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ALLIANCE RESOURCE PARTNERS LP（ARLP）与DT Midstream, Inc.（DTM）财务数据对比。点击上方公司名可切换其他公司
ALLIANCE RESOURCE PARTNERS LP的季度营收约是DT Midstream, Inc.的1.6倍（$516.0M vs $317.0M），DT Midstream, Inc.净利率更高（35.0% vs 2.1%，领先32.9%），DT Midstream, Inc.同比增速更快（27.3% vs -3.6%），DT Midstream, Inc.自由现金流更多（$30.0M vs $13.3M），过去两年DT Midstream, Inc.的营收复合增速更高（14.9% 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。
ONEOK是美国油气中游运营商，总部位于俄克拉荷马州塔尔萨，为油气行业提供收集、处理、分馏、运输及存储服务，是财富500强企业及标普500指数成分股。公司1906年成立时名为俄克拉荷马天然气公司，1980年更为现名。
ARLP vs DTM — 直观对比
营收规模更大
ARLP
是对方的1.6倍
$317.0M
营收增速更快
DTM
高出31.0%
-3.6%
净利率更高
DTM
高出32.9%
2.1%
自由现金流更多
DTM
多$16.7M
$13.3M
两年增速更快
DTM
近两年复合增速
-6.7%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $516.0M | $317.0M |
| 净利润 | $10.7M | $111.0M |
| 毛利率 | — | — |
| 营业利润率 | 4.2% | 49.2% |
| 净利率 | 2.1% | 35.0% |
| 营收同比 | -3.6% | 27.3% |
| 净利润同比 | — | 52.1% |
| 每股收益（稀释后） | — | $1.07 |
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ARLPDTM
| Q1 26 | $516.0M | — | ||
| Q4 25 | $535.5M | $317.0M | ||
| Q3 25 | $571.4M | $314.0M | ||
| Q2 25 | $547.5M | $309.0M | ||
| Q1 25 | $540.5M | $303.0M | ||
| Q4 24 | $590.1M | $249.0M | ||
| Q3 24 | $613.6M | $248.0M | ||
| Q2 24 | $593.4M | $244.0M |
净利润ARLPDTM
| Q1 26 | $10.7M | — | ||
| Q4 25 | $82.7M | $111.0M | ||
| Q3 25 | $95.1M | $115.0M | ||
| Q2 25 | $59.4M | $107.0M | ||
| Q1 25 | $74.0M | $108.0M | ||
| Q4 24 | $16.3M | $73.0M | ||
| Q3 24 | $86.3M | $88.0M | ||
| Q2 24 | $100.2M | $96.0M |
营业利润率ARLPDTM
| Q1 26 | 4.2% | — | ||
| Q4 25 | 18.2% | 49.2% | ||
| Q3 25 | 18.4% | 49.4% | ||
| Q2 25 | 16.2% | 50.2% | ||
| Q1 25 | 17.4% | 48.8% | ||
| Q4 24 | 2.6% | 45.4% | ||
| Q3 24 | 16.5% | 49.2% | ||
| Q2 24 | 19.8% | 53.3% |
净利率ARLPDTM
| Q1 26 | 2.1% | — | ||
| Q4 25 | 15.4% | 35.0% | ||
| Q3 25 | 16.6% | 36.6% | ||
| Q2 25 | 10.9% | 34.6% | ||
| Q1 25 | 13.7% | 35.6% | ||
| Q4 24 | 2.8% | 29.3% | ||
| Q3 24 | 14.1% | 35.5% | ||
| Q2 24 | 16.9% | 39.3% |
每股收益（稀释后）ARLPDTM
| Q1 26 | — | — | ||
| Q4 25 | — | $1.07 | ||
| Q3 25 | — | $1.13 | ||
| Q2 25 | — | $1.04 | ||
| Q1 25 | — | $1.06 | ||
| Q4 24 | — | $0.73 | ||
| Q3 24 | — | $0.90 | ||
| Q2 24 | — | $0.98 |
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 | $54.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | — | $4.7B |
| 总资产 | $2.9B | $10.1B |
| 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ARLPDTM
| Q1 26 | $28.9M | — | ||
| Q4 25 | $71.2M | $54.0M | ||
| Q3 25 | $94.5M | $98.0M | ||
| Q2 25 | $55.0M | $74.0M | ||
| Q1 25 | $81.3M | $83.0M | ||
| Q4 24 | $137.0M | $68.0M | ||
| Q3 24 | $195.4M | $77.0M | ||
| Q2 24 | $203.7M | $73.0M |
总债务ARLPDTM
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $3.4B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益ARLPDTM
| Q1 26 | — | — | ||
| Q4 25 | — | $4.7B | ||
| Q3 25 | — | $4.7B | ||
| Q2 25 | — | $4.7B | ||
| Q1 25 | — | $4.6B | ||
| Q4 24 | — | $4.6B | ||
| Q3 24 | — | $4.2B | ||
| Q2 24 | — | $4.2B |
总资产ARLPDTM
| Q1 26 | $2.9B | — | ||
| Q4 25 | $2.9B | $10.1B | ||
| Q3 25 | $2.9B | $10.1B | ||
| Q2 25 | $2.9B | $10.0B | ||
| Q1 25 | $2.9B | $9.9B | ||
| Q4 24 | $2.9B | $9.9B | ||
| Q3 24 | $3.0B | $8.6B | ||
| Q2 24 | $3.1B | $9.0B |
负债/权益比ARLPDTM
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.72× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | — | $161.0M |
| 自由现金流经营现金流 - 资本支出 | $13.3M | $30.0M |
| 自由现金流率自由现金流/营收 | 2.6% | 9.5% |
| 资本支出强度资本支出/营收 | 18.5% | 41.3% |
| 现金转化率经营现金流/净利润 | — | 1.45× |
| 过去12个月自由现金流最近4个季度 | $342.2M | $441.0M |
8季度趋势，按日历期对齐
经营现金流ARLPDTM
| Q1 26 | — | — | ||
| Q4 25 | $143.9M | $161.0M | ||
| Q3 25 | $209.9M | $274.0M | ||
| Q2 25 | $151.7M | $185.0M | ||
| Q1 25 | $145.7M | $247.0M | ||
| Q4 24 | $168.4M | $152.0M | ||
| Q3 24 | $209.3M | $205.0M | ||
| Q2 24 | $215.8M | $165.0M |
自由现金流ARLPDTM
| Q1 26 | $13.3M | — | ||
| Q4 25 | $99.1M | $30.0M | ||
| Q3 25 | $145.2M | $131.0M | ||
| Q2 25 | $84.7M | $104.0M | ||
| Q1 25 | $58.9M | $176.0M | ||
| Q4 24 | $75.3M | $62.0M | ||
| Q3 24 | $99.0M | $124.0M | ||
| Q2 24 | $114.3M | $84.0M |
自由现金流率ARLPDTM
| Q1 26 | 2.6% | — | ||
| Q4 25 | 18.5% | 9.5% | ||
| Q3 25 | 25.4% | 41.7% | ||
| Q2 25 | 15.5% | 33.7% | ||
| Q1 25 | 10.9% | 58.1% | ||
| Q4 24 | 12.8% | 24.9% | ||
| Q3 24 | 16.1% | 50.0% | ||
| Q2 24 | 19.3% | 34.4% |
资本支出强度ARLPDTM
| Q1 26 | 18.5% | — | ||
| Q4 25 | 8.4% | 41.3% | ||
| Q3 25 | 11.3% | 45.5% | ||
| Q2 25 | 12.2% | 26.2% | ||
| Q1 25 | 16.1% | 23.4% | ||
| Q4 24 | 15.8% | 36.1% | ||
| Q3 24 | 18.0% | 32.7% | ||
| Q2 24 | 17.1% | 33.2% |
现金转化率ARLPDTM
| Q1 26 | — | — | ||
| Q4 25 | 1.74× | 1.45× | ||
| Q3 25 | 2.21× | 2.38× | ||
| Q2 25 | 2.55× | 1.73× | ||
| Q1 25 | 1.97× | 2.29× | ||
| Q4 24 | 10.31× | 2.08× | ||
| Q3 24 | 2.43× | 2.33× | ||
| Q2 24 | 2.15× | 1.72× |
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% |
DTM
| Pipeline Segment | $173.0M | 55% |
| Gathering Segment | $144.0M | 45% |
