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ALLIANCE RESOURCE PARTNERS LP（ARLP）与Cloudflare, Inc.（NET）财务数据对比。点击上方公司名可切换其他公司
Cloudflare, Inc.的季度营收约是ALLIANCE RESOURCE PARTNERS LP的1.2倍（$614.5M vs $516.0M），ALLIANCE RESOURCE PARTNERS LP净利率更高（2.1% vs -2.0%，领先4.0%），Cloudflare, Inc.同比增速更快（33.6% vs -3.6%），Cloudflare, Inc.自由现金流更多（$105.2M vs $13.3M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% 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。
Cloudflare是总部位于美国加利福尼亚州旧金山的科技企业，提供内容分发网络（CDN）、云网络安全、DDoS防护等多元互联网服务，同时是ICANN认证的域名注册商。其服务作为网站访客与客户托管服务商之间的反向代理，可有效提升访问性能，抵御恶意流量。
ARLP vs NET — 直观对比
营收规模更大
NET
是对方的1.2倍
$516.0M
营收增速更快
NET
高出37.2%
-3.6%
净利率更高
ARLP
高出4.0%
-2.0%
自由现金流更多
NET
多$91.9M
$13.3M
两年增速更快
NET
近两年复合增速
-6.7%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $516.0M | $614.5M |
| 净利润 | $10.7M | $-12.1M |
| 毛利率 | — | 73.6% |
| 营业利润率 | 4.2% | -8.0% |
| 净利率 | 2.1% | -2.0% |
| 营收同比 | -3.6% | 33.6% |
| 净利润同比 | — | 6.0% |
| 每股收益（稀释后） | — | $-0.03 |
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ARLPNET
| Q1 26 | $516.0M | — | ||
| Q4 25 | $535.5M | $614.5M | ||
| Q3 25 | $571.4M | $562.0M | ||
| Q2 25 | $547.5M | $512.3M | ||
| Q1 25 | $540.5M | $479.1M | ||
| Q4 24 | $590.1M | $459.9M | ||
| Q3 24 | $613.6M | $430.1M | ||
| Q2 24 | $593.4M | $401.0M |
净利润ARLPNET
| Q1 26 | $10.7M | — | ||
| Q4 25 | $82.7M | $-12.1M | ||
| Q3 25 | $95.1M | $-1.3M | ||
| Q2 25 | $59.4M | $-50.4M | ||
| Q1 25 | $74.0M | $-38.5M | ||
| Q4 24 | $16.3M | $-12.8M | ||
| Q3 24 | $86.3M | $-15.3M | ||
| Q2 24 | $100.2M | $-15.1M |
毛利率ARLPNET
| Q1 26 | — | — | ||
| Q4 25 | — | 73.6% | ||
| Q3 25 | — | 74.0% | ||
| Q2 25 | — | 74.9% | ||
| Q1 25 | — | 75.9% | ||
| Q4 24 | — | 76.4% | ||
| Q3 24 | — | 77.7% | ||
| Q2 24 | — | 77.8% |
营业利润率ARLPNET
| Q1 26 | 4.2% | — | ||
| Q4 25 | 18.2% | -8.0% | ||
| Q3 25 | 18.4% | -6.7% | ||
| Q2 25 | 16.2% | -13.1% | ||
| Q1 25 | 17.4% | -11.1% | ||
| Q4 24 | 2.6% | -7.5% | ||
| Q3 24 | 16.5% | -7.2% | ||
| Q2 24 | 19.8% | -8.7% |
净利率ARLPNET
| Q1 26 | 2.1% | — | ||
| Q4 25 | 15.4% | -2.0% | ||
| Q3 25 | 16.6% | -0.2% | ||
| Q2 25 | 10.9% | -9.8% | ||
| Q1 25 | 13.7% | -8.0% | ||
| Q4 24 | 2.8% | -2.8% | ||
| Q3 24 | 14.1% | -3.6% | ||
| Q2 24 | 16.9% | -3.8% |
每股收益（稀释后）ARLPNET
| Q1 26 | — | — | ||
| Q4 25 | — | $-0.03 | ||
| Q3 25 | — | $0.00 | ||
| Q2 25 | — | $-0.15 | ||
| Q1 25 | — | $-0.11 | ||
| Q4 24 | — | $-0.05 | ||
| Q3 24 | — | $-0.04 | ||
| Q2 24 | — | $-0.04 |
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 | $943.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | — | $1.5B |
| 总资产 | $2.9B | $6.0B |
| 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ARLPNET
| Q1 26 | $28.9M | — | ||
| Q4 25 | $71.2M | $943.5M | ||
| Q3 25 | $94.5M | $1.1B | ||
| Q2 25 | $55.0M | $1.5B | ||
| Q1 25 | $81.3M | $204.5M | ||
| Q4 24 | $137.0M | $147.7M | ||
| Q3 24 | $195.4M | $182.9M | ||
| Q2 24 | $203.7M | $157.0M |
股东权益ARLPNET
| Q1 26 | — | — | ||
| Q4 25 | — | $1.5B | ||
| Q3 25 | — | $1.3B | ||
| Q2 25 | — | $1.2B | ||
| Q1 25 | — | $1.4B | ||
| Q4 24 | — | $1.0B | ||
| Q3 24 | — | $973.1M | ||
| Q2 24 | — | $881.5M |
总资产ARLPNET
| Q1 26 | $2.9B | — | ||
| Q4 25 | $2.9B | $6.0B | ||
| Q3 25 | $2.9B | $5.8B | ||
| Q2 25 | $2.9B | $5.6B | ||
| Q1 25 | $2.9B | $3.7B | ||
| Q4 24 | $2.9B | $3.3B | ||
| Q3 24 | $3.0B | $3.1B | ||
| Q2 24 | $3.1B | $2.9B |
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 | — | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $13.3M | $105.2M |
| 自由现金流率自由现金流/营收 | 2.6% | 17.1% |
| 资本支出强度资本支出/营收 | 18.5% | 13.9% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $342.2M | $287.5M |
8季度趋势，按日历期对齐
经营现金流ARLPNET
| Q1 26 | — | — | ||
| Q4 25 | $143.9M | $190.4M | ||
| Q3 25 | $209.9M | $167.1M | ||
| Q2 25 | $151.7M | $99.8M | ||
| Q1 25 | $145.7M | $145.8M | ||
| Q4 24 | $168.4M | $127.3M | ||
| Q3 24 | $209.3M | $104.7M | ||
| Q2 24 | $215.8M | $74.8M |
自由现金流ARLPNET
| Q1 26 | $13.3M | — | ||
| Q4 25 | $99.1M | $105.2M | ||
| Q3 25 | $145.2M | $82.5M | ||
| Q2 25 | $84.7M | $39.9M | ||
| Q1 25 | $58.9M | $59.9M | ||
| Q4 24 | $75.3M | $54.2M | ||
| Q3 24 | $99.0M | $54.5M | ||
| Q2 24 | $114.3M | $45.2M |
自由现金流率ARLPNET
| Q1 26 | 2.6% | — | ||
| Q4 25 | 18.5% | 17.1% | ||
| Q3 25 | 25.4% | 14.7% | ||
| Q2 25 | 15.5% | 7.8% | ||
| Q1 25 | 10.9% | 12.5% | ||
| Q4 24 | 12.8% | 11.8% | ||
| Q3 24 | 16.1% | 12.7% | ||
| Q2 24 | 19.3% | 11.3% |
资本支出强度ARLPNET
| Q1 26 | 18.5% | — | ||
| Q4 25 | 8.4% | 13.9% | ||
| Q3 25 | 11.3% | 15.1% | ||
| Q2 25 | 12.2% | 11.7% | ||
| Q1 25 | 16.1% | 17.9% | ||
| Q4 24 | 15.8% | 15.9% | ||
| Q3 24 | 18.0% | 11.7% | ||
| Q2 24 | 17.1% | 7.4% |
现金转化率ARLPNET
| Q1 26 | — | — | ||
| Q4 25 | 1.74× | — | ||
| Q3 25 | 2.21× | — | ||
| Q2 25 | 2.55× | — | ||
| Q1 25 | 1.97× | — | ||
| Q4 24 | 10.31× | — | ||
| Q3 24 | 2.43× | — | ||
| 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% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
