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ALLIANCE RESOURCE PARTNERS LP（ARLP）与Maplebear Inc.（CART）财务数据对比。点击上方公司名可切换其他公司
Maplebear Inc.的季度营收约是ALLIANCE RESOURCE PARTNERS LP的1.9倍（$992.0M vs $516.0M），Maplebear Inc.净利率更高（8.2% vs 2.1%，领先6.1%），Maplebear Inc.同比增速更快（12.3% vs -3.6%），Maplebear Inc.自由现金流更多（$171.0M vs $13.3M），过去两年Maplebear Inc.的营收复合增速更高（10.0% 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。
Maplebear Inc. 以Instacart为品牌开展业务，是总部位于美国旧金山的零售媒体及配送企业，在美国和加拿大运营生鲜杂货配送与自提服务。用户可通过官网及移动应用从合作商户订购食品杂货，在法律允许的地区还可选购酒类商品，所有订单由专属采购专员负责拣选、打包并配送上门。
ARLP vs CART — 直观对比
营收规模更大
CART
是对方的1.9倍
$516.0M
营收增速更快
CART
高出16.0%
-3.6%
净利率更高
CART
高出6.1%
2.1%
自由现金流更多
CART
多$157.7M
$13.3M
两年增速更快
CART
近两年复合增速
-6.7%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $516.0M | $992.0M |
| 净利润 | $10.7M | $81.0M |
| 毛利率 | — | 72.3% |
| 营业利润率 | 4.2% | 9.9% |
| 净利率 | 2.1% | 8.2% |
| 营收同比 | -3.6% | 12.3% |
| 净利润同比 | — | -45.3% |
| 每股收益（稀释后） | — | $0.31 |
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ARLPCART
| Q1 26 | $516.0M | — | ||
| Q4 25 | $535.5M | $992.0M | ||
| Q3 25 | $571.4M | $939.0M | ||
| Q2 25 | $547.5M | $914.0M | ||
| Q1 25 | $540.5M | $897.0M | ||
| Q4 24 | $590.1M | $883.0M | ||
| Q3 24 | $613.6M | $852.0M | ||
| Q2 24 | $593.4M | $823.0M |
净利润ARLPCART
| Q1 26 | $10.7M | — | ||
| Q4 25 | $82.7M | $81.0M | ||
| Q3 25 | $95.1M | $144.0M | ||
| Q2 25 | $59.4M | $116.0M | ||
| Q1 25 | $74.0M | $106.0M | ||
| Q4 24 | $16.3M | $148.0M | ||
| Q3 24 | $86.3M | $118.0M | ||
| Q2 24 | $100.2M | $61.0M |
毛利率ARLPCART
| Q1 26 | — | — | ||
| Q4 25 | — | 72.3% | ||
| Q3 25 | — | 73.7% | ||
| Q2 25 | — | 74.2% | ||
| Q1 25 | — | 74.8% | ||
| Q4 24 | — | 75.2% | ||
| Q3 24 | — | 75.2% | ||
| Q2 24 | — | 75.7% |
营业利润率ARLPCART
| Q1 26 | 4.2% | — | ||
| Q4 25 | 18.2% | 9.9% | ||
| Q3 25 | 18.4% | 17.7% | ||
| Q2 25 | 16.2% | 13.6% | ||
| Q1 25 | 17.4% | 12.3% | ||
| Q4 24 | 2.6% | 17.6% | ||
| Q3 24 | 16.5% | 16.2% | ||
| Q2 24 | 19.8% | 6.3% |
净利率ARLPCART
| Q1 26 | 2.1% | — | ||
| Q4 25 | 15.4% | 8.2% | ||
| Q3 25 | 16.6% | 15.3% | ||
| Q2 25 | 10.9% | 12.7% | ||
| Q1 25 | 13.7% | 11.8% | ||
| Q4 24 | 2.8% | 16.8% | ||
| Q3 24 | 14.1% | 13.8% | ||
| Q2 24 | 16.9% | 7.4% |
每股收益（稀释后）ARLPCART
| Q1 26 | — | — | ||
| Q4 25 | — | $0.31 | ||
| Q3 25 | — | $0.51 | ||
| Q2 25 | — | $0.41 | ||
| Q1 25 | — | $0.37 | ||
| Q4 24 | — | $0.53 | ||
| Q3 24 | — | $0.42 | ||
| Q2 24 | — | $0.20 |
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 | $687.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | — | $2.5B |
| 总资产 | $2.9B | $3.7B |
| 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ARLPCART
| Q1 26 | $28.9M | — | ||
| Q4 25 | $71.2M | $687.0M | ||
| Q3 25 | $94.5M | $1.7B | ||
| Q2 25 | $55.0M | $1.6B | ||
| Q1 25 | $81.3M | $1.6B | ||
| Q4 24 | $137.0M | $1.4B | ||
| Q3 24 | $195.4M | $1.3B | ||
| Q2 24 | $203.7M | $1.4B |
股东权益ARLPCART
| Q1 26 | — | — | ||
| Q4 25 | — | $2.5B | ||
| Q3 25 | — | $3.5B | ||
| Q2 25 | — | $3.3B | ||
| Q1 25 | — | $3.2B | ||
| Q4 24 | — | $3.1B | ||
| Q3 24 | — | $2.9B | ||
| Q2 24 | — | $3.0B |
总资产ARLPCART
| Q1 26 | $2.9B | — | ||
| Q4 25 | $2.9B | $3.7B | ||
| Q3 25 | $2.9B | $4.5B | ||
| Q2 25 | $2.9B | $4.4B | ||
| Q1 25 | $2.9B | $4.3B | ||
| Q4 24 | $2.9B | $4.1B | ||
| Q3 24 | $3.0B | $3.9B | ||
| Q2 24 | $3.1B | $4.0B |
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 | — | $183.0M |
| 自由现金流经营现金流 - 资本支出 | $13.3M | $171.0M |
| 自由现金流率自由现金流/营收 | 2.6% | 17.2% |
| 资本支出强度资本支出/营收 | 18.5% | 1.2% |
| 现金转化率经营现金流/净利润 | — | 2.26× |
| 过去12个月自由现金流最近4个季度 | $342.2M | $910.0M |
8季度趋势，按日历期对齐
经营现金流ARLPCART
| Q1 26 | — | — | ||
| Q4 25 | $143.9M | $183.0M | ||
| Q3 25 | $209.9M | $287.0M | ||
| Q2 25 | $151.7M | $203.0M | ||
| Q1 25 | $145.7M | $298.0M | ||
| Q4 24 | $168.4M | $153.0M | ||
| Q3 24 | $209.3M | $185.0M | ||
| Q2 24 | $215.8M | $244.0M |
自由现金流ARLPCART
| Q1 26 | $13.3M | — | ||
| Q4 25 | $99.1M | $171.0M | ||
| Q3 25 | $145.2M | $272.0M | ||
| Q2 25 | $84.7M | $187.0M | ||
| Q1 25 | $58.9M | $280.0M | ||
| Q4 24 | $75.3M | $141.0M | ||
| Q3 24 | $99.0M | $171.0M | ||
| Q2 24 | $114.3M | $220.0M |
自由现金流率ARLPCART
| Q1 26 | 2.6% | — | ||
| Q4 25 | 18.5% | 17.2% | ||
| Q3 25 | 25.4% | 29.0% | ||
| Q2 25 | 15.5% | 20.5% | ||
| Q1 25 | 10.9% | 31.2% | ||
| Q4 24 | 12.8% | 16.0% | ||
| Q3 24 | 16.1% | 20.1% | ||
| Q2 24 | 19.3% | 26.7% |
资本支出强度ARLPCART
| Q1 26 | 18.5% | — | ||
| Q4 25 | 8.4% | 1.2% | ||
| Q3 25 | 11.3% | 1.6% | ||
| Q2 25 | 12.2% | 1.8% | ||
| Q1 25 | 16.1% | 2.0% | ||
| Q4 24 | 15.8% | 1.4% | ||
| Q3 24 | 18.0% | 1.6% | ||
| Q2 24 | 17.1% | 2.9% |
现金转化率ARLPCART
| Q1 26 | — | — | ||
| Q4 25 | 1.74× | 2.26× | ||
| Q3 25 | 2.21× | 1.99× | ||
| Q2 25 | 2.55× | 1.75× | ||
| Q1 25 | 1.97× | 2.81× | ||
| Q4 24 | 10.31× | 1.03× | ||
| Q3 24 | 2.43× | 1.57× | ||
| Q2 24 | 2.15× | 4.00× |
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% |
CART
| Transaction | $698.0M | 70% |
| Advertising And Other | $294.0M | 30% |
