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ALLIANCE RESOURCE PARTNERS LP（ARLP）与Talen Energy Corp（TLN）财务数据对比。点击上方公司名可切换其他公司
Talen Energy Corp的季度营收约是ALLIANCE RESOURCE PARTNERS LP的1.5倍（$758.0M vs $516.0M），ALLIANCE RESOURCE PARTNERS LP净利率更高（2.1% vs -47.9%，领先50.0%），Talen Energy Corp同比增速更快（114.7% vs -3.6%），Talen Energy Corp自由现金流更多（$254.0M vs $13.3M），过去两年Talen Energy Corp的营收复合增速更高（35.0% 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。
PPL公司是总部位于美国宾夕法尼亚州东部利哈伊谷阿伦敦的能源企业，于纽约证券交易所上市（股票代码：PPL），属标普500指数成分股。截至2022年，公司营收79亿美元，总资产超370亿美元，拥有6500名员工，服务360万客户。
ARLP vs TLN — 直观对比
营收规模更大
TLN
是对方的1.5倍
$516.0M
营收增速更快
TLN
高出118.4%
-3.6%
净利率更高
ARLP
高出50.0%
-47.9%
自由现金流更多
TLN
多$240.7M
$13.3M
两年增速更快
TLN
近两年复合增速
-6.7%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $516.0M | $758.0M |
| 净利润 | $10.7M | $-363.0M |
| 毛利率 | — | — |
| 营业利润率 | 4.2% | -41.3% |
| 净利率 | 2.1% | -47.9% |
| 营收同比 | -3.6% | 114.7% |
| 净利润同比 | — | -542.7% |
| 每股收益（稀释后） | — | $-7.60 |
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ARLPTLN
| Q1 26 | $516.0M | — | ||
| Q4 25 | $535.5M | $758.0M | ||
| Q3 25 | $571.4M | $697.0M | ||
| Q2 25 | $547.5M | $409.0M | ||
| Q1 25 | $540.5M | $654.0M | ||
| Q4 24 | $590.1M | $353.0M | ||
| Q3 24 | $613.6M | $459.0M | ||
| Q2 24 | $593.4M | $346.0M |
净利润ARLPTLN
| Q1 26 | $10.7M | — | ||
| Q4 25 | $82.7M | $-363.0M | ||
| Q3 25 | $95.1M | $207.0M | ||
| Q2 25 | $59.4M | $72.0M | ||
| Q1 25 | $74.0M | $-135.0M | ||
| Q4 24 | $16.3M | $82.0M | ||
| Q3 24 | $86.3M | $168.0M | ||
| Q2 24 | $100.2M | $454.0M |
营业利润率ARLPTLN
| Q1 26 | 4.2% | — | ||
| Q4 25 | 18.2% | -41.3% | ||
| Q3 25 | 18.4% | 37.7% | ||
| Q2 25 | 16.2% | 16.1% | ||
| Q1 25 | 17.4% | -16.2% | ||
| Q4 24 | 2.6% | 4.5% | ||
| Q3 24 | 16.5% | 34.4% | ||
| Q2 24 | 19.8% | 7.8% |
净利率ARLPTLN
| Q1 26 | 2.1% | — | ||
| Q4 25 | 15.4% | -47.9% | ||
| Q3 25 | 16.6% | 29.7% | ||
| Q2 25 | 10.9% | 17.6% | ||
| Q1 25 | 13.7% | -20.6% | ||
| Q4 24 | 2.8% | 23.2% | ||
| Q3 24 | 14.1% | 36.6% | ||
| Q2 24 | 16.9% | 131.2% |
每股收益（稀释后）ARLPTLN
| Q1 26 | — | — | ||
| Q4 25 | — | $-7.60 | ||
| Q3 25 | — | $4.25 | ||
| Q2 25 | — | $1.50 | ||
| Q1 25 | — | $-2.94 | ||
| Q4 24 | — | $2.07 | ||
| Q3 24 | — | $3.16 | ||
| Q2 24 | — | $7.60 |
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 | $689.0M |
| 总债务越低越好 | — | $6.8B |
| 股东权益账面价值 | — | $1.1B |
| 总资产 | $2.9B | $10.9B |
| 负债/权益比越低杠杆越低 | — | 6.23× |
8季度趋势，按日历期对齐
现金及短期投资ARLPTLN
| Q1 26 | $28.9M | — | ||
| Q4 25 | $71.2M | $689.0M | ||
| Q3 25 | $94.5M | $497.0M | ||
| Q2 25 | $55.0M | $122.0M | ||
| Q1 25 | $81.3M | $295.0M | ||
| Q4 24 | $137.0M | $328.0M | ||
| Q3 24 | $195.4M | $648.0M | ||
| Q2 24 | $203.7M | $632.0M |
总债务ARLPTLN
| Q1 26 | — | — | ||
| Q4 25 | — | $6.8B | ||
| Q3 25 | — | $3.0B | ||
| Q2 25 | — | $3.0B | ||
| Q1 25 | — | $3.0B | ||
| Q4 24 | — | $3.0B | ||
| Q3 24 | — | $2.6B | ||
| Q2 24 | — | $2.6B |
股东权益ARLPTLN
| Q1 26 | — | — | ||
| Q4 25 | — | $1.1B | ||
| Q3 25 | — | $1.5B | ||
| Q2 25 | — | $1.2B | ||
| Q1 25 | — | $1.2B | ||
| Q4 24 | — | $1.4B | ||
| Q3 24 | — | $2.4B | ||
| Q2 24 | — | $2.5B |
总资产ARLPTLN
| Q1 26 | $2.9B | — | ||
| Q4 25 | $2.9B | $10.9B | ||
| Q3 25 | $2.9B | $6.1B | ||
| Q2 25 | $2.9B | $5.8B | ||
| Q1 25 | $2.9B | $5.9B | ||
| Q4 24 | $2.9B | $6.1B | ||
| Q3 24 | $3.0B | $6.8B | ||
| Q2 24 | $3.1B | $7.1B |
负债/权益比ARLPTLN
| Q1 26 | — | — | ||
| Q4 25 | — | 6.23× | ||
| Q3 25 | — | 2.03× | ||
| Q2 25 | — | 2.40× | ||
| Q1 25 | — | 2.54× | ||
| Q4 24 | — | 2.17× | ||
| Q3 24 | — | 1.10× | ||
| Q2 24 | — | 1.05× |
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 | — | $280.0M |
| 自由现金流经营现金流 - 资本支出 | $13.3M | $254.0M |
| 自由现金流率自由现金流/营收 | 2.6% | 33.5% |
| 资本支出强度资本支出/营收 | 18.5% | 3.4% |
| 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 | $606.0M |
8季度趋势，按日历期对齐
经营现金流ARLPTLN
| Q1 26 | — | — | ||
| Q4 25 | $143.9M | $280.0M | ||
| Q3 25 | $209.9M | $489.0M | ||
| Q2 25 | $151.7M | $-184.0M | ||
| Q1 25 | $145.7M | $119.0M | ||
| Q4 24 | $168.4M | — | ||
| Q3 24 | $209.3M | $96.0M | ||
| Q2 24 | $215.8M | $-23.0M |
自由现金流ARLPTLN
| Q1 26 | $13.3M | — | ||
| Q4 25 | $99.1M | $254.0M | ||
| Q3 25 | $145.2M | $468.0M | ||
| Q2 25 | $84.7M | $-217.0M | ||
| Q1 25 | $58.9M | $101.0M | ||
| Q4 24 | $75.3M | — | ||
| Q3 24 | $99.0M | $83.0M | ||
| Q2 24 | $114.3M | $-43.0M |
自由现金流率ARLPTLN
| Q1 26 | 2.6% | — | ||
| Q4 25 | 18.5% | 33.5% | ||
| Q3 25 | 25.4% | 67.1% | ||
| Q2 25 | 15.5% | -53.1% | ||
| Q1 25 | 10.9% | 15.4% | ||
| Q4 24 | 12.8% | — | ||
| Q3 24 | 16.1% | 18.1% | ||
| Q2 24 | 19.3% | -12.4% |
资本支出强度ARLPTLN
| Q1 26 | 18.5% | — | ||
| Q4 25 | 8.4% | 3.4% | ||
| Q3 25 | 11.3% | 3.0% | ||
| Q2 25 | 12.2% | 8.1% | ||
| Q1 25 | 16.1% | 2.8% | ||
| Q4 24 | 15.8% | — | ||
| Q3 24 | 18.0% | 2.8% | ||
| Q2 24 | 17.1% | 5.8% |
现金转化率ARLPTLN
| Q1 26 | — | — | ||
| Q4 25 | 1.74× | — | ||
| Q3 25 | 2.21× | 2.36× | ||
| Q2 25 | 2.55× | -2.56× | ||
| Q1 25 | 1.97× | — | ||
| Q4 24 | 10.31× | — | ||
| Q3 24 | 2.43× | 0.57× | ||
| Q2 24 | 2.15× | -0.05× |
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% |
TLN
| Electricity Sales And Ancillary Services | $555.0M | 73% |
| Operating Revenue Capacity | $182.0M | 24% |
| Physical Electricity Sales Bilateral Contracts Other | $21.0M | 3% |
