDSO), and Commercial. The Wholesale segment sells home heating oil, branded and unbranded gasoline and gasoline blendstocks, diesel, kerosene, and residual oil to retailers and wholesale distributors. This segment transports the products by railcars, barges, trucks and/or pipelines. The GDSO segment sells branded and unbranded gasoline to gasoline station operators and sub-jobbers; operates convenience stores and prepared food sales; and provides car wash, lottery, and ATM services, as well as leases gasoline stations. The Commercial segment sells and delivers unbranded gasoline, home heating oil, diesel, kerosene, residual oil, and bunker fuel to customers in the public sector; and sells custom blended fuels. The company is involved in the transportation of petroleum products and renewable fuels through rail from the mid-continent region of the United States and Canada. Global Partners LP was founded in 2005 and is based in Waltham, Massachusetts.
- Employees
- 3,265
- Headquarters
- Waltham, MA
- Address
- 800 South Street, 02454-9161 Waltham, United States
- Phone
- 781 894 8800
- Website
- globalp.com
- IPO Date
- 09/29/2005
- ISIN
- US37946R1095
Management
| Name | Title | Birth Year |
|---|---|---|
| Eric S. Slifka | President, CEO & Chairman of Global GP LLC | 1966 |
| Gregory B. Hanson | Chief Financial Officer | 1978 |
| Mark A. Romaine | Chief Operating Officer | 1969 |
| Matthew Spencer | Chief Accounting Officer | 1979 |
| Scott Solomon | Senior Vice President of Investor Relations | – |
| Kristin Seabrook | Chief Legal Officer & Secretary | 1977 |
| Catie Kerns | Chief Strategy & Transformation Officer | – |
| Philip Segaloff | Senior Associate General Counsel | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 08/07/2026 GLOBAL PARTNERS LP (GLP): Results of Operations and Financial Condition; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 07/30/2026 GLOBAL PARTNERS LP (GLP): Regulation FD Disclosure SEC ↗
- 07/29/2026 GLOBAL PARTNERS LP (GLP): Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.