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Alliance Resource Partners, L.P.

ARLP Energy Thermal Coal

Alliance Resource Partners, L.P.’s revenue for fiscal 2025 (year ended December 2025) was $2.2 billion, down 10.4% from fiscal 2024.

Revenue
+5.54%
EPS
+48.0%
Free cash flow
+21.1%
Total debt
+46.5%

Quarter to September 2026, against a year earlier

24.40 0.25 −1.01%
Market cap
$3.2B
P/E
10.2×
Fwd P/E
10.5×
Dividend yield
12.3%
F-score
5/9
Altman Z
n/a
Beneish M
−3.23
Dividend safety
30/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.08
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — 1 1 — — —
Sell — — — — — — — — — — — —
Insider Ownership 31.45%

Capital & Financial Ratios $m

Size
Market Cap 3,170.00
Revenue ttm 2,206.11
Net income ttm 317.25
Free cash flow ttm 406.76
Net debt Q 584.05
Valuation
P/E 10.17
Forward P/E 10.50
Price / sales 1.42
Forward P/S Powerpack
Price / FCF 8.44
Price / book 1.55
Financial health
Current ratio Q 1.37
Debt / equity Q 0.33 (at or below 0.5: strong)
Interest coverage Q 9.30
Growth
Revenue growth Q +5.54% (above 0%: growing)
Operating income growth Q +40.47% (above 0%: growing)
EPS, this year +8.85%
EPS, next year A +14.64%
Revenue, next year A +2.83%
EPS, past 5 yrs —
EPS, next 5 yrs A +10.63%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.7×, against a ten-year median of 1.3×; over the ten years it ranged from 0.7× in 2020 to 1.9× in 2022.
P/E against its own 10 years 71.28%
10-year low 10-year high
P/S against its own 10 years 86.11%
10-year low 10-year high
P/B against its own 10 years 48.64%
10-year low 10-year high
EV/Sales against its own 10 years 93.07%
10-year low 10-year high
EV/FCF against its own 10 years 74.08%
10-year low 10-year high

Dividends

Yield
12.3%
Annual rate
3.00
Payout ratio
125.0%
Growth, 2018–26
+1.87%/yr
  1. 2.07 ’18
  2. 2.15 ’19 +4
  3. 0.40 ’20 −81
  4. 0.40 ’21 +0
  5. 1.50 ’22 +275
  6. 2.80 ’23 +87
  7. 2.80 ’24 +0
  8. 2.60 ’25 −7
  9. 2.40 ’26 −8
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 60 137 71 85
Receivables 292 177 132 211
Inventory 128 121 143 128
Other 17 56 62 67
516 513 430 502
2023 2024 2025 Q'26
Payables 108 98 82 103
ST’ Debt 20 22 24 119
Other 44 63 45 —
227 233 204 366

Compound Annual Growth %

10y 5y 3y
Sales (0.35%) 10.57% (3.20%)
Cash Flow (0.95%) 10.20% (6.72%)
Earnings 7.02% 0.00% (17.96%)
Book Value 6.52% 11.65% 2.89%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.82 Actual 1.10

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.61 0.75 Beat by 0.14
Q1 FY26 0.27 0.37 Beat by 0.10
Q2 FY26 0.62 0.65 Beat by 0.03
Q3 FY26 0.82 1.10 Beat by 0.28
Q4 FY26 0.80 — Reports 1 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.07 0.61 1.08 — —
’25 0.57 0.46 0.73 0.64 2.40
’24 1.21 0.77 0.66 0.12 2.77
’23 1.45 1.30 1.18 0.88 4.81
’22 0.28 1.23 1.25 1.63 4.39
’21 0.19 0.34 0.44 0.40 1.36
’20 (1.14) (0.37) 0.21 0.27 (1.02)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 516 552 603 — —
’25 540 547 571 536 2,195
’24 652 593 614 590 2,449
’23 663 642 637 625 2,567
’22 463 620 632 704 2,420
’21 319 362 415 483 1,579
’20 351 255 356 367 1,328
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 106 153 253 — —
’25 146 152 210 144 651
’24 210 216 209 168 803
’23 222 279 230 94 824
’22 91 149 317 246 802
’21 55 104 153 121 432
’20 79 91 122 109 401
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 10 103 194 — —
’25 59 85 147 100 390
’24 86 115 99 76 376
’23 129 190 120 10 449
’22 32 88 219 183 523
’21 24 81 123 88 317
’20 31 58 103 92 283
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 1,931 1,796 2,003 1,962 1,328 1,579 2,420 2,567 2,449 2,195 2,206 +1.4% 2,257 2,348 2,363 +2.5%
Gross margin, % 40.24 36.89 34.02 33.48 33.68 35.39 42.06 39.72 32.38 34.99 0.00 (5.2) pt
EBT 340 304 367 407 (129) 184 642 644 381 336 349 (0.1%)
EBT margin, % 17.58 16.95 18.35 20.73 (9.71) 11.64 26.53 25.11 15.58 15.31 15.81 (2.3) pt
Net income 340 304 367 407 (129) 183 588 636 366 317 317 (0.8%)
Per share, $
Per share, $ Revenue 25.98 18.20 15.32 15.31 10.44 12.42 19.03 20.18 19.14 17.10 17.15 (4.5%)
Earnings 3.39 2.80 2.74 3.07 (1.02) 1.36 4.39 4.81 2.77 2.40 2.40 (3.8%)
Cash flow 9.46 5.63 5.31 4.02 3.15 3.40 6.31 6.48 6.28 5.07 5.09 (6.7%)
Capex (1.52) (1.45) (1.77) (2.38) (0.92) (0.91) (2.19) (2.95) (3.34) (2.03) (1.93) +3.3%
Free cash flow 7.94 4.19 3.54 1.64 2.23 2.49 4.12 3.53 2.94 3.04 3.16 (10.1%)
Book value 14.71 11.67 9.08 9.88 8.43 9.64 13.43 14.61 14.48 14.49 15.72 (0.2%)
Shares, m 74 99 131 128 127 127 127 127 128 128 129 +6.3%
Valuation, ×
Valuation, × P/E 6.69 6.72 6.35 3.54 0.00 9.23 4.49 4.40 9.53 9.68 10.17 6.1
P/S 0.88 1.10 1.13 0.71 0.43 1.02 1.03 1.05 1.37 1.36 1.42 1.0
P/B 1.55 1.72 1.91 1.10 0.53 1.31 1.47 1.45 1.82 1.60 1.55 1.4
EV/Sales 1.19 1.40 1.34 1.09 0.83 1.22 1.09 1.16 1.51 1.53 1.69 1.2
EV/FCF 3.96 6.67 6.28 12.15 4.46 6.80 5.41 7.17 10.84 9.45 10.01 7.3
Cash, $m
Cash, $m Operating cash flow 704 556 694 515 401 432 802 824 803 651 655 (0.9%)
Capex (113) (143) (231) (305) (117) (115) (279) (376) (427) (261) (249) +9.7%
Free cash flow 591 413 463 210 283 317 523 449 376 390 407 (4.5%)
Balance, $m
Balance, $m Working capital (50) (8) 170 124 31 162 402 289 280 226 137 n/m
Net debt 595 539 422 747 539 313 138 277 336 380 584 (4.9%)
Shareholders’ equity 1,093 1,151 1,188 1,265 1,072 1,226 1,708 1,859 1,854 1,860 2,023 +6.1%
Returns, %
Returns, % ROA 11.06 12.53 15.53 15.78 (5.44) 8.02 22.84 22.18 12.44 10.68 0.00 (0.4) pt
ROIC 13.63 12.27 14.45 8.06 (3.21) 9.09 22.59 19.68 11.25 10.75 8.68 (2.9) pt
ROE 24.18 24.62 30.63 32.03 (11.06) 15.09 38.04 34.31 19.12 16.60 0.00 (7.6) pt
People
People Employees 3,324 3,321 3,599 3,602 2,902 1,862 2,067 3,595 3,653 3,575 — +0.8%
Revenue/emp, $m 0.58 0.54 0.56 0.54 0.46 0.85 1.17 0.71 0.67 0.61 — +0.6%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 6 Nov 2026

Alliance Resource Partners, L.P. vs peers in Thermal Coal (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
CNR Core Natural Resources, Inc. $3.7B 47.6× 18.2× +14.22% (above 0%: growing) −70.49% (below 0%: shrinking) +106.40% (above 0%: growing) 17.28% 0.58% Compare
ARLP Alliance Resource Partners, L.P. $3.2B 12.1× 10.5× +0.75% (above 0%: growing) +32.61% (above 0%: growing) +21.12% (above 0%: growing) 36.75% 17.33%
BTU Peabody Energy Corporation $2.0B — (loss-making) — (loss-making) +8.32% (above 0%: growing) n/m −494.22% (below 0%: shrinking) 10.59% (3.87%) Compare
NRP Natural Resource Partners LP $1.6B 15.3× — −10.24% (below 0%: shrinking) −15.15% (below 0%: shrinking) +4.75% (above 0%: growing) 100.00% 60.45% Compare
NC NACCO Industries, Inc. $251.2M 16.8× 3.8× +5.06% (above 0%: growing) −19.10% (below 0%: shrinking) −58.04% (below 0%: shrinking) 14.64% 11.50% Compare
Median of peers $1.8B 16.8× — +6.69% −19.10% −26.64% 15.96% 6.04%

All 5 Thermal Coal stocks →

Pay and ownership Proxy statement filed 12 October 2022

Ownership

Directors and executive officers, together 16.80%
Joseph W. Craft III 15.30%
Kathleen S. Craft 12.80%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Alliance Resource Partners, L.P. (ARLP) Latest News

5 Nov

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8 Jun

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Impact 3 · · GuruFocus.com

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Impact 4 · · Insider Monkey

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ARLP metrics, ten years each

stockrow.com/ARLP · Data as of Nov 6, 2026 · For information only; not investment advice. · © 2026 stockrow.com