ARLP vs CNR: Alliance Resource Partners LP and Core Natural Resources compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Core Natural Resources is the larger company, worth $4.5B, about 1.4 times Alliance Resource Partners LP.
- Core Natural Resources grew revenue faster over the last year (+3.5% vs +0.8%).
- Alliance Resource Partners LP keeps more of each dollar of revenue as operating profit (14.7% vs 1.9%).
- Core Natural Resources's price assumes faster free cash flow growth: about 37% a year, against -7% for Alliance Resource Partners LP (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | ARLP | CNR |
|---|---|---|
| Market cap | $3.2B | $4.5B |
| Share price | $24.62 | $88.46 |
| Revenue (last fiscal year) | $2.2B | $4.2B |
| Free cash flow (last fiscal year) | $388M | $21M |
| Revenue growth, last year | +0.8% | +3.5% |
| Revenue growth per year, last 5 fiscal years | +8.6% | +34.8% |
| Operating margin | 14.7% | 1.9% |
| Net margin | 12.2% | 2.3% |
| Return on equity | — | 2.7% |
| P/E (trailing) | 13.1x | — |
| Price / free cash flow | 8.27x | 212.8x |
| EV / EBITDA | 5.62x | 6.42x |
| FCF growth the price implies | -6.8% | 37.0% |
| Dividend yield | 9.6% | 0.45% |
| Debt / equity | — | 0.65x |
| Fundamental grade | B | D |
| Superinvestors holding it | 4 | 2 |
| Insider purchases, last 12 months | 6 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Alliance Resource Partners LP
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $1.6B | $309M | 14.2% |
| 2022 | $2.4B | $516M | 27.6% |
| 2023 | $2.6B | $445M | 26.2% |
| 2024 | $2.4B | $374M | 16.1% |
| 2025 | $2.2B | $388M | 17.6% |
Core Natural Resources
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $1.3B | $173M | 3.0% |
| 2022 | $2.3B | $479M | 32.7% |
| 2023 | $2.5B | $690M | 32.0% |
| 2024 | $2.2B | $298M | 16.2% |
| 2025 | $4.2B | $21M | -4.4% |
Where the revenue comes from
Alliance Resource Partners LP · by segments, 2024
Illinois Basin Coal$1.5B61%
Appalachia Segment$743M30%
Oil & Gas Royalties$139M6%
Coal Royalties$70M3%
Core Natural Resources · by segments, 2025
High CV Thermal$2.2B52%
Metallurgical$1.2B29%
PRB$719M17%
Core Marine Terminal$88M2%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open ARLP in InvestinglyQuestions
Which is bigger, Alliance Resource Partners LP or Core Natural Resources?
Core Natural Resources (CNR), at $4.5B against $3.2B.
Which grows faster, ARLP or CNR?
Core Natural Resources: revenue grew +3.5% over the last year, against +0.8%.
More comparisons
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.