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ALLIANCE RESOURCE PARTNERS LP（ARLP）与PIPER SANDLER COMPANIES（PIPR）财务数据对比。点击上方公司名可切换其他公司
PIPER SANDLER COMPANIES的季度营收约是ALLIANCE RESOURCE PARTNERS LP的1.3倍（$667.0M vs $516.0M），PIPER SANDLER COMPANIES净利率更高（17.1% vs 2.1%，领先15.0%），PIPER SANDLER COMPANIES同比增速更快（37.4% vs -3.6%），过去两年PIPER SANDLER COMPANIES的营收复合增速更高（39.2% 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。
Piper Sandler是一家美国跨国投资银行及金融服务提供商，核心业务覆盖并购重组、财务重整、公开募股、公共财政、机构经纪、投资管理、证券研究等领域，通过旗下核心子公司Piper Sandler & Co.为企业、机构投资者及公共组织提供专业金融服务。
ARLP vs PIPR — 直观对比
营收规模更大
PIPR
是对方的1.3倍
$516.0M
营收增速更快
PIPR
高出41.1%
-3.6%
净利率更高
PIPR
高出15.0%
2.1%
两年增速更快
PIPR
近两年复合增速
-6.7%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $516.0M | $667.0M |
| 净利润 | $10.7M | $114.0M |
| 毛利率 | — | — |
| 营业利润率 | 4.2% | 28.3% |
| 净利率 | 2.1% | 17.1% |
| 营收同比 | -3.6% | 37.4% |
| 净利润同比 | — | 65.0% |
| 每股收益（稀释后） | — | $6.41 |
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ARLPPIPR
| Q1 26 | $516.0M | — | ||
| Q4 25 | $535.5M | $667.0M | ||
| Q3 25 | $571.4M | $480.1M | ||
| Q2 25 | $547.5M | $398.6M | ||
| Q1 25 | $540.5M | $358.6M | ||
| Q4 24 | $590.1M | $485.4M | ||
| Q3 24 | $613.6M | $360.9M | ||
| Q2 24 | $593.4M | $340.8M |
净利润ARLPPIPR
| Q1 26 | $10.7M | — | ||
| Q4 25 | $82.7M | $114.0M | ||
| Q3 25 | $95.1M | $60.3M | ||
| Q2 25 | $59.4M | $42.2M | ||
| Q1 25 | $74.0M | $64.9M | ||
| Q4 24 | $16.3M | $69.1M | ||
| Q3 24 | $86.3M | $34.8M | ||
| Q2 24 | $100.2M | $34.8M |
营业利润率ARLPPIPR
| Q1 26 | 4.2% | — | ||
| Q4 25 | 18.2% | 28.3% | ||
| Q3 25 | 18.4% | 22.4% | ||
| Q2 25 | 16.2% | 12.3% | ||
| Q1 25 | 17.4% | 8.2% | ||
| Q4 24 | 2.6% | 16.9% | ||
| Q3 24 | 16.5% | 15.4% | ||
| Q2 24 | 19.8% | 8.3% |
净利率ARLPPIPR
| Q1 26 | 2.1% | — | ||
| Q4 25 | 15.4% | 17.1% | ||
| Q3 25 | 16.6% | 12.6% | ||
| Q2 25 | 10.9% | 10.6% | ||
| Q1 25 | 13.7% | 18.1% | ||
| Q4 24 | 2.8% | 14.2% | ||
| Q3 24 | 14.1% | 9.6% | ||
| Q2 24 | 16.9% | 10.2% |
每股收益（稀释后）ARLPPIPR
| Q1 26 | — | — | ||
| Q4 25 | — | $6.41 | ||
| Q3 25 | — | $3.38 | ||
| Q2 25 | — | $2.38 | ||
| Q1 25 | — | $3.65 | ||
| Q4 24 | — | $3.88 | ||
| Q3 24 | — | $1.96 | ||
| Q2 24 | — | $1.97 |
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 | — |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | — | $1.4B |
| 总资产 | $2.9B | $2.6B |
| 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ARLPPIPR
| Q1 26 | $28.9M | — | ||
| Q4 25 | $71.2M | — | ||
| Q3 25 | $94.5M | — | ||
| Q2 25 | $55.0M | — | ||
| Q1 25 | $81.3M | — | ||
| Q4 24 | $137.0M | — | ||
| Q3 24 | $195.4M | — | ||
| Q2 24 | $203.7M | — |
股东权益ARLPPIPR
| Q1 26 | — | — | ||
| Q4 25 | — | $1.4B | ||
| Q3 25 | — | $1.3B | ||
| Q2 25 | — | $1.2B | ||
| Q1 25 | — | $1.2B | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | $1.1B |
总资产ARLPPIPR
| Q1 26 | $2.9B | — | ||
| Q4 25 | $2.9B | $2.6B | ||
| Q3 25 | $2.9B | $2.2B | ||
| Q2 25 | $2.9B | $2.0B | ||
| Q1 25 | $2.9B | $1.8B | ||
| Q4 24 | $2.9B | $2.3B | ||
| Q3 24 | $3.0B | $2.0B | ||
| Q2 24 | $3.1B | $1.9B |
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 | — | $729.8M |
| 自由现金流经营现金流 - 资本支出 | $13.3M | — |
| 自由现金流率自由现金流/营收 | 2.6% | — |
| 资本支出强度资本支出/营收 | 18.5% | — |
| 现金转化率经营现金流/净利润 | — | 6.40× |
| 过去12个月自由现金流最近4个季度 | $342.2M | — |
8季度趋势，按日历期对齐
经营现金流ARLPPIPR
| Q1 26 | — | — | ||
| Q4 25 | $143.9M | $729.8M | ||
| Q3 25 | $209.9M | $31.9M | ||
| Q2 25 | $151.7M | $32.1M | ||
| Q1 25 | $145.7M | $-207.2M | ||
| Q4 24 | $168.4M | $163.8M | ||
| Q3 24 | $209.3M | $80.1M | ||
| Q2 24 | $215.8M | $266.5M |
自由现金流ARLPPIPR
| Q1 26 | $13.3M | — | ||
| 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 | — |
自由现金流率ARLPPIPR
| Q1 26 | 2.6% | — | ||
| 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% | — |
资本支出强度ARLPPIPR
| Q1 26 | 18.5% | — | ||
| 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% | — |
现金转化率ARLPPIPR
| Q1 26 | — | — | ||
| Q4 25 | 1.74× | 6.40× | ||
| Q3 25 | 2.21× | 0.53× | ||
| Q2 25 | 2.55× | 0.76× | ||
| Q1 25 | 1.97× | -3.19× | ||
| Q4 24 | 10.31× | 2.37× | ||
| Q3 24 | 2.43× | 2.30× | ||
| Q2 24 | 2.15× | 7.66× |
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% |
PIPR
| Advisory Services | $402.6M | 60% |
| Equities Financing | $66.7M | 10% |
| Equity Salesand Trading | $64.2M | 10% |
| Fixed Income Salesand Trading | $47.9M | 7% |
| Other | $46.7M | 7% |
| Debt Financing | $38.9M | 6% |
