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ALLIANCE RESOURCE PARTNERS LP（ARLP）与TreeHouse Foods, Inc.（THS）财务数据对比。点击上方公司名可切换其他公司
TreeHouse Foods, Inc.的季度营收约是ALLIANCE RESOURCE PARTNERS LP的1.6倍（$840.3M vs $516.0M），ALLIANCE RESOURCE PARTNERS LP净利率更高（2.1% vs -31.6%，领先33.7%），TreeHouse Foods, Inc.同比增速更快（0.1% vs -3.6%），过去两年TreeHouse Foods, Inc.的营收复合增速更高（-3.9% 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。
树屋食品公司是一家跨国食品加工企业，主打贴牌包装食品生产，总部位于美国伊利诺伊州奥克布鲁克，2005年成立后完全通过收购拓展业务。2010年该公司销售额达20亿美元，在20座工厂拥有超4000名员工，曾获评《食品加工》杂志2010年度加工企业，被称为“你没听过的大型企业”。
ARLP vs THS — 直观对比
营收规模更大
THS
是对方的1.6倍
$516.0M
营收增速更快
THS
高出3.8%
-3.6%
净利率更高
ARLP
高出33.7%
-31.6%
两年增速更快
THS
近两年复合增速
-6.7%
损益表 — Q1 FY2026 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $516.0M | $840.3M |
| 净利润 | $10.7M | $-265.8M |
| 毛利率 | — | 18.8% |
| 营业利润率 | 4.2% | -30.2% |
| 净利率 | 2.1% | -31.6% |
| 营收同比 | -3.6% | 0.1% |
| 净利润同比 | — | -7717.6% |
| 每股收益（稀释后） | — | $-5.26 |
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ARLPTHS
| Q1 26 | $516.0M | — | ||
| Q4 25 | $535.5M | — | ||
| Q3 25 | $571.4M | $840.3M | ||
| Q2 25 | $547.5M | $798.0M | ||
| Q1 25 | $540.5M | $792.0M | ||
| Q4 24 | $590.1M | $905.7M | ||
| Q3 24 | $613.6M | $839.1M | ||
| Q2 24 | $593.4M | $788.5M |
净利润ARLPTHS
| Q1 26 | $10.7M | — | ||
| Q4 25 | $82.7M | — | ||
| Q3 25 | $95.1M | $-265.8M | ||
| Q2 25 | $59.4M | $-2.9M | ||
| Q1 25 | $74.0M | $-31.8M | ||
| Q4 24 | $16.3M | $58.7M | ||
| Q3 24 | $86.3M | $-3.4M | ||
| Q2 24 | $100.2M | $-16.7M |
毛利率ARLPTHS
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 18.8% | ||
| Q2 25 | — | 17.4% | ||
| Q1 25 | — | 14.5% | ||
| Q4 24 | — | 19.5% | ||
| Q3 24 | — | 15.6% | ||
| Q2 24 | — | 16.3% |
营业利润率ARLPTHS
| Q1 26 | 4.2% | — | ||
| Q4 25 | 18.2% | — | ||
| Q3 25 | 18.4% | -30.2% | ||
| Q2 25 | 16.2% | 3.4% | ||
| Q1 25 | 17.4% | -0.7% | ||
| Q4 24 | 2.6% | 8.9% | ||
| Q3 24 | 16.5% | 3.8% | ||
| Q2 24 | 19.8% | -0.5% |
净利率ARLPTHS
| Q1 26 | 2.1% | — | ||
| Q4 25 | 15.4% | — | ||
| Q3 25 | 16.6% | -31.6% | ||
| Q2 25 | 10.9% | -0.4% | ||
| Q1 25 | 13.7% | -4.0% | ||
| Q4 24 | 2.8% | 6.5% | ||
| Q3 24 | 14.1% | -0.4% | ||
| Q2 24 | 16.9% | -2.1% |
每股收益（稀释后）ARLPTHS
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | $-5.26 | ||
| Q2 25 | — | $-0.06 | ||
| Q1 25 | — | $-0.63 | ||
| Q4 24 | — | $1.12 | ||
| Q3 24 | — | $-0.07 | ||
| Q2 24 | — | $-0.32 |
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 | $21.0M |
| 总债务越低越好 | — | $1.5B |
| 股东权益账面价值 | — | $1.3B |
| 总资产 | $2.9B | $3.8B |
| 负债/权益比越低杠杆越低 | — | 1.18× |
8季度趋势，按日历期对齐
现金及短期投资ARLPTHS
| Q1 26 | $28.9M | — | ||
| Q4 25 | $71.2M | — | ||
| Q3 25 | $94.5M | $21.0M | ||
| Q2 25 | $55.0M | $17.1M | ||
| Q1 25 | $81.3M | $16.4M | ||
| Q4 24 | $137.0M | $289.6M | ||
| Q3 24 | $195.4M | $102.0M | ||
| Q2 24 | $203.7M | $105.8M |
总债务ARLPTHS
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | $1.5B | ||
| Q2 25 | — | $1.5B | ||
| Q1 25 | — | $1.4B | ||
| Q4 24 | — | $1.4B | ||
| Q3 24 | — | $1.4B | ||
| Q2 24 | — | $1.4B |
股东权益ARLPTHS
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | $1.3B | ||
| Q2 25 | — | $1.5B | ||
| Q1 25 | — | $1.5B | ||
| Q4 24 | — | $1.5B | ||
| Q3 24 | — | $1.6B | ||
| Q2 24 | — | $1.6B |
总资产ARLPTHS
| Q1 26 | $2.9B | — | ||
| Q4 25 | $2.9B | — | ||
| Q3 25 | $2.9B | $3.8B | ||
| Q2 25 | $2.9B | $4.0B | ||
| Q1 25 | $2.9B | $3.9B | ||
| Q4 24 | $2.9B | $4.0B | ||
| Q3 24 | $3.0B | $4.0B | ||
| Q2 24 | $3.1B | $3.9B |
负债/权益比ARLPTHS
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 1.18× | ||
| Q2 25 | — | 0.98× | ||
| Q1 25 | — | 0.93× | ||
| Q4 24 | — | 0.90× | ||
| Q3 24 | — | 0.90× | ||
| Q2 24 | — | 0.90× |
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 | — | $38.2M |
| 自由现金流经营现金流 - 资本支出 | $13.3M | — |
| 自由现金流率自由现金流/营收 | 2.6% | — |
| 资本支出强度资本支出/营收 | 18.5% | — |
| 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 | — |
8季度趋势，按日历期对齐
经营现金流ARLPTHS
| Q1 26 | — | — | ||
| Q4 25 | $143.9M | — | ||
| Q3 25 | $209.9M | $38.2M | ||
| Q2 25 | $151.7M | $-47.2M | ||
| Q1 25 | $145.7M | $-53.5M | ||
| Q4 24 | $168.4M | $296.2M | ||
| Q3 24 | $209.3M | $41.4M | ||
| Q2 24 | $215.8M | $-19.4M |
自由现金流ARLPTHS
| Q1 26 | $13.3M | — | ||
| Q4 25 | $99.1M | — | ||
| Q3 25 | $145.2M | — | ||
| Q2 25 | $84.7M | — | ||
| Q1 25 | $58.9M | — | ||
| Q4 24 | $75.3M | — | ||
| Q3 24 | $99.0M | — | ||
| Q2 24 | $114.3M | $-42.2M |
自由现金流率ARLPTHS
| Q1 26 | 2.6% | — | ||
| Q4 25 | 18.5% | — | ||
| Q3 25 | 25.4% | — | ||
| Q2 25 | 15.5% | — | ||
| Q1 25 | 10.9% | — | ||
| Q4 24 | 12.8% | — | ||
| Q3 24 | 16.1% | — | ||
| Q2 24 | 19.3% | -5.4% |
资本支出强度ARLPTHS
| Q1 26 | 18.5% | — | ||
| Q4 25 | 8.4% | — | ||
| Q3 25 | 11.3% | — | ||
| Q2 25 | 12.2% | — | ||
| Q1 25 | 16.1% | — | ||
| Q4 24 | 15.8% | — | ||
| Q3 24 | 18.0% | — | ||
| Q2 24 | 17.1% | 2.9% |
现金转化率ARLPTHS
| Q1 26 | — | — | ||
| Q4 25 | 1.74× | — | ||
| Q3 25 | 2.21× | — | ||
| Q2 25 | 2.55× | — | ||
| Q1 25 | 1.97× | — | ||
| Q4 24 | 10.31× | 5.05× | ||
| 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% |
THS
| Retail Grocery Customers | $670.6M | 80% |
| Food Away From Home And Other | $85.3M | 10% |
| Co Manufacturing | $84.4M | 10% |
