Global Partners LP (GLP) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-75.6%

$11.33

vs $46.50 price

Levered DCF

-$23.08

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

5.92

Safe zone

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	19.65×	19×	11.22×	3.46×	13.12×	6×	24.59×	5.29×
P/B	2.11×	2.21×	1.8×	1.5×	1.51×	1.13×	1.48×	-104.43×
P/S	0.08×	0.09×	0.09×	0.06×	0.06×	0.07×	0.05×	0.04×
EV / EBITDA	9.19×	9.23×	8.29×	4.61×	9.65×	7.17×	9.95×	6.02×
Gross margin	2.6%	6.2%	5.9%	5.8%	5.4%	8.7%	5.1%	5.1%
Operating margin	1.0%	1.5%	1.5%	2.4%	1.1%	2.3%	1.1%	1.6%
Net margin	0.4%	0.6%	0.9%	1.9%	0.5%	1.2%	0.3%	0.8%
Current ratio	1.14×	1.21×	1.12×	1.2×	1.27×	1.57×	1.33×	1.5×
Debt / equity	3.09×	2.84×	1.93×	1.82×	2.98×	3×	3.61×	-244.82×
Interest coverage	1.39×	1.86×	2.85×	5.66×	1.78×	2.3×	1.55×	2.21×
Dividend yield	8.9%	7.7%	10.1%	8.5%	11.5%	12.7%	11.2%	12.0%
Payout ratio	159.9%	112.9%	94.9%	27.7%	151.2%	69.8%	213.6%	63.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.8%	15.1%	19.1%	45.9%	11.5%	20.5%	7.8%	-1975.4%
Return on invested capital	6.4%	8.1%	9.1%	18.3%	6.2%	8.6%	5.7%	9.6%
Return on assets	2.1%	2.8%	4.4%	11.5%	2.1%	3.9%	1.2%	4.3%
Free cash flow yield	13.6%	-18.2%	7.7%	31.6%	-6.5%	41.9%	1.7%	18.1%
Earnings yield	5.6%	6.8%	10.6%	30.7%	7.6%	18.1%	5.3%	18.9%
Enterprise value	$3.5B	$3.6B	$3B	$2.6B	$2.4B	$2B	$2.3B	$1.8B
Net debt / EBITDA	5.45×	5.18×	4.26×	2.53×	6.39×	5.2×	7.04×	4.21×
Cash conversion cycle (days)	10	12	6	10	16	19	14	12