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ALLIANCE RESOURCE PARTNERS LP（ARLP）与Vestis Corp（VSTS）财务数据对比。点击上方公司名可切换其他公司
Vestis Corp的季度营收约是ALLIANCE RESOURCE PARTNERS LP的1.3倍（$663.4M vs $516.0M），ALLIANCE RESOURCE PARTNERS LP净利率更高（2.1% vs -1.0%，领先3.0%），Vestis Corp同比增速更快（-3.0% vs -3.6%），Vestis Corp自由现金流更多（$28.3M vs $13.3M），过去两年Vestis Corp的营收复合增速更高（-3.0% 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。
Vestis Corp是北美领先的工作制服、安全防护服饰及配套设施服务供应商，服务覆盖医疗、制造、零售、餐饮住宿、公共服务等多个领域，为企业客户提供定制化的制服租赁、清洁与日常维护解决方案。
ARLP vs VSTS — 直观对比
营收规模更大
VSTS
是对方的1.3倍
$516.0M
营收增速更快
VSTS
高出0.7%
-3.6%
净利率更高
ARLP
高出3.0%
-1.0%
自由现金流更多
VSTS
多$15.0M
$13.3M
两年增速更快
VSTS
近两年复合增速
-6.7%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $516.0M | $663.4M |
| 净利润 | $10.7M | $-6.4M |
| 毛利率 | — | — |
| 营业利润率 | 4.2% | 2.5% |
| 净利率 | 2.1% | -1.0% |
| 营收同比 | -3.6% | -3.0% |
| 净利润同比 | — | -868.1% |
| 每股收益（稀释后） | — | $-0.05 |
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ARLPVSTS
| Q1 26 | $516.0M | $663.4M | ||
| Q4 25 | $535.5M | $712.0M | ||
| Q3 25 | $571.4M | — | ||
| Q2 25 | $547.5M | $673.8M | ||
| Q1 25 | $540.5M | $665.2M | ||
| Q4 24 | $590.1M | $683.8M | ||
| Q3 24 | $613.6M | $684.3M | ||
| Q2 24 | $593.4M | $698.2M |
净利润ARLPVSTS
| Q1 26 | $10.7M | $-6.4M | ||
| Q4 25 | $82.7M | $-12.5M | ||
| Q3 25 | $95.1M | — | ||
| Q2 25 | $59.4M | $-676.0K | ||
| Q1 25 | $74.0M | $-27.8M | ||
| Q4 24 | $16.3M | $832.0K | ||
| Q3 24 | $86.3M | $-2.3M | ||
| Q2 24 | $100.2M | $5.0M |
营业利润率ARLPVSTS
| Q1 26 | 4.2% | 2.5% | ||
| Q4 25 | 18.2% | 2.5% | ||
| Q3 25 | 18.4% | — | ||
| Q2 25 | 16.2% | 3.7% | ||
| Q1 25 | 17.4% | -1.3% | ||
| Q4 24 | 2.6% | 4.4% | ||
| Q3 24 | 16.5% | 4.4% | ||
| Q2 24 | 19.8% | 5.4% |
净利率ARLPVSTS
| Q1 26 | 2.1% | -1.0% | ||
| Q4 25 | 15.4% | -1.8% | ||
| Q3 25 | 16.6% | — | ||
| Q2 25 | 10.9% | -0.1% | ||
| Q1 25 | 13.7% | -4.2% | ||
| Q4 24 | 2.8% | 0.1% | ||
| Q3 24 | 14.1% | -0.3% | ||
| Q2 24 | 16.9% | 0.7% |
每股收益（稀释后）ARLPVSTS
| Q1 26 | — | $-0.05 | ||
| Q4 25 | — | $-0.10 | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $-0.01 | ||
| Q1 25 | — | $-0.21 | ||
| Q4 24 | — | $0.01 | ||
| Q3 24 | — | $-0.02 | ||
| Q2 24 | — | $0.04 |
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 | $41.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | — | $864.4M |
| 总资产 | $2.9B | $2.9B |
| 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ARLPVSTS
| Q1 26 | $28.9M | $41.5M | ||
| Q4 25 | $71.2M | $29.7M | ||
| Q3 25 | $94.5M | — | ||
| Q2 25 | $55.0M | $23.7M | ||
| Q1 25 | $81.3M | $28.8M | ||
| Q4 24 | $137.0M | $18.6M | ||
| Q3 24 | $195.4M | $31.0M | ||
| Q2 24 | $203.7M | $29.1M |
总债务ARLPVSTS
| Q1 26 | — | — | ||
| Q4 25 | — | $1.2B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | — |
股东权益ARLPVSTS
| Q1 26 | — | $864.4M | ||
| Q4 25 | — | $865.6M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $882.2M | ||
| Q1 25 | — | $876.3M | ||
| Q4 24 | — | $899.6M | ||
| Q3 24 | — | $903.1M | ||
| Q2 24 | — | $901.2M |
总资产ARLPVSTS
| Q1 26 | $2.9B | $2.9B | ||
| Q4 25 | $2.9B | $2.9B | ||
| Q3 25 | $2.9B | — | ||
| Q2 25 | $2.9B | $2.9B | ||
| Q1 25 | $2.9B | $2.9B | ||
| Q4 24 | $2.9B | $2.9B | ||
| Q3 24 | $3.0B | $2.9B | ||
| Q2 24 | $3.1B | $3.1B |
负债/权益比ARLPVSTS
| Q1 26 | — | — | ||
| Q4 25 | — | 1.35× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.29× | ||
| Q2 24 | — | — |
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 | — | $37.7M |
| 自由现金流经营现金流 - 资本支出 | $13.3M | $28.3M |
| 自由现金流率自由现金流/营收 | 2.6% | 4.3% |
| 资本支出强度资本支出/营收 | 18.5% | 1.4% |
| 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 | $45.0M |
8季度趋势，按日历期对齐
经营现金流ARLPVSTS
| Q1 26 | — | $37.7M | ||
| Q4 25 | $143.9M | $30.9M | ||
| Q3 25 | $209.9M | — | ||
| Q2 25 | $151.7M | $22.9M | ||
| Q1 25 | $145.7M | $6.7M | ||
| Q4 24 | $168.4M | $3.8M | ||
| Q3 24 | $209.3M | $295.6M | ||
| Q2 24 | $215.8M | $48.7M |
自由现金流ARLPVSTS
| Q1 26 | $13.3M | $28.3M | ||
| Q4 25 | $99.1M | $15.6M | ||
| Q3 25 | $145.2M | — | ||
| Q2 25 | $84.7M | $8.0M | ||
| Q1 25 | $58.9M | $-6.9M | ||
| Q4 24 | $75.3M | $-11.0M | ||
| Q3 24 | $99.0M | $267.5M | ||
| Q2 24 | $114.3M | $27.7M |
自由现金流率ARLPVSTS
| Q1 26 | 2.6% | 4.3% | ||
| Q4 25 | 18.5% | 2.2% | ||
| Q3 25 | 25.4% | — | ||
| Q2 25 | 15.5% | 1.2% | ||
| Q1 25 | 10.9% | -1.0% | ||
| Q4 24 | 12.8% | -1.6% | ||
| Q3 24 | 16.1% | 39.1% | ||
| Q2 24 | 19.3% | 4.0% |
资本支出强度ARLPVSTS
| Q1 26 | 18.5% | 1.4% | ||
| Q4 25 | 8.4% | 2.2% | ||
| Q3 25 | 11.3% | — | ||
| Q2 25 | 12.2% | 2.2% | ||
| Q1 25 | 16.1% | 2.0% | ||
| Q4 24 | 15.8% | 2.2% | ||
| Q3 24 | 18.0% | 4.1% | ||
| Q2 24 | 17.1% | 3.0% |
现金转化率ARLPVSTS
| Q1 26 | — | — | ||
| Q4 25 | 1.74× | — | ||
| Q3 25 | 2.21× | — | ||
| Q2 25 | 2.55× | — | ||
| Q1 25 | 1.97× | — | ||
| Q4 24 | 10.31× | 4.54× | ||
| Q3 24 | 2.43× | — | ||
| Q2 24 | 2.15× | 9.66× |
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% |
VSTS
| Workplace Supplies | $375.2M | 57% |
| Uniforms | $227.7M | 34% |
| Other | $60.5M | 9% |
