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ALLIANCE RESOURCE PARTNERS LP（ARLP）与BOSTON BEER CO INC（SAM）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BOSTON BEER CO INC的1.3倍（$516.0M vs $385.7M），ALLIANCE RESOURCE PARTNERS LP净利率更高（2.1% vs -5.8%，领先7.9%），ALLIANCE RESOURCE PARTNERS LP同比增速更快（-3.6% vs -4.1%），BOSTON BEER CO INC自由现金流更多（$22.1M vs $13.3M），过去两年BOSTON BEER CO INC的营收复合增速更高（-4.9% 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。
波士顿啤酒公司是美国知名酿酒企业，1984年由吉姆·科赫与朗达·卡尔曼联合创立。旗下首款产品以美国开国元勋、独立运动先驱塞缪尔·亚当斯命名，后续陆续推出多个自有品牌，2019年正式完成与角鲨头酿酒厂的合并，是北美精酿啤酒行业的核心参与者之一。
ARLP vs SAM — 直观对比
营收规模更大
ARLP
是对方的1.3倍
$385.7M
营收增速更快
ARLP
高出0.5%
-4.1%
净利率更高
ARLP
高出7.9%
-5.8%
自由现金流更多
SAM
多$8.8M
$13.3M
两年增速更快
SAM
近两年复合增速
-6.7%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $516.0M | $385.7M |
| 净利润 | $10.7M | $-22.5M |
| 毛利率 | — | 43.5% |
| 营业利润率 | 4.2% | -8.6% |
| 净利率 | 2.1% | -5.8% |
| 营收同比 | -3.6% | -4.1% |
| 净利润同比 | — | 41.9% |
| 每股收益（稀释后） | — | $-1.97 |
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ARLPSAM
| Q1 26 | $516.0M | — | ||
| Q4 25 | $535.5M | $385.7M | ||
| Q3 25 | $571.4M | $537.5M | ||
| Q2 25 | $547.5M | $587.9M | ||
| Q1 25 | $540.5M | $453.9M | ||
| Q4 24 | $590.1M | $402.3M | ||
| Q3 24 | $613.6M | $605.5M | ||
| Q2 24 | $593.4M | $579.1M |
净利润ARLPSAM
| Q1 26 | $10.7M | — | ||
| Q4 25 | $82.7M | $-22.5M | ||
| Q3 25 | $95.1M | $46.2M | ||
| Q2 25 | $59.4M | $60.4M | ||
| Q1 25 | $74.0M | $24.4M | ||
| Q4 24 | $16.3M | $-38.8M | ||
| Q3 24 | $86.3M | $33.5M | ||
| Q2 24 | $100.2M | $52.3M |
毛利率ARLPSAM
| Q1 26 | — | — | ||
| Q4 25 | — | 43.5% | ||
| Q3 25 | — | 50.8% | ||
| Q2 25 | — | 49.8% | ||
| Q1 25 | — | 48.3% | ||
| Q4 24 | — | 39.9% | ||
| Q3 24 | — | 46.3% | ||
| Q2 24 | — | 46.0% |
营业利润率ARLPSAM
| Q1 26 | 4.2% | — | ||
| Q4 25 | 18.2% | -8.6% | ||
| Q3 25 | 18.4% | 11.5% | ||
| Q2 25 | 16.2% | 14.0% | ||
| Q1 25 | 17.4% | 7.4% | ||
| Q4 24 | 2.6% | -13.9% | ||
| Q3 24 | 16.5% | 7.6% | ||
| Q2 24 | 19.8% | 12.2% |
净利率ARLPSAM
| Q1 26 | 2.1% | — | ||
| Q4 25 | 15.4% | -5.8% | ||
| Q3 25 | 16.6% | 8.6% | ||
| Q2 25 | 10.9% | 10.3% | ||
| Q1 25 | 13.7% | 5.4% | ||
| Q4 24 | 2.8% | -9.6% | ||
| Q3 24 | 14.1% | 5.5% | ||
| Q2 24 | 16.9% | 9.0% |
每股收益（稀释后）ARLPSAM
| Q1 26 | — | — | ||
| Q4 25 | — | $-1.97 | ||
| Q3 25 | — | $4.25 | ||
| Q2 25 | — | $5.45 | ||
| Q1 25 | — | $2.16 | ||
| Q4 24 | — | $-3.23 | ||
| Q3 24 | — | $2.86 | ||
| Q2 24 | — | $4.39 |
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 | $223.4M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | — | $846.3M |
| 总资产 | $2.9B | $1.2B |
| 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ARLPSAM
| Q1 26 | $28.9M | — | ||
| Q4 25 | $71.2M | $223.4M | ||
| Q3 25 | $94.5M | $250.5M | ||
| Q2 25 | $55.0M | $212.4M | ||
| Q1 25 | $81.3M | $152.5M | ||
| Q4 24 | $137.0M | $211.8M | ||
| Q3 24 | $195.4M | $255.6M | ||
| Q2 24 | $203.7M | $219.3M |
股东权益ARLPSAM
| Q1 26 | — | — | ||
| Q4 25 | — | $846.3M | ||
| Q3 25 | — | $911.0M | ||
| Q2 25 | — | $912.3M | ||
| Q1 25 | — | $897.0M | ||
| Q4 24 | — | $916.2M | ||
| Q3 24 | — | $1.0B | ||
| Q2 24 | — | $1.0B |
总资产ARLPSAM
| Q1 26 | $2.9B | — | ||
| Q4 25 | $2.9B | $1.2B | ||
| Q3 25 | $2.9B | $1.2B | ||
| Q2 25 | $2.9B | $1.3B | ||
| Q1 25 | $2.9B | $1.2B | ||
| Q4 24 | $2.9B | $1.3B | ||
| Q3 24 | $3.0B | $1.4B | ||
| Q2 24 | $3.1B | $1.4B |
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 | — | $39.9M |
| 自由现金流经营现金流 - 资本支出 | $13.3M | $22.1M |
| 自由现金流率自由现金流/营收 | 2.6% | 5.7% |
| 资本支出强度资本支出/营收 | 18.5% | 4.6% |
| 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 | $215.6M |
8季度趋势，按日历期对齐
经营现金流ARLPSAM
| Q1 26 | — | — | ||
| Q4 25 | $143.9M | $39.9M | ||
| Q3 25 | $209.9M | $101.8M | ||
| Q2 25 | $151.7M | $126.5M | ||
| Q1 25 | $145.7M | $1.9M | ||
| Q4 24 | $168.4M | $41.9M | ||
| Q3 24 | $209.3M | $115.9M | ||
| Q2 24 | $215.8M | $96.0M |
自由现金流ARLPSAM
| Q1 26 | $13.3M | — | ||
| Q4 25 | $99.1M | $22.1M | ||
| Q3 25 | $145.2M | $89.2M | ||
| Q2 25 | $84.7M | $112.2M | ||
| Q1 25 | $58.9M | $-8.0M | ||
| Q4 24 | $75.3M | $18.4M | ||
| Q3 24 | $99.0M | $99.2M | ||
| Q2 24 | $114.3M | $75.6M |
自由现金流率ARLPSAM
| Q1 26 | 2.6% | — | ||
| Q4 25 | 18.5% | 5.7% | ||
| Q3 25 | 25.4% | 16.6% | ||
| Q2 25 | 15.5% | 19.1% | ||
| Q1 25 | 10.9% | -1.8% | ||
| Q4 24 | 12.8% | 4.6% | ||
| Q3 24 | 16.1% | 16.4% | ||
| Q2 24 | 19.3% | 13.1% |
资本支出强度ARLPSAM
| Q1 26 | 18.5% | — | ||
| Q4 25 | 8.4% | 4.6% | ||
| Q3 25 | 11.3% | 2.3% | ||
| Q2 25 | 12.2% | 2.4% | ||
| Q1 25 | 16.1% | 2.2% | ||
| Q4 24 | 15.8% | 5.8% | ||
| Q3 24 | 18.0% | 2.8% | ||
| Q2 24 | 17.1% | 3.5% |
现金转化率ARLPSAM
| Q1 26 | — | — | ||
| Q4 25 | 1.74× | — | ||
| Q3 25 | 2.21× | 2.21× | ||
| Q2 25 | 2.55× | 2.09× | ||
| Q1 25 | 1.97× | 0.08× | ||
| Q4 24 | 10.31× | — | ||
| Q3 24 | 2.43× | 3.46× | ||
| Q2 24 | 2.15× | 1.83× |
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% |
SAM
暂无分部数据
