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ALLIANCE RESOURCE PARTNERS LP（ARLP）与BILL Holdings, Inc.（BILL）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BILL Holdings, Inc.的1.2倍（$516.0M vs $414.7M），ALLIANCE RESOURCE PARTNERS LP净利率更高（2.1% vs -0.6%，领先2.7%），BILL Holdings, Inc.同比增速更快（14.4% vs -3.6%），BILL Holdings, Inc.自由现金流更多（$103.8M vs $13.3M），过去两年BILL Holdings, Inc.的营收复合增速更高（13.3% 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。
BILL Holdings, Inc. 是总部位于美国加利福尼亚州圣何塞的企业，专注为美国小型企业提供自动化云原生财务运营软件。旗下Bill.com Connect是白标端到端支付自动化平台，可供金融机构接入其单点登录的线上企业银行生态中使用。
ARLP vs BILL — 直观对比
营收规模更大
ARLP
是对方的1.2倍
$414.7M
营收增速更快
BILL
高出18.0%
-3.6%
净利率更高
ARLP
高出2.7%
-0.6%
自由现金流更多
BILL
多$90.5M
$13.3M
两年增速更快
BILL
近两年复合增速
-6.7%
损益表 — Q1 FY2026 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $516.0M | $414.7M |
| 净利润 | $10.7M | $-2.6M |
| 毛利率 | — | 79.8% |
| 营业利润率 | 4.2% | -4.4% |
| 净利率 | 2.1% | -0.6% |
| 营收同比 | -3.6% | 14.4% |
| 净利润同比 | — | -107.7% |
| 每股收益（稀释后） | — | $-0.03 |
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ARLPBILL
| Q1 26 | $516.0M | — | ||
| Q4 25 | $535.5M | $414.7M | ||
| Q3 25 | $571.4M | $395.7M | ||
| Q2 25 | $547.5M | $383.3M | ||
| Q1 25 | $540.5M | $358.2M | ||
| Q4 24 | $590.1M | $362.6M | ||
| Q3 24 | $613.6M | $358.4M | ||
| Q2 24 | $593.4M | $343.7M |
净利润ARLPBILL
| Q1 26 | $10.7M | — | ||
| Q4 25 | $82.7M | $-2.6M | ||
| Q3 25 | $95.1M | $-3.0M | ||
| Q2 25 | $59.4M | $-7.1M | ||
| Q1 25 | $74.0M | $-11.6M | ||
| Q4 24 | $16.3M | $33.5M | ||
| Q3 24 | $86.3M | $8.9M | ||
| Q2 24 | $100.2M | $7.6M |
毛利率ARLPBILL
| Q1 26 | — | — | ||
| Q4 25 | — | 79.8% | ||
| Q3 25 | — | 80.5% | ||
| Q2 25 | — | 80.8% | ||
| Q1 25 | — | 81.2% | ||
| Q4 24 | — | 81.6% | ||
| Q3 24 | — | 82.0% | ||
| Q2 24 | — | 81.0% |
营业利润率ARLPBILL
| Q1 26 | 4.2% | — | ||
| Q4 25 | 18.2% | -4.4% | ||
| Q3 25 | 18.4% | -5.2% | ||
| Q2 25 | 16.2% | -5.8% | ||
| Q1 25 | 17.4% | -8.1% | ||
| Q4 24 | 2.6% | -6.0% | ||
| Q3 24 | 16.5% | -2.1% | ||
| Q2 24 | 19.8% | -6.5% |
净利率ARLPBILL
| Q1 26 | 2.1% | — | ||
| Q4 25 | 15.4% | -0.6% | ||
| Q3 25 | 16.6% | -0.7% | ||
| Q2 25 | 10.9% | -1.8% | ||
| Q1 25 | 13.7% | -3.2% | ||
| Q4 24 | 2.8% | 9.3% | ||
| Q3 24 | 14.1% | 2.5% | ||
| Q2 24 | 16.9% | 2.2% |
每股收益（稀释后）ARLPBILL
| Q1 26 | — | — | ||
| Q4 25 | — | $-0.03 | ||
| Q3 25 | — | $-0.03 | ||
| Q2 25 | — | $0.02 | ||
| Q1 25 | — | $-0.11 | ||
| Q4 24 | — | $-0.06 | ||
| Q3 24 | — | $0.08 | ||
| Q2 24 | — | $0.37 |
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 | $1.1B |
| 总债务越低越好 | — | $1.8B |
| 股东权益账面价值 | — | $3.8B |
| 总资产 | $2.9B | $10.1B |
| 负债/权益比越低杠杆越低 | — | 0.48× |
8季度趋势，按日历期对齐
现金及短期投资ARLPBILL
| Q1 26 | $28.9M | — | ||
| Q4 25 | $71.2M | $1.1B | ||
| Q3 25 | $94.5M | $1.1B | ||
| Q2 25 | $55.0M | $1.0B | ||
| Q1 25 | $81.3M | $1.0B | ||
| Q4 24 | $137.0M | $1.6B | ||
| Q3 24 | $195.4M | $853.5M | ||
| Q2 24 | $203.7M | $985.9M |
总债务ARLPBILL
| Q1 26 | — | — | ||
| Q4 25 | — | $1.8B | ||
| Q3 25 | — | $1.9B | ||
| Q2 25 | — | $1.7B | ||
| Q1 25 | — | $1.7B | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | — | $914.8M | ||
| Q2 24 | — | $914.0M |
股东权益ARLPBILL
| Q1 26 | — | — | ||
| Q4 25 | — | $3.8B | ||
| Q3 25 | — | $3.9B | ||
| Q2 25 | — | $3.9B | ||
| Q1 25 | — | $3.9B | ||
| Q4 24 | — | $3.8B | ||
| Q3 24 | — | $4.0B | ||
| Q2 24 | — | $4.1B |
总资产ARLPBILL
| Q1 26 | $2.9B | — | ||
| Q4 25 | $2.9B | $10.1B | ||
| Q3 25 | $2.9B | $10.2B | ||
| Q2 25 | $2.9B | $10.1B | ||
| Q1 25 | $2.9B | $9.6B | ||
| Q4 24 | $2.9B | $9.7B | ||
| Q3 24 | $3.0B | $9.0B | ||
| Q2 24 | $3.1B | $9.2B |
负债/权益比ARLPBILL
| Q1 26 | — | — | ||
| Q4 25 | — | 0.48× | ||
| Q3 25 | — | 0.48× | ||
| Q2 25 | — | 0.44× | ||
| Q1 25 | — | 0.43× | ||
| Q4 24 | — | 0.44× | ||
| Q3 24 | — | 0.23× | ||
| Q2 24 | — | 0.22× |
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 | — | $105.3M |
| 自由现金流经营现金流 - 资本支出 | $13.3M | $103.8M |
| 自由现金流率自由现金流/营收 | 2.6% | 25.0% |
| 资本支出强度资本支出/营收 | 18.5% | 0.4% |
| 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 | $378.8M |
8季度趋势，按日历期对齐
经营现金流ARLPBILL
| Q1 26 | — | — | ||
| Q4 25 | $143.9M | $105.3M | ||
| Q3 25 | $209.9M | $96.9M | ||
| Q2 25 | $151.7M | $83.8M | ||
| Q1 25 | $145.7M | $99.5M | ||
| Q4 24 | $168.4M | $78.7M | ||
| Q3 24 | $209.3M | $88.6M | ||
| Q2 24 | $215.8M | $78.6M |
自由现金流ARLPBILL
| Q1 26 | $13.3M | — | ||
| Q4 25 | $99.1M | $103.8M | ||
| Q3 25 | $145.2M | $95.6M | ||
| Q2 25 | $84.7M | $81.0M | ||
| Q1 25 | $58.9M | $98.4M | ||
| Q4 24 | $75.3M | $78.3M | ||
| Q3 24 | $99.0M | $88.6M | ||
| Q2 24 | $114.3M | $78.4M |
自由现金流率ARLPBILL
| Q1 26 | 2.6% | — | ||
| Q4 25 | 18.5% | 25.0% | ||
| Q3 25 | 25.4% | 24.1% | ||
| Q2 25 | 15.5% | 21.1% | ||
| Q1 25 | 10.9% | 27.5% | ||
| Q4 24 | 12.8% | 21.6% | ||
| Q3 24 | 16.1% | 24.7% | ||
| Q2 24 | 19.3% | 22.8% |
资本支出强度ARLPBILL
| Q1 26 | 18.5% | — | ||
| Q4 25 | 8.4% | 0.4% | ||
| Q3 25 | 11.3% | 0.3% | ||
| Q2 25 | 12.2% | 0.7% | ||
| Q1 25 | 16.1% | 0.3% | ||
| Q4 24 | 15.8% | 0.1% | ||
| Q3 24 | 18.0% | 0.0% | ||
| Q2 24 | 17.1% | 0.1% |
现金转化率ARLPBILL
| Q1 26 | — | — | ||
| Q4 25 | 1.74× | — | ||
| Q3 25 | 2.21× | — | ||
| Q2 25 | 2.55× | — | ||
| Q1 25 | 1.97× | — | ||
| Q4 24 | 10.31× | 2.35× | ||
| Q3 24 | 2.43× | 9.94× | ||
| Q2 24 | 2.15× | 10.35× |
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% |
BILL
| Accounts Payable And Accounts Receivable Solutions | $185.9M | 45% |
| Spend And Expense Interchange Revenue | $166.5M | 40% |
| Interest On Funds Held For Customers | $39.5M | 10% |
| Embedded And Other Solutions | $22.8M | 5% |
