vs
ALLIANCE RESOURCE PARTNERS LP（ARLP）与null（SDHC）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null的2.0倍（$516.0M vs $260.4M），ALLIANCE RESOURCE PARTNERS LP净利率更高（2.1% vs 1.4%，领先0.7%），ALLIANCE RESOURCE PARTNERS LP同比增速更快（-3.6% vs -9.4%），ALLIANCE RESOURCE PARTNERS LP自由现金流更多（$13.3M vs $8.7M），过去两年null的营收复合增速更高（17.3% 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。
史密斯韦森品牌公司是美国的枪械制造商，总部位于美国田纳西州玛丽维尔，是该领域历史悠久且知名的生产企业，在民用及警用枪械市场拥有较高的认可度。
ARLP vs SDHC — 直观对比
营收规模更大
ARLP
是对方的2.0倍
$260.4M
营收增速更快
ARLP
高出5.8%
-9.4%
净利率更高
ARLP
高出0.7%
1.4%
自由现金流更多
ARLP
多$4.5M
$8.7M
两年增速更快
SDHC
近两年复合增速
-6.7%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $516.0M | $260.4M |
| 净利润 | $10.7M | $3.5M |
| 毛利率 | — | 19.9% |
| 营业利润率 | 4.2% | 6.5% |
| 净利率 | 2.1% | 1.4% |
| 营收同比 | -3.6% | -9.4% |
| 净利润同比 | — | -14.3% |
| 每股收益（稀释后） | — | $0.39 |
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ARLPSDHC
| Q1 26 | $516.0M | — | ||
| Q4 25 | $535.5M | $260.4M | ||
| Q3 25 | $571.4M | $262.0M | ||
| Q2 25 | $547.5M | $223.9M | ||
| Q1 25 | $540.5M | $224.7M | ||
| Q4 24 | $590.1M | $287.5M | ||
| Q3 24 | $613.6M | $277.8M | ||
| Q2 24 | $593.4M | $220.9M |
净利润ARLPSDHC
| Q1 26 | $10.7M | — | ||
| Q4 25 | $82.7M | $3.5M | ||
| Q3 25 | $95.1M | $2.1M | ||
| Q2 25 | $59.4M | $2.4M | ||
| Q1 25 | $74.0M | $2.7M | ||
| Q4 24 | $16.3M | $4.1M | ||
| Q3 24 | $86.3M | $5.3M | ||
| Q2 24 | $100.2M | $3.6M |
毛利率ARLPSDHC
| Q1 26 | — | — | ||
| Q4 25 | — | 19.9% | ||
| Q3 25 | — | 21.0% | ||
| Q2 25 | — | 23.2% | ||
| Q1 25 | — | 23.8% | ||
| Q4 24 | — | 25.5% | ||
| Q3 24 | — | 26.5% | ||
| Q2 24 | — | 26.7% |
营业利润率ARLPSDHC
| Q1 26 | 4.2% | — | ||
| Q4 25 | 18.2% | 6.5% | ||
| Q3 25 | 18.4% | 6.6% | ||
| Q2 25 | 16.2% | 7.7% | ||
| Q1 25 | 17.4% | 8.7% | ||
| Q4 24 | 2.6% | 10.4% | ||
| Q3 24 | 16.5% | 14.2% | ||
| Q2 24 | 19.8% | 11.7% |
净利率ARLPSDHC
| Q1 26 | 2.1% | — | ||
| Q4 25 | 15.4% | 1.4% | ||
| Q3 25 | 16.6% | 0.8% | ||
| Q2 25 | 10.9% | 1.1% | ||
| Q1 25 | 13.7% | 1.2% | ||
| Q4 24 | 2.8% | 1.4% | ||
| Q3 24 | 14.1% | 1.9% | ||
| Q2 24 | 16.9% | 1.7% |
每股收益（稀释后）ARLPSDHC
| Q1 26 | — | — | ||
| Q4 25 | — | $0.39 | ||
| Q3 25 | — | $0.24 | ||
| Q2 25 | — | $0.26 | ||
| Q1 25 | — | $0.30 | ||
| Q4 24 | — | $0.50 | ||
| Q3 24 | — | $0.58 | ||
| Q2 24 | — | $0.40 |
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 | $12.7M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | — | $86.7M |
| 总资产 | $2.9B | $557.6M |
| 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ARLPSDHC
| Q1 26 | $28.9M | — | ||
| Q4 25 | $71.2M | $12.7M | ||
| Q3 25 | $94.5M | $14.8M | ||
| Q2 25 | $55.0M | $16.8M | ||
| Q1 25 | $81.3M | $12.7M | ||
| Q4 24 | $137.0M | $22.4M | ||
| Q3 24 | $195.4M | $23.7M | ||
| Q2 24 | $203.7M | $17.3M |
股东权益ARLPSDHC
| Q1 26 | — | — | ||
| Q4 25 | — | $86.7M | ||
| Q3 25 | — | $82.2M | ||
| Q2 25 | — | $80.0M | ||
| Q1 25 | — | $76.9M | ||
| Q4 24 | — | $73.6M | ||
| Q3 24 | — | $68.4M | ||
| Q2 24 | — | $62.1M |
总资产ARLPSDHC
| Q1 26 | $2.9B | — | ||
| Q4 25 | $2.9B | $557.6M | ||
| Q3 25 | $2.9B | $571.6M | ||
| Q2 25 | $2.9B | $570.2M | ||
| Q1 25 | $2.9B | $513.9M | ||
| Q4 24 | $2.9B | $475.9M | ||
| Q3 24 | $3.0B | $460.1M | ||
| Q2 24 | $3.1B | $429.3M |
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 | — | $9.8M |
| 自由现金流经营现金流 - 资本支出 | $13.3M | $8.7M |
| 自由现金流率自由现金流/营收 | 2.6% | 3.4% |
| 资本支出强度资本支出/营收 | 18.5% | 0.4% |
| 现金转化率经营现金流/净利润 | — | 2.77× |
| 过去12个月自由现金流最近4个季度 | $342.2M | $-36.9M |
8季度趋势，按日历期对齐
经营现金流ARLPSDHC
| Q1 26 | — | — | ||
| Q4 25 | $143.9M | $9.8M | ||
| Q3 25 | $209.9M | $22.8M | ||
| Q2 25 | $151.7M | $-28.9M | ||
| Q1 25 | $145.7M | $-34.9M | ||
| Q4 24 | $168.4M | $5.5M | ||
| Q3 24 | $209.3M | $22.9M | ||
| Q2 24 | $215.8M | $39.0K |
自由现金流ARLPSDHC
| Q1 26 | $13.3M | — | ||
| Q4 25 | $99.1M | $8.7M | ||
| Q3 25 | $145.2M | $21.4M | ||
| Q2 25 | $84.7M | $-31.1M | ||
| Q1 25 | $58.9M | $-35.9M | ||
| Q4 24 | $75.3M | $4.8M | ||
| Q3 24 | $99.0M | $22.3M | ||
| Q2 24 | $114.3M | $-2.1M |
自由现金流率ARLPSDHC
| Q1 26 | 2.6% | — | ||
| Q4 25 | 18.5% | 3.4% | ||
| Q3 25 | 25.4% | 8.2% | ||
| Q2 25 | 15.5% | -13.9% | ||
| Q1 25 | 10.9% | -16.0% | ||
| Q4 24 | 12.8% | 1.7% | ||
| Q3 24 | 16.1% | 8.0% | ||
| Q2 24 | 19.3% | -1.0% |
资本支出强度ARLPSDHC
| Q1 26 | 18.5% | — | ||
| Q4 25 | 8.4% | 0.4% | ||
| Q3 25 | 11.3% | 0.5% | ||
| Q2 25 | 12.2% | 0.9% | ||
| Q1 25 | 16.1% | 0.5% | ||
| Q4 24 | 15.8% | 0.2% | ||
| Q3 24 | 18.0% | 0.2% | ||
| Q2 24 | 17.1% | 1.0% |
现金转化率ARLPSDHC
| Q1 26 | — | — | ||
| Q4 25 | 1.74× | 2.77× | ||
| Q3 25 | 2.21× | 10.70× | ||
| Q2 25 | 2.55× | -12.24× | ||
| Q1 25 | 1.97× | -13.01× | ||
| Q4 24 | 10.31× | 1.33× | ||
| Q3 24 | 2.43× | 4.28× | ||
| Q2 24 | 2.15× | 0.01× |
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% |
SDHC
| Southeast | $164.7M | 63% |
| Central | $95.8M | 37% |
