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ALLIANCE RESOURCE PARTNERS LP（ARLP）与Mid-America Apartment Communities（MAA）财务数据对比。点击上方公司名可切换其他公司
Mid-America Apartment Communities的季度营收约是ALLIANCE RESOURCE PARTNERS LP的1.1倍（$555.6M vs $516.0M），Mid-America Apartment Communities净利率更高（10.4% vs 2.1%，领先8.3%），Mid-America Apartment Communities同比增速更快（1.0% vs -3.6%），Mid-America Apartment Communities自由现金流更多（$158.6M vs $13.3M），过去两年Mid-America Apartment Communities的营收复合增速更高（1.1% 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。
Mid-America Apartment Communities（股票代码：MAA）是一家公开上市的房地产投资信托基金，总部位于美国田纳西州孟菲斯市，核心业务为投资美国东南部及西南部地区的公寓物业，深耕美国高增长区域住宅不动产赛道，为股东创造稳定的长期投资回报。
ARLP vs MAA — 直观对比
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $516.0M | $555.6M |
| 净利润 | $10.7M | $57.6M |
| 毛利率 | — | — |
| 营业利润率 | 4.2% | 10.4% |
| 净利率 | 2.1% | 10.4% |
| 营收同比 | -3.6% | 1.0% |
| 净利润同比 | — | -65.5% |
| 每股收益（稀释后） | — | $0.48 |
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
| Q1 26 | $516.0M | — | ||
| Q4 25 | $535.5M | $555.6M | ||
| Q3 25 | $571.4M | $554.4M | ||
| Q2 25 | $547.5M | $549.9M | ||
| Q1 25 | $540.5M | $549.3M | ||
| Q4 24 | $590.1M | $549.8M | ||
| Q3 24 | $613.6M | $551.1M | ||
| Q2 24 | $593.4M | $546.4M |
| Q1 26 | $10.7M | — | ||
| Q4 25 | $82.7M | $57.6M | ||
| Q3 25 | $95.1M | $99.5M | ||
| Q2 25 | $59.4M | $108.1M | ||
| Q1 25 | $74.0M | $181.7M | ||
| Q4 24 | $16.3M | $166.6M | ||
| Q3 24 | $86.3M | $115.2M | ||
| Q2 24 | $100.2M | $102.0M |
| Q1 26 | 4.2% | — | ||
| Q4 25 | 18.2% | 10.4% | ||
| Q3 25 | 18.4% | 18.7% | ||
| Q2 25 | 16.2% | 20.2% | ||
| Q1 25 | 17.4% | 34.0% | ||
| Q4 24 | 2.6% | 31.3% | ||
| Q3 24 | 16.5% | 21.5% | ||
| Q2 24 | 19.8% | 19.3% |
| Q1 26 | 2.1% | — | ||
| Q4 25 | 15.4% | 10.4% | ||
| Q3 25 | 16.6% | 18.0% | ||
| Q2 25 | 10.9% | 19.7% | ||
| Q1 25 | 13.7% | 33.1% | ||
| Q4 24 | 2.8% | 30.3% | ||
| Q3 24 | 14.1% | 20.9% | ||
| Q2 24 | 16.9% | 18.7% |
| Q1 26 | — | — | ||
| Q4 25 | — | $0.48 | ||
| Q3 25 | — | $0.84 | ||
| Q2 25 | — | $0.92 | ||
| Q1 25 | — | $1.54 | ||
| Q4 24 | — | $1.43 | ||
| Q3 24 | — | $0.98 | ||
| Q2 24 | — | $0.86 |
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 | $60.3M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | — | $5.7B |
| 总资产 | $2.9B | $12.0B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
| Q1 26 | $28.9M | — | ||
| Q4 25 | $71.2M | $60.3M | ||
| Q3 25 | $94.5M | $32.2M | ||
| Q2 25 | $55.0M | $54.5M | ||
| Q1 25 | $81.3M | $55.8M | ||
| Q4 24 | $137.0M | $43.0M | ||
| Q3 24 | $195.4M | $50.2M | ||
| Q2 24 | $203.7M | $62.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | $5.7B | ||
| Q3 25 | — | $5.8B | ||
| Q2 25 | — | $5.9B | ||
| Q1 25 | — | $5.9B | ||
| Q4 24 | — | $5.9B | ||
| Q3 24 | — | $5.9B | ||
| Q2 24 | — | $6.0B |
| Q1 26 | $2.9B | — | ||
| Q4 25 | $2.9B | $12.0B | ||
| Q3 25 | $2.9B | $11.9B | ||
| Q2 25 | $2.9B | $11.8B | ||
| Q1 25 | $2.9B | $11.8B | ||
| Q4 24 | $2.9B | $11.8B | ||
| Q3 24 | $3.0B | $11.8B | ||
| Q2 24 | $3.1B | $11.6B |
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 | — | $261.7M |
| 自由现金流经营现金流 - 资本支出 | $13.3M | $158.6M |
| 自由现金流率自由现金流/营收 | 2.6% | 28.5% |
| 资本支出强度资本支出/营收 | 18.5% | 18.6% |
| 现金转化率经营现金流/净利润 | — | 4.55× |
| 过去12个月自由现金流最近4个季度 | $342.2M | $717.9M |
8季度趋势，按日历期对齐
| Q1 26 | — | — | ||
| Q4 25 | $143.9M | $261.7M | ||
| Q3 25 | $209.9M | $266.4M | ||
| Q2 25 | $151.7M | $353.4M | ||
| Q1 25 | $145.7M | $196.6M | ||
| Q4 24 | $168.4M | $239.1M | ||
| Q3 24 | $209.3M | $309.5M | ||
| Q2 24 | $215.8M | $349.4M |
| Q1 26 | $13.3M | — | ||
| Q4 25 | $99.1M | $158.6M | ||
| Q3 25 | $145.2M | $170.8M | ||
| Q2 25 | $84.7M | $264.5M | ||
| Q1 25 | $58.9M | $124.0M | ||
| Q4 24 | $75.3M | $152.6M | ||
| Q3 24 | $99.0M | $215.5M | ||
| Q2 24 | $114.3M | $259.7M |
| Q1 26 | 2.6% | — | ||
| Q4 25 | 18.5% | 28.5% | ||
| Q3 25 | 25.4% | 30.8% | ||
| Q2 25 | 15.5% | 48.1% | ||
| Q1 25 | 10.9% | 22.6% | ||
| Q4 24 | 12.8% | 27.8% | ||
| Q3 24 | 16.1% | 39.1% | ||
| Q2 24 | 19.3% | 47.5% |
| Q1 26 | 18.5% | — | ||
| Q4 25 | 8.4% | 18.6% | ||
| Q3 25 | 11.3% | 17.2% | ||
| Q2 25 | 12.2% | 16.2% | ||
| Q1 25 | 16.1% | 13.2% | ||
| Q4 24 | 15.8% | 15.7% | ||
| Q3 24 | 18.0% | 17.1% | ||
| Q2 24 | 17.1% | 16.4% |
| Q1 26 | — | — | ||
| Q4 25 | 1.74× | 4.55× | ||
| Q3 25 | 2.21× | 2.68× | ||
| Q2 25 | 2.55× | 3.27× | ||
| Q1 25 | 1.97× | 1.08× | ||
| Q4 24 | 10.31× | 1.43× | ||
| Q3 24 | 2.43× | 2.69× | ||
| Q2 24 | 2.15× | 3.43× |
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% |
MAA
| Same Store | $515.5M | 93% |
| Non Same Store And Other | $36.8M | 7% |
