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ALLIANCE RESOURCE PARTNERS LP（ARLP）与KADANT INC（KAI）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KADANT INC的1.9倍（$516.0M vs $271.6M），KADANT INC净利率更高（10.2% vs 2.1%，领先8.1%），KADANT INC同比增速更快（-0.0% vs -3.6%），KADANT INC自由现金流更多（$44.1M vs $13.3M），过去两年KADANT INC的营收复合增速更高（6.7% 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。
Kadant Inc.创立于1991年，最初是Thermo Electron的子公司，部分股权私有、部分公开交易，2001年完成完全分拆并启用现名。公司服务于造纸、废纸回收、木材加工、物料搬运等多个加工领域，是业务覆盖亚洲、欧洲、北美、南美的跨国企业。
ARLP vs KAI — 直观对比
营收规模更大
ARLP
是对方的1.9倍
$271.6M
营收增速更快
KAI
高出3.6%
-3.6%
净利率更高
KAI
高出8.1%
2.1%
自由现金流更多
KAI
多$30.8M
$13.3M
两年增速更快
KAI
近两年复合增速
-6.7%
损益表 — Q1 FY2026 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $516.0M | $271.6M |
| 净利润 | $10.7M | $27.7M |
| 毛利率 | — | 45.2% |
| 营业利润率 | 4.2% | 15.7% |
| 净利率 | 2.1% | 10.2% |
| 营收同比 | -3.6% | -0.0% |
| 净利润同比 | — | -12.2% |
| 每股收益（稀释后） | — | $2.35 |
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ARLPKAI
| Q1 26 | $516.0M | — | ||
| Q4 25 | $535.5M | — | ||
| Q3 25 | $571.4M | $271.6M | ||
| Q2 25 | $547.5M | $255.3M | ||
| Q1 25 | $540.5M | $239.2M | ||
| Q4 24 | $590.1M | $258.0M | ||
| Q3 24 | $613.6M | $271.6M | ||
| Q2 24 | $593.4M | $274.8M |
净利润ARLPKAI
| Q1 26 | $10.7M | — | ||
| Q4 25 | $82.7M | — | ||
| Q3 25 | $95.1M | $27.7M | ||
| Q2 25 | $59.4M | $26.2M | ||
| Q1 25 | $74.0M | $24.1M | ||
| Q4 24 | $16.3M | $24.0M | ||
| Q3 24 | $86.3M | $31.6M | ||
| Q2 24 | $100.2M | $31.3M |
毛利率ARLPKAI
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 45.2% | ||
| Q2 25 | — | 45.9% | ||
| Q1 25 | — | 46.1% | ||
| Q4 24 | — | 43.4% | ||
| Q3 24 | — | 44.7% | ||
| Q2 24 | — | 44.4% |
营业利润率ARLPKAI
| Q1 26 | 4.2% | — | ||
| Q4 25 | 18.2% | — | ||
| Q3 25 | 18.4% | 15.7% | ||
| Q2 25 | 16.2% | 15.4% | ||
| Q1 25 | 17.4% | 14.9% | ||
| Q4 24 | 2.6% | 14.3% | ||
| Q3 24 | 16.5% | 18.0% | ||
| Q2 24 | 19.8% | 17.6% |
净利率ARLPKAI
| Q1 26 | 2.1% | — | ||
| Q4 25 | 15.4% | — | ||
| Q3 25 | 16.6% | 10.2% | ||
| Q2 25 | 10.9% | 10.2% | ||
| Q1 25 | 13.7% | 10.1% | ||
| Q4 24 | 2.8% | 9.3% | ||
| Q3 24 | 14.1% | 11.6% | ||
| Q2 24 | 16.9% | 11.4% |
每股收益（稀释后）ARLPKAI
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | $2.35 | ||
| Q2 25 | — | $2.22 | ||
| Q1 25 | — | $2.04 | ||
| Q4 24 | — | $2.04 | ||
| Q3 24 | — | $2.68 | ||
| Q2 24 | — | $2.66 |
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 | $124.5M |
| 总债务越低越好 | — | $254.6M |
| 股东权益账面价值 | — | $949.8M |
| 总资产 | $2.9B | $1.5B |
| 负债/权益比越低杠杆越低 | — | 0.27× |
8季度趋势，按日历期对齐
现金及短期投资ARLPKAI
| Q1 26 | $28.9M | — | ||
| Q4 25 | $71.2M | — | ||
| Q3 25 | $94.5M | $124.5M | ||
| Q2 25 | $55.0M | $95.3M | ||
| Q1 25 | $81.3M | $91.7M | ||
| Q4 24 | $137.0M | $94.7M | ||
| Q3 24 | $195.4M | $88.4M | ||
| Q2 24 | $203.7M | $73.8M |
总债务ARLPKAI
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | $254.6M | ||
| Q2 25 | — | $245.7M | ||
| Q1 25 | — | $273.5M | ||
| Q4 24 | — | $285.2M | ||
| Q3 24 | — | $323.2M | ||
| Q2 24 | — | $342.0M |
股东权益ARLPKAI
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | $949.8M | ||
| Q2 25 | — | $926.0M | ||
| Q1 25 | — | $876.0M | ||
| Q4 24 | — | $847.1M | ||
| Q3 24 | — | $851.7M | ||
| Q2 24 | — | $807.7M |
总资产ARLPKAI
| Q1 26 | $2.9B | — | ||
| Q4 25 | $2.9B | — | ||
| Q3 25 | $2.9B | $1.5B | ||
| Q2 25 | $2.9B | $1.5B | ||
| Q1 25 | $2.9B | $1.4B | ||
| Q4 24 | $2.9B | $1.4B | ||
| Q3 24 | $3.0B | $1.5B | ||
| Q2 24 | $3.1B | $1.5B |
负债/权益比ARLPKAI
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 0.27× | ||
| Q2 25 | — | 0.27× | ||
| Q1 25 | — | 0.31× | ||
| Q4 24 | — | 0.34× | ||
| Q3 24 | — | 0.38× | ||
| Q2 24 | — | 0.42× |
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 | — | $47.3M |
| 自由现金流经营现金流 - 资本支出 | $13.3M | $44.1M |
| 自由现金流率自由现金流/营收 | 2.6% | 16.2% |
| 资本支出强度资本支出/营收 | 18.5% | 1.2% |
| 现金转化率经营现金流/净利润 | — | 1.70× |
| 过去12个月自由现金流最近4个季度 | $342.2M | $145.9M |
8季度趋势，按日历期对齐
经营现金流ARLPKAI
| Q1 26 | — | — | ||
| Q4 25 | $143.9M | — | ||
| Q3 25 | $209.9M | $47.3M | ||
| Q2 25 | $151.7M | $40.5M | ||
| Q1 25 | $145.7M | $22.8M | ||
| Q4 24 | $168.4M | $51.9M | ||
| Q3 24 | $209.3M | $52.5M | ||
| Q2 24 | $215.8M | $28.1M |
自由现金流ARLPKAI
| Q1 26 | $13.3M | — | ||
| Q4 25 | $99.1M | — | ||
| Q3 25 | $145.2M | $44.1M | ||
| Q2 25 | $84.7M | $36.5M | ||
| Q1 25 | $58.9M | $19.0M | ||
| Q4 24 | $75.3M | $46.3M | ||
| Q3 24 | $99.0M | $48.3M | ||
| Q2 24 | $114.3M | $23.1M |
自由现金流率ARLPKAI
| Q1 26 | 2.6% | — | ||
| Q4 25 | 18.5% | — | ||
| Q3 25 | 25.4% | 16.2% | ||
| Q2 25 | 15.5% | 14.3% | ||
| Q1 25 | 10.9% | 7.9% | ||
| Q4 24 | 12.8% | 17.9% | ||
| Q3 24 | 16.1% | 17.8% | ||
| Q2 24 | 19.3% | 8.4% |
资本支出强度ARLPKAI
| Q1 26 | 18.5% | — | ||
| Q4 25 | 8.4% | — | ||
| Q3 25 | 11.3% | 1.2% | ||
| Q2 25 | 12.2% | 1.6% | ||
| Q1 25 | 16.1% | 1.6% | ||
| Q4 24 | 15.8% | 2.2% | ||
| Q3 24 | 18.0% | 1.5% | ||
| Q2 24 | 17.1% | 1.8% |
现金转化率ARLPKAI
| Q1 26 | — | — | ||
| Q4 25 | 1.74× | — | ||
| Q3 25 | 2.21× | 1.70× | ||
| Q2 25 | 2.55× | 1.55× | ||
| Q1 25 | 1.97× | 0.95× | ||
| Q4 24 | 10.31× | 2.16× | ||
| Q3 24 | 2.43× | 1.66× | ||
| Q2 24 | 2.15× | 0.90× |
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% |
KAI
| Flow Control | $94.8M | 35% |
| Capital | $83.2M | 31% |
| Material Handling Systems | $70.3M | 26% |
| Transferred Over Time | $17.1M | 6% |
| Other | $6.1M | 2% |
