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ValueScreener company report

Global Partners LP (GLP)

NYSE / Energy / Oil & Gas Midstream

Share price

48.15 USD Market dataClose of Oct 14, 2026

Market capitalisation

1.63B USD Market dataClose of Oct 14, 2026
Market data
Oct 14, 2026
Filed accounts
FY2025, filed Feb 27, 2026
Ratios computed
Oct 14, 2026
Filed years
16, FY2009 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on equity

14.5% Computed

From the FY2025 filing

Read quality

Valuation

Price to earnings

16.63x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

11.9% Computed

FY2025 accounts, priced at the latest close

Read cash generation

Revenue and net income, as filed

FY2016 Revenue: 8.24B USDFY2016 Net income: -199.4M USDFY2017 Revenue: 8.92B USDFY2017 Net income: 58.8M USDFY2018 Revenue: 12.67B USDFY2018 Net income: 103.9M USDFY2019 Revenue: 13.08B USDFY2019 Net income: 35.9M USDFY2020 Revenue: 8.32B USDFY2020 Net income: 102.2M USDFY2021 Revenue: 13.25B USDFY2021 Net income: 60.8M USDFY2022 Revenue: 18.88B USDFY2022 Net income: 362.2M USDFY2023 Revenue: 16.49B USDFY2023 Net income: 152.5M USDFY2024 Revenue: 17.16B USDFY2024 Net income: 110.3M USDFY2025 Revenue: 18.56B USDFY2025 Net income: 98.0M USD
Revenue Net income10 filed fiscal years, from the annual reports; the table in Filings names each document.
Named tests met
0 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 16.63x at the close of 2026-10-14 on FY2025 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits between 15.00x and 25.00x.

Today, against the Oil & Gas Midstream industry (36 companies), 16.63x sits at the 48th percentile; the middle half of that group runs from 12.45x to 22.00x.

Is it good

Return on equity was 14.5% in FY2025, in the band labelled "Ordinary" (8.0% to 15.0%), on lines anchored on Damodaran's cost-of-capital data.

Today, against the Oil & Gas Midstream industry (39 companies), 14.5% sits at the 50th percentile; the middle half of that group runs from 10.0% to 20.0%.

Is it safe

Current ratio was 1.14 in FY2025, in the band labelled "Tight" (1.00 to 1.50), on lines anchored on Graham's defensive-investor criteria.

Today, against the Oil & Gas Midstream industry (44 companies), 1.14 sits at the 56th percentile; the middle half of that group runs from 0.76 to 2.56.

Year by year against peers
Whether Global Partners LP's return on equity stayed above the median of the Oil & Gas Midstream industry, year by year. (FY2023 to FY2025, 3 fiscal years of Global Partners LP with a comparable figure)
The direction
Which way Global Partners LP's return on equity has moved, and how steadily. (FY2016 to FY2025, 10 filed years of Global Partners LP)
What could explain it
What in Global Partners LP's filed statements could explain the movements. (2 readings drawn from the statement lines Global Partners LP filed)
What to check next
What to check next on Global Partners LP, and where in its filings. (3 questions for Global Partners LP)
In one paragraph
One paragraph on Global Partners LP's returns, cash, balance sheet and price. (9 of sixteen figures read for Global Partners LP)

These are GLP’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research GLPPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 10-K, filed Feb 27, 2026, accession 0001104659-26-021381.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Global Partners LP: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax
Why n/a

The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.

n/a ComputedFY2025 10-K, filed Feb 27, 2026, 0001104659-26-021381
Return on equity14.5% ComputedFY2025 10-K, filed Feb 27, 2026, 0001104659-26-021381
Return on capital employed, pre-tax8.5% ComputedFY2025 10-K, filed Feb 27, 2026, 0001104659-26-021381
Return on assets2.5% ComputedFY2025 10-K, filed Feb 27, 2026, 0001104659-26-021381
Gross margin5.7% ComputedFY2025 10-K, filed Feb 27, 2026, 0001104659-26-021381
Operating margin1.3% ComputedFY2025 10-K, filed Feb 27, 2026, 0001104659-26-021381
Net margin0.5% ComputedFY2025 10-K, filed Feb 27, 2026, 0001104659-26-021381
GLP 0.5%
NGL -4.5%GEL -27.0%NVGS 17.1%TEN 20.1%FLNG 21.5%
-27.0%21.5%
Net margin: GLP against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Global Partners LP: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity
Why n/a

The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.

n/a ComputedFY2025 10-K, filed Feb 27, 2026, 0001104659-26-021381
Current ratio1.14 ComputedFY2025 10-K, filed Feb 27, 2026, 0001104659-26-021381
Quick ratio0.63 ComputedFY2025 10-K, filed Feb 27, 2026, 0001104659-26-021381
Interest coverage
Why n/a

No interest expense is filed for this year, so coverage is not computed.

n/a ComputedFY2025 10-K, filed Feb 27, 2026, 0001104659-26-021381
Altman Z-score
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Feb 27, 2026, 0001104659-26-021381
Net debt
Why n/a

The FY2025 balance sheet carries no net debt we could read.

n/a ComputedFY2025 10-K, filed Feb 27, 2026, 0001104659-26-021381
Total assets 3.85BTotal liabilities 3.18BShareholders' equity 675.5MOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What Global Partners LP owned and owed at the end of fiscal 2025, from the balance sheet it filed (10-K, filed Feb 27, 2026, 0001104659-26-021381).

Global Partners LP: balance sheet position
Total assets3.85B FiledFY2025 10-K, filed Feb 27, 2026
Total liabilities3.18B FiledFY2025 10-K, filed Feb 27, 2026
Shareholders' equity675.5M FiledFY2025 10-K, filed Feb 27, 2026
Cash12.2M FiledFY2025 10-K, filed Feb 27, 2026
Total debtn/a FiledFY2025 10-K, filed Feb 27, 2026
Net debtn/a
Current ratio1.14
Debt to equityn/a
  • Debt to equity: FY2025: The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.
  • Interest cover: FY2025: No interest expense is filed for this year, so coverage is not computed.

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

Global Partners LP: what the market charges, each with its source
FigureValue, source and document
Price to earnings16.63x ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Feb 27, 2026, 0001104659-26-021381
P/E on trailing twelve months17.57x ComputedClose of Oct 14, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book2.41x ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Feb 27, 2026, 0001104659-26-021381
Price to sales0.09x ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Feb 27, 2026, 0001104659-26-021381
Enterprise value to EBIT
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Feb 27, 2026, 0001104659-26-021381
Enterprise value to EBITDA
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Feb 27, 2026, 0001104659-26-021381
Price to earnings over growth
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Feb 27, 2026, 0001104659-26-021381
Diluted earnings per share
Why n/a

The FY2025 filing carries no diluted earnings per share we could read.

n/a FiledFY2025 10-K, filed Feb 27, 2026, 0001104659-26-021381
Graham number
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 10-K, filed Feb 27, 2026, 0001104659-26-021381

We publish no fair value or price target of our own. Value GLP on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for Global Partners LP today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Global Partners LP: valuation
Share price48.15 USD
Market capitalisation1.63B USD
Enterprise value to EBITDAn/a
Graham numbern/a
Diluted earnings per share, FY2020n/a

Price to earnings on trailing twelve months, a different basis from the fiscal-year P/E above, since Aug 13, 2021: low 7.22x, median 15.43x, high 21.85x, latest 17.57x. 1,298 trading days with a meaningful ratio. Each close over the trailing twelve months of earnings as known that day: a quarter counts from the day it was filed.

Companies like Global Partners LP

  1. NGL Energy Partners LP (NGL)Market cap 1.84B USD
  2. Genesis Energy, L.P. (GEL)Market cap 1.74B USD
  3. Navigator Holdings Ltd. (NVGS)Market cap 1.41B USD
  4. Tsakos Energy Navigation Limited (TEN)Market cap 1.62B USD
  5. FLEX LNG Ltd. (FLNG)Market cap 1.60B USD

Same industry (Oil & Gas Midstream) and size band (Small, 300M to 2B), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

Global Partners LP: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield11.9% ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Feb 27, 2026, 0001104659-26-021381
Free cash flow193.3M USD ComputedFY2025 10-K, filed Feb 27, 2026, 0001104659-26-021381
Free cash flow margin1.0% ComputedFY2025 10-K, filed Feb 27, 2026, 0001104659-26-021381
Dividend yield6.4% ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Feb 27, 2026, 0001104659-26-021381
Payout ratio
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 10-K, filed Feb 27, 2026, 0001104659-26-021381
FY2016 Free cash flow: -191.2M USDFY2016 Net income: -199.4M USDFY2017 Free cash flow: 298.6M USDFY2017 Net income: 58.8M USDFY2018 Free cash flow: 99.7M USDFY2018 Net income: 103.9M USDFY2019 Free cash flow: 11.5M USDFY2019 Net income: 35.9M USDFY2020 Free cash flow: 236.2M USDFY2020 Net income: 102.2M USDFY2021 Free cash flow: -51.5M USDFY2021 Net income: 60.8M USDFY2022 Free cash flow: 373.2M USDFY2022 Net income: 362.2M USDFY2023 Free cash flow: 423.6M USDFY2023 Net income: 152.5M USDFY2024 Free cash flow: -71.7M USDFY2024 Net income: 110.3M USDFY2025 Free cash flow: 193.3M USDFY2025 Net income: 98.0M USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

Global Partners LP: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
16.63xFY2025Oct 14, 2026
2.41xFY2025Oct 14, 2026
n/aFY2025Oct 14, 2026
n/a Enterprise value is the market value plus total debt less cash, and the filed balance sheet reports no debt total or no cash.
11.9%FY2025Oct 14, 2026
n/aFY2025Feb 27, 2026
n/a The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.
6.4%FY2025Oct 14, 2026
n/aFY2025Feb 27, 2026
n/a The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.
1.14FY2025Feb 27, 2026
0.09xFY2025Oct 14, 2026
n/aFY2025Oct 14, 2026
n/a The filed income statement reports no earnings per share.
n/aFY2025Oct 14, 2026
n/a We hold no figure here and no stored reason for its absence. The gap is ours, not the company's.
-2.38FY2025Feb 27, 2026
4/9FY2025Feb 27, 2026

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 16 filed fiscal years on record, FY2009 to FY2025, from SEC EDGAR. Prices as of Oct 14, 2026. Ratios recomputed Oct 14, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

10 filed fiscal years, FY2016 to FY2025, read from the annual reports Global Partners LP filed with the SEC. Each year names its filing. Amounts in USD, as filed.

Global Partners LP: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY202518.56B234.7M98.0Mn/a193.3M1.3%14.5%10-K, Feb 27, 20260001104659-26-021381
FY202417.16B251.2M110.3Mn/a-71.7M1.5%15.4%10-K, Feb 28, 20250001558370-25-001925
FY202316.49B243.8M152.5Mn/a423.6M1.5%19.1%10-K, Feb 29, 20240001558370-24-002047
FY202218.88B460.3M362.2Mn/a373.2M2.4%45.9%10-K, Feb 27, 20230001558370-23-002156
FY202113.25B142.2M60.8Mn/a-51.5M1.1%11.5%10-K, Feb 28, 20220001558370-22-002325
FY20208.32B192.3M102.2M2.74236.2M2.3%20.6%10-K, Mar 5, 20210001558370-21-002439
FY201913.08B139.2M35.9M0.8111.5M1.1%7.8%10-K, Mar 6, 20200001558370-20-002120
FY201812.67B197.2M103.9M2.9599.7M1.6%20.9%10-K, Mar 8, 20190001558370-19-001709
FY20178.92B119.8M58.8M1.74298.6M1.3%15.0%10-K, Mar 9, 20180001558370-18-001788
FY20168.24B-152.3M-199.4M-5.91-191.2M-1.9%-50.8%10-K, Mar 10, 20170001558370-17-001611
  • Revenue, compound annual growth FY2016 to FY2025: 9.4%
  • Earnings: Earnings was not positive in both 2016 and 2025, so a compound rate across the window is not defined. Both figures are in the table.
  • Earnings per share: Earnings per share was not positive in both 2016 and 2020, so a compound rate across the window is not defined. Both figures are in the table.
  • Free cash flow: Free cash flow was not positive in both 2016 and 2025, so a compound rate across the window is not defined. Both figures are in the table.

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

Global Partners LP: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-2.38 ComputedFY2025 10-K, filed Feb 27, 2026, 0001104659-26-021381
Piotroski F-score4/9 ComputedFY2025 10-K, filed Feb 27, 2026, 0001104659-26-021381
Named tests met0 of 30 Computed
Beta0.49 ComputedClose of Oct 14, 2026

The named tests

Of 30 tests value investors published: 0 met, 20 not met, 10 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
None of the named tests.
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; High F-score, low P/B (Joseph Piotroski); Three forensic scores; High returns and growth; Gross margin, turnover (Robert Novy-Marx); Near the 52-week low; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); High returns, low debt; Owner earnings yield; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Clean books, high ROIC; Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman); Low P/E, growth, yield (John Neff)
Not measured
Earnings yield and ROIC (Joel Greenblatt); Low PEG, low debt (Peter Lynch); EV/EBITDA and coverage; High yield, low payout; Dividends and buybacks; Low beta, profitable; ROIC at or above WACC; P/E times P/B (Benjamin Graham); Cash-covered dividend; Cash-flow yield and ROIC. A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(14)
  • Debt to Equity: The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.
  • Positive Earnings Streak: The latest filed year has no per-share earnings we can read; the test needs 10.
  • EV/EBIT: We do not hold this figure for this company, so there is nothing to show.
  • Return on Invested Capital: The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.
  • Altman Z-Score: We do not hold this figure for this company, so there is nothing to show.
  • PEG Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Eps Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
  • EV/EBITDA: We do not hold this figure for this company, so there is nothing to show.
  • Interest Coverage: No interest expense is filed for this year, so coverage is not computed.
  • Payout Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Share Count Change Yoy: We do not hold this figure for this company, so there is nothing to show.
  • ROIC-WACC Spread: We do not hold this figure for this company, so there is nothing to show.
  • Price To Graham: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Coverage Ratio: We do not hold this figure for this company, so there is nothing to show.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by the founder: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 14 figures could not be read on this company, among them Debt to Equity, Positive Earnings Streak, EV/EBIT. Each blank in the table above names the rest, with its reason. 10 named tests come back incomplete because of them, which is neither met nor missed.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Margin Notes

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