# Alliance Resource Partners, L.P. (ARLP)

> Source: Nexqual · https://nexqual.com/ARLP · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Alliance Resource Partners, L.P. (ARLP), nexqual.com/ARLP" · informational, not investment advice.

**Price:** USD 25.85 (+0.47% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 25.73 · day 25.49–25.88 · 52w 23–29.45 · market cap $3.33B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $2.17B, net income $266M (12.3% margin), free cash flow $357M (SEC filings).
- Valuation: P/E 12.5x, EV/EBITDA 5.9x, net debt $468M.
- 2 of 80 tracked superinvestors hold ARLP (13F, Q2 2026): 0 new, 2 added, 0 reduced, 0 unchanged.
- Insider open-market purchases, last ~7 months: 2 Form 4 filings, $80K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.00 on a 1–5 scale) (2 analysts), mean target USD 31.17 (range 29–33.5).
- Total return with dividends: 1Y +18.4% vs S&P 500 +14.9%; 5Y +271.8% vs S&P 500 +80.3%.
- Next earnings: 2026-10-26, EPS estimate USD 0.82, revenue estimate $590M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.58B | $2.42B | $2.57B | $2.45B | $2.19B | $2.17B |
| Operating income | $224M | $667M | $672M | $394M | $385M | $320M |
| Net income | $183M | $586M | $630M | $361M | $311M | $266M |
| Free cash flow | $309M | $516M | $445M | $374M | $388M | $357M |
| Operating margin | 14.2% | 27.6% | 26.2% | 16.1% | 17.6% | 14.7% |
| Net margin | 11.6% | 24.2% | 24.5% | 14.7% | 14.2% | 12.3% |
| Revenue growth | +18.9% | +53.2% | +6.1% | -4.6% | -10.4% | — |
| Cash + short-term investments | $122M | $296M | $59.8M | $137M | $71.2M | — |
| Total debt | $435M | $422M | $337M | $473M | $451M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 12.5x · P/S 1.5x · EV/EBITDA 5.9x · EV/Sales 1.7x · P/FCF 9.3x · FCF yield 10.74% · Earnings yield 8.01% · Net debt $468M · EV $3.79B

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold ARLP. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Bill Miller | Miller Value Partners | 1.06% | $4.5M | Added +0.9% |
| Tweedy Browne |  | 0.20% | $2.7M | Added +54.3% |

## Insider purchases (SEC Form 4, open-market, last ~7 months)
2 purchases, $80K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-08-18 | McDaniel Ronna R. | Director | 70 | $2K | 25.81 | Too little history (no open-market trades in 2023–2025) |
| 2026-07-31 | McDaniel Ronna R. | Director | 3,000 | $78K | 26.11 | Too little history (no open-market trades in 2023–2025) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 2 analysts; mean target USD 31.17 (low 29, high 33.5).

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +18.4% | +271.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +18.5% | +29.9% |
| Volatility (annualized) | 21.3% | 31.5% |
| Max drawdown | -16.9% (Mar 2026→Jun 2026) | -24.2% (Aug 2022→May 2023) |

## Peers (Thermal Coal)
BTU (Peabody Energy Corporation) USD 22.43 -0.04% · CNR (Core Natural Resources, Inc.) USD 88.35 +0.91% · HAL (Halliburton Company) USD 33.19 -2.35% · TS (Tenaris S.A.) USD 56.37 -3.92% · PBA (Pembina Pipeline Corp.) USD 49.37 -2.55% · VG (Venture Global, Inc.) USD 12.81 -0.31%

## More
Full page: https://nexqual.com/ARLP · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Illinois Basin | $339.5M | 61.5% | -3.1% |
| Appalachia | $151.9M | 27.5% | +4.1% |
| Royalties Oil & Gas | $46.5M | 8.4% | +31.1% |
| Royalties Coal | $22.7M | 4.1% | +29.0% |
| Total revenue | $551.6M | 100% | — |
The lines above cover 101.6% of total revenue.

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Coal Products & Services Revenue | $469.5M | 85.1% | -3.3% |
| Royalty | $46.3M | 8.4% | +30.5% |
| Product & Service Other | $28.2M | 5.1% | +57.1% |
| Shipping & Handling | $7.5M | 1.4% | -12.2% |
| Total revenue | $551.6M | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.82 | $0.77 | +5.6% | $590.3M | 3 |
| Next quarter (ends 2026-12-31) | $0.80 | $0.75 | +6.7% | $577.6M | 3 |
| Current fiscal year (ends 2026-12-31) | $2.46 | $2.37 | +3.7% | $2.24B | 2 |
| Next fiscal year (ends 2027-12-31) | $2.91 | $2.87 | +1.5% | $2.32B | 3 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-26): ±5.3%; last 8 reports averaged ±3.4%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 29.7% | ±5.3% |
| 2026-12-18 | 56 | 24.1% | ±7.9% |
| 2027-03-19 | 147 | 25.2% | ±13.0% |
| 2027-06-17 | 237 | 25.4% | ±16.0% |