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Global Partners
(NYSE:GLP)
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Rating:69Neutral
Price Target:
$47.00
â–¼(-2.85% Downside)
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, diversified platform
Global Partners' integrated mix of terminals, wholesale distribution, retail sites and blending creates diversified, recurring revenue streams. That scale in the Northeast/Mid‑Atlantic supports advantaged supply, lowers reliance on any single channel, and sustainably cushions earnings versus pure-play peers.
Negative Factors
Elevated leverage and revolver usage
Substantial funded‑debt/EBITDA and heavy revolver borrowings constrain financial flexibility and increase risk if margins or volumes weaken. In a low‑margin commodity business, elevated leverage raises refinancing and liquidity vulnerability during adverse market turns or prolonged demand softness.
Read all positive and negative factors
Positive Factors
Negative Factors
Integrated, diversified platform
Global Partners' integrated mix of terminals, wholesale distribution, retail sites and blending creates diversified, recurring revenue streams. That scale in the Northeast/Mid‑Atlantic supports advantaged supply, lowers reliance on any single channel, and sustainably cushions earnings versus pure-play peers.
Read all positive factors
Global Partners (GLP) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.68B
Dividend Yield6.12%
Average Volume (3M)131.46K
Price to Earnings (P/E)13.7
Beta (1Y)0.52
Revenue Growth9.54%
EPS Growth13.40%
CountryUS
Employees4,700
SectorEnergy
Sector Strength52
IndustryOil & Gas Refining & Marketing
Share Statistics
EPS (TTM)3.61
Shares Outstanding33,996,000
10 Day Avg. Volume57,321
30 Day Avg. Volume131,459
Financial Highlights & Ratios
PEG Ratio-1.50
Price to Book (P/B)2.11
Price to Sales (P/S)0.08
P/FCF Ratio7.33
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)4.71
Revenue Forecast (FY)$28.23B
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 generates revenue primarily by buying, moving, storing, and selling refined petroleum products and renewable fuels, and by selling motor fuels and convenience merchandise through wholesale and retail channels. Key revenue streams include: (1) ...
Global Partners Earnings Call Summary
Earnings Call Date:May 08, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 07, 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 | 707.78M | 671.97M | 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
Positive
48.38
Price Trends
47.78
Positive
46.98
Positive
45.22
Positive
Market Momentum
0.39
Negative
52.76
Neutral
64.29
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 48.38 is below the 20-day moving average (MA) of 48.48, above the 50-day MA of 47.78, and above the 200-day MA of 45.22, indicating a bullish trend. The MACD of 0.39 indicates Negative momentum. The RSI at 52.76 is Neutral, neither overbought nor oversold. The STOCH value of 64.29 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
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
84 Outperform | $2.75B | 4.66 | 27.73% | 2.64% | 19.33% | 110.30% | |
83 Outperform | $4.76B | 8.70 | 27.13% | 9.03% | 14.50% | 69.57% | |
78 Outperform | $2.99B | 9.01 | 29.14% | 7.97% | 4.66% | 85.89% | |
69 Neutral | $1.68B | 13.70 | 18.90% | 6.26% | 9.54% | 13.40% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
63 Neutral | $3.21B | 19.09 | 1917.10% | 7.85% | 13.04% | 6.21% | |
55 Neutral | $1.87B | -84.73 | 16.91% | 4.59% | -35.30% | 88.99% |
* Energy Sector Average
GLP
Global Partners
49.47
0.60
1.24%
DHT
DHT Holdings
18.57
8.21
79.26%
GEL
Genesis Energy
15.31
-0.99
-6.06%
TNK
Teekay Tankers
79.37
34.81
78.12%
DKL
Delek Logistics
60.31
19.21
46.75%
INSW
International Seaways
96.18
59.27
160.54%
Global Partners Corporate Events
DividendsRegulatory Filings and Compliance
Global Partners Announces Q2 Cash Distribution and Tax Notice
Neutral
Jul 29, 2026
On July 29, 2026, Global Partners LP announced that the board of its general partner declared a second-quarter cash distribution of $0.78 per common unit, or $3.12 on an annualized basis, for the period from April 1 through June 30, 2026. The dist...
Business Operations and StrategyDelistings and Listing Changes
Global Partners to Redeem Series B Preferred Units
Neutral
Jun 29, 2026
On June 29, 2026, Global Partners LP announced it will fully redeem all issued and outstanding Series B Fixed Rate Cumulative Redeemable Perpetual Preferred Units on July 30, 2026. Following the redemption, the Series B preferred units will no lon...
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...
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.