vs
ALLIANCE RESOURCE PARTNERS LP（ARLP）与波尔公司（BALL）财务数据对比。点击上方公司名可切换其他公司
波尔公司的季度营收约是ALLIANCE RESOURCE PARTNERS LP的6.3倍（$3.3B vs $535.5M）。ALLIANCE RESOURCE PARTNERS LP净利率更高（15.4% vs 6.0%，领先9.5%）。波尔公司同比增速更快（16.2% vs -9.2%）。波尔公司自由现金流更多（$1.0B vs $99.1M）。过去两年波尔公司的营收复合增速更高（7.9% 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。
波尔公司是全球领先的可持续铝制包装解决方案供应商，为饮料、个护、家居产品领域的品牌提供创新包装产品，同时旗下航空航天板块为政府及商业客户提供先进技术、系统与相关服务，全业务线高度重视环保责任与产品可靠性。
ARLP vs BALL — 直观对比
营收规模更大
BALL
是对方的6.3倍
$535.5M
营收增速更快
BALL
高出25.5%
-9.2%
净利率更高
ARLP
高出9.5%
6.0%
自由现金流更多
BALL
多$941.9M
$99.1M
两年增速更快
BALL
近两年复合增速
-9.4%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $535.5M | $3.3B |
| 净利润 | $82.7M | $200.0M |
| 毛利率 | — | — |
| 营业利润率 | 18.2% | 7.2% |
| 净利率 | 15.4% | 6.0% |
| 营收同比 | -9.2% | 16.2% |
| 净利润同比 | 406.2% | 766.7% |
| 每股收益（稀释后） | — | $0.73 |
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ARLPBALL
| Q4 25 | $535.5M | $3.3B | ||
| Q3 25 | $571.4M | $3.4B | ||
| Q2 25 | $547.5M | $3.3B | ||
| Q1 25 | $540.5M | $3.1B | ||
| Q4 24 | $590.1M | $2.9B | ||
| Q3 24 | $613.6M | $3.1B | ||
| Q2 24 | $593.4M | $3.0B | ||
| Q1 24 | $651.7M | $2.9B |
净利润ARLPBALL
| Q4 25 | $82.7M | $200.0M | ||
| Q3 25 | $95.1M | $321.0M | ||
| Q2 25 | $59.4M | $215.0M | ||
| Q1 25 | $74.0M | $179.0M | ||
| Q4 24 | $16.3M | $-30.0M | ||
| Q3 24 | $86.3M | $199.0M | ||
| Q2 24 | $100.2M | $159.0M | ||
| Q1 24 | $158.1M | $3.7B |
毛利率ARLPBALL
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 17.7% | ||
| Q2 24 | — | 16.5% | ||
| Q1 24 | — | 16.6% |
营业利润率ARLPBALL
| Q4 25 | 18.2% | 7.2% | ||
| Q3 25 | 18.4% | 11.6% | ||
| Q2 25 | 16.2% | 8.0% | ||
| Q1 25 | 17.4% | 7.4% | ||
| Q4 24 | 2.6% | 0.2% | ||
| Q3 24 | 16.5% | 7.4% | ||
| Q2 24 | 19.8% | 6.8% | ||
| Q1 24 | 24.6% | 6.8% |
净利率ARLPBALL
| Q4 25 | 15.4% | 6.0% | ||
| Q3 25 | 16.6% | 9.5% | ||
| Q2 25 | 10.9% | 6.4% | ||
| Q1 25 | 13.7% | 5.8% | ||
| Q4 24 | 2.8% | -1.0% | ||
| Q3 24 | 14.1% | 6.5% | ||
| Q2 24 | 16.9% | 5.4% | ||
| Q1 24 | 24.3% | 128.3% |
每股收益（稀释后）ARLPBALL
| Q4 25 | — | $0.73 | ||
| Q3 25 | — | $1.18 | ||
| Q2 25 | — | $0.76 | ||
| Q1 25 | — | $0.63 | ||
| Q4 24 | — | $0.23 | ||
| Q3 24 | — | $0.65 | ||
| Q2 24 | — | $0.51 | ||
| Q1 24 | — | $11.61 |
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 | $1.2B |
| 总债务越低越好 | — | $7.0B |
| 股东权益账面价值 | — | $5.4B |
| 总资产 | $2.9B | $19.5B |
| 负债/权益比越低杠杆越低 | — | 1.29× |
8季度趋势，按日历期对齐
现金及短期投资ARLPBALL
| Q4 25 | $71.2M | $1.2B | ||
| Q3 25 | $94.5M | $568.0M | ||
| Q2 25 | $55.0M | $296.0M | ||
| Q1 25 | $81.3M | $449.0M | ||
| Q4 24 | $137.0M | $885.0M | ||
| Q3 24 | $195.4M | $1.4B | ||
| Q2 24 | $203.7M | $1.3B | ||
| Q1 24 | $134.0M | $1.7B |
总债务ARLPBALL
| Q4 25 | — | $7.0B | ||
| Q3 25 | — | $6.9B | ||
| Q2 25 | — | $6.5B | ||
| Q1 25 | — | $6.1B | ||
| Q4 24 | — | $5.3B | ||
| Q3 24 | — | $5.4B | ||
| Q2 24 | — | $5.5B | ||
| Q1 24 | — | $5.5B |
股东权益ARLPBALL
| Q4 25 | — | $5.4B | ||
| Q3 25 | — | $5.4B | ||
| Q2 25 | — | $5.2B | ||
| Q1 25 | — | $5.5B | ||
| Q4 24 | — | $5.9B | ||
| Q3 24 | — | $6.7B | ||
| Q2 24 | — | $6.9B | ||
| Q1 24 | — | $7.3B |
总资产ARLPBALL
| Q4 25 | $2.9B | $19.5B | ||
| Q3 25 | $2.9B | $18.7B | ||
| Q2 25 | $2.9B | $18.6B | ||
| Q1 25 | $2.9B | $18.0B | ||
| Q4 24 | $2.9B | $17.6B | ||
| Q3 24 | $3.0B | $18.8B | ||
| Q2 24 | $3.1B | $19.0B | ||
| Q1 24 | $3.0B | $19.9B |
负债/权益比ARLPBALL
| Q4 25 | — | 1.29× | ||
| Q3 25 | — | 1.26× | ||
| Q2 25 | — | 1.24× | ||
| Q1 25 | — | 1.12× | ||
| Q4 24 | — | 0.91× | ||
| Q3 24 | — | 0.80× | ||
| Q2 24 | — | 0.80× | ||
| Q1 24 | — | 0.76× |
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 | $1.2B |
| 自由现金流经营现金流 - 资本支出 | $99.1M | $1.0B |
| 自由现金流率自由现金流/营收 | 18.5% | 31.1% |
| 资本支出强度资本支出/营收 | 8.4% | 5.1% |
| 现金转化率经营现金流/净利润 | 1.74× | 6.05× |
| 过去12个月自由现金流最近4个季度 | $387.9M | $788.0M |
8季度趋势，按日历期对齐
经营现金流ARLPBALL
| Q4 25 | $143.9M | $1.2B | ||
| Q3 25 | $209.9M | $384.0M | ||
| Q2 25 | $151.7M | $332.0M | ||
| Q1 25 | $145.7M | $-665.0M | ||
| Q4 24 | $168.4M | $500.0M | ||
| Q3 24 | $209.3M | $610.0M | ||
| Q2 24 | $215.8M | $252.0M | ||
| Q1 24 | $209.7M | $-1.2B |
自由现金流ARLPBALL
| Q4 25 | $99.1M | $1.0B | ||
| Q3 25 | $145.2M | $257.0M | ||
| Q2 25 | $84.7M | $236.0M | ||
| Q1 25 | $58.9M | $-746.0M | ||
| Q4 24 | $75.3M | $393.0M | ||
| Q3 24 | $99.0M | $493.0M | ||
| Q2 24 | $114.3M | $146.0M | ||
| Q1 24 | $85.8M | $-1.4B |
自由现金流率ARLPBALL
| Q4 25 | 18.5% | 31.1% | ||
| Q3 25 | 25.4% | 7.6% | ||
| Q2 25 | 15.5% | 7.1% | ||
| Q1 25 | 10.9% | -24.1% | ||
| Q4 24 | 12.8% | 13.6% | ||
| Q3 24 | 16.1% | 16.0% | ||
| Q2 24 | 19.3% | 4.9% | ||
| Q1 24 | 13.2% | -48.7% |
资本支出强度ARLPBALL
| Q4 25 | 8.4% | 5.1% | ||
| Q3 25 | 11.3% | 3.8% | ||
| Q2 25 | 12.2% | 2.9% | ||
| Q1 25 | 16.1% | 2.6% | ||
| Q4 24 | 15.8% | 3.7% | ||
| Q3 24 | 18.0% | 3.8% | ||
| Q2 24 | 17.1% | 3.6% | ||
| Q1 24 | 19.0% | 5.4% |
现金转化率ARLPBALL
| Q4 25 | 1.74× | 6.05× | ||
| Q3 25 | 2.21× | 1.20× | ||
| Q2 25 | 2.55× | 1.54× | ||
| Q1 25 | 1.97× | -3.72× | ||
| Q4 24 | 10.31× | — | ||
| Q3 24 | 2.43× | 3.07× | ||
| Q2 24 | 2.15× | 1.58× | ||
| Q1 24 | 1.33× | -0.34× |
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% |
BALL
| Transferred Over Time | $2.7B | 82% |
| Transferred At Point In Time | $602.0M | 18% |
