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ALLIANCE RESOURCE PARTNERS LP（ARLP）与IES Holdings, Inc.（IESC）财务数据对比。点击上方公司名可切换其他公司
IES Holdings, Inc.的季度营收约是ALLIANCE RESOURCE PARTNERS LP的1.7倍（$871.0M vs $516.0M），IES Holdings, Inc.净利率更高（10.5% vs 2.1%，领先8.5%），IES Holdings, Inc.同比增速更快（16.2% vs -3.6%），ALLIANCE RESOURCE PARTNERS LP自由现金流更多（$13.3M vs $-18.9M），过去两年IES Holdings, Inc.的营收复合增速更高（11.1% 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。
IES Holdings, Inc.前身为Integrated Electrical Services, Inc.，主营业务为集成电气及技术系统的设计与安装，同时面向数据中心、住宅、商业和工业设施等多元终端市场提供基础设施类产品及相关服务。
ARLP vs IESC — 直观对比
营收规模更大
IESC
是对方的1.7倍
$516.0M
营收增速更快
IESC
高出19.8%
-3.6%
净利率更高
IESC
高出8.5%
2.1%
自由现金流更多
ARLP
多$32.2M
$-18.9M
两年增速更快
IESC
近两年复合增速
-6.7%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $516.0M | $871.0M |
| 净利润 | $10.7M | $91.8M |
| 毛利率 | — | 25.3% |
| 营业利润率 | 4.2% | 11.2% |
| 净利率 | 2.1% | 10.5% |
| 营收同比 | -3.6% | 16.2% |
| 净利润同比 | — | 59.1% |
| 每股收益（稀释后） | — | $4.51 |
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ARLPIESC
| Q1 26 | $516.0M | — | ||
| Q4 25 | $535.5M | $871.0M | ||
| Q3 25 | $571.4M | $897.8M | ||
| Q2 25 | $547.5M | $890.2M | ||
| Q1 25 | $540.5M | $834.0M | ||
| Q4 24 | $590.1M | $749.5M | ||
| Q3 24 | $613.6M | $775.8M | ||
| Q2 24 | $593.4M | $768.4M |
净利润ARLPIESC
| Q1 26 | $10.7M | — | ||
| Q4 25 | $82.7M | $91.8M | ||
| Q3 25 | $95.1M | $102.3M | ||
| Q2 25 | $59.4M | $79.3M | ||
| Q1 25 | $74.0M | $72.6M | ||
| Q4 24 | $16.3M | $57.7M | ||
| Q3 24 | $86.3M | $65.5M | ||
| Q2 24 | $100.2M | $66.6M |
毛利率ARLPIESC
| Q1 26 | — | — | ||
| Q4 25 | — | 25.3% | ||
| Q3 25 | — | 26.0% | ||
| Q2 25 | — | 26.9% | ||
| Q1 25 | — | 25.0% | ||
| Q4 24 | — | 23.8% | ||
| Q3 24 | — | 24.0% | ||
| Q2 24 | — | 25.3% |
营业利润率ARLPIESC
| Q1 26 | 4.2% | — | ||
| Q4 25 | 18.2% | 11.2% | ||
| Q3 25 | 18.4% | 11.6% | ||
| Q2 25 | 16.2% | 12.6% | ||
| Q1 25 | 17.4% | 11.1% | ||
| Q4 24 | 2.6% | 10.0% | ||
| Q3 24 | 16.5% | 9.7% | ||
| Q2 24 | 19.8% | 11.7% |
净利率ARLPIESC
| Q1 26 | 2.1% | — | ||
| Q4 25 | 15.4% | 10.5% | ||
| Q3 25 | 16.6% | 11.4% | ||
| Q2 25 | 10.9% | 8.9% | ||
| Q1 25 | 13.7% | 8.7% | ||
| Q4 24 | 2.8% | 7.7% | ||
| Q3 24 | 14.1% | 8.4% | ||
| Q2 24 | 16.9% | 8.7% |
每股收益（稀释后）ARLPIESC
| Q1 26 | — | — | ||
| Q4 25 | — | $4.51 | ||
| Q3 25 | — | $4.99 | ||
| Q2 25 | — | $3.81 | ||
| Q1 25 | — | $3.50 | ||
| Q4 24 | — | $2.72 | ||
| Q3 24 | — | $3.06 | ||
| Q2 24 | — | $2.67 |
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 | $258.7M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | — | $961.1M |
| 总资产 | $2.9B | $1.7B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资ARLPIESC
| Q1 26 | $28.9M | — | ||
| Q4 25 | $71.2M | $258.7M | ||
| Q3 25 | $94.5M | $231.8M | ||
| Q2 25 | $55.0M | $168.3M | ||
| Q1 25 | $81.3M | $88.3M | ||
| Q4 24 | $137.0M | $112.0M | ||
| Q3 24 | $195.4M | $135.8M | ||
| Q2 24 | $203.7M | $44.9M |
股东权益ARLPIESC
| Q1 26 | — | — | ||
| Q4 25 | — | $961.1M | ||
| Q3 25 | — | $884.0M | ||
| Q2 25 | — | $781.4M | ||
| Q1 25 | — | $705.8M | ||
| Q4 24 | — | $652.4M | ||
| Q3 24 | — | $611.1M | ||
| Q2 24 | — | $567.5M |
总资产ARLPIESC
| Q1 26 | $2.9B | — | ||
| Q4 25 | $2.9B | $1.7B | ||
| Q3 25 | $2.9B | $1.6B | ||
| Q2 25 | $2.9B | $1.5B | ||
| Q1 25 | $2.9B | $1.4B | ||
| Q4 24 | $2.9B | $1.3B | ||
| Q3 24 | $3.0B | $1.2B | ||
| Q2 24 | $3.1B | $1.2B |
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 | — | $27.7M |
| 自由现金流经营现金流 - 资本支出 | $13.3M | $-18.9M |
| 自由现金流率自由现金流/营收 | 2.6% | -2.2% |
| 资本支出强度资本支出/营收 | 18.5% | 5.3% |
| 现金转化率经营现金流/净利润 | — | 0.30× |
| 过去12个月自由现金流最近4个季度 | $342.2M | $175.9M |
8季度趋势，按日历期对齐
经营现金流ARLPIESC
| Q1 26 | — | — | ||
| Q4 25 | $143.9M | $27.7M | ||
| Q3 25 | $209.9M | $132.0M | ||
| Q2 25 | $151.7M | $92.0M | ||
| Q1 25 | $145.7M | $24.8M | ||
| Q4 24 | $168.4M | $37.3M | ||
| Q3 24 | $209.3M | $92.8M | ||
| Q2 24 | $215.8M | $82.9M |
自由现金流ARLPIESC
| Q1 26 | $13.3M | — | ||
| Q4 25 | $99.1M | $-18.9M | ||
| Q3 25 | $145.2M | $112.0M | ||
| Q2 25 | $84.7M | $74.8M | ||
| Q1 25 | $58.9M | $7.9M | ||
| Q4 24 | $75.3M | $24.1M | ||
| Q3 24 | $99.0M | $78.5M | ||
| Q2 24 | $114.3M | $65.4M |
自由现金流率ARLPIESC
| Q1 26 | 2.6% | — | ||
| Q4 25 | 18.5% | -2.2% | ||
| Q3 25 | 25.4% | 12.5% | ||
| Q2 25 | 15.5% | 8.4% | ||
| Q1 25 | 10.9% | 0.9% | ||
| Q4 24 | 12.8% | 3.2% | ||
| Q3 24 | 16.1% | 10.1% | ||
| Q2 24 | 19.3% | 8.5% |
资本支出强度ARLPIESC
| Q1 26 | 18.5% | — | ||
| Q4 25 | 8.4% | 5.3% | ||
| Q3 25 | 11.3% | 2.2% | ||
| Q2 25 | 12.2% | 1.9% | ||
| Q1 25 | 16.1% | 2.0% | ||
| Q4 24 | 15.8% | 1.8% | ||
| Q3 24 | 18.0% | 1.8% | ||
| Q2 24 | 17.1% | 2.3% |
现金转化率ARLPIESC
| Q1 26 | — | — | ||
| Q4 25 | 1.74× | 0.30× | ||
| Q3 25 | 2.21× | 1.29× | ||
| Q2 25 | 2.55× | 1.16× | ||
| Q1 25 | 1.97× | 0.34× | ||
| Q4 24 | 10.31× | 0.65× | ||
| Q3 24 | 2.43× | 1.42× | ||
| Q2 24 | 2.15× | 1.24× |
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% |
IESC
| Communications | $351.9M | 40% |
| Single Family Electrical Contracts | $137.0M | 16% |
| Custom Engineered Solutions | $116.0M | 13% |
| Commercialand Industrial | $94.8M | 11% |
| Single Family Contracts Plumbing HVAC | $82.9M | 10% |
| Multi Familyand Other | $64.2M | 7% |
| Industrial Services | $24.2M | 3% |
