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ALLIANCE RESOURCE PARTNERS LP（ARLP）与VinFast Auto Ltd.（VFS）财务数据对比。点击上方公司名可切换其他公司
VinFast Auto Ltd.的季度营收约是ALLIANCE RESOURCE PARTNERS LP的1.4倍（$718.6M vs $516.0M），ALLIANCE RESOURCE PARTNERS LP净利率更高（2.1% vs -2.8%，领先4.9%）
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。
VinFast Auto Ltd.是越南跨国汽车企业，由越南最大私营综合企业集团之一Vingroup创立。Vingroup由越南知名企业家潘日旺创办，业务覆盖地产、零售、医疗、科技等多个领域，是越南本土头部企业集团。
ARLP vs VFS — 直观对比
营收规模更大
VFS
是对方的1.4倍
$516.0M
净利率更高
ARLP
高出4.9%
-2.8%
损益表 — Q1 FY2026 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $516.0M | $718.6M |
| 净利润 | $10.7M | $-20.0M |
| 毛利率 | — | — |
| 营业利润率 | 4.2% | -96.1% |
| 净利率 | 2.1% | -2.8% |
| 营收同比 | -3.6% | — |
| 净利润同比 | — | — |
| 每股收益（稀释后） | — | — |
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ARLPVFS
| Q1 26 | $516.0M | — | ||
| Q4 25 | $535.5M | — | ||
| Q3 25 | $571.4M | $718.6M | ||
| Q2 25 | $547.5M | $663.0M | ||
| Q1 25 | $540.5M | $656.5M | ||
| Q4 24 | $590.1M | — | ||
| Q3 24 | $613.6M | $511.6M | ||
| Q2 24 | $593.4M | — |
净利润ARLPVFS
| Q1 26 | $10.7M | — | ||
| Q4 25 | $82.7M | — | ||
| Q3 25 | $95.1M | $-20.0M | ||
| Q2 25 | $59.4M | $-51.8M | ||
| Q1 25 | $74.0M | $-26.1M | ||
| Q4 24 | $16.3M | — | ||
| Q3 24 | $86.3M | $-10.4M | ||
| Q2 24 | $100.2M | — |
营业利润率ARLPVFS
| Q1 26 | 4.2% | — | ||
| Q4 25 | 18.2% | — | ||
| Q3 25 | 18.4% | -96.1% | ||
| Q2 25 | 16.2% | -79.0% | ||
| Q1 25 | 17.4% | -74.0% | ||
| Q4 24 | 2.6% | — | ||
| Q3 24 | 16.5% | -65.9% | ||
| Q2 24 | 19.8% | — |
净利率ARLPVFS
| Q1 26 | 2.1% | — | ||
| Q4 25 | 15.4% | — | ||
| Q3 25 | 16.6% | -2.8% | ||
| Q2 25 | 10.9% | -7.8% | ||
| Q1 25 | 13.7% | -4.0% | ||
| Q4 24 | 2.8% | — | ||
| Q3 24 | 14.1% | -2.0% | ||
| Q2 24 | 16.9% | — |
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 | $8.8M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | — | — |
| 总资产 | $2.9B | $183.2M |
| 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ARLPVFS
| Q1 26 | $28.9M | — | ||
| Q4 25 | $71.2M | — | ||
| Q3 25 | $94.5M | $8.8M | ||
| Q2 25 | $55.0M | $650.0M | ||
| Q1 25 | $81.3M | $2.4M | ||
| Q4 24 | $137.0M | — | ||
| Q3 24 | $195.4M | $1.9M | ||
| Q2 24 | $203.7M | — |
股东权益ARLPVFS
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $-7.2B | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
总资产ARLPVFS
| Q1 26 | $2.9B | — | ||
| Q4 25 | $2.9B | — | ||
| Q3 25 | $2.9B | $183.2M | ||
| Q2 25 | $2.9B | $7.2B | ||
| Q1 25 | $2.9B | $158.2M | ||
| Q4 24 | $2.9B | — | ||
| Q3 24 | $3.0B | $151.8M | ||
| Q2 24 | $3.1B | — |
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 | — | — |
| 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ARLPVFS
| Q1 26 | — | — | ||
| Q4 25 | $143.9M | — | ||
| Q3 25 | $209.9M | — | ||
| Q2 25 | $151.7M | — | ||
| Q1 25 | $145.7M | — | ||
| Q4 24 | $168.4M | — | ||
| Q3 24 | $209.3M | — | ||
| Q2 24 | $215.8M | — |
自由现金流ARLPVFS
| 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 | — |
自由现金流率ARLPVFS
| 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% | — |
资本支出强度ARLPVFS
| 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% | — |
现金转化率ARLPVFS
| 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× | — |
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% |
VFS
| Sales of vehicles | $662.9M | 92% |
| Sales of spare parts and components | $41.3M | 6% |
| Revenue from leasing activities | $12.3M | 2% |
| Finance income | $2.4M | 0% |
| Rendering of services | $1.2M | 0% |
