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ASHFORD HOSPITALITY TRUST INC（AHT）与ALLIANCE RESOURCE PARTNERS LP（ARLP）财务数据对比。点击上方公司名可切换其他公司
ALLIANCE RESOURCE PARTNERS LP的季度营收约是ASHFORD HOSPITALITY TRUST INC的2.0倍（$516.0M vs $259.0M），ALLIANCE RESOURCE PARTNERS LP净利率更高（2.1% vs -26.8%，领先28.9%），ALLIANCE RESOURCE PARTNERS LP同比增速更快（-3.6% vs -6.0%），ALLIANCE RESOURCE PARTNERS LP自由现金流更多（$13.3M vs $-86.8M），过去两年ALLIANCE RESOURCE PARTNERS LP的营收复合增速更高（-6.7% vs -7.7%）
阿什福德酒店信托是一家总部位于美国的房地产投资信托，主要投资美国核心城市、郊区及度假区的高端全服务酒店资产，旗下物业多由全球知名酒店品牌运营，服务商务与休闲旅客，专注实现长期资产增值与稳定股东回报。
联合资源伙伴有限合伙是北美领先的自然资源企业，核心业务为公用事业及工业客户生产、销售煤炭，同时运营矿权特许经营、油气开采、物流配套等关联业务，服务覆盖美国及周边主要能源消费市场。
AHT vs ARLP — 直观对比
营收规模更大
ARLP
是对方的2.0倍
$259.0M
营收增速更快
ARLP
高出2.4%
-6.0%
净利率更高
ARLP
高出28.9%
-26.8%
自由现金流更多
ARLP
多$100.1M
$-86.8M
两年增速更快
ARLP
近两年复合增速
-7.7%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $259.0M | $516.0M |
| 净利润 | $-69.3M | $10.7M |
| 毛利率 | — | — |
| 营业利润率 | -2.6% | 4.2% |
| 净利率 | -26.8% | 2.1% |
| 营收同比 | -6.0% | -3.6% |
| 净利润同比 | 44.2% | — |
| 每股收益（稀释后） | $-12.85 | — |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收AHTARLP
| Q1 26 | — | $516.0M | ||
| Q4 25 | $259.0M | $535.5M | ||
| Q3 25 | $266.1M | $571.4M | ||
| Q2 25 | $302.0M | $547.5M | ||
| Q1 25 | $277.4M | $540.5M | ||
| Q4 24 | $275.5M | $590.1M | ||
| Q3 24 | $276.6M | $613.6M | ||
| Q2 24 | $316.5M | $593.4M |
净利润AHTARLP
| Q1 26 | — | $10.7M | ||
| Q4 25 | $-69.3M | $82.7M | ||
| Q3 25 | $-60.1M | $95.1M | ||
| Q2 25 | $-30.4M | $59.4M | ||
| Q1 25 | $-20.0M | $74.0M | ||
| Q4 24 | $-124.2M | $16.3M | ||
| Q3 24 | $-57.9M | $86.3M | ||
| Q2 24 | $50.3M | $100.2M |
营业利润率AHTARLP
| Q1 26 | — | 4.2% | ||
| Q4 25 | -2.6% | 18.2% | ||
| Q3 25 | 4.6% | 18.4% | ||
| Q2 25 | 16.3% | 16.2% | ||
| Q1 25 | 22.2% | 17.4% | ||
| Q4 24 | -17.8% | 2.6% | ||
| Q3 24 | 7.3% | 16.5% | ||
| Q2 24 | 42.8% | 19.8% |
净利率AHTARLP
| Q1 26 | — | 2.1% | ||
| Q4 25 | -26.8% | 15.4% | ||
| Q3 25 | -22.6% | 16.6% | ||
| Q2 25 | -10.1% | 10.9% | ||
| Q1 25 | -7.2% | 13.7% | ||
| Q4 24 | -45.1% | 2.8% | ||
| Q3 24 | -20.9% | 14.1% | ||
| Q2 24 | 15.9% | 16.9% |
每股收益（稀释后）AHTARLP
| Q1 26 | — | — | ||
| Q4 25 | $-12.85 | — | ||
| Q3 25 | $-11.35 | — | ||
| Q2 25 | $-6.88 | — | ||
| Q1 25 | $-4.91 | — | ||
| Q4 24 | $-13.64 | — | ||
| Q3 24 | $-12.39 | — | ||
| Q2 24 | $2.50 | — |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $66.1M | $28.9M |
| 总债务越低越好 | $2.5B | — |
| 股东权益账面价值 | $-626.4M | — |
| 总资产 | $2.8B | $2.9B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资AHTARLP
| Q1 26 | — | $28.9M | ||
| Q4 25 | $66.1M | $71.2M | ||
| Q3 25 | $81.9M | $94.5M | ||
| Q2 25 | $100.0M | $55.0M | ||
| Q1 25 | $85.8M | $81.3M | ||
| Q4 24 | $112.9M | $137.0M | ||
| Q3 24 | $119.7M | $195.4M | ||
| Q2 24 | $121.8M | $203.7M |
总债务AHTARLP
| Q1 26 | — | — | ||
| Q4 25 | $2.5B | — | ||
| Q3 25 | $2.6B | — | ||
| Q2 25 | $2.6B | — | ||
| Q1 25 | $2.7B | — | ||
| Q4 24 | $2.6B | — | ||
| Q3 24 | $2.7B | — | ||
| Q2 24 | $2.8B | — |
股东权益AHTARLP
| Q1 26 | — | — | ||
| Q4 25 | $-626.4M | — | ||
| Q3 25 | $-548.7M | — | ||
| Q2 25 | $-485.5M | — | ||
| Q1 25 | $-446.1M | — | ||
| Q4 24 | $-419.2M | — | ||
| Q3 24 | $-288.4M | — | ||
| Q2 24 | $-225.9M | — |
总资产AHTARLP
| Q1 26 | — | $2.9B | ||
| Q4 25 | $2.8B | $2.9B | ||
| Q3 25 | $3.0B | $2.9B | ||
| Q2 25 | $3.1B | $2.9B | ||
| Q1 25 | $3.1B | $2.9B | ||
| Q4 24 | $3.2B | $2.9B | ||
| Q3 24 | $3.3B | $3.0B | ||
| Q2 24 | $3.3B | $3.1B |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $-15.7M | — |
| 自由现金流经营现金流 - 资本支出 | $-86.8M | $13.3M |
| 自由现金流率自由现金流/营收 | -33.5% | 2.6% |
| 资本支出强度资本支出/营收 | 27.5% | 18.5% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $-135.5M | $342.2M |
8季度趋势，按日历期对齐
经营现金流AHTARLP
| Q1 26 | — | — | ||
| Q4 25 | $-15.7M | $143.9M | ||
| Q3 25 | $5.5M | $209.9M | ||
| Q2 25 | $16.3M | $151.7M | ||
| Q1 25 | $-25.0M | $145.7M | ||
| Q4 24 | $-23.6M | $168.4M | ||
| Q3 24 | $795.0K | $209.3M | ||
| Q2 24 | $8.0M | $215.8M |
自由现金流AHTARLP
| Q1 26 | — | $13.3M | ||
| Q4 25 | $-86.8M | $99.1M | ||
| Q3 25 | $-226.0K | $145.2M | ||
| Q2 25 | $-3.6M | $84.7M | ||
| Q1 25 | $-44.8M | $58.9M | ||
| Q4 24 | $-131.6M | $75.3M | ||
| Q3 24 | $-21.8M | $99.0M | ||
| Q2 24 | $-22.9M | $114.3M |
自由现金流率AHTARLP
| Q1 26 | — | 2.6% | ||
| Q4 25 | -33.5% | 18.5% | ||
| Q3 25 | -0.1% | 25.4% | ||
| Q2 25 | -1.2% | 15.5% | ||
| Q1 25 | -16.2% | 10.9% | ||
| Q4 24 | -47.8% | 12.8% | ||
| Q3 24 | -7.9% | 16.1% | ||
| Q2 24 | -7.2% | 19.3% |
资本支出强度AHTARLP
| Q1 26 | — | 18.5% | ||
| Q4 25 | 27.5% | 8.4% | ||
| Q3 25 | 2.1% | 11.3% | ||
| Q2 25 | 6.6% | 12.2% | ||
| Q1 25 | 7.2% | 16.1% | ||
| Q4 24 | 39.2% | 15.8% | ||
| Q3 24 | 8.2% | 18.0% | ||
| Q2 24 | 9.8% | 17.1% |
现金转化率AHTARLP
| Q1 26 | — | — | ||
| Q4 25 | — | 1.74× | ||
| Q3 25 | — | 2.21× | ||
| Q2 25 | — | 2.55× | ||
| Q1 25 | — | 1.97× | ||
| Q4 24 | — | 10.31× | ||
| Q3 24 | — | 2.43× | ||
| Q2 24 | 0.16× | 2.15× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
AHT
| Occupancy | $190.2M | 73% |
| Food And Beverage | $51.8M | 20% |
| Hotel Other | $16.6M | 6% |
ARLP
| Coal sales | $443.3M | 86% |
| Oil & gas royalties | $41.3M | 8% |
| Other revenues | $22.8M | 4% |
| Transportation revenues | $8.6M | 2% |
| Tons Produced | $8.0M | 2% |
| Mineral Interest Volumes (BOE) | $1.0M | 0% |
