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Relative to Consumer Staples Sector Median (N=180)
Metric
GLP
Benchmark
P/E Ratio
13.2x
-60%
EV/EBITDA
6.0x
-13%
Price / Book
2.3x
Implied Value Audit
UNDERVALUED
Implied Fair Value (vs Sector)
+70.9%
$78.55Spot: $45.96
Spot
Implied
-50% Delta+50% Delta
Relative valuation derived from Consumer Staples sector median benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Multiples adjusted for extreme outliers and non-recurring volatility.
Auditing capital efficiency...
Quality Profile Audit
Score: 50GRADE C+
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation.
Return on Equity
Profit generated per dollar of shareholder equity
17.6%
Sector: 7.7%
Dividend Analysis audit
HIGH YIELD
6.18%
Trailing Yield
$6.18
Per $100 Invested
High yield — monitor payout sustainability closely.
Est. Payout Ratio
82%HIGH
Analyst Projections
Analyst Consensus
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Based on our 6-factor quantitative model, GLOBAL PARTNERS LP (GLP) receives a "Hold" rating with a composite score of 46.6/100, ranked #1599 out of 4446 stocks. Key factor scores: Quality 50/100, Value 76/100, Momentum 37/100. This is quantitative analysis only — not investment advice.
GLOBAL PARTNERS LP (GLP) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does GLOBAL PARTNERS LP Do?
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. GLOBAL PARTNERS LP (GLP) is classified as a small-cap stock in the Consumer Staples sector, specifically within the Wholesale industry. The company is led by CEO Eric S. Slifka and employs approximately 4,310 people, headquartered in WALTHAM, Massachusetts. With a market capitalization of $1.5B, GLP is one of the notable companies in the Consumer Staples sector.
GLOBAL PARTNERS LP (GLP) Stock Rating — Hold (April 2026)
As of April 2026, GLOBAL PARTNERS LP receives a Hold rating with a composite score of 46.6/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.GLP ranks #1,599 out of 4,446 stocks in our coverage universe. Within the Consumer Staples sector, GLOBAL PARTNERS LP ranks #57 of 180 stocks, placing it in the upper half of its Consumer Staples peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
GLP Stock Price and 52-Week Range
GLOBAL PARTNERS LP (GLP) currently trades at $45.96. The stock lost $0.12 (0.3%) in the most recent trading session. The 52-week high for GLP is $56.59, which means the stock is currently trading -18.8% from its annual peak. The 52-week low is $39.58, putting the stock 16.1% above its annual trough. Recent trading volume was 15K shares, suggesting relatively thin trading activity.
Is GLP Overvalued or Undervalued? — Valuation Analysis
GLOBAL PARTNERS LP (GLP) carries a value factor score of 76/100 in the Blank Capital model, suggesting the stock trades at a meaningful discount to its fundamental earning power. The trailing price-to-earnings ratio is 13.19x, compared to the Consumer Staples sector average of 33.11x — a discount of 60%. The price-to-book ratio stands at 2.32x, versus the sector average of 1.74x. The price-to-sales ratio is 0.09x, compared to 0.35x for the average Consumer Staples stock. On an enterprise value basis, GLP trades at 6.01x EV/EBITDA, versus 6.93x for the sector.
Based on these multiples, GLOBAL PARTNERS LP appears attractively valued relative to both its sector peers and the broader market. Value-oriented investors may find the current entry point compelling, particularly if the company's fundamental quality metrics also score well.
GLOBAL PARTNERS LP Profitability — ROE, Margins, and Quality Score
GLOBAL PARTNERS LP (GLP) earns a quality factor score of 50/100, indicating solid business quality with consistent operational execution. The return on equity (ROE) is 17.6%, compared to the Consumer Staples sector average of 7.7%, which is within a healthy range. Return on assets (ROA) comes in at 3.1% versus the sector average of 3.1%.
On a margin basis, GLOBAL PARTNERS LP reports gross margins of 5.9%, compared to 26.2% for the sector. The operating margin is 1.4% (sector: 2.9%). Net profit margin stands at 0.7%, versus 1.6% for the average Consumer Staples stock. Revenue growth is running at 6.5% on a trailing basis, compared to 3.1% for the sector. The overall profitability profile is adequate, though there may be room for margin expansion.
GLP Debt, Balance Sheet, and Financial Health
GLOBAL PARTNERS LP has a debt-to-equity ratio of 470.0%, compared to the Consumer Staples sector average of 72.0%. This elevated leverage warrants close monitoring, as it increases the company's sensitivity to rising interest rates and economic downturns. The current ratio is 1.14x, suggesting adequate working capital coverage. Total debt on the balance sheet is $1.37B. Cash and equivalents stand at $18M.
GLP has a beta of 0.65, meaning it is less volatile than the S&P 500, making it a relatively defensive holding. The stability factor score for GLOBAL PARTNERS LP is 73/100, indicating low-volatility characteristics and consistent price behavior that appeals to risk-averse investors.
GLOBAL PARTNERS LP Revenue and Earnings History — Quarterly Trend
In TTM 2026, GLOBAL PARTNERS LP reported revenue of $18.34B. Net income for the quarter was $119M. Gross margin was 5.9%. Operating income came in at $261M.
In FY 2025, GLOBAL PARTNERS LP reported revenue of $18.56B. Net income for the quarter was $98M. Gross margin was 5.7%. Revenue grew 8.1% year-over-year compared to FY 2024. Operating income came in at $235M.
In Q3 2025, GLOBAL PARTNERS LP reported revenue of $4.69B. Net income for the quarter was $29M. Gross margin was 5.8%. Revenue grew 6.2% year-over-year compared to Q3 2024. Operating income came in at $61M.
In Q2 2025, GLOBAL PARTNERS LP reported revenue of $4.63B. Net income for the quarter was $25M. Gross margin was 5.9%. Revenue grew 4.9% year-over-year compared to Q2 2024. Operating income came in at $60M.
Over the past 8 quarters, GLOBAL PARTNERS LP has demonstrated a growth trajectory, with revenue expanding from $4.41B to $18.34B. Investors analyzing GLP stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
GLP Dividend Yield and Income Analysis
GLOBAL PARTNERS LP (GLP) currently pays a dividend yield of 6.2%. At this yield, a $10,000 investment in GLP stock would generate approximately $$618.00 in annual dividend income. This compares to the Consumer Staples sector average dividend yield of 0.4%, meaning GLP offers above-average income for its sector.
GLP Momentum and Technical Analysis Profile
GLOBAL PARTNERS LP (GLP) has a momentum factor score of 37/100, signaling weak relative price performance. Stocks with low momentum scores have historically tended to continue underperforming in the near term. The investment factor score is 31/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 4/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.
GLP vs Competitors — Consumer Staples Sector Ranking and Peer Comparison
Comparing GLP against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full GLP vs S&P 500 (SPY) comparison to assess how GLOBAL PARTNERS LP stacks up against the broader market across all factor dimensions.
GLP Next Earnings Date
No upcoming earnings date has been announced for GLOBAL PARTNERS LP (GLP) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy GLP? — Investment Thesis Summary
GLOBAL PARTNERS LP presents a balanced picture with arguments on both sides. The value score of 76/100 suggests attractive pricing relative to fundamentals. Momentum is weak at 37/100, a headwind for near-term performance. Low volatility (stability score 73/100) reduces downside risk.
In summary, GLOBAL PARTNERS LP (GLP) earns a Hold rating with a composite score of 46.6/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on GLP stock.
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Institutional Research Dossier
GLOBAL PARTNERS LP (GLP) Deep Dive Analysis
Published on March 24, 2026
Action RatingHold
Sections
Executive Summary
Global Partners LP (GLP) receives a Hold rating, driven by a mixed financial profile. While the company exhibits attractive valuation metrics and stable performance, concerns regarding its high debt levels, low margins, and limited growth prospects temper our enthusiasm. The primary takeaway is that GLP represents a value play with significant financial risks, requiring careful monitoring of its debt management and margin improvement strategies.
GLP operates in a mature industry with limited organic growth opportunities, necessitating a focus on operational efficiency and strategic acquisitions to drive shareholder value. The company's ability to navigate volatile energy markets and maintain its competitive position in the Northeast will be crucial for sustaining its current valuation. Investors should closely examine GLP's capital allocation decisions and its ability to generate consistent free cash flow to service its debt obligations.
Business Strategy & Overview
Global Partners LP operates across three primary segments: Wholesale, Gasoline Distribution and Station Operations, and Commercial. The Wholesale segment focuses on the distribution of refined petroleum products and renewable fuels to wholesale distributors and retailers. This segment benefits from established relationships and a diversified product portfolio, allowing GLP to capture a significant share of the regional market. The company also engages in crude oil aggregation and transportation, adding another layer of revenue diversification.
The Gasoline Distribution and Station Operations segment involves the sale of branded and unbranded gasoline through a network of owned, leased, and supplied gas stations. This segment provides a stable revenue stream and allows GLP to capture retail margins. The convenience stores associated with these stations offer additional revenue opportunities through the sale of merchandise, car wash services, and lottery tickets. GLP's strategy in this segment focuses on optimizing station performance and expanding its convenience store offerings.
The Commercial segment caters to public sector and commercial end-users, providing custom-blended fuels and related services. This segment benefits from long-term contracts and a focus on specialized fuel solutions. GLP's ability to meet the specific needs of its commercial customers provides a competitive advantage and fosters customer loyalty. The company's integrated approach, encompassing supply, distribution, and retail operations, allows it to capture value across the entire value chain.
GLP's strategic positioning in the Northeast and Mid-Atlantic regions provides access to a large and relatively stable market. The company's focus on operational efficiency and cost management is crucial for maintaining profitability in a competitive industry. Furthermore, GLP's investments in renewable fuels and alternative energy sources position it to capitalize on evolving energy trends and regulatory changes. However, the company faces challenges related to volatile energy prices, environmental regulations, and competition from larger integrated energy companies.
Execution Benchmarks audit
Revenue Growth
YOY expansion rate
6.5%
Sector: 3.1%
+105% VS SCTR
Economic Moat Analysis
Global Partners LP possesses a narrow economic moat, primarily derived from its established network of terminals and distribution infrastructure in the Northeast and Mid-Atlantic regions. This infrastructure provides a logistical advantage, enabling GLP to efficiently distribute petroleum products and renewable fuels to its customers. The high cost of replicating this network creates a barrier to entry for potential competitors, providing GLP with a degree of pricing power and market share stability.
The company's relationships with branded gasoline suppliers, such as ExxonMobil and Shell, also contribute to its narrow moat. These relationships provide access to established brands and marketing support, enhancing GLP's competitive position in the retail gasoline market. The long-term nature of these relationships fosters customer loyalty and reduces the risk of customer churn.
However, GLP's moat is not particularly wide due to the commoditized nature of its products and the intense competition in the energy distribution industry. Customers have multiple options for sourcing gasoline and other fuels, limiting GLP's ability to command premium prices. Furthermore, the company's reliance on wholesale markets exposes it to price volatility and margin compression.
The increasing adoption of electric vehicles and renewable energy sources poses a long-term threat to GLP's moat. As demand for gasoline declines, the value of its distribution infrastructure may diminish, reducing its competitive advantage. To mitigate this risk, GLP is investing in renewable fuels and alternative energy solutions, but these investments are still in their early stages and may not fully offset the decline in gasoline demand. Therefore, while GLP currently benefits from a narrow moat, its long-term sustainability is uncertain.
Financial Health & Profitability
Global Partners LP exhibits a mixed financial profile. The company's revenue has shown consistent growth over the past few years, driven by increased sales volumes and higher energy prices. Revenue increased from $16.49B in FY2023 to $18.56B in FY2025. However, its profitability margins are relatively low compared to the sector average. The company's gross margin of 5.9% and operating margin of 1.4% are significantly below the sector averages of 26.0% and 3.1%, respectively. This indicates that GLP faces challenges in controlling its costs and generating sufficient profits from its sales.
GLP's return on equity (ROE) of 17.6% is significantly higher than the sector average of 7.8%, suggesting efficient use of equity. However, this metric is influenced by the company's high leverage. The company's debt-to-equity ratio of 470.00 is substantially higher than the sector average of 70.50, indicating a high level of financial risk. The high debt burden increases the company's vulnerability to interest rate fluctuations and economic downturns.
The company's current ratio of 1.14 indicates adequate liquidity to meet its short-term obligations. However, its cash balance of $17.93M is relatively low compared to its total debt of $1.37B. This suggests that GLP relies heavily on debt financing to fund its operations and growth initiatives. The company's free cash flow generation has been inconsistent, with a negative free cash flow of $-244.59M in FY2024, followed by a positive free cash flow of $156.40M in FY2025. This volatility in free cash flow adds to the financial risk.
Analyzing the quarterly financial history reveals some trends. Revenue has been relatively stable across the quarters, with slight fluctuations due to seasonal demand and energy price volatility. Net income has also been variable, reflecting the impact of energy price fluctuations and operating expenses. The company's ability to improve its profitability margins and generate consistent free cash flow will be crucial for strengthening its financial health and reducing its reliance on debt financing.
Valuation Assessment
Global Partners LP appears undervalued based on several key valuation metrics. The company's price-to-earnings (P/E) ratio of 13.3x is significantly lower than the sector average of 34.2x, suggesting that the market is undervaluing its earnings potential. Similarly, its enterprise value-to-EBITDA (EV/EBITDA) ratio of 1.7x is substantially below the sector average of 7.3x, indicating that the company is undervalued relative to its earnings before interest, taxes, depreciation, and amortization.
However, it's crucial to consider the company's high debt levels when assessing its valuation. The high debt burden increases the financial risk and may justify a lower valuation multiple. Investors may be discounting the company's earnings due to concerns about its ability to service its debt obligations and generate consistent free cash flow.
The company's free cash flow yield, calculated as free cash flow divided by market capitalization, provides another perspective on its valuation. While the exact FCF for the most recent year is unavailable, the TTM FCF of $156.40M suggests a reasonable yield. However, the volatility in free cash flow generation raises concerns about the sustainability of this yield.
Overall, GLP's valuation appears attractive based on traditional metrics, but the high debt levels and inconsistent free cash flow generation warrant caution. The market may be appropriately discounting the company's earnings to reflect the financial risks. A fair valuation would likely be at a discount to the sector average, reflecting the company's lower margins and higher leverage. Investors should carefully consider the company's debt management strategies and its ability to improve its profitability before making an investment decision.
Risk & Uncertainty
Global Partners LP faces several specific risks that could negatively impact its business and financial performance. One of the primary risks is its high debt levels. The company's debt-to-equity ratio of 470.00 is significantly higher than the sector average, increasing its vulnerability to interest rate fluctuations and economic downturns. A rise in interest rates could increase its debt servicing costs, reducing its profitability and cash flow. Furthermore, an economic recession could reduce demand for its products, making it more difficult to meet its debt obligations.
Another significant risk is the volatility of energy prices. GLP's profitability is directly affected by fluctuations in the prices of gasoline, crude oil, and other refined products. A sharp decline in energy prices could reduce its revenue and margins, while a sudden spike in prices could increase its costs and reduce demand. The company attempts to mitigate this risk through hedging strategies, but these strategies may not fully protect it from price volatility.
Environmental regulations pose another risk to GLP's business. The company is subject to various environmental laws and regulations related to the storage, transportation, and sale of petroleum products. Stricter environmental regulations could increase its compliance costs and potentially lead to fines or penalties. Furthermore, the increasing adoption of electric vehicles and renewable energy sources poses a long-term threat to the demand for gasoline and other fossil fuels, potentially reducing GLP's revenue and profitability.
Competition from larger integrated energy companies also presents a risk. GLP operates in a competitive industry with numerous players, including larger companies with greater financial resources and market share. These larger companies may be able to offer lower prices or better services, putting pressure on GLP's margins and market share. The company's ability to differentiate itself through superior service and strategic partnerships is crucial for maintaining its competitive position.
Bulls Say / Bears Say
The Bull Case
BULL VIEWGLP's low valuation multiples (P/E and EV/EBITDA) suggest significant upside potential if the company can execute on its operational improvements and debt reduction strategies.
BULL VIEWThe company's established network of terminals and distribution infrastructure provides a competitive advantage and a stable revenue stream in the Northeast and Mid-Atlantic regions.
BULL VIEWGLP's investments in renewable fuels and alternative energy sources position it to capitalize on evolving energy trends and regulatory changes, creating long-term growth opportunities.
The Bear Case
BEAR VIEWGLP's high debt levels and inconsistent free cash flow generation pose a significant financial risk, potentially limiting its ability to invest in growth initiatives and return capital to shareholders.
BEAR VIEWThe company's low profitability margins and exposure to volatile energy prices make it vulnerable to economic downturns and competitive pressures.
BEAR VIEWThe increasing adoption of electric vehicles and renewable energy sources poses a long-term threat to the demand for gasoline and other fossil fuels, potentially reducing GLP's revenue and profitability.
About the Author
Marques Blank
Founder & Chief Investment Officer, Blank Capital
Marques brings 15 years of institutional finance and investing experience, having overseen financial planning for a $1.6B defense business unit. He developed the proprietary 6-factor quantitative model used to score GLP and 4,400+ other equities.
GLOBAL PARTNERS LP exhibits a 29% valuation discount relative to institutional benchmarks. This represents a constructive entry window based on current multiples.
Return on Assets
Efficiency of asset utilization
3.1%
Sector: 3.1%
Gross Margin
Pricing power and cost efficiency
5.9%
Sector: 26.2%
Operating Margin
Core business profitability
1.4%
Sector: 2.9%
Net Margin
Bottom-line profitability
0.7%
Sector: 1.6%
Factor Methodology
The Quality factor evaluates the persistence and magnitude of cash flows. Companies with scores >70 exhibit superior competitive moats and financial resilience through economic cycles.
Sector Avg Yield0.38%
Yield Delta+1526%
Income Projection audit
A $10,000 investment would generate approximately $618 annually in dividends at the current trailing rate.
