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ALLIANCE RESOURCE PARTNERS LP（ARLP）与FORWARD AIR CORP（FWRD）财务数据对比。点击上方公司名可切换其他公司
FORWARD AIR CORP的季度营收约是ALLIANCE RESOURCE PARTNERS LP的1.2倍（$631.2M vs $516.0M），ALLIANCE RESOURCE PARTNERS LP净利率更高（2.1% vs -4.5%，领先6.6%），FORWARD AIR CORP同比增速更快（-0.3% vs -3.6%），过去两年FORWARD AIR CORP的营收复合增速更高（7.9% 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。
Forward Air Corp是北美领先的轻资产物流运输服务商，核心业务包括加急零担货运、最后一公里配送、多式联运、仓储及供应链解决方案，服务覆盖美加墨地区，主要服务电商、零售、制造、汽车等行业。
ARLP vs FWRD — 直观对比
营收规模更大
FWRD
是对方的1.2倍
$516.0M
营收增速更快
FWRD
高出3.4%
-3.6%
净利率更高
ARLP
高出6.6%
-4.5%
两年增速更快
FWRD
近两年复合增速
-6.7%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $516.0M | $631.2M |
| 净利润 | $10.7M | $-28.3M |
| 毛利率 | — | — |
| 营业利润率 | 4.2% | -0.5% |
| 净利率 | 2.1% | -4.5% |
| 营收同比 | -3.6% | -0.3% |
| 净利润同比 | — | 22.2% |
| 每股收益（稀释后） | — | $-0.90 |
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ARLPFWRD
| Q1 26 | $516.0M | — | ||
| Q4 25 | $535.5M | $631.2M | ||
| Q3 25 | $571.4M | $631.8M | ||
| Q2 25 | $547.5M | $618.8M | ||
| Q1 25 | $540.5M | $613.3M | ||
| Q4 24 | $590.1M | $632.8M | ||
| Q3 24 | $613.6M | $655.9M | ||
| Q2 24 | $593.4M | $643.7M |
净利润ARLPFWRD
| Q1 26 | $10.7M | — | ||
| Q4 25 | $82.7M | $-28.3M | ||
| Q3 25 | $95.1M | $-16.3M | ||
| Q2 25 | $59.4M | $-12.6M | ||
| Q1 25 | $74.0M | $-50.6M | ||
| Q4 24 | $16.3M | $-36.4M | ||
| Q3 24 | $86.3M | $-73.4M | ||
| Q2 24 | $100.2M | $-645.4M |
营业利润率ARLPFWRD
| Q1 26 | 4.2% | — | ||
| Q4 25 | 18.2% | -0.5% | ||
| Q3 25 | 18.4% | 2.4% | ||
| Q2 25 | 16.2% | 3.2% | ||
| Q1 25 | 17.4% | 0.8% | ||
| Q4 24 | 2.6% | 12.0% | ||
| Q3 24 | 16.5% | 3.5% | ||
| Q2 24 | 19.8% | -170.2% |
净利率ARLPFWRD
| Q1 26 | 2.1% | — | ||
| Q4 25 | 15.4% | -4.5% | ||
| Q3 25 | 16.6% | -2.6% | ||
| Q2 25 | 10.9% | -2.0% | ||
| Q1 25 | 13.7% | -8.3% | ||
| Q4 24 | 2.8% | -5.8% | ||
| Q3 24 | 14.1% | -11.2% | ||
| Q2 24 | 16.9% | -100.3% |
每股收益（稀释后）ARLPFWRD
| Q1 26 | — | — | ||
| Q4 25 | — | $-0.90 | ||
| Q3 25 | — | $-0.52 | ||
| Q2 25 | — | $-0.41 | ||
| Q1 25 | — | $-1.68 | ||
| Q4 24 | — | $-1.69 | ||
| Q3 24 | — | $-2.66 | ||
| Q2 24 | — | $-23.47 |
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 | $106.0M |
| 总债务越低越好 | — | $1.7B |
| 股东权益账面价值 | — | $113.3M |
| 总资产 | $2.9B | $2.7B |
| 负债/权益比越低杠杆越低 | — | 14.89× |
8季度趋势，按日历期对齐
现金及短期投资ARLPFWRD
| Q1 26 | $28.9M | — | ||
| Q4 25 | $71.2M | $106.0M | ||
| Q3 25 | $94.5M | $140.4M | ||
| Q2 25 | $55.0M | $95.1M | ||
| Q1 25 | $81.3M | $116.3M | ||
| Q4 24 | $137.0M | $104.9M | ||
| Q3 24 | $195.4M | $136.6M | ||
| Q2 24 | $203.7M | $84.9M |
总债务ARLPFWRD
| Q1 26 | — | — | ||
| Q4 25 | — | $1.7B | ||
| Q3 25 | — | $1.7B | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益ARLPFWRD
| Q1 26 | — | — | ||
| Q4 25 | — | $113.3M | ||
| Q3 25 | — | $139.8M | ||
| Q2 25 | — | $151.8M | ||
| Q1 25 | — | $154.6M | ||
| Q4 24 | — | $201.7M | ||
| Q3 24 | — | $226.1M | ||
| Q2 24 | — | $283.8M |
总资产ARLPFWRD
| Q1 26 | $2.9B | — | ||
| Q4 25 | $2.9B | $2.7B | ||
| Q3 25 | $2.9B | $2.8B | ||
| Q2 25 | $2.9B | $2.8B | ||
| Q1 25 | $2.9B | $2.8B | ||
| Q4 24 | $2.9B | $2.8B | ||
| Q3 24 | $3.0B | $3.1B | ||
| Q2 24 | $3.1B | $3.1B |
负债/权益比ARLPFWRD
| Q1 26 | — | — | ||
| Q4 25 | — | 14.89× | ||
| Q3 25 | — | 12.05× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| 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% | 1.3% |
| 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ARLPFWRD
| Q1 26 | — | — | ||
| Q4 25 | $143.9M | — | ||
| Q3 25 | $209.9M | $52.7M | ||
| Q2 25 | $151.7M | — | ||
| Q1 25 | $145.7M | $27.6M | ||
| Q4 24 | $168.4M | $-23.2M | ||
| Q3 24 | $209.3M | $51.2M | ||
| Q2 24 | $215.8M | $-45.2M |
自由现金流ARLPFWRD
| Q1 26 | $13.3M | — | ||
| Q4 25 | $99.1M | — | ||
| Q3 25 | $145.2M | $48.6M | ||
| Q2 25 | $84.7M | — | ||
| Q1 25 | $58.9M | $15.7M | ||
| Q4 24 | $75.3M | $-30.5M | ||
| Q3 24 | $99.0M | $40.7M | ||
| Q2 24 | $114.3M | $-59.6M |
自由现金流率ARLPFWRD
| Q1 26 | 2.6% | — | ||
| Q4 25 | 18.5% | — | ||
| Q3 25 | 25.4% | 7.7% | ||
| Q2 25 | 15.5% | — | ||
| Q1 25 | 10.9% | 2.6% | ||
| Q4 24 | 12.8% | -4.8% | ||
| Q3 24 | 16.1% | 6.2% | ||
| Q2 24 | 19.3% | -9.3% |
资本支出强度ARLPFWRD
| Q1 26 | 18.5% | — | ||
| Q4 25 | 8.4% | 1.3% | ||
| Q3 25 | 11.3% | 0.7% | ||
| Q2 25 | 12.2% | 0.8% | ||
| Q1 25 | 16.1% | 1.9% | ||
| Q4 24 | 15.8% | 1.1% | ||
| Q3 24 | 18.0% | 1.6% | ||
| Q2 24 | 17.1% | 2.2% |
现金转化率ARLPFWRD
| 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% |
FWRD
| Omni Logistics Segment | $359.8M | 57% |
| Network | $183.9M | 29% |
| Intermodal Segment | $50.2M | 8% |
| Truckload | $41.6M | 7% |
