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ALLIANCE RESOURCE PARTNERS LP（ARLP）与西蒙地产集团（ELS）财务数据对比。点击上方公司名可切换其他公司
ALLIANCE RESOURCE PARTNERS LP的季度营收约是西蒙地产集团的1.3倍（$516.0M vs $397.6M），西蒙地产集团同比增速更快（2.7% vs -3.6%），过去两年西蒙地产集团的营收复合增速更高（2.3% 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。
西蒙地产集团是美国头部房地产投资信托企业，投资范围涵盖购物中心、奥特莱斯及社区生活中心等商业地产业态，是美国规模最大的购物中心持有方，总部位于印第安纳州印第安纳波利斯，截至2024年12月末共持有232处物业权益。
ARLP vs ELS — 直观对比
营收规模更大
ARLP
是对方的1.3倍
$397.6M
营收增速更快
ELS
高出6.3%
-3.6%
两年增速更快
ELS
近两年复合增速
-6.7%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $516.0M | $397.6M |
| 净利润 | $10.7M | — |
| 毛利率 | — | — |
| 营业利润率 | 4.2% | — |
| 净利率 | 2.1% | — |
| 营收同比 | -3.6% | 2.7% |
| 净利润同比 | — | — |
| 每股收益（稀释后） | — | $0.56 |
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ARLPELS
| Q1 26 | $516.0M | $397.6M | ||
| Q4 25 | $535.5M | $373.9M | ||
| Q3 25 | $571.4M | $393.3M | ||
| Q2 25 | $547.5M | $376.9M | ||
| Q1 25 | $540.5M | $387.3M | ||
| Q4 24 | $590.1M | $372.3M | ||
| Q3 24 | $613.6M | $387.3M | ||
| Q2 24 | $593.4M | $380.0M |
净利润ARLPELS
| Q1 26 | $10.7M | — | ||
| Q4 25 | $82.7M | $103.8M | ||
| Q3 25 | $95.1M | $100.4M | ||
| Q2 25 | $59.4M | $83.5M | ||
| Q1 25 | $74.0M | $114.4M | ||
| Q4 24 | $16.3M | $100.6M | ||
| Q3 24 | $86.3M | $86.9M | ||
| Q2 24 | $100.2M | $82.1M |
营业利润率ARLPELS
| Q1 26 | 4.2% | — | ||
| Q4 25 | 18.2% | 26.5% | ||
| Q3 25 | 18.4% | 25.1% | ||
| Q2 25 | 16.2% | 22.3% | ||
| Q1 25 | 17.4% | 28.3% | ||
| Q4 24 | 2.6% | 27.2% | ||
| Q3 24 | 16.5% | 21.4% | ||
| Q2 24 | 19.8% | 21.5% |
净利率ARLPELS
| Q1 26 | 2.1% | — | ||
| Q4 25 | 15.4% | 27.8% | ||
| Q3 25 | 16.6% | 25.5% | ||
| Q2 25 | 10.9% | 22.2% | ||
| Q1 25 | 13.7% | 29.5% | ||
| Q4 24 | 2.8% | 27.0% | ||
| Q3 24 | 14.1% | 22.4% | ||
| Q2 24 | 16.9% | 21.6% |
每股收益（稀释后）ARLPELS
| Q1 26 | — | $0.56 | ||
| Q4 25 | — | $0.52 | ||
| Q3 25 | — | $0.50 | ||
| Q2 25 | — | $0.42 | ||
| Q1 25 | — | $0.57 | ||
| Q4 24 | — | $0.51 | ||
| Q3 24 | — | $0.44 | ||
| Q2 24 | — | $0.42 |
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 | — |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | — | $1.8B |
| 总资产 | $2.9B | $5.7M |
| 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ARLPELS
| Q1 26 | $28.9M | — | ||
| 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 | — |
总债务ARLPELS
| Q1 26 | — | — | ||
| Q4 25 | — | $3.3B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $3.2B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益ARLPELS
| Q1 26 | — | $1.8B | ||
| Q4 25 | — | $1.8B | ||
| Q3 25 | — | $1.8B | ||
| Q2 25 | — | $1.7B | ||
| Q1 25 | — | $1.7B | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | — | $1.4B | ||
| Q2 24 | — | $1.4B |
总资产ARLPELS
| Q1 26 | $2.9B | $5.7M | ||
| Q4 25 | $2.9B | $5.7B | ||
| Q3 25 | $2.9B | $5.7B | ||
| Q2 25 | $2.9B | $5.7B | ||
| Q1 25 | $2.9B | $5.6B | ||
| Q4 24 | $2.9B | $5.6B | ||
| Q3 24 | $3.0B | $5.6B | ||
| Q2 24 | $3.1B | $5.6B |
负债/权益比ARLPELS
| Q1 26 | — | — | ||
| Q4 25 | — | 1.91× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.84× | ||
| 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 | — | — |
| 自由现金流经营现金流 - 资本支出 | $13.3M | — |
| 自由现金流率自由现金流/营收 | 2.6% | — |
| 资本支出强度资本支出/营收 | 18.5% | — |
| 现金转化率经营现金流/净利润 | — | — |
| 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ARLPELS
| Q1 26 | — | — | ||
| Q4 25 | $143.9M | $571.1M | ||
| Q3 25 | $209.9M | $147.0M | ||
| Q2 25 | $151.7M | $131.3M | ||
| Q1 25 | $145.7M | $193.4M | ||
| Q4 24 | $168.4M | $596.7M | ||
| Q3 24 | $209.3M | $149.5M | ||
| Q2 24 | $215.8M | $143.1M |
自由现金流ARLPELS
| Q1 26 | $13.3M | — | ||
| Q4 25 | $99.1M | $334.1M | ||
| Q3 25 | $145.2M | $75.7M | ||
| Q2 25 | $84.7M | $71.8M | ||
| Q1 25 | $58.9M | $148.2M | ||
| Q4 24 | $75.3M | $355.4M | ||
| Q3 24 | $99.0M | $91.1M | ||
| Q2 24 | $114.3M | $80.6M |
自由现金流率ARLPELS
| Q1 26 | 2.6% | — | ||
| Q4 25 | 18.5% | 89.4% | ||
| Q3 25 | 25.4% | 19.3% | ||
| Q2 25 | 15.5% | 19.1% | ||
| Q1 25 | 10.9% | 38.3% | ||
| Q4 24 | 12.8% | 95.5% | ||
| Q3 24 | 16.1% | 23.5% | ||
| Q2 24 | 19.3% | 21.2% |
资本支出强度ARLPELS
| Q1 26 | 18.5% | — | ||
| Q4 25 | 8.4% | 63.4% | ||
| Q3 25 | 11.3% | 18.1% | ||
| Q2 25 | 12.2% | 15.8% | ||
| Q1 25 | 16.1% | 11.7% | ||
| Q4 24 | 15.8% | 64.8% | ||
| Q3 24 | 18.0% | 15.1% | ||
| Q2 24 | 17.1% | 16.5% |
现金转化率ARLPELS
| Q1 26 | — | — | ||
| Q4 25 | 1.74× | 5.50× | ||
| Q3 25 | 2.21× | 1.46× | ||
| Q2 25 | 2.55× | 1.57× | ||
| Q1 25 | 1.97× | 1.69× | ||
| Q4 24 | 10.31× | 5.93× | ||
| Q3 24 | 2.43× | 1.72× | ||
| Q2 24 | 2.15× | 1.74× |
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% |
ELS
| Rental income | $339.0M | 85% |
| Other | $37.2M | 9% |
| Annual membership subscriptions | $18.3M | 5% |
| Membership upgrade revenue | $3.1M | 1% |
