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ALLIANCE RESOURCE PARTNERS LP（ARLP）与CALERES INC（CAL）财务数据对比。点击上方公司名可切换其他公司
CALERES INC的季度营收约是ALLIANCE RESOURCE PARTNERS LP的1.5倍（$790.1M vs $516.0M），ALLIANCE RESOURCE PARTNERS LP净利率更高（2.1% vs 0.3%，领先1.8%），CALERES INC同比增速更快（6.6% vs -3.6%），ALLIANCE RESOURCE PARTNERS LP自由现金流更多（$13.3M vs $-12.4M），过去两年CALERES INC的营收复合增速更高（6.5% 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。
Caleres Inc是一家美国鞋履企业，旗下拥有并运营多个鞋履品牌，总部坐落于圣路易斯郊区密苏里州克莱顿。该企业前身是1878年在圣路易斯成立的Bryan, Brown & Company，此后历经多次更名，其前身汉密尔顿-布朗鞋业在20世纪初曾是美国最大的鞋履制造商。
ARLP vs CAL — 直观对比
营收规模更大
CAL
是对方的1.5倍
$516.0M
营收增速更快
CAL
高出10.3%
-3.6%
净利率更高
ARLP
高出1.8%
0.3%
自由现金流更多
ARLP
多$25.7M
$-12.4M
两年增速更快
CAL
近两年复合增速
-6.7%
损益表 — Q1 FY2026 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $516.0M | $790.1M |
| 净利润 | $10.7M | $2.4M |
| 毛利率 | — | 41.8% |
| 营业利润率 | 4.2% | 1.5% |
| 净利率 | 2.1% | 0.3% |
| 营收同比 | -3.6% | 6.6% |
| 净利润同比 | — | -94.2% |
| 每股收益（稀释后） | — | $0.07 |
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ARLPCAL
| Q1 26 | $516.0M | — | ||
| Q4 25 | $535.5M | $790.1M | ||
| Q3 25 | $571.4M | $658.5M | ||
| Q2 25 | $547.5M | $614.2M | ||
| Q1 25 | $540.5M | $639.2M | ||
| Q4 24 | $590.1M | $740.9M | ||
| Q3 24 | $613.6M | $683.3M | ||
| Q2 24 | $593.4M | $659.2M |
净利润ARLPCAL
| Q1 26 | $10.7M | — | ||
| Q4 25 | $82.7M | $2.4M | ||
| Q3 25 | $95.1M | $6.7M | ||
| Q2 25 | $59.4M | $6.9M | ||
| Q1 25 | $74.0M | $4.9M | ||
| Q4 24 | $16.3M | $41.4M | ||
| Q3 24 | $86.3M | $30.0M | ||
| Q2 24 | $100.2M | $30.9M |
毛利率ARLPCAL
| Q1 26 | — | — | ||
| Q4 25 | — | 41.8% | ||
| Q3 25 | — | 43.4% | ||
| Q2 25 | — | 45.4% | ||
| Q1 25 | — | 43.0% | ||
| Q4 24 | — | 44.1% | ||
| Q3 24 | — | 45.5% | ||
| Q2 24 | — | 46.9% |
营业利润率ARLPCAL
| Q1 26 | 4.2% | — | ||
| Q4 25 | 18.2% | 1.5% | ||
| Q3 25 | 18.4% | 1.4% | ||
| Q2 25 | 16.2% | 1.9% | ||
| Q1 25 | 17.4% | 1.2% | ||
| Q4 24 | 2.6% | 7.7% | ||
| Q3 24 | 16.5% | 6.2% | ||
| Q2 24 | 19.8% | 6.5% |
净利率ARLPCAL
| Q1 26 | 2.1% | — | ||
| Q4 25 | 15.4% | 0.3% | ||
| Q3 25 | 16.6% | 1.0% | ||
| Q2 25 | 10.9% | 1.1% | ||
| Q1 25 | 13.7% | 0.8% | ||
| Q4 24 | 2.8% | 5.6% | ||
| Q3 24 | 14.1% | 4.4% | ||
| Q2 24 | 16.9% | 4.7% |
每股收益（稀释后）ARLPCAL
| Q1 26 | — | — | ||
| Q4 25 | — | $0.07 | ||
| Q3 25 | — | $0.20 | ||
| Q2 25 | — | $0.21 | ||
| Q1 25 | — | $0.17 | ||
| Q4 24 | — | $1.19 | ||
| Q3 24 | — | $0.85 | ||
| Q2 24 | — | $0.88 |
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 | $34.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | — | $616.8M |
| 总资产 | $2.9B | $2.1B |
| 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ARLPCAL
| Q1 26 | $28.9M | — | ||
| Q4 25 | $71.2M | $34.0M | ||
| Q3 25 | $94.5M | $191.5M | ||
| Q2 25 | $55.0M | $33.1M | ||
| Q1 25 | $81.3M | $29.6M | ||
| Q4 24 | $137.0M | $33.7M | ||
| Q3 24 | $195.4M | $51.8M | ||
| Q2 24 | $203.7M | $30.7M |
股东权益ARLPCAL
| Q1 26 | — | — | ||
| Q4 25 | — | $616.8M | ||
| Q3 25 | — | $613.3M | ||
| Q2 25 | — | $605.2M | ||
| Q1 25 | — | $599.0M | ||
| Q4 24 | — | $598.3M | ||
| Q3 24 | — | $606.1M | ||
| Q2 24 | — | $570.3M |
总资产ARLPCAL
| Q1 26 | $2.9B | — | ||
| Q4 25 | $2.9B | $2.1B | ||
| Q3 25 | $2.9B | $2.2B | ||
| Q2 25 | $2.9B | $1.9B | ||
| Q1 25 | $2.9B | $1.9B | ||
| Q4 24 | $2.9B | $2.0B | ||
| Q3 24 | $3.0B | $2.0B | ||
| Q2 24 | $3.1B | $1.9B |
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 | — | $-1.2M |
| 自由现金流经营现金流 - 资本支出 | $13.3M | $-12.4M |
| 自由现金流率自由现金流/营收 | 2.6% | -1.6% |
| 资本支出强度资本支出/营收 | 18.5% | 1.4% |
| 现金转化率经营现金流/净利润 | — | -0.50× |
| 过去12个月自由现金流最近4个季度 | $342.2M | $14.4M |
8季度趋势，按日历期对齐
经营现金流ARLPCAL
| Q1 26 | — | — | ||
| Q4 25 | $143.9M | $-1.2M | ||
| Q3 25 | $209.9M | $47.3M | ||
| Q2 25 | $151.7M | $-5.7M | ||
| Q1 25 | $145.7M | $28.7M | ||
| Q4 24 | $168.4M | $-39.8M | ||
| Q3 24 | $209.3M | $79.6M | ||
| Q2 24 | $215.8M | $36.1M |
自由现金流ARLPCAL
| Q1 26 | $13.3M | — | ||
| Q4 25 | $99.1M | $-12.4M | ||
| Q3 25 | $145.2M | $35.0M | ||
| Q2 25 | $84.7M | $-26.2M | ||
| Q1 25 | $58.9M | $18.0M | ||
| Q4 24 | $75.3M | $-57.4M | ||
| Q3 24 | $99.0M | $68.5M | ||
| Q2 24 | $114.3M | $26.3M |
自由现金流率ARLPCAL
| Q1 26 | 2.6% | — | ||
| Q4 25 | 18.5% | -1.6% | ||
| Q3 25 | 25.4% | 5.3% | ||
| Q2 25 | 15.5% | -4.3% | ||
| Q1 25 | 10.9% | 2.8% | ||
| Q4 24 | 12.8% | -7.7% | ||
| Q3 24 | 16.1% | 10.0% | ||
| Q2 24 | 19.3% | 4.0% |
资本支出强度ARLPCAL
| Q1 26 | 18.5% | — | ||
| Q4 25 | 8.4% | 1.4% | ||
| Q3 25 | 11.3% | 1.9% | ||
| Q2 25 | 12.2% | 3.3% | ||
| Q1 25 | 16.1% | 1.7% | ||
| Q4 24 | 15.8% | 2.4% | ||
| Q3 24 | 18.0% | 1.6% | ||
| Q2 24 | 17.1% | 1.5% |
现金转化率ARLPCAL
| Q1 26 | — | — | ||
| Q4 25 | 1.74× | -0.50× | ||
| Q3 25 | 2.21× | 7.05× | ||
| Q2 25 | 2.55× | -0.81× | ||
| Q1 25 | 1.97× | 5.82× | ||
| Q4 24 | 10.31× | -0.96× | ||
| Q3 24 | 2.43× | 2.66× | ||
| Q2 24 | 2.15× | 1.17× |
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% |
CAL
| Brand Portfolio | $383.7M | 49% |
| Landed Wholesale | $148.1M | 19% |
| Wholesale E Commerce | $75.0M | 9% |
| Ecommerce | $68.8M | 9% |
| Stuart Weitzman Brand | $45.8M | 6% |
| Landed Wholesale Ecommerce Drop Ship | $30.6M | 4% |
| First Cost Wholesale | $14.9M | 2% |
| Clt Brand Solutions | $10.2M | 1% |
| License And Royalty | $2.1M | 0% |
