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ALLIANCE RESOURCE PARTNERS LP（ARLP）与亚什兰（ASH）财务数据对比。点击上方公司名可切换其他公司
ALLIANCE RESOURCE PARTNERS LP的季度营收约是亚什兰的1.3倍（$516.0M vs $386.0M），ALLIANCE RESOURCE PARTNERS LP净利率更高（2.1% vs -3.1%，领先5.2%），ALLIANCE RESOURCE PARTNERS LP同比增速更快（-3.6% vs -4.7%），亚什兰自由现金流更多（$111.0M vs $13.3M），过去两年ALLIANCE RESOURCE PARTNERS LP的营收复合增速更高（-6.7% vs -18.1%）
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。
亚什兰是一家总部位于美国特拉华州威尔明顿的化工企业，1924年始创于肯塔基州亚什兰市，最初以炼油业务起家，1994年迁至现总部。公司拥有多个业务板块，覆盖化工中间体与溶剂、复合材料、工业特种化学品、个人及家居护理、制药、食品饮料以及农业相关领域，2017年之前曾是胜牌润滑油的主要生产商。
ARLP vs ASH — 直观对比
营收规模更大
ARLP
是对方的1.3倍
$386.0M
营收增速更快
ARLP
高出1.0%
-4.7%
净利率更高
ARLP
高出5.2%
-3.1%
自由现金流更多
ASH
多$97.7M
$13.3M
两年增速更快
ARLP
近两年复合增速
-18.1%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $516.0M | $386.0M |
| 净利润 | $10.7M | $-12.0M |
| 毛利率 | — | 27.2% |
| 营业利润率 | 4.2% | -1.6% |
| 净利率 | 2.1% | -3.1% |
| 营收同比 | -3.6% | -4.7% |
| 净利润同比 | — | 92.7% |
| 每股收益（稀释后） | — | $-0.26 |
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ARLPASH
| Q1 26 | $516.0M | — | ||
| Q4 25 | $535.5M | $386.0M | ||
| Q3 25 | $571.4M | $477.0M | ||
| Q2 25 | $547.5M | $463.0M | ||
| Q1 25 | $540.5M | $479.0M | ||
| Q4 24 | $590.1M | $405.0M | ||
| Q3 24 | $613.6M | $521.0M | ||
| Q2 24 | $593.4M | $544.0M |
净利润ARLPASH
| Q1 26 | $10.7M | — | ||
| Q4 25 | $82.7M | $-12.0M | ||
| Q3 25 | $95.1M | $31.0M | ||
| Q2 25 | $59.4M | $-742.0M | ||
| Q1 25 | $74.0M | $31.0M | ||
| Q4 24 | $16.3M | $-165.0M | ||
| Q3 24 | $86.3M | $17.0M | ||
| Q2 24 | $100.2M | $6.0M |
毛利率ARLPASH
| Q1 26 | — | — | ||
| Q4 25 | — | 27.2% | ||
| Q3 25 | — | 33.3% | ||
| Q2 25 | — | 28.5% | ||
| Q1 25 | — | 30.7% | ||
| Q4 24 | — | 27.4% | ||
| Q3 24 | — | 33.2% | ||
| Q2 24 | — | 34.2% |
营业利润率ARLPASH
| Q1 26 | 4.2% | — | ||
| Q4 25 | 18.2% | -1.6% | ||
| Q3 25 | 18.4% | 12.8% | ||
| Q2 25 | 16.2% | -152.9% | ||
| Q1 25 | 17.4% | 10.6% | ||
| Q4 24 | 2.6% | -44.2% | ||
| Q3 24 | 16.5% | 6.1% | ||
| Q2 24 | 19.8% | -11.2% |
净利率ARLPASH
| Q1 26 | 2.1% | — | ||
| Q4 25 | 15.4% | -3.1% | ||
| Q3 25 | 16.6% | 6.5% | ||
| Q2 25 | 10.9% | -160.3% | ||
| Q1 25 | 13.7% | 6.5% | ||
| Q4 24 | 2.8% | -40.7% | ||
| Q3 24 | 14.1% | 3.3% | ||
| Q2 24 | 16.9% | 1.1% |
每股收益（稀释后）ARLPASH
| Q1 26 | — | — | ||
| Q4 25 | — | $-0.26 | ||
| Q3 25 | — | $0.83 | ||
| Q2 25 | — | $-16.21 | ||
| Q1 25 | — | $0.65 | ||
| Q4 24 | — | $-3.50 | ||
| Q3 24 | — | $0.34 | ||
| Q2 24 | — | $0.12 |
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 | $28.9M | $304.0M |
| 总债务越低越好 | — | $1.4B |
| 股东权益账面价值 | — | $1.9B |
| 总资产 | $2.9B | $4.5B |
| 负债/权益比越低杠杆越低 | — | 0.74× |
8季度趋势，按日历期对齐
现金及短期投资ARLPASH
| Q1 26 | $28.9M | — | ||
| Q4 25 | $71.2M | $304.0M | ||
| Q3 25 | $94.5M | $215.0M | ||
| Q2 25 | $55.0M | $207.0M | ||
| Q1 25 | $81.3M | $168.0M | ||
| Q4 24 | $137.0M | $219.0M | ||
| Q3 24 | $195.4M | $300.0M | ||
| Q2 24 | $203.7M | $399.0M |
总债务ARLPASH
| Q1 26 | — | — | ||
| Q4 25 | — | $1.4B | ||
| Q3 25 | — | $1.4B | ||
| Q2 25 | — | $1.4B | ||
| Q1 25 | — | $1.3B | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | — | $1.3B | ||
| Q2 24 | — | $1.3B |
股东权益ARLPASH
| Q1 26 | — | — | ||
| Q4 25 | — | $1.9B | ||
| Q3 25 | — | $1.9B | ||
| Q2 25 | — | $1.9B | ||
| Q1 25 | — | $2.6B | ||
| Q4 24 | — | $2.6B | ||
| Q3 24 | — | $2.9B | ||
| Q2 24 | — | $3.0B |
总资产ARLPASH
| Q1 26 | $2.9B | — | ||
| Q4 25 | $2.9B | $4.5B | ||
| Q3 25 | $2.9B | $4.6B | ||
| Q2 25 | $2.9B | $4.6B | ||
| Q1 25 | $2.9B | $5.2B | ||
| Q4 24 | $2.9B | $5.2B | ||
| Q3 24 | $3.0B | $5.6B | ||
| Q2 24 | $3.1B | $5.7B |
负债/权益比ARLPASH
| Q1 26 | — | — | ||
| Q4 25 | — | 0.74× | ||
| Q3 25 | — | 0.73× | ||
| Q2 25 | — | 0.73× | ||
| Q1 25 | — | 0.52× | ||
| Q4 24 | — | 0.51× | ||
| Q3 24 | — | 0.47× | ||
| Q2 24 | — | 0.45× |
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 | — | $125.0M |
| 自由现金流经营现金流 - 资本支出 | $13.3M | $111.0M |
| 自由现金流率自由现金流/营收 | 2.6% | 28.8% |
| 资本支出强度资本支出/营收 | 18.5% | 3.6% |
| 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 | $342.2M | $200.0M |
8季度趋势，按日历期对齐
经营现金流ARLPASH
| Q1 26 | — | — | ||
| Q4 25 | $143.9M | $125.0M | ||
| Q3 25 | $209.9M | $40.0M | ||
| Q2 25 | $151.7M | $115.0M | ||
| Q1 25 | $145.7M | $9.0M | ||
| Q4 24 | $168.4M | $-30.0M | ||
| Q3 24 | $209.3M | $80.0M | ||
| Q2 24 | $215.8M | $127.0M |
自由现金流ARLPASH
| Q1 26 | $13.3M | — | ||
| Q4 25 | $99.1M | $111.0M | ||
| Q3 25 | $145.2M | $6.0M | ||
| Q2 25 | $84.7M | $95.0M | ||
| Q1 25 | $58.9M | $-12.0M | ||
| Q4 24 | $75.3M | $-53.0M | ||
| Q3 24 | $99.0M | $42.0M | ||
| Q2 24 | $114.3M | $98.0M |
自由现金流率ARLPASH
| Q1 26 | 2.6% | — | ||
| Q4 25 | 18.5% | 28.8% | ||
| Q3 25 | 25.4% | 1.3% | ||
| Q2 25 | 15.5% | 20.5% | ||
| Q1 25 | 10.9% | -2.5% | ||
| Q4 24 | 12.8% | -13.1% | ||
| Q3 24 | 16.1% | 8.1% | ||
| Q2 24 | 19.3% | 18.0% |
资本支出强度ARLPASH
| Q1 26 | 18.5% | — | ||
| Q4 25 | 8.4% | 3.6% | ||
| Q3 25 | 11.3% | 7.1% | ||
| Q2 25 | 12.2% | 4.3% | ||
| Q1 25 | 16.1% | 4.4% | ||
| Q4 24 | 15.8% | 5.7% | ||
| Q3 24 | 18.0% | 7.3% | ||
| Q2 24 | 17.1% | 5.3% |
现金转化率ARLPASH
| Q1 26 | — | — | ||
| Q4 25 | 1.74× | — | ||
| Q3 25 | 2.21× | 1.29× | ||
| Q2 25 | 2.55× | — | ||
| Q1 25 | 1.97× | 0.29× | ||
| Q4 24 | 10.31× | — | ||
| Q3 24 | 2.43× | 4.71× | ||
| Q2 24 | 2.15× | 21.17× |
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
| 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% |
ASH
| Personal Care And Household | $123.0M | 32% |
| Other | $120.0M | 31% |
| Specialty Additives | $36.0M | 9% |
| Intermediates And Solvents | $31.0M | 8% |
| Personal Care | $30.0M | 8% |
| Life Sciences | $27.0M | 7% |
| Intermediates | $19.0M | 5% |
