# Alliance Resource Partners LP (ARLP.US)

Canonical: https://gigainvestors.com/s/ARLP

Analysis as of: 2026-10-16T07:26:35.114Z. Financial observations: FY1998–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $25.19 per share; close as of 2026-10-15.

Estimated value: low $37.77 per share, central $42.91 per share, high $49.75 per share. Buy at or below the central value $42.91 per share. Valuation as of 2026-10-16T07:26:35.114Z; scenarios are not confidence intervals.

Expected annual return: 15.3% at the stated quote. About 15.3% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 6 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 6

- Years with a net loss: 1

- Operating margin variation: 0.53×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.19×

- FY2017: 0.18×

- FY2018: 0.19×

- FY2019: 0.13×

- FY2020: -0.06×

- FY2021: 0.14×

- FY2022: 0.27×

- FY2023: 0.26×

- FY2024: 0.17×

- FY2025: 0.18×

### moat: pass

- ROIC, median of available years: 19.7%

- ROIC, second-lowest year: 13.7%

- Typical minus recent gross margin: 0.2 pp

- Typical gross margin (annual median): 21.5%

- Recent gross margin (lower of latest and 3-year median): 21.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 11.8%

- ROIC including acquisitions, ten-year median: 22.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 23.3%

- FY2017: 20.8%

- FY2018: 24.6%

- FY2019: 13.7%

- FY2020: -4.1%

- FY2021: 14.1%

- FY2022: 34.4%

- FY2023: 31.2%

- FY2024: 18.7%

- FY2025: 16.2%

### economics: pass

- Owner earnings / net income, 5-yr: 0.97×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $2.0B

- Net income, five-year total: $2.1B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.2 pp

- Working capital / revenue, change between three-year averages: 2.1 pp

- Working capital / revenue, final three-year average: 9.7%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.78×

- FY2022: 1.00×

- FY2023: 0.87×

- FY2024: 0.60×

- FY2025: 1.12×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 23.3% vs 18.7%

- Per-share earnings: 4.13 to 2.82 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 5.6%

- Ordinary dilution, 5-year annual growth: 0.2%

- Market cap gain: $1.3B

- Cumulative retained earnings: $1.3B

- Diluted shares, 10-year annual growth: 5.6%

- Diluted shares, 5-year annual growth: 0.2%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -4.7%

- Per-share value change: -$1.31

- Per-share value, starting three-year median: $4.13

- Per-share value, ending three-year median: $2.82

- Buybacks concentrated in cheaper years (correlation): 0.40

- Average buyback yield: 0.8%

- Buyback history: 8 years

- Debt-funded buybacks: No

- Acquisition spending: $133M

- Cumulative net income, 10 years: $3.3B

- ROIC, first three-year median: 23.3%

- ROIC, last three-year median: 18.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: $4.56

- FY2017: $3.08

- FY2018: $2.80

- FY2019: $3.13

- FY2020: -$1.02

- FY2021: $1.40

- FY2022: $4.54

- FY2023: $4.95

- FY2024: $2.82

- FY2025: $2.42

### accounting: pass

- Sloan accruals: -11.9%

- Receivables to sales index (DSRI): 0.83×

- Restructuring years, last five: 1

- Stock compensation / operating cash flow: -1.1%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.09×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -16.6%

- FY2017: -11.9%

- FY2018: -13.8%

- FY2019: -4.5%

- FY2020: -24.5%

- FY2021: -11.4%

- FY2022: -7.9%

- FY2023: -7.2%

- FY2024: -15.2%

- FY2025: -11.9%

## Holders

- [Bill Miller](https://gigainvestors.com/LMM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [William Browne](https://gigainvestors.com/TB): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to shrink 5.9% a year for ten years · sales -10.4%

Story as of 2026-10-16T09:58:19.525Z; price observation 2026-10-15.

Price needs cash profits to shrink 5.9% a year for ten years

- 2025-07-28: Alliance Resource Partners misses Q2 estimates as coal prices decline ([investing.com](https://www.investing.com/news/earnings/alliance-resource-partners-misses-q2-estimates-as-coal-prices-decline-93CH-4154911))

- 2026-02-05: Alliance Resource Partners: Record Royalties Drive Profit Surge – Quarterly Update Report ([finance.yahoo.com](https://finance.yahoo.com/news/alliance-partners-record-royalties-drive-132517841.html))

### Sales · FY2024–2025

sales -10.4%; source https://www.sec.gov/Archives/edgar/data/1086600/000110465926020468/arlp-20251231x10k.htm; observed 2026-02-26.

- FY2016: $1.9B 

- FY2017: $1.8B 

- FY2018: $2.0B 

- FY2019: $2.0B 

- FY2020: $1.3B 

- FY2021: $1.6B 

- FY2022: $2.4B 

- FY2023: $2.6B 

- FY2024: $2.4B 

- FY2025: $2.2B 

### Gross margin · FY2025

gross margin 21.3%; source https://www.sec.gov/Archives/edgar/data/1086600/000110465926020468/arlp-20251231x10k.htm; observed 2026-02-26.

- FY2016: 22.7% 

- FY2017: 21.7% 

- FY2018: 22.0% 

- FY2019: 16.9% 

- FY2021: 18.4% 

- FY2022: 30.7% 

- FY2023: 29.3% 

- FY2024: 20.7% 

- FY2025: 21.3% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in thermal coal; annual sales are USD 2.2 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1086600/000110465926020468/arlp-20251231x10k.htm (filed 2026-02-26); FY2025: revenue 2194811000; grossProfit 468422000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 20.7% to 29.3% during 2023–25; it earns 19.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2023: grossProfit / revenue = 29.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: grossProfit / revenue = 20.7%.

- Source: https://www.sec.gov/Archives/edgar/data/1086600/000110465926020468/arlp-20251231x10k.htm (filed 2026-02-26); FY2025: grossProfit / revenue = 21.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); 10-year return on capital observations [[2016,0.23251991874055392],[2017,0.20823101282887996],[2018,0.24569187526020675],[2019,0.1372920300700962],[2020,-0.040635914373696236],[2021,0.14109670179568923],[2022,0.34439193212525876],[2023,0.3122818733441701],[2024,0.18670250204112745],[2025,0.16158519544008504]]; median 0.1974667574350037. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Prices fell 7.5%.

- Source: https://www.sec.gov/Archives/edgar/data/1086600/000110465926020468/arlp-20251231x10k.htm (filed 2026-02-26); [p0] ive comparable GAAP financial measures, please see below under “— Reconciliation of Non-GAAP Financial Measures.” Total Revenues Total revenues decreased 10.4% to $2.19 billion in 2025 compared to $2.45 billion 2024 primarily due to lower coal sales pricing and transportation revenues. ● Coal sales decreased to $1.93 billion in 2025 compared to $2.11 billion in 2024. The decrease was attributable to lower average coal sales prices, which reduced coal sales by $157.0 million and lower tons sold, which reduced coal sales by $22.3 million. Coal sales prices decreased by 7.5% as a result of lower domestic price realizations at several mines due to the continued roll-off of higher-priced contracts entered into during the energy crisis and reduced export price realizations from our MC Mining and Mettiki mines. ● Transportation revenues and expenses were $36.6 million and $112.6 million in 2025 and 2024, respectively. The decrease of $76.0 million was primarily attributable to lower third-party transportation rates in 2025 and decreased coal shipments to the international markets for which we arrange third-party transportation. Transportation revenues are recognized when title to the coal passes to the customer and recognized in an amount equal to the corresponding transportation expenses. 83 Table of Contents Segment Adjusted EBITDA Expense Segment Adjusted EBITDA Expense decreased 9.1% to $1.39 billion in 2025 primarily related to our coal operations which decreased 9.3% to $1.36 billion, as a result of lower per ton costs and sales volumes. Segment Adjusted EBITDA Expense per ton sold for our coal operations decreased 8.4% to $41.29 per ton sold in 2025 compared to $45.07 per ton in 2024, primarily due to an increased sales mix of tons from lower cost operations, higher recoveries from several mines and fewer longwall move

[p1] n 2025 compared to $2.45 billion 2024 primarily due to lower coal sales pricing and transportation revenues. ● Coal sales decreased to $1.93 billion in 2025 compared to $2.11 billion in 2024. The decrease was attributable to lower average coal sales prices, which reduced coal sales by $157.0 million and lower tons sold, which reduced coal sales by $22.3 million. Coal sales prices decreased by 7.5% as a result of lower domestic price realizations at several mines due to the continued roll-off of higher-priced contracts entered into during the energy crisis and reduced export price realizations from our MC Mining and Mettiki mines. ● Transportation revenues and expenses were $36.6 million and $112.6 million in 2025 and 2024, respectively. The decrease of $76.0 million was primarily attributable to lower third-party transportation rates in 2025 and decreased coal shipments to the international markets for which we arrange third-party transportation. Transportation revenues are recognized when title to the coal passes to the customer and recognized in an amount equal to the corresponding transportation expenses. 83 Table of Contents Segment Adjusted EBITDA Expense Segment Adjusted EBITDA Expense decreased 9.1% to $1.39 billion in 2025 primarily related to our coal operations which decreased 9.3% to $1.36 billion, as a result of lower per ton costs and sales volumes. Segment Adjusted EBITDA Expense per ton sold for our coal operations decreased 8.4% to $41.29 per ton sold in 2025 compared to $45.07 per ton in 2024, primarily due to an increased sales mix of tons from lower cost operations, higher recoveries from several mines and fewer longwall move days at our Hamilton operation as well as the following per ton cost decreases: ● Labor and benefit expenses, excluding workers’ compensation, per ton produced decreased 6.8% to

[p2] eased to $1.93 billion in 2025 compared to $2.11 billion in 2024. The decrease was attributable to lower average coal sales prices, which reduced coal sales by $157.0 million and lower tons sold, which reduced coal sales by $22.3 million. Coal sales prices decreased by 7.5% as a result of lower domestic price realizations at several mines due to the continued roll-off of higher-priced contracts entered into during the energy crisis and reduced export price realizations from our MC Mining and Mettiki mines. ● Transportation revenues and expenses were $36.6 million and $112.6 million in 2025 and 2024, respectively. The decrease of $76.0 million was primarily attributable to lower third-party transportation rates in 2025 and decreased coal shipments to the international markets for which we arrange third-party transportation. Transportation revenues are recognized when title to the coal passes to the customer and recognized in an amount equal to the corresponding transportation expenses. 83 Table of Contents Segment Adjusted EBITDA Expense Segment Adjusted EBITDA Expense decreased 9.1% to $1.39 billion in 2025 primarily related to our coal operations which decreased 9.3% to $1.36 billion, as a result of lower per ton costs and sales volumes. Segment Adjusted EBITDA Expense per ton sold for our coal operations decreased 8.4% to $41.29 per ton sold in 2025 compared to $45.07 per ton in 2024, primarily due to an increased sales mix of tons from lower cost operations, higher recoveries from several mines and fewer longwall move days at our Hamilton operation as well as the following per ton cost decreases: ● Labor and benefit expenses, excluding workers’ compensation, per ton produced decreased 6.8% to $13.06 per ton in 2025 from $14.01 per ton in 2024. The decrease of $0.95 per ton was primarily due to lower direct labor cos

[p3] n in 2024. The decrease was attributable to lower average coal sales prices, which reduced coal sales by $157.0 million and lower tons sold, which reduced coal sales by $22.3 million. Coal sales prices decreased by 7.5% as a result of lower domestic price realizations at several mines due to the continued roll-off of higher-priced contracts entered into during the energy crisis and reduced export price realizations from our MC Mining and Mettiki mines. ● Transportation revenues and expenses were $36.6 million and $112.6 million in 2025 and 2024, respectively. The decrease of $76.0 million was primarily attributable to lower third-party transportation rates in 2025 and decreased coal shipments to the international markets for which we arrange third-party transportation. Transportation revenues are recognized when title to the coal passes to the customer and recognized in an amount equal to the corresponding transportation expenses. 83 Table of Contents Segment Adjusted EBITDA Expense Segment Adjusted EBITDA Expense decreased 9.1% to $1.39 billion in 2025 primarily related to our coal operations which decreased 9.3% to $1.36 billion, as a result of lower per ton costs and sales volumes. Segment Adjusted EBITDA Expense per ton sold for our coal operations decreased 8.4% to $41.29 per ton sold in 2025 compared to $45.07 per ton in 2024, primarily due to an increased sales mix of tons from lower cost operations, higher recoveries from several mines and fewer longwall move days at our Hamilton operation as well as the following per ton cost decreases: ● Labor and benefit expenses, excluding workers’ compensation, per ton produced decreased 6.8% to $13.06 per ton in 2025 from $14.01 per ton in 2024. The decrease of $0.95 per ton was primarily due to lower direct labor costs at several mines. ● Material and supplies expenses p

[p4]  which reduced coal sales by $157.0 million and lower tons sold, which reduced coal sales by $22.3 million. Coal sales prices decreased by 7.5% as a result of lower domestic price realizations at several mines due to the continued roll-off of higher-priced contracts entered into during the energy crisis and reduced export price realizations from our MC Mining and Mettiki mines. ● Transportation revenues and expenses were $36.6 million and $112.6 million in 2025 and 2024, respectively. The decrease of $76.0 million was primarily attributable to lower third-party transportation rates in 2025 and decreased coal shipments to the international markets for which we arrange third-party transportation. Transportation revenues are recognized when title to the coal passes to the customer and recognized in an amount equal to the corresponding transportation expenses. 83 Table of Contents Segment Adjusted EBITDA Expense Segment Adjusted EBITDA Expense decreased 9.1% to $1.39 billion in 2025 primarily related to our coal operations which decreased 9.3% to $1.36 billion, as a result of lower per ton costs and sales volumes. Segment Adjusted EBITDA Expense per ton sold for our coal operations decreased 8.4% to $41.29 per ton sold in 2025 compared to $45.07 per ton in 2024, primarily due to an increased sales mix of tons from lower cost operations, higher recoveries from several mines and fewer longwall move days at our Hamilton operation as well as the following per ton cost decreases: ● Labor and benefit expenses, excluding workers’ compensation, per ton produced decreased 6.8% to $13.06 per ton in 2025 from $14.01 per ton in 2024. The decrease of $0.95 per ton was primarily due to lower direct labor costs at several mines. ● Material and supplies expenses per ton produced decreased 12.2% to $13.95 per ton in 2025 from $15.88 per to

[p5] uced coal sales by $22.3 million. Coal sales prices decreased by 7.5% as a result of lower domestic price realizations at several mines due to the continued roll-off of higher-priced contracts entered into during the energy crisis and reduced export price realizations from our MC Mining and Mettiki mines. ● Transportation revenues and expenses were $36.6 million and $112.6 million in 2025 and 2024, respectively. The decrease of $76.0 million was primarily attributable to lower third-party transportation rates in 2025 and decreased coal shipments to the international markets for which we arrange third-party transportation. Transportation revenues are recognized when title to the coal passes to the customer and recognized in an amount equal to the corresponding transportation expenses. 83 Table of Contents Segment Adjusted EBITDA Expense Segment Adjusted EBITDA Expense decreased 9.1% to $1.39 billion in 2025 primarily related to our coal operations which decreased 9.3% to $1.36 billion, as a result of lower per ton costs and sales volumes. Segment Adjusted EBITDA Expense per ton sold for our coal operations decreased 8.4% to $41.29 per ton sold in 2025 compared to $45.07 per ton in 2024, primarily due to an increased sales mix of tons from lower cost operations, higher recoveries from several mines and fewer longwall move days at our Hamilton operation as well as the following per ton cost decreases: ● Labor and benefit expenses, excluding workers’ compensation, per ton produced decreased 6.8% to $13.06 per ton in 2025 from $14.01 per ton in 2024. The decrease of $0.95 per ton was primarily due to lower direct labor costs at several mines. ● Material and supplies expenses per ton produced decreased 12.2% to $13.95 per ton in 2025 from $15.88 per ton in 2024. The decrease of $1.93 per ton produced primarily reflects decre

[p6] stments in Gavin Generation and NGP ET IV. Change in fair value of digital assets We recorded a $4.4 million decrease in the fair value of our digital assets in 2025 compared to an increase of $22.4 million during 2024 reflecting the movement in the price of bitcoin during each period. Impairment loss on investments During 2025, we recorded impairments totaling $28.0 million on our equity and debt investments in Ascend. Please read “Item 8. Financial Statements and Supplementary Data—Note 10 – Investments” for more information. Net income attributable to ARLP Net income attributable to ARLP for 2025 was $311.2 million, or $2.40 per basic and diluted limited partner unit, compared to $360.9 million, or $2.77 per basic and diluted limited partner unit, for 2024 as a result of lower revenues and 84 Table of Contents a decrease in the fair value of our digital assets in 2025, partially offset by reduced operating expenses and increased investment income. Segment Adjusted EBITDA Our 2025 Segment Adjusted EBITDA decreased $14.6 million, or 1.8%, to $781.9 million from 2024 Segment Adjusted EBITDA of $796.5 million. Segment Information Year Ended December 31, 2025 2024 Increase (Decrease) ​ ​ ​ (in thousands) ​ ​ ​ Illinois Basin Coal Operations Tons sold 25,769 24,787 982 4.0 % Coal sales $ 1,342,334 $ 1,399,100 $ (56,766) (4.1) % Other revenues $ 8,861 $ 11,901 $ (3,040) (25.5) % Segment Adjusted EBITDA Expense $ 894,521 $ 937,083 $ (42,562) (4.5) % Segment Adjusted EBITDA $ 456,674 $ 473,918 $ (17,244) (3.6) % Appalachia Coal Operations Tons sold 7,198 8,532 (1,334) (15.6) % Coal sales $ 590,181 $ 712,703 $ (122,522) (17.2) % Other revenues $ 2,877 $ 3,091 $ (214) (6.9) % Segment Adjusted EBITDA Expense $ 459,351 $ 551,734 $ (92,383) (16.7) % Segment Adjusted EBITDA $ 133,707 $ 164,060 $ (30,353) (18.5) % Oil & Gas Royalti

[p7] erves leased from our Coal Royalties Segment. Illinois Basin Coal Operations – Segment Adjusted EBITDA decreased 3.6% to $456.7 million in 2025 from $473.9 million in 2024. The decrease of $17.2 million was primarily attributable to lower coal sales prices, partially offset by higher sales volumes and lower operating expenses. Coal sales price per ton decreased by 7.7% compared to 2024 as a result of lower domestic price realizations across the region. Sales volumes increased by 4.0% compared to 2024 due primarily to increased tons sold from our Hamilton and River View mines. Segment Adjusted EBITDA Expense decreased 4.5% compared to 2024 due to lower operating expenses per ton. Segment Adjusted EBITDA Expense per ton in 2025 decreased by 8.2% compared to 2024 due primarily to increased production and improved recoveries at our River View and Hamilton mines, higher volumes at our Warrior operation, and reduced longwall move days at Hamilton. Appalachia Coal Operations – Segment Adjusted EBITDA decreased 18.5% to $133.7 million in 2025 from $164.1 million in 2024. The decrease of $30.4 million was primarily attributable to lower coal sales, which decreased 17.2% to $590.2 million in 2025 from $712.7 million in 2024, partially offset by lower operating expenses. The decrease in coal sales reflects lower coal sales volumes and price realizations. Tons sold decreased by 15.6% in 2025 compared to 2024 primarily as a result of lower production levels at Tunnel Ridge due to challenging mining conditions and the recent 85 Table of Contents transition to a new longwall district. Average coal sales price per ton decreased by 1.8% compared to 2024 primarily due to reduced domestic pricing from our Tunnel Ridge and MC Mining operations and lower export price realizations from MC Mining and Mettiki, partially offset by a greater mi

[p8] usted EBITDA decreased 3.6% to $456.7 million in 2025 from $473.9 million in 2024. The decrease of $17.2 million was primarily attributable to lower coal sales prices, partially offset by higher sales volumes and lower operating expenses. Coal sales price per ton decreased by 7.7% compared to 2024 as a result of lower domestic price realizations across the region. Sales volumes increased by 4.0% compared to 2024 due primarily to increased tons sold from our Hamilton and River View mines. Segment Adjusted EBITDA Expense decreased 4.5% compared to 2024 due to lower operating expenses per ton. Segment Adjusted EBITDA Expense per ton in 2025 decreased by 8.2% compared to 2024 due primarily to increased production and improved recoveries at our River View and Hamilton mines, higher volumes at our Warrior operation, and reduced longwall move days at Hamilton. Appalachia Coal Operations – Segment Adjusted EBITDA decreased 18.5% to $133.7 million in 2025 from $164.1 million in 2024. The decrease of $30.4 million was primarily attributable to lower coal sales, which decreased 17.2% to $590.2 million in 2025 from $712.7 million in 2024, partially offset by lower operating expenses. The decrease in coal sales reflects lower coal sales volumes and price realizations. Tons sold decreased by 15.6% in 2025 compared to 2024 primarily as a result of lower production levels at Tunnel Ridge due to challenging mining conditions and the recent 85 Table of Contents transition to a new longwall district. Average coal sales price per ton decreased by 1.8% compared to 2024 primarily due to reduced domestic pricing from our Tunnel Ridge and MC Mining operations and lower export price realizations from MC Mining and Mettiki, partially offset by a greater mix of higher priced sales tons from the MC Mining and Mettiki operations during 2025. Segme

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 7.1 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2016: growth capex 0; upkeep 95458000; owner earnings 580440000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2017: growth capex 0; upkeep 145088000; owner earnings 427531000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2018: growth capex 0; upkeep 233480000; owner earnings 413349000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2019: growth capex 0; upkeep 305858000; owner earnings 402631000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2020: growth capex 0; upkeep 121101000; owner earnings 63066000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2021: growth capex 0; upkeep 122984000; owner earnings 316550000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2022: growth capex 12635000; upkeep 273759000; owner earnings 577190000. Growth capex / owner earnings = 0.021890538644120654.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2023: growth capex 116054517.88668156; upkeep 352507482.11331844; owner earnings 545592517.8866816. Growth capex / owner earnings = 0.21271281053525343.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: growth capex 0; upkeep 428741000; owner earnings 217560000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1086600/000110465926020468/arlp-20251231x10k.htm (filed 2026-02-26); FY2025: growth capex 0; upkeep 263280000; owner earnings 347319000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Dividend observations: [[2016,247915000],[2017,240812000],[2018,275902000],[2019,278425000],[2020,51753000],[2021,52158000],[2022,190794000],[2023,364579000],[2024,363430000],[2025,337178000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1086600/000110465926020468/arlp-20251231x10k.htm (filed 2026-02-26); FY2025: cash repurchases 7082000 USD.

### Are managers owners

Insiders own 29.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ARLP.US SharesStats.PercentInsiders = 29.348000000000003 percentage points; cache date 2026-10-16.

### What could break it

An IRS tax dispute could require additional payments.

- Source: https://www.sec.gov/Archives/edgar/data/1086600/000110465926020468/arlp-20251231x10k.htm (filed 2026-02-26); xpansions and acquisitions, as well as the integration of such expansions or acquisitions, have inherent risks that could adversely impact us

● Inability to obtain commercial insurance at acceptable rates could have a negative impact on our business

Tax Risks to Our Common Unitholders

● Our tax treatment depends on our status as a partnership for U.S. federal income tax purposes, and not being subject to a material amount of entity-level taxation. Our cash available for distribution to unitholders may be substantially reduced if we become subject to entity-level taxation as a result of the IRS treating us as a corporation or legislative, judicial, or administrative changes, and may also be reduced by any audit adjustments if imposed directly on the Partnership

● Even if unitholders do not receive any cash distributions from us, unitholders will be required to pay taxes on their share of our taxable income. A unitholder’s share of our taxable income may be increased as a result of the IRS successfully contesting any of the federal income tax positions we take

● Tax gain or loss on the disposition of our units could be more than expected and create tax liabilities for our unitholders

● Limitation on unitholders’ ability to deduct interest expense incurred by us could create tax liabilities for our unitholders

● Tax Exempt entities and non-U.S. unitholders face unique tax issues from owning our common units that may result in adverse tax consequences for them

● IRS challenging our allocation of depreciation and amortization deductions and methods of prorating items of income, gain, loss, and deduction could cause adverse tax consequences

Risks Inherent in an Investment in Us

Cash distributions to unitholders are not guaranteed.

The payment and amount of any future distribution will be subject to the sole discretion of the Board of Directors and will depend upon many factors, including our financial condition and prospects, our capital requirements and access to financing, covenants associated with our debt obligations, and other factors that our Board of Directors may deem relevant, and there can be no assurance that we will pay a distribution in the future. The amount of cash we can distribute to holders of our common units or other partnership securities each quarter principally depends on the amount of cash we generate from our operations, which fluctuates from quarter to quarter. In addition, the actual amount of cash available for distribution may depend on other factors, including capital allocation decisions, financing availability, restrictions in debt agreements, and the amount of cash reserves, if any, established by the general partner, in its discretion, for the proper conduct of our business.

Furthermore, since the amount of cash we have available for distribution is not solely a function of profitability, which will be affect

### What the price says

The price assumes cash profits shrink 5.9% yearly over ten years; actual decline was 7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Ten-year compound average after fade. Initial solved rate -0.09584859368124493. Price 25.19; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 5.58656438679933 → FY2025 2.7052313570646955. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $25.00 per share

- 2016-11: $23.70 per share

- 2016-12: $22.45 per share

- 2017-01: $23.80 per share

- 2017-02: $22.85 per share

- 2017-03: $21.65 per share

- 2017-04: $21.25 per share

- 2017-05: $21.50 per share

- 2017-06: $18.90 per share

- 2017-07: $20.20 per share

- 2017-08: $18.90 per share

- 2017-09: $19.35 per share

- 2017-10: $19.70 per share

- 2017-11: $18.25 per share

- 2017-12: $19.70 per share

- 2018-01: $20.50 per share

- 2018-02: $17.80 per share

- 2018-03: $17.65 per share

- 2018-04: $17.65 per share

- 2018-05: $19.25 per share

- 2018-06: $18.35 per share

- 2018-07: $20.38 per share

- 2018-08: $20.10 per share

- 2018-09: $20.40 per share

- 2018-10: $19.19 per share

- 2018-11: $19.65 per share

- 2018-12: $17.34 per share

- 2019-01: $19.46 per share

- 2019-02: $19.40 per share

- 2019-03: $20.36 per share

- 2019-04: $19.27 per share

- 2019-05: $17.21 per share

- 2019-06: $16.98 per share

- 2019-07: $17.53 per share

- 2019-08: $15.47 per share

- 2019-09: $16.01 per share

- 2019-10: $11.40 per share

- 2019-11: $10.50 per share

- 2019-12: $10.82 per share

- 2020-01: $9.04 per share

- 2020-02: $6.74 per share

- 2020-03: $3.10 per share

- 2020-04: $3.88 per share

- 2020-05: $3.17 per share

- 2020-06: $3.26 per share

- 2020-07: $3.28 per share

- 2020-08: $3.33 per share

- 2020-09: $2.77 per share

- 2020-10: $3.22 per share

- 2020-11: $4.50 per share

- 2020-12: $4.48 per share

- 2021-01: $5.03 per share

- 2021-02: $5.98 per share

- 2021-03: $5.80 per share

- 2021-04: $5.48 per share

- 2021-05: $5.96 per share

- 2021-06: $7.21 per share

- 2021-07: $7.94 per share

- 2021-08: $8.66 per share

- 2021-09: $10.87 per share

- 2021-10: $11.86 per share

- 2021-11: $10.23 per share

- 2021-12: $12.64 per share

- 2022-01: $13.48 per share

- 2022-02: $13.12 per share

- 2022-03: $15.43 per share

- 2022-04: $17.91 per share

- 2022-05: $19.85 per share

- 2022-06: $18.23 per share

- 2022-07: $21.91 per share

- 2022-08: $26.34 per share

- 2022-09: $22.90 per share

- 2022-10: $24.28 per share

- 2022-11: $23.71 per share

- 2022-12: $20.32 per share

- 2023-01: $22.93 per share

- 2023-02: $20.75 per share

- 2023-03: $20.17 per share

- 2023-04: $20.89 per share

- 2023-05: $17.10 per share

- 2023-06: $18.49 per share

- 2023-07: $19.92 per share

- 2023-08: $20.42 per share

- 2023-09: $22.53 per share

- 2023-10: $22.73 per share

- 2023-11: $20.98 per share

- 2023-12: $21.18 per share

- 2024-01: $21.01 per share

- 2024-02: $19.00 per share

- 2024-03: $20.05 per share

- 2024-04: $22.43 per share

- 2024-05: $24.64 per share

- 2024-06: $24.46 per share

- 2024-07: $24.80 per share

- 2024-08: $23.92 per share

- 2024-09: $25.00 per share

- 2024-10: $26.17 per share

- 2024-11: $28.23 per share

- 2024-12: $26.29 per share

- 2025-01: $28.70 per share

- 2025-02: $26.24 per share

- 2025-03: $27.28 per share

- 2025-04: $26.45 per share

- 2025-05: $26.03 per share

- 2025-06: $26.14 per share

- 2025-07: $26.48 per share

- 2025-08: $23.01 per share

- 2025-09: $25.29 per share

- 2025-10: $24.47 per share

- 2025-11: $24.37 per share

- 2025-12: $23.23 per share

- 2026-01: $23.82 per share

- 2026-02: $26.49 per share

- 2026-03: $27.65 per share

- 2026-04: $26.61 per share

- 2026-05: $24.85 per share

- 2026-06: $23.98 per share

- 2026-07: $25.95 per share

- 2026-08: $26.50 per share

- 2026-09: $24.29 per share

- 2026-10: $25.19 per share

## Annual estimated value (USD per share)

- FY2016: low $51.76 per share, central $58.89 per share, high $68.39 per share

- FY2017: low $42.99 per share, central $48.91 per share, high $56.80 per share

- FY2018: low $37.74 per share, central $42.73 per share, high $49.37 per share

- FY2019: low $34.70 per share, central $39.48 per share, high $45.85 per share

- FY2020: low $23.79 per share, central $27.04 per share, high $31.36 per share

- FY2021: low $28.41 per share, central $32.22 per share, high $37.31 per share

- FY2022: low $44.39 per share, central $50.25 per share, high $58.04 per share

- FY2023: low $45.34 per share, central $51.58 per share, high $59.89 per share

- FY2024: low $42.86 per share, central $48.67 per share, high $56.41 per share

- FY2025: low $37.89 per share, central $43.08 per share, high $50.00 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1086600/000110465926020468/arlp-20251231x10k.htm); period 2025-12-31, filed 2026-02-26.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.