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ALLIANCE RESOURCE PARTNERS LP（ARLP）与Astrana Health, Inc.（ASTH）财务数据对比。点击上方公司名可切换其他公司
Astrana Health, Inc.的季度营收约是ALLIANCE RESOURCE PARTNERS LP的1.8倍（$950.5M vs $516.0M），ALLIANCE RESOURCE PARTNERS LP净利率更高（2.1% vs 0.7%，领先1.4%），Astrana Health, Inc.同比增速更快（42.9% vs -3.6%），ALLIANCE RESOURCE PARTNERS LP自由现金流更多（$13.3M vs $-6.0M），过去两年Astrana Health, Inc.的营收复合增速更高（53.3% vs -6.7%）
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。
Astrana Health是一家总部位于美国的价值导向型医疗服务提供商，主要服务全美符合联邦医保资格的老年群体，提供上门初级护理、慢性病管理及护理协调服务，致力于提升患者健康水平、降低不必要的医疗支出。
ARLP vs ASTH — 直观对比
营收规模更大
ASTH
是对方的1.8倍
$516.0M
营收增速更快
ASTH
高出46.5%
-3.6%
净利率更高
ARLP
高出1.4%
0.7%
自由现金流更多
ARLP
多$19.2M
$-6.0M
两年增速更快
ASTH
近两年复合增速
-6.7%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $516.0M | $950.5M |
| 净利润 | $10.7M | $6.6M |
| 毛利率 | — | — |
| 营业利润率 | 4.2% | 1.9% |
| 净利率 | 2.1% | 0.7% |
| 营收同比 | -3.6% | 42.9% |
| 净利润同比 | — | 184.4% |
| 每股收益（稀释后） | — | $0.12 |
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ARLPASTH
| Q1 26 | $516.0M | — | ||
| Q4 25 | $535.5M | $950.5M | ||
| Q3 25 | $571.4M | $956.0M | ||
| Q2 25 | $547.5M | $654.8M | ||
| Q1 25 | $540.5M | $620.4M | ||
| Q4 24 | $590.1M | $665.2M | ||
| Q3 24 | $613.6M | $478.7M | ||
| Q2 24 | $593.4M | $486.3M |
净利润ARLPASTH
| Q1 26 | $10.7M | — | ||
| Q4 25 | $82.7M | $6.6M | ||
| Q3 25 | $95.1M | $373.0K | ||
| Q2 25 | $59.4M | $9.4M | ||
| Q1 25 | $74.0M | $6.7M | ||
| Q4 24 | $16.3M | $-7.8M | ||
| Q3 24 | $86.3M | $16.1M | ||
| Q2 24 | $100.2M | $19.2M |
营业利润率ARLPASTH
| Q1 26 | 4.2% | — | ||
| Q4 25 | 18.2% | 1.9% | ||
| Q3 25 | 18.4% | 2.0% | ||
| Q2 25 | 16.2% | 3.1% | ||
| Q1 25 | 17.4% | 3.3% | ||
| Q4 24 | 2.6% | 0.1% | ||
| Q3 24 | 16.5% | 5.9% | ||
| Q2 24 | 19.8% | 6.2% |
净利率ARLPASTH
| Q1 26 | 2.1% | — | ||
| Q4 25 | 15.4% | 0.7% | ||
| Q3 25 | 16.6% | 0.0% | ||
| Q2 25 | 10.9% | 1.4% | ||
| Q1 25 | 13.7% | 1.1% | ||
| Q4 24 | 2.8% | -1.2% | ||
| Q3 24 | 14.1% | 3.4% | ||
| Q2 24 | 16.9% | 3.9% |
每股收益（稀释后）ARLPASTH
| Q1 26 | — | — | ||
| Q4 25 | — | $0.12 | ||
| Q3 25 | — | $0.01 | ||
| Q2 25 | — | $0.19 | ||
| Q1 25 | — | $0.14 | ||
| Q4 24 | — | $-0.14 | ||
| Q3 24 | — | $0.33 | ||
| Q2 24 | — | $0.40 |
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 | $429.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | — | $779.3M |
| 总资产 | $2.9B | $2.2B |
| 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ARLPASTH
| Q1 26 | $28.9M | — | ||
| Q4 25 | $71.2M | $429.5M | ||
| Q3 25 | $94.5M | $463.4M | ||
| Q2 25 | $55.0M | $342.1M | ||
| Q1 25 | $81.3M | $260.9M | ||
| Q4 24 | $137.0M | $290.8M | ||
| Q3 24 | $195.4M | $350.3M | ||
| Q2 24 | $203.7M | $327.7M |
股东权益ARLPASTH
| Q1 26 | — | — | ||
| Q4 25 | — | $779.3M | ||
| Q3 25 | — | $775.5M | ||
| Q2 25 | — | $765.5M | ||
| Q1 25 | — | $745.4M | ||
| Q4 24 | — | $712.7M | ||
| Q3 24 | — | $704.6M | ||
| Q2 24 | — | $678.9M |
总资产ARLPASTH
| Q1 26 | $2.9B | — | ||
| Q4 25 | $2.9B | $2.2B | ||
| Q3 25 | $2.9B | $2.2B | ||
| Q2 25 | $2.9B | $1.4B | ||
| Q1 25 | $2.9B | $1.3B | ||
| Q4 24 | $2.9B | $1.4B | ||
| Q3 24 | $3.0B | $1.3B | ||
| Q2 24 | $3.1B | $1.3B |
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 | — | $-2.9M |
| 自由现金流经营现金流 - 资本支出 | $13.3M | $-6.0M |
| 自由现金流率自由现金流/营收 | 2.6% | -0.6% |
| 资本支出强度资本支出/营收 | 18.5% | 0.3% |
| 现金转化率经营现金流/净利润 | — | -0.44× |
| 过去12个月自由现金流最近4个季度 | $342.2M | $104.5M |
8季度趋势，按日历期对齐
经营现金流ARLPASTH
| Q1 26 | — | — | ||
| Q4 25 | $143.9M | $-2.9M | ||
| Q3 25 | $209.9M | $10.0M | ||
| Q2 25 | $151.7M | $90.9M | ||
| Q1 25 | $145.7M | $16.6M | ||
| Q4 24 | $168.4M | $-10.9M | ||
| Q3 24 | $209.3M | $34.0M | ||
| Q2 24 | $215.8M | $23.2M |
自由现金流ARLPASTH
| Q1 26 | $13.3M | — | ||
| Q4 25 | $99.1M | $-6.0M | ||
| Q3 25 | $145.2M | $7.4M | ||
| Q2 25 | $84.7M | $89.5M | ||
| Q1 25 | $58.9M | $13.6M | ||
| Q4 24 | $75.3M | $-13.5M | ||
| Q3 24 | $99.0M | $31.7M | ||
| Q2 24 | $114.3M | $20.4M |
自由现金流率ARLPASTH
| Q1 26 | 2.6% | — | ||
| Q4 25 | 18.5% | -0.6% | ||
| Q3 25 | 25.4% | 0.8% | ||
| Q2 25 | 15.5% | 13.7% | ||
| Q1 25 | 10.9% | 2.2% | ||
| Q4 24 | 12.8% | -2.0% | ||
| Q3 24 | 16.1% | 6.6% | ||
| Q2 24 | 19.3% | 4.2% |
资本支出强度ARLPASTH
| Q1 26 | 18.5% | — | ||
| Q4 25 | 8.4% | 0.3% | ||
| Q3 25 | 11.3% | 0.3% | ||
| Q2 25 | 12.2% | 0.2% | ||
| Q1 25 | 16.1% | 0.5% | ||
| Q4 24 | 15.8% | 0.4% | ||
| Q3 24 | 18.0% | 0.5% | ||
| Q2 24 | 17.1% | 0.6% |
现金转化率ARLPASTH
| Q1 26 | — | — | ||
| Q4 25 | 1.74× | -0.44× | ||
| Q3 25 | 2.21× | 26.69× | ||
| Q2 25 | 2.55× | 9.65× | ||
| Q1 25 | 1.97× | 2.48× | ||
| Q4 24 | 10.31× | — | ||
| Q3 24 | 2.43× | 2.11× | ||
| Q2 24 | 2.15× | 1.21× |
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% |
ASTH
| Medicare | $542.4M | 57% |
| Commercial | $99.1M | 10% |
| Care Delivery | $92.1M | 10% |
| Care Enablement | $78.9M | 8% |
| Other Third Parties | $58.0M | 6% |
| Health Care Patient Service | $39.8M | 4% |
| Health Care Other | $25.5M | 3% |
| Other | $12.1M | 1% |
| Management Service | $10.3M | 1% |
