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空气化工产品公司（APD）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
空气化工产品公司的季度营收约是ALLIANCE RESOURCE PARTNERS LP的5.8倍（$3.1B vs $535.5M）。空气化工产品公司净利率更高（21.9% vs 15.4%，领先6.4%）。空气化工产品公司同比增速更快（5.8% vs -9.2%）。ALLIANCE RESOURCE PARTNERS LP自由现金流更多（$99.1M vs $-350.5M）。过去两年空气化工产品公司的营收复合增速更高（2.9% vs -9.4%）
空气化工产品公司是全球知名的工业气体供应商，业务覆盖全球各地，主营大气气体、工艺气体、特种气体、相关设备及服务，产品涵盖氧气、氮气、氩气、氢气、氦气、二氧化碳、一氧化碳、合成气等，同时供应空分装置、非低温发生器等气体生产处理设备，服务炼油、化工、气化等多个行业领域。
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。
APD vs ARLP — 直观对比
营收规模更大
APD
是对方的5.8倍
$535.5M
营收增速更快
APD
高出15.1%
-9.2%
净利率更高
APD
高出6.4%
15.4%
自由现金流更多
ARLP
多$449.6M
$-350.5M
两年增速更快
APD
近两年复合增速
-9.4%
损益表 — Q1 2026 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $3.1B | $535.5M |
| 净利润 | $678.2M | $82.7M |
| 毛利率 | 32.1% | — |
| 营业利润率 | 23.7% | 18.2% |
| 净利率 | 21.9% | 15.4% |
| 营收同比 | 5.8% | -9.2% |
| 净利润同比 | 9.8% | 406.2% |
| 每股收益（稀释后） | $3.04 | — |
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APDARLP
| Q4 25 | $3.1B | $535.5M | ||
| Q3 25 | $3.2B | $571.4M | ||
| Q2 25 | $3.0B | $547.5M | ||
| Q1 25 | $2.9B | $540.5M | ||
| Q4 24 | $2.9B | $590.1M | ||
| Q3 24 | $3.2B | $613.6M | ||
| Q2 24 | $3.0B | $593.4M | ||
| Q1 24 | $2.9B | $651.7M |
净利润APDARLP
| Q4 25 | $678.2M | $82.7M | ||
| Q3 25 | $4.9M | $95.1M | ||
| Q2 25 | $713.8M | $59.4M | ||
| Q1 25 | $-1.7B | $74.0M | ||
| Q4 24 | $617.4M | $16.3M | ||
| Q3 24 | $1.9B | $86.3M | ||
| Q2 24 | $696.6M | $100.2M | ||
| Q1 24 | $572.4M | $158.1M |
毛利率APDARLP
| Q4 25 | 32.1% | — | ||
| Q3 25 | 32.3% | — | ||
| Q2 25 | 32.5% | — | ||
| Q1 25 | 29.6% | — | ||
| Q4 24 | 31.2% | — | ||
| Q3 24 | 34.0% | — | ||
| Q2 24 | 32.8% | — | ||
| Q1 24 | 32.0% | — |
营业利润率APDARLP
| Q4 25 | 23.7% | 18.2% | ||
| Q3 25 | 0.5% | 18.4% | ||
| Q2 25 | 26.2% | 16.2% | ||
| Q1 25 | -79.8% | 17.4% | ||
| Q4 24 | 22.0% | 2.6% | ||
| Q3 24 | 76.1% | 16.5% | ||
| Q2 24 | 24.7% | 19.8% | ||
| Q1 24 | 21.7% | 24.6% |
净利率APDARLP
| Q4 25 | 21.9% | 15.4% | ||
| Q3 25 | 0.2% | 16.6% | ||
| Q2 25 | 23.6% | 10.9% | ||
| Q1 25 | -59.3% | 13.7% | ||
| Q4 24 | 21.1% | 2.8% | ||
| Q3 24 | 61.2% | 14.1% | ||
| Q2 24 | 23.3% | 16.9% | ||
| Q1 24 | 19.5% | 24.3% |
每股收益（稀释后）APDARLP
| Q4 25 | $3.04 | — | ||
| Q3 25 | $0.03 | — | ||
| Q2 25 | $3.20 | — | ||
| Q1 25 | $-7.77 | — | ||
| Q4 24 | $2.77 | — | ||
| Q3 24 | $8.75 | — | ||
| Q2 24 | $3.13 | — | ||
| Q1 24 | $2.57 | — |
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 | $1.0B | $71.2M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $15.4B | — |
| 总资产 | $41.2B | $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APDARLP
| Q4 25 | $1.0B | $71.2M | ||
| Q3 25 | $1.9B | $94.5M | ||
| Q2 25 | $2.3B | $55.0M | ||
| Q1 25 | $1.6B | $81.3M | ||
| Q4 24 | $2.0B | $137.0M | ||
| Q3 24 | $3.0B | $195.4M | ||
| Q2 24 | $2.4B | $203.7M | ||
| Q1 24 | $2.6B | $134.0M |
股东权益APDARLP
| Q4 25 | $15.4B | — | ||
| Q3 25 | $15.0B | — | ||
| Q2 25 | $15.5B | — | ||
| Q1 25 | $14.7B | — | ||
| Q4 24 | $16.7B | — | ||
| Q3 24 | $17.0B | — | ||
| Q2 24 | $15.1B | — | ||
| Q1 24 | $14.9B | — |
总资产APDARLP
| Q4 25 | $41.2B | $2.9B | ||
| Q3 25 | $41.1B | $2.9B | ||
| Q2 25 | $41.7B | $2.9B | ||
| Q1 25 | $38.9B | $2.9B | ||
| Q4 24 | $40.0B | $2.9B | ||
| Q3 24 | $39.6B | $3.0B | ||
| Q2 24 | $37.0B | $3.1B | ||
| Q1 24 | $35.9B | $3.0B |
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 | $900.7M | $143.9M |
| 自由现金流经营现金流 - 资本支出 | $-350.5M | $99.1M |
| 自由现金流率自由现金流/营收 | -11.3% | 18.5% |
| 资本支出强度资本支出/营收 | 40.3% | 8.4% |
| 现金转化率经营现金流/净利润 | 1.33× | 1.74× |
| 过去12个月自由现金流最近4个季度 | — | $387.9M |
8季度趋势，按日历期对齐
经营现金流APDARLP
| Q4 25 | $900.7M | $143.9M | ||
| Q3 25 | — | $209.9M | ||
| Q2 25 | $855.8M | $151.7M | ||
| Q1 25 | $328.1M | $145.7M | ||
| Q4 24 | $811.7M | $168.4M | ||
| Q3 24 | — | $209.3M | ||
| Q2 24 | $1.3B | $215.8M | ||
| Q1 24 | $801.7M | $209.7M |
自由现金流APDARLP
| Q4 25 | $-350.5M | $99.1M | ||
| Q3 25 | — | $145.2M | ||
| Q2 25 | $-640.0M | $84.7M | ||
| Q1 25 | $-1.6B | $58.9M | ||
| Q4 24 | $-1.3B | $75.3M | ||
| Q3 24 | — | $99.0M | ||
| Q2 24 | $-345.2M | $114.3M | ||
| Q1 24 | $-867.7M | $85.8M |
自由现金流率APDARLP
| Q4 25 | -11.3% | 18.5% | ||
| Q3 25 | — | 25.4% | ||
| Q2 25 | -21.2% | 15.5% | ||
| Q1 25 | -53.6% | 10.9% | ||
| Q4 24 | -44.5% | 12.8% | ||
| Q3 24 | — | 16.1% | ||
| Q2 24 | -11.6% | 19.3% | ||
| Q1 24 | -29.6% | 13.2% |
资本支出强度APDARLP
| Q4 25 | 40.3% | 8.4% | ||
| Q3 25 | 47.9% | 11.3% | ||
| Q2 25 | 49.5% | 12.2% | ||
| Q1 25 | 64.9% | 16.1% | ||
| Q4 24 | 72.2% | 15.8% | ||
| Q3 24 | 65.1% | 18.0% | ||
| Q2 24 | 53.8% | 17.1% | ||
| Q1 24 | 57.0% | 19.0% |
现金转化率APDARLP
| Q4 25 | 1.33× | 1.74× | ||
| Q3 25 | — | 2.21× | ||
| Q2 25 | 1.20× | 2.55× | ||
| Q1 25 | — | 1.97× | ||
| Q4 24 | 1.31× | 10.31× | ||
| Q3 24 | — | 2.43× | ||
| Q2 24 | 1.81× | 2.15× | ||
| Q1 24 | 1.40× | 1.33× |
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
APD
| Other | $1.6B | 53% |
| Onsite | $783.9M | 25% |
| Merchant | $557.8M | 18% |
| Saleof Equipment | $117.0M | 4% |
ARLP
| Illinois Basin Segment | $339.0M | 63% |
| Appalachia Segment | $141.4M | 26% |
| Other | $24.2M | 5% |
| Royalties Coal Segment | $22.4M | 4% |
| Shipping And Handling | $10.2M | 2% |
