Download PDF

1. Company Snapshot

1.a. 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.

Show Full description

1.b. Last Insights on GLP

Global Partners' business condition is bolstered by its resilient model, robust yield, and trading at a discount to intrinsic value. According to a recent analysis, the company remains a "Strong Buy" (Zacks Rank #2), driven by solid growth attributes and a well-structured debt schedule. Its distribution yield stands at ~6.76%, with 17 consecutive quarterly hikes, supported by distributable cash flow and terminal portfolio expansion.

1.c. Company Highlights

2. Global Partners LP's Q4 2025 Earnings: A Resilient Performance

Global Partners LP reported adjusted EBITDA of $94.8 million for the fourth quarter of 2025, a slight decrease from $97.8 million in 2024, while net income for the quarter was $25.1 million, up from $23.9 million. The company's distributable cash flow was $38.4 million, compared to $45.7 million in the same period last year. Earnings per share (EPS) came in at $0.54, slightly below analyst estimates of $0.6. The GDSO product margin increased by $17.7 million, driven by higher fuel margins year over year, while the wholesale segment product margin decreased by $21.5 million to $58.3 million.

Publication Date: Mar -09

📋 Highlights
  • Disciplined Strategy Execution:: Higher volumes across terminal and wholesale network with a double-digit increase in wholesale segment product margin year-over-year.
  • Strong GDSO Performance:: GDSO product margin rose $17.7M to $231.3M, driven by improved fuel margins despite site optimization challenges.
  • 17th Consecutive Distribution Increase:: Quarterly cash distribution set at $0.76 per unit, reflecting sustained financial strength.
  • 2026 CapEx Plans:: Maintenance CapEx $60-70M and expansion CapEx $75-85M (excluding acquisitions), supporting growth initiatives.
  • Robust Balance Sheet:: Leverage at 3.59x with ample credit facility capacity, ensuring financial flexibility.

Operational Highlights

The company's disciplined execution of its strategy led to higher volumes across its terminal and wholesale network, with a notable double-digit increase in wholesale segment product margin. The GDSO segment delivered solid results, with strong fuel margins helping to offset a decline in volumes and lower station operations contribution due to site optimization efforts. The company continues to optimize its portfolio, having divested non-strategic retail locations and converted sites to higher-value formats.

Growth and Expansion

In 2025, Global Partners LP completed its first full year with the Providence terminal, which exceeded expectations. The company also expanded its bunkering business into the Houston market through a lease at the Texas City terminal. The Board approved a quarterly cash distribution of $0.76 per common unit, marking its seventeenth consecutive increase. For full-year 2026, the company expects maintenance CapEx in the range of $60.0 million to $70.0 million and expansion CapEx, excluding acquisitions, in the range of $75.0 million to $85.0 million.

Valuation and Outlook

With a P/E Ratio of 19.24 and an EV/EBITDA of 8.49, the market appears to have priced in a certain level of growth for Global Partners LP. Analysts estimate an 11.7% revenue growth for the company. The current dividend yield is around 6.3%, indicating an attractive return for income investors. Given the company's solid financial performance and growth prospects, it is likely that Global Partners LP will continue to deliver value to its shareholders.

3. NewsRoom

Card image cap

3 Ways to Invest in the Growing GLP-1 Weight Loss Market

Apr -17

Source: marketbeat.com

Card image cap

Omada Health Helps Members on GLP‑1s Lose More Fat, Preserve Muscle Mass, and Improve Mental Health, New Study Finds

Apr -17

Source: globenewswire.com

Card image cap

Lilly's new GLP-1 pill is off to a ‘robust' start

Apr -17

Source: marketwatch.com

Card image cap

RFK Jr.'s peptide policy could boost Hims & Hers as its GLP-1 business evolves

Apr -16

Source: cnbc.com

Card image cap

Hims & Hers Health Stock Rallies on Regulatory Pivot. It's Not About GLP-1s This Time.

Apr -16

Source: barrons.com

Card image cap

Hims & Hers: Bargain EBITDA Multiples As GLP-1 Drama Passes

Apr -14

Source: seekingalpha.com

Card image cap

Albertsons cites slower GLP-1 growth, higher gas prices for a sales miss and downbeat outlook

Apr -14

Source: marketwatch.com

Card image cap

Novo Nordisk: Intense Competition Within The GLP-1 Duopoly

Apr -14

Source: seekingalpha.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.80%)

6. Segments

Wholesale

Expected Growth: 4.83%

Wholesale segment's 4.83% growth driven by increased demand for refined products, strategic partnerships, and expanded logistics capabilities. Additionally, Global Partners LP's diversified customer base, efficient supply chain management, and favorable crude oil prices contribute to this growth.

Gasoline Distribution and Station

Expected Growth: 4.83%

Strong demand for gasoline, strategic partnerships, and expansion of retail operations drive growth. Increased fuel efficiency and government incentives for alternative energy sources are offset by rising vehicle miles traveled and a growing population. Additionally, Global Partners LP's diversified revenue streams, including convenience store sales and fuel transportation services, contribute to its 4.83% growth.

Commercial

Expected Growth: 4.4%

Global Partners LP's commercial segment growth of 4.4% is driven by increasing demand for refined petroleum products, strategic acquisitions, and expansion of its logistics and transportation network. Additionally, the company's focus on cost savings initiatives and operational efficiencies have contributed to its growth momentum.

7. Detailed Products

Fuel Products

Global Partners LP offers a range of fuel products, including gasoline, diesel fuel, heating oil, and kerosene, to meet the energy needs of its customers.

Crude Oil

The company purchases and sells crude oil, providing a critical link between oil producers and refiners.

Refined Petroleum Products

Global Partners LP markets and distributes refined petroleum products, including gasoline, diesel fuel, jet fuel, and residual fuel oil.

Renewable Fuels

The company offers renewable fuels, such as biodiesel and ethanol, as a cleaner-burning alternative to traditional fossil fuels.

Commercial Services

Global Partners LP provides commercial services, including fuel transportation, storage, and logistics management.

Retail Services

The company operates a network of convenience stores and gas stations, offering fuel, food, and other convenience items.

8. Global Partners LP's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Global Partners LP is moderate, as there are alternative energy sources and transportation methods available to customers.

Bargaining Power Of Customers

The bargaining power of customers is low, as Global Partners LP has a diverse customer base and no single customer accounts for a significant portion of revenue.

Bargaining Power Of Suppliers

The bargaining power of suppliers is moderate, as Global Partners LP relies on a few large suppliers for its energy products, but has some flexibility to negotiate prices.

Threat Of New Entrants

The threat of new entrants is low, as entering the energy logistics and marketing industry requires significant capital investment and regulatory compliance.

Intensity Of Rivalry

The intensity of rivalry is high, as Global Partners LP operates in a competitive industry with several established players, and must compete on price, service, and logistics to maintain market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 60.02%
Debt Cost 5.86%
Equity Weight 39.98%
Equity Cost 10.59%
WACC 7.76%
Leverage 150.15%

11. Quality Control: Global Partners LP passed 1 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Dorian LPG

A-Score: 6.7/10

Value: 5.7

Growth: 6.8

Quality: 5.5

Yield: 10.0

Momentum: 7.0

Volatility: 5.3

1-Year Total Return ->

View Full Report
Stock-Card
Delek Logistics Partners

A-Score: 6.7/10

Value: 4.0

Growth: 3.0

Quality: 6.0

Yield: 10.0

Momentum: 8.5

Volatility: 8.7

1-Year Total Return ->

View Full Report
Stock-Card
Global Partners

A-Score: 5.8/10

Value: 7.5

Growth: 3.9

Quality: 3.1

Yield: 10.0

Momentum: 3.0

Volatility: 7.0

1-Year Total Return ->

View Full Report
Stock-Card
Genesis Energy

A-Score: 5.7/10

Value: 4.9

Growth: 3.4

Quality: 1.5

Yield: 9.0

Momentum: 9.0

Volatility: 6.3

1-Year Total Return ->

View Full Report
Stock-Card
NGL Energy Partners

A-Score: 4.9/10

Value: 7.2

Growth: 3.6

Quality: 5.8

Yield: 0.0

Momentum: 10.0

Volatility: 2.7

1-Year Total Return ->

View Full Report
Stock-Card
Overseas Shipholding Group

A-Score: 4.5/10

Value: 7.2

Growth: 5.9

Quality: 5.4

Yield: 0.0

Momentum: 6.0

Volatility: 2.7

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

45.74$

Current Price

45.74$

Potential

-0.00%

Expected Cash-Flows