vs
ALLIANCE RESOURCE PARTNERS LP（ARLP）与六旗（FUN）财务数据对比。点击上方公司名可切换其他公司
六旗的季度营收约是ALLIANCE RESOURCE PARTNERS LP的1.3倍（$650.1M vs $516.0M），ALLIANCE RESOURCE PARTNERS LP净利率更高（2.1% vs -14.2%，领先16.3%），ALLIANCE RESOURCE PARTNERS LP自由现金流更多（$13.3M vs $-109.3M）
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。
六旗娱乐是总部位于美国北卡罗来纳州夏洛特的游乐园运营企业，由雪松会与原六旗公司于2024年7月1日对等合并而成，是全球最大的区域性游乐园运营商。旗下共运营42个场地，包含27座游乐园、15座水上乐园，配套9处 onsite 度假物业。
ARLP vs FUN — 直观对比
营收规模更大
FUN
是对方的1.3倍
$516.0M
净利率更高
ARLP
高出16.3%
-14.2%
自由现金流更多
ARLP
多$122.6M
$-109.3M
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $516.0M | $650.1M |
| 净利润 | $10.7M | $-92.4M |
| 毛利率 | — | 91.4% |
| 营业利润率 | 4.2% | -3.8% |
| 净利率 | 2.1% | -14.2% |
| 营收同比 | -3.6% | — |
| 净利润同比 | — | — |
| 每股收益（稀释后） | — | $-0.93 |
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ARLPFUN
| Q1 26 | $516.0M | — | ||
| Q4 25 | $535.5M | $650.1M | ||
| Q3 25 | $571.4M | $1.3B | ||
| Q2 25 | $547.5M | $930.4M | ||
| Q1 25 | $540.5M | $202.1M | ||
| Q4 24 | $590.1M | — | ||
| Q3 24 | $613.6M | $1.3B | ||
| Q2 24 | $593.4M | $571.6M |
净利润ARLPFUN
| Q1 26 | $10.7M | — | ||
| Q4 25 | $82.7M | $-92.4M | ||
| Q3 25 | $95.1M | $-1.2B | ||
| Q2 25 | $59.4M | $-99.6M | ||
| Q1 25 | $74.0M | $-219.7M | ||
| Q4 24 | $16.3M | — | ||
| Q3 24 | $86.3M | $111.0M | ||
| Q2 24 | $100.2M | $55.6M |
毛利率ARLPFUN
| Q1 26 | — | — | ||
| Q4 25 | — | 91.4% | ||
| Q3 25 | — | 91.6% | ||
| Q2 25 | — | 91.3% | ||
| Q1 25 | — | 89.3% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 91.9% | ||
| Q2 24 | — | 90.7% |
营业利润率ARLPFUN
| Q1 26 | 4.2% | — | ||
| Q4 25 | 18.2% | -3.8% | ||
| Q3 25 | 18.4% | -83.7% | ||
| Q2 25 | 16.2% | 8.0% | ||
| Q1 25 | 17.4% | -158.9% | ||
| Q4 24 | 2.6% | — | ||
| Q3 24 | 16.5% | 19.5% | ||
| Q2 24 | 19.8% | 21.6% |
净利率ARLPFUN
| Q1 26 | 2.1% | — | ||
| Q4 25 | 15.4% | -14.2% | ||
| Q3 25 | 16.6% | -90.1% | ||
| Q2 25 | 10.9% | -10.7% | ||
| Q1 25 | 13.7% | -108.7% | ||
| Q4 24 | 2.8% | — | ||
| Q3 24 | 14.1% | 8.2% | ||
| Q2 24 | 16.9% | 9.7% |
每股收益（稀释后）ARLPFUN
| Q1 26 | — | — | ||
| Q4 25 | — | $-0.93 | ||
| Q3 25 | — | $-11.77 | ||
| Q2 25 | — | $-0.99 | ||
| Q1 25 | — | $-2.20 | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $1.10 | ||
| Q2 24 | — | — |
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 | $91.1M |
| 总债务越低越好 | — | $5.2B |
| 股东权益账面价值 | — | $549.8M |
| 总资产 | $2.9B | $7.8B |
| 负债/权益比越低杠杆越低 | — | 9.40× |
8季度趋势，按日历期对齐
现金及短期投资ARLPFUN
| Q1 26 | $28.9M | — | ||
| Q4 25 | $71.2M | $91.1M | ||
| Q3 25 | $94.5M | $70.7M | ||
| Q2 25 | $55.0M | $107.4M | ||
| Q1 25 | $81.3M | $61.5M | ||
| Q4 24 | $137.0M | — | ||
| Q3 24 | $195.4M | $89.7M | ||
| Q2 24 | $203.7M | $52.9M |
总债务ARLPFUN
| Q1 26 | — | — | ||
| Q4 25 | — | $5.2B | ||
| Q3 25 | — | $5.0B | ||
| Q2 25 | — | $5.3B | ||
| Q1 25 | — | $5.0B | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $4.6B | ||
| Q2 24 | — | $2.3B |
股东权益ARLPFUN
| Q1 26 | — | — | ||
| Q4 25 | — | $549.8M | ||
| Q3 25 | — | $614.3M | ||
| Q2 25 | — | $1.8B | ||
| Q1 25 | — | $1.8B | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $2.3B | ||
| Q2 24 | — | — |
总资产ARLPFUN
| Q1 26 | $2.9B | — | ||
| Q4 25 | $2.9B | $7.8B | ||
| Q3 25 | $2.9B | $7.9B | ||
| Q2 25 | $2.9B | $9.5B | ||
| Q1 25 | $2.9B | $9.2B | ||
| Q4 24 | $2.9B | — | ||
| Q3 24 | $3.0B | $9.4B | ||
| Q2 24 | $3.1B | $2.3B |
负债/权益比ARLPFUN
| Q1 26 | — | — | ||
| Q4 25 | — | 9.40× | ||
| Q3 25 | — | 8.16× | ||
| Q2 25 | — | 2.97× | ||
| Q1 25 | — | 2.75× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.95× | ||
| 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 | — | $-37.7M |
| 自由现金流经营现金流 - 资本支出 | $13.3M | $-109.3M |
| 自由现金流率自由现金流/营收 | 2.6% | -16.8% |
| 资本支出强度资本支出/营收 | 18.5% | 11.0% |
| 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 | $-152.2M |
8季度趋势，按日历期对齐
经营现金流ARLPFUN
| Q1 26 | — | — | ||
| Q4 25 | $143.9M | $-37.7M | ||
| Q3 25 | $209.9M | $356.2M | ||
| Q2 25 | $151.7M | $187.0M | ||
| Q1 25 | $145.7M | $-178.0M | ||
| Q4 24 | $168.4M | — | ||
| Q3 24 | $209.3M | $337.4M | ||
| Q2 24 | $215.8M | — |
自由现金流ARLPFUN
| Q1 26 | $13.3M | — | ||
| Q4 25 | $99.1M | $-109.3M | ||
| Q3 25 | $145.2M | $256.2M | ||
| Q2 25 | $84.7M | $18.8M | ||
| Q1 25 | $58.9M | $-318.0M | ||
| Q4 24 | $75.3M | — | ||
| Q3 24 | $99.0M | $227.7M | ||
| Q2 24 | $114.3M | — |
自由现金流率ARLPFUN
| Q1 26 | 2.6% | — | ||
| Q4 25 | 18.5% | -16.8% | ||
| Q3 25 | 25.4% | 19.4% | ||
| Q2 25 | 15.5% | 2.0% | ||
| Q1 25 | 10.9% | -157.4% | ||
| Q4 24 | 12.8% | — | ||
| Q3 24 | 16.1% | 16.9% | ||
| Q2 24 | 19.3% | — |
资本支出强度ARLPFUN
| Q1 26 | 18.5% | — | ||
| Q4 25 | 8.4% | 11.0% | ||
| Q3 25 | 11.3% | 7.6% | ||
| Q2 25 | 12.2% | 18.1% | ||
| Q1 25 | 16.1% | 69.3% | ||
| Q4 24 | 15.8% | — | ||
| Q3 24 | 18.0% | 8.1% | ||
| Q2 24 | 17.1% | — |
现金转化率ARLPFUN
| 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× | 3.04× | ||
| 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% |
FUN
| Admission | $327.4M | 50% |
| Food Merchandiseand Gaming | $205.7M | 32% |
| Accommodations Extra Charge Products And Other | $117.0M | 18% |
