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ALLIANCE RESOURCE PARTNERS LP（ARLP）与MYR GROUP INC.（MYRG）财务数据对比。点击上方公司名可切换其他公司
MYR GROUP INC.的季度营收约是ALLIANCE RESOURCE PARTNERS LP的1.9倍（$973.5M vs $516.0M），MYR GROUP INC.净利率更高（3.8% vs 2.1%，领先1.7%），MYR GROUP INC.同比增速更快（17.3% vs -3.6%），MYR GROUP INC.自由现金流更多（$84.9M vs $13.3M），过去两年MYR GROUP INC.的营收复合增速更高（9.3% 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。
MYR集团是美国知名电气建设服务提供商，业务覆盖输配电线路、变电站、工商业建筑及可再生能源领域的电气施工，旗下拥有12家电气建设子公司，在北美电力基建赛道拥有深厚的技术积累与项目交付能力。
ARLP vs MYRG — 直观对比
营收规模更大
MYRG
是对方的1.9倍
$516.0M
营收增速更快
MYRG
高出21.0%
-3.6%
净利率更高
MYRG
高出1.7%
2.1%
自由现金流更多
MYRG
多$71.6M
$13.3M
两年增速更快
MYRG
近两年复合增速
-6.7%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $516.0M | $973.5M |
| 净利润 | $10.7M | $36.5M |
| 毛利率 | — | 11.4% |
| 营业利润率 | 4.2% | 4.8% |
| 净利率 | 2.1% | 3.8% |
| 营收同比 | -3.6% | 17.3% |
| 净利润同比 | — | 129.1% |
| 每股收益（稀释后） | — | $2.33 |
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ARLPMYRG
| Q1 26 | $516.0M | — | ||
| Q4 25 | $535.5M | $973.5M | ||
| Q3 25 | $571.4M | $950.4M | ||
| Q2 25 | $547.5M | $900.3M | ||
| Q1 25 | $540.5M | $833.6M | ||
| Q4 24 | $590.1M | $829.8M | ||
| Q3 24 | $613.6M | $888.0M | ||
| Q2 24 | $593.4M | $828.9M |
净利润ARLPMYRG
| Q1 26 | $10.7M | — | ||
| Q4 25 | $82.7M | $36.5M | ||
| Q3 25 | $95.1M | $32.1M | ||
| Q2 25 | $59.4M | $26.5M | ||
| Q1 25 | $74.0M | $23.3M | ||
| Q4 24 | $16.3M | $16.0M | ||
| Q3 24 | $86.3M | $10.6M | ||
| Q2 24 | $100.2M | $-15.3M |
毛利率ARLPMYRG
| Q1 26 | — | — | ||
| Q4 25 | — | 11.4% | ||
| Q3 25 | — | 11.8% | ||
| Q2 25 | — | 11.5% | ||
| Q1 25 | — | 11.6% | ||
| Q4 24 | — | 10.4% | ||
| Q3 24 | — | 8.7% | ||
| Q2 24 | — | 4.9% |
营业利润率ARLPMYRG
| Q1 26 | 4.2% | — | ||
| Q4 25 | 18.2% | 4.8% | ||
| Q3 25 | 18.4% | 4.9% | ||
| Q2 25 | 16.2% | 4.4% | ||
| Q1 25 | 17.4% | 4.1% | ||
| Q4 24 | 2.6% | 3.6% | ||
| Q3 24 | 16.5% | 2.3% | ||
| Q2 24 | 19.8% | -2.5% |
净利率ARLPMYRG
| Q1 26 | 2.1% | — | ||
| Q4 25 | 15.4% | 3.8% | ||
| Q3 25 | 16.6% | 3.4% | ||
| Q2 25 | 10.9% | 2.9% | ||
| Q1 25 | 13.7% | 2.8% | ||
| Q4 24 | 2.8% | 1.9% | ||
| Q3 24 | 14.1% | 1.2% | ||
| Q2 24 | 16.9% | -1.8% |
每股收益（稀释后）ARLPMYRG
| Q1 26 | — | — | ||
| Q4 25 | — | $2.33 | ||
| Q3 25 | — | $2.05 | ||
| Q2 25 | — | $1.70 | ||
| Q1 25 | — | $1.45 | ||
| Q4 24 | — | $0.97 | ||
| Q3 24 | — | $0.65 | ||
| Q2 24 | — | $-0.91 |
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 | $150.2M |
| 总债务越低越好 | — | $59.0M |
| 股东权益账面价值 | — | $660.4M |
| 总资产 | $2.9B | $1.6B |
| 负债/权益比越低杠杆越低 | — | 0.09× |
8季度趋势，按日历期对齐
现金及短期投资ARLPMYRG
| Q1 26 | $28.9M | — | ||
| Q4 25 | $71.2M | $150.2M | ||
| Q3 25 | $94.5M | $76.2M | ||
| Q2 25 | $55.0M | $23.0M | ||
| Q1 25 | $81.3M | $10.9M | ||
| Q4 24 | $137.0M | $3.5M | ||
| Q3 24 | $195.4M | $7.6M | ||
| Q2 24 | $203.7M | $1.9M |
总债务ARLPMYRG
| Q1 26 | — | — | ||
| Q4 25 | — | $59.0M | ||
| Q3 25 | — | $72.0M | ||
| Q2 25 | — | $86.1M | ||
| Q1 25 | — | $87.2M | ||
| Q4 24 | — | $74.4M | ||
| Q3 24 | — | $93.2M | ||
| Q2 24 | — | $45.1M |
股东权益ARLPMYRG
| Q1 26 | — | — | ||
| Q4 25 | — | $660.4M | ||
| Q3 25 | — | $617.6M | ||
| Q2 25 | — | $583.2M | ||
| Q1 25 | — | $548.7M | ||
| Q4 24 | — | $600.4M | ||
| Q3 24 | — | $588.5M | ||
| Q2 24 | — | $633.3M |
总资产ARLPMYRG
| Q1 26 | $2.9B | — | ||
| Q4 25 | $2.9B | $1.6B | ||
| Q3 25 | $2.9B | $1.6B | ||
| Q2 25 | $2.9B | $1.6B | ||
| Q1 25 | $2.9B | $1.5B | ||
| Q4 24 | $2.9B | $1.6B | ||
| Q3 24 | $3.0B | $1.6B | ||
| Q2 24 | $3.1B | $1.6B |
负债/权益比ARLPMYRG
| Q1 26 | — | — | ||
| Q4 25 | — | 0.09× | ||
| Q3 25 | — | 0.12× | ||
| Q2 25 | — | 0.15× | ||
| Q1 25 | — | 0.16× | ||
| Q4 24 | — | 0.12× | ||
| Q3 24 | — | 0.16× | ||
| Q2 24 | — | 0.07× |
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 | — | $114.8M |
| 自由现金流经营现金流 - 资本支出 | $13.3M | $84.9M |
| 自由现金流率自由现金流/营收 | 2.6% | 8.7% |
| 资本支出强度资本支出/营收 | 18.5% | 3.1% |
| 现金转化率经营现金流/净利润 | — | 3.14× |
| 过去12个月自由现金流最近4个季度 | $342.2M | $232.2M |
8季度趋势，按日历期对齐
经营现金流ARLPMYRG
| Q1 26 | — | — | ||
| Q4 25 | $143.9M | $114.8M | ||
| Q3 25 | $209.9M | $95.6M | ||
| Q2 25 | $151.7M | $32.9M | ||
| Q1 25 | $145.7M | $83.3M | ||
| Q4 24 | $168.4M | $21.1M | ||
| Q3 24 | $209.3M | $35.6M | ||
| Q2 24 | $215.8M | $22.7M |
自由现金流ARLPMYRG
| Q1 26 | $13.3M | — | ||
| Q4 25 | $99.1M | $84.9M | ||
| Q3 25 | $145.2M | $65.4M | ||
| Q2 25 | $84.7M | $11.6M | ||
| Q1 25 | $58.9M | $70.2M | ||
| Q4 24 | $75.3M | $8.8M | ||
| Q3 24 | $99.0M | $18.0M | ||
| Q2 24 | $114.3M | $2.5M |
自由现金流率ARLPMYRG
| Q1 26 | 2.6% | — | ||
| Q4 25 | 18.5% | 8.7% | ||
| Q3 25 | 25.4% | 6.9% | ||
| Q2 25 | 15.5% | 1.3% | ||
| Q1 25 | 10.9% | 8.4% | ||
| Q4 24 | 12.8% | 1.1% | ||
| Q3 24 | 16.1% | 2.0% | ||
| Q2 24 | 19.3% | 0.3% |
资本支出强度ARLPMYRG
| Q1 26 | 18.5% | — | ||
| Q4 25 | 8.4% | 3.1% | ||
| Q3 25 | 11.3% | 3.2% | ||
| Q2 25 | 12.2% | 2.4% | ||
| Q1 25 | 16.1% | 1.6% | ||
| Q4 24 | 15.8% | 1.5% | ||
| Q3 24 | 18.0% | 2.0% | ||
| Q2 24 | 17.1% | 2.4% |
现金转化率ARLPMYRG
| Q1 26 | — | — | ||
| Q4 25 | 1.74× | 3.14× | ||
| Q3 25 | 2.21× | 2.98× | ||
| Q2 25 | 2.55× | 1.24× | ||
| Q1 25 | 1.97× | 3.57× | ||
| Q4 24 | 10.31× | 1.32× | ||
| Q3 24 | 2.43× | 3.35× | ||
| Q2 24 | 2.15× | — |
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% |
MYRG
| Market Type Electrical Construction | $442.6M | 45% |
| Market Type Transmission | $330.3M | 34% |
| Market Type Distribution | $200.6M | 21% |
