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Global Partners
(NYSE:GLP)
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Rating:63Neutral
Price Target:
$52.00
▲(2.97% Upside)
Action:Reiterated
Date:10/17/26
GLP scores as moderately attractive, led by favorable valuation (low P/E and ~6.2% yield) and a strong recent earnings/DCF narrative with solid distribution coverage. The main offset is financial risk from elevated leverage and structurally thin margins, while technicals are broadly neutral with a slight bearish tilt from a negative MACD.
Positive Factors
Integrated operating platform
GLP’s integrated platform connects fuel sourcing, storage, transportation, wholesale distribution and retail convenience operations. This combination can support operational coordination, diversified earnings contributions and customer relationships across multiple parts of the fuel value chain over the next several quarters.
Negative Factors
High leverage and thin profitability
High leverage reduces financial flexibility and makes the business more sensitive to earnings volatility, refinancing conditions and interest costs. Because net margins are also very thin, relatively modest changes in fuel margins or operating expenses can have an outsized effect on retained cash and balance-sheet resilience.
Read all positive and negative factors
Positive Factors
Negative Factors
Integrated operating platform
GLP’s integrated platform connects fuel sourcing, storage, transportation, wholesale distribution and retail convenience operations. This combination can support operational coordination, diversified earnings contributions and customer relationships across multiple parts of the fuel value chain over the next several quarters.
Read all positive factors
Global Partners (GLP) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.65B
Dividend Yield6.32%
Average Volume (3M)59.34K
Price to Earnings (P/E)9.8
Beta (1Y)0.46
Revenue Growth20.35%
EPS Growth87.03%
CountryUS
Employees4,700
SectorGeneral
Sector StrengthN/A
IndustryOil & Gas Midstream
Share Statistics
EPS (TTM)4.93
Shares Outstanding33,996,000
10 Day Avg. Volume57,940
30 Day Avg. Volume59,337
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 Cap2.22
Enterprise Value/Revenue0.17
Enterprise Value/Gross Profit2.87
Enterprise Value/Ebitda8.94
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)5.87
Revenue Forecast (FY)$27.42B
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 through fuel distribution and retail convenience operations, supplemented by logistics and other energy-related activities:
1) Wholesale fuel distribution (largest driver of cash flow in many periods): GLP purchases refi...
Global Partners Earnings Call Summary
Earnings Call Date:Aug 07, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 06, 2026
Earnings Call Sentiment Positive
The call communicated materially stronger financial results across income, EBITDA, and distributable cash flow, improved fuel margins, solid segment performance, disciplined capital allocation, a maintained distribution, and a simplified capital structure via redemption of preferred units. These positives are tempered by market volatility, expected higher inventory carrying costs due to backwardation, a decline in distillate margins, and higher SG&A/operating expenses. Management characterized consumer impacts as minor and signaled continued focus on disciplined inventory and capital management.Positive Updates
Strong Income and EBITDA Growth
Net income rose to $71.0M in Q2 2026 from $25.2M a year earlier, an increase of ~182%. EBITDA increased to $146.0M from $95.7M (~53% growth) and adjusted EBITDA rose to $148.2M from $98.2M (~51% growth).
Negative Updates
Market Volatility and Inventory Risks
Refined product markets remain volatile with geopolitical-driven price swings, tight inventories, and elevated inventory risk. Management expects steep backwardation in forward pricing to increase the cost of carrying hedged inventory in future periods.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Income and EBITDA Growth
Net income rose to $71.0M in Q2 2026 from $25.2M a year earlier, an increase of ~182%. EBITDA increased to $146.0M from $95.7M (~53% growth) and adjusted EBITDA rose to $148.2M from $98.2M (~51% growth).
Read all positive updates
Company Guidance
Management's guidance and commentary emphasized cash returns, capital spending, liquidity and inventory risk: the board approved a quarterly cash distribution of $0.78 per common unit ($3.12 annualized) payable Aug. 14 (record Aug. 12), and quarter‑end distribution coverage remained healthy at 2.25x (2.19x including preferred); full‑year 2026 maintenance CapEx is guided to $60–$70 million and expansion CapEx (ex‑acquisitions) to $75–$85 million (Q2 CapEx was $35.0m — $15.9m maintenance, $19.1m expansion). They warned the steep backwardation in forward product curves should raise the cost of carrying hedged inventory, while balance‑sheet metrics showed funded debt/EBITDA of 2.85x as of June 30, $174.6m outstanding on the working capital revolver and $103.5m on the revolving facility, and the July 30 redemption of all Series B fixed‑rate preferred units to simplify capital structure; Q2 financials cited for context included net income $71m, EBITDA $146m (adjusted $148.2m), DCF $92.6m (adjusted $92.5m), and segment product margins such as GDSO $245.2m (gasoline $175.0m; fuel margin $0.50/gal vs $0.36), wholesale $106.5m and commercial $10.5m.Global Partners Financial Statement Overview
Summary
Income Statement
61
Positive
Balance Sheet
44
Neutral
Cash Flow
57
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 21.46B | 18.56B | 17.16B | 16.49B | 18.88B | 13.25B |
| Gross Profit | 1.27B | 491.62M | 1.06B | 973.64M | 1.10B | 719.26M |
| EBITDA | 408.23M | 378.79M | 389.39M | 356.36M | 565.08M | 244.46M |
| Net Income | 172.42M | 79.22M | 107.69M | 152.51M | 362.21M | 60.80M |
Balance Sheet | ||||||
| Total Assets | 4.02B | 3.85B | 3.79B | 3.45B | 3.16B | 2.83B |
| Cash, Cash Equivalents and Short-Term Investments | 23.91M | 12.24M | 8.21M | 19.64M | 4.04M | 10.85M |
| Total Debt | 2.01B | 2.08B | 2.03B | 1.54B | 1.43B | 1.57B |
| Total Liabilities | 3.27B | 3.18B | 3.07B | 2.65B | 2.37B | 2.30B |
| Stockholders Equity | 743.83M | 671.97M | 713.52M | 798.83M | 788.44M | 527.77M |
Cash Flow | ||||||
| Free Cash Flow | 199.43M | 193.34M | -286.78M | 110.42M | 373.20M | -51.50M |
| Operating Cash Flow | 324.80M | 284.80M | 31.60M | 512.44M | 480.00M | 50.22M |
| Investing Cash Flow | -115.81M | -100.97M | -276.87M | -492.38M | -236.19M | -115.05M |
| Financing Cash Flow | -201.17M | -179.80M | 233.84M | -4.46M | -250.61M | 65.97M |
Global Partners Technical Analysis
Negative
50.50
Price Trends
49.75
Negative
48.49
Negative
46.99
Positive
Market Momentum
-0.07
Negative
47.65
Neutral
29.04
Neutral
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 50.5 is above the 20-day moving average (MA) of 48.12, above the 50-day MA of 49.75, and above the 200-day MA of 46.99, indicating a neutral trend. The MACD of -0.07 indicates Negative momentum. The RSI at 47.65 is Neutral, neither overbought nor oversold. The STOCH value of 29.04 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GLP.
Global Partners Risk Analysis
Global Partners disclosed 91 risk factors in its most recent earnings report. Global Partners reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Global Partners Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | $3.31B | 19.97 | -935.80% | 7.87% | 30.33% | -2.37% | |
63 Neutral | $1.65B | 9.83 | 24.61% | 6.32% | 20.35% | 87.03% | |
59 Neutral | $3.81B | 25.33 | 10.44% | 3.96% | ― | ― | |
57 Neutral | $1.72B | 70.65 | 141.17% | 5.15% | -17.25% | ― | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | $1.94B | -5.10 | -51.37% | 35.04% | -21.60% | -588.91% | |
42 Neutral | $79.81M | -11.84 | 7.67% | 0.98% | 13.17% | 46.39% |
* General Sector Average
GLP
Global Partners
48.44
5.74
13.44%
GEL
Genesis Energy
14.08
-0.86
-5.75%
MMLP
Martin Midstream
2.04
-0.57
-21.84%
NGL
NGL Energy Partners
15.54
9.19
144.72%
DKL
Delek Logistics
57.32
15.69
37.68%
SUNC
SunocoCorp LLC
73.88
26.38
55.55%
Global Partners Corporate Events
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
Global Partners Extends Credit Facility, Enhancing Liquidity Outlook
Positive
Oct 16, 2026
On October 16, 2026, Global Partners LP and certain subsidiaries executed a Twelfth Amendment to their Third Amended and Restated Credit Agreement, extending the maturity of the credit facility from March 20, 2028 to October 16, 2031 while keeping...
Business Operations and StrategyDividendsFinancial Disclosures
Global Partners Reports Strong Quarterly Earnings and Cash Returns
Positive
Aug 7, 2026
On August 7, 2026, Global Partners LP reported a sharp year-on-year improvement in results for the quarter ended June 30, 2026, with net income rising to $71.0 million from $25.2 million and EBITDA climbing to $146.0 million from $95.7 million. Ad...
Business Operations and Strategy
Global Partners Completes Redemption of Series B Preferred Units
Neutral
Jul 30, 2026
Global Partners LP announced that on June 29, 2026 it would redeem all 3,000,000 of its Series B Fixed Rate Cumulative Redeemable Perpetual Preferred Units, reflecting an effort to streamline its capital structure and potentially lower long-term f...
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...
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.