ALLIANCE RESOURCE PARTNERS LP

ARLP

Alliance Resource Partners, L.P., a diversified natural resource company, engages in the production and marketing of coal to utilities and industrial users in the United States. The company operates through four segments: Illinois Basin Coal Operations, Appalachia Coal Operations, Oil & Gas Royalties, and Coal Royalties.

Country: United StatesPrice: $25.42Market Cap: $3.3B

Company Profile

Industry: Coal
SIC Sector: Coal Mining
Size: Mid Cap($3.3B)
Revenue: $2.2B-10.4% YoY
Net Income: $311.2M-13.8% YoY

Financial Snapshot

Operating Margin17.6%
Return on Equity16.9%
Debt / Equity0.24
Current Ratio2.10
EPS (Diluted)$2.40−13.4%
Buybacks (1y)$0
Buybacks (2y)$0
Shares Retired−0.3% / −1.0% 2y

Similar Companies

HCCWARRIOR MET COAL, INC.
$5.2B
CNRCore Natural Resources, Inc.
$4.8B
BTUPEABODY ENERGY CORP
$3.1B
AMRAlpha Metallurgical Resources, Inc.
$2.1B

Shareholder Return

Fiscal 2025

Issued 0.3% of shares last year, 1.0% issued over two.

Buybacks
$0
Dividends
$337.2M

What drove EPS

A buyback raises earnings per share without the company earning more. This splits each year's change into the two.

FY22
222.8% = 220.7% + 0.6%
FY23
9.6% = 7.5% + 1.9%
FY24
−42.4% = −42.7% + 0.6%
FY25
−13.4% = −13.8% + 0.5%
Earnings Fewer shares More shares

The two parts do not sum exactly to the total — the difference is the cross-term, plus preferred capital where the company has any. It is left visible rather than distributed into the other two.

Share count is the denominator the filer used for diluted EPS, recovered as net income ÷ EPS — not the balance-sheet count, which is a point-in-time figure and would put the timing difference into this split. Years with a loss are omitted: a smaller share count makes a loss per share larger, so the decomposition inverts.

Company Financials

Annual data (10-K) · Last 5 years

MetricFY 2025FY 2024FY 2023FY 2022FY 2021
Market Cap$3.3B$3.2Best.$2.1Best.$2.0Best.$1.1Best.
Revenue$2.2B↓10%$2.4B↓5%$2.6B↑6%$2.4B↑53%$1.6B
Operating Income$385.3M↓2%$394.1M↓41%$672.4M↑1%$667.4M↑198%$223.8M
Net Income$311.2M↓14%$360.9M↓43%$630.1M↑7%$586.2M↑221%$182.8M
EPS (Diluted)$2.40↓13%$2.77↓42%$4.81↑10%$4.39↑223%$1.36
Gross Margin————40.3%
Operating Margin17.6%↑9%16.1%↓39%26.2%↓5%27.6%↑95%14.2%
ROE16.9%↓14%19.7%↓43%34.3%↓1%34.9%↑132%15.0%
Total Debt$450.8M↓5%$473.2M↑40%$337.2M↓20%$422.2M↓3%$435.0M
Shareholders' Equity$1.8B↑1%$1.8B$1.8B↑9%$1.7B↑38%$1.2B
Current Ratio2.10↓4%2.20↓3%2.27↓12%2.57↑35%1.91
Debt / Equity0.24↓5%0.26↑40%0.18↓27%0.25↓30%0.36
Operating Cash Flow$651.1M↓19%$803.1M↓3%$824.2M↑3%$802.3M↑86%$432.2M
Free Cash Flow$387.9M↑4%$374.4M↓16%$444.9M↓14%$516.0M↑67%$309.2M
Scored from 10-K1d ago
MetricMarks

Risk-Aware Value

Akre

Three-Legged Stool

Druckenmiller

Macro-Enhanced Growth

Spier

Value Checklist

Pabrai

Dhandho Framework

Munger

Quality Focus

Ackman

Activist Value

Piotroski

F-Score

Greenblatt

Magic Formula

Lynch

GARP

Buffett

Quality Compounder

Graham

Defensive Value

VerdictBUYPASSHOLDBUYBUYBUYBUYPASSNot rankedBUYHOLDPASS
Score
Analysis
Intrinsic Value
Margin of Safety+36.6%+83.6%-50.0%+17.0%+34.6%+29.4%+1.1%-77.1%+14.6%+30.6%+20.5%+8.7%
Data As Of10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)

Where They Agree

  • Cash Flow

    All 6 investors pass ARLP's cash flow

    FCF Positive18/21 years FCF positive
    ✓MarksPositive FCF in majority of recent years
    P/E or FCF YieldP/E=11.0x, FCF Yield=11.4%
    ✓PabraiP/E < 15 or FCF Yield > 10%
    (OCF - CapEx) / Market Cap11.4%
    ✓Ackman>= 4%
    Price / FCF per Share8.8x
    ✓Ackman<= 25
    Show 4 more metrics ▾
    Operating Cash Flow$651.1M
    ✓PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=22.82%, ROA=10.90%
    ✓PiotroskiCFO/Assets > ROA
    FCF Positive and Growing$387.9M
    ✓LynchPositive and growing
    Free Cash Flow Proxy$347.3M
    ✓BuffettPositive and growing

Where They Disagree

  • Profitability

    7 of 11 pass — Piotroski, Greenblatt, Buffett +1 more object

    Discount to Intrinsic Value46.9% (IV=$49.90 vs Price=$26.49)
    ✓Marks>= 20% below intrinsic value
    Positive Net Income Frequency25/26 years positive
    ✓MarksPositive net income in >= 7 of last 10 years
    Return on Equity23.6% (3-yr avg)
    ✓AkreROE > 20% (3-year avg)
    EPS Growth AccelerationLatest: -13.4%, Prior: -42.4%
    ✓DruckenmillerAccelerating EPS growth
    Show 19 more metrics ▾
    Margin of SafetyP/E=11.0x, P/B=1.8x
    ✓SpierP/E < 15 AND P/B < 2.0✓PabraiP/B < 1.5 or P/E < 15
    Operating Income / Revenue17.6%
    ✓Ackman>= 15%
    Net Income / Shareholders Equity16.9%
    ✓Ackman>= 15%
    Net Income / Total Assets10.90%
    ✓PiotroskiROA > 0
    ROA Change YoY12.38% -> 10.90% (delta: -1.47%)
    ✗PiotroskiCurrent ROA > Prior ROA
    (CFO / Total Assets) vs ROACFO/Assets=22.82%, ROA=10.90%
    ✓PiotroskiCFO/Assets > ROA
    Gross Margin Change YoY
    ✗PiotroskiImproved YoY
    EBIT / Enterprise Value10.2%
    ✓Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=10.2%, ROC=None
    ✗GreenblattBoth EY > 10% and ROC > 25%
    3-5 Year EPS CAGR15.3%
    ✓Lynch15-30% (Fast Grower); > 0% to pass
    ROE16.9%
    ✓Lynch> 15%
    Net Income Positive (10+ years)25/26 years positive
    ✗BuffettPositive every year for 10+ years
    ROE (5-yr avg)24.2%
    ✓Buffett> 15% (5-yr avg)
    Operating Margin (10-yr trend)17.6% (latest)
    ✓BuffettStable or rising over 10 years
    Free Cash Flow Proxy$347.3M
    ✓BuffettPositive and growing
    Earnings Variance (10-yr CoV)
    ✗BuffettCoV < 0.3
    Retained Earnings Effectiveness2.36x
    ✓Buffett$1 retained -> > $1 market value created
    Positive EPS (10 years)16/26 years positive
    ✗GrahamPositive EPS every year for 10 years
    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
  • Debt & Leverage

    6 of 8 pass — Lynch and Graham object

    Interest Coverage & Debt/EBITDAIC=8.4x, D/EBITDA=0.7x
    ✓MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Debt Levels0.24
    ✓AkreDebt/Equity < 0.3✓MungerDebt/Equity < 0.5
    Total Debt / Shareholders Equity0.24
    ✓Ackman<= 1.0
    LT Debt / Total Assets Change15.46% -> 14.97%
    ✓PiotroskiDecreased YoY
    Show 4 more metrics ▾
    Total Debt / Equity0.24
    ✓Lynch< 0.33
    Cash - Long-term Debt$-355.9M
    ✗LynchPositive preferred
    Debt/Equity & Interest CoverageD/E: 0.24, IC: 8.4x
    ✓BuffettD/E < 0.5 AND Interest Coverage > 5x
    LT Debt vs Net Current AssetsLT Debt $427.1M vs NCA $225.6M
    ✗GrahamLT Debt <= Net Current Assets
  • Valuation

    7 of 9 pass — Greenblatt and Graham object

    P/B or P/E vs. Historical AverageP/E=11.0x, P/B=1.8x
    ✓MarksP/E < 15 or P/B < 2.0
    Discount to Intrinsic Value46.9% (IV=$49.90 vs Price=$26.49)
    ✓Marks>= 20% below intrinsic value
    Price vs. 200-day MAQualitative
    ✓DruckenmillerPrice above 200-day moving average
    Margin of SafetyP/E=11.0x, P/B=1.8x
    ✓SpierP/E < 15 AND P/B < 2.0
    Show 9 more metrics ▾
    P/E or FCF YieldP/E=11.0x, FCF Yield=11.4%
    ✓PabraiP/E < 15 or FCF Yield > 10%
    Valuation ReasonablenessP/E=11.0x, OE Yield=10.2%
    ✓MungerP/E < 25 or Owner Earnings Yield > 5%
    Price / FCF per Share8.8x
    ✓Ackman<= 25
    EBIT / Enterprise Value10.2%
    ✓Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=10.2%, ROC=None
    ✗GreenblattBoth EY > 10% and ROC > 25%
    P/E / EPS Growth Rate0.72
    ✓Lynch< 1.0 (ideally < 0.5)
    Price / 3-yr avg EPS8.0x
    ✓Graham<= 15x
    Price-to-Book Ratio1.8x
    ✗Graham<= 1.5x
    P/E x P/B14.70
    ✓Graham<= 22.5
  • Growth

    1 of 5 pass — Druckenmiller, Ackman, Lynch +1 more object

    Positive Net Income Frequency25/26 years positive
    ✓MarksPositive net income in >= 7 of last 10 years
    EPS Growth AccelerationLatest: -13.4%, Prior: -42.4%
    ✓DruckenmillerAccelerating EPS growth
    Revenue Growth RateLatest: -10.4%, Prior: -4.6%
    ✗DruckenmillerRevenue growth accelerating
    3yr Median Revenue Growth-4.6%
    ✗Ackman>= 5%
    Show 5 more metrics ▾
    Positive EPS Growth Frequency3/5 years with positive EPS growth
    ✓AckmanPositive EPS growth in >= 3 of last 5 years
    P/E / EPS Growth Rate0.72
    ✓Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR15.3%
    ✓Lynch15-30% (Fast Grower); > 0% to pass
    Inventory Growth vs Revenue GrowthInv: 18.2% vs Rev: -10.4%
    ✗LynchInventory growth < Revenue growth
    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
  • Efficiency

    2 of 6 pass — Akre, Munger, Piotroski +1 more object

    ROIC (high and growing)11/18 years ROIC > 15% (latest: 13.3%)
    ✓AkreROIC > 15% for 3+ years
    Reinvestment Rate x ROIC0.0% (RR=0% x ROIC=13.3%)
    ✗AkreReinvestment Rate * ROIC > 10%
    Return on Invested Capital13.3%
    ✗Munger> 15%
    Current Ratio Change YoY2.20 -> 2.10
    ✗PiotroskiIncreased YoY
    Show 5 more metrics ▾
    Revenue / Total Assets Change YoY0.84x -> 0.77x
    ✗PiotroskiImproved YoY
    EBIT / (NWC + Net Fixed Assets)
    ✗Greenblatt> 25%
    ROIC (3-5 yr avg)18.8%
    ✓Buffett> 10%
    ROIC - WACC+8.8%
    ✓BuffettPositive (WACC = 10%)
    Current Ratio2.10
    ✓Graham>= 2.0
  • Verdicts

    Split decision: 6 BUY · 3 PASS · 2 HOLD

    Overall verdict
    ✓MarksBUY (8/8)✓AkrePASS (4/7)•DruckenmillerHOLD (5/7)✓SpierBUY (8/8)✓PabraiBUY (8/8)✓MungerBUY (6/7)✓AckmanBUY (8/9)✓PiotroskiPASS (F-Score 4)•GreenblattNot ranked✓LynchBUY (PEG 0.72)•BuffettHOLD (7/9)✓GrahamPASS (4/9)
  • Valuation models

    Models split on ARLP at $25.42 — fair values range $14.35–$154.55

    Marks fair value$40.07
    ✓Marks+36.6% margin vs $25.42
    Akre fair value$154.55
    ✓Akre+83.6% margin vs $25.42
    Druckenmiller fair value$16.95
    ✗Druckenmiller-50.0% margin vs $25.42
    Spier fair value$30.62
    ✓Spier+17.0% margin vs $25.42
    Show 8 more metrics ▾
    Pabrai fair value$38.87
    ✓Pabrai+34.6% margin vs $25.42
    Munger fair value$36.02
    ✓Munger+29.4% margin vs $25.42
    Ackman fair value$25.69
    ✓Ackman+1.1% margin vs $25.42
    Piotroski fair value$14.35
    ✗Piotroski-77.1% margin vs $25.42
    Greenblatt fair value$29.77
    ✓Greenblatt+14.6% margin vs $25.42
    Lynch fair value$36.62
    ✓Lynch+30.6% margin vs $25.42
    Buffett fair value$31.96
    ✓Buffett+20.5% margin vs $25.42
    Graham fair value$27.83
    ✓Graham+8.7% margin vs $25.42

Historical Score Timeline

Industry Peers

Similar companies in Coal

ARLP vs Peers — Financial Grading

Revenue$2.2BTop 25%
Net Income$311.2MTop 25%
ROE16.9%Top 25%
D/E0.24Median
Op. Margin17.6%Top 25%
Curr. Ratio2.10Median
CompanyMarket CapPriceRevenueNet IncomeROED/EOp. MarginCurr. RatioGrahamBuffettLynchGreenblattPiotroski
WARRIOR MET COAL, INC.HCC$5.2B$98.20$1.3B$57.0M2.7%0.073.5%3.193/95/93/70/3F-Score 4
Core Natural Resources, Inc.CNR$4.8B$95.94$4.2B$153.2M-4.2%0.13-4.4%1.603/94/92/70/3F-Score 3
PEABODY ENERGY CORPBTU$3.1B$25.48$3.9B$42.5M-1.2%—-2.1%1.853/94/90/70/3F-Score 4
Alpha Metallurgical Resources, Inc.AMR$2.1B$166.05$2.1B$61.7M-4.0%0.00-2.9%4.476/94/92/70/3F-Score 4
NATURAL RESOURCE PARTNERS LPNRP$1.4B$104.56$207.3M$136.4M21.6%0.0769.6%1.853/95/96/70/3F-Score 5
Ramaco Resources, Inc.METCZ$1.1B$25.35$536.6M$51.4M-10.6%0.97-10.4%5.463/94/91/70/3F-Score 3
NACCO INDUSTRIES INCNC$321.8M$42.64$277.2M$17.6M4.1%0.237.9%3.095/92/94/70/3F-Score 6
Coronado Global Resources Inc.CODQL$310.2M$0.18$1.9B$432.1M-66.5%1.06-17.0%1.552/92/90/70/3F-Score 2