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ALLIANCE RESOURCE PARTNERS LP（ARLP）与Arq, Inc.（ARQ）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Arq, Inc.的18.2倍（$535.5M vs $29.4M）。Arq, Inc.同比增速更快（8.8% vs -9.2%）。ALLIANCE RESOURCE PARTNERS LP自由现金流更多（$99.1M vs $-3.5M）。过去两年Arq, Inc.的营收复合增速更高（16.4% vs -9.4%）
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。
Arq Inc是一家可持续发展技术企业，主营将煤矿开采废弃物加工为高价值低碳固体燃料及工业碳产品，服务能源、建筑、制造等领域客户，核心市场覆盖北美及欧洲主要地区，致力于帮助工业客户减少废弃物、降低碳排放。
ARLP vs ARQ — 直观对比
营收规模更大
ARLP
是对方的18.2倍
$29.4M
营收增速更快
ARQ
高出18.1%
-9.2%
自由现金流更多
ARLP
多$102.7M
$-3.5M
两年增速更快
ARQ
近两年复合增速
-9.4%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $535.5M | $29.4M |
| 净利润 | $82.7M | — |
| 毛利率 | — | 13.6% |
| 营业利润率 | 18.2% | -174.1% |
| 净利率 | 15.4% | — |
| 营收同比 | -9.2% | 8.8% |
| 净利润同比 | 406.2% | — |
| 每股收益（稀释后） | — | $-1.20 |
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ARLPARQ
| Q4 25 | $535.5M | $29.4M | ||
| Q3 25 | $571.4M | $35.1M | ||
| Q2 25 | $547.5M | $28.6M | ||
| Q1 25 | $540.5M | $27.2M | ||
| Q4 24 | $590.1M | $27.0M | ||
| Q3 24 | $613.6M | $34.8M | ||
| Q2 24 | $593.4M | $25.4M | ||
| Q1 24 | $651.7M | $21.7M |
净利润ARLPARQ
| Q4 25 | $82.7M | — | ||
| Q3 25 | $95.1M | $-653.0K | ||
| Q2 25 | $59.4M | $-2.1M | ||
| Q1 25 | $74.0M | $203.0K | ||
| Q4 24 | $16.3M | — | ||
| Q3 24 | $86.3M | $1.6M | ||
| Q2 24 | $100.2M | $-2.0M | ||
| Q1 24 | $158.1M | $-3.4M |
毛利率ARLPARQ
| Q4 25 | — | 13.6% | ||
| Q3 25 | — | 28.8% | ||
| Q2 25 | — | 33.3% | ||
| Q1 25 | — | 36.4% | ||
| Q4 24 | — | 36.3% | ||
| Q3 24 | — | 38.6% | ||
| Q2 24 | — | 32.2% | ||
| Q1 24 | — | 36.9% |
营业利润率ARLPARQ
| Q4 25 | 18.2% | -174.1% | ||
| Q3 25 | 18.4% | -2.4% | ||
| Q2 25 | 16.2% | -5.4% | ||
| Q1 25 | 17.4% | 2.4% | ||
| Q4 24 | 2.6% | 1.5% | ||
| Q3 24 | 16.5% | 5.8% | ||
| Q2 24 | 19.8% | -5.6% | ||
| Q1 24 | 24.6% | -13.7% |
净利率ARLPARQ
| Q4 25 | 15.4% | — | ||
| Q3 25 | 16.6% | -1.9% | ||
| Q2 25 | 10.9% | -7.5% | ||
| Q1 25 | 13.7% | 0.7% | ||
| Q4 24 | 2.8% | — | ||
| Q3 24 | 14.1% | 4.7% | ||
| Q2 24 | 16.9% | -7.7% | ||
| Q1 24 | 24.3% | -15.7% |
每股收益（稀释后）ARLPARQ
| Q4 25 | — | $-1.20 | ||
| Q3 25 | — | $-0.02 | ||
| Q2 25 | — | $-0.05 | ||
| Q1 25 | — | $0.00 | ||
| Q4 24 | — | $-0.03 | ||
| Q3 24 | — | $0.04 | ||
| Q2 24 | — | $-0.06 | ||
| Q1 24 | — | $-0.09 |
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 | $71.2M | $6.6M |
| 总债务越低越好 | — | $28.7M |
| 股东权益账面价值 | — | $168.0M |
| 总资产 | $2.9B | $230.6M |
| 负债/权益比越低杠杆越低 | — | 0.17× |
8季度趋势，按日历期对齐
现金及短期投资ARLPARQ
| Q4 25 | $71.2M | $6.6M | ||
| Q3 25 | $94.5M | $7.0M | ||
| Q2 25 | $55.0M | $7.0M | ||
| Q1 25 | $81.3M | $6.3M | ||
| Q4 24 | $137.0M | $13.5M | ||
| Q3 24 | $195.4M | $48.7M | ||
| Q2 24 | $203.7M | $28.5M | ||
| Q1 24 | $134.0M | $35.2M |
总债务ARLPARQ
| Q4 25 | — | $28.7M | ||
| Q3 25 | — | $26.1M | ||
| Q2 25 | — | $28.9M | ||
| Q1 25 | — | $27.1M | ||
| Q4 24 | — | $25.1M | ||
| Q3 24 | — | $21.6M | ||
| Q2 24 | — | $22.2M | ||
| Q1 24 | — | $22.6M |
股东权益ARLPARQ
| Q4 25 | — | $168.0M | ||
| Q3 25 | — | $217.2M | ||
| Q2 25 | — | $216.8M | ||
| Q1 25 | — | $218.2M | ||
| Q4 24 | — | $217.3M | ||
| Q3 24 | — | $218.1M | ||
| Q2 24 | — | $189.6M | ||
| Q1 24 | — | $175.2M |
总资产ARLPARQ
| Q4 25 | $2.9B | $230.6M | ||
| Q3 25 | $2.9B | $277.9M | ||
| Q2 25 | $2.9B | $284.5M | ||
| Q1 25 | $2.9B | $283.7M | ||
| Q4 24 | $2.9B | $284.4M | ||
| Q3 24 | $3.0B | $280.0M | ||
| Q2 24 | $3.1B | $248.6M | ||
| Q1 24 | $3.0B | $229.8M |
负债/权益比ARLPARQ
| Q4 25 | — | 0.17× | ||
| Q3 25 | — | 0.12× | ||
| Q2 25 | — | 0.13× | ||
| Q1 25 | — | 0.12× | ||
| Q4 24 | — | 0.12× | ||
| Q3 24 | — | 0.10× | ||
| Q2 24 | — | 0.12× | ||
| Q1 24 | — | 0.13× |
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 | $143.9M | $-2.8M |
| 自由现金流经营现金流 - 资本支出 | $99.1M | $-3.5M |
| 自由现金流率自由现金流/营收 | 18.5% | -12.0% |
| 资本支出强度资本支出/营收 | 8.4% | 2.7% |
| 现金转化率经营现金流/净利润 | 1.74× | — |
| 过去12个月自由现金流最近4个季度 | $387.9M | $-11.3M |
8季度趋势，按日历期对齐
经营现金流ARLPARQ
| Q4 25 | $143.9M | $-2.8M | ||
| Q3 25 | $209.9M | $5.3M | ||
| Q2 25 | $151.7M | $527.0K | ||
| Q1 25 | $145.7M | $-5.8M | ||
| Q4 24 | $168.4M | $5.2M | ||
| Q3 24 | $209.3M | $7.7M | ||
| Q2 24 | $215.8M | $-3.0M | ||
| Q1 24 | $209.7M | $526.0K |
自由现金流ARLPARQ
| Q4 25 | $99.1M | $-3.5M | ||
| Q3 25 | $145.2M | $3.1M | ||
| Q2 25 | $84.7M | $-1.4M | ||
| Q1 25 | $58.9M | $-9.5M | ||
| Q4 24 | $75.3M | $-37.8M | ||
| Q3 24 | $99.0M | $-5.8M | ||
| Q2 24 | $114.3M | $-22.1M | ||
| Q1 24 | $85.8M | $-9.1M |
自由现金流率ARLPARQ
| Q4 25 | 18.5% | -12.0% | ||
| Q3 25 | 25.4% | 8.8% | ||
| Q2 25 | 15.5% | -4.7% | ||
| Q1 25 | 10.9% | -34.9% | ||
| Q4 24 | 12.8% | -139.6% | ||
| Q3 24 | 16.1% | -16.5% | ||
| Q2 24 | 19.3% | -87.1% | ||
| Q1 24 | 13.2% | -41.7% |
资本支出强度ARLPARQ
| Q4 25 | 8.4% | 2.7% | ||
| Q3 25 | 11.3% | 6.3% | ||
| Q2 25 | 12.2% | 6.6% | ||
| Q1 25 | 16.1% | 13.6% | ||
| Q4 24 | 15.8% | 158.9% | ||
| Q3 24 | 18.0% | 38.7% | ||
| Q2 24 | 17.1% | 75.5% | ||
| Q1 24 | 19.0% | 44.1% |
现金转化率ARLPARQ
| Q4 25 | 1.74× | — | ||
| Q3 25 | 2.21× | — | ||
| Q2 25 | 2.55× | — | ||
| Q1 25 | 1.97× | -28.59× | ||
| Q4 24 | 10.31× | — | ||
| Q3 24 | 2.43× | 4.76× | ||
| Q2 24 | 2.15× | — | ||
| Q1 24 | 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
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% |
ARQ
暂无分部数据
