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ALLIANCE RESOURCE PARTNERS LP（ARLP）与ProPetro Holding Corp.（PUMP）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ProPetro Holding Corp.的1.8倍（$516.0M vs $289.7M），ALLIANCE RESOURCE PARTNERS LP同比增速更快（-3.6% vs -9.6%），ProPetro Holding Corp.自由现金流更多（$16.8M vs $13.3M），过去两年ALLIANCE RESOURCE PARTNERS LP的营收复合增速更高（-6.7% vs -15.5%）
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。
ProPetro Holding Corp.是一家总部位于美国的油田服务供应商，主要为陆上油气勘探开采企业提供水力压裂、完井及相关配套服务，核心业务集中在横跨德克萨斯州和新墨西哥州的二叠纪盆地。
ARLP vs PUMP — 直观对比
营收规模更大
ARLP
是对方的1.8倍
$289.7M
营收增速更快
ARLP
高出6.0%
-9.6%
自由现金流更多
PUMP
多$3.5M
$13.3M
两年增速更快
ARLP
近两年复合增速
-15.5%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $516.0M | $289.7M |
| 净利润 | $10.7M | — |
| 毛利率 | — | — |
| 营业利润率 | 4.2% | 2.1% |
| 净利率 | 2.1% | — |
| 营收同比 | -3.6% | -9.6% |
| 净利润同比 | — | — |
| 每股收益（稀释后） | — | $0.01 |
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ARLPPUMP
| Q1 26 | $516.0M | — | ||
| Q4 25 | $535.5M | $289.7M | ||
| Q3 25 | $571.4M | $293.9M | ||
| Q2 25 | $547.5M | $326.2M | ||
| Q1 25 | $540.5M | $359.4M | ||
| Q4 24 | $590.1M | $320.6M | ||
| Q3 24 | $613.6M | $360.9M | ||
| Q2 24 | $593.4M | $357.0M |
净利润ARLPPUMP
| Q1 26 | $10.7M | — | ||
| Q4 25 | $82.7M | — | ||
| Q3 25 | $95.1M | $-2.4M | ||
| Q2 25 | $59.4M | $-7.2M | ||
| Q1 25 | $74.0M | $9.6M | ||
| Q4 24 | $16.3M | — | ||
| Q3 24 | $86.3M | $-137.1M | ||
| Q2 24 | $100.2M | $-3.7M |
营业利润率ARLPPUMP
| Q1 26 | 4.2% | — | ||
| Q4 25 | 18.2% | 2.1% | ||
| Q3 25 | 18.4% | -2.1% | ||
| Q2 25 | 16.2% | -1.0% | ||
| Q1 25 | 17.4% | 2.6% | ||
| Q4 24 | 2.6% | -5.8% | ||
| Q3 24 | 16.5% | -49.4% | ||
| Q2 24 | 19.8% | -0.1% |
净利率ARLPPUMP
| Q1 26 | 2.1% | — | ||
| Q4 25 | 15.4% | — | ||
| Q3 25 | 16.6% | -0.8% | ||
| Q2 25 | 10.9% | -2.2% | ||
| Q1 25 | 13.7% | 2.7% | ||
| Q4 24 | 2.8% | — | ||
| Q3 24 | 14.1% | -38.0% | ||
| Q2 24 | 16.9% | -1.0% |
每股收益（稀释后）ARLPPUMP
| Q1 26 | — | — | ||
| Q4 25 | — | $0.01 | ||
| Q3 25 | — | $-0.02 | ||
| Q2 25 | — | $-0.07 | ||
| Q1 25 | — | $0.09 | ||
| Q4 24 | — | $-0.14 | ||
| Q3 24 | — | $-1.32 | ||
| Q2 24 | — | $-0.03 |
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 | $91.3M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | — | $829.8M |
| 总资产 | $2.9B | $1.3B |
| 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ARLPPUMP
| Q1 26 | $28.9M | — | ||
| Q4 25 | $71.2M | $91.3M | ||
| Q3 25 | $94.5M | $76.7M | ||
| Q2 25 | $55.0M | $83.0M | ||
| Q1 25 | $81.3M | $71.4M | ||
| Q4 24 | $137.0M | $58.3M | ||
| Q3 24 | $195.4M | $54.0M | ||
| Q2 24 | $203.7M | $74.7M |
股东权益ARLPPUMP
| Q1 26 | — | — | ||
| Q4 25 | — | $829.8M | ||
| Q3 25 | — | $826.2M | ||
| Q2 25 | — | $824.0M | ||
| Q1 25 | — | $826.5M | ||
| Q4 24 | — | $816.3M | ||
| Q3 24 | — | $833.0M | ||
| Q2 24 | — | $975.8M |
总资产ARLPPUMP
| Q1 26 | $2.9B | — | ||
| Q4 25 | $2.9B | $1.3B | ||
| Q3 25 | $2.9B | $1.3B | ||
| Q2 25 | $2.9B | $1.2B | ||
| Q1 25 | $2.9B | $1.2B | ||
| Q4 24 | $2.9B | $1.2B | ||
| Q3 24 | $3.0B | $1.3B | ||
| Q2 24 | $3.1B | $1.5B |
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 | — | $81.0M |
| 自由现金流经营现金流 - 资本支出 | $13.3M | $16.8M |
| 自由现金流率自由现金流/营收 | 2.6% | 5.8% |
| 资本支出强度资本支出/营收 | 18.5% | 22.2% |
| 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 | $45.3M |
8季度趋势，按日历期对齐
经营现金流ARLPPUMP
| Q1 26 | — | — | ||
| Q4 25 | $143.9M | $81.0M | ||
| Q3 25 | $209.9M | $41.7M | ||
| Q2 25 | $151.7M | $54.2M | ||
| Q1 25 | $145.7M | $54.7M | ||
| Q4 24 | $168.4M | $37.9M | ||
| Q3 24 | $209.3M | $34.7M | ||
| Q2 24 | $215.8M | $104.9M |
自由现金流ARLPPUMP
| Q1 26 | $13.3M | — | ||
| Q4 25 | $99.1M | $16.8M | ||
| Q3 25 | $145.2M | $-2.4M | ||
| Q2 25 | $84.7M | $17.1M | ||
| Q1 25 | $58.9M | $13.8M | ||
| Q4 24 | $75.3M | $10.0M | ||
| Q3 24 | $99.0M | $-6.0M | ||
| Q2 24 | $114.3M | $67.7M |
自由现金流率ARLPPUMP
| Q1 26 | 2.6% | — | ||
| Q4 25 | 18.5% | 5.8% | ||
| Q3 25 | 25.4% | -0.8% | ||
| Q2 25 | 15.5% | 5.2% | ||
| Q1 25 | 10.9% | 3.8% | ||
| Q4 24 | 12.8% | 3.1% | ||
| Q3 24 | 16.1% | -1.7% | ||
| Q2 24 | 19.3% | 19.0% |
资本支出强度ARLPPUMP
| Q1 26 | 18.5% | — | ||
| Q4 25 | 8.4% | 22.2% | ||
| Q3 25 | 11.3% | 15.0% | ||
| Q2 25 | 12.2% | 11.4% | ||
| Q1 25 | 16.1% | 11.4% | ||
| Q4 24 | 15.8% | 8.7% | ||
| Q3 24 | 18.0% | 11.3% | ||
| Q2 24 | 17.1% | 10.4% |
现金转化率ARLPPUMP
| Q1 26 | — | — | ||
| Q4 25 | 1.74× | — | ||
| Q3 25 | 2.21× | — | ||
| Q2 25 | 2.55× | — | ||
| Q1 25 | 1.97× | 5.70× | ||
| 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% |
PUMP
| Hydraulic Fracturing Segment | $203.9M | 70% |
| Wireline Operating Segment | $55.4M | 19% |
| Cementing Operating Segment | $29.6M | 10% |
