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ALLIANCE RESOURCE PARTNERS LP（ARLP）与Kodiak Gas Services, Inc.（KGS）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Kodiak Gas Services, Inc.的1.6倍（$516.0M vs $332.9M），Kodiak Gas Services, Inc.净利率更高（7.4% vs 2.1%，领先5.3%），Kodiak Gas Services, Inc.同比增速更快（7.5% vs -3.6%），Kodiak Gas Services, Inc.自由现金流更多（$142.0M vs $13.3M），过去两年Kodiak Gas Services, Inc.的营收复合增速更高（24.3% 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。
Kodiak Gas Services是北美知名的天然气压缩服务供应商，主要服务油气行业上下游客户，提供定制化压缩设备、运维及运营支持，帮助客户优化陆上天然气收集、处理与运输全流程的运营效率。
ARLP vs KGS — 直观对比
营收规模更大
ARLP
是对方的1.6倍
$332.9M
营收增速更快
KGS
高出11.2%
-3.6%
净利率更高
KGS
高出5.3%
2.1%
自由现金流更多
KGS
多$128.7M
$13.3M
两年增速更快
KGS
近两年复合增速
-6.7%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $516.0M | $332.9M |
| 净利润 | $10.7M | $24.6M |
| 毛利率 | — | — |
| 营业利润率 | 4.2% | 26.1% |
| 净利率 | 2.1% | 7.4% |
| 营收同比 | -3.6% | 7.5% |
| 净利润同比 | — | 29.0% |
| 每股收益（稀释后） | — | $0.30 |
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ARLPKGS
| Q1 26 | $516.0M | — | ||
| Q4 25 | $535.5M | $332.9M | ||
| Q3 25 | $571.4M | $322.7M | ||
| Q2 25 | $547.5M | $322.8M | ||
| Q1 25 | $540.5M | $329.6M | ||
| Q4 24 | $590.1M | $309.5M | ||
| Q3 24 | $613.6M | $324.6M | ||
| Q2 24 | $593.4M | $309.7M |
净利润ARLPKGS
| Q1 26 | $10.7M | — | ||
| Q4 25 | $82.7M | $24.6M | ||
| Q3 25 | $95.1M | $-14.0M | ||
| Q2 25 | $59.4M | $39.5M | ||
| Q1 25 | $74.0M | $30.4M | ||
| Q4 24 | $16.3M | $19.1M | ||
| Q3 24 | $86.3M | $-5.6M | ||
| Q2 24 | $100.2M | $6.2M |
毛利率ARLPKGS
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 37.5% | ||
| Q2 24 | — | 36.5% |
营业利润率ARLPKGS
| Q1 26 | 4.2% | — | ||
| Q4 25 | 18.2% | 26.1% | ||
| Q3 25 | 18.4% | 19.9% | ||
| Q2 25 | 16.2% | 30.9% | ||
| Q1 25 | 17.4% | 27.1% | ||
| Q4 24 | 2.6% | 22.3% | ||
| Q3 24 | 16.5% | 20.4% | ||
| Q2 24 | 19.8% | 17.5% |
净利率ARLPKGS
| Q1 26 | 2.1% | — | ||
| Q4 25 | 15.4% | 7.4% | ||
| Q3 25 | 16.6% | -4.3% | ||
| Q2 25 | 10.9% | 12.2% | ||
| Q1 25 | 13.7% | 9.2% | ||
| Q4 24 | 2.8% | 6.2% | ||
| Q3 24 | 14.1% | -1.7% | ||
| Q2 24 | 16.9% | 2.0% |
每股收益（稀释后）ARLPKGS
| Q1 26 | — | — | ||
| Q4 25 | — | $0.30 | ||
| Q3 25 | — | $-0.17 | ||
| Q2 25 | — | $0.43 | ||
| Q1 25 | — | $0.33 | ||
| Q4 24 | — | $0.18 | ||
| Q3 24 | — | $-0.07 | ||
| Q2 24 | — | $0.06 |
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 | $3.2M |
| 总债务越低越好 | — | $2.6B |
| 股东权益账面价值 | — | $1.2B |
| 总资产 | $2.9B | $4.3B |
| 负债/权益比越低杠杆越低 | — | 2.12× |
8季度趋势，按日历期对齐
现金及短期投资ARLPKGS
| Q1 26 | $28.9M | — | ||
| Q4 25 | $71.2M | $3.2M | ||
| Q3 25 | $94.5M | $724.0K | ||
| Q2 25 | $55.0M | $5.4M | ||
| Q1 25 | $81.3M | $1.9M | ||
| Q4 24 | $137.0M | $4.8M | ||
| Q3 24 | $195.4M | $7.4M | ||
| Q2 24 | $203.7M | $3.9M |
总债务ARLPKGS
| Q1 26 | — | — | ||
| Q4 25 | — | $2.6B | ||
| Q3 25 | — | $2.6B | ||
| Q2 25 | — | $2.5B | ||
| Q1 25 | — | $2.6B | ||
| Q4 24 | — | $2.6B | ||
| Q3 24 | — | $2.6B | ||
| Q2 24 | — | $2.5B |
股东权益ARLPKGS
| Q1 26 | — | — | ||
| Q4 25 | — | $1.2B | ||
| Q3 25 | — | $1.3B | ||
| Q2 25 | — | $1.3B | ||
| Q1 25 | — | $1.4B | ||
| Q4 24 | — | $1.4B | ||
| Q3 24 | — | $1.4B | ||
| Q2 24 | — | $1.5B |
总资产ARLPKGS
| Q1 26 | $2.9B | — | ||
| Q4 25 | $2.9B | $4.3B | ||
| Q3 25 | $2.9B | $4.4B | ||
| Q2 25 | $2.9B | $4.4B | ||
| Q1 25 | $2.9B | $4.4B | ||
| Q4 24 | $2.9B | $4.4B | ||
| Q3 24 | $3.0B | $4.5B | ||
| Q2 24 | $3.1B | $4.4B |
负债/权益比ARLPKGS
| Q1 26 | — | — | ||
| Q4 25 | — | 2.12× | ||
| Q3 25 | — | 2.08× | ||
| Q2 25 | — | 1.89× | ||
| Q1 25 | — | 1.91× | ||
| Q4 24 | — | 1.88× | ||
| Q3 24 | — | 1.86× | ||
| Q2 24 | — | 1.71× |
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 | — | $194.9M |
| 自由现金流经营现金流 - 资本支出 | $13.3M | $142.0M |
| 自由现金流率自由现金流/营收 | 2.6% | 42.7% |
| 资本支出强度资本支出/营收 | 18.5% | 15.9% |
| 现金转化率经营现金流/净利润 | — | 7.91× |
| 过去12个月自由现金流最近4个季度 | $342.2M | $284.3M |
8季度趋势，按日历期对齐
经营现金流ARLPKGS
| Q1 26 | — | — | ||
| Q4 25 | $143.9M | $194.9M | ||
| Q3 25 | $209.9M | $113.4M | ||
| Q2 25 | $151.7M | $177.2M | ||
| Q1 25 | $145.7M | $114.3M | ||
| Q4 24 | $168.4M | $118.5M | ||
| Q3 24 | $209.3M | $36.9M | ||
| Q2 24 | $215.8M | $121.1M |
自由现金流ARLPKGS
| Q1 26 | $13.3M | — | ||
| Q4 25 | $99.1M | $142.0M | ||
| Q3 25 | $145.2M | $10.9M | ||
| Q2 25 | $84.7M | $94.6M | ||
| Q1 25 | $58.9M | $36.8M | ||
| Q4 24 | $75.3M | $45.2M | ||
| Q3 24 | $99.0M | $-49.7M | ||
| Q2 24 | $114.3M | $4.0M |
自由现金流率ARLPKGS
| Q1 26 | 2.6% | — | ||
| Q4 25 | 18.5% | 42.7% | ||
| Q3 25 | 25.4% | 3.4% | ||
| Q2 25 | 15.5% | 29.3% | ||
| Q1 25 | 10.9% | 11.2% | ||
| Q4 24 | 12.8% | 14.6% | ||
| Q3 24 | 16.1% | -15.3% | ||
| Q2 24 | 19.3% | 1.3% |
资本支出强度ARLPKGS
| Q1 26 | 18.5% | — | ||
| Q4 25 | 8.4% | 15.9% | ||
| Q3 25 | 11.3% | 31.7% | ||
| Q2 25 | 12.2% | 25.6% | ||
| Q1 25 | 16.1% | 23.5% | ||
| Q4 24 | 15.8% | 23.7% | ||
| Q3 24 | 18.0% | 26.7% | ||
| Q2 24 | 17.1% | 37.8% |
现金转化率ARLPKGS
| Q1 26 | — | — | ||
| Q4 25 | 1.74× | 7.91× | ||
| Q3 25 | 2.21× | — | ||
| Q2 25 | 2.55× | 4.49× | ||
| Q1 25 | 1.97× | 3.76× | ||
| Q4 24 | 10.31× | 6.21× | ||
| Q3 24 | 2.43× | — | ||
| Q2 24 | 2.15× | 19.44× |
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% |
KGS
| Other Services | $126.8M | 38% |
| Other | $112.2M | 34% |
| Transferred At Point In Time | $93.8M | 28% |
