ALLIANCE RESOURCE PARTNERS LP
$25.27
−0.00 (−0.00%) · delayed · Nov 13, 2026
Five-year price
52w $23.01 to $29.45
- Market cap
- $3.3B
- Enterprise value
- $3.6B
- P/E
- 10.4×
- EV / EBIT
- 9.4×
- FCF yield
- 11.9%
- ROIC
- —
- Debt / equity
- —
- Piotroski F
- 4/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
67
- –ROIC > 12% (5y avg)5y avg ROIC n/a
- –ROE > 15% (5y avg)5y avg ROE n/a
- ○Stable operating marginsMargin volatility 5.5% (σ, 5y)
- ●Earnings convert to cashFCF / net income 111% (5y avg)
- ●Growing revenueRevenue CAGR 5y 10.6%
- –Shrinking share countDiluted shares n/a over 5y
Value
100
- ●P/E below 15P/E 10.4
- ●EV/EBIT below 12EV/EBIT 9.4
- ●FCF yield above 6%FCF yield 11.9%
- –Price below Graham NumberGraham Number n/a
- –P/B below 3P/B n/a
Safety
75
- –Debt / equity below 0.5D/E n/a
- ●Debt payable in < 4 yrs of earningsNet debt $0.4B
- ●Interest coverage > 8xCoverage 9.7x
- ●Current ratio > 1.5Current ratio 2.10
- ○Piotroski F-score ≥ 6F-score 4/9
Graham Defensive
50
- ●Adequate size (revenue > $2B)Revenue $2.2B
- ●Strong condition (current ratio ≥ 2)Current ratio 2.10
- ○Earnings stability (no loss, 10y)10 years of data
- ○Uninterrupted dividendsDividends paid every year on record
- –Earnings growth ≥ 33% (10y, 3y avgs)n/a
- –Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) n/a
- –P/E × P/B ≤ 22.5Product n/a
Valuation lab
What do you have to believe?
At $25.27, the market is pricing in about −4.5% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $380M · 129M shares · 5y revenue CAGR 10.6%
Intrinsic value
$87.43
Price
$25.27
Margin of safety
71%
What the price implies
The market is paying for −4.5% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
63% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1,931 | 1,796 | 2,003 | 1,962 | 1,328 | 1,579 | 2,420 | 2,567 | 2,449 | 2,195 |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Operating income | 368 | 332 | 372 | 259 | (83) | 224 | 667 | 672 | 394 | 385 |
| Operating margin | 19.1% | 18.5% | 18.6% | 13.2% | -6.2% | 14.2% | 27.6% | 26.2% | 16.1% | 17.6% |
| Pre-tax income | 340 | 304 | 367 | 407 | (129) | 184 | 642 | 644 | 381 | 336 |
| Income tax | 0 | 0 | 0 | (0) | 0 | 0 | 54 | 8 | 16 | 19 |
| Net income | 339 | 304 | 367 | 399 | (129) | 183 | 586 | 630 | 361 | 311 |
| EPS (diluted) | — | — | — | — | — | — | — | — | — | — |
| Diluted shares | — | — | — | — | — | — | — | — | — | — |
Who owns it
Superinvestors
Filings wire