Global Partners LP GLP

Competitive advantage analysis · energy

Corporate Default
Overall moat score
39/100
Developing

Ranked against 67 peers in Oil & Gas Midstream

About Global Partners LP

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. The company operates through three segments: Wholesale, Gasoline Distribution and Station Operations (GDSO), and Commercial. The Wholesale segment sells home heating oil, branded and unbranded gasoline … Full GLP analysis →

Key strengths

  • ROIC Sustainably Above Peers ROIC at 75.0th percentile exceeds peers and WACC, demonstrating superior capital allocation.
  • Margins Stable Across Cycles Operating margin volatility is low (stability score 1.00), demonstrating pricing resilience across cycles.

Key risks

  • Scale Without Profitability Despite scale, profitability lags peers (score 0.06), suggesting limited competitive advantage.
  • Elevated Debt Risk Debt serviceability is weak (score 0.34), raising refinancing risk.

The dashed ring is the peer median. Defense scores are percentile ranks against peers, so 50 is roughly the typical company in this group.

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Pricing Power

Developing
42
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Signals, strengths and risks for Pricing Power

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Signals, strengths and risks for Cost Advantage

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Signals, strengths and risks for Customer Stickiness

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Signals, strengths and risks for Capital Efficiency

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Signals, strengths and risks for Resilience

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Signals, strengths and risks for Scale & Market Position

Where GLP ranks in Oil & Gas Midstream

Global Partners LP ranks #42 of 56 scored companies in Oil & Gas Midstream by moat score — the top 75%. The widest moat in the group is Hess Midstream LP (HESM) at 84/100.

# Company Moat score Rating
38 Plains GP Holdings, L.P. PAGP 43/100 Developing
39 Enbridge Inc ENB 43/100 Developing
40 Energy Transfer LP ET 41/100 Developing
41 Plains All American Pipeline, L PAA 40/100 Developing
42 Global Partners LP GLP 39/100 Developing
43 Genesis Energy, L.P. GEL 38/100 Developing
44 Golar LNG Limited GLNG 36/100 Developing
45 Kinetik Holdings Inc. KNTK 35/100 Developing
46 Pyxis Tankers Inc. PXSAW 35/100 Developing

See every Commodities & Mining company ranked by moat score →

How GLP scores on the Corporate Default defenses

Pricing Power

Score 42 · 20% of the moat score

Pricing power is the ability to raise prices without losing volume.

Cost Advantage

Score 46 · 15% of the moat score

A cost advantage means delivering the same product for structurally less — better purchasing, denser distribution, a more automated process.

Customer Stickiness

Score 29 · 15% of the moat score

Stickiness is what makes revenue repeat without being re-won every year.

Capital Efficiency

Score 75 · 18% of the moat score

Capital efficiency asks what the company earns on the money tied up in the business.

Resilience

Score 37 · 17% of the moat score

Resilience is the capacity to get through a bad year on its own terms — enough liquidity, enough interest cover, and enough cash generation to avoid a rescue financing or a forced sale.

Scale & Market Position

Score 16 · 15% of the moat score

Scale matters only when it converts into economics.

How each Corporate Default defense is measured, in full →

Understanding GLP's moat

What is Global Partners LP's moat score?

Global Partners LP (GLP) scores 39 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as developing. It ranks #42 of 56 scored companies in Oil & Gas Midstream, the top 75%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 67 companies in Oil & Gas Midstream. Its strongest defense is Capital Efficiency (75/100) and its weakest is Scale & Market Position (16/100).

How does Global Partners LP compare with other Oil & Gas Midstream companies?

Global Partners LP ranks #42 of 56 scored companies in Oil & Gas Midstream by moat score. The widest moat in Oil & Gas Midstream is Hess Midstream LP (HESM) at 84/100. The companies ranked closest are Plains All American Pipeline, L (PAA) at 40 just above it and Genesis Energy, L.P. (GEL) at 38 just below it.

How is the moat score calculated?

Each company is scored with an industry-specific template — Corporate Default in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 67 companies in Oil & Gas Midstream. The defenses are then weighted to produce the overall score out of 100.

Why is Global Partners LP scored with the Corporate Default template?

Most public companies sell a product or a service at a margin, so the moat question is whether that margin survives contact with competitors. The Corporate template scores the six defenses that show up in a general operating company's financial signature: whether it can hold price, produce more cheaply than rivals, keep its customers, earn a return above its cost of capital, withstand a downturn, and turn size into economics.

Which competitive defenses are measured for Global Partners LP?

The Corporate Default template measures 6 defenses, and GLP scores: Pricing Power (42), Cost Advantage (46), Customer Stickiness (29), Capital Efficiency (75), Resilience (37), Scale & Market Position (16). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.

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