Latest Ratios: P/E Ratio 9.9x · EV/EBITDA 5.1x · 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 → | 9.86 | 9.60 | 9.49 | 4.40 | 4.63 | 9.29 | — | 3.52 | 6.19 | 7.04 | 6.62 |
| P/S Ratio | 1.40 | 1.36 | 1.37 | 1.05 | 1.07 | 1.02 | 0.43 | 0.71 | 1.13 | 1.08 | 0.86 |
| P/B Ratio | 1.65 | 1.60 | 1.82 | 1.45 | 1.51 | 1.31 | 0.53 | 1.10 | 1.91 | 1.69 | 1.53 |
| P/FCF | 7.91 | 7.69 | 8.99 | 7.44 | 5.01 | 5.91 | 2.03 | 6.56 | 4.89 | 4.60 | 2.75 |
| P/OCF | 4.71 | 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 | 5.08 | 4.95 | 5.23 | 3.17 | 2.90 | 4.00 | 2.87 | 3.67 | 4.46 | 4.18 | 3.33 |
| EV / EBIT | 9.02 | 9.03 | 8.91 | 4.39 | 4.01 | 8.86 | — | 4.77 | 6.71 | 7.31 | 6.19 |
| EV / FCF | — | 8.74 | 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 | — | 1.05 | 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 | 11.0% | 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 | 10.1% | 10.4% | 10.5% | 22.7% | 21.6% | 10.8% | — | 28.4% | 16.1% | 14.2% | 15.1% |
| FCF Yield | 12.6% | 13.0% | 11.1% | 13.4% | 20.0% | 16.9% | 49.2% | 15.3% | 20.4% | 21.7% | 36.4% |
| Buyback Yield | 0.0% | 0.0% | 0.5% | 0.7% | 0.0% | 0.0% | 0.0% | 1.7% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 11.0% | 11.3% | 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 |
Structural coal demand decline
According to current market data, ARLP trades at a forward EV/EBITDA of 4.81x, which suggests that investors are pricing in significant long-term contraction rather than growth, despite the partnership's historical ability to maintain a double-digit dividend yield of 10.7% in a volatile energy market.
The current P/E of 10.12x appears to reflect a deep discount compared to broader energy peers, likely driven by the market's classification of the firm as a terminal-value coal asset. This valuation multiple warrants caution, as it may fail to account for the potential erosion of the royalty segment's growth optionality if coal-fired utility retirements accelerate faster than anticipated.
Based on reported financial figures, ARLP's ROIC has compressed significantly from 5.5% in 2024Q1 to a marginal 0.7% in 2026Q1, indicating that the partnership is struggling to generate returns above its cost of capital as mining operations face increasing geological and inflationary cost pressures.
The sharp decline in ROIC suggests that the capital-intensive nature of Illinois Basin mining is becoming less efficient as the company exhausts lower-cost reserves. Investors should monitor whether the royalty segment can eventually offset this decay, as current returns on invested capital appear insufficient to justify continued heavy reinvestment in traditional coal infrastructure.
As reported in recent quarterly filings, ARLP's cash conversion cycle has expanded to 40 days in 2026Q1 from a low of 35 days in 2025Q3, reflecting a deterioration in working capital efficiency that may indicate tightening leverage with utility customers or slower inventory turnover.
The increase in the cash conversion cycle suggests that the partnership is experiencing friction in its operational liquidity, potentially due to rising inventory levels or delayed collections. This trend warrants further investigation, as it may signal that the company's logistical advantage is being pressured by the broader industry-wide slowdown in coal demand.
According to the 2026Q1 balance sheet, ARLP's current ratio has tightened to 1.46, down from 2.20 in 2024Q4, indicating that the partnership's ability to cover short-term obligations is narrowing as cash reserves are depleted to support ongoing operations and dividend distributions in a contracting environment.
The reduction in the quick ratio to 0.95 suggests that the company is becoming increasingly dependent on inventory liquidation to meet its immediate financial commitments. This liquidity profile appears vulnerable to any sudden shocks in coal pricing or unexpected spikes in maintenance capital requirements, necessitating a close watch on cash burn rates.
Financial analysts frequently misapply the standard Distributable Cash Flow (DCF) metric to ARLP, as it often obscures the high maintenance capital intensity required to sustain underground mining, thereby overstating the true recurring cash available for unitholders in a period of declining production volumes.
Investors should instead focus on Free Cash Flow after all capital expenditures, including those labeled as maintenance, to gain a more accurate picture of the partnership's sustainability. Relying on traditional DCF metrics may lead to an overly optimistic assessment of the dividend's safety, as it ignores the reality of reserve depletion costs.
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 9.9x. 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 5.1x. 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 9.9x. 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 11.01% 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.