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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.

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1.b. Last Insights on GLP

Global Partners LP's recent momentum is driven by its resilient business model, 16th consecutive distribution increase, and undervaluation. The company maintains a robust 7.08% yield with a manageable 50% DCF payout ratio. According to a recent upgrade to Strong Buy, GLP's capital allocation focuses on optimizing terminals and marine fuel operations, with a planned $85-105 million 2025 CAPEX, as reported on January 13, 2026.

1.c. Company Highlights

2. Global Partners' Q3 2025 Earnings: A Strong Performance Amidst Challenging Market Conditions

Global Partners reported a net income of $29 million for the third quarter of 2025, compared to $45.9 million in the same period last year. The company's EBITDA was $97.1 million, and adjusted EBITDA was $98.8 million. The actual EPS came out at $0.66, missing estimates of $1.09. The company's distributable cash flow was $53 million, and adjusted distributable cash flow was $53.3 million. The GDSO product margin decreased to $218.9 million, while the Wholesale segment product margin increased to $78 million.

Publication Date: Nov -18

📋 Highlights
  • Wholesale Margin Growth:: Product margin reached $78 million, driven by gasoline market conditions and terminal network optimization.
  • Financial Performance:: Net income declined to $29 million (vs. $45.9 million Q3 2024), while EBITDA rose to $97.1 million and adjusted distributable cash flow hit $53.3 million.
  • Terminal Leverage:: Leverage stood at 3.6x, with $240.6 million in working capital credit and $124.8 million in revolving credit outstanding.
  • Segment Shifts:: GDSO product margin dropped to $218.9 million, while operating expenses fell $4.6 million despite $5.8 million higher SG&A costs.
  • Distribution Growth:: Quarterly cash distribution increased to $75.50 per unit, marking the 16th consecutive raise and reflecting disciplined capital returns.

Operational Highlights

The company's operational performance was driven by its Wholesale segment, which benefited from favorable market conditions in gasoline and the optimization of its liquid energy terminal network. The retail network is a critical part of the company's strategy, with investments in optimizing and upgrading their portfolio. The company has expanded its marine fuel supply operations into the port of Houston and is redefining the convenience store experience through its Alltown Fresh and Honey Farms Market brands. As Eric Slifka, President and CEO, stated, the company has "significantly scaled its terminal assets over the past two years, enhancing its product distribution network and positioning itself for long-term growth."

Financial Leverage and Valuation

The company's leverage, as defined in its credit agreement, was 3.6x, with $240.6 million outstanding on its working capital revolving credit facility and $124.8 million outstanding on its revolving credit facility. With a P/E Ratio of 13.16 and an EV/EBITDA of 8.53, the company's valuation appears reasonable. The Dividend Yield is 7.07%, which is attractive for income-seeking investors. Analysts estimate next year's revenue growth at 42.1%, which could potentially drive the stock price higher.

Challenges and Opportunities

The company faces challenges, including pressure on lower-income consumers, who are trading down from premium brands to more sub-generic brands. However, its loyalty program has helped drive promotions and grow sales. Labor inflation has calmed down, but the company still faces high turnover in its retail environment. The company's entry into the bunkering market in Houston is a positive development, as it has differentiated assets and a customer list. The acquisition environment is quiet, but the company sees signs of life on the retail side.

3. NewsRoom

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Hims & Hers Health: Leaving GLP-1s Behind

Mar -03

Source: seekingalpha.com

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Hims' pharmacy partner will reintroduce GLP-1 pill pulled from market, Endpoints News reports

Mar -03

Source: reuters.com

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Dario Uniquely Positioned to Amplify the Impact of Oral GLP-1 Therapies Through Precision Behavioral Support: 79% of Members Already Using Dario's Weight Management

Mar -03

Source: prnewswire.com

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Is Novo Nordisk's GLP-1 Dominance Fading After Lilly's Clinical Wins?

Mar -02

Source: zacks.com

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Hims expansion may not come in time for risky GLP-1 business

Mar -02

Source: reuters.com

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Global Partners LP Files 2025 Annual Report on Form 10-K

Feb -27

Source: businesswire.com

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Global Partners LP Common Units (GLP) Q4 2025 Earnings Call Transcript

Feb -27

Source: seekingalpha.com

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Global Partners Reports Fourth-Quarter and Full-Year 2025 Financial Results

Feb -27

Source: businesswire.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

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

49.04$

Current Price

49.04$

Potential

-0.00%

Expected Cash-Flows