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ALLIANCE RESOURCE PARTNERS LP（ARLP）与CF Industries（CF）财务数据对比。点击上方公司名可切换其他公司
CF Industries的季度营收约是ALLIANCE RESOURCE PARTNERS LP的3.5倍（$1.9B vs $535.5M）。CF Industries净利率更高（26.4% vs 15.4%，领先11.0%）。CF Industries同比增速更快（22.8% vs -9.2%）。CF Industries自由现金流更多（$313.0M vs $99.1M）。过去两年CF Industries的营收复合增速更高（12.8% 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。
CF Industries Holdings Inc.是美国知名农用肥料生产及分销商，1946年成立时名为中央农民肥料公司，总部位于芝加哥郊区的伊利诺伊州诺斯布鲁克。公司主营氨、尿素、硝酸铵等肥料产品，最初为区域农业供应合作社联盟，成立56年后完成股份化改制，转为公开上市企业。
ARLP vs CF — 直观对比
营收规模更大
CF
是对方的3.5倍
$535.5M
营收增速更快
CF
高出32.1%
-9.2%
净利率更高
CF
高出11.0%
15.4%
自由现金流更多
CF
多$213.9M
$99.1M
两年增速更快
CF
近两年复合增速
-9.4%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $535.5M | $1.9B |
| 净利润 | $82.7M | $495.0M |
| 毛利率 | — | 40.9% |
| 营业利润率 | 18.2% | 33.0% |
| 净利率 | 15.4% | 26.4% |
| 营收同比 | -9.2% | 22.8% |
| 净利润同比 | 406.2% | 26.3% |
| 每股收益（稀释后） | — | $2.56 |
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ARLPCF
| Q4 25 | $535.5M | $1.9B | ||
| Q3 25 | $571.4M | $1.7B | ||
| Q2 25 | $547.5M | $1.9B | ||
| Q1 25 | $540.5M | $1.7B | ||
| Q4 24 | $590.1M | $1.5B | ||
| Q3 24 | $613.6M | $1.4B | ||
| Q2 24 | $593.4M | $1.6B | ||
| Q1 24 | $651.7M | $1.5B |
净利润ARLPCF
| Q4 25 | $82.7M | $495.0M | ||
| Q3 25 | $95.1M | $460.0M | ||
| Q2 25 | $59.4M | $492.0M | ||
| Q1 25 | $74.0M | $351.0M | ||
| Q4 24 | $16.3M | $392.0M | ||
| Q3 24 | $86.3M | $341.0M | ||
| Q2 24 | $100.2M | $506.0M | ||
| Q1 24 | $158.1M | $238.0M |
毛利率ARLPCF
| Q4 25 | — | 40.9% | ||
| Q3 25 | — | 38.1% | ||
| Q2 25 | — | 39.9% | ||
| Q1 25 | — | 34.4% | ||
| Q4 24 | — | 34.4% | ||
| Q3 24 | — | 32.4% | ||
| Q2 24 | — | 43.2% | ||
| Q1 24 | — | 27.8% |
营业利润率ARLPCF
| Q4 25 | 18.2% | 33.0% | ||
| Q3 25 | 18.4% | 35.0% | ||
| Q2 25 | 16.2% | 34.3% | ||
| Q1 25 | 17.4% | 27.4% | ||
| Q4 24 | 2.6% | 28.9% | ||
| Q3 24 | 16.5% | 26.6% | ||
| Q2 24 | 19.8% | 40.6% | ||
| Q1 24 | 24.6% | 20.6% |
净利率ARLPCF
| Q4 25 | 15.4% | 26.4% | ||
| Q3 25 | 16.6% | 27.7% | ||
| Q2 25 | 10.9% | 26.0% | ||
| Q1 25 | 13.7% | 21.1% | ||
| Q4 24 | 2.8% | 25.7% | ||
| Q3 24 | 14.1% | 24.9% | ||
| Q2 24 | 16.9% | 32.2% | ||
| Q1 24 | 24.3% | 16.2% |
每股收益（稀释后）ARLPCF
| Q4 25 | — | $2.56 | ||
| Q3 25 | — | $2.19 | ||
| Q2 25 | — | $2.37 | ||
| Q1 25 | — | $1.85 | ||
| Q4 24 | — | $1.86 | ||
| Q3 24 | — | $1.55 | ||
| Q2 24 | — | $2.30 | ||
| Q1 24 | — | $1.03 |
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 | — |
| 总债务越低越好 | — | $3.2B |
| 股东权益账面价值 | — | $4.8B |
| 总资产 | $2.9B | $14.1B |
| 负债/权益比越低杠杆越低 | — | 0.66× |
8季度趋势，按日历期对齐
现金及短期投资ARLPCF
| Q4 25 | $71.2M | — | ||
| Q3 25 | $94.5M | — | ||
| Q2 25 | $55.0M | — | ||
| Q1 25 | $81.3M | — | ||
| Q4 24 | $137.0M | — | ||
| Q3 24 | $195.4M | — | ||
| Q2 24 | $203.7M | — | ||
| Q1 24 | $134.0M | — |
总债务ARLPCF
| Q4 25 | — | $3.2B | ||
| Q3 25 | — | $3.0B | ||
| Q2 25 | — | $3.0B | ||
| Q1 25 | — | $3.0B | ||
| Q4 24 | — | $3.0B | ||
| Q3 24 | — | $3.0B | ||
| Q2 24 | — | $3.0B | ||
| Q1 24 | — | $3.0B |
股东权益ARLPCF
| Q4 25 | — | $4.8B | ||
| Q3 25 | — | $4.8B | ||
| Q2 25 | — | $5.0B | ||
| Q1 25 | — | $4.8B | ||
| Q4 24 | — | $5.0B | ||
| Q3 24 | — | $5.2B | ||
| Q2 24 | — | $5.5B | ||
| Q1 24 | — | $5.4B |
总资产ARLPCF
| Q4 25 | $2.9B | $14.1B | ||
| Q3 25 | $2.9B | $14.2B | ||
| Q2 25 | $2.9B | $13.8B | ||
| Q1 25 | $2.9B | $13.3B | ||
| Q4 24 | $2.9B | $13.5B | ||
| Q3 24 | $3.0B | $13.8B | ||
| Q2 24 | $3.1B | $13.8B | ||
| Q1 24 | $3.0B | $13.9B |
负债/权益比ARLPCF
| Q4 25 | — | 0.66× | ||
| Q3 25 | — | 0.61× | ||
| Q2 25 | — | 0.60× | ||
| Q1 25 | — | 0.62× | ||
| Q4 24 | — | 0.60× | ||
| Q3 24 | — | 0.57× | ||
| Q2 24 | — | 0.54× | ||
| Q1 24 | — | 0.55× |
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 | $539.0M |
| 自由现金流经营现金流 - 资本支出 | $99.1M | $313.0M |
| 自由现金流率自由现金流/营收 | 18.5% | 16.7% |
| 资本支出强度资本支出/营收 | 8.4% | 12.1% |
| 现金转化率经营现金流/净利润 | 1.74× | 1.09× |
| 过去12个月自由现金流最近4个季度 | $387.9M | $1.8B |
8季度趋势，按日历期对齐
经营现金流ARLPCF
| Q4 25 | $143.9M | $539.0M | ||
| Q3 25 | $209.9M | $1.1B | ||
| Q2 25 | $151.7M | $563.0M | ||
| Q1 25 | $145.7M | $586.0M | ||
| Q4 24 | $168.4M | $420.0M | ||
| Q3 24 | $209.3M | $931.0M | ||
| Q2 24 | $215.8M | $475.0M | ||
| Q1 24 | $209.7M | $445.0M |
自由现金流ARLPCF
| Q4 25 | $99.1M | $313.0M | ||
| Q3 25 | $145.2M | $717.0M | ||
| Q2 25 | $84.7M | $318.0M | ||
| Q1 25 | $58.9M | $454.0M | ||
| Q4 24 | $75.3M | $223.0M | ||
| Q3 24 | $99.0M | $792.0M | ||
| Q2 24 | $114.3M | $391.0M | ||
| Q1 24 | $85.8M | $347.0M |
自由现金流率ARLPCF
| Q4 25 | 18.5% | 16.7% | ||
| Q3 25 | 25.4% | 43.2% | ||
| Q2 25 | 15.5% | 16.8% | ||
| Q1 25 | 10.9% | 27.3% | ||
| Q4 24 | 12.8% | 14.6% | ||
| Q3 24 | 16.1% | 57.8% | ||
| Q2 24 | 19.3% | 24.9% | ||
| Q1 24 | 13.2% | 23.6% |
资本支出强度ARLPCF
| Q4 25 | 8.4% | 12.1% | ||
| Q3 25 | 11.3% | 20.9% | ||
| Q2 25 | 12.2% | 13.0% | ||
| Q1 25 | 16.1% | 7.9% | ||
| Q4 24 | 15.8% | 12.9% | ||
| Q3 24 | 18.0% | 10.1% | ||
| Q2 24 | 17.1% | 5.3% | ||
| Q1 24 | 19.0% | 6.7% |
现金转化率ARLPCF
| Q4 25 | 1.74× | 1.09× | ||
| Q3 25 | 2.21× | 2.31× | ||
| Q2 25 | 2.55× | 1.14× | ||
| Q1 25 | 1.97× | 1.67× | ||
| Q4 24 | 10.31× | 1.07× | ||
| Q3 24 | 2.43× | 2.73× | ||
| Q2 24 | 2.15× | 0.94× | ||
| Q1 24 | 1.33× | 1.87× |
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% |
CF
| Ammonia | $591.0M | 32% |
| UAN | $493.0M | 26% |
| Urea | $372.0M | 20% |
| Other | $244.0M | 13% |
| Other Products | $147.0M | 8% |
| Ammonium Nitrate Segment | $25.0M | 1% |
