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ALLIANCE RESOURCE PARTNERS LP（ARLP）与Healthpeak Properties（DOC）财务数据对比。点击上方公司名可切换其他公司
Healthpeak Properties的季度营收约是ALLIANCE RESOURCE PARTNERS LP的1.4倍（$719.4M vs $516.0M），Healthpeak Properties净利率更高（73.2% vs 2.1%，领先71.1%），Healthpeak Properties同比增速更快（3.1% vs -3.6%），Healthpeak Properties自由现金流更多（$357.0M vs $13.3M），过去两年Healthpeak Properties的营收复合增速更高（8.9% 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。
Healthpeak Properties是美国医疗地产领域的房地产投资信托基金，核心投资范畴覆盖老年住宅、生命科学相关物业及医疗办公楼三类资产。公司2007年于马里兰州组建，总部设在科罗拉多州丹佛市，在尔湾、纳什维尔、旧金山均设有办事处，截至2019年12月31日共持有617处物业的权益。
ARLP vs DOC — 直观对比
营收规模更大
DOC
是对方的1.4倍
$516.0M
营收增速更快
DOC
高出6.7%
-3.6%
净利率更高
DOC
高出71.1%
2.1%
自由现金流更多
DOC
多$343.7M
$13.3M
两年增速更快
DOC
近两年复合增速
-6.7%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $516.0M | $719.4M |
| 净利润 | $10.7M | $114.0M |
| 毛利率 | — | — |
| 营业利润率 | 4.2% | 17.4% |
| 净利率 | 2.1% | 73.2% |
| 营收同比 | -3.6% | 3.1% |
| 净利润同比 | — | 2406.4% |
| 每股收益（稀释后） | — | $0.16 |
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ARLPDOC
| Q1 26 | $516.0M | — | ||
| Q4 25 | $535.5M | $719.4M | ||
| Q3 25 | $571.4M | $705.9M | ||
| Q2 25 | $547.5M | $694.3M | ||
| Q1 25 | $540.5M | $702.9M | ||
| Q4 24 | $590.1M | $698.0M | ||
| Q3 24 | $613.6M | $700.4M | ||
| Q2 24 | $593.4M | $695.5M |
净利润ARLPDOC
| Q1 26 | $10.7M | — | ||
| Q4 25 | $82.7M | $114.0M | ||
| Q3 25 | $95.1M | $-117.1M | ||
| Q2 25 | $59.4M | $31.7M | ||
| Q1 25 | $74.0M | $42.8M | ||
| Q4 24 | $16.3M | $4.5M | ||
| Q3 24 | $86.3M | $85.9M | ||
| Q2 24 | $100.2M | $146.0M |
毛利率ARLPDOC
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 58.6% | ||
| Q2 25 | — | 60.2% | ||
| Q1 25 | — | 61.1% | ||
| Q4 24 | — | 60.3% | ||
| Q3 24 | — | 60.0% | ||
| Q2 24 | — | 60.6% |
营业利润率ARLPDOC
| Q1 26 | 4.2% | — | ||
| Q4 25 | 18.2% | 17.4% | ||
| Q3 25 | 18.4% | 9.2% | ||
| Q2 25 | 16.2% | 5.7% | ||
| Q1 25 | 17.4% | 7.7% | ||
| Q4 24 | 2.6% | -2.2% | ||
| Q3 24 | 16.5% | 14.1% | ||
| Q2 24 | 19.8% | 22.3% |
净利率ARLPDOC
| Q1 26 | 2.1% | — | ||
| Q4 25 | 15.4% | 73.2% | ||
| Q3 25 | 16.6% | -16.6% | ||
| Q2 25 | 10.9% | 4.6% | ||
| Q1 25 | 13.7% | 6.1% | ||
| Q4 24 | 2.8% | 0.7% | ||
| Q3 24 | 14.1% | 12.3% | ||
| Q2 24 | 16.9% | 21.0% |
每股收益（稀释后）ARLPDOC
| Q1 26 | — | — | ||
| Q4 25 | — | $0.16 | ||
| Q3 25 | — | $-0.17 | ||
| Q2 25 | — | $0.05 | ||
| Q1 25 | — | $0.06 | ||
| Q4 24 | — | $0.02 | ||
| Q3 24 | — | $0.12 | ||
| Q2 24 | — | $0.21 |
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 | $467.5M |
| 总债务越低越好 | — | $9.8B |
| 股东权益账面价值 | — | $7.5B |
| 总资产 | $2.9B | $20.3B |
| 负债/权益比越低杠杆越低 | — | 1.31× |
8季度趋势，按日历期对齐
现金及短期投资ARLPDOC
| Q1 26 | $28.9M | — | ||
| Q4 25 | $71.2M | $467.5M | ||
| Q3 25 | $94.5M | $91.0M | ||
| Q2 25 | $55.0M | $89.4M | ||
| Q1 25 | $81.3M | $70.6M | ||
| Q4 24 | $137.0M | $119.8M | ||
| Q3 24 | $195.4M | $180.4M | ||
| Q2 24 | $203.7M | $106.9M |
总债务ARLPDOC
| Q1 26 | — | — | ||
| Q4 25 | — | $9.8B | ||
| Q3 25 | — | $9.1B | ||
| Q2 25 | — | $9.0B | ||
| Q1 25 | — | $8.9B | ||
| Q4 24 | — | $8.7B | ||
| Q3 24 | — | $8.6B | ||
| Q2 24 | — | $8.6B |
股东权益ARLPDOC
| Q1 26 | — | — | ||
| Q4 25 | — | $7.5B | ||
| Q3 25 | — | $7.6B | ||
| Q2 25 | — | $7.9B | ||
| Q1 25 | — | $8.2B | ||
| Q4 24 | — | $8.4B | ||
| Q3 24 | — | $8.6B | ||
| Q2 24 | — | $8.8B |
总资产ARLPDOC
| Q1 26 | $2.9B | — | ||
| Q4 25 | $2.9B | $20.3B | ||
| Q3 25 | $2.9B | $19.6B | ||
| Q2 25 | $2.9B | $19.8B | ||
| Q1 25 | $2.9B | $19.8B | ||
| Q4 24 | $2.9B | $19.9B | ||
| Q3 24 | $3.0B | $20.0B | ||
| Q2 24 | $3.1B | $20.2B |
负债/权益比ARLPDOC
| Q1 26 | — | — | ||
| Q4 25 | — | 1.31× | ||
| Q3 25 | — | 1.20× | ||
| Q2 25 | — | 1.14× | ||
| Q1 25 | — | 1.08× | ||
| Q4 24 | — | 1.04× | ||
| Q3 24 | — | 1.00× | ||
| Q2 24 | — | 0.98× |
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 | — | $1.3B |
| 自由现金流经营现金流 - 资本支出 | $13.3M | $357.0M |
| 自由现金流率自由现金流/营收 | 2.6% | 49.6% |
| 资本支出强度资本支出/营收 | 18.5% | 124.4% |
| 现金转化率经营现金流/净利润 | — | 10.99× |
| 过去12个月自由现金流最近4个季度 | $342.2M | — |
8季度趋势，按日历期对齐
经营现金流ARLPDOC
| Q1 26 | — | — | ||
| Q4 25 | $143.9M | $1.3B | ||
| Q3 25 | $209.9M | $315.0M | ||
| Q2 25 | $151.7M | $363.5M | ||
| Q1 25 | $145.7M | $279.4M | ||
| Q4 24 | $168.4M | $1.1B | ||
| Q3 24 | $209.3M | $318.2M | ||
| Q2 24 | $215.8M | $316.2M |
自由现金流ARLPDOC
| Q1 26 | $13.3M | — | ||
| Q4 25 | $99.1M | $357.0M | ||
| Q3 25 | $145.2M | — | ||
| Q2 25 | $84.7M | — | ||
| Q1 25 | $58.9M | — | ||
| Q4 24 | $75.3M | $333.7M | ||
| Q3 24 | $99.0M | — | ||
| Q2 24 | $114.3M | — |
自由现金流率ARLPDOC
| Q1 26 | 2.6% | — | ||
| Q4 25 | 18.5% | 49.6% | ||
| Q3 25 | 25.4% | — | ||
| Q2 25 | 15.5% | — | ||
| Q1 25 | 10.9% | — | ||
| Q4 24 | 12.8% | 47.8% | ||
| Q3 24 | 16.1% | — | ||
| Q2 24 | 19.3% | — |
资本支出强度ARLPDOC
| Q1 26 | 18.5% | — | ||
| Q4 25 | 8.4% | 124.4% | ||
| Q3 25 | 11.3% | — | ||
| Q2 25 | 12.2% | — | ||
| Q1 25 | 16.1% | — | ||
| Q4 24 | 15.8% | 105.6% | ||
| Q3 24 | 18.0% | — | ||
| Q2 24 | 17.1% | — |
现金转化率ARLPDOC
| Q1 26 | — | — | ||
| Q4 25 | 1.74× | 10.99× | ||
| Q3 25 | 2.21× | — | ||
| Q2 25 | 2.55× | 11.48× | ||
| Q1 25 | 1.97× | 6.52× | ||
| Q4 24 | 10.31× | 235.43× | ||
| Q3 24 | 2.43× | 3.71× | ||
| Q2 24 | 2.15× | 2.17× |
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% |
DOC
暂无分部数据
