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Antero Midstream Corp（AM）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Antero Midstream Corp的1.8倍（$516.0M vs $291.1M），Antero Midstream Corp净利率更高（41.5% vs 2.1%，领先39.4%），ALLIANCE RESOURCE PARTNERS LP同比增速更快（-3.6% vs -7.3%），Antero Midstream Corp自由现金流更多（$186.9M vs $13.3M），过去两年Antero Midstream Corp的营收复合增速更高（3.9% vs -6.7%）
Antero Midstream Corp是美国能源企业，注册地为特拉华州，总部设于科罗拉多州丹佛市。公司全部油气储量均位于阿巴拉契亚盆地，采用水力压裂技术开采，核心业务涵盖油气勘探开发相关领域。
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。
AM vs ARLP — 直观对比
营收规模更大
ARLP
是对方的1.8倍
$291.1M
营收增速更快
ARLP
高出3.7%
-7.3%
净利率更高
AM
高出39.4%
2.1%
自由现金流更多
AM
多$173.6M
$13.3M
两年增速更快
AM
近两年复合增速
-6.7%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $291.1M | $516.0M |
| 净利润 | $120.7M | $10.7M |
| 毛利率 | — | — |
| 营业利润率 | 60.9% | 4.2% |
| 净利率 | 41.5% | 2.1% |
| 营收同比 | -7.3% | -3.6% |
| 净利润同比 | 2.1% | — |
| 每股收益（稀释后） | $0.25 | — |
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AMARLP
| Q1 26 | $291.1M | $516.0M | ||
| Q4 25 | $297.0M | $535.5M | ||
| Q3 25 | $294.8M | $571.4M | ||
| Q2 25 | $305.5M | $547.5M | ||
| Q1 25 | $291.1M | $540.5M | ||
| Q4 24 | $287.5M | $590.1M | ||
| Q3 24 | $269.9M | $613.6M | ||
| Q2 24 | $269.8M | $593.4M |
净利润AMARLP
| Q1 26 | $120.7M | $10.7M | ||
| Q4 25 | $51.9M | $82.7M | ||
| Q3 25 | $116.0M | $95.1M | ||
| Q2 25 | $124.5M | $59.4M | ||
| Q1 25 | $120.7M | $74.0M | ||
| Q4 24 | $111.2M | $16.3M | ||
| Q3 24 | $99.7M | $86.3M | ||
| Q2 24 | $86.0M | $100.2M |
营业利润率AMARLP
| Q1 26 | 60.9% | 4.2% | ||
| Q4 25 | 33.8% | 18.2% | ||
| Q3 25 | 61.2% | 18.4% | ||
| Q2 25 | 61.0% | 16.2% | ||
| Q1 25 | 60.9% | 17.4% | ||
| Q4 24 | 61.8% | 2.6% | ||
| Q3 24 | 60.2% | 16.5% | ||
| Q2 24 | 56.6% | 19.8% |
净利率AMARLP
| Q1 26 | 41.5% | 2.1% | ||
| Q4 25 | 17.5% | 15.4% | ||
| Q3 25 | 39.3% | 16.6% | ||
| Q2 25 | 40.8% | 10.9% | ||
| Q1 25 | 41.5% | 13.7% | ||
| Q4 24 | 38.7% | 2.8% | ||
| Q3 24 | 37.0% | 14.1% | ||
| Q2 24 | 31.9% | 16.9% |
每股收益（稀释后）AMARLP
| Q1 26 | $0.25 | — | ||
| Q4 25 | $0.11 | — | ||
| Q3 25 | $0.24 | — | ||
| Q2 25 | $0.26 | — | ||
| Q1 25 | $0.25 | — | ||
| Q4 24 | $0.23 | — | ||
| Q3 24 | $0.21 | — | ||
| Q2 24 | $0.18 | — |
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 | $180.4M | $28.9M |
| 总债务越低越好 | $3.2B | — |
| 股东权益账面价值 | $2.0B | — |
| 总资产 | $5.9B | $2.9B |
| 负债/权益比越低杠杆越低 | 1.63× | — |
8季度趋势，按日历期对齐
现金及短期投资AMARLP
| Q1 26 | $180.4M | $28.9M | ||
| Q4 25 | $180.4M | $71.2M | ||
| Q3 25 | — | $94.5M | ||
| Q2 25 | — | $55.0M | ||
| Q1 25 | — | $81.3M | ||
| Q4 24 | — | $137.0M | ||
| Q3 24 | — | $195.4M | ||
| Q2 24 | — | $203.7M |
总债务AMARLP
| Q1 26 | $3.2B | — | ||
| Q4 25 | $3.2B | — | ||
| Q3 25 | $3.0B | — | ||
| Q2 25 | $3.0B | — | ||
| Q1 25 | $3.1B | — | ||
| Q4 24 | $3.1B | — | ||
| Q3 24 | $3.2B | — | ||
| Q2 24 | $3.2B | — |
股东权益AMARLP
| Q1 26 | $2.0B | — | ||
| Q4 25 | $2.0B | — | ||
| Q3 25 | $2.1B | — | ||
| Q2 25 | $2.1B | — | ||
| Q1 25 | $2.1B | — | ||
| Q4 24 | $2.1B | — | ||
| Q3 24 | $2.1B | — | ||
| Q2 24 | $2.1B | — |
总资产AMARLP
| Q1 26 | $5.9B | $2.9B | ||
| Q4 25 | $5.9B | $2.9B | ||
| Q3 25 | $5.7B | $2.9B | ||
| Q2 25 | $5.7B | $2.9B | ||
| Q1 25 | $5.8B | $2.9B | ||
| Q4 24 | $5.8B | $2.9B | ||
| Q3 24 | $5.8B | $3.0B | ||
| Q2 24 | $5.8B | $3.1B |
负债/权益比AMARLP
| Q1 26 | 1.63× | — | ||
| Q4 25 | 1.63× | — | ||
| Q3 25 | 1.46× | — | ||
| Q2 25 | 1.45× | — | ||
| Q1 25 | 1.49× | — | ||
| Q4 24 | 1.47× | — | ||
| Q3 24 | 1.49× | — | ||
| Q2 24 | 1.50× | — |
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 | $198.9M | — |
| 自由现金流经营现金流 - 资本支出 | $186.9M | $13.3M |
| 自由现金流率自由现金流/营收 | 64.2% | 2.6% |
| 资本支出强度资本支出/营收 | 11.1% | 18.5% |
| 现金转化率经营现金流/净利润 | 1.65× | — |
| 过去12个月自由现金流最近4个季度 | — | $342.2M |
8季度趋势，按日历期对齐
经营现金流AMARLP
| Q1 26 | $198.9M | — | ||
| Q4 25 | $255.5M | $143.9M | ||
| Q3 25 | $212.8M | $209.9M | ||
| Q2 25 | $265.2M | $151.7M | ||
| Q1 25 | $198.9M | $145.7M | ||
| Q4 24 | $232.7M | $168.4M | ||
| Q3 24 | $184.9M | $209.3M | ||
| Q2 24 | $215.8M | $215.8M |
自由现金流AMARLP
| Q1 26 | $186.9M | $13.3M | ||
| Q4 25 | — | $99.1M | ||
| Q3 25 | — | $145.2M | ||
| Q2 25 | — | $84.7M | ||
| Q1 25 | — | $58.9M | ||
| Q4 24 | — | $75.3M | ||
| Q3 24 | $184.3M | $99.0M | ||
| Q2 24 | $147.2M | $114.3M |
自由现金流率AMARLP
| Q1 26 | 64.2% | 2.6% | ||
| Q4 25 | — | 18.5% | ||
| Q3 25 | — | 25.4% | ||
| Q2 25 | — | 15.5% | ||
| Q1 25 | — | 10.9% | ||
| Q4 24 | — | 12.8% | ||
| Q3 24 | 68.3% | 16.1% | ||
| Q2 24 | 54.6% | 19.3% |
资本支出强度AMARLP
| Q1 26 | 11.1% | 18.5% | ||
| Q4 25 | — | 8.4% | ||
| Q3 25 | — | 11.3% | ||
| Q2 25 | — | 12.2% | ||
| Q1 25 | — | 16.1% | ||
| Q4 24 | 0.0% | 15.8% | ||
| Q3 24 | 0.2% | 18.0% | ||
| Q2 24 | 25.4% | 17.1% |
现金转化率AMARLP
| Q1 26 | 1.65× | — | ||
| Q4 25 | 4.92× | 1.74× | ||
| Q3 25 | 1.84× | 2.21× | ||
| Q2 25 | 2.13× | 2.55× | ||
| Q1 25 | 1.65× | 1.97× | ||
| Q4 24 | 2.09× | 10.31× | ||
| Q3 24 | 1.85× | 2.43× | ||
| Q2 24 | 2.51× | 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
AM
| Gathering and compression–Antero Resources | $238.0M | 82% |
| Other | $52.3M | 18% |
| Water handling–third party | $505.0K | 0% |
| Gathering and compression–third party | $295.0K | 0% |
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% |
