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

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+223.1%

$84.94

vs $26.29 price

Levered DCF

$83.13

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.69

Grey zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	9.6×	9.49×	4.4×	4.63×	9.29×	-4.44×	3.52×	6.19×
P/B	1.62×	1.84×	1.47×	1.6×	1.32×	0.54×	1.11×	1.92×
P/S	1.36×	1.37×	1.05×	1.07×	1.02×	0.43×	0.71×	1.13×
EV / EBITDA	5.02×	5.29×	3.15×	2.85×	4×	4.8×	2.82×	3.98×
Gross margin	21.3%	20.7%	29.3%	30.6%	18.4%	10.1%	17.7%	20.0%
Operating margin	17.6%	17.4%	26.2%	27.3%	14.0%	5.6%	14.0%	16.6%
Net margin	14.2%	14.7%	24.5%	24.2%	11.6%	-9.7%	20.4%	18.3%
Current ratio	2.1×	2.2×	2.27×	2.56×	1.91×	1.15×	1.63×	1.51×
Debt / equity	0.26×	0.27×	0.19×	0.27×	0.37×	0.57×	0.65×	0.6×
Interest coverage	9.7×	12.07×	18.63×	17.7×	5.59×	1.63×	5.99×	8.27×
Dividend yield	11.3%	10.8%	13.5%	7.6%	3.2%	9.1%	20.1%	12.2%
Payout ratio	108.4%	100.7%	57.9%	33.5%	28.5%	-40.1%	69.7%	75.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	16.9%	19.7%	34.3%	36.3%	15.0%	-12.2%	31.9%	31.0%
Return on invested capital	13.6%	15.1%	25.7%	24.3%	10.9%	3.7%	11.4%	15.1%
Return on assets	10.9%	12.4%	22.6%	21.5%	8.5%	-6.0%	15.4%	15.3%
Free cash flow yield	12.7%	11.1%	13.4%	20.0%	16.9%	49.2%	15.3%	20.4%
Earnings yield	10.4%	10.7%	23.4%	22.7%	11.4%	-22.7%	28.8%	16.2%
Enterprise value	$3.4B	$3.7B	$3B	$2.7B	$1.9B	$1.1B	$2.2B	$2.7B
Net debt / EBITDA	0.61×	0.5×	0.31×	0.14×	0.68×	2.37×	1.01×	0.68×
Cash conversion cycle (days)	35	31	45	34	28	32	35	23