The business behind the dividend
| Measure | ARLP | Median | Formula |
|---|---|---|---|
| Return on equity | 16.9% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | 16.8% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $347.32m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $387.86m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 17.6% | 14.3% | Operating income ÷ revenue |
| Net margin | 14.2% | 10.1% | Net income ÷ revenue |
| Debt to equity | 0.24x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | 9.70x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 2.10x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 1.89x | 1.88x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 2.09x | 1.66x | Operating cash flow ÷ net income |
| Accruals | -11.9% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 16.9% | 19.7% | 34.3% | 34.9% | 15.0% | -12.2% | 31.9% | 31.0% | 26.5% | 31.2% | 26.5% |
| Return on capital employed | 16.8% | 17.1% | 31.0% | 31.7% | 13.6% | -5.0% | 12.8% | 20.3% | 20.3% | 22.5% | 17.1% |
| Operating margin | 17.6% | 16.1% | 26.2% | 27.6% | 14.2% | -6.2% | 13.2% | 18.6% | 18.5% | 19.1% | 17.6% |
| Net margin | 14.2% | 14.7% | 24.5% | 24.2% | 11.6% | -9.7% | 20.4% | 18.3% | 16.9% | 17.6% | 16.9% |
| Debt to equity | 0.24x | 0.26x | 0.18x | 0.25x | 0.36x | 0.56x | 0.62x | 0.55x | 0.43x | 0.50x | 0.36x |
| Current ratio | 2.10x | 2.20x | 2.27x | 2.57x | 1.91x | 1.15x | 1.63x | 1.51x | 0.97x | 0.85x | 1.63x |
| Cash conversion | 2.09x | 2.23x | 1.31x | 1.37x | 2.36x | — | 1.29x | 1.89x | 1.83x | 2.07x | 1.89x |
How it compares in energy
Among the 47 energy companies here measured on free cash flow, Alliance Resource Partners pays out less than 6 of them. The median for that group is 38.2%, against this company’s 86.9%.
Closest on free cash flow
- Noble (NE) 74.1%
- Chevron (CVX) 76.9%
- Murphy Oil (MUR) 82.0%
- Helmerich & Payne (HP) 86.4%
Same sector and same denominator, so the figures are comparable. All 66 in energy →