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ALLIANCE RESOURCE PARTNERS LP（ARLP）与罗塞塔石碑（STEP）财务数据对比。点击上方公司名可切换其他公司
罗塞塔石碑的季度营收约是ALLIANCE RESOURCE PARTNERS LP的1.1倍（$586.5M vs $516.0M），ALLIANCE RESOURCE PARTNERS LP净利率更高（2.1% vs -21.0%，领先23.1%），罗塞塔石碑同比增速更快（73.0% vs -3.6%），罗塞塔石碑自由现金流更多（$26.7M vs $13.3M），过去两年罗塞塔石碑的营收复合增速更高（28.2% 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。
罗塞塔石碑是美国教育科技软件企业，开发语言学习、读写能力提升及脑训练类软件，旗下语言学习产品知名度极高。2013年公司收购Livemocha、Lexia Learning等品牌拓展教育科技业务矩阵，2021年正式成为IXL Learning的子公司。
ARLP vs STEP — 直观对比
营收规模更大
STEP
是对方的1.1倍
$516.0M
营收增速更快
STEP
高出76.6%
-3.6%
净利率更高
ARLP
高出23.1%
-21.0%
自由现金流更多
STEP
多$13.4M
$13.3M
两年增速更快
STEP
近两年复合增速
-6.7%
损益表 — Q1 FY2026 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $516.0M | $586.5M |
| 净利润 | $10.7M | $-123.5M |
| 毛利率 | — | — |
| 营业利润率 | 4.2% | -33.2% |
| 净利率 | 2.1% | -21.0% |
| 营收同比 | -3.6% | 73.0% |
| 净利润同比 | — | 35.7% |
| 每股收益（稀释后） | — | $-1.55 |
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ARLPSTEP
| Q1 26 | $516.0M | — | ||
| Q4 25 | $535.5M | $586.5M | ||
| Q3 25 | $571.4M | $454.2M | ||
| Q2 25 | $547.5M | $364.3M | ||
| Q1 25 | $540.5M | $377.7M | ||
| Q4 24 | $590.1M | $339.0M | ||
| Q3 24 | $613.6M | $271.7M | ||
| Q2 24 | $593.4M | $186.4M |
净利润ARLPSTEP
| Q1 26 | $10.7M | — | ||
| Q4 25 | $82.7M | $-123.5M | ||
| Q3 25 | $95.1M | $-366.1M | ||
| Q2 25 | $59.4M | $-38.4M | ||
| Q1 25 | $74.0M | $-18.5M | ||
| Q4 24 | $16.3M | $-192.0M | ||
| Q3 24 | $86.3M | $17.6M | ||
| Q2 24 | $100.2M | $13.3M |
营业利润率ARLPSTEP
| Q1 26 | 4.2% | — | ||
| Q4 25 | 18.2% | -33.2% | ||
| Q3 25 | 18.4% | -148.8% | ||
| Q2 25 | 16.2% | -5.6% | ||
| Q1 25 | 17.4% | 2.6% | ||
| Q4 24 | 2.6% | -101.7% | ||
| Q3 24 | 16.5% | 21.3% | ||
| Q2 24 | 19.8% | 29.4% |
净利率ARLPSTEP
| Q1 26 | 2.1% | — | ||
| Q4 25 | 15.4% | -21.0% | ||
| Q3 25 | 16.6% | -80.6% | ||
| Q2 25 | 10.9% | -10.5% | ||
| Q1 25 | 13.7% | -4.9% | ||
| Q4 24 | 2.8% | -56.6% | ||
| Q3 24 | 14.1% | 6.5% | ||
| Q2 24 | 16.9% | 7.2% |
每股收益（稀释后）ARLPSTEP
| Q1 26 | — | — | ||
| Q4 25 | — | $-1.55 | ||
| Q3 25 | — | $-4.66 | ||
| Q2 25 | — | $-0.49 | ||
| Q1 25 | — | $-0.37 | ||
| Q4 24 | — | $-2.61 | ||
| Q3 24 | — | $0.26 | ||
| 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 | — |
| 总债务越低越好 | — | $270.2M |
| 股东权益账面价值 | — | $-378.8M |
| 总资产 | $2.9B | $5.2B |
| 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ARLPSTEP
| Q1 26 | $28.9M | — | ||
| Q4 25 | $71.2M | — | ||
| Q3 25 | $94.5M | — | ||
| Q2 25 | $55.0M | — | ||
| Q1 25 | $81.3M | — | ||
| Q4 24 | $137.0M | — | ||
| Q3 24 | $195.4M | — | ||
| Q2 24 | $203.7M | — |
总债务ARLPSTEP
| Q1 26 | — | — | ||
| Q4 25 | — | $270.2M | ||
| Q3 25 | — | $269.9M | ||
| Q2 25 | — | $269.6M | ||
| Q1 25 | — | $269.3M | ||
| Q4 24 | — | $168.9M | ||
| Q3 24 | — | $172.3M | ||
| Q2 24 | — | $172.1M |
股东权益ARLPSTEP
| Q1 26 | — | — | ||
| Q4 25 | — | $-378.8M | ||
| Q3 25 | — | $-233.5M | ||
| Q2 25 | — | $153.9M | ||
| Q1 25 | — | $179.4M | ||
| Q4 24 | — | $209.8M | ||
| Q3 24 | — | $397.5M | ||
| Q2 24 | — | $366.9M |
总资产ARLPSTEP
| Q1 26 | $2.9B | — | ||
| Q4 25 | $2.9B | $5.2B | ||
| Q3 25 | $2.9B | $5.3B | ||
| Q2 25 | $2.9B | $4.8B | ||
| Q1 25 | $2.9B | $4.6B | ||
| Q4 24 | $2.9B | $4.3B | ||
| Q3 24 | $3.0B | $4.0B | ||
| Q2 24 | $3.1B | $3.8B |
负债/权益比ARLPSTEP
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 1.75× | ||
| Q1 25 | — | 1.50× | ||
| Q4 24 | — | 0.81× | ||
| Q3 24 | — | 0.43× | ||
| Q2 24 | — | 0.47× |
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 | — | $27.2M |
| 自由现金流经营现金流 - 资本支出 | $13.3M | $26.7M |
| 自由现金流率自由现金流/营收 | 2.6% | 4.6% |
| 资本支出强度资本支出/营收 | 18.5% | 0.1% |
| 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 | $18.6M |
8季度趋势，按日历期对齐
经营现金流ARLPSTEP
| Q1 26 | — | — | ||
| Q4 25 | $143.9M | $27.2M | ||
| Q3 25 | $209.9M | $16.2M | ||
| Q2 25 | $151.7M | $46.3M | ||
| Q1 25 | $145.7M | $-66.5M | ||
| Q4 24 | $168.4M | $27.6M | ||
| Q3 24 | $209.3M | $53.7M | ||
| Q2 24 | $215.8M | $50.2M |
自由现金流ARLPSTEP
| Q1 26 | $13.3M | — | ||
| Q4 25 | $99.1M | $26.7M | ||
| Q3 25 | $145.2M | $15.9M | ||
| Q2 25 | $84.7M | $45.2M | ||
| Q1 25 | $58.9M | $-69.2M | ||
| Q4 24 | $75.3M | $27.0M | ||
| Q3 24 | $99.0M | $52.4M | ||
| Q2 24 | $114.3M | $49.6M |
自由现金流率ARLPSTEP
| Q1 26 | 2.6% | — | ||
| Q4 25 | 18.5% | 4.6% | ||
| Q3 25 | 25.4% | 3.5% | ||
| Q2 25 | 15.5% | 12.4% | ||
| Q1 25 | 10.9% | -18.3% | ||
| Q4 24 | 12.8% | 8.0% | ||
| Q3 24 | 16.1% | 19.3% | ||
| Q2 24 | 19.3% | 26.6% |
资本支出强度ARLPSTEP
| Q1 26 | 18.5% | — | ||
| Q4 25 | 8.4% | 0.1% | ||
| Q3 25 | 11.3% | 0.1% | ||
| Q2 25 | 12.2% | 0.3% | ||
| Q1 25 | 16.1% | 0.7% | ||
| Q4 24 | 15.8% | 0.2% | ||
| Q3 24 | 18.0% | 0.5% | ||
| Q2 24 | 17.1% | 0.3% |
现金转化率ARLPSTEP
| Q1 26 | — | — | ||
| Q4 25 | 1.74× | — | ||
| Q3 25 | 2.21× | — | ||
| Q2 25 | 2.55× | — | ||
| Q1 25 | 1.97× | — | ||
| Q4 24 | 10.31× | — | ||
| Q3 24 | 2.43× | 3.05× | ||
| Q2 24 | 2.15× | 3.76× |
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% |
STEP
| Other | $210.1M | 36% |
| Management And Advisory Fees Net Focused Commingled Funds | $143.3M | 24% |
| Carried Interest Allocation Focused Commingled Funds | $85.1M | 15% |
| Carried Interest Allocation Separately Managed Accounts | $63.6M | 11% |
| Carried Interest Allocation Realized | $46.7M | 8% |
| Management And Advisory Fees Net Advisory And Other Services | $18.3M | 3% |
| Legacy Carried Interest Allocation Focused Commingled Funds | $10.3M | 2% |
| Income Based Incentive Fees | $6.0M | 1% |
| Management And Advisory Fees Net Fund Reimbursement Revenues | $3.1M | 1% |
