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Global Partners LP

GLP
40
Industrial - Distribution · Industrials
Winston Score
40
Winston is serious
Mixed quality — meaningful strengths and weaknesses.

Global Partners LP is a company that buys gasoline, diesel, and other fuel products and then sells them to gas stations, convenience stores, and businesses across the northeastern United States. It also owns and operates its own gas stations and convenience stores under brand names like Alltown Market. The company sits in the middle of the energy supply chain, connecting fuel suppliers with the end customers who need it.

Global Partners makes money by buying fuel in bulk and selling it at a slightly higher price, keeping the difference as profit — which explains the thin margins typical of this business. It operates mainly in New England and the Mid-Atlantic region, with over 1,600 locations in its network, making it one of the largest fuel distributors in the Northeast. The main risk the company faces is that lower fuel prices or shrinking demand for gasoline — driven by the slow shift toward electric vehicles — could squeeze its already narrow profit margins over time.

Winston Score History

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+11.0% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+1.9% YoY

YoY Growth Rate

Slow EPS growth

Insider Activity

18.9%ownership

Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$12M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Global Partners LP is a rare growth stock that's already generating positive cash flow while growing at 11%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin
4.7%
Thin — 4.7% gross margin
Operating Margin
0.4%
Thin — 0.4% operating margin
ROCE
0.7%
Weak — 0.7% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY
+8.1%
Steady sales growth (8.1% YoY)
EPS YoY
-13.5%
Earnings shrinking (-13.5% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion
347%
Turns 347% of profit into real cash
FCF Margin
1.1%
Thin free cash flow (1.1%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity
2.40
Heavy debt load (2.40)
Interest Cover
1.40x
Dangerous — barely covers interest (1.4x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)
13.3x
no trend
Attractive valuation — P/E 13.3

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward
+2.9
GROWING
Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend Yield
6.21%
no trend
Healthy income — 6.21% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend Growth
+3.2%
no trend
Dividend growing modestly (3.2% YoY)

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