Global Partners LP Financial Ratios — GLP-PB Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	1.09	2.22	1.79	5.15	1.86	-7.63	2.41	4.38	1.37	3.82	2.26	12.09	4.62	2.98	2.57
Return on Capital (%)	6.98	10.66	9.61	19.91	- -	- -	- -	15.03	8.38	- -	9.08	29.29	15.75	13.3	11.39
Return on Invested Capital (%)	4.95	6.85	5.85	11.97	- -	- -	- -	10.64	6.71	- -	6.68	16.52	9.82	8.93	8.13
Gross Margin (%)	1.41	1.89	2.07	3.15	5.79	6.63	6.54	5.13	5.07	8.67	5.43	5.81	5.9	6.16	5.72
EBITDA Margin (%)	0.59	0.77	0.82	1.47	2.26	2.56	2.52	2.42	1.88	3.54	1.84	2.57	2.13	2.23	2.02
Operating Margin (%)	0.39	0.51	0.43	0.97	1.13	1.2	1.33	1.58	1.05	2.34	1.07	2.02	1.46	1.41	1.25
Incremental Operating Margin (%)	0.11	1.18	-0.32	-3.61	0.73	0.86	2.95	2.16	-15.14	-1.19	-1.06	4.23	5.84	0.16	-0.76
Pretax Margin (%)	0.13	0.27	0.21	0.68	0.4	-2.9	0.38	0.85	0.28	1.22	0.47	2.01	0.97	0.67	0.53
Profit Margin (%)	0.13	0.27	0.22	0.66	0.42	-2.42	0.66	0.82	0.27	1.23	0.46	1.92	0.92	0.63	0.53
Net Income to Common Margin (%)	0.13	0.26	0.2	0.63	0.35	-2.4	0.65	0.79	0.21	1.13	0.34	1.81	0.78	0.48	0.39
Effective Tax Rate (%)	0.35	3.26	1.96	0.82	- -	- -	- -	5.21	3.02	- -	2.15	4.44	5.06	4.01	1.07
Dvd Payout Ratio (%)	225.61	117.4	177.39	59.84	254.48	-23.09	113.03	64.09	259.72	67.97	169.15	23.29	93.92	113.21	139.76
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	794	846	914	595	1,263	1,453	1,235	1,288	1,663	1,493	1,572	1,432	1,538	2,026	2,076
ST Debt	63	84	4	1	98	275	127	103	217	110	267	218	77	186	200
LT Debt	731	763	910	594	1,165	1,178	1,108	1,184	1,446	1,383	1,305	1,213	1,461	1,840	1,876
Total Debt/EBITDA	9.05	6.23	5.67	2.34	5.43	6.89	5.5	4.2	6.75	5.07	6.44	2.95	4.38	5.31	5.55
Net Debt/EBITDA	9	6.19	5.61	2.32	5.04	6.12	4.76	3.68	4.85	3.51	4.61	2.04	3.19	4.12	4.14
Total Debt/EBIT	13.84	9.37	10.86	3.54	10.82	14.69	10.38	6.44	12.05	7.68	11.07	3.76	6.38	8.37	8.97
Net Debt/EBIT	13.76	9.3	10.75	3.51	10.04	13.05	8.99	5.65	8.66	5.32	7.93	2.6	4.64	6.5	6.69
EBITDA to Interest Expense	2.44	3.23	3.7	5.32	3.17	2.44	2.6	3.44	2.74	3.53	3.05	5.97	4.1	2.83	2.73
EBITDA-CapEx/Interest Expense	2.44	3.23	3.7	5.32	3.17	2.44	2.6	3.44	2.74	3.53	3.05	5.97	0.44	1.24	2.73
EBIT to Interest Expense	1.6	2.15	1.93	3.51	1.59	1.15	1.38	2.24	1.54	2.33	1.77	4.68	2.82	1.8	1.69
Interest Expense	36	42	44	48	73	86	86	89	90	84	80	81	86	135	137
Common Equity/Total Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Long-Term Debt/Equity (%)	231.88	174.76	196.46	93.36	167.92	296.17	281.02	237.27	314.81	279.07	247.34	153.88	182.52	256.76	277.73
Long-Term Debt/Capital (%)	92.09	90.11	94.63	92.25	88.98	80.81	89.5	91.85	86.88	92.65	83.02	84.75	95.01	90.81	90.37
Long-Term Debt/Total Assets (%)	38.96	32.74	37.48	29.24	43.75	45.95	47.76	48.86	51.48	54.43	46.11	38.38	42.41	48.57	48.72
Total Debt/Equity (%)	251.8	193.95	197.26	93.47	182.06	365.19	313.15	257.97	362.07	301.22	297.94	181.57	192.11	282.75	307.31
Total Debt/Capital (%)	100	100	95.01	92.36	96.47	99.64	99.73	99.86	99.93	100	100	100	100	100	100
Total Debt/Total Assets (%)	42.3	36.33	37.63	29.28	47.43	56.66	53.22	53.12	59.21	58.75	55.54	45.29	44.64	53.49	53.91
Net Debt to Equity	250.43	192.58	195.27	92.64	168.96	324.36	271.26	226.29	260.23	208.74	213.46	125.48	139.87	219.79	229.46
Net Debt/Capital (%)	100	100	94.97	92.29	89.61	89.11	87.44	88.15	72.35	69.75	72.14	69.31	73.75	78.05	75.11
EBITDA	88	136	161	254	233	211	225	307	246	295	244	485	351	382	374
EBITDA-CapEx	88	136	161	254	233	211	225	307	246	295	244	485	38	167	374
Operating Income (Loss)	57	90	84	168	117	99	119	200	138	194	142	380	241	242	232

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	0.01	0.01	0.01	0.01	- -	0.01	0.02	0.01	0.02	0.02	0.01	- -	0.02	0.01	0.01
Current Ratio	1.82	1.44	1.41	1.36	1.46	1.35	1.31	1.5	1.33	1.57	1.27	1.2	1.12	1.21	1.14
Quick Ratio	0.81	0.67	0.72	0.66	0.53	0.54	0.65	0.6	0.57	0.48	0.5	0.5	0.59	0.49	0.51
CFO/Avg Current Liab	-0.02	0.25	0.25	0.41	0.1	-0.17	0.47	0.27	0.14	0.5	0.08	0.53	0.52	0.03	0.27
Common Equity/Total Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Long-Term Debt/Equity (%)	231.88	174.76	196.46	93.36	167.92	296.17	281.02	237.27	314.81	279.07	247.34	153.88	182.52	256.76	277.73
Long-Term Debt/Capital (%)	92.09	90.11	94.63	92.25	88.98	80.81	89.5	91.85	86.88	92.65	83.02	84.75	95.01	90.81	90.37
Long-Term Debt/Total Assets (%)	38.96	32.74	37.48	29.24	43.75	45.95	47.76	48.86	51.48	54.43	46.11	38.38	42.41	48.57	48.72
Total Debt/Equity (%)	251.8	193.95	197.26	93.47	182.06	365.19	313.15	257.97	362.07	301.22	297.94	181.57	192.11	282.75	307.31
Total Debt/Capital (%)	100	100	95.01	92.36	96.47	99.64	99.73	99.86	99.93	100	100	100	100	100	100
Total Debt/Total Assets (%)	42.3	36.33	37.63	29.28	47.43	56.66	53.22	53.12	59.21	58.75	55.54	45.29	44.64	53.49	53.91
CFO/Total Liabilities	-1.11	12.28	12.99	24.73	3.17	-5.53	18.09	8.77	4.02	15.28	2.18	20.23	19.37	1.03	8.97
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1.64	0.15	- -
Altman's Z-Score	8.58	8.26	9.22	9.92	5.12	4.04	4.9	6.71	5.68	4.27	5.65	7.53	5.82	5.44	5.71

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	25.26	26.74	28.33	30.19	26.82	22.49	21.27	33.7	34.98	25.98	41.5	42.42	32	33.51	37.02
Days Sales Outstanding	14.45	13.65	12.89	12.09	13.61	16.23	17.16	10.83	10.43	14.05	8.8	8.6	11.4	10.89	9.86
Inventory Turnover	23.38	26.63	31.78	36.77	26.78	16.89	19.11	32.62	29.68	18.21	28.03	33.04	32.19	32.49	30.61
Days Inventory Outstanding	15.61	13.71	11.49	9.93	13.63	21.61	19.1	11.19	12.3	20.05	13.02	11.05	11.34	11.23	11.92
Accounts Payable Turnover	28.85	25.85	24.82	26.64	25.7	25.08	25.77	38.75	36.59	25.92	45.1	40.35	26.02	28.14	32.23
Accounts Payable Turnover Days	12.65	14.12	14.7	13.7	14.2	14.55	14.16	9.42	9.98	14.08	8.09	9.05	14.03	12.97	11.33
Cash Conversion Cycle	17.41	13.24	9.67	8.32	13.03	23.28	22.1	12.6	12.76	20.02	13.72	10.6	8.72	9.15	10.46
Inventory to Cash Days	-1.16	-0.06	1.4	2.17	-0.02	-5.38	-1.94	-0.36	-1.86	-6	-4.23	-2.44	0.07	-0.34	-2.06
Inventories	664	635	573	337	389	522	351	386	450	384	510	567	397	594	549
Raw Materials	56	109	- -	- -	- -	136	11	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	662	609	563	326	368	505	332	363	427	360	482	532	367	563	518
Other Inventory	-54	-83	10	11	21	-119	8	23	24	25	27	35	31	31	31

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Cash & Cash Equivalents	4	6	9	5	1	10	15	8	12	10	11	4	20	8	12
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	48	49	46	5	3	2	1	- -	- -	- -	- -	- -	- -
+ Total Debt	794	846	914	595	1,263	1,453	1,235	1,288	1,663	1,493	1,572	1,432	1,538	2,026	2,076
Enterprise Value	790	841	952	639	1,309	1,448	1,223	1,281	1,652	1,483	1,562	1,428	1,519	2,018	2,064
Total Capital	794	846	962	644	1,310	1,458	1,238	1,290	1,664	1,493	1,572	1,432	1,538	2,026	2,076
Total Debt/Capital (%)	100	100	95.01	92.36	96.47	99.64	99.73	99.86	99.93	100	100	100	100	100	100
Total Debt / EV	1.01	1.01	0.96	0.93	0.97	1	1.01	1	1.01	1.01	1.01	1	1.01	1	1.01
EV/Sales	0.05	0.05	0.05	0.04	0.13	0.18	0.14	0.1	0.13	0.18	0.12	0.08	0.09	0.12	0.11
EV/EBITDA	9	6.19	5.91	2.51	5.62	6.87	5.45	4.18	6.71	5.03	6.39	2.94	4.32	5.28	5.52
EV/EBIT	13.76	9.3	11.32	3.8	11.2	14.64	10.28	6.41	11.97	7.63	10.99	3.75	6.3	8.33	8.91
EV/Cash Flow to Firm	42.8	3.08	3.2	1.63	9.4	- -	2.47	5.06	9.1	3.74	12.14	2.56	2.56	12.54	4.91
EV/Free Cash Flow to Firm	42.8	3.08	3.2	1.63	9.4	- -	2.47	5.06	9.1	3.74	12.14	2.56	1.67	5.37	4.91
Diluted Market Cap	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Enterprise Value	790	841	952	639	1,309	1,448	1,223	1,281	1,652	1,483	1,562	1,428	1,519	2,018	2,064
EV per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Sales	14,836	17,626	19,590	17,270	10,315	8,240	8,921	12,673	13,082	8,322	13,248	18,878	16,492	17,164	18,561
TTM EBITDA	88	136	161	254	233	211	225	307	246	295	244	485	351	382	374
TTM Operating Income	57	90	84	168	117	99	119	200	138	194	142	380	241	242	232
TTM Cash Flow to Firm	18	273	298	392	139	-34	495	253	182	396	129	558	594	161	420
TTM Free Cash Flow to Firm	18	273	298	392	139	-34	495	253	182	396	129	558	907	376	420

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	13.76	9.3	11.32	3.8	11.2	14.64	10.28	6.41	11.97	7.63	10.99	3.75	6.3	8.33	8.91
Enterprise Value	790	841	952	639	1,309	1,448	1,223	1,281	1,652	1,483	1,562	1,428	1,519	2,018	2,064
Low Price	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	24.79	24	24.72	25.43	25.24
EV/Sales	0.05	0.05	0.05	0.04	0.13	0.18	0.14	0.1	0.13	0.18	0.12	0.08	0.09	0.12	0.11
EV/EBITDA	9	6.19	5.91	2.51	5.62	6.87	5.45	4.18	6.71	5.03	6.39	2.94	4.32	5.28	5.52
Price/Earnings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Sales Average	0.05	0.05	0.05	0.04	0.13	0.18	0.14	0.1	0.13	0.18	0.12	0.08	0.09	0.12	0.11
EV/Sales High	0.05	0.05	0.05	0.04	0.13	0.18	0.14	0.1	0.13	0.18	0.12	0.08	0.09	0.12	0.11
EV/Sales Low	0.05	0.05	0.05	0.04	0.13	0.18	0.14	0.1	0.13	0.18	0.12	0.08	0.09	0.12	0.11
EV/EBITDA Average	9	6.19	5.91	2.51	5.62	6.87	5.45	4.18	6.71	5.03	6.39	2.94	4.32	5.28	5.52
EV/EBITDA High	9	6.19	5.91	2.51	5.62	6.87	5.45	4.18	6.71	5.03	6.39	2.94	4.32	5.28	5.52
EV/EBITDA Low	9	6.19	5.91	2.51	5.62	6.87	5.45	4.18	6.71	5.03	6.39	2.94	4.32	5.28	5.52
EV/EBIT Average	13.76	9.3	11.32	3.8	11.2	14.64	10.28	6.41	11.97	7.63	10.99	3.75	6.3	8.33	8.91
EV/EBIT High	13.76	9.3	11.32	3.8	11.2	14.64	10.28	6.41	11.97	7.63	10.99	3.75	6.3	8.33	8.91
EV/EBIT Low	13.76	9.3	11.32	3.8	11.2	14.64	10.28	6.41	11.97	7.63	10.99	3.75	6.3	8.33	8.91
Last Price	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	19.72	20.56	23.45	25.55	25.75
High Price	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	27.97	27.14	26.35	26.85	26.62
Enterprise Value Average	790	841	952	639	1,309	1,448	1,223	1,281	1,652	1,483	1,562	1,428	1,519	2,018	2,064
Enterprise Value High	790	841	952	639	1,309	1,448	1,223	1,281	1,652	1,483	1,562	1,428	1,519	2,018	2,064
Enterprise Value Low	790	841	952	639	1,309	1,448	1,223	1,281	1,652	1,483	1,562	1,428	1,519	2,018	2,064

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	22	27	27	31	34	34	34	34	34	34	34	34	34	34	34
Diluted Weighted Avg Shares	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic Weighted Avg Shares	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Revenue per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS from Cont Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted EPS, GAAP	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted EPS from Cont Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Free Cash Flow per Basic Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash & Equivalents per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Book Value per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Tangible Book Value per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Global Partners LP

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)