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ALLIANCE RESOURCE PARTNERS LP（ARLP）与明晟（MSCI）财务数据对比。点击上方公司名可切换其他公司
明晟的季度营收约是ALLIANCE RESOURCE PARTNERS LP的1.6倍（$822.5M vs $516.0M），明晟净利率更高（34.6% vs 2.1%，领先32.5%），明晟同比增速更快（10.6% vs -3.6%），明晟自由现金流更多（$488.7M vs $13.3M），过去两年明晟的营收复合增速更高（10.0% 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。
MSCI（明晟）是总部位于美国纽约的金融服务企业，为全球市场提供股票、固定收益、房地产指数、多资产组合分析工具及ESG、气候金融相关产品，旗下运营MSCI全球指数、MSCI新兴市场指数、MSCI全球所有国家（ACWI）指数等多款知名指数产品。
ARLP vs MSCI — 直观对比
营收规模更大
MSCI
是对方的1.6倍
$516.0M
营收增速更快
MSCI
高出14.3%
-3.6%
净利率更高
MSCI
高出32.5%
2.1%
自由现金流更多
MSCI
多$475.4M
$13.3M
两年增速更快
MSCI
近两年复合增速
-6.7%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $516.0M | $822.5M |
| 净利润 | $10.7M | $284.7M |
| 毛利率 | — | — |
| 营业利润率 | 4.2% | 56.4% |
| 净利率 | 2.1% | 34.6% |
| 营收同比 | -3.6% | 10.6% |
| 净利润同比 | — | -6.8% |
| 每股收益（稀释后） | — | $3.81 |
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ARLPMSCI
| Q1 26 | $516.0M | — | ||
| Q4 25 | $535.5M | $822.5M | ||
| Q3 25 | $571.4M | $793.4M | ||
| Q2 25 | $547.5M | $772.7M | ||
| Q1 25 | $540.5M | $745.8M | ||
| Q4 24 | $590.1M | $743.5M | ||
| Q3 24 | $613.6M | $724.7M | ||
| Q2 24 | $593.4M | $707.9M |
净利润ARLPMSCI
| Q1 26 | $10.7M | — | ||
| Q4 25 | $82.7M | $284.7M | ||
| Q3 25 | $95.1M | $325.4M | ||
| Q2 25 | $59.4M | $303.6M | ||
| Q1 25 | $74.0M | $288.6M | ||
| Q4 24 | $16.3M | $305.5M | ||
| Q3 24 | $86.3M | $280.9M | ||
| Q2 24 | $100.2M | $266.8M |
营业利润率ARLPMSCI
| Q1 26 | 4.2% | — | ||
| Q4 25 | 18.2% | 56.4% | ||
| Q3 25 | 18.4% | 56.4% | ||
| Q2 25 | 16.2% | 55.0% | ||
| Q1 25 | 17.4% | 50.6% | ||
| Q4 24 | 2.6% | 54.5% | ||
| Q3 24 | 16.5% | 55.4% | ||
| Q2 24 | 19.8% | 54.0% |
净利率ARLPMSCI
| Q1 26 | 2.1% | — | ||
| Q4 25 | 15.4% | 34.6% | ||
| Q3 25 | 16.6% | 41.0% | ||
| Q2 25 | 10.9% | 39.3% | ||
| Q1 25 | 13.7% | 38.7% | ||
| Q4 24 | 2.8% | 41.1% | ||
| Q3 24 | 14.1% | 38.8% | ||
| Q2 24 | 16.9% | 37.7% |
每股收益（稀释后）ARLPMSCI
| Q1 26 | — | — | ||
| Q4 25 | — | $3.81 | ||
| Q3 25 | — | $4.25 | ||
| Q2 25 | — | $3.92 | ||
| Q1 25 | — | $3.71 | ||
| Q4 24 | — | $3.89 | ||
| Q3 24 | — | $3.57 | ||
| Q2 24 | — | $3.37 |
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 | $515.3M |
| 总债务越低越好 | — | $6.2B |
| 股东权益账面价值 | — | $-2.7B |
| 总资产 | $2.9B | $5.7B |
| 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ARLPMSCI
| Q1 26 | $28.9M | — | ||
| Q4 25 | $71.2M | $515.3M | ||
| Q3 25 | $94.5M | $400.1M | ||
| Q2 25 | $55.0M | $347.3M | ||
| Q1 25 | $81.3M | $360.7M | ||
| Q4 24 | $137.0M | $409.4M | ||
| Q3 24 | $195.4M | $501.0M | ||
| Q2 24 | $203.7M | $451.4M |
总债务ARLPMSCI
| Q1 26 | — | — | ||
| Q4 25 | — | $6.2B | ||
| Q3 25 | — | $5.5B | ||
| Q2 25 | — | $4.5B | ||
| Q1 25 | — | $4.5B | ||
| Q4 24 | — | $4.5B | ||
| Q3 24 | — | $4.5B | ||
| Q2 24 | — | $4.5B |
股东权益ARLPMSCI
| Q1 26 | — | — | ||
| Q4 25 | — | $-2.7B | ||
| Q3 25 | — | $-1.9B | ||
| Q2 25 | — | $-886.2M | ||
| Q1 25 | — | $-958.6M | ||
| Q4 24 | — | $-940.0M | ||
| Q3 24 | — | $-751.0M | ||
| Q2 24 | — | $-734.5M |
总资产ARLPMSCI
| Q1 26 | $2.9B | — | ||
| Q4 25 | $2.9B | $5.7B | ||
| Q3 25 | $2.9B | $5.4B | ||
| Q2 25 | $2.9B | $5.4B | ||
| Q1 25 | $2.9B | $5.3B | ||
| Q4 24 | $2.9B | $5.4B | ||
| Q3 24 | $3.0B | $5.4B | ||
| Q2 24 | $3.1B | $5.5B |
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 | — | $501.1M |
| 自由现金流经营现金流 - 资本支出 | $13.3M | $488.7M |
| 自由现金流率自由现金流/营收 | 2.6% | 59.4% |
| 资本支出强度资本支出/营收 | 18.5% | 1.5% |
| 现金转化率经营现金流/净利润 | — | 1.76× |
| 过去12个月自由现金流最近4个季度 | $342.2M | $1.5B |
8季度趋势，按日历期对齐
经营现金流ARLPMSCI
| Q1 26 | — | — | ||
| Q4 25 | $143.9M | $501.1M | ||
| Q3 25 | $209.9M | $449.4M | ||
| Q2 25 | $151.7M | $336.1M | ||
| Q1 25 | $145.7M | $301.7M | ||
| Q4 24 | $168.4M | $430.6M | ||
| Q3 24 | $209.3M | $421.6M | ||
| Q2 24 | $215.8M | $349.2M |
自由现金流ARLPMSCI
| Q1 26 | $13.3M | — | ||
| Q4 25 | $99.1M | $488.7M | ||
| Q3 25 | $145.2M | $445.5M | ||
| Q2 25 | $84.7M | $324.7M | ||
| Q1 25 | $58.9M | $290.2M | ||
| Q4 24 | $75.3M | $416.4M | ||
| Q3 24 | $99.0M | $415.0M | ||
| Q2 24 | $114.3M | $340.6M |
自由现金流率ARLPMSCI
| Q1 26 | 2.6% | — | ||
| Q4 25 | 18.5% | 59.4% | ||
| Q3 25 | 25.4% | 56.2% | ||
| Q2 25 | 15.5% | 42.0% | ||
| Q1 25 | 10.9% | 38.9% | ||
| Q4 24 | 12.8% | 56.0% | ||
| Q3 24 | 16.1% | 57.3% | ||
| Q2 24 | 19.3% | 48.1% |
资本支出强度ARLPMSCI
| Q1 26 | 18.5% | — | ||
| Q4 25 | 8.4% | 1.5% | ||
| Q3 25 | 11.3% | 0.5% | ||
| Q2 25 | 12.2% | 1.5% | ||
| Q1 25 | 16.1% | 1.5% | ||
| Q4 24 | 15.8% | 1.9% | ||
| Q3 24 | 18.0% | 0.9% | ||
| Q2 24 | 17.1% | 1.2% |
现金转化率ARLPMSCI
| Q1 26 | — | — | ||
| Q4 25 | 1.74× | 1.76× | ||
| Q3 25 | 2.21× | 1.38× | ||
| Q2 25 | 2.55× | 1.11× | ||
| Q1 25 | 1.97× | 1.05× | ||
| Q4 24 | 10.31× | 1.41× | ||
| Q3 24 | 2.43× | 1.50× | ||
| Q2 24 | 2.15× | 1.31× |
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% |
MSCI
| Recurring Subscriptions | $246.4M | 30% |
| Asset Based Fees | $211.7M | 26% |
| Analytics Segment | $182.3M | 22% |
| Sustainability And Climate Segment | $90.3M | 11% |
| Other | $70.9M | 9% |
| Non Recurring | $21.1M | 3% |
