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ALLIANCE RESOURCE PARTNERS LP（ARLP）与INNOVATE Corp.（VATE）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INNOVATE Corp.的1.3倍（$516.0M vs $382.7M），ALLIANCE RESOURCE PARTNERS LP净利率更高（2.1% vs -1.9%，领先4.0%），INNOVATE Corp.同比增速更快（61.7% vs -3.6%），过去两年INNOVATE Corp.的营收复合增速更高（10.2% 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。
创新公司（Innovate Corp.）是一家美国上市金融服务企业，创立于1994年，深耕金融服务领域，面向市场提供多元专业金融相关服务，是美国本土具备多年运营经验的公众金融服务机构。
ARLP vs VATE — 直观对比
营收规模更大
ARLP
是对方的1.3倍
$382.7M
营收增速更快
VATE
高出65.4%
-3.6%
净利率更高
ARLP
高出4.0%
-1.9%
两年增速更快
VATE
近两年复合增速
-6.7%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $516.0M | $382.7M |
| 净利润 | $10.7M | $-7.4M |
| 毛利率 | — | 15.4% |
| 营业利润率 | 4.2% | 3.7% |
| 净利率 | 2.1% | -1.9% |
| 营收同比 | -3.6% | 61.7% |
| 净利润同比 | — | 55.4% |
| 每股收益（稀释后） | — | $-0.57 |
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ARLPVATE
| Q1 26 | $516.0M | — | ||
| Q4 25 | $535.5M | $382.7M | ||
| Q3 25 | $571.4M | $347.1M | ||
| Q2 25 | $547.5M | $242.0M | ||
| Q1 25 | $540.5M | $274.2M | ||
| Q4 24 | $590.1M | $236.6M | ||
| Q3 24 | $613.6M | $242.2M | ||
| Q2 24 | $593.4M | $313.1M |
净利润ARLPVATE
| Q1 26 | $10.7M | — | ||
| Q4 25 | $82.7M | $-7.4M | ||
| Q3 25 | $95.1M | $-8.9M | ||
| Q2 25 | $59.4M | $-19.8M | ||
| Q1 25 | $74.0M | $-24.5M | ||
| Q4 24 | $16.3M | $-16.6M | ||
| Q3 24 | $86.3M | $-15.0M | ||
| Q2 24 | $100.2M | $14.4M |
毛利率ARLPVATE
| Q1 26 | — | — | ||
| Q4 25 | — | 15.4% | ||
| Q3 25 | — | 14.3% | ||
| Q2 25 | — | 18.8% | ||
| Q1 25 | — | 16.6% | ||
| Q4 24 | — | 19.6% | ||
| Q3 24 | — | 19.9% | ||
| Q2 24 | — | 21.0% |
营业利润率ARLPVATE
| Q1 26 | 4.2% | — | ||
| Q4 25 | 18.2% | 3.7% | ||
| Q3 25 | 18.4% | 1.8% | ||
| Q2 25 | 16.2% | 2.0% | ||
| Q1 25 | 17.4% | 1.2% | ||
| Q4 24 | 2.6% | 1.1% | ||
| Q3 24 | 16.5% | 2.4% | ||
| Q2 24 | 19.8% | 9.2% |
净利率ARLPVATE
| Q1 26 | 2.1% | — | ||
| Q4 25 | 15.4% | -1.9% | ||
| Q3 25 | 16.6% | -2.6% | ||
| Q2 25 | 10.9% | -8.2% | ||
| Q1 25 | 13.7% | -8.9% | ||
| Q4 24 | 2.8% | -7.0% | ||
| Q3 24 | 14.1% | -6.2% | ||
| Q2 24 | 16.9% | 4.6% |
每股收益（稀释后）ARLPVATE
| Q1 26 | — | — | ||
| Q4 25 | — | $-0.57 | ||
| Q3 25 | — | $-0.71 | ||
| Q2 25 | — | $-1.67 | ||
| Q1 25 | — | $-1.89 | ||
| Q4 24 | — | $-0.72 | ||
| Q3 24 | — | $-1.18 | ||
| Q2 24 | — | $1.03 |
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 | $112.1M |
| 总债务越低越好 | — | $80.3M |
| 股东权益账面价值 | — | $-240.1M |
| 总资产 | $2.9B | $950.1M |
| 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ARLPVATE
| Q1 26 | $28.9M | — | ||
| Q4 25 | $71.2M | $112.1M | ||
| Q3 25 | $94.5M | $35.5M | ||
| Q2 25 | $55.0M | $33.4M | ||
| Q1 25 | $81.3M | $33.3M | ||
| Q4 24 | $137.0M | $48.8M | ||
| Q3 24 | $195.4M | $51.0M | ||
| Q2 24 | $203.7M | $80.2M |
总债务ARLPVATE
| Q1 26 | — | — | ||
| Q4 25 | — | $80.3M | ||
| Q3 25 | — | $97.3M | ||
| Q2 25 | — | $160.1M | ||
| Q1 25 | — | $139.9M | ||
| Q4 24 | — | $500.6M | ||
| Q3 24 | — | $502.4M | ||
| Q2 24 | — | $638.3M |
股东权益ARLPVATE
| Q1 26 | — | — | ||
| Q4 25 | — | $-240.1M | ||
| Q3 25 | — | $-233.3M | ||
| Q2 25 | — | $-224.8M | ||
| Q1 25 | — | $-204.2M | ||
| Q4 24 | — | $-180.4M | ||
| Q3 24 | — | $-163.1M | ||
| Q2 24 | — | $-149.0M |
总资产ARLPVATE
| Q1 26 | $2.9B | — | ||
| Q4 25 | $2.9B | $950.1M | ||
| Q3 25 | $2.9B | $913.2M | ||
| Q2 25 | $2.9B | $890.9M | ||
| Q1 25 | $2.9B | $868.0M | ||
| Q4 24 | $2.9B | $891.1M | ||
| Q3 24 | $3.0B | $897.2M | ||
| Q2 24 | $3.1B | $898.9M |
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 | — | $101.1M |
| 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ARLPVATE
| Q1 26 | — | — | ||
| Q4 25 | $143.9M | $101.1M | ||
| Q3 25 | $209.9M | $19.2M | ||
| Q2 25 | $151.7M | $40.4M | ||
| Q1 25 | $145.7M | $-14.1M | ||
| Q4 24 | $168.4M | $41.4M | ||
| Q3 24 | $209.3M | $-28.4M | ||
| Q2 24 | $215.8M | $21.5M |
自由现金流ARLPVATE
| Q1 26 | $13.3M | — | ||
| Q4 25 | $99.1M | — | ||
| Q3 25 | $145.2M | $19.0M | ||
| Q2 25 | $84.7M | — | ||
| Q1 25 | $58.9M | $-18.8M | ||
| Q4 24 | $75.3M | $34.2M | ||
| Q3 24 | $99.0M | $-31.5M | ||
| Q2 24 | $114.3M | $18.4M |
自由现金流率ARLPVATE
| Q1 26 | 2.6% | — | ||
| Q4 25 | 18.5% | — | ||
| Q3 25 | 25.4% | 5.5% | ||
| Q2 25 | 15.5% | — | ||
| Q1 25 | 10.9% | -6.9% | ||
| Q4 24 | 12.8% | 14.5% | ||
| Q3 24 | 16.1% | -13.0% | ||
| Q2 24 | 19.3% | 5.9% |
资本支出强度ARLPVATE
| Q1 26 | 18.5% | — | ||
| Q4 25 | 8.4% | — | ||
| Q3 25 | 11.3% | 0.1% | ||
| Q2 25 | 12.2% | — | ||
| Q1 25 | 16.1% | 1.7% | ||
| Q4 24 | 15.8% | 3.0% | ||
| Q3 24 | 18.0% | 1.3% | ||
| Q2 24 | 17.1% | 1.0% |
现金转化率ARLPVATE
| 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× | — | ||
| Q2 24 | 2.15× | 1.49× |
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% |
VATE
| Commercial Revenue | $126.1M | 33% |
| Industrial Revenue | $87.5M | 23% |
| Transportation Revenue | $58.4M | 15% |
| Healthcare Revenue | $48.4M | 13% |
| Government Revenue | $44.3M | 12% |
| Energy Revenue | $8.0M | 2% |
| Broadcast Station Revenue | $5.7M | 1% |
| Systems And Consumables Revenue | $3.1M | 1% |
| Leisure Revenue | $200.0K | 0% |
