Global Partners (GLP) AI Stock Analysis

• Market Cap: $1.60B
• Dividend Yield: 6.93%
• Average Volume (3M): 42.06K
• Price to Earnings (P/E): 22.5
• Beta (1Y): 0.57
• Revenue Growth: 4.10%
• EPS Growth: -36.72%
• Country: US
• Employees: 3,300
• Sector: Energy
• Sector Strength: 52
• Industry: Oil & Gas Midstream
• EPS (TTM): 0.54
• Shares Outstanding: 33,996,000
• 10 Day Avg. Volume: 40,398
• 30 Day Avg. Volume: 42,058
• PEG Ratio: -1.51
• Price to Book (P/B): 2.10
• Price to Sales (P/S): 0.08
• P/FCF Ratio: 4.98
• Enterprise Value/Market Cap: 2.00
• Enterprise Value/Revenue: 0.17
• Enterprise Value/Gross Profit: 3.01
• Enterprise Value/Ebitda: 9.30
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 2.88
• Revenue Forecast (FY): $29.63B

• Rating: 56 Neutral
• Price Target: $48.00 ▲(3.63% Upside)
• Action: Reiterated Date: 02/28/26
• Date: Action: Reiterated 02/28/26

The score is primarily held back by middling financial performance: compressed profitability, elevated leverage, and historically volatile cash flow despite a 2025 rebound. Offsetting factors include a high dividend yield and a balanced earnings-call backdrop (distribution growth with solid coverage, but weaker DCF/EBITDA and higher planned CapEx). Technicals are neutral-to-mildly supportive, not a strong driver.

Positive Factors

Expanded terminal network

Completed integration of Providence and new Houston bunkering expands fee-bearing storage, marine and truck-rack capacity. A larger terminal footprint diversifies cash flow toward higher-margin terminaling and third-party throughput, improving structural resilience to retail/wholesale commodity swings.

Consistent distribution policy

Seventeen consecutive increases with ~1.5x coverage signals disciplined distribution governance and recurring cash allocation priorities. Sustainable coverage above 1.0x provides a durable buffer for unitholder returns while management preserves access to capital markets and reinvestment for growth initiatives.

Investments in analytics and capabilities

Targeted investments in data/analytics and terminal operations enhance supply optimization, reduce basis risk and lower operating cost per gallon over time. Better forecasting and logistics can sustainably improve margins and throughput efficiency across wholesale, distribution and third-party terminal businesses.

Negative Factors

Elevated leverage

High leverage and funded-debt/EBITDA near 3.6x constrain financial flexibility, increase refinancing and interest exposure, and raise sensitivity to cyclical cash-flow dips. This heightens execution risk for expansion CapEx and increases reliance on revolver availability during weaker fuel-margin periods.

Volatile cash generation

Cash flow has swung between sizable negatives and a recent rebound, undermining predictability of distributable cash and reinvestment capacity. Persistent volatility reduces confidence in sustained internal funding for capex and debt reduction and forces greater reliance on external financing in downturns.

Compressed and uneven margins

Earnings power has weakened with materially compressed net margins and pronounced wholesale margin declines. Low structural margins increase exposure to commodity and basis volatility, limit internal capital generation and reduce the cushion for higher capex or debt servicing in adverse cycles.

Global Partners Business Overview & Revenue Model

Company Description

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 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.

How the Company Makes Money

Global Partners generates revenue through multiple streams, primarily from the wholesale and retail sale of fuel products. The company purchases fuel at wholesale prices and sells it to retailers and directly to consumers at marked-up prices. Another significant revenue stream comes from the operation of its convenience stores, where it sells food, beverages, and other retail items. Additionally, GLP benefits from storage and transportation services, charging fees for the logistics of moving fuel. The company has established partnerships with various fuel suppliers and retailers, enhancing its distribution network and market reach, which contributes to its overall profitability.

Global Partners Financial Statement Overview

Summary

Revenue rebounded in 2025, but profitability remains thin and pressured versus prior years. Leverage is still elevated despite some improvement, and cash flow has been volatile with only a recent rebound, keeping overall fundamentals mid-to-weak.

Income Statement

Revenue has been volatile but recovered to $18.6B in 2025 (up ~8% vs. 2024), following a dip in 2023. Profitability, however, has compressed materially since 2022: net margin fell from ~1.9% (2022) to ~0.4% (2025), and operating profitability also stepped down versus prior years. Overall, the business is generating scale and some top-line momentum, but earnings power appears cyclical and currently pressured.

Balance Sheet

Leverage is elevated for the sector, with debt running well above equity (debt-to-equity ~2.4x in 2025), though it improved from 2024 (~2.8x). Equity was even negative in 2021, highlighting historical balance-sheet strain. Returns on equity have moderated (about 10.7% in 2025 vs. higher levels earlier), suggesting reduced profitability relative to the capital base. Net: improving trend from 2024, but leverage remains a key risk factor.

Cash Flow

Cash generation has been inconsistent. After very weak 2024 (free cash flow deeply negative and operating cash flow very low), 2025 rebounded to positive operating and free cash flow (~$285M). Still, cash flow volatility is high across the period (including negative free cash flow in 2021 and 2024), and the sharp swing in 2025 follows a difficult prior year rather than showing steady compounding. Overall cash flow quality is mixed, with improvement in the latest year but limited stability.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	18.56B	17.16B	16.49B	18.88B	13.25B
Gross Profit	1.06B	1.06B	973.64M	1.10B	719.26M
EBITDA	236.20M	389.39M	356.36M	565.08M	244.46M
Net Income	72.09M	107.69M	152.51M	362.21M	60.80M
Balance Sheet
Total Assets	3.85B	3.79B	3.53B	3.16B	2.83B
Cash, Cash Equivalents and Short-Term Investments	12.24M	8.21M	19.64M	4.04M	10.85M
Total Debt	1.62B	2.03B	1.54B	1.43B	1.57B
Total Liabilities	3.18B	3.07B	2.73B	2.37B	2.30B
Stockholders Equity	675.54M	713.52M	798.83M	788.44M	-1.90M
Cash Flow
Free Cash Flow	284.80M	-286.78M	110.42M	373.20M	-51.50M
Operating Cash Flow	284.80M	31.60M	512.44M	480.00M	50.22M
Investing Cash Flow	-100.97M	-276.87M	-492.38M	-236.19M	-115.05M
Financing Cash Flow	-179.80M	233.84M	-4.46M	-250.61M	65.97M

Global Partners Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 46.32
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GLP, the sentiment is Positive. The current price of 46.32 is below the 20-day moving average (MA) of 47.56, above the 50-day MA of 44.69, and below the 200-day MA of 46.61, indicating a neutral trend. The MACD of 0.92 indicates Positive momentum. The RSI at 50.95 is Neutral, neither overbought nor oversold. The STOCH value of 35.95 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GLP.

Global Partners Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TNK	81 Outperform	$2.70B	7.75	18.48%	3.72%	-20.11%	-26.44%
DHT	74 Outperform	$3.13B	14.84	19.44%	6.12%	-16.45%	23.94%
DKL	70 Outperform	$2.78B	16.81	―	9.78%	-1.78%	9.32%
INSW	69 Neutral	$3.73B	17.20	11.43%	6.12%	-23.59%	-57.70%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
GEL	60 Neutral	$2.21B	-27.23	-2.48%	4.14%	-36.47%	-75.37%
GLP	56 Neutral	$1.60B	22.46	11.24%	6.93%	4.10%	-36.72%

Global Partners Corporate Events

Global Partners Posts Mixed 2025 Results, Maintains Distribution

Global Partners LP reported on February 27, 2026 that fourth-quarter 2025 net income rose slightly to $25.1 million, or $0.54 per unit, from $23.9 million a year earlier, while full-year 2025 net income declined to $98.0 million from $110.3 million in 2024. EBITDA, adjusted EBITDA, distributable cash flow and adjusted distributable cash flow all softened year over year, even as gross profit and combined product margin held around $1.1 billion and $1.2 billion, respectively, underscoring mildly weaker overall profitability.

Segment performance was mixed in 2025, with the Gasoline Distribution and Station Operations business delivering stronger fourth-quarter product margin that offset weaker conditions in the Wholesale and Commercial segments, where product margins fell on less favorable gasoline, distillate and bunkering markets. Total fourth-quarter sales rose to $4.6 billion on higher volumes, particularly in Wholesale, and the partnership paid a cash distribution of $0.7600 per common unit for the October 1–December 31, 2025 period on February 13, 2026, signaling continued commitment to unitholder returns despite softer cash flow metrics.

The most recent analyst rating on (GLP) stock is a Hold with a $47.00 price target. To see the full list of analyst forecasts on Global Partners stock, see the GLP Stock Forecast page.

Global Partners Declares Q4 2025 Cash Distribution Update

On January 30, 2026, Global Partners LP announced that the board of its general partner declared a fourth-quarter 2025 cash distribution of $0.7600 per common unit, or $3.04 on an annualized basis, for the period from October 1 to December 31, 2025, payable on February 13, 2026 to unitholders of record as of February 9, 2026. The partnership also issued qualified notice that brokers and nominees should treat 100% of its distributions to non-U.S. investors as effectively connected U.S. trade or business income and in excess of cumulative net income, making those distributions subject to U.S. federal income tax withholding at the highest applicable effective rate plus 10%, with nominees, rather than Global Partners, responsible as withholding agents—an important clarification for tax compliance and after-tax returns of international unitholders.

The most recent analyst rating on (GLP) stock is a Hold with a $46.00 price target. To see the full list of analyst forecasts on Global Partners stock, see the GLP Stock Forecast page.

Global Partners Declares Series B Preferred Quarterly Distribution

On January 12, 2026, Global Partners LP announced that the board of its general partner declared a quarterly cash distribution of $0.59375 per unit ($2.375 on an annualized basis) on its 9.50% fixed-rate Series B preferred units for the period from November 15, 2025 through February 14, 2026, to be paid on February 17, 2026 to Series B preferred unitholders of record as of the opening of business on February 2, 2026. Concurrently, the partnership issued a qualified notice to brokers and nominees for non-U.S. investors stating that 100% of its distributions to non-U.S. unitholders should be treated as effectively connected income and as in excess of cumulative net income, making those distributions subject to U.S. federal income tax withholding at a rate equal to the highest applicable effective tax rate plus 10%, with brokers and nominees, rather than the partnership, responsible for the withholding obligations.

The most recent analyst rating on (GLP) stock is a Hold with a $44.00 price target. To see the full list of analyst forecasts on Global Partners stock, see the GLP Stock Forecast page.