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ALLIANCE RESOURCE PARTNERS LP（ARLP）与NATURAL RESOURCE PARTNERS LP（NRP）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NATURAL RESOURCE PARTNERS LP的10.4倍（$535.5M vs $51.3M）。NATURAL RESOURCE PARTNERS LP净利率更高（78.5% vs 15.4%，领先63.1%）。ALLIANCE RESOURCE PARTNERS LP同比增速更快（-9.2% vs -21.8%）。过去两年NATURAL RESOURCE PARTNERS LP的营收复合增速更高（-8.3% 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。
Natural Resource Partners LP是总部位于美国的业主有限合伙企业，主要持有、管理及出租矿产储备权益，资产涵盖煤炭、集料、工业矿物与油气资源，业务主要布局于北美地区，核心收入来自第三方资源开采企业支付的特许权使用费。
ARLP vs NRP — 直观对比
营收规模更大
ARLP
是对方的10.4倍
$51.3M
营收增速更快
ARLP
高出12.6%
-21.8%
净利率更高
NRP
高出63.1%
15.4%
两年增速更快
NRP
近两年复合增速
-9.4%
损益表 — Q4 2025 vs Q1 2025
| 指标 | | |
|---|---|---|
| 营收 | $535.5M | $51.3M |
| 净利润 | $82.7M | $40.3M |
| 毛利率 | — | — |
| 营业利润率 | 18.2% | 83.7% |
| 净利率 | 15.4% | 78.5% |
| 营收同比 | -9.2% | -21.8% |
| 净利润同比 | 406.2% | -28.4% |
| 每股收益（稀释后） | — | — |
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ARLPNRP
| Q4 25 | $535.5M | — | ||
| Q3 25 | $571.4M | — | ||
| Q2 25 | $547.5M | — | ||
| Q1 25 | $540.5M | $51.3M | ||
| Q4 24 | $590.1M | $61.8M | ||
| Q3 24 | $613.6M | $50.4M | ||
| Q2 24 | $593.4M | $54.6M | ||
| Q1 24 | $651.7M | $65.6M |
净利润ARLPNRP
| Q4 25 | $82.7M | — | ||
| Q3 25 | $95.1M | — | ||
| Q2 25 | $59.4M | — | ||
| Q1 25 | $74.0M | $40.3M | ||
| Q4 24 | $16.3M | $42.8M | ||
| Q3 24 | $86.3M | $38.6M | ||
| Q2 24 | $100.2M | $46.1M | ||
| Q1 24 | $158.1M | $56.2M |
营业利润率ARLPNRP
| Q4 25 | 18.2% | — | ||
| Q3 25 | 18.4% | — | ||
| Q2 25 | 16.2% | — | ||
| Q1 25 | 17.4% | 83.7% | ||
| Q4 24 | 2.6% | 74.9% | ||
| Q3 24 | 16.5% | 84.9% | ||
| Q2 24 | 19.8% | 92.3% | ||
| Q1 24 | 24.6% | 91.0% |
净利率ARLPNRP
| Q4 25 | 15.4% | — | ||
| Q3 25 | 16.6% | — | ||
| Q2 25 | 10.9% | — | ||
| Q1 25 | 13.7% | 78.5% | ||
| Q4 24 | 2.8% | 69.2% | ||
| Q3 24 | 14.1% | 76.6% | ||
| Q2 24 | 16.9% | 84.4% | ||
| Q1 24 | 24.3% | 85.7% |
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 | $30.9M |
| 总债务越低越好 | — | $138.8M |
| 股东权益账面价值 | — | — |
| 总资产 | $2.9B | $772.5M |
| 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ARLPNRP
| Q4 25 | $71.2M | — | ||
| Q3 25 | $94.5M | — | ||
| Q2 25 | $55.0M | — | ||
| Q1 25 | $81.3M | $30.9M | ||
| Q4 24 | $137.0M | $30.4M | ||
| Q3 24 | $195.4M | $30.9M | ||
| Q2 24 | $203.7M | $32.3M | ||
| Q1 24 | $134.0M | $11.0M |
总债务ARLPNRP
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $138.8M | ||
| Q4 24 | — | $142.1M | ||
| Q3 24 | — | $197.4M | ||
| Q2 24 | — | $210.3M | ||
| Q1 24 | — | $188.8M |
总资产ARLPNRP
| Q4 25 | $2.9B | — | ||
| Q3 25 | $2.9B | — | ||
| Q2 25 | $2.9B | — | ||
| Q1 25 | $2.9B | $772.5M | ||
| Q4 24 | $2.9B | $772.9M | ||
| Q3 24 | $3.0B | $772.9M | ||
| Q2 24 | $3.1B | $789.6M | ||
| Q1 24 | $3.0B | $772.9M |
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 | $34.4M |
| 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× | 0.86× |
| 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ARLPNRP
| Q4 25 | $143.9M | — | ||
| Q3 25 | $209.9M | — | ||
| Q2 25 | $151.7M | — | ||
| Q1 25 | $145.7M | $34.4M | ||
| Q4 24 | $168.4M | $66.2M | ||
| Q3 24 | $209.3M | $54.1M | ||
| Q2 24 | $215.8M | $56.6M | ||
| Q1 24 | $209.7M | $71.5M |
自由现金流ARLPNRP
| 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ARLPNRP
| 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ARLPNRP
| Q4 25 | 8.4% | — | ||
| Q3 25 | 11.3% | — | ||
| Q2 25 | 12.2% | — | ||
| Q1 25 | 16.1% | — | ||
| Q4 24 | 15.8% | 0.0% | ||
| Q3 24 | 18.0% | 0.0% | ||
| Q2 24 | 17.1% | 0.0% | ||
| Q1 24 | 19.0% | 0.0% |
现金转化率ARLPNRP
| Q4 25 | 1.74× | — | ||
| Q3 25 | 2.21× | — | ||
| Q2 25 | 2.55× | — | ||
| Q1 25 | 1.97× | 0.86× | ||
| Q4 24 | 10.31× | 1.55× | ||
| Q3 24 | 2.43× | 1.40× | ||
| Q2 24 | 2.15× | 1.23× | ||
| Q1 24 | 1.33× | 1.27× |
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% |
NRP
| Coal Royalty Revenues | $35.5M | 69% |
| Soda Ash Segment | $4.6M | 9% |
| Transportation And Processing Services | $4.4M | 9% |
| Production Lease Minimum Revenues | $2.7M | 5% |
| Oil And Gas Royalty Revenues | $2.4M | 5% |
| Other | $1.6M | 3% |
