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ALLIANCE RESOURCE PARTNERS LP（ARLP）与Forestar Group Inc.（FOR）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Forestar Group Inc.的1.9倍（$516.0M vs $273.0M），Forestar Group Inc.净利率更高（5.6% vs 2.1%，领先3.6%），Forestar Group Inc.同比增速更快（9.0% vs -3.6%），ALLIANCE RESOURCE PARTNERS LP自由现金流更多（$13.3M vs $-157.1M），过去两年ALLIANCE RESOURCE PARTNERS LP的营收复合增速更高（-6.7% vs -9.6%）
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。
福雷斯特集团是一家住宅地块开发企业，总部位于得克萨斯州阿灵顿，业务覆盖美国21个州的51个市场。截至2020年12月31日的12个月内，该公司交付了11518块住宅地块，目前在纽约证券交易所上市，自2002年起就是美国规模最大的住宅建筑商D.R. Horton的控股子公司。
ARLP vs FOR — 直观对比
营收规模更大
ARLP
是对方的1.9倍
$273.0M
营收增速更快
FOR
高出12.7%
-3.6%
净利率更高
FOR
高出3.6%
2.1%
自由现金流更多
ARLP
多$170.4M
$-157.1M
两年增速更快
ARLP
近两年复合增速
-9.6%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $516.0M | $273.0M |
| 净利润 | $10.7M | $15.4M |
| 毛利率 | — | 20.1% |
| 营业利润率 | 4.2% | 7.6% |
| 净利率 | 2.1% | 5.6% |
| 营收同比 | -3.6% | 9.0% |
| 净利润同比 | — | -6.7% |
| 每股收益（稀释后） | — | $0.30 |
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ARLPFOR
| Q1 26 | $516.0M | — | ||
| Q4 25 | $535.5M | $273.0M | ||
| Q3 25 | $571.4M | $670.5M | ||
| Q2 25 | $547.5M | $390.5M | ||
| Q1 25 | $540.5M | $351.0M | ||
| Q4 24 | $590.1M | $250.4M | ||
| Q3 24 | $613.6M | $551.3M | ||
| Q2 24 | $593.4M | $318.4M |
净利润ARLPFOR
| Q1 26 | $10.7M | — | ||
| Q4 25 | $82.7M | $15.4M | ||
| Q3 25 | $95.1M | $86.9M | ||
| Q2 25 | $59.4M | $32.9M | ||
| Q1 25 | $74.0M | $31.6M | ||
| Q4 24 | $16.3M | $16.5M | ||
| Q3 24 | $86.3M | $81.5M | ||
| Q2 24 | $100.2M | $38.7M |
毛利率ARLPFOR
| Q1 26 | — | — | ||
| Q4 25 | — | 20.1% | ||
| Q3 25 | — | 22.3% | ||
| Q2 25 | — | 20.4% | ||
| Q1 25 | — | 22.6% | ||
| Q4 24 | — | 22.0% | ||
| Q3 24 | — | 23.9% | ||
| Q2 24 | — | 22.5% |
营业利润率ARLPFOR
| Q1 26 | 4.2% | — | ||
| Q4 25 | 18.2% | 7.6% | ||
| Q3 25 | 18.4% | 16.9% | ||
| Q2 25 | 16.2% | 11.2% | ||
| Q1 25 | 17.4% | 11.6% | ||
| Q4 24 | 2.6% | 8.7% | ||
| Q3 24 | 16.5% | 19.7% | ||
| Q2 24 | 19.8% | 16.2% |
净利率ARLPFOR
| Q1 26 | 2.1% | — | ||
| Q4 25 | 15.4% | 5.6% | ||
| Q3 25 | 16.6% | 13.0% | ||
| Q2 25 | 10.9% | 8.4% | ||
| Q1 25 | 13.7% | 9.0% | ||
| Q4 24 | 2.8% | 6.6% | ||
| Q3 24 | 14.1% | 14.8% | ||
| Q2 24 | 16.9% | 12.2% |
每股收益（稀释后）ARLPFOR
| Q1 26 | — | — | ||
| Q4 25 | — | $0.30 | ||
| Q3 25 | — | $1.70 | ||
| Q2 25 | — | $0.65 | ||
| Q1 25 | — | $0.62 | ||
| Q4 24 | — | $0.32 | ||
| Q3 24 | — | $1.59 | ||
| Q2 24 | — | $0.76 |
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 | $211.7M |
| 总债务越低越好 | — | $793.2M |
| 股东权益账面价值 | — | $1.8B |
| 总资产 | $2.9B | $3.2B |
| 负债/权益比越低杠杆越低 | — | 0.44× |
8季度趋势，按日历期对齐
现金及短期投资ARLPFOR
| Q1 26 | $28.9M | — | ||
| Q4 25 | $71.2M | $211.7M | ||
| Q3 25 | $94.5M | $379.2M | ||
| Q2 25 | $55.0M | $189.2M | ||
| Q1 25 | $81.3M | $174.3M | ||
| Q4 24 | $137.0M | $132.0M | ||
| Q3 24 | $195.4M | $481.2M | ||
| Q2 24 | $203.7M | $359.2M |
总债务ARLPFOR
| Q1 26 | — | — | ||
| Q4 25 | — | $793.2M | ||
| Q3 25 | — | $802.7M | ||
| Q2 25 | — | $872.8M | ||
| Q1 25 | — | $872.5M | ||
| Q4 24 | — | $806.8M | ||
| Q3 24 | — | $706.4M | ||
| Q2 24 | — | $706.1M |
股东权益ARLPFOR
| Q1 26 | — | — | ||
| Q4 25 | — | $1.8B | ||
| Q3 25 | — | $1.8B | ||
| Q2 25 | — | $1.7B | ||
| Q1 25 | — | $1.6B | ||
| Q4 24 | — | $1.6B | ||
| Q3 24 | — | $1.6B | ||
| Q2 24 | — | $1.5B |
总资产ARLPFOR
| Q1 26 | $2.9B | — | ||
| Q4 25 | $2.9B | $3.2B | ||
| Q3 25 | $2.9B | $3.1B | ||
| Q2 25 | $2.9B | $3.1B | ||
| Q1 25 | $2.9B | $3.0B | ||
| Q4 24 | $2.9B | $3.0B | ||
| Q3 24 | $3.0B | $2.8B | ||
| Q2 24 | $3.1B | $2.7B |
负债/权益比ARLPFOR
| Q1 26 | — | — | ||
| Q4 25 | — | 0.44× | ||
| Q3 25 | — | 0.45× | ||
| Q2 25 | — | 0.52× | ||
| Q1 25 | — | 0.53× | ||
| Q4 24 | — | 0.50× | ||
| Q3 24 | — | 0.44× | ||
| Q2 24 | — | 0.47× |
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 | — | $-157.0M |
| 自由现金流经营现金流 - 资本支出 | $13.3M | $-157.1M |
| 自由现金流率自由现金流/营收 | 2.6% | -57.5% |
| 资本支出强度资本支出/营收 | 18.5% | 0.0% |
| 现金转化率经营现金流/净利润 | — | -10.19× |
| 过去12个月自由现金流最近4个季度 | $342.2M | $93.0M |
8季度趋势，按日历期对齐
经营现金流ARLPFOR
| Q1 26 | — | — | ||
| Q4 25 | $143.9M | $-157.0M | ||
| Q3 25 | $209.9M | $256.3M | ||
| Q2 25 | $151.7M | $15.8M | ||
| Q1 25 | $145.7M | $-19.8M | ||
| Q4 24 | $168.4M | $-450.0M | ||
| Q3 24 | $209.3M | $119.2M | ||
| Q2 24 | $215.8M | $-61.7M |
自由现金流ARLPFOR
| Q1 26 | $13.3M | — | ||
| Q4 25 | $99.1M | $-157.1M | ||
| Q3 25 | $145.2M | $255.6M | ||
| Q2 25 | $84.7M | $15.0M | ||
| Q1 25 | $58.9M | $-20.5M | ||
| Q4 24 | $75.3M | — | ||
| Q3 24 | $99.0M | $118.4M | ||
| Q2 24 | $114.3M | $-62.3M |
自由现金流率ARLPFOR
| Q1 26 | 2.6% | — | ||
| Q4 25 | 18.5% | -57.5% | ||
| Q3 25 | 25.4% | 38.1% | ||
| Q2 25 | 15.5% | 3.8% | ||
| Q1 25 | 10.9% | -5.8% | ||
| Q4 24 | 12.8% | — | ||
| Q3 24 | 16.1% | 21.5% | ||
| Q2 24 | 19.3% | -19.6% |
资本支出强度ARLPFOR
| Q1 26 | 18.5% | — | ||
| Q4 25 | 8.4% | 0.0% | ||
| Q3 25 | 11.3% | 0.1% | ||
| Q2 25 | 12.2% | 0.2% | ||
| Q1 25 | 16.1% | 0.2% | ||
| Q4 24 | 15.8% | 0.0% | ||
| Q3 24 | 18.0% | 0.1% | ||
| Q2 24 | 17.1% | 0.2% |
现金转化率ARLPFOR
| Q1 26 | — | — | ||
| Q4 25 | 1.74× | -10.19× | ||
| Q3 25 | 2.21× | 2.95× | ||
| Q2 25 | 2.55× | 0.48× | ||
| Q1 25 | 1.97× | -0.63× | ||
| Q4 24 | 10.31× | -27.27× | ||
| Q3 24 | 2.43× | 1.46× | ||
| Q2 24 | 2.15× | -1.59× |
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% |
FOR
| D.R.Horton Inc. | $183.8M | 67% |
| Other | $89.2M | 33% |
