vs
ALLIANCE RESOURCE PARTNERS LP（ARLP）与科迪华（CTVA）财务数据对比。点击上方公司名可切换其他公司
科迪华的季度营收约是ALLIANCE RESOURCE PARTNERS LP的7.3倍（$3.9B vs $535.5M）。ALLIANCE RESOURCE PARTNERS LP净利率更高（15.4% vs -14.1%，领先29.6%）。科迪华同比增速更快（-1.7% vs -9.2%）。科迪华自由现金流更多（$4.2B vs $99.1M）。过去两年科迪华的营收复合增速更高（-6.7% 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。
科迪华是一家美国农业科技企业，主营种子与作物保护产品，涵盖除草剂、杀虫剂、杀菌剂及生物制剂，业务覆盖全球110个国家，总部位于印第安纳州印第安纳波利斯，旗下大部分种子产品以先锋良种国际品牌销售。
ARLP vs CTVA — 直观对比
营收规模更大
CTVA
是对方的7.3倍
$535.5M
营收增速更快
CTVA
高出7.5%
-9.2%
净利率更高
ARLP
高出29.6%
-14.1%
自由现金流更多
CTVA
多$4.1B
$99.1M
两年增速更快
CTVA
近两年复合增速
-9.4%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $535.5M | $3.9B |
| 净利润 | $82.7M | $-552.0M |
| 毛利率 | — | 42.4% |
| 营业利润率 | 18.2% | -13.6% |
| 净利率 | 15.4% | -14.1% |
| 营收同比 | -9.2% | -1.7% |
| 净利润同比 | 406.2% | -1246.3% |
| 每股收益（稀释后） | — | $-0.80 |
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ARLPCTVA
| Q4 25 | $535.5M | $3.9B | ||
| Q3 25 | $571.4M | $2.6B | ||
| Q2 25 | $547.5M | $6.5B | ||
| Q1 25 | $540.5M | $4.4B | ||
| Q4 24 | $590.1M | $4.0B | ||
| Q3 24 | $613.6M | $2.3B | ||
| Q2 24 | $593.4M | $6.1B | ||
| Q1 24 | $651.7M | $4.5B |
净利润ARLPCTVA
| Q4 25 | $82.7M | $-552.0M | ||
| Q3 25 | $95.1M | $-320.0M | ||
| Q2 25 | $59.4M | $1.3B | ||
| Q1 25 | $74.0M | $652.0M | ||
| Q4 24 | $16.3M | $-41.0M | ||
| Q3 24 | $86.3M | $-524.0M | ||
| Q2 24 | $100.2M | $1.1B | ||
| Q1 24 | $158.1M | $419.0M |
毛利率ARLPCTVA
| Q4 25 | — | 42.4% | ||
| Q3 25 | — | 37.2% | ||
| Q2 25 | — | 54.6% | ||
| Q1 25 | — | 47.0% | ||
| Q4 24 | — | 37.3% | ||
| Q3 24 | — | 32.7% | ||
| Q2 24 | — | 52.3% | ||
| Q1 24 | — | 43.2% |
营业利润率ARLPCTVA
| Q4 25 | 18.2% | -13.6% | ||
| Q3 25 | 18.4% | -14.1% | ||
| Q2 25 | 16.2% | 27.9% | ||
| Q1 25 | 17.4% | 17.7% | ||
| Q4 24 | 2.6% | 2.2% | ||
| Q3 24 | 16.5% | -27.2% | ||
| Q2 24 | 19.8% | 21.9% | ||
| Q1 24 | 24.6% | 10.7% |
净利率ARLPCTVA
| Q4 25 | 15.4% | -14.1% | ||
| Q3 25 | 16.6% | -12.2% | ||
| Q2 25 | 10.9% | 20.4% | ||
| Q1 25 | 13.7% | 14.8% | ||
| Q4 24 | 2.8% | -1.0% | ||
| Q3 24 | 14.1% | -22.5% | ||
| Q2 24 | 16.9% | 17.2% | ||
| Q1 24 | 24.3% | 9.3% |
每股收益（稀释后）ARLPCTVA
| Q4 25 | — | $-0.80 | ||
| Q3 25 | — | $-0.47 | ||
| Q2 25 | — | $1.92 | ||
| Q1 25 | — | $0.95 | ||
| Q4 24 | — | $-0.05 | ||
| Q3 24 | — | $-0.76 | ||
| Q2 24 | — | $1.51 | ||
| Q1 24 | — | $0.60 |
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 | $4.5B |
| 总债务越低越好 | — | $1.7B |
| 股东权益账面价值 | — | $24.1B |
| 总资产 | $2.9B | $42.8B |
| 负债/权益比越低杠杆越低 | — | 0.07× |
8季度趋势，按日历期对齐
现金及短期投资ARLPCTVA
| Q4 25 | $71.2M | $4.5B | ||
| Q3 25 | $94.5M | $2.6B | ||
| Q2 25 | $55.0M | $2.1B | ||
| Q1 25 | $81.3M | $2.0B | ||
| Q4 24 | $137.0M | $3.2B | ||
| Q3 24 | $195.4M | $2.5B | ||
| Q2 24 | $203.7M | $2.0B | ||
| Q1 24 | $134.0M | $1.7B |
总债务ARLPCTVA
| Q4 25 | — | $1.7B | ||
| Q3 25 | — | $1.7B | ||
| Q2 25 | — | $1.7B | ||
| Q1 25 | — | $1.8B | ||
| Q4 24 | — | $2.0B | ||
| Q3 24 | — | $2.0B | ||
| Q2 24 | — | $2.5B | ||
| Q1 24 | — | $2.5B |
股东权益ARLPCTVA
| Q4 25 | — | $24.1B | ||
| Q3 25 | — | $25.2B | ||
| Q2 25 | — | $25.9B | ||
| Q1 25 | — | $24.3B | ||
| Q4 24 | — | $23.8B | ||
| Q3 24 | — | $24.7B | ||
| Q2 24 | — | $25.2B | ||
| Q1 24 | — | $24.8B |
总资产ARLPCTVA
| Q4 25 | $2.9B | $42.8B | ||
| Q3 25 | $2.9B | $42.2B | ||
| Q2 25 | $2.9B | $41.8B | ||
| Q1 25 | $2.9B | $42.1B | ||
| Q4 24 | $2.9B | $40.8B | ||
| Q3 24 | $3.0B | $41.9B | ||
| Q2 24 | $3.1B | $41.5B | ||
| Q1 24 | $3.0B | $43.6B |
负债/权益比ARLPCTVA
| Q4 25 | — | 0.07× | ||
| Q3 25 | — | 0.07× | ||
| Q2 25 | — | 0.07× | ||
| Q1 25 | — | 0.07× | ||
| Q4 24 | — | 0.08× | ||
| Q3 24 | — | 0.08× | ||
| Q2 24 | — | 0.10× | ||
| Q1 24 | — | 0.10× |
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 | $4.4B |
| 自由现金流经营现金流 - 资本支出 | $99.1M | $4.2B |
| 自由现金流率自由现金流/营收 | 18.5% | 106.2% |
| 资本支出强度资本支出/营收 | 8.4% | 5.7% |
| 现金转化率经营现金流/净利润 | 1.74× | — |
| 过去12个月自由现金流最近4个季度 | $387.9M | $2.8B |
8季度趋势，按日历期对齐
经营现金流ARLPCTVA
| Q4 25 | $143.9M | $4.4B | ||
| Q3 25 | $209.9M | $193.0M | ||
| Q2 25 | $151.7M | $947.0M | ||
| Q1 25 | $145.7M | $-2.1B | ||
| Q4 24 | $168.4M | $4.2B | ||
| Q3 24 | $209.3M | $130.0M | ||
| Q2 24 | $215.8M | $451.0M | ||
| Q1 24 | $209.7M | $-2.6B |
自由现金流ARLPCTVA
| Q4 25 | $99.1M | $4.2B | ||
| Q3 25 | $145.2M | $36.0M | ||
| Q2 25 | $84.7M | $829.0M | ||
| Q1 25 | $58.9M | $-2.2B | ||
| Q4 24 | $75.3M | $4.0B | ||
| Q3 24 | $99.0M | $-24.0M | ||
| Q2 24 | $114.3M | $337.0M | ||
| Q1 24 | $85.8M | $-2.8B |
自由现金流率ARLPCTVA
| Q4 25 | 18.5% | 106.2% | ||
| Q3 25 | 25.4% | 1.4% | ||
| Q2 25 | 15.5% | 12.8% | ||
| Q1 25 | 10.9% | -49.9% | ||
| Q4 24 | 12.8% | 100.4% | ||
| Q3 24 | 16.1% | -1.0% | ||
| Q2 24 | 19.3% | 5.5% | ||
| Q1 24 | 13.2% | -61.4% |
资本支出强度ARLPCTVA
| Q4 25 | 8.4% | 5.7% | ||
| Q3 25 | 11.3% | 6.0% | ||
| Q2 25 | 12.2% | 1.8% | ||
| Q1 25 | 16.1% | 2.1% | ||
| Q4 24 | 15.8% | 4.6% | ||
| Q3 24 | 18.0% | 6.6% | ||
| Q2 24 | 17.1% | 1.9% | ||
| Q1 24 | 19.0% | 3.3% |
现金转化率ARLPCTVA
| Q4 25 | 1.74× | — | ||
| Q3 25 | 2.21× | — | ||
| Q2 25 | 2.55× | 0.72× | ||
| Q1 25 | 1.97× | -3.23× | ||
| Q4 24 | 10.31× | — | ||
| Q3 24 | 2.43× | — | ||
| Q2 24 | 2.15× | 0.43× | ||
| Q1 24 | 1.33× | -6.23× |
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% |
CTVA
| Corn | $1.4B | 35% |
| Herbicides | $1.1B | 27% |
| Insecticides | $488.0M | 12% |
| Fungicides | $272.0M | 7% |
| Biologicals | $191.0M | 5% |
| Soybean | $164.0M | 4% |
| Other | $160.0M | 4% |
| Otheroilseeds | $94.0M | 2% |
