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ALLIANCE RESOURCE PARTNERS LP（ARLP）与MSC INDUSTRIAL DIRECT CO INC（MSM）财务数据对比。点击上方公司名可切换其他公司
MSC INDUSTRIAL DIRECT CO INC的季度营收约是ALLIANCE RESOURCE PARTNERS LP的1.9倍（$965.7M vs $516.0M），MSC INDUSTRIAL DIRECT CO INC净利率更高（5.4% vs 2.1%，领先3.3%），MSC INDUSTRIAL DIRECT CO INC同比增速更快（4.0% vs -3.6%），ALLIANCE RESOURCE PARTNERS LP自由现金流更多（$13.3M vs $7.4M），过去两年MSC INDUSTRIAL DIRECT CO INC的营收复合增速更高（-3.4% 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。
MSC工业直销公司（MSC）通过旗下主要子公司MSC工业供应公司，是美国规模最大的工业设备分销商之一，可提供超过150万种金属加工及其他工业类产品，广泛服务于工业制造、维修运维等领域的客户需求。
ARLP vs MSM — 直观对比
营收规模更大
MSM
是对方的1.9倍
$516.0M
营收增速更快
MSM
高出7.6%
-3.6%
净利率更高
MSM
高出3.3%
2.1%
自由现金流更多
ARLP
多$5.9M
$7.4M
两年增速更快
MSM
近两年复合增速
-6.7%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $516.0M | $965.7M |
| 净利润 | $10.7M | $51.8M |
| 毛利率 | — | 40.7% |
| 营业利润率 | 4.2% | 7.9% |
| 净利率 | 2.1% | 5.4% |
| 营收同比 | -3.6% | 4.0% |
| 净利润同比 | — | 11.1% |
| 每股收益（稀释后） | — | $0.93 |
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ARLPMSM
| Q1 26 | $516.0M | — | ||
| Q4 25 | $535.5M | $965.7M | ||
| Q3 25 | $571.4M | $978.2M | ||
| Q2 25 | $547.5M | $971.1M | ||
| Q1 25 | $540.5M | — | ||
| Q4 24 | $590.1M | $928.5M | ||
| Q3 24 | $613.6M | — | ||
| Q2 24 | $593.4M | $979.4M |
净利润ARLPMSM
| Q1 26 | $10.7M | — | ||
| Q4 25 | $82.7M | $51.8M | ||
| Q3 25 | $95.1M | $56.5M | ||
| Q2 25 | $59.4M | $56.8M | ||
| Q1 25 | $74.0M | — | ||
| Q4 24 | $16.3M | $46.6M | ||
| Q3 24 | $86.3M | — | ||
| Q2 24 | $100.2M | $71.7M |
毛利率ARLPMSM
| Q1 26 | — | — | ||
| Q4 25 | — | 40.7% | ||
| Q3 25 | — | 40.4% | ||
| Q2 25 | — | 41.0% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 40.7% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 40.9% |
营业利润率ARLPMSM
| Q1 26 | 4.2% | — | ||
| Q4 25 | 18.2% | 7.9% | ||
| Q3 25 | 18.4% | 8.6% | ||
| Q2 25 | 16.2% | 8.5% | ||
| Q1 25 | 17.4% | — | ||
| Q4 24 | 2.6% | 7.8% | ||
| Q3 24 | 16.5% | — | ||
| Q2 24 | 19.8% | 10.9% |
净利率ARLPMSM
| Q1 26 | 2.1% | — | ||
| Q4 25 | 15.4% | 5.4% | ||
| Q3 25 | 16.6% | 5.8% | ||
| Q2 25 | 10.9% | 5.9% | ||
| Q1 25 | 13.7% | — | ||
| Q4 24 | 2.8% | 5.0% | ||
| Q3 24 | 14.1% | — | ||
| Q2 24 | 16.9% | 7.3% |
每股收益（稀释后）ARLPMSM
| Q1 26 | — | — | ||
| Q4 25 | — | $0.93 | ||
| Q3 25 | — | $1.02 | ||
| Q2 25 | — | $1.02 | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $0.83 | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $1.27 |
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 | $40.3M |
| 总债务越低越好 | — | $214.1M |
| 股东权益账面价值 | — | $1.4B |
| 总资产 | $2.9B | $2.5B |
| 负债/权益比越低杠杆越低 | — | 0.16× |
8季度趋势，按日历期对齐
现金及短期投资ARLPMSM
| Q1 26 | $28.9M | — | ||
| Q4 25 | $71.2M | $40.3M | ||
| Q3 25 | $94.5M | $56.2M | ||
| Q2 25 | $55.0M | $71.7M | ||
| Q1 25 | $81.3M | — | ||
| Q4 24 | $137.0M | $57.3M | ||
| Q3 24 | $195.4M | — | ||
| Q2 24 | $203.7M | $25.9M |
总债务ARLPMSM
| Q1 26 | — | — | ||
| Q4 25 | — | $214.1M | ||
| Q3 25 | — | $168.8M | ||
| Q2 25 | — | $285.0M | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $289.9M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $299.8M |
股东权益ARLPMSM
| Q1 26 | — | — | ||
| Q4 25 | — | $1.4B | ||
| Q3 25 | — | $1.4B | ||
| Q2 25 | — | $1.4B | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $1.4B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $1.4B |
总资产ARLPMSM
| Q1 26 | $2.9B | — | ||
| Q4 25 | $2.9B | $2.5B | ||
| Q3 25 | $2.9B | $2.5B | ||
| Q2 25 | $2.9B | $2.5B | ||
| Q1 25 | $2.9B | — | ||
| Q4 24 | $2.9B | $2.5B | ||
| Q3 24 | $3.0B | — | ||
| Q2 24 | $3.1B | $2.5B |
负债/权益比ARLPMSM
| Q1 26 | — | — | ||
| Q4 25 | — | 0.16× | ||
| Q3 25 | — | 0.12× | ||
| Q2 25 | — | 0.21× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.21× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 0.21× |
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 | — | $29.4M |
| 自由现金流经营现金流 - 资本支出 | $13.3M | $7.4M |
| 自由现金流率自由现金流/营收 | 2.6% | 0.8% |
| 资本支出强度资本支出/营收 | 18.5% | 2.3% |
| 现金转化率经营现金流/净利润 | — | 0.57× |
| 过去12个月自由现金流最近4个季度 | $342.2M | — |
8季度趋势，按日历期对齐
经营现金流ARLPMSM
| Q1 26 | — | — | ||
| Q4 25 | $143.9M | $29.4M | ||
| Q3 25 | $209.9M | — | ||
| Q2 25 | $151.7M | $151.6M | ||
| Q1 25 | $145.7M | — | ||
| Q4 24 | $168.4M | $101.9M | ||
| Q3 24 | $209.3M | — | ||
| Q2 24 | $215.8M | $143.5M |
自由现金流ARLPMSM
| Q1 26 | $13.3M | — | ||
| Q4 25 | $99.1M | $7.4M | ||
| Q3 25 | $145.2M | — | ||
| Q2 25 | $84.7M | $100.7M | ||
| Q1 25 | $58.9M | — | ||
| Q4 24 | $75.3M | $81.7M | ||
| Q3 24 | $99.0M | — | ||
| Q2 24 | $114.3M | $114.0M |
自由现金流率ARLPMSM
| Q1 26 | 2.6% | — | ||
| Q4 25 | 18.5% | 0.8% | ||
| Q3 25 | 25.4% | — | ||
| Q2 25 | 15.5% | 10.4% | ||
| Q1 25 | 10.9% | — | ||
| Q4 24 | 12.8% | 8.8% | ||
| Q3 24 | 16.1% | — | ||
| Q2 24 | 19.3% | 11.6% |
资本支出强度ARLPMSM
| Q1 26 | 18.5% | — | ||
| Q4 25 | 8.4% | 2.3% | ||
| Q3 25 | 11.3% | — | ||
| Q2 25 | 12.2% | 5.2% | ||
| Q1 25 | 16.1% | — | ||
| Q4 24 | 15.8% | 2.2% | ||
| Q3 24 | 18.0% | — | ||
| Q2 24 | 17.1% | 3.0% |
现金转化率ARLPMSM
| Q1 26 | — | — | ||
| Q4 25 | 1.74× | 0.57× | ||
| Q3 25 | 2.21× | — | ||
| Q2 25 | 2.55× | 2.67× | ||
| Q1 25 | 1.97× | — | ||
| Q4 24 | 10.31× | 2.18× | ||
| Q3 24 | 2.43× | — | ||
| Q2 24 | 2.15× | 2.00× |
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% |
MSM
暂无分部数据
