Global Partners Lp (GLP)
NYSE:GLP
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Global Partners
(NYSE:GLP)
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Rating:57Neutral
Price Target:
$49.00
â–²(7.13% Upside)
Action:ReiteratedDate:05/01/26
The score is held back primarily by thin and pressured profitability, volatile cash flow, and elevated leverage, even with some improvement in 2025. Technicals are moderately supportive with price above key moving averages and positive MACD, while valuation is helped by a high dividend yield but tempered by a mid-range P/E. Earnings-call commentary was balanced: steady distribution growth and segment execution were offset by weaker cash-flow/wholesale performance and higher 2026 CapEx and borrowing levels.
Positive Factors
Consistent distribution coverage
A 17-quarter streak of distribution increases with 1.56x coverage indicates management prioritizes sustained cash returns and retains a buffer versus payouts. Durable coverage supports access to equity/debt markets and signals cash generation capacity despite cyclical swings.
Negative Factors
Elevated leverage
Debt levels materially exceed equity and remain elevated versus peers, constraining financial flexibility. High leverage increases refinancing and interest-rate sensitivity, limits ability to fund growth without additional external financing and raises risk in downturns.
Read all positive and negative factors
Positive Factors
Negative Factors
Consistent distribution coverage
A 17-quarter streak of distribution increases with 1.56x coverage indicates management prioritizes sustained cash returns and retains a buffer versus payouts. Durable coverage supports access to equity/debt markets and signals cash generation capacity despite cyclical swings.
Read all positive factors
Global Partners (GLP) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.67B
Dividend Yield6.93%
Average Volume (3M)45.54K
Price to Earnings (P/E)17.9
Beta (1Y)0.58
Revenue Growth8.14%
EPS Growth-13.09%
CountryUS
Employees3,300
SectorEnergy
Sector Strength52
IndustryOil & Gas Midstream
Share Statistics
EPS (TTM)2.12
Shares Outstanding33,996,000
10 Day Avg. Volume32,700
30 Day Avg. Volume45,539
Financial Highlights & Ratios
PEG Ratio-1.37
Price to Book (P/B)2.10
Price to Sales (P/S)0.08
P/FCF Ratio7.33
Enterprise Value/Market Cap1.94
Enterprise Value/Revenue0.17
Enterprise Value/Gross Profit3.67
Enterprise Value/Ebitda8.51
Forecast
1Y Price Target
$46.00Price Target Upside0.57% Upside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)3.19
Revenue Forecast (FY)$29.63B
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...
How the Company Makes Money
GLP primarily makes money by buying, transporting, storing, blending, and selling refined petroleum products and renewable fuels, and by earning margins and fees across its logistics and distribution chain. Key revenue streams include: (1) Wholesa...
Global Partners Earnings Call Summary
Earnings Call Date:Feb 27, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 08, 2026
Earnings Call Sentiment Neutral
The call highlighted several clear strengths: stronger fuel margins and GDSO product margin gains, successful integration of recent terminal acquisitions (Providence), continued distribution increases with healthy coverage, and investments in analytics and terminal capabilities poised to drive future efficiency. Offsetting these positives were meaningful declines in wholesale margins and distributable cash flow (both down roughly mid-teens to high-20s percentages in key metrics), a drop in adjusted EBITDA, and elevated near-term CapEx and revolver borrowings. Overall, positives around margin recovery in GDSO and strategic execution are balanced by significant cash flow and wholesale challenges, leading to a balanced/neutral view.Positive Updates
GDSO Product Margin Strength
GDSO product margin increased by $17.7M (approximately +8.3%) to $231.3M in Q4 2025, driven largely by stronger fuel margins and higher gasoline product margins.
Negative Updates
Decline in Adjusted EBITDA
Adjusted EBITDA for Q4 2025 decreased to $94.8M from $97.8M (≈-3.1%), reflecting weaker performance in wholesale and commercial segments that partially offset GDSO strength.
Read all updates
Q4-2025 Updates
Positive
Negative
GDSO Product Margin Strength
GDSO product margin increased by $17.7M (approximately +8.3%) to $231.3M in Q4 2025, driven largely by stronger fuel margins and higher gasoline product margins.
Read all positive updates
Company Guidance
On the guidance front, management gave 2026 capital spending ranges of $60.0–$70.0 million for maintenance CapEx and $75.0–$85.0 million for expansion CapEx (excluding acquisitions) — versus full year 2025 maintenance CapEx of $54.0 million and expansion CapEx of $37.5 million, and Q4 CapEx of $38.8 million (maintenance $22.6M, expansion $16.2M) — noting estimates depend on project timing, equipment/labor availability, weather and unforeseen events; they also emphasized leased-capex-light opportunities (e.g., Houston bunkering). The Board approved a quarterly cash distribution of $0.76 per common unit (the 17th consecutive increase), and coverage stood at 1.56x as of Dec. 31 (1.5x including preferred distributions). Balance-sheet metrics highlighted leverage (funded debt / EBITDA) of 3.59x, $226.1 million drawn on the working capital revolver, $103.5 million outstanding on the $500.0 million revolver, and ample excess capacity in the credit facilities; management declined to provide specific Q1 financial guidance, though noted early-year Northeast cold weather has supported wholesale fuel demand.Global Partners Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
50
Neutral
Cash Flow
45
Neutral
| 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 | 491.62M | 1.06B | 973.64M | 1.10B | 719.26M |
| EBITDA | 378.79M | 389.39M | 356.36M | 565.08M | 244.46M |
| Net Income | 79.22M | 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 | 193.34M | -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
Neutral
45.74
Price Trends
46.86
Negative
45.01
Positive
46.01
Negative
Market Momentum
-0.24
Negative
48.92
Neutral
30.84
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GLP, the sentiment is Neutral. The current price of 45.74 is above the 20-day moving average (MA) of 45.34, below the 50-day MA of 46.86, and below the 200-day MA of 46.01, indicating a neutral trend. The MACD of -0.24 indicates Negative momentum. The RSI at 48.92 is Neutral, neither overbought nor oversold. The STOCH value of 30.84 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for GLP.
Global Partners Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
81 Outperform | $2.79B | 3.85 | 18.37% | 3.72% | -16.26% | -11.19% | |
75 Outperform | $4.21B | 7.74 | 16.02% | 6.12% | -11.38% | -25.92% | |
74 Outperform | $3.04B | 9.29 | 19.30% | 6.12% | -12.44% | 16.85% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
64 Neutral | $2.87B | 20.58 | 1917.10% | 9.78% | 13.04% | 6.21% | |
58 Neutral | $2.09B | 24.04 | -162.28% | 4.14% | -45.03% | 46.40% | |
57 Neutral | $1.67B | 17.89 | 12.24% | 6.93% | 8.14% | -13.09% |
* Energy Sector Average
GLP
Global Partners
48.99
1.36
2.86%
DHT
DHT Holdings
18.87
8.16
76.17%
GEL
Genesis Energy
17.07
3.83
28.92%
TNK
Teekay Tankers
80.48
36.12
81.42%
DKL
Delek Logistics
53.95
19.15
55.02%
INSW
International Seaways
85.14
51.51
153.17%
Global Partners Corporate Events
DividendsRegulatory Filings and Compliance
Global Partners Declares First-Quarter 2026 Cash Distribution
Positive
Apr 30, 2026
On April 30, 2026, Global Partners LP announced that the board of its general partner declared a first-quarter 2026 cash distribution of $0.7650 per common unit, equivalent to $3.06 on an annualized basis, for the period from January 1 through Mar...
Dividends
Global Partners Declares Quarterly Series B Preferred Distribution
Neutral
Apr 13, 2026
On April 13, 2026, Global Partners LP announced that the board of its general partner declared a quarterly cash distribution of $0.59375 per unit, or $2.375 on an annualized basis, on its 9.50% fixed-rate Series B preferred units for the period fr...
Business Operations and StrategyPrivate Placements and Financing
Global Partners Expands Short-Term Credit Facility for Liquidity
Positive
Mar 19, 2026
On March 13, 2026, Global Partners LP and certain subsidiaries exercised the accordion feature under their existing credit facility to increase Aggregate WC Interim Commitments by $300 million for up to 364 days, after which this incremental commi...
DividendsFinancial Disclosures
Global Partners Posts Mixed 2025 Results, Maintains Distribution
Negative
Feb 27, 2026
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 millio...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.