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ALLIANCE RESOURCE PARTNERS LP（ARLP）与Walker & Dunlop, Inc.（WD）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Walker & Dunlop, Inc.的1.5倍（$516.0M vs $340.0M），ALLIANCE RESOURCE PARTNERS LP净利率更高（2.1% vs -12.9%，领先15.0%），Walker & Dunlop, Inc.同比增速更快（-0.4% vs -3.6%），ALLIANCE RESOURCE PARTNERS LP自由现金流更多（$13.3M vs $-680.1M），过去两年Walker & Dunlop, Inc.的营收复合增速更高（22.1% 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。
Walker & Dunlop, Inc.是美国乃至全球规模领先的商业地产金融与咨询服务机构，为客户提供覆盖商业地产领域的多元金融解决方案及专业咨询服务，业务辐射全球多个市场，在行业内拥有深厚的资源积累与广泛的市场认可度。
ARLP vs WD — 直观对比
营收规模更大
ARLP
是对方的1.5倍
$340.0M
营收增速更快
WD
高出3.2%
-3.6%
净利率更高
ARLP
高出15.0%
-12.9%
自由现金流更多
ARLP
多$693.4M
$-680.1M
两年增速更快
WD
近两年复合增速
-6.7%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $516.0M | $340.0M |
| 净利润 | $10.7M | $-13.9M |
| 毛利率 | — | — |
| 营业利润率 | 4.2% | -17.2% |
| 净利率 | 2.1% | -12.9% |
| 营收同比 | -3.6% | -0.4% |
| 净利润同比 | — | -131.0% |
| 每股收益（稀释后） | — | $-0.41 |
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ARLPWD
| Q1 26 | $516.0M | — | ||
| Q4 25 | $535.5M | $340.0M | ||
| Q3 25 | $571.4M | $337.7M | ||
| Q2 25 | $547.5M | $319.2M | ||
| Q1 25 | $540.5M | $237.4M | ||
| Q4 24 | $590.1M | $341.5M | ||
| Q3 24 | $613.6M | $292.3M | ||
| Q2 24 | $593.4M | $270.7M |
净利润ARLPWD
| Q1 26 | $10.7M | — | ||
| Q4 25 | $82.7M | $-13.9M | ||
| Q3 25 | $95.1M | $33.5M | ||
| Q2 25 | $59.4M | $34.0M | ||
| Q1 25 | $74.0M | $2.8M | ||
| Q4 24 | $16.3M | $44.8M | ||
| Q3 24 | $86.3M | $28.8M | ||
| Q2 24 | $100.2M | $22.7M |
营业利润率ARLPWD
| Q1 26 | 4.2% | — | ||
| Q4 25 | 18.2% | -17.2% | ||
| Q3 25 | 18.4% | 13.6% | ||
| Q2 25 | 16.2% | 14.5% | ||
| Q1 25 | 17.4% | 2.2% | ||
| Q4 24 | 2.6% | 15.3% | ||
| Q3 24 | 16.5% | 12.8% | ||
| Q2 24 | 19.8% | 10.4% |
净利率ARLPWD
| Q1 26 | 2.1% | — | ||
| Q4 25 | 15.4% | -12.9% | ||
| Q3 25 | 16.6% | 9.9% | ||
| Q2 25 | 10.9% | 10.6% | ||
| Q1 25 | 13.7% | 1.2% | ||
| Q4 24 | 2.8% | 13.1% | ||
| Q3 24 | 14.1% | 9.9% | ||
| Q2 24 | 16.9% | 8.4% |
每股收益（稀释后）ARLPWD
| Q1 26 | — | — | ||
| Q4 25 | — | $-0.41 | ||
| Q3 25 | — | $0.98 | ||
| Q2 25 | — | $0.99 | ||
| Q1 25 | — | $0.08 | ||
| Q4 24 | — | $1.32 | ||
| Q3 24 | — | $0.85 | ||
| Q2 24 | — | $0.67 |
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 | $299.3M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | — | $1.7B |
| 总资产 | $2.9B | $5.1B |
| 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ARLPWD
| Q1 26 | $28.9M | — | ||
| Q4 25 | $71.2M | $299.3M | ||
| Q3 25 | $94.5M | $274.8M | ||
| Q2 25 | $55.0M | $233.7M | ||
| Q1 25 | $81.3M | $181.0M | ||
| Q4 24 | $137.0M | $279.3M | ||
| Q3 24 | $195.4M | $179.8M | ||
| Q2 24 | $203.7M | $208.1M |
股东权益ARLPWD
| Q1 26 | — | — | ||
| Q4 25 | — | $1.7B | ||
| Q3 25 | — | $1.8B | ||
| Q2 25 | — | $1.8B | ||
| Q1 25 | — | $1.7B | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | — | $1.7B | ||
| Q2 24 | — | $1.7B |
总资产ARLPWD
| Q1 26 | $2.9B | — | ||
| Q4 25 | $2.9B | $5.1B | ||
| Q3 25 | $2.9B | $5.8B | ||
| Q2 25 | $2.9B | $4.7B | ||
| Q1 25 | $2.9B | $4.5B | ||
| Q4 24 | $2.9B | $4.4B | ||
| Q3 24 | $3.0B | $4.6B | ||
| Q2 24 | $3.1B | $4.2B |
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 | — | $-664.3M |
| 自由现金流经营现金流 - 资本支出 | $13.3M | $-680.1M |
| 自由现金流率自由现金流/营收 | 2.6% | -200.0% |
| 资本支出强度资本支出/营收 | 18.5% | 4.6% |
| 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 | $-2.2B |
8季度趋势，按日历期对齐
经营现金流ARLPWD
| Q1 26 | — | — | ||
| Q4 25 | $143.9M | $-664.3M | ||
| Q3 25 | $209.9M | $-948.1M | ||
| Q2 25 | $151.7M | $-238.5M | ||
| Q1 25 | $145.7M | $-281.1M | ||
| Q4 24 | $168.4M | $129.4M | ||
| Q3 24 | $209.3M | $-202.0M | ||
| Q2 24 | $215.8M | $-237.8M |
自由现金流ARLPWD
| Q1 26 | $13.3M | — | ||
| Q4 25 | $99.1M | $-680.1M | ||
| Q3 25 | $145.2M | $-950.4M | ||
| Q2 25 | $84.7M | $-241.0M | ||
| Q1 25 | $58.9M | $-284.7M | ||
| Q4 24 | $75.3M | $116.4M | ||
| Q3 24 | $99.0M | $-204.0M | ||
| Q2 24 | $114.3M | $-241.7M |
自由现金流率ARLPWD
| Q1 26 | 2.6% | — | ||
| Q4 25 | 18.5% | -200.0% | ||
| Q3 25 | 25.4% | -281.5% | ||
| Q2 25 | 15.5% | -75.5% | ||
| Q1 25 | 10.9% | -120.0% | ||
| Q4 24 | 12.8% | 34.1% | ||
| Q3 24 | 16.1% | -69.8% | ||
| Q2 24 | 19.3% | -89.3% |
资本支出强度ARLPWD
| Q1 26 | 18.5% | — | ||
| Q4 25 | 8.4% | 4.6% | ||
| Q3 25 | 11.3% | 0.7% | ||
| Q2 25 | 12.2% | 0.8% | ||
| Q1 25 | 16.1% | 1.5% | ||
| Q4 24 | 15.8% | 3.8% | ||
| Q3 24 | 18.0% | 0.7% | ||
| Q2 24 | 17.1% | 1.4% |
现金转化率ARLPWD
| Q1 26 | — | — | ||
| Q4 25 | 1.74× | — | ||
| Q3 25 | 2.21× | -28.34× | ||
| Q2 25 | 2.55× | -7.02× | ||
| Q1 25 | 1.97× | -102.07× | ||
| Q4 24 | 10.31× | 2.89× | ||
| Q3 24 | 2.43× | -7.01× | ||
| Q2 24 | 2.15× | -10.49× |
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% |
WD
暂无分部数据
