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ALLIANCE RESOURCE PARTNERS LP（ARLP）与FEDERAL SIGNAL CORP（FSS）财务数据对比。点击上方公司名可切换其他公司
FEDERAL SIGNAL CORP的季度营收约是ALLIANCE RESOURCE PARTNERS LP的1.2倍（$597.1M vs $516.0M），FEDERAL SIGNAL CORP净利率更高（10.2% vs 2.1%，领先8.1%），FEDERAL SIGNAL CORP同比增速更快（26.5% vs -3.6%），FEDERAL SIGNAL CORP自由现金流更多（$89.5M vs $13.3M），过去两年FEDERAL SIGNAL CORP的营收复合增速更高（18.5% 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。
联邦信号公司是20世纪早期的美国企业，主营铁路信号设备的制造业务，总部坐落于美国纽约州奥尔巴尼市，其生产的相关信号产品在当时的美国轨道交通行业得到了广泛应用，具备一定的行业知名度。
ARLP vs FSS — 直观对比
营收规模更大
FSS
是对方的1.2倍
$516.0M
营收增速更快
FSS
高出30.1%
-3.6%
净利率更高
FSS
高出8.1%
2.1%
自由现金流更多
FSS
多$76.2M
$13.3M
两年增速更快
FSS
近两年复合增速
-6.7%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $516.0M | $597.1M |
| 净利润 | $10.7M | $60.8M |
| 毛利率 | — | 28.4% |
| 营业利润率 | 4.2% | 14.0% |
| 净利率 | 2.1% | 10.2% |
| 营收同比 | -3.6% | 26.5% |
| 净利润同比 | — | 21.6% |
| 每股收益（稀释后） | — | $0.99 |
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ARLPFSS
| Q1 26 | $516.0M | — | ||
| Q4 25 | $535.5M | $597.1M | ||
| Q3 25 | $571.4M | $555.0M | ||
| Q2 25 | $547.5M | $564.6M | ||
| Q1 25 | $540.5M | $463.8M | ||
| Q4 24 | $590.1M | $472.0M | ||
| Q3 24 | $613.6M | $474.2M | ||
| Q2 24 | $593.4M | $490.4M |
净利润ARLPFSS
| Q1 26 | $10.7M | — | ||
| Q4 25 | $82.7M | $60.8M | ||
| Q3 25 | $95.1M | $68.1M | ||
| Q2 25 | $59.4M | $71.4M | ||
| Q1 25 | $74.0M | $46.3M | ||
| Q4 24 | $16.3M | $50.0M | ||
| Q3 24 | $86.3M | $53.9M | ||
| Q2 24 | $100.2M | $60.8M |
毛利率ARLPFSS
| Q1 26 | — | — | ||
| Q4 25 | — | 28.4% | ||
| Q3 25 | — | 29.1% | ||
| Q2 25 | — | 30.0% | ||
| Q1 25 | — | 28.2% | ||
| Q4 24 | — | 28.1% | ||
| Q3 24 | — | 29.6% | ||
| Q2 24 | — | 29.4% |
营业利润率ARLPFSS
| Q1 26 | 4.2% | — | ||
| Q4 25 | 18.2% | 14.0% | ||
| Q3 25 | 18.4% | 16.9% | ||
| Q2 25 | 16.2% | 17.3% | ||
| Q1 25 | 17.4% | 14.2% | ||
| Q4 24 | 2.6% | 14.9% | ||
| Q3 24 | 16.5% | 16.0% | ||
| Q2 24 | 19.8% | 16.5% |
净利率ARLPFSS
| Q1 26 | 2.1% | — | ||
| Q4 25 | 15.4% | 10.2% | ||
| Q3 25 | 16.6% | 12.3% | ||
| Q2 25 | 10.9% | 12.6% | ||
| Q1 25 | 13.7% | 10.0% | ||
| Q4 24 | 2.8% | 10.6% | ||
| Q3 24 | 14.1% | 11.4% | ||
| Q2 24 | 16.9% | 12.4% |
每股收益（稀释后）ARLPFSS
| Q1 26 | — | — | ||
| Q4 25 | — | $0.99 | ||
| Q3 25 | — | $1.11 | ||
| Q2 25 | — | $1.16 | ||
| Q1 25 | — | $0.75 | ||
| Q4 24 | — | $0.80 | ||
| Q3 24 | — | $0.87 | ||
| Q2 24 | — | $0.99 |
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 | $63.7M |
| 总债务越低越好 | — | $564.6M |
| 股东权益账面价值 | — | $1.4B |
| 总资产 | $2.9B | $2.4B |
| 负债/权益比越低杠杆越低 | — | 0.41× |
8季度趋势，按日历期对齐
现金及短期投资ARLPFSS
| Q1 26 | $28.9M | — | ||
| Q4 25 | $71.2M | $63.7M | ||
| Q3 25 | $94.5M | $54.4M | ||
| Q2 25 | $55.0M | $64.7M | ||
| Q1 25 | $81.3M | $57.5M | ||
| Q4 24 | $137.0M | $91.1M | ||
| Q3 24 | $195.4M | $73.7M | ||
| Q2 24 | $203.7M | $48.6M |
总债务ARLPFSS
| Q1 26 | — | — | ||
| Q4 25 | — | $564.6M | ||
| Q3 25 | — | $201.2M | ||
| Q2 25 | — | $258.3M | ||
| Q1 25 | — | $266.9M | ||
| Q4 24 | — | $204.4M | ||
| Q3 24 | — | $223.3M | ||
| Q2 24 | — | $248.8M |
股东权益ARLPFSS
| Q1 26 | — | — | ||
| Q4 25 | — | $1.4B | ||
| Q3 25 | — | $1.3B | ||
| Q2 25 | — | $1.3B | ||
| Q1 25 | — | $1.2B | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | — | $1.1B |
总资产ARLPFSS
| Q1 26 | $2.9B | — | ||
| Q4 25 | $2.9B | $2.4B | ||
| Q3 25 | $2.9B | $1.9B | ||
| Q2 25 | $2.9B | $1.9B | ||
| Q1 25 | $2.9B | $1.9B | ||
| Q4 24 | $2.9B | $1.8B | ||
| Q3 24 | $3.0B | $1.7B | ||
| Q2 24 | $3.1B | $1.7B |
负债/权益比ARLPFSS
| Q1 26 | — | — | ||
| Q4 25 | — | 0.41× | ||
| Q3 25 | — | 0.15× | ||
| Q2 25 | — | 0.20× | ||
| Q1 25 | — | 0.22× | ||
| Q4 24 | — | 0.17× | ||
| Q3 24 | — | 0.19× | ||
| Q2 24 | — | 0.23× |
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 | — | $97.2M |
| 自由现金流经营现金流 - 资本支出 | $13.3M | $89.5M |
| 自由现金流率自由现金流/营收 | 2.6% | 15.0% |
| 资本支出强度资本支出/营收 | 18.5% | 1.3% |
| 现金转化率经营现金流/净利润 | — | 1.60× |
| 过去12个月自由现金流最近4个季度 | $342.2M | $227.1M |
8季度趋势，按日历期对齐
经营现金流ARLPFSS
| Q1 26 | — | — | ||
| Q4 25 | $143.9M | $97.2M | ||
| Q3 25 | $209.9M | $61.1M | ||
| Q2 25 | $151.7M | $59.7M | ||
| Q1 25 | $145.7M | $36.7M | ||
| Q4 24 | $168.4M | $90.6M | ||
| Q3 24 | $209.3M | $68.8M | ||
| Q2 24 | $215.8M | $40.6M |
自由现金流ARLPFSS
| Q1 26 | $13.3M | — | ||
| Q4 25 | $99.1M | $89.5M | ||
| Q3 25 | $145.2M | $54.1M | ||
| Q2 25 | $84.7M | $52.4M | ||
| Q1 25 | $58.9M | $31.1M | ||
| Q4 24 | $75.3M | $82.1M | ||
| Q3 24 | $99.0M | $60.9M | ||
| Q2 24 | $114.3M | $24.8M |
自由现金流率ARLPFSS
| Q1 26 | 2.6% | — | ||
| Q4 25 | 18.5% | 15.0% | ||
| Q3 25 | 25.4% | 9.7% | ||
| Q2 25 | 15.5% | 9.3% | ||
| Q1 25 | 10.9% | 6.7% | ||
| Q4 24 | 12.8% | 17.4% | ||
| Q3 24 | 16.1% | 12.8% | ||
| Q2 24 | 19.3% | 5.1% |
资本支出强度ARLPFSS
| Q1 26 | 18.5% | — | ||
| Q4 25 | 8.4% | 1.3% | ||
| Q3 25 | 11.3% | 1.3% | ||
| Q2 25 | 12.2% | 1.3% | ||
| Q1 25 | 16.1% | 1.2% | ||
| Q4 24 | 15.8% | 1.8% | ||
| Q3 24 | 18.0% | 1.7% | ||
| Q2 24 | 17.1% | 3.2% |
现金转化率ARLPFSS
| Q1 26 | — | — | ||
| Q4 25 | 1.74× | 1.60× | ||
| Q3 25 | 2.21× | 0.90× | ||
| Q2 25 | 2.55× | 0.84× | ||
| Q1 25 | 1.97× | 0.79× | ||
| Q4 24 | 10.31× | 1.81× | ||
| Q3 24 | 2.43× | 1.28× | ||
| Q2 24 | 2.15× | 0.67× |
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% |
FSS
| Vehiclesandequipment | $403.4M | 68% |
| Parts | $66.8M | 11% |
| Publicsafetyandsecurityequipment | $62.2M | 10% |
| Rentalincome | $19.0M | 3% |
| Industrialsignalingequipment | $18.2M | 3% |
| Other | $14.9M | 2% |
| Warningsystems | $12.6M | 2% |
