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ALLIANCE RESOURCE PARTNERS LP（ARLP）与Regency Centers（REG）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Regency Centers的1.3倍（$516.0M vs $404.2M），Regency Centers净利率更高（50.1% vs 2.1%，领先48.0%），Regency Centers同比增速更快（8.5% vs -3.6%），过去两年Regency Centers的营收复合增速更高（5.4% 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。
Regency Centers是总部位于美国佛罗里达州杰克逊维尔的房地产投资信托基金，也是以超市为核心租户的大型购物中心运营商之一。截至2020年10月21日，公司共持有415处物业，总建筑面积达5600万平方英尺，知名资产包括Serramonte Center及Village District 30%的股权。
ARLP vs REG — 直观对比
营收规模更大
ARLP
是对方的1.3倍
$404.2M
营收增速更快
REG
高出12.1%
-3.6%
净利率更高
REG
高出48.0%
2.1%
两年增速更快
REG
近两年复合增速
-6.7%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $516.0M | $404.2M |
| 净利润 | $10.7M | $202.5M |
| 毛利率 | — | — |
| 营业利润率 | 4.2% | 71.0% |
| 净利率 | 2.1% | 50.1% |
| 营收同比 | -3.6% | 8.5% |
| 净利润同比 | — | 134.1% |
| 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ARLPREG
| Q1 26 | $516.0M | — | ||
| Q4 25 | $535.5M | $404.2M | ||
| Q3 25 | $571.4M | $387.6M | ||
| Q2 25 | $547.5M | $380.8M | ||
| Q1 25 | $540.5M | $380.9M | ||
| Q4 24 | $590.1M | $372.5M | ||
| Q3 24 | $613.6M | $360.3M | ||
| Q2 24 | $593.4M | $357.3M |
净利润ARLPREG
| Q1 26 | $10.7M | — | ||
| Q4 25 | $82.7M | $202.5M | ||
| Q3 25 | $95.1M | $109.4M | ||
| Q2 25 | $59.4M | $106.0M | ||
| Q1 25 | $74.0M | $109.6M | ||
| Q4 24 | $16.3M | $86.5M | ||
| Q3 24 | $86.3M | $101.5M | ||
| Q2 24 | $100.2M | $102.7M |
营业利润率ARLPREG
| Q1 26 | 4.2% | — | ||
| Q4 25 | 18.2% | 71.0% | ||
| Q3 25 | 18.4% | 72.7% | ||
| Q2 25 | 16.2% | 73.8% | ||
| Q1 25 | 17.4% | 71.8% | ||
| Q4 24 | 2.6% | 71.1% | ||
| Q3 24 | 16.5% | 72.5% | ||
| Q2 24 | 19.8% | 72.3% |
净利率ARLPREG
| Q1 26 | 2.1% | — | ||
| Q4 25 | 15.4% | 50.1% | ||
| Q3 25 | 16.6% | 28.2% | ||
| Q2 25 | 10.9% | 27.8% | ||
| Q1 25 | 13.7% | 28.8% | ||
| Q4 24 | 2.8% | 23.2% | ||
| Q3 24 | 14.1% | 28.2% | ||
| Q2 24 | 16.9% | 28.7% |
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 | $28.9M | — |
| 总债务越低越好 | — | $4.7B |
| 股东权益账面价值 | — | $6.9B |
| 总资产 | $2.9B | $13.0B |
| 负债/权益比越低杠杆越低 | — | 0.69× |
8季度趋势，按日历期对齐
现金及短期投资ARLPREG
| 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 | — |
总债务ARLPREG
| Q1 26 | — | — | ||
| Q4 25 | — | $4.7B | ||
| Q3 25 | — | $4.9B | ||
| Q2 25 | — | $4.8B | ||
| Q1 25 | — | $4.6B | ||
| Q4 24 | — | $4.4B | ||
| Q3 24 | — | $4.4B | ||
| Q2 24 | — | $4.4B |
股东权益ARLPREG
| Q1 26 | — | — | ||
| Q4 25 | — | $6.9B | ||
| Q3 25 | — | $6.8B | ||
| Q2 25 | — | $6.7B | ||
| Q1 25 | — | $6.7B | ||
| Q4 24 | — | $6.7B | ||
| Q3 24 | — | $6.8B | ||
| Q2 24 | — | $6.8B |
总资产ARLPREG
| Q1 26 | $2.9B | — | ||
| Q4 25 | $2.9B | $13.0B | ||
| Q3 25 | $2.9B | $13.1B | ||
| Q2 25 | $2.9B | $12.7B | ||
| Q1 25 | $2.9B | $12.6B | ||
| Q4 24 | $2.9B | $12.4B | ||
| Q3 24 | $3.0B | $12.4B | ||
| Q2 24 | $3.1B | $12.4B |
负债/权益比ARLPREG
| Q1 26 | — | — | ||
| Q4 25 | — | 0.69× | ||
| Q3 25 | — | 0.72× | ||
| Q2 25 | — | 0.72× | ||
| Q1 25 | — | 0.69× | ||
| Q4 24 | — | 0.66× | ||
| Q3 24 | — | 0.65× | ||
| Q2 24 | — | 0.64× |
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 | — | $203.9M |
| 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 | — | 1.01× |
| 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ARLPREG
| Q1 26 | — | — | ||
| Q4 25 | $143.9M | $203.9M | ||
| Q3 25 | $209.9M | $218.7M | ||
| Q2 25 | $151.7M | $244.0M | ||
| Q1 25 | $145.7M | $161.0M | ||
| Q4 24 | $168.4M | $191.4M | ||
| Q3 24 | $209.3M | $227.6M | ||
| Q2 24 | $215.8M | $203.5M |
自由现金流ARLPREG
| 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ARLPREG
| 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ARLPREG
| 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ARLPREG
| Q1 26 | — | — | ||
| Q4 25 | 1.74× | 1.01× | ||
| Q3 25 | 2.21× | 2.00× | ||
| Q2 25 | 2.55× | 2.30× | ||
| Q1 25 | 1.97× | 1.47× | ||
| Q4 24 | 10.31× | 2.21× | ||
| Q3 24 | 2.43× | 2.24× | ||
| Q2 24 | 2.15× | 1.98× |
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% |
REG
| Shopping Centers | $418.0M | 103% |
| Propertymanagementservices | $4.1M | 1% |
| Assetmanagementservices | $1.7M | 0% |
