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ALLIANCE RESOURCE PARTNERS LP（ARLP）与Elastic N.V.（ESTC）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Elastic N.V.的1.2倍（$516.0M vs $423.5M），ALLIANCE RESOURCE PARTNERS LP净利率更高（2.1% vs -12.1%，领先14.2%），Elastic N.V.同比增速更快（15.9% vs -3.6%），Elastic N.V.自由现金流更多（$26.0M vs $13.3M），过去两年Elastic N.V.的营收复合增速更高（13.6% 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。
Elastic是荷美合资软件企业，2012年成立于荷兰阿姆斯特丹，运营总部分设于荷兰及美国加利福尼亚州旧金山市，于纽交所上市。公司提供企业级搜索、可观测性、网络安全平台，可支持用户实现大规模数据搜索分析、系统性能监测及异常检测。
ARLP vs ESTC — 直观对比
营收规模更大
ARLP
是对方的1.2倍
$423.5M
营收增速更快
ESTC
高出19.5%
-3.6%
净利率更高
ARLP
高出14.2%
-12.1%
自由现金流更多
ESTC
多$12.7M
$13.3M
两年增速更快
ESTC
近两年复合增速
-6.7%
损益表 — Q1 FY2026 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $516.0M | $423.5M |
| 净利润 | $10.7M | $-51.3M |
| 毛利率 | — | 75.9% |
| 营业利润率 | 4.2% | -1.9% |
| 净利率 | 2.1% | -12.1% |
| 营收同比 | -3.6% | 15.9% |
| 净利润同比 | — | -101.5% |
| 每股收益（稀释后） | — | $-0.48 |
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ARLPESTC
| Q1 26 | $516.0M | — | ||
| Q4 25 | $535.5M | $423.5M | ||
| Q3 25 | $571.4M | $415.3M | ||
| Q2 25 | $547.5M | $388.4M | ||
| Q1 25 | $540.5M | $382.1M | ||
| Q4 24 | $590.1M | $365.4M | ||
| Q3 24 | $613.6M | $347.4M | ||
| Q2 24 | $593.4M | $335.0M |
净利润ARLPESTC
| Q1 26 | $10.7M | — | ||
| Q4 25 | $82.7M | $-51.3M | ||
| Q3 25 | $95.1M | $-24.6M | ||
| Q2 25 | $59.4M | $-16.4M | ||
| Q1 25 | $74.0M | $-17.1M | ||
| Q4 24 | $16.3M | $-25.4M | ||
| Q3 24 | $86.3M | $-49.2M | ||
| Q2 24 | $100.2M | $-41.1M |
毛利率ARLPESTC
| Q1 26 | — | — | ||
| Q4 25 | — | 75.9% | ||
| Q3 25 | — | 76.7% | ||
| Q2 25 | — | 74.8% | ||
| Q1 25 | — | 74.6% | ||
| Q4 24 | — | 74.5% | ||
| Q3 24 | — | 73.6% | ||
| Q2 24 | — | 73.8% |
营业利润率ARLPESTC
| Q1 26 | 4.2% | — | ||
| Q4 25 | 18.2% | -1.9% | ||
| Q3 25 | 18.4% | -2.3% | ||
| Q2 25 | 16.2% | -3.1% | ||
| Q1 25 | 17.4% | -1.2% | ||
| Q4 24 | 2.6% | -1.2% | ||
| Q3 24 | 16.5% | -9.7% | ||
| Q2 24 | 19.8% | -13.6% |
净利率ARLPESTC
| Q1 26 | 2.1% | — | ||
| Q4 25 | 15.4% | -12.1% | ||
| Q3 25 | 16.6% | -5.9% | ||
| Q2 25 | 10.9% | -4.2% | ||
| Q1 25 | 13.7% | -4.5% | ||
| Q4 24 | 2.8% | -7.0% | ||
| Q3 24 | 14.1% | -14.2% | ||
| Q2 24 | 16.9% | -12.3% |
每股收益（稀释后）ARLPESTC
| Q1 26 | — | — | ||
| Q4 25 | — | $-0.48 | ||
| Q3 25 | — | $-0.23 | ||
| Q2 25 | — | $-0.15 | ||
| Q1 25 | — | $-0.16 | ||
| Q4 24 | — | $-0.25 | ||
| Q3 24 | — | $-0.48 | ||
| Q2 24 | — | $-0.35 |
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 | $1.4B |
| 总债务越低越好 | — | $570.3M |
| 股东权益账面价值 | — | $891.1M |
| 总资产 | $2.9B | $2.5B |
| 负债/权益比越低杠杆越低 | — | 0.64× |
8季度趋势，按日历期对齐
现金及短期投资ARLPESTC
| Q1 26 | $28.9M | — | ||
| Q4 25 | $71.2M | $1.4B | ||
| Q3 25 | $94.5M | $1.5B | ||
| Q2 25 | $55.0M | $1.4B | ||
| Q1 25 | $81.3M | $584.0M | ||
| Q4 24 | $137.0M | $658.5M | ||
| Q3 24 | $195.4M | $594.9M | ||
| Q2 24 | $203.7M | $1.1B |
总债务ARLPESTC
| Q1 26 | — | — | ||
| Q4 25 | — | $570.3M | ||
| Q3 25 | — | $570.0M | ||
| Q2 25 | — | $569.7M | ||
| Q1 25 | — | $569.4M | ||
| Q4 24 | — | $569.2M | ||
| Q3 24 | — | $568.9M | ||
| Q2 24 | — | $568.6M |
股东权益ARLPESTC
| Q1 26 | — | — | ||
| Q4 25 | — | $891.1M | ||
| Q3 25 | — | $971.4M | ||
| Q2 25 | — | $927.2M | ||
| Q1 25 | — | $859.1M | ||
| Q4 24 | — | $811.5M | ||
| Q3 24 | — | $759.4M | ||
| Q2 24 | — | $738.2M |
总资产ARLPESTC
| Q1 26 | $2.9B | — | ||
| Q4 25 | $2.9B | $2.5B | ||
| Q3 25 | $2.9B | $2.5B | ||
| Q2 25 | $2.9B | $2.6B | ||
| Q1 25 | $2.9B | $2.3B | ||
| Q4 24 | $2.9B | $2.2B | ||
| Q3 24 | $3.0B | $2.2B | ||
| Q2 24 | $3.1B | $2.2B |
负债/权益比ARLPESTC
| Q1 26 | — | — | ||
| Q4 25 | — | 0.64× | ||
| Q3 25 | — | 0.59× | ||
| Q2 25 | — | 0.61× | ||
| Q1 25 | — | 0.66× | ||
| Q4 24 | — | 0.70× | ||
| Q3 24 | — | 0.75× | ||
| Q2 24 | — | 0.77× |
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 | — | $26.6M |
| 自由现金流经营现金流 - 资本支出 | $13.3M | $26.0M |
| 自由现金流率自由现金流/营收 | 2.6% | 6.1% |
| 资本支出强度资本支出/营收 | 18.5% | 0.1% |
| 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 | $302.3M |
8季度趋势，按日历期对齐
经营现金流ARLPESTC
| Q1 26 | — | — | ||
| Q4 25 | $143.9M | $26.6M | ||
| Q3 25 | $209.9M | $104.8M | ||
| Q2 25 | $151.7M | $87.0M | ||
| Q1 25 | $145.7M | $88.1M | ||
| Q4 24 | $168.4M | $38.4M | ||
| Q3 24 | $209.3M | $52.8M | ||
| Q2 24 | $215.8M | $60.9M |
自由现金流ARLPESTC
| Q1 26 | $13.3M | — | ||
| Q4 25 | $99.1M | $26.0M | ||
| Q3 25 | $145.2M | $104.2M | ||
| Q2 25 | $84.7M | $84.9M | ||
| Q1 25 | $58.9M | $87.3M | ||
| Q4 24 | $75.3M | $37.7M | ||
| Q3 24 | $99.0M | $52.0M | ||
| Q2 24 | $114.3M | $60.1M |
自由现金流率ARLPESTC
| Q1 26 | 2.6% | — | ||
| Q4 25 | 18.5% | 6.1% | ||
| Q3 25 | 25.4% | 25.1% | ||
| Q2 25 | 15.5% | 21.8% | ||
| Q1 25 | 10.9% | 22.8% | ||
| Q4 24 | 12.8% | 10.3% | ||
| Q3 24 | 16.1% | 15.0% | ||
| Q2 24 | 19.3% | 17.9% |
资本支出强度ARLPESTC
| Q1 26 | 18.5% | — | ||
| Q4 25 | 8.4% | 0.1% | ||
| Q3 25 | 11.3% | 0.2% | ||
| Q2 25 | 12.2% | 0.5% | ||
| Q1 25 | 16.1% | 0.2% | ||
| Q4 24 | 15.8% | 0.2% | ||
| Q3 24 | 18.0% | 0.2% | ||
| Q2 24 | 17.1% | 0.3% |
现金转化率ARLPESTC
| Q1 26 | — | — | ||
| Q4 25 | 1.74× | — | ||
| Q3 25 | 2.21× | — | ||
| Q2 25 | 2.55× | — | ||
| Q1 25 | 1.97× | — | ||
| Q4 24 | 10.31× | — | ||
| Q3 24 | 2.43× | — | ||
| Q2 24 | 2.15× | — |
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% |
ESTC
| Self Managed Subscription | $192.0M | 45% |
| Saa S Self Managed Annual | $156.9M | 37% |
| Saa S Self Managed Monthly | $48.8M | 12% |
| Professional Services | $25.8M | 6% |
