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ALLIANCE RESOURCE PARTNERS LP（ARLP）与DXP ENTERPRISES INC（DXPE）财务数据对比。点击上方公司名可切换其他公司
DXP ENTERPRISES INC的季度营收约是ALLIANCE RESOURCE PARTNERS LP的1.0倍（$527.4M vs $516.0M），DXP ENTERPRISES INC净利率更高（4.3% vs 2.1%，领先2.2%），DXP ENTERPRISES INC同比增速更快（12.0% vs -3.6%），DXP ENTERPRISES INC自由现金流更多（$34.5M vs $13.3M），过去两年DXP ENTERPRISES INC的营收复合增速更高（13.1% 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。
DXP Enterprises Inc.是一家领先的工业分销企业，提供维护、维修、运营（MRO）用品、流体处理设备、泵系统及相关技术服务，主要服务制造业、能源、矿业、建筑等领域客户，核心市场覆盖北美地区。
ARLP vs DXPE — 直观对比
营收规模更大
DXPE
是对方的1.0倍
$516.0M
营收增速更快
DXPE
高出15.6%
-3.6%
净利率更高
DXPE
高出2.2%
2.1%
自由现金流更多
DXPE
多$21.2M
$13.3M
两年增速更快
DXPE
近两年复合增速
-6.7%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $516.0M | $527.4M |
| 净利润 | $10.7M | $22.8M |
| 毛利率 | — | 31.6% |
| 营业利润率 | 4.2% | 8.8% |
| 净利率 | 2.1% | 4.3% |
| 营收同比 | -3.6% | 12.0% |
| 净利润同比 | — | 6.9% |
| 每股收益（稀释后） | — | $1.38 |
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ARLPDXPE
| Q1 26 | $516.0M | — | ||
| Q4 25 | $535.5M | $527.4M | ||
| Q3 25 | $571.4M | $513.7M | ||
| Q2 25 | $547.5M | $498.7M | ||
| Q1 25 | $540.5M | $476.6M | ||
| Q4 24 | $590.1M | $470.9M | ||
| Q3 24 | $613.6M | $472.9M | ||
| Q2 24 | $593.4M | $445.6M |
净利润ARLPDXPE
| Q1 26 | $10.7M | — | ||
| Q4 25 | $82.7M | $22.8M | ||
| Q3 25 | $95.1M | $21.6M | ||
| Q2 25 | $59.4M | $23.6M | ||
| Q1 25 | $74.0M | $20.6M | ||
| Q4 24 | $16.3M | $21.4M | ||
| Q3 24 | $86.3M | $21.1M | ||
| Q2 24 | $100.2M | $16.7M |
毛利率ARLPDXPE
| Q1 26 | — | — | ||
| Q4 25 | — | 31.6% | ||
| Q3 25 | — | 31.4% | ||
| Q2 25 | — | 31.6% | ||
| Q1 25 | — | 31.5% | ||
| Q4 24 | — | 31.5% | ||
| Q3 24 | — | 30.9% | ||
| Q2 24 | — | 30.9% |
营业利润率ARLPDXPE
| Q1 26 | 4.2% | — | ||
| Q4 25 | 18.2% | 8.8% | ||
| Q3 25 | 18.4% | 8.5% | ||
| Q2 25 | 16.2% | 9.2% | ||
| Q1 25 | 17.4% | 8.5% | ||
| Q4 24 | 2.6% | 8.3% | ||
| Q3 24 | 16.5% | 8.4% | ||
| Q2 24 | 19.8% | 8.4% |
净利率ARLPDXPE
| Q1 26 | 2.1% | — | ||
| Q4 25 | 15.4% | 4.3% | ||
| Q3 25 | 16.6% | 4.2% | ||
| Q2 25 | 10.9% | 4.7% | ||
| Q1 25 | 13.7% | 4.3% | ||
| Q4 24 | 2.8% | 4.5% | ||
| Q3 24 | 14.1% | 4.5% | ||
| Q2 24 | 16.9% | 3.7% |
每股收益（稀释后）ARLPDXPE
| Q1 26 | — | — | ||
| Q4 25 | — | $1.38 | ||
| Q3 25 | — | $1.31 | ||
| Q2 25 | — | $1.43 | ||
| Q1 25 | — | $1.25 | ||
| Q4 24 | — | $1.28 | ||
| Q3 24 | — | $1.27 | ||
| Q2 24 | — | $1.00 |
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 | $303.8M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | — | $498.4M |
| 总资产 | $2.9B | $1.7B |
| 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ARLPDXPE
| Q1 26 | $28.9M | — | ||
| Q4 25 | $71.2M | $303.8M | ||
| Q3 25 | $94.5M | $123.8M | ||
| Q2 25 | $55.0M | $112.9M | ||
| Q1 25 | $81.3M | $114.3M | ||
| Q4 24 | $137.0M | $148.3M | ||
| Q3 24 | $195.4M | $35.0M | ||
| Q2 24 | $203.7M | $49.9M |
股东权益ARLPDXPE
| Q1 26 | — | — | ||
| Q4 25 | — | $498.4M | ||
| Q3 25 | — | $488.3M | ||
| Q2 25 | — | $468.1M | ||
| Q1 25 | — | $444.7M | ||
| Q4 24 | — | $422.8M | ||
| Q3 24 | — | $402.4M | ||
| Q2 24 | — | $384.7M |
总资产ARLPDXPE
| Q1 26 | $2.9B | — | ||
| Q4 25 | $2.9B | $1.7B | ||
| Q3 25 | $2.9B | $1.4B | ||
| Q2 25 | $2.9B | $1.4B | ||
| Q1 25 | $2.9B | $1.4B | ||
| Q4 24 | $2.9B | $1.3B | ||
| Q3 24 | $3.0B | $1.2B | ||
| Q2 24 | $3.1B | $1.2B |
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 | — | $37.8M |
| 自由现金流经营现金流 - 资本支出 | $13.3M | $34.5M |
| 自由现金流率自由现金流/营收 | 2.6% | 6.5% |
| 资本支出强度资本支出/营收 | 18.5% | 0.6% |
| 现金转化率经营现金流/净利润 | — | 1.65× |
| 过去12个月自由现金流最近4个季度 | $342.2M | $54.0M |
8季度趋势，按日历期对齐
经营现金流ARLPDXPE
| Q1 26 | — | — | ||
| Q4 25 | $143.9M | $37.8M | ||
| Q3 25 | $209.9M | $34.9M | ||
| Q2 25 | $151.7M | $18.6M | ||
| Q1 25 | $145.7M | $3.0M | ||
| Q4 24 | $168.4M | $32.1M | ||
| Q3 24 | $209.3M | $28.3M | ||
| Q2 24 | $215.8M | $14.7M |
自由现金流ARLPDXPE
| Q1 26 | $13.3M | — | ||
| Q4 25 | $99.1M | $34.5M | ||
| Q3 25 | $145.2M | $28.1M | ||
| Q2 25 | $84.7M | $8.3M | ||
| Q1 25 | $58.9M | $-16.9M | ||
| Q4 24 | $75.3M | $22.7M | ||
| Q3 24 | $99.0M | $24.4M | ||
| Q2 24 | $114.3M | $5.9M |
自由现金流率ARLPDXPE
| Q1 26 | 2.6% | — | ||
| Q4 25 | 18.5% | 6.5% | ||
| Q3 25 | 25.4% | 5.5% | ||
| Q2 25 | 15.5% | 1.7% | ||
| Q1 25 | 10.9% | -3.6% | ||
| Q4 24 | 12.8% | 4.8% | ||
| Q3 24 | 16.1% | 5.2% | ||
| Q2 24 | 19.3% | 1.3% |
资本支出强度ARLPDXPE
| Q1 26 | 18.5% | — | ||
| Q4 25 | 8.4% | 0.6% | ||
| Q3 25 | 11.3% | 1.3% | ||
| Q2 25 | 12.2% | 2.1% | ||
| Q1 25 | 16.1% | 4.2% | ||
| Q4 24 | 15.8% | 2.0% | ||
| Q3 24 | 18.0% | 0.8% | ||
| Q2 24 | 17.1% | 2.0% |
现金转化率ARLPDXPE
| Q1 26 | — | — | ||
| Q4 25 | 1.74× | 1.65× | ||
| Q3 25 | 2.21× | 1.61× | ||
| Q2 25 | 2.55× | 0.79× | ||
| Q1 25 | 1.97× | 0.14× | ||
| Q4 24 | 10.31× | 1.50× | ||
| Q3 24 | 2.43× | 1.34× | ||
| Q2 24 | 2.15× | 0.88× |
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% |
DXPE
| Service Centers | $356.2M | 68% |
| Innovative Pumping Solutions | $110.0M | 21% |
| Supply Chain Services | $61.2M | 12% |
