vs
ALLIANCE RESOURCE PARTNERS LP（ARLP）与NACCO INDUSTRIES INC（NC）财务数据对比。点击上方公司名可切换其他公司
ALLIANCE RESOURCE PARTNERS LP的季度营收约是NACCO INDUSTRIES INC的8.0倍（$535.5M vs $66.8M）。ALLIANCE RESOURCE PARTNERS LP净利率更高（15.4% vs -5.8%，领先21.2%）。NACCO INDUSTRIES INC同比增速更快（-5.2% vs -9.2%）。过去两年NACCO INDUSTRIES INC的营收复合增速更高（11.9% vs -9.4%）
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。
纳科工业是一家总部位于美国俄亥俄州克利夫兰的上市控股公司，核心业务聚焦采矿与自然资源领域，旗下划分煤炭开采、北美采矿、矿产管理三大业务板块。其中煤炭开采板块采用服务型商业模式，依据长期合约为发电企业及活性炭生产商运营露天煤矿。
ARLP vs NC — 直观对比
营收规模更大
ARLP
是对方的8.0倍
$66.8M
营收增速更快
NC
高出4.1%
-9.2%
净利率更高
ARLP
高出21.2%
-5.8%
两年增速更快
NC
近两年复合增速
-9.4%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $535.5M | $66.8M |
| 净利润 | $82.7M | $-3.8M |
| 毛利率 | — | 18.0% |
| 营业利润率 | 18.2% | 11.3% |
| 净利率 | 15.4% | -5.8% |
| 营收同比 | -9.2% | -5.2% |
| 净利润同比 | 406.2% | -150.8% |
| 每股收益（稀释后） | — | $-0.53 |
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ARLPNC
| Q4 25 | $535.5M | $66.8M | ||
| Q3 25 | $571.4M | $76.6M | ||
| Q2 25 | $547.5M | $68.2M | ||
| Q1 25 | $540.5M | $65.6M | ||
| Q4 24 | $590.1M | $70.4M | ||
| Q3 24 | $613.6M | $61.7M | ||
| Q2 24 | $593.4M | $52.3M | ||
| Q1 24 | $651.7M | $53.3M |
净利润ARLPNC
| Q4 25 | $82.7M | $-3.8M | ||
| Q3 25 | $95.1M | $13.3M | ||
| Q2 25 | $59.4M | $3.3M | ||
| Q1 25 | $74.0M | $4.9M | ||
| Q4 24 | $16.3M | $7.6M | ||
| Q3 24 | $86.3M | $15.6M | ||
| Q2 24 | $100.2M | $6.0M | ||
| Q1 24 | $158.1M | $4.6M |
毛利率ARLPNC
| Q4 25 | — | 18.0% | ||
| Q3 25 | — | 13.0% | ||
| Q2 25 | — | 10.0% | ||
| Q1 25 | — | 14.7% | ||
| Q4 24 | — | 12.0% | ||
| Q3 24 | — | 11.7% | ||
| Q2 24 | — | 13.4% | ||
| Q1 24 | — | 13.2% |
营业利润率ARLPNC
| Q4 25 | 18.2% | 11.3% | ||
| Q3 25 | 18.4% | 8.8% | ||
| Q2 25 | 16.2% | -0.1% | ||
| Q1 25 | 17.4% | 11.7% | ||
| Q4 24 | 2.6% | 5.5% | ||
| Q3 24 | 16.5% | 31.9% | ||
| Q2 24 | 19.8% | 14.1% | ||
| Q1 24 | 24.6% | 8.9% |
净利率ARLPNC
| Q4 25 | 15.4% | -5.8% | ||
| Q3 25 | 16.6% | 17.3% | ||
| Q2 25 | 10.9% | 4.8% | ||
| Q1 25 | 13.7% | 7.5% | ||
| Q4 24 | 2.8% | 10.7% | ||
| Q3 24 | 14.1% | 25.4% | ||
| Q2 24 | 16.9% | 11.4% | ||
| Q1 24 | 24.3% | 8.6% |
每股收益（稀释后）ARLPNC
| Q4 25 | — | $-0.53 | ||
| Q3 25 | — | $1.78 | ||
| Q2 25 | — | $0.44 | ||
| Q1 25 | — | $0.66 | ||
| Q4 24 | — | $0.99 | ||
| Q3 24 | — | $2.14 | ||
| Q2 24 | — | $0.81 | ||
| Q1 24 | — | $0.61 |
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 | $71.2M | $49.7M |
| 总债务越低越好 | — | $100.8M |
| 股东权益账面价值 | — | $429.2M |
| 总资产 | $2.9B | $661.2M |
| 负债/权益比越低杠杆越低 | — | 0.23× |
8季度趋势，按日历期对齐
现金及短期投资ARLPNC
| Q4 25 | $71.2M | $49.7M | ||
| Q3 25 | $94.5M | $52.7M | ||
| Q2 25 | $55.0M | $49.4M | ||
| Q1 25 | $81.3M | $61.9M | ||
| Q4 24 | $137.0M | $72.8M | ||
| Q3 24 | $195.4M | $63.1M | ||
| Q2 24 | $203.7M | $62.4M | ||
| Q1 24 | $134.0M | $61.8M |
总债务ARLPNC
| Q4 25 | — | $100.8M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $99.4M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $29.0M | ||
| Q1 24 | — | $28.4M |
股东权益ARLPNC
| Q4 25 | — | $429.2M | ||
| Q3 25 | — | $426.4M | ||
| Q2 25 | — | $413.1M | ||
| Q1 25 | — | $409.1M | ||
| Q4 24 | — | $404.9M | ||
| Q3 24 | — | $397.3M | ||
| Q2 24 | — | $384.1M | ||
| Q1 24 | — | $381.6M |
总资产ARLPNC
| Q4 25 | $2.9B | $661.2M | ||
| Q3 25 | $2.9B | $637.6M | ||
| Q2 25 | $2.9B | $631.3M | ||
| Q1 25 | $2.9B | $634.2M | ||
| Q4 24 | $2.9B | $631.7M | ||
| Q3 24 | $3.0B | $597.4M | ||
| Q2 24 | $3.1B | $560.1M | ||
| Q1 24 | $3.0B | $538.0M |
负债/权益比ARLPNC
| Q4 25 | — | 0.23× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.25× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 0.08× | ||
| Q1 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 | $143.9M | $11.4M |
| 自由现金流经营现金流 - 资本支出 | $99.1M | — |
| 自由现金流率自由现金流/营收 | 18.5% | — |
| 资本支出强度资本支出/营收 | 8.4% | — |
| 现金转化率经营现金流/净利润 | 1.74× | — |
| 过去12个月自由现金流最近4个季度 | $387.9M | — |
8季度趋势，按日历期对齐
经营现金流ARLPNC
| Q4 25 | $143.9M | $11.4M | ||
| Q3 25 | $209.9M | $42.3M | ||
| Q2 25 | $151.7M | $-7.8M | ||
| Q1 25 | $145.7M | $5.0M | ||
| Q4 24 | $168.4M | $25.2M | ||
| Q3 24 | $209.3M | $2.8M | ||
| Q2 24 | $215.8M | $4.1M | ||
| Q1 24 | $209.7M | $-9.8M |
自由现金流ARLPNC
| Q4 25 | $99.1M | — | ||
| Q3 25 | $145.2M | — | ||
| Q2 25 | $84.7M | — | ||
| Q1 25 | $58.9M | — | ||
| Q4 24 | $75.3M | — | ||
| Q3 24 | $99.0M | — | ||
| Q2 24 | $114.3M | — | ||
| Q1 24 | $85.8M | — |
自由现金流率ARLPNC
| Q4 25 | 18.5% | — | ||
| Q3 25 | 25.4% | — | ||
| Q2 25 | 15.5% | — | ||
| Q1 25 | 10.9% | — | ||
| Q4 24 | 12.8% | — | ||
| Q3 24 | 16.1% | — | ||
| Q2 24 | 19.3% | — | ||
| Q1 24 | 13.2% | — |
资本支出强度ARLPNC
| Q4 25 | 8.4% | — | ||
| Q3 25 | 11.3% | — | ||
| Q2 25 | 12.2% | — | ||
| Q1 25 | 16.1% | — | ||
| Q4 24 | 15.8% | — | ||
| Q3 24 | 18.0% | — | ||
| Q2 24 | 17.1% | — | ||
| Q1 24 | 19.0% | — |
现金转化率ARLPNC
| Q4 25 | 1.74× | — | ||
| Q3 25 | 2.21× | 3.19× | ||
| Q2 25 | 2.55× | -2.39× | ||
| Q1 25 | 1.97× | 1.03× | ||
| Q4 24 | 10.31× | 3.33× | ||
| Q3 24 | 2.43× | 0.18× | ||
| Q2 24 | 2.15× | 0.68× | ||
| Q1 24 | 1.33× | -2.14× |
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
| Illinois Basin Segment | $339.0M | 63% |
| Appalachia Segment | $141.4M | 26% |
| Other | $24.2M | 5% |
| Royalties Coal Segment | $22.4M | 4% |
| Shipping And Handling | $10.2M | 2% |
NC
| Transferred Over Time | $42.7M | 64% |
| Transferred At Point In Time | $24.1M | 36% |
