Latest Ratios: P/E Ratio 10.1x · EV/EBITDA 4.9x · ROE 16.8%. (1998–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.1B | $3.0B | $3.4B | $2.7B | $2.6B | $1.6B | $570M | $1.4B | $2.3B | $1.9B | $1.7B |
| Enterprise Value | $3.5B | $3.4B | $3.7B | $3.0B | $2.7B | $1.9B | $1.1B | $2.2B | $2.7B | $2.5B | $2.3B |
| P/E Ratio → | 10.09 | 9.60 | 9.49 | 4.40 | 4.63 | 9.29 | — | 3.52 | 6.19 | 7.04 | 6.62 |
| P/S Ratio | 1.42 | 1.36 | 1.37 | 1.05 | 1.07 | 1.02 | 0.43 | 0.71 | 1.13 | 1.08 | 0.86 |
| P/B Ratio | 1.68 | 1.60 | 1.82 | 1.45 | 1.51 | 1.31 | 0.53 | 1.10 | 1.91 | 1.69 | 1.53 |
| P/FCF | 7.85 | 7.85 | 8.99 | 7.44 | 5.01 | 5.91 | 2.03 | 6.56 | 4.89 | 4.60 | 2.75 |
| P/OCF | 4.82 | 4.58 | 4.19 | 3.24 | 3.22 | 3.77 | 1.42 | 2.68 | 3.25 | 3.43 | 2.37 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.55 | 1.52 | 1.16 | 1.13 | 1.23 | 0.85 | 1.10 | 1.37 | 1.40 | 1.19 |
| EV / EBITDA | 4.91 | 4.95 | 5.23 | 3.17 | 2.90 | 4.00 | 2.87 | 3.67 | 4.46 | 4.18 | 3.33 |
| EV / EBIT | 9.21 | 9.03 | 8.91 | 4.39 | 4.01 | 8.86 | — | 4.77 | 6.71 | 7.31 | 6.19 |
| EV / FCF | — | 8.92 | 9.92 | 8.24 | 5.28 | 7.11 | 4.01 | 10.21 | 5.91 | 5.95 | 3.77 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 21.3% | 21.3% | 20.7% | 29.3% | 30.6% | 18.4% | 10.1% | 17.7% | 20.0% | 21.9% | 22.7% |
| Operating Margin | 17.6% | 17.6% | 17.4% | 26.2% | 27.3% | 14.0% | 5.6% | 14.0% | 16.6% | 18.5% | 18.9% |
| Net Profit Margin | 14.2% | 14.2% | 14.7% | 24.5% | 24.2% | 11.6% | -9.7% | 20.4% | 18.3% | 16.9% | 13.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 16.8% | 16.8% | 19.4% | 35.3% | 40.0% | 15.9% | -11.0% | 32.6% | 31.3% | 27.1% | 24.2% |
| ROA | 10.8% | 10.8% | 12.7% | 22.8% | 24.0% | 8.5% | -5.4% | 16.0% | 15.9% | 13.8% | 11.1% |
| ROIC | 12.9% | 12.9% | 14.7% | 25.2% | 29.1% | 10.3% | 3.0% | 11.2% | 14.8% | 14.5% | 15.3% |
| ROCE | 14.5% | 14.5% | 16.2% | 26.7% | 29.7% | 11.1% | 3.4% | 12.3% | 16.7% | 17.5% | 19.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.26 | 0.26 | 0.26 | 0.19 | 0.25 | 0.37 | 0.57 | 0.64 | 0.60 | 0.50 | 0.61 |
| Debt / EBITDA | 0.70 | 0.70 | 0.68 | 0.37 | 0.46 | 0.93 | 1.56 | 1.38 | 1.16 | 0.96 | 0.96 |
| Net Debt / Equity | — | 0.22 | 0.19 | 0.16 | 0.08 | 0.27 | 0.52 | 0.61 | 0.40 | 0.49 | 0.57 |
| Net Debt / EBITDA | 0.60 | 0.60 | 0.49 | 0.31 | 0.15 | 0.68 | 1.42 | 1.32 | 0.77 | 0.94 | 0.90 |
| Debt / FCF | — | 1.08 | 0.93 | 0.80 | 0.27 | 1.21 | 1.98 | 3.66 | 1.01 | 1.34 | 1.02 |
| Interest Coverage | 9.46 | 9.46 | 11.83 | 18.86 | 18.20 | 5.57 | -1.83 | 9.87 | 10.14 | 8.73 | 12.07 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.10 | 2.10 | 2.20 | 2.27 | 2.56 | 1.91 | 1.15 | 1.63 | 1.51 | 0.97 | 0.85 |
| Quick Ratio | 1.41 | 1.41 | 1.68 | 1.71 | 2.26 | 1.57 | 0.88 | 1.12 | 1.33 | 0.76 | 0.66 |
| Cash Ratio | 0.35 | 0.35 | 0.59 | 0.26 | 1.16 | 0.69 | 0.26 | 0.19 | 0.74 | 0.02 | 0.12 |
| Asset Turnover | — | 0.77 | 0.84 | 0.92 | 0.89 | 0.73 | 0.61 | 0.76 | 0.84 | 0.81 | 0.88 |
| Inventory Turnover | 12.10 | 12.10 | 16.09 | 14.23 | 21.71 | 21.24 | 21.17 | 15.93 | 27.05 | 23.27 | 24.45 |
| Days Sales Outstanding | — | 21.90 | 26.38 | 41.57 | 37.71 | 30.27 | 29.70 | 30.13 | 31.95 | 36.98 | 28.83 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 10.8% | 11.3% | 10.8% | 13.5% | 7.6% | 3.2% | 9.1% | 20.1% | 12.2% | 12.4% | 14.9% |
| Payout Ratio | 108.4% | 108.4% | 100.7% | 57.9% | 33.5% | 28.5% | — | 69.7% | 75.3% | 79.3% | 98.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 9.9% | 10.4% | 10.5% | 22.7% | 21.6% | 10.8% | — | 28.4% | 16.1% | 14.2% | 15.1% |
| FCF Yield | 12.7% | 12.7% | 11.1% | 13.4% | 20.0% | 16.9% | 49.2% | 15.3% | 20.4% | 21.7% | 36.4% |
| Buyback Yield | 0.2% | 0.2% | 0.5% | 0.7% | 0.0% | 0.0% | 0.0% | 1.7% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 11.0% | 11.5% | 11.3% | 14.3% | 7.6% | 3.2% | 9.1% | 21.7% | 12.2% | 12.4% | 14.9% |
| Shares Outstanding | — | $128M | $128M | $127M | $127M | $127M | $127M | $128M | $131M | $99M | $74M |
Includes 30+ ratios · 28 years · Updated daily
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Quick answers to the most common questions about buying ARLP stock.
Alliance Resource Partners, L.P.'s current P/E ratio is 10.1x. The historical average is 11.3x. This places it at the 73th percentile of its historical range.
Alliance Resource Partners, L.P.'s current EV/EBITDA is 4.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 6.0x.
Alliance Resource Partners, L.P.'s return on equity (ROE) is 16.8%. The historical average is 62.9%.
Based on historical data, Alliance Resource Partners, L.P. is trading at a P/E of 10.1x. This is at the 73th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Alliance Resource Partners, L.P.'s current dividend yield is 10.77% with a payout ratio of 108.4%.
Alliance Resource Partners, L.P. has 21.3% gross margin and 17.6% operating margin. Operating margin between 10-20% is typical for established companies.
Alliance Resource Partners, L.P.'s Debt/EBITDA ratio is 0.7x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Thermal coal demand erosion
Metrics are mathematically derived from official filings.
Discount Multiples Price Coal Decline
Based on reported figures, ARLP trades at 10.09x trailing earnings and 4.91x EV/EBITDA, below Warrior Met Coal's 19.18x and 8.93x and Diamondback's 23.08x, suggesting the market is pricing in a shrinking thermal coal earnings base rather than a stable cash yield.
The discount to peers on EV/EBITDA and P/E appears driven by a trailing revenue decline of 10.4%, which limits the credibility of the 10.8% distribution yield as a steady-state return. Versus its own history, the multiple compression is consistent with the market treating ARLP as a depleting thermal coal asset, though the low 1.42x P/S and 7.85x P/FCF may indicate that free cash flow is being valued more conservatively than the recent quarterly beat would justify. Investors should monitor whether the Q3 2026 operational recovery at Hamilton proves repeatable before assuming the discount is excessive.
Margin Volatility Obscures Earning Power
As reported in quarterly income statements, ARLP's operating margin swung from 2.6% in Q4 2024 to 24.5% in Q3 2026, and net margin from 1.8% to 23.1%, indicating earnings power is highly sensitive to shipment timing and mine status.
The spread between gross margin lows near 11% and highs near 43% points to production disruption and volume timing as dominant drivers rather than a stable structural cost base. Operating margin is the more reliable gauge of underlying earning power here, since net margin is distorted by below-the-line items such as the roughly $50M drag seen in Q1 2026. A single strong quarter does not establish a new run-rate, and the sustainability of the 23.1% net margin warrants caution given the stagnant SG&A base.
Rising Debt Tests Conservative Profile
According to reported figures, ARLP's debt-to-equity climbed from 0.26 to 0.34 and debt-to-EBITDA ranged from 2.57x to 5.08x, while interest coverage recovered to 11.12x in Q3 2026, suggesting debt service remains comfortable despite rising balance sheet borrowing.
Leverage remains low by sector standards, but the step-up in debt during late 2025 and 2026 marks the highest leverage in the ten-quarter window and reverses a prior period of stability. Interest coverage at 11.12x in the latest quarter provides a substantial cushion, though coverage was as low as 2.57x in earlier periods, showing how quickly the buffer can compress when earnings fall. Investors should monitor whether debt continues to rise while trailing revenue remains in decline.
Thinning Cash Buffer Against Shocks
Based on ARLP's reported figures, the current ratio moved between 1.37 and 2.53 over ten quarters while cash fell from $203.7M in Q2 2024 to $84.8M in Q3 2026, suggesting the liquidity cushion has narrowed even though working capital coverage remains positive.
The quick ratio of 1.02 in the latest quarter still exceeds one, indicating that near-term obligations are covered without relying on inventory, which is a meaningful positive. However, the decline in absolute cash alongside rising debt suggests the reserve for unexpected shocks is thinner than in 2024. Under a severe downturn in thermal coal volumes, this reduced cash position may leave less room to sustain distributions without additional borrowing.
Cash Yield May Overstate Durability
The headline 10.8% yield and 7.85x P/FCF rely on free cash flow that was lifted by capex falling below 1% of revenue in most 2025 and 2026 quarters, which may reflect deferred reinvestment rather than durable cash generation.
Ratios such as P/FCF and FCF margin appear flattered by sharply reduced capital spending, which may not be sustainable in a depleting reserve base. Depletion and depreciation add-backs of roughly $66M to $82M per quarter inflate operating cash flow relative to earnings without representing cash retained for reserve replacement. The most commonly misapplied metric for ARLP is EV/EBITDA, since EBITDA excludes the cost of depleting reserves, and a more conservative view would adjust for maintenance capex and reserve replacement before applying a multiple.