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Global Partners
(NYSE:GLP)
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Rating:63Neutral
Price Target:
$52.00
▲(7.48% Upside)
Action:Reiterated
Date:08/07/26
GLP scores in the mid-range primarily because financial performance is improving but constrained by very thin margins and elevated leverage, which are critical risks in a volatile refining/marketing business. The latest earnings call was a notable positive (stronger earnings/DCF and healthy coverage with capital discipline), while technicals are mildly supportive and valuation is helped by a reasonable P/E and high dividend yield.
Positive Factors
Diversified liquid-energy platform
GLP combines wholesale distribution, retail fueling, convenience, terminals, storage, logistics and renewable fuels. This breadth supports multiple earnings channels and can reduce dependence on any single customer or operating segment.
Negative Factors
High leverage limits financial flexibility
Substantial leverage leaves GLP more exposed to earnings volatility, working-capital swings and refinancing needs. In a margin-sensitive energy business, elevated debt can constrain investment and reduce resilience during weaker market periods.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified liquid-energy platform
GLP combines wholesale distribution, retail fueling, convenience, terminals, storage, logistics and renewable fuels. This breadth supports multiple earnings channels and can reduce dependence on any single customer or operating segment.
Read all positive factors
Global Partners (GLP) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.73B
Dividend Yield6.03%
Average Volume (3M)131.46K
Price to Earnings (P/E)10.3
Beta (1Y)0.53
Revenue Growth20.35%
EPS Growth87.03%
CountryUS
Employees4,700
SectorEnergy
Sector Strength52
IndustryOil & Gas Midstream
Share Statistics
EPS (TTM)4.93
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 ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)5.87
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: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 | 406.33M | 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 | 3.53B | 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 | 2.73B | 2.37B | 2.30B |
| Stockholders Equity | 743.83M | 671.97M | 713.52M | 798.83M | 788.44M | -1.90M |
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
Positive
48.38
Price Trends
47.38
Positive
46.73
Positive
44.95
Positive
Market Momentum
0.92
Negative
62.75
Neutral
77.87
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 48.95, above the 50-day MA of 47.38, and above the 200-day MA of 44.95, indicating a bullish trend. The MACD of 0.92 indicates Negative momentum. The RSI at 62.75 is Neutral, neither overbought nor oversold. The STOCH value of 77.87 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 |
|---|---|---|---|---|---|---|---|
88 Outperform | $3.09B | 5.23 | 27.73% | 2.64% | 19.33% | 110.30% | |
87 Outperform | $3.04B | 6.43 | 39.55% | 7.97% | 39.42% | 148.77% | |
78 Outperform | $4.87B | 6.26 | 37.04% | 9.03% | 57.66% | 225.95% | |
67 Neutral | $2.86B | 18.74 | -935.80% | 7.85% | 30.33% | -2.37% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
63 Neutral | $1.73B | 10.32 | 24.58% | 6.26% | 20.35% | 87.03% | |
57 Neutral | $1.96B | 80.28 | 141.17% | 4.59% | -17.25% | ― |
* Energy Sector Average
GLP
Global Partners
50.75
3.44
7.28%
DHT
DHT Holdings
19.31
9.76
102.20%
GEL
Genesis Energy
16.00
-0.21
-1.30%
TNK
Teekay Tankers
89.10
45.68
105.22%
DKL
Delek Logistics
53.74
14.18
35.85%
INSW
International Seaways
98.77
61.32
163.76%
Global Partners Corporate Events
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...
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...
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.