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ALLIANCE RESOURCE PARTNERS LP（ARLP）与RH（RH）财务数据对比。点击上方公司名可切换其他公司
RH的季度营收约是ALLIANCE RESOURCE PARTNERS LP的1.7倍（$883.8M vs $516.0M），RH净利率更高（4.1% vs 2.1%，领先2.0%），RH同比增速更快（8.9% vs -3.6%），RH自由现金流更多（$83.0M vs $13.3M），过去两年RH的营收复合增速更高（9.4% 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。
RH是美国高端家居品牌，总部位于加利福尼亚州科尔特马德拉。品牌通过线下零售门店、产品目录和线上渠道发售家居商品，截至2018年8月，在美国和加拿大共运营70家展示馆、18家全系列设计展示馆、3家婴童家居展示馆，另有36家奥莱门店。
ARLP vs RH — 直观对比
营收规模更大
RH
是对方的1.7倍
$516.0M
营收增速更快
RH
高出12.5%
-3.6%
净利率更高
RH
高出2.0%
2.1%
自由现金流更多
RH
多$69.7M
$13.3M
两年增速更快
RH
近两年复合增速
-6.7%
损益表 — Q1 FY2026 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $516.0M | $883.8M |
| 净利润 | $10.7M | $36.3M |
| 毛利率 | — | 44.1% |
| 营业利润率 | 4.2% | 12.0% |
| 净利率 | 2.1% | 4.1% |
| 营收同比 | -3.6% | 8.9% |
| 净利润同比 | — | 9.3% |
| 每股收益（稀释后） | — | $1.83 |
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ARLPRH
| Q1 26 | $516.0M | — | ||
| Q4 25 | $535.5M | $883.8M | ||
| Q3 25 | $571.4M | $899.2M | ||
| Q2 25 | $547.5M | $814.0M | ||
| Q1 25 | $540.5M | $812.4M | ||
| Q4 24 | $590.1M | $811.7M | ||
| Q3 24 | $613.6M | $829.7M | ||
| Q2 24 | $593.4M | $727.0M |
净利润ARLPRH
| Q1 26 | $10.7M | — | ||
| Q4 25 | $82.7M | $36.3M | ||
| Q3 25 | $95.1M | $51.7M | ||
| Q2 25 | $59.4M | $8.0M | ||
| Q1 25 | $74.0M | $13.9M | ||
| Q4 24 | $16.3M | $33.2M | ||
| Q3 24 | $86.3M | $29.0M | ||
| Q2 24 | $100.2M | $-3.6M |
毛利率ARLPRH
| Q1 26 | — | — | ||
| Q4 25 | — | 44.1% | ||
| Q3 25 | — | 45.5% | ||
| Q2 25 | — | 43.7% | ||
| Q1 25 | — | 44.7% | ||
| Q4 24 | — | 44.5% | ||
| Q3 24 | — | 45.2% | ||
| Q2 24 | — | 43.5% |
营业利润率ARLPRH
| Q1 26 | 4.2% | — | ||
| Q4 25 | 18.2% | 12.0% | ||
| Q3 25 | 18.4% | 14.3% | ||
| Q2 25 | 16.2% | 6.9% | ||
| Q1 25 | 17.4% | 8.7% | ||
| Q4 24 | 2.6% | 12.5% | ||
| Q3 24 | 16.5% | 11.6% | ||
| Q2 24 | 19.8% | 7.5% |
净利率ARLPRH
| Q1 26 | 2.1% | — | ||
| Q4 25 | 15.4% | 4.1% | ||
| Q3 25 | 16.6% | 5.8% | ||
| Q2 25 | 10.9% | 1.0% | ||
| Q1 25 | 13.7% | 1.7% | ||
| Q4 24 | 2.8% | 4.1% | ||
| Q3 24 | 14.1% | 3.5% | ||
| Q2 24 | 16.9% | -0.5% |
每股收益（稀释后）ARLPRH
| Q1 26 | — | — | ||
| Q4 25 | — | $1.83 | ||
| Q3 25 | — | $2.62 | ||
| Q2 25 | — | $0.40 | ||
| Q1 25 | — | $0.71 | ||
| Q4 24 | — | $1.66 | ||
| Q3 24 | — | $1.45 | ||
| Q2 24 | — | $-0.20 |
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 | $43.1M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | — | $3.3M |
| 总资产 | $2.9B | $4.8B |
| 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ARLPRH
| Q1 26 | $28.9M | — | ||
| Q4 25 | $71.2M | $43.1M | ||
| Q3 25 | $94.5M | $34.6M | ||
| Q2 25 | $55.0M | $46.1M | ||
| Q1 25 | $81.3M | $30.4M | ||
| Q4 24 | $137.0M | $87.0M | ||
| Q3 24 | $195.4M | $78.3M | ||
| Q2 24 | $203.7M | $101.8M |
股东权益ARLPRH
| Q1 26 | — | — | ||
| Q4 25 | — | $3.3M | ||
| Q3 25 | — | $-40.9M | ||
| Q2 25 | — | $-110.8M | ||
| Q1 25 | — | $-163.6M | ||
| Q4 24 | — | $-183.0M | ||
| Q3 24 | — | $-234.7M | ||
| Q2 24 | — | $-289.9M |
总资产ARLPRH
| Q1 26 | $2.9B | — | ||
| Q4 25 | $2.9B | $4.8B | ||
| Q3 25 | $2.9B | $4.7B | ||
| Q2 25 | $2.9B | $4.7B | ||
| Q1 25 | $2.9B | $4.6B | ||
| Q4 24 | $2.9B | $4.5B | ||
| Q3 24 | $3.0B | $4.4B | ||
| Q2 24 | $3.1B | $4.2B |
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 | — | $131.9M |
| 自由现金流经营现金流 - 资本支出 | $13.3M | $83.0M |
| 自由现金流率自由现金流/营收 | 2.6% | 9.4% |
| 资本支出强度资本支出/营收 | 18.5% | 5.5% |
| 现金转化率经营现金流/净利润 | — | 3.64× |
| 过去12个月自由现金流最近4个季度 | $342.2M | $128.1M |
8季度趋势，按日历期对齐
经营现金流ARLPRH
| Q1 26 | — | — | ||
| Q4 25 | $143.9M | $131.9M | ||
| Q3 25 | $209.9M | $137.7M | ||
| Q2 25 | $151.7M | $86.6M | ||
| Q1 25 | $145.7M | $-18.8M | ||
| Q4 24 | $168.4M | $-31.4M | ||
| Q3 24 | $209.3M | $11.2M | ||
| Q2 24 | $215.8M | $56.1M |
自由现金流ARLPRH
| Q1 26 | $13.3M | — | ||
| Q4 25 | $99.1M | $83.0M | ||
| Q3 25 | $145.2M | $80.7M | ||
| Q2 25 | $84.7M | $34.1M | ||
| Q1 25 | $58.9M | $-69.7M | ||
| Q4 24 | $75.3M | $-96.0M | ||
| Q3 24 | $99.0M | $-37.9M | ||
| Q2 24 | $114.3M | $-10.1M |
自由现金流率ARLPRH
| Q1 26 | 2.6% | — | ||
| Q4 25 | 18.5% | 9.4% | ||
| Q3 25 | 25.4% | 9.0% | ||
| Q2 25 | 15.5% | 4.2% | ||
| Q1 25 | 10.9% | -8.6% | ||
| Q4 24 | 12.8% | -11.8% | ||
| Q3 24 | 16.1% | -4.6% | ||
| Q2 24 | 19.3% | -1.4% |
资本支出强度ARLPRH
| Q1 26 | 18.5% | — | ||
| Q4 25 | 8.4% | 5.5% | ||
| Q3 25 | 11.3% | 6.3% | ||
| Q2 25 | 12.2% | 6.5% | ||
| Q1 25 | 16.1% | 6.3% | ||
| Q4 24 | 15.8% | 8.0% | ||
| Q3 24 | 18.0% | 5.9% | ||
| Q2 24 | 17.1% | 9.1% |
现金转化率ARLPRH
| Q1 26 | — | — | ||
| Q4 25 | 1.74× | 3.64× | ||
| Q3 25 | 2.21× | 2.66× | ||
| Q2 25 | 2.55× | 10.78× | ||
| Q1 25 | 1.97× | -1.35× | ||
| Q4 24 | 10.31× | -0.95× | ||
| Q3 24 | 2.43× | 0.39× | ||
| 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% |
RH
| RH Segment | $835.8M | 95% |
| Waterworks Segment | $48.0M | 5% |
| Gift Card And Merchandise Credit | $4.5M | 1% |
