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ALLIANCE RESOURCE PARTNERS LP（ARLP）与NATIONAL HEALTHCARE CORP（NHC）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NATIONAL HEALTHCARE CORP的1.3倍（$516.0M vs $386.5M），NATIONAL HEALTHCARE CORP净利率更高（6.4% vs 2.1%，领先4.3%），NATIONAL HEALTHCARE CORP同比增速更快（4.6% vs -3.6%），ALLIANCE RESOURCE PARTNERS LP自由现金流更多（$13.3M vs $6.4M），过去两年NATIONAL HEALTHCARE CORP的营收复合增速更高（14.0% 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。
HCA Healthcare是1968年成立的美国营利性医疗服务运营商，总部位于田纳西州纳什维尔。截至2020年5月，该公司在全美20个州及英国持有并运营186家医院，还有约2400个医疗服务网点，涵盖手术中心、独立急诊室、紧急护理中心及医师诊所，2024年位列美国财富500强第61位。
ARLP vs NHC — 直观对比
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $516.0M | $386.5M |
| 净利润 | $10.7M | $24.8M |
| 毛利率 | — | — |
| 营业利润率 | 4.2% | 8.6% |
| 净利率 | 2.1% | 6.4% |
| 营收同比 | -3.6% | 4.6% |
| 净利润同比 | — | 308.6% |
| 每股收益（稀释后） | — | $1.58 |
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
| Q1 26 | $516.0M | — | ||
| Q4 25 | $535.5M | $386.5M | ||
| Q3 25 | $571.4M | $382.7M | ||
| Q2 25 | $547.5M | $374.9M | ||
| Q1 25 | $540.5M | $373.7M | ||
| Q4 24 | $590.1M | $369.4M | ||
| Q3 24 | $613.6M | $340.2M | ||
| Q2 24 | $593.4M | $300.7M |
| Q1 26 | $10.7M | — | ||
| Q4 25 | $82.7M | $24.8M | ||
| Q3 25 | $95.1M | $39.2M | ||
| Q2 25 | $59.4M | $23.7M | ||
| Q1 25 | $74.0M | $32.2M | ||
| Q4 24 | $16.3M | $6.1M | ||
| Q3 24 | $86.3M | $42.8M | ||
| Q2 24 | $100.2M | $26.8M |
| Q1 26 | 4.2% | — | ||
| Q4 25 | 18.2% | 8.6% | ||
| Q3 25 | 18.4% | 7.9% | ||
| Q2 25 | 16.2% | 9.1% | ||
| Q1 25 | 17.4% | 8.2% | ||
| Q4 24 | 2.6% | 7.8% | ||
| Q3 24 | 16.5% | 6.7% | ||
| Q2 24 | 19.8% | 7.5% |
| Q1 26 | 2.1% | — | ||
| Q4 25 | 15.4% | 6.4% | ||
| Q3 25 | 16.6% | 10.3% | ||
| Q2 25 | 10.9% | 6.3% | ||
| Q1 25 | 13.7% | 8.6% | ||
| Q4 24 | 2.8% | 1.6% | ||
| Q3 24 | 14.1% | 12.6% | ||
| Q2 24 | 16.9% | 8.9% |
| Q1 26 | — | — | ||
| Q4 25 | — | $1.58 | ||
| Q3 25 | — | $2.50 | ||
| Q2 25 | — | $1.52 | ||
| Q1 25 | — | $2.07 | ||
| Q4 24 | — | $0.38 | ||
| Q3 24 | — | $2.73 | ||
| Q2 24 | — | $1.73 |
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 | $92.8M |
| 总债务越低越好 | — | $40.0M |
| 股东权益账面价值 | — | $1.1B |
| 总资产 | $2.9B | $1.5B |
| 负债/权益比越低杠杆越低 | — | 0.04× |
8季度趋势，按日历期对齐
| Q1 26 | $28.9M | — | ||
| Q4 25 | $71.2M | $92.8M | ||
| Q3 25 | $94.5M | $130.6M | ||
| Q2 25 | $55.0M | $111.0M | ||
| Q1 25 | $81.3M | $90.4M | ||
| Q4 24 | $137.0M | $76.1M | ||
| Q3 24 | $195.4M | $84.8M | ||
| Q2 24 | $203.7M | $136.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | $40.0M | ||
| Q3 25 | — | $73.1M | ||
| Q2 25 | — | $110.0M | ||
| Q1 25 | — | $134.0M | ||
| Q4 24 | — | $137.0M | ||
| Q3 24 | — | $147.0M | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | — | $1.1B | ||
| Q3 25 | — | $1.1B | ||
| Q2 25 | — | $1.0B | ||
| Q1 25 | — | $1.0B | ||
| Q4 24 | — | $980.2M | ||
| Q3 24 | — | $983.5M | ||
| Q2 24 | — | $945.8M |
| Q1 26 | $2.9B | — | ||
| Q4 25 | $2.9B | $1.5B | ||
| Q3 25 | $2.9B | $1.6B | ||
| Q2 25 | $2.9B | $1.6B | ||
| Q1 25 | $2.9B | $1.5B | ||
| Q4 24 | $2.9B | $1.5B | ||
| Q3 24 | $3.0B | $1.6B | ||
| Q2 24 | $3.1B | $1.3B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.04× | ||
| Q3 25 | — | 0.07× | ||
| Q2 25 | — | 0.11× | ||
| Q1 25 | — | 0.13× | ||
| Q4 24 | — | 0.14× | ||
| Q3 24 | — | 0.15× | ||
| Q2 24 | — | — |
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 | — | $16.8M |
| 自由现金流经营现金流 - 资本支出 | $13.3M | $6.4M |
| 自由现金流率自由现金流/营收 | 2.6% | 1.7% |
| 资本支出强度资本支出/营收 | 18.5% | 2.7% |
| 现金转化率经营现金流/净利润 | — | 0.68× |
| 过去12个月自由现金流最近4个季度 | $342.2M | $148.6M |
8季度趋势，按日历期对齐
| Q1 26 | — | — | ||
| Q4 25 | $143.9M | $16.8M | ||
| Q3 25 | $209.9M | $66.2M | ||
| Q2 25 | $151.7M | $62.8M | ||
| Q1 25 | $145.7M | $39.3M | ||
| Q4 24 | $168.4M | $12.8M | ||
| Q3 24 | $209.3M | $34.2M | ||
| Q2 24 | $215.8M | $50.7M |
| Q1 26 | $13.3M | — | ||
| Q4 25 | $99.1M | $6.4M | ||
| Q3 25 | $145.2M | $56.5M | ||
| Q2 25 | $84.7M | $52.6M | ||
| Q1 25 | $58.9M | $33.1M | ||
| Q4 24 | $75.3M | $4.6M | ||
| Q3 24 | $99.0M | $28.6M | ||
| Q2 24 | $114.3M | $42.8M |
| Q1 26 | 2.6% | — | ||
| Q4 25 | 18.5% | 1.7% | ||
| Q3 25 | 25.4% | 14.8% | ||
| Q2 25 | 15.5% | 14.0% | ||
| Q1 25 | 10.9% | 8.9% | ||
| Q4 24 | 12.8% | 1.3% | ||
| Q3 24 | 16.1% | 8.4% | ||
| Q2 24 | 19.3% | 14.2% |
| Q1 26 | 18.5% | — | ||
| Q4 25 | 8.4% | 2.7% | ||
| Q3 25 | 11.3% | 2.5% | ||
| Q2 25 | 12.2% | 2.7% | ||
| Q1 25 | 16.1% | 1.6% | ||
| Q4 24 | 15.8% | 2.2% | ||
| Q3 24 | 18.0% | 1.7% | ||
| Q2 24 | 17.1% | 2.6% |
| Q1 26 | — | — | ||
| Q4 25 | 1.74× | 0.68× | ||
| Q3 25 | 2.21× | 1.69× | ||
| Q2 25 | 2.55× | 2.65× | ||
| Q1 25 | 1.97× | 1.22× | ||
| Q4 24 | 10.31× | 2.10× | ||
| Q3 24 | 2.43× | 0.80× | ||
| Q2 24 | 2.15× | 1.89× |
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% |
NHC
| Inpatient Services Segment | $333.7M | 86% |
| Homecare Services Segment | $40.0M | 10% |
| Other | $11.2M | 3% |
| National | $1.6M | 0% |
