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ALLIANCE RESOURCE PARTNERS LP（ARLP）与CrossAmerica Partners LP（CAPL）财务数据对比。点击上方公司名可切换其他公司
CrossAmerica Partners LP的季度营收约是ALLIANCE RESOURCE PARTNERS LP的1.7倍（$866.3M vs $516.0M），ALLIANCE RESOURCE PARTNERS LP净利率更高（2.1% vs 1.2%，领先0.9%），ALLIANCE RESOURCE PARTNERS LP同比增速更快（-3.6% vs -8.3%），CrossAmerica Partners LP自由现金流更多（$22.4M vs $13.3M），过去两年CrossAmerica Partners LP的营收复合增速更高（-4.1% 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。
塔峰资本合伙人（TowerBrook Capital Partners）是一家总部位于伦敦和纽约的投资管理公司，2005年从索罗斯基金管理分拆独立。该机构主打私募股权及结构性机会投资，曾收购奢侈品品牌Jimmy Choo控股权，截至2025年其管理规模超250亿美元，官网公示在管投资项目共110个。
ARLP vs CAPL — 直观对比
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $516.0M | $866.3M |
| 净利润 | $10.7M | $10.2M |
| 毛利率 | — | 12.4% |
| 营业利润率 | 4.2% | 3.0% |
| 净利率 | 2.1% | 1.2% |
| 营收同比 | -3.6% | -8.3% |
| 净利润同比 | — | -39.6% |
| 每股收益（稀释后） | — | $0.24 |
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
| Q1 26 | $516.0M | — | ||
| Q4 25 | $535.5M | $866.3M | ||
| Q3 25 | $571.4M | $971.8M | ||
| Q2 25 | $547.5M | $961.9M | ||
| Q1 25 | $540.5M | $862.5M | ||
| Q4 24 | $590.1M | $944.2M | ||
| Q3 24 | $613.6M | $1.1B | ||
| Q2 24 | $593.4M | $1.1B |
| Q1 26 | $10.7M | — | ||
| Q4 25 | $82.7M | $10.2M | ||
| Q3 25 | $95.1M | $13.6M | ||
| Q2 25 | $59.4M | $25.2M | ||
| Q1 25 | $74.0M | $-7.1M | ||
| Q4 24 | $16.3M | $16.9M | ||
| Q3 24 | $86.3M | $10.7M | ||
| Q2 24 | $100.2M | $12.4M |
| Q1 26 | — | — | ||
| Q4 25 | — | 12.4% | ||
| Q3 25 | — | 10.8% | ||
| Q2 25 | — | 10.5% | ||
| Q1 25 | — | 10.4% | ||
| Q4 24 | — | 10.7% | ||
| Q3 24 | — | 10.3% | ||
| Q2 24 | — | 9.2% |
| Q1 26 | 4.2% | — | ||
| Q4 25 | 18.2% | 3.0% | ||
| Q3 25 | 18.4% | 2.9% | ||
| Q2 25 | 16.2% | 4.3% | ||
| Q1 25 | 17.4% | 0.2% | ||
| Q4 24 | 2.6% | 3.0% | ||
| Q3 24 | 16.5% | 2.5% | ||
| Q2 24 | 19.8% | 2.5% |
| Q1 26 | 2.1% | — | ||
| Q4 25 | 15.4% | 1.2% | ||
| Q3 25 | 16.6% | 1.4% | ||
| Q2 25 | 10.9% | 2.6% | ||
| Q1 25 | 13.7% | -0.8% | ||
| Q4 24 | 2.8% | 1.8% | ||
| Q3 24 | 14.1% | 1.0% | ||
| Q2 24 | 16.9% | 1.1% |
| Q1 26 | — | — | ||
| Q4 25 | — | $0.24 | ||
| Q3 25 | — | $0.34 | ||
| Q2 25 | — | $0.64 | ||
| Q1 25 | — | $-0.20 | ||
| Q4 24 | — | $0.42 | ||
| Q3 24 | — | $0.27 | ||
| Q2 24 | — | $0.31 |
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 | $3.1M |
| 总债务越低越好 | — | $687.2M |
| 股东权益账面价值 | — | — |
| 总资产 | $2.9B | $964.7M |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
| Q1 26 | $28.9M | — | ||
| Q4 25 | $71.2M | $3.1M | ||
| Q3 25 | $94.5M | $5.8M | ||
| Q2 25 | $55.0M | $9.7M | ||
| Q1 25 | $81.3M | $6.7M | ||
| Q4 24 | $137.0M | $3.4M | ||
| Q3 24 | $195.4M | $7.8M | ||
| Q2 24 | $203.7M | $5.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | $687.2M | ||
| Q3 25 | — | $700.8M | ||
| Q2 25 | — | $722.7M | ||
| Q1 25 | — | $774.1M | ||
| Q4 24 | — | $763.9M | ||
| Q3 24 | — | $769.2M | ||
| Q2 24 | — | $786.7M |
| Q1 26 | $2.9B | — | ||
| Q4 25 | $2.9B | $964.7M | ||
| Q3 25 | $2.9B | $998.9M | ||
| Q2 25 | $2.9B | $1.0B | ||
| Q1 25 | $2.9B | $1.1B | ||
| Q4 24 | $2.9B | $1.1B | ||
| Q3 24 | $3.0B | $1.1B | ||
| Q2 24 | $3.1B | $1.2B |
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 | — | $29.4M |
| 自由现金流经营现金流 - 资本支出 | $13.3M | $22.4M |
| 自由现金流率自由现金流/营收 | 2.6% | 2.6% |
| 资本支出强度资本支出/营收 | 18.5% | 0.8% |
| 现金转化率经营现金流/净利润 | — | 2.89× |
| 过去12个月自由现金流最近4个季度 | $342.2M | $55.8M |
8季度趋势，按日历期对齐
| Q1 26 | — | — | ||
| Q4 25 | $143.9M | $29.4M | ||
| Q3 25 | $209.9M | $24.4M | ||
| Q2 25 | $151.7M | $22.6M | ||
| Q1 25 | $145.7M | $15.0M | ||
| Q4 24 | $168.4M | $11.1M | ||
| Q3 24 | $209.3M | $41.9M | ||
| Q2 24 | $215.8M | $28.9M |
| Q1 26 | $13.3M | — | ||
| Q4 25 | $99.1M | $22.4M | ||
| Q3 25 | $145.2M | $17.7M | ||
| Q2 25 | $84.7M | $10.8M | ||
| Q1 25 | $58.9M | $4.9M | ||
| Q4 24 | $75.3M | $3.9M | ||
| Q3 24 | $99.0M | $34.2M | ||
| Q2 24 | $114.3M | $23.6M |
| Q1 26 | 2.6% | — | ||
| Q4 25 | 18.5% | 2.6% | ||
| Q3 25 | 25.4% | 1.8% | ||
| Q2 25 | 15.5% | 1.1% | ||
| Q1 25 | 10.9% | 0.6% | ||
| Q4 24 | 12.8% | 0.4% | ||
| Q3 24 | 16.1% | 3.2% | ||
| Q2 24 | 19.3% | 2.1% |
| Q1 26 | 18.5% | — | ||
| Q4 25 | 8.4% | 0.8% | ||
| Q3 25 | 11.3% | 0.7% | ||
| Q2 25 | 12.2% | 1.2% | ||
| Q1 25 | 16.1% | 1.2% | ||
| Q4 24 | 15.8% | 0.8% | ||
| Q3 24 | 18.0% | 0.7% | ||
| Q2 24 | 17.1% | 0.5% |
| Q1 26 | — | — | ||
| Q4 25 | 1.74× | 2.89× | ||
| Q3 25 | 2.21× | 1.79× | ||
| Q2 25 | 2.55× | 0.90× | ||
| Q1 25 | 1.97× | — | ||
| Q4 24 | 10.31× | 0.66× | ||
| Q3 24 | 2.43× | 3.92× | ||
| Q2 24 | 2.15× | 2.33× |
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% |
CAPL
| Retail Segment | $505.3M | 58% |
| Wholesale | $360.9M | 42% |
| Other | $1.2M | 0% |
