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ALLIANCE RESOURCE PARTNERS LP（ARLP）与OUTFRONT Media Inc.（OUT）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OUTFRONT Media Inc.的1.0倍（$516.0M vs $513.3M），OUTFRONT Media Inc.净利率更高（18.9% vs 2.1%，领先16.8%），OUTFRONT Media Inc.同比增速更快（4.1% vs -3.6%），OUTFRONT Media Inc.自由现金流更多（$93.3M vs $13.3M），过去两年OUTFRONT Media Inc.的营收复合增速更高（12.1% 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。
OUTFRONT Media Inc.是一家美国广告企业，业务覆盖美国本土，由首席执行官Nick Brien领导美洲区业务，核心经营广告牌及公共交通展示广告两大业务板块，是户外广告领域的重要参与者。
ARLP vs OUT — 直观对比
营收规模更大
ARLP
是对方的1.0倍
$513.3M
营收增速更快
OUT
高出7.7%
-3.6%
净利率更高
OUT
高出16.8%
2.1%
自由现金流更多
OUT
多$80.0M
$13.3M
两年增速更快
OUT
近两年复合增速
-6.7%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $516.0M | $513.3M |
| 净利润 | $10.7M | $96.8M |
| 毛利率 | — | — |
| 营业利润率 | 4.2% | 26.0% |
| 净利率 | 2.1% | 18.9% |
| 营收同比 | -3.6% | 4.1% |
| 净利润同比 | — | 30.8% |
| 每股收益（稀释后） | — | $0.57 |
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ARLPOUT
| Q1 26 | $516.0M | — | ||
| Q4 25 | $535.5M | $513.3M | ||
| Q3 25 | $571.4M | $467.5M | ||
| Q2 25 | $547.5M | $460.2M | ||
| Q1 25 | $540.5M | $390.7M | ||
| Q4 24 | $590.1M | $493.2M | ||
| Q3 24 | $613.6M | $451.9M | ||
| Q2 24 | $593.4M | $477.3M |
净利润ARLPOUT
| Q1 26 | $10.7M | — | ||
| Q4 25 | $82.7M | $96.8M | ||
| Q3 25 | $95.1M | $51.3M | ||
| Q2 25 | $59.4M | $19.5M | ||
| Q1 25 | $74.0M | $-20.6M | ||
| Q4 24 | $16.3M | $74.0M | ||
| Q3 24 | $86.3M | $34.6M | ||
| Q2 24 | $100.2M | $176.8M |
营业利润率ARLPOUT
| Q1 26 | 4.2% | — | ||
| Q4 25 | 18.2% | 26.0% | ||
| Q3 25 | 18.4% | 19.2% | ||
| Q2 25 | 16.2% | 12.2% | ||
| Q1 25 | 17.4% | 3.6% | ||
| Q4 24 | 2.6% | 22.5% | ||
| Q3 24 | 16.5% | 15.8% | ||
| Q2 24 | 19.8% | 48.0% |
净利率ARLPOUT
| Q1 26 | 2.1% | — | ||
| Q4 25 | 15.4% | 18.9% | ||
| Q3 25 | 16.6% | 11.0% | ||
| Q2 25 | 10.9% | 4.2% | ||
| Q1 25 | 13.7% | -5.3% | ||
| Q4 24 | 2.8% | 15.0% | ||
| Q3 24 | 14.1% | 7.7% | ||
| Q2 24 | 16.9% | 37.0% |
每股收益（稀释后）ARLPOUT
| Q1 26 | — | — | ||
| Q4 25 | — | $0.57 | ||
| Q3 25 | — | $0.29 | ||
| Q2 25 | — | $0.10 | ||
| Q1 25 | — | $-0.14 | ||
| Q4 24 | — | $0.49 | ||
| Q3 24 | — | $0.19 | ||
| Q2 24 | — | $1.01 |
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 | $99.9M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | — | $710.4M |
| 总资产 | $2.9B | $5.3B |
| 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ARLPOUT
| Q1 26 | $28.9M | — | ||
| Q4 25 | $71.2M | $99.9M | ||
| Q3 25 | $94.5M | $63.0M | ||
| Q2 25 | $55.0M | $28.5M | ||
| Q1 25 | $81.3M | $30.5M | ||
| Q4 24 | $137.0M | $46.9M | ||
| Q3 24 | $195.4M | $28.0M | ||
| Q2 24 | $203.7M | $49.6M |
股东权益ARLPOUT
| Q1 26 | — | — | ||
| Q4 25 | — | $710.4M | ||
| Q3 25 | — | $542.6M | ||
| Q2 25 | — | $539.1M | ||
| Q1 25 | — | $566.9M | ||
| Q4 24 | — | $649.0M | ||
| Q3 24 | — | $618.2M | ||
| Q2 24 | — | $664.9M |
总资产ARLPOUT
| Q1 26 | $2.9B | — | ||
| Q4 25 | $2.9B | $5.3B | ||
| Q3 25 | $2.9B | $5.2B | ||
| Q2 25 | $2.9B | $5.1B | ||
| Q1 25 | $2.9B | $5.1B | ||
| Q4 24 | $2.9B | $5.2B | ||
| Q3 24 | $3.0B | $5.2B | ||
| Q2 24 | $3.1B | $5.3B |
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 | — | $118.1M |
| 自由现金流经营现金流 - 资本支出 | $13.3M | $93.3M |
| 自由现金流率自由现金流/营收 | 2.6% | 18.2% |
| 资本支出强度资本支出/营收 | 18.5% | 4.8% |
| 现金转化率经营现金流/净利润 | — | 1.22× |
| 过去12个月自由现金流最近4个季度 | $342.2M | $218.8M |
8季度趋势，按日历期对齐
经营现金流ARLPOUT
| Q1 26 | — | — | ||
| Q4 25 | $143.9M | $118.1M | ||
| Q3 25 | $209.9M | $88.8M | ||
| Q2 25 | $151.7M | $67.1M | ||
| Q1 25 | $145.7M | $33.6M | ||
| Q4 24 | $168.4M | $124.5M | ||
| Q3 24 | $209.3M | $73.1M | ||
| Q2 24 | $215.8M | $71.0M |
自由现金流ARLPOUT
| Q1 26 | $13.3M | — | ||
| Q4 25 | $99.1M | $93.3M | ||
| Q3 25 | $145.2M | $67.7M | ||
| Q2 25 | $84.7M | $41.4M | ||
| Q1 25 | $58.9M | $16.4M | ||
| Q4 24 | $75.3M | $106.3M | ||
| Q3 24 | $99.0M | $55.5M | ||
| Q2 24 | $114.3M | $47.1M |
自由现金流率ARLPOUT
| Q1 26 | 2.6% | — | ||
| Q4 25 | 18.5% | 18.2% | ||
| Q3 25 | 25.4% | 14.5% | ||
| Q2 25 | 15.5% | 9.0% | ||
| Q1 25 | 10.9% | 4.2% | ||
| Q4 24 | 12.8% | 21.6% | ||
| Q3 24 | 16.1% | 12.3% | ||
| Q2 24 | 19.3% | 9.9% |
资本支出强度ARLPOUT
| Q1 26 | 18.5% | — | ||
| Q4 25 | 8.4% | 4.8% | ||
| Q3 25 | 11.3% | 4.5% | ||
| Q2 25 | 12.2% | 5.6% | ||
| Q1 25 | 16.1% | 4.4% | ||
| Q4 24 | 15.8% | 3.7% | ||
| Q3 24 | 18.0% | 3.9% | ||
| Q2 24 | 17.1% | 5.0% |
现金转化率ARLPOUT
| Q1 26 | — | — | ||
| Q4 25 | 1.74× | 1.22× | ||
| Q3 25 | 2.21× | 1.73× | ||
| Q2 25 | 2.55× | 3.44× | ||
| Q1 25 | 1.97× | — | ||
| Q4 24 | 10.31× | 1.68× | ||
| Q3 24 | 2.43× | 2.11× | ||
| Q2 24 | 2.15× | 0.40× |
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% |
OUT
| Static Displays | $236.3M | 46% |
| Other | $134.8M | 26% |
| Digital Displays | $125.3M | 24% |
| Other Revenues | $1.9M | 0% |
