vs
Andersons, Inc.（ANDE）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Andersons, Inc.的1.6倍（$516.0M vs $329.5M），Andersons, Inc.净利率更高（20.5% vs 2.1%，领先18.4%），Andersons, Inc.同比增速更快（-2.4% vs -3.6%），ALLIANCE RESOURCE PARTNERS LP自由现金流更多（$13.3M vs $-77.1M），过去两年Andersons, Inc.的营收复合增速更高（-1.8% vs -6.7%）
安德森公司（The Andersons, Inc.）是1947年成立的美国农业企业，总部位于俄亥俄州莫米。公司起源于1940年代服务粮食行业的安德森货运站，是深耕农业领域的多元化企业，业务覆盖大宗商品贸易、可再生能源以及植物营养板块。
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。
ANDE vs ARLP — 直观对比
营收规模更大
ARLP
是对方的1.6倍
$329.5M
营收增速更快
ANDE
高出1.3%
-3.6%
净利率更高
ANDE
高出18.4%
2.1%
自由现金流更多
ARLP
多$90.4M
$-77.1M
两年增速更快
ANDE
近两年复合增速
-6.7%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $329.5M | $516.0M |
| 净利润 | $67.4M | $10.7M |
| 毛利率 | 70.3% | — |
| 营业利润率 | 26.6% | 4.2% |
| 净利率 | 20.5% | 2.1% |
| 营收同比 | -2.4% | -3.6% |
| 净利润同比 | 49.6% | — |
| 每股收益（稀释后） | — | — |
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ANDEARLP
| Q1 26 | — | $516.0M | ||
| Q4 25 | $329.5M | $535.5M | ||
| Q3 25 | $295.8M | $571.4M | ||
| Q2 25 | $535.0M | $547.5M | ||
| Q1 25 | $370.8M | $540.5M | ||
| Q4 24 | $337.5M | $590.1M | ||
| Q3 24 | $231.9M | $613.6M | ||
| Q2 24 | $492.5M | $593.4M |
净利润ANDEARLP
| Q1 26 | — | $10.7M | ||
| Q4 25 | $67.4M | $82.7M | ||
| Q3 25 | $20.1M | $95.1M | ||
| Q2 25 | $7.9M | $59.4M | ||
| Q1 25 | $284.0K | $74.0M | ||
| Q4 24 | $45.1M | $16.3M | ||
| Q3 24 | $27.4M | $86.3M | ||
| Q2 24 | $36.0M | $100.2M |
毛利率ANDEARLP
| Q1 26 | — | — | ||
| Q4 25 | 70.3% | — | ||
| Q3 25 | 57.8% | — | ||
| Q2 25 | 29.6% | — | ||
| Q1 25 | 41.2% | — | ||
| Q4 24 | 63.1% | — | ||
| Q3 24 | 76.4% | — | ||
| Q2 24 | 35.6% | — |
营业利润率ANDEARLP
| Q1 26 | — | 4.2% | ||
| Q4 25 | 26.6% | 18.2% | ||
| Q3 25 | 8.7% | 18.4% | ||
| Q2 25 | 4.6% | 16.2% | ||
| Q1 25 | 0.9% | 17.4% | ||
| Q4 24 | 19.9% | 2.6% | ||
| Q3 24 | 26.8% | 16.5% | ||
| Q2 24 | 11.6% | 19.8% |
净利率ANDEARLP
| Q1 26 | — | 2.1% | ||
| Q4 25 | 20.5% | 15.4% | ||
| Q3 25 | 6.8% | 16.6% | ||
| Q2 25 | 1.5% | 10.9% | ||
| Q1 25 | 0.1% | 13.7% | ||
| Q4 24 | 13.4% | 2.8% | ||
| Q3 24 | 11.8% | 14.1% | ||
| Q2 24 | 7.3% | 16.9% |
每股收益（稀释后）ANDEARLP
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | $0.59 | — | ||
| Q2 25 | $0.23 | — | ||
| Q1 25 | $0.01 | — | ||
| Q4 24 | $1.31 | — | ||
| Q3 24 | $0.80 | — | ||
| Q2 24 | $1.05 | — |
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 | $98.3M | $28.9M |
| 总债务越低越好 | $560.0M | — |
| 股东权益账面价值 | $1.2B | — |
| 总资产 | $3.7B | $2.9B |
| 负债/权益比越低杠杆越低 | 0.45× | — |
8季度趋势，按日历期对齐
现金及短期投资ANDEARLP
| Q1 26 | — | $28.9M | ||
| Q4 25 | $98.3M | $71.2M | ||
| Q3 25 | — | $94.5M | ||
| Q2 25 | — | $55.0M | ||
| Q1 25 | — | $81.3M | ||
| Q4 24 | $561.8M | $137.0M | ||
| Q3 24 | — | $195.4M | ||
| Q2 24 | — | $203.7M |
总债务ANDEARLP
| Q1 26 | — | — | ||
| Q4 25 | $560.0M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $608.2M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益ANDEARLP
| Q1 26 | — | — | ||
| Q4 25 | $1.2B | — | ||
| Q3 25 | $1.2B | — | ||
| Q2 25 | $1.4B | — | ||
| Q1 25 | $1.4B | — | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $1.3B | — | ||
| Q2 24 | $1.3B | — |
总资产ANDEARLP
| Q1 26 | — | $2.9B | ||
| Q4 25 | $3.7B | $2.9B | ||
| Q3 25 | $3.3B | $2.9B | ||
| Q2 25 | $3.4B | $2.9B | ||
| Q1 25 | $3.8B | $2.9B | ||
| Q4 24 | $4.1B | $2.9B | ||
| Q3 24 | $3.4B | $3.0B | ||
| Q2 24 | $3.3B | $3.1B |
负债/权益比ANDEARLP
| Q1 26 | — | — | ||
| Q4 25 | 0.45× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.45× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | $-6.2M | — |
| 自由现金流经营现金流 - 资本支出 | $-77.1M | $13.3M |
| 自由现金流率自由现金流/营收 | -23.4% | 2.6% |
| 资本支出强度资本支出/营收 | 21.5% | 18.5% |
| 现金转化率经营现金流/净利润 | -0.09× | — |
| 过去12个月自由现金流最近4个季度 | $-56.1M | $342.2M |
8季度趋势，按日历期对齐
经营现金流ANDEARLP
| Q1 26 | — | — | ||
| Q4 25 | $-6.2M | $143.9M | ||
| Q3 25 | $233.9M | $209.9M | ||
| Q2 25 | $299.3M | $151.7M | ||
| Q1 25 | $-350.0M | $145.7M | ||
| Q4 24 | $268.8M | $168.4M | ||
| Q3 24 | $-2.1M | $209.3M | ||
| Q2 24 | $304.4M | $215.8M |
自由现金流ANDEARLP
| Q1 26 | — | $13.3M | ||
| Q4 25 | $-77.1M | $99.1M | ||
| Q3 25 | $167.0M | $145.2M | ||
| Q2 25 | $250.5M | $84.7M | ||
| Q1 25 | $-396.6M | $58.9M | ||
| Q4 24 | $212.9M | $75.3M | ||
| Q3 24 | $-40.0M | $99.0M | ||
| Q2 24 | $275.8M | $114.3M |
自由现金流率ANDEARLP
| Q1 26 | — | 2.6% | ||
| Q4 25 | -23.4% | 18.5% | ||
| Q3 25 | 56.5% | 25.4% | ||
| Q2 25 | 46.8% | 15.5% | ||
| Q1 25 | -106.9% | 10.9% | ||
| Q4 24 | 63.1% | 12.8% | ||
| Q3 24 | -17.2% | 16.1% | ||
| Q2 24 | 56.0% | 19.3% |
资本支出强度ANDEARLP
| Q1 26 | — | 18.5% | ||
| Q4 25 | 21.5% | 8.4% | ||
| Q3 25 | 22.6% | 11.3% | ||
| Q2 25 | 9.1% | 12.2% | ||
| Q1 25 | 12.6% | 16.1% | ||
| Q4 24 | 16.6% | 15.8% | ||
| Q3 24 | 16.3% | 18.0% | ||
| Q2 24 | 5.8% | 17.1% |
现金转化率ANDEARLP
| Q1 26 | — | — | ||
| Q4 25 | -0.09× | 1.74× | ||
| Q3 25 | 11.61× | 2.21× | ||
| Q2 25 | 38.10× | 2.55× | ||
| Q1 25 | -1232.46× | 1.97× | ||
| Q4 24 | 5.96× | 10.31× | ||
| Q3 24 | -0.08× | 2.43× | ||
| Q2 24 | 8.46× | 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
ANDE
| Specialty And Primary Nutrients | $137.1M | 42% |
| Premium Ingredients | $66.1M | 20% |
| Segment Reporting Reconciling Item Other | $63.2M | 19% |
| Other | $63.1M | 19% |
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% |
