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ALLIANCE RESOURCE PARTNERS LP（ARLP）与SSR MINING INC.（SSRM）财务数据对比。点击上方公司名可切换其他公司
SSR MINING INC.的季度营收约是ALLIANCE RESOURCE PARTNERS LP的1.0倍（$521.7M vs $516.0M），SSR MINING INC.净利率更高（34.8% vs 2.1%，领先32.7%），SSR MINING INC.同比增速更快（61.4% vs -3.6%），SSR MINING INC.自由现金流更多（$106.4M vs $13.3M），过去两年SSR MINING INC.的营收复合增速更高（50.5% 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。
SSR Mining Inc.（前身为白银标准资源公司）总部位于美国科罗拉多州丹佛，主营金、银、铜、铅、锌矿产开采，拥有阿根廷最大的银矿，同时在美洲全境及土耳其开展矿产勘探业务。2020年与阿拉瑟黄金合并后迁至丹佛，现任总裁兼首席执行官为罗德尼·P·安塔尔。
ARLP vs SSRM — 直观对比
营收规模更大
SSRM
是对方的1.0倍
$516.0M
营收增速更快
SSRM
高出65.1%
-3.6%
净利率更高
SSRM
高出32.7%
2.1%
自由现金流更多
SSRM
多$93.1M
$13.3M
两年增速更快
SSRM
近两年复合增速
-6.7%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $516.0M | $521.7M |
| 净利润 | $10.7M | $181.5M |
| 毛利率 | — | — |
| 营业利润率 | 4.2% | 38.8% |
| 净利率 | 2.1% | 34.8% |
| 营收同比 | -3.6% | 61.4% |
| 净利润同比 | — | 3166.6% |
| 每股收益（稀释后） | — | $0.84 |
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ARLPSSRM
| Q1 26 | $516.0M | — | ||
| Q4 25 | $535.5M | $521.7M | ||
| Q3 25 | $571.4M | $385.8M | ||
| Q2 25 | $547.5M | $405.5M | ||
| Q1 25 | $540.5M | $316.6M | ||
| Q4 24 | $590.1M | $323.2M | ||
| Q3 24 | $613.6M | $257.4M | ||
| Q2 24 | $593.4M | $184.8M |
净利润ARLPSSRM
| Q1 26 | $10.7M | — | ||
| Q4 25 | $82.7M | $181.5M | ||
| Q3 25 | $95.1M | $65.4M | ||
| Q2 25 | $59.4M | $90.1M | ||
| Q1 25 | $74.0M | $58.8M | ||
| Q4 24 | $16.3M | $5.6M | ||
| Q3 24 | $86.3M | $10.6M | ||
| Q2 24 | $100.2M | $9.7M |
营业利润率ARLPSSRM
| Q1 26 | 4.2% | — | ||
| Q4 25 | 18.2% | 38.8% | ||
| Q3 25 | 18.4% | 21.6% | ||
| Q2 25 | 16.2% | 26.9% | ||
| Q1 25 | 17.4% | 21.1% | ||
| Q4 24 | 2.6% | 10.6% | ||
| Q3 24 | 16.5% | 3.5% | ||
| Q2 24 | 19.8% | 5.8% |
净利率ARLPSSRM
| Q1 26 | 2.1% | — | ||
| Q4 25 | 15.4% | 34.8% | ||
| Q3 25 | 16.6% | 17.0% | ||
| Q2 25 | 10.9% | 22.2% | ||
| Q1 25 | 13.7% | 18.6% | ||
| Q4 24 | 2.8% | 1.7% | ||
| Q3 24 | 14.1% | 4.1% | ||
| Q2 24 | 16.9% | 5.2% |
每股收益（稀释后）ARLPSSRM
| Q1 26 | — | — | ||
| Q4 25 | — | $0.84 | ||
| Q3 25 | — | $0.31 | ||
| Q2 25 | — | $0.42 | ||
| Q1 25 | — | $0.28 | ||
| Q4 24 | — | $0.03 | ||
| Q3 24 | — | $0.05 | ||
| Q2 24 | — | $0.05 |
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 | $575.6M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | — | $3.5B |
| 总资产 | $2.9B | $6.1B |
| 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ARLPSSRM
| Q1 26 | $28.9M | — | ||
| Q4 25 | $71.2M | $575.6M | ||
| Q3 25 | $94.5M | $445.4M | ||
| Q2 25 | $55.0M | $438.5M | ||
| Q1 25 | $81.3M | $341.3M | ||
| Q4 24 | $137.0M | $417.3M | ||
| Q3 24 | $195.4M | $365.8M | ||
| Q2 24 | $203.7M | $384.4M |
总债务ARLPSSRM
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $228.6M | ||
| Q3 24 | — | $228.3M | ||
| Q2 24 | — | $228.0M |
股东权益ARLPSSRM
| Q1 26 | — | — | ||
| Q4 25 | — | $3.5B | ||
| Q3 25 | — | $3.3B | ||
| Q2 25 | — | $3.3B | ||
| Q1 25 | — | $3.2B | ||
| Q4 24 | — | $3.1B | ||
| Q3 24 | — | $3.1B | ||
| Q2 24 | — | $3.1B |
总资产ARLPSSRM
| Q1 26 | $2.9B | — | ||
| Q4 25 | $2.9B | $6.1B | ||
| Q3 25 | $2.9B | $5.9B | ||
| Q2 25 | $2.9B | $5.8B | ||
| Q1 25 | $2.9B | $5.6B | ||
| Q4 24 | $2.9B | $5.2B | ||
| Q3 24 | $3.0B | $5.1B | ||
| Q2 24 | $3.1B | $5.2B |
负债/权益比ARLPSSRM
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.07× | ||
| Q3 24 | — | 0.07× | ||
| Q2 24 | — | 0.07× |
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 | — | $172.1M |
| 自由现金流经营现金流 - 资本支出 | $13.3M | $106.4M |
| 自由现金流率自由现金流/营收 | 2.6% | 20.4% |
| 资本支出强度资本支出/营收 | 18.5% | 12.6% |
| 现金转化率经营现金流/净利润 | — | 0.95× |
| 过去12个月自由现金流最近4个季度 | $342.2M | $241.6M |
8季度趋势，按日历期对齐
经营现金流ARLPSSRM
| Q1 26 | — | — | ||
| Q4 25 | $143.9M | $172.1M | ||
| Q3 25 | $209.9M | $57.2M | ||
| Q2 25 | $151.7M | $157.8M | ||
| Q1 25 | $145.7M | $84.8M | ||
| Q4 24 | $168.4M | $95.0M | ||
| Q3 24 | $209.3M | $-1.3M | ||
| Q2 24 | $215.8M | $-78.1M |
自由现金流ARLPSSRM
| Q1 26 | $13.3M | — | ||
| Q4 25 | $99.1M | $106.4M | ||
| Q3 25 | $145.2M | $-2.4M | ||
| Q2 25 | $84.7M | $98.4M | ||
| Q1 25 | $58.9M | $39.3M | ||
| Q4 24 | $75.3M | $56.4M | ||
| Q3 24 | $99.0M | $-34.1M | ||
| Q2 24 | $114.3M | $-116.3M |
自由现金流率ARLPSSRM
| Q1 26 | 2.6% | — | ||
| Q4 25 | 18.5% | 20.4% | ||
| Q3 25 | 25.4% | -0.6% | ||
| Q2 25 | 15.5% | 24.3% | ||
| Q1 25 | 10.9% | 12.4% | ||
| Q4 24 | 12.8% | 17.5% | ||
| Q3 24 | 16.1% | -13.2% | ||
| Q2 24 | 19.3% | -62.9% |
资本支出强度ARLPSSRM
| Q1 26 | 18.5% | — | ||
| Q4 25 | 8.4% | 12.6% | ||
| Q3 25 | 11.3% | 15.4% | ||
| Q2 25 | 12.2% | 14.7% | ||
| Q1 25 | 16.1% | 14.4% | ||
| Q4 24 | 15.8% | 11.9% | ||
| Q3 24 | 18.0% | 12.7% | ||
| Q2 24 | 17.1% | 20.7% |
现金转化率ARLPSSRM
| Q1 26 | — | — | ||
| Q4 25 | 1.74× | 0.95× | ||
| Q3 25 | 2.21× | 0.87× | ||
| Q2 25 | 2.55× | 1.75× | ||
| Q1 25 | 1.97× | 1.44× | ||
| Q4 24 | 10.31× | 17.10× | ||
| Q3 24 | 2.43× | -0.13× | ||
| Q2 24 | 2.15× | -8.06× |
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% |
SSRM
| Gold | $369.3M | 71% |
| Concentrate Sales | $124.4M | 24% |
| Other | $19.1M | 4% |
| Lead | $9.0M | 2% |
