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ALLIANCE RESOURCE PARTNERS LP（ARLP）与美森（MATX）财务数据对比。点击上方公司名可切换其他公司
美森的季度营收约是ALLIANCE RESOURCE PARTNERS LP的1.7倍（$851.9M vs $516.0M），美森净利率更高（16.8% vs 2.1%，领先14.7%），ALLIANCE RESOURCE PARTNERS LP同比增速更快（-3.6% vs -4.3%），美森自由现金流更多（$42.2M vs $13.3M），过去两年美森的营收复合增速更高（8.6% 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。
美森公司（Matson, Inc.）是美国知名航运服务企业，总部位于夏威夷州火奴鲁鲁，成立于1882年。旗下子公司美森航运主营跨太平洋海运业务，服务覆盖夏威夷、阿拉斯加、关岛、密克罗尼西亚、太平洋诸岛、中国及日本等地区。
ARLP vs MATX — 直观对比
营收规模更大
MATX
是对方的1.7倍
$516.0M
营收增速更快
ARLP
高出0.7%
-4.3%
净利率更高
MATX
高出14.7%
2.1%
自由现金流更多
MATX
多$28.9M
$13.3M
两年增速更快
MATX
近两年复合增速
-6.7%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $516.0M | $851.9M |
| 净利润 | $10.7M | $143.1M |
| 毛利率 | — | — |
| 营业利润率 | 4.2% | 16.9% |
| 净利率 | 2.1% | 16.8% |
| 营收同比 | -3.6% | -4.3% |
| 净利润同比 | — | 11.8% |
| 每股收益（稀释后） | — | $4.47 |
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ARLPMATX
| Q1 26 | $516.0M | — | ||
| Q4 25 | $535.5M | $851.9M | ||
| Q3 25 | $571.4M | $880.1M | ||
| Q2 25 | $547.5M | $830.5M | ||
| Q1 25 | $540.5M | $782.0M | ||
| Q4 24 | $590.1M | $890.3M | ||
| Q3 24 | $613.6M | $962.0M | ||
| Q2 24 | $593.4M | $847.4M |
净利润ARLPMATX
| Q1 26 | $10.7M | — | ||
| Q4 25 | $82.7M | $143.1M | ||
| Q3 25 | $95.1M | $134.7M | ||
| Q2 25 | $59.4M | $94.7M | ||
| Q1 25 | $74.0M | $72.3M | ||
| Q4 24 | $16.3M | $128.0M | ||
| Q3 24 | $86.3M | $199.1M | ||
| Q2 24 | $100.2M | $113.2M |
营业利润率ARLPMATX
| Q1 26 | 4.2% | — | ||
| Q4 25 | 18.2% | 16.9% | ||
| Q3 25 | 18.4% | 18.3% | ||
| Q2 25 | 16.2% | 13.6% | ||
| Q1 25 | 17.4% | 10.5% | ||
| Q4 24 | 2.6% | 16.6% | ||
| Q3 24 | 16.5% | 25.2% | ||
| Q2 24 | 19.8% | 14.7% |
净利率ARLPMATX
| Q1 26 | 2.1% | — | ||
| Q4 25 | 15.4% | 16.8% | ||
| Q3 25 | 16.6% | 15.3% | ||
| Q2 25 | 10.9% | 11.4% | ||
| Q1 25 | 13.7% | 9.2% | ||
| Q4 24 | 2.8% | 14.4% | ||
| Q3 24 | 14.1% | 20.7% | ||
| Q2 24 | 16.9% | 13.4% |
每股收益（稀释后）ARLPMATX
| Q1 26 | — | — | ||
| Q4 25 | — | $4.47 | ||
| Q3 25 | — | $4.24 | ||
| Q2 25 | — | $2.92 | ||
| Q1 25 | — | $2.18 | ||
| Q4 24 | — | $3.69 | ||
| Q3 24 | — | $5.89 | ||
| Q2 24 | — | $3.31 |
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 | $141.9M |
| 总债务越低越好 | — | $361.2M |
| 股东权益账面价值 | — | $2.8B |
| 总资产 | $2.9B | $4.6B |
| 负债/权益比越低杠杆越低 | — | 0.13× |
8季度趋势，按日历期对齐
现金及短期投资ARLPMATX
| Q1 26 | $28.9M | — | ||
| Q4 25 | $71.2M | $141.9M | ||
| Q3 25 | $94.5M | $92.7M | ||
| Q2 25 | $55.0M | $59.1M | ||
| Q1 25 | $81.3M | $122.0M | ||
| Q4 24 | $137.0M | $266.8M | ||
| Q3 24 | $195.4M | $270.3M | ||
| Q2 24 | $203.7M | $168.2M |
总债务ARLPMATX
| Q1 26 | — | — | ||
| Q4 25 | — | $361.2M | ||
| Q3 25 | — | $370.9M | ||
| Q2 25 | — | $341.3M | ||
| Q1 25 | — | $351.1M | ||
| Q4 24 | — | $361.2M | ||
| Q3 24 | — | $370.9M | ||
| Q2 24 | — | $381.0M |
股东权益ARLPMATX
| Q1 26 | — | — | ||
| Q4 25 | — | $2.8B | ||
| Q3 25 | — | $2.7B | ||
| Q2 25 | — | $2.6B | ||
| Q1 25 | — | $2.6B | ||
| Q4 24 | — | $2.7B | ||
| Q3 24 | — | $2.6B | ||
| Q2 24 | — | $2.4B |
总资产ARLPMATX
| Q1 26 | $2.9B | — | ||
| Q4 25 | $2.9B | $4.6B | ||
| Q3 25 | $2.9B | $4.6B | ||
| Q2 25 | $2.9B | $4.5B | ||
| Q1 25 | $2.9B | $4.5B | ||
| Q4 24 | $2.9B | $4.6B | ||
| Q3 24 | $3.0B | $4.4B | ||
| Q2 24 | $3.1B | $4.3B |
负债/权益比ARLPMATX
| Q1 26 | — | — | ||
| Q4 25 | — | 0.13× | ||
| Q3 25 | — | 0.14× | ||
| Q2 25 | — | 0.13× | ||
| Q1 25 | — | 0.13× | ||
| Q4 24 | — | 0.14× | ||
| Q3 24 | — | 0.15× | ||
| Q2 24 | — | 0.16× |
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 | — | $176.9M |
| 自由现金流经营现金流 - 资本支出 | $13.3M | $42.2M |
| 自由现金流率自由现金流/营收 | 2.6% | 5.0% |
| 资本支出强度资本支出/营收 | 18.5% | 15.8% |
| 现金转化率经营现金流/净利润 | — | 1.24× |
| 过去12个月自由现金流最近4个季度 | $342.2M | $153.7M |
8季度趋势，按日历期对齐
经营现金流ARLPMATX
| Q1 26 | — | — | ||
| Q4 25 | $143.9M | $176.9M | ||
| Q3 25 | $209.9M | $175.6M | ||
| Q2 25 | $151.7M | $105.6M | ||
| Q1 25 | $145.7M | $89.0M | ||
| Q4 24 | $168.4M | $174.7M | ||
| Q3 24 | $209.3M | $248.6M | ||
| Q2 24 | $215.8M | $307.9M |
自由现金流ARLPMATX
| Q1 26 | $13.3M | — | ||
| Q4 25 | $99.1M | $42.2M | ||
| Q3 25 | $145.2M | $92.4M | ||
| Q2 25 | $84.7M | $19.3M | ||
| Q1 25 | $58.9M | $-200.0K | ||
| Q4 24 | $75.3M | $49.3M | ||
| Q3 24 | $99.0M | $189.0M | ||
| Q2 24 | $114.3M | $238.1M |
自由现金流率ARLPMATX
| Q1 26 | 2.6% | — | ||
| Q4 25 | 18.5% | 5.0% | ||
| Q3 25 | 25.4% | 10.5% | ||
| Q2 25 | 15.5% | 2.3% | ||
| Q1 25 | 10.9% | -0.0% | ||
| Q4 24 | 12.8% | 5.5% | ||
| Q3 24 | 16.1% | 19.6% | ||
| Q2 24 | 19.3% | 28.1% |
资本支出强度ARLPMATX
| Q1 26 | 18.5% | — | ||
| Q4 25 | 8.4% | 15.8% | ||
| Q3 25 | 11.3% | 9.5% | ||
| Q2 25 | 12.2% | 10.4% | ||
| Q1 25 | 16.1% | 11.4% | ||
| Q4 24 | 15.8% | 14.1% | ||
| Q3 24 | 18.0% | 6.2% | ||
| Q2 24 | 17.1% | 8.2% |
现金转化率ARLPMATX
| Q1 26 | — | — | ||
| Q4 25 | 1.74× | 1.24× | ||
| Q3 25 | 2.21× | 1.30× | ||
| Q2 25 | 2.55× | 1.12× | ||
| Q1 25 | 1.97× | 1.23× | ||
| Q4 24 | 10.31× | 1.36× | ||
| Q3 24 | 2.43× | 1.25× | ||
| Q2 24 | 2.15× | 2.72× |
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% |
MATX
| Ocean Transportation Segment | $704.2M | 83% |
| Logistics Services Segment | $147.7M | 17% |
