Global Partners (GLP)
NYSE:GLP
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Global Partners
(NYSE:GLP)
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Rating:69Neutral
Price Target:
$53.00
â–²(15.87% Upside)
Action:Reiterated
Date:05/09/26
GLP scores highest on valuation (low P/E and high yield) and is supported by improving price momentum and a strong, upbeat earnings call with robust YoY profitability/DCF growth and continued distribution increases. Offsetting these positives, financial risk remains meaningful due to thin margins, elevated leverage, and uneven free-cash-flow consistency.
Positive Factors
Integrated platform and scale
Global's integrated sourcing, terminals, logistics and retail network drives durable operational scale and cross-segment synergies. Scale allows margin capture across supply chains, supports volume diversification and makes the business more resilient to regional disruptions over the next several months.
Negative Factors
Elevated leverage and revolver usage
Persistent 3x+ leverage and meaningful revolver drawdowns constrain financial flexibility and increase refinancing and liquidity risk if market conditions deteriorate. Elevated funded debt magnifies earnings volatility impacts and limits ability to fund opportunistic expansion without adding costlier capital.
Read all positive and negative factors
Positive Factors
Negative Factors
Integrated platform and scale
Global's integrated sourcing, terminals, logistics and retail network drives durable operational scale and cross-segment synergies. Scale allows margin capture across supply chains, supports volume diversification and makes the business more resilient to regional disruptions over the next several months.
Read all positive factors
Global Partners (GLP) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.55B
Dividend Yield6.93%
Average Volume (3M)85.84K
Price to Earnings (P/E)11.3
Beta (1Y)0.57
Revenue Growth9.54%
EPS Growth13.40%
CountryUS
Employees3,300
SectorEnergy
Sector Strength52
IndustryOil & Gas Midstream
Share Statistics
EPS (TTM)3.61
Shares Outstanding33,996,000
10 Day Avg. Volume84,905
30 Day Avg. Volume85,844
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 Cap1.97
Enterprise Value/Revenue0.16
Enterprise Value/Gross Profit2.85
Enterprise Value/Ebitda8.53
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)3.19
Revenue Forecast (FY)$30.16B
Global Partners Business Overview & Revenue Model
Company Description
Global Partners LP (GLP) operates as a comprehensive energy logistics and distribution company, specializing in the end-to-end management of a diverse range of petroleum products and alternative fuels. This includes gasoline, blendstocks, distilla...
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:May 08, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 31, 2026
Earnings Call Sentiment Positive
The call conveyed a strongly positive operational and financial quarter with very large year-over-year increases in income, EBITDA and distributable cash flow and robust segment-level performance. Management highlighted disciplined capital allocation, active inventory management and continued investment in growth. Notable caveats include a large SG&A increase driven by incentive compensation, risks from steep backwardation raising inventory carrying costs, geopolitical-driven market volatility, low inventories heading into the driving season, and meaningful revolver borrowings. On balance, the positives materially outweigh the risks in this quarter.Positive Updates
Strong YoY Profit and Cash Flow Growth
Net income rose to $70.1M from $18.7M (≈+274.9% YoY). EBITDA increased to $142.1M from $91.9M (+54.7% YoY) and adjusted EBITDA to $140.4M from $91.3M (+53.8% YoY). Distributable cash flow was $96.4M versus $45.7M (+110.9% YoY) and adjusted DCF was $96.8M versus $46.5M (+108.2% YoY).
Negative Updates
Higher SG&A and Operating Expenses
Operating expenses rose $2.5M to $129.2M (+2.0% YoY). SG&A increased $25.6M to $99.3M (+34.7% YoY), primarily due to higher performance-based incentive compensation; management expects SG&A to normalize later in 2026.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong YoY Profit and Cash Flow Growth
Net income rose to $70.1M from $18.7M (≈+274.9% YoY). EBITDA increased to $142.1M from $91.9M (+54.7% YoY) and adjusted EBITDA to $140.4M from $91.3M (+53.8% YoY). Distributable cash flow was $96.4M versus $45.7M (+110.9% YoY) and adjusted DCF was $96.8M versus $46.5M (+108.2% YoY).
Read all positive updates
Company Guidance
Management guided to a quarterly cash distribution of $76.50 per common unit ($3.06 annualized) to be paid May 15, 2026 (record May 11), the 18th consecutive quarterly increase supported by distribution coverage of 1.96x (1.9x including preferred); full‑year 2026 CapEx guidance of $60–$70 million for maintenance and $75–$85 million for expansion (ex‑acquisitions); an expectation that SG&A will normalize after Q1’s $99.3 million (Q1 increase of $25.6M); a warning that steep backwardation will raise the cost of carrying hedged inventory and that inventories have been drawn down accordingly; and a strong balance‑sheet posture with leverage at 3.1x funded‑debt/EBITDA and borrowings of $408.3 million on the working capital revolver and $103.5 million on the revolving credit facility.Global Partners Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
54
Neutral
Cash Flow
48
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 19.29B | 18.56B | 17.16B | 16.49B | 18.88B | 13.25B |
| Gross Profit | 1.07B | 491.62M | 1.06B | 973.64M | 1.10B | 719.26M |
| EBITDA | 357.99M | 378.79M | 389.39M | 356.36M | 565.08M | 244.46M |
| Net Income | 129.69M | 79.22M | 107.69M | 152.51M | 362.21M | 60.80M |
Balance Sheet | ||||||
| Total Assets | 4.31B | 3.85B | 3.79B | 3.53B | 3.16B | 2.83B |
| Cash, Cash Equivalents and Short-Term Investments | 18.37M | 12.24M | 8.21M | 19.64M | 4.04M | 10.85M |
| Total Debt | 2.25B | 2.08B | 2.03B | 1.54B | 1.43B | 1.57B |
| Total Liabilities | 3.60B | 3.18B | 3.07B | 2.73B | 2.37B | 2.30B |
| Stockholders Equity | 711.78M | 675.54M | 713.52M | 798.83M | 788.44M | -1.90M |
Cash Flow | ||||||
| Free Cash Flow | 155.21M | 193.34M | -286.78M | 110.42M | 373.20M | -51.50M |
| Operating Cash Flow | 260.65M | 284.80M | 31.60M | 512.44M | 480.00M | 50.22M |
| Investing Cash Flow | -100.59M | -100.97M | -276.87M | -492.38M | -236.19M | -115.05M |
| Financing Cash Flow | -120.21M | -179.80M | 233.84M | -4.46M | -250.61M | 65.97M |
Global Partners Technical Analysis
Negative
45.74
Price Trends
47.38
Negative
46.73
Negative
45.17
Negative
Market Momentum
-0.42
Positive
32.79
Neutral
11.13
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GLP, the sentiment is Negative. The current price of 45.74 is below the 20-day moving average (MA) of 48.45, below the 50-day MA of 47.38, and above the 200-day MA of 45.17, indicating a bearish trend. The MACD of -0.42 indicates Positive momentum. The RSI at 32.79 is Neutral, neither overbought nor oversold. The STOCH value of 11.13 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
84 Outperform | $2.62B | 6.09 | 21.40% | 3.72% | -2.29% | 31.43% | |
83 Outperform | $4.03B | 7.43 | 27.13% | 6.12% | 14.50% | 69.57% | |
78 Outperform | $2.98B | 8.94 | 29.14% | 6.12% | 4.66% | 85.89% | |
69 Neutral | $1.55B | 11.29 | 18.84% | 6.93% | 9.54% | 13.40% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
63 Neutral | $2.63B | 15.83 | 1917.10% | 9.78% | 13.04% | 6.21% | |
55 Neutral | $1.77B | 49.85 | 16.91% | 4.14% | -35.30% | 88.99% |
* Energy Sector Average
GLP
Global Partners
43.19
-8.35
-16.21%
DHT
DHT Holdings
18.41
7.52
69.12%
GEL
Genesis Energy
14.44
-1.59
-9.94%
TNK
Teekay Tankers
75.14
29.07
63.10%
DKL
Delek Logistics
50.22
11.11
28.41%
INSW
International Seaways
81.97
45.66
125.74%
Global Partners Corporate Events
Business Operations and StrategyDividendsFinancial Disclosures
Global Partners Reports Strong Q1 Earnings and Distribution
Positive
May 8, 2026
Global Partners LP reported significantly stronger results for the quarter ended March 31, 2026, highlighting the resilience of its integrated platform in a volatile energy market. Net income surged to $70.1 million from $18.7 million a year earli...
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.