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ALLIANCE RESOURCE PARTNERS LP（ARLP）与SUBURBAN PROPANE PARTNERS LP（SPH）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SUBURBAN PROPANE PARTNERS LP的1.4倍（$516.0M vs $370.4M），SUBURBAN PROPANE PARTNERS LP净利率更高（12.4% vs 2.1%，领先10.3%），SUBURBAN PROPANE PARTNERS LP同比增速更快（-0.8% vs -3.6%），ALLIANCE RESOURCE PARTNERS LP自由现金流更多（$13.3M vs $-67.5M），过去两年ALLIANCE RESOURCE PARTNERS LP的营收复合增速更高（-6.7% vs -13.8%）
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。
Suburban Propane Partners LP是美国领先的丙烷、天然气、取暖油及相关能源产品分销商，服务覆盖住宅、商业、工业、农业等各类客户，同时提供暖通空调系统的安装、维护与维修服务，业务范围遍布全美。
ARLP vs SPH — 直观对比
营收规模更大
ARLP
是对方的1.4倍
$370.4M
营收增速更快
SPH
高出2.9%
-3.6%
净利率更高
SPH
高出10.3%
2.1%
自由现金流更多
ARLP
多$80.8M
$-67.5M
两年增速更快
ARLP
近两年复合增速
-13.8%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $516.0M | $370.4M |
| 净利润 | $10.7M | $45.8M |
| 毛利率 | — | 64.7% |
| 营业利润率 | 4.2% | 18.3% |
| 净利率 | 2.1% | 12.4% |
| 营收同比 | -3.6% | -0.8% |
| 净利润同比 | — | 135.7% |
| 每股收益（稀释后） | — | $0.69 |
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ARLPSPH
| Q1 26 | $516.0M | — | ||
| Q4 25 | $535.5M | $370.4M | ||
| Q3 25 | $571.4M | $211.4M | ||
| Q2 25 | $547.5M | $260.1M | ||
| Q1 25 | $540.5M | $587.7M | ||
| Q4 24 | $590.1M | $373.3M | ||
| Q3 24 | $613.6M | $208.6M | ||
| Q2 24 | $593.4M | $254.6M |
净利润ARLPSPH
| Q1 26 | $10.7M | — | ||
| Q4 25 | $82.7M | $45.8M | ||
| Q3 25 | $95.1M | $-35.1M | ||
| Q2 25 | $59.4M | $-14.8M | ||
| Q1 25 | $74.0M | $137.1M | ||
| Q4 24 | $16.3M | $19.4M | ||
| Q3 24 | $86.3M | $-44.6M | ||
| Q2 24 | $100.2M | $-17.2M |
毛利率ARLPSPH
| Q1 26 | — | — | ||
| Q4 25 | — | 64.7% | ||
| Q3 25 | — | 64.7% | ||
| Q2 25 | — | 61.7% | ||
| Q1 25 | — | 58.8% | ||
| Q4 24 | — | 60.6% | ||
| Q3 24 | — | 59.4% | ||
| Q2 24 | — | 62.9% |
营业利润率ARLPSPH
| Q1 26 | 4.2% | — | ||
| Q4 25 | 18.2% | 18.3% | ||
| Q3 25 | 18.4% | -7.9% | ||
| Q2 25 | 16.2% | 2.1% | ||
| Q1 25 | 17.4% | 27.0% | ||
| Q4 24 | 2.6% | 15.8% | ||
| Q3 24 | 16.5% | -10.8% | ||
| Q2 24 | 19.8% | 3.2% |
净利率ARLPSPH
| Q1 26 | 2.1% | — | ||
| Q4 25 | 15.4% | 12.4% | ||
| Q3 25 | 16.6% | -16.6% | ||
| Q2 25 | 10.9% | -5.7% | ||
| Q1 25 | 13.7% | 23.3% | ||
| Q4 24 | 2.8% | 5.2% | ||
| Q3 24 | 14.1% | -21.4% | ||
| Q2 24 | 16.9% | -6.8% |
每股收益（稀释后）ARLPSPH
| Q1 26 | — | — | ||
| Q4 25 | — | $0.69 | ||
| Q3 25 | — | $-0.55 | ||
| Q2 25 | — | $-0.23 | ||
| Q1 25 | — | $2.10 | ||
| Q4 24 | — | $0.30 | ||
| Q3 24 | — | $-0.69 | ||
| Q2 24 | — | $-0.27 |
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 | $1.3M |
| 总债务越低越好 | — | $1.3B |
| 股东权益账面价值 | — | — |
| 总资产 | $2.9B | $2.4B |
| 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ARLPSPH
| Q1 26 | $28.9M | — | ||
| Q4 25 | $71.2M | $1.3M | ||
| Q3 25 | $94.5M | $405.0K | ||
| Q2 25 | $55.0M | $1.3M | ||
| Q1 25 | $81.3M | $3.9M | ||
| Q4 24 | $137.0M | $4.4M | ||
| Q3 24 | $195.4M | $3.2M | ||
| Q2 24 | $203.7M | $4.9M |
总债务ARLPSPH
| Q1 26 | — | — | ||
| Q4 25 | — | $1.3B | ||
| Q3 25 | — | $1.2B | ||
| Q2 25 | — | $1.2B | ||
| Q1 25 | — | $1.3B | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | $1.2B |
总资产ARLPSPH
| Q1 26 | $2.9B | — | ||
| Q4 25 | $2.9B | $2.4B | ||
| Q3 25 | $2.9B | $2.3B | ||
| Q2 25 | $2.9B | $2.3B | ||
| Q1 25 | $2.9B | $2.4B | ||
| Q4 24 | $2.9B | $2.4B | ||
| Q3 24 | $3.0B | $2.3B | ||
| Q2 24 | $3.1B | $2.3B |
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 | — | $-47.7M |
| 自由现金流经营现金流 - 资本支出 | $13.3M | $-67.5M |
| 自由现金流率自由现金流/营收 | 2.6% | -18.2% |
| 资本支出强度资本支出/营收 | 18.5% | 5.3% |
| 现金转化率经营现金流/净利润 | — | -1.04× |
| 过去12个月自由现金流最近4个季度 | $342.2M | $61.9M |
8季度趋势，按日历期对齐
经营现金流ARLPSPH
| Q1 26 | — | — | ||
| Q4 25 | $143.9M | $-47.7M | ||
| Q3 25 | $209.9M | $41.8M | ||
| Q2 25 | $151.7M | $95.5M | ||
| Q1 25 | $145.7M | $40.1M | ||
| Q4 24 | $168.4M | $8.8M | ||
| Q3 24 | $209.3M | $36.8M | ||
| Q2 24 | $215.8M | $61.4M |
自由现金流ARLPSPH
| Q1 26 | $13.3M | — | ||
| Q4 25 | $99.1M | $-67.5M | ||
| Q3 25 | $145.2M | $27.7M | ||
| Q2 25 | $84.7M | $80.9M | ||
| Q1 25 | $58.9M | $20.8M | ||
| Q4 24 | $75.3M | $-15.1M | ||
| Q3 24 | $99.0M | $17.7M | ||
| Q2 24 | $114.3M | $46.8M |
自由现金流率ARLPSPH
| Q1 26 | 2.6% | — | ||
| Q4 25 | 18.5% | -18.2% | ||
| Q3 25 | 25.4% | 13.1% | ||
| Q2 25 | 15.5% | 31.1% | ||
| Q1 25 | 10.9% | 3.5% | ||
| Q4 24 | 12.8% | -4.0% | ||
| Q3 24 | 16.1% | 8.5% | ||
| Q2 24 | 19.3% | 18.4% |
资本支出强度ARLPSPH
| Q1 26 | 18.5% | — | ||
| Q4 25 | 8.4% | 5.3% | ||
| Q3 25 | 11.3% | 6.7% | ||
| Q2 25 | 12.2% | 5.6% | ||
| Q1 25 | 16.1% | 3.3% | ||
| Q4 24 | 15.8% | 6.4% | ||
| Q3 24 | 18.0% | 9.1% | ||
| Q2 24 | 17.1% | 5.8% |
现金转化率ARLPSPH
| Q1 26 | — | — | ||
| Q4 25 | 1.74× | -1.04× | ||
| Q3 25 | 2.21× | — | ||
| Q2 25 | 2.55× | — | ||
| Q1 25 | 1.97× | 0.29× | ||
| Q4 24 | 10.31× | 0.45× | ||
| 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% |
SPH
| Propane | $326.4M | 88% |
| Other Sales Revenue Net | $19.9M | 5% |
| Fuel Oil And Refined Fuels | $18.2M | 5% |
| Natural Gas And Electricity | $5.9M | 2% |
| Wholesale | $4.1M | 1% |
