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Ares Commercial Real Estate Corp（ACRE）与怡安集团（AON）财务数据对比。点击上方公司名可切换其他公司
怡安集团的季度营收约是Ares Commercial Real Estate Corp的325.4倍（$4.3B vs $13.2M）。怡安集团净利率更高（39.4% vs -29.2%，领先68.6%）。怡安集团同比增速更快（3.7% vs -24.5%）。过去两年怡安集团的营收复合增速更高（2.8% vs -15.9%）
Ares Commercial Real Estate Corp是隶属于阿瑞斯管理集团的专业金融企业，专注于商业地产领域，提供优先抵押贷款、次级债务、优先股投资等各类定制化融资解决方案，主要服务覆盖美国全境的中型商业地产所有者及运营主体。
怡安集团（Aon plc）是一家英美背景的专业服务企业，下设两大业务板块：风险资本板块提供风险管理、保险及再保险领域的经纪与咨询服务；人力资本板块提供健康保险、退休及养老金计划、人才咨询等相关服务。
ACRE vs AON — 直观对比
营收规模更大
AON
是对方的325.4倍
$13.2M
营收增速更快
AON
高出28.2%
-24.5%
净利率更高
AON
高出68.6%
-29.2%
两年增速更快
AON
近两年复合增速
-15.9%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $13.2M | $4.3B |
| 净利润 | $-3.9M | $1.7B |
| 毛利率 | — | — |
| 营业利润率 | -29.2% | 28.1% |
| 净利率 | -29.2% | 39.4% |
| 营收同比 | -24.5% | 3.7% |
| 净利润同比 | 63.8% | 136.5% |
| 每股收益（稀释后） | — | $7.82 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收ACREAON
| Q4 25 | $13.2M | $4.3B | ||
| Q3 25 | $14.1M | $4.0B | ||
| Q2 25 | $12.6M | $4.2B | ||
| Q1 25 | $14.9M | $4.7B | ||
| Q4 24 | $17.5M | $4.1B | ||
| Q3 24 | $16.7M | $3.7B | ||
| Q2 24 | $16.8M | $3.8B | ||
| Q1 24 | $18.7M | $4.1B |
净利润ACREAON
| Q4 25 | $-3.9M | $1.7B | ||
| Q3 25 | $4.7M | $458.0M | ||
| Q2 25 | $-11.0M | $579.0M | ||
| Q1 25 | $9.3M | $965.0M | ||
| Q4 24 | $-10.7M | $716.0M | ||
| Q3 24 | $-5.9M | $343.0M | ||
| Q2 24 | $-6.1M | $524.0M | ||
| Q1 24 | $-12.3M | $1.1B |
营业利润率ACREAON
| Q4 25 | -29.2% | 28.1% | ||
| Q3 25 | 33.0% | 20.4% | ||
| Q2 25 | -87.8% | 20.7% | ||
| Q1 25 | 64.4% | 30.9% | ||
| Q4 24 | -61.0% | 26.3% | ||
| Q3 24 | -35.3% | 16.7% | ||
| Q2 24 | -36.5% | 17.4% | ||
| Q1 24 | -65.9% | 36.0% |
净利率ACREAON
| Q4 25 | -29.2% | 39.4% | ||
| Q3 25 | 33.0% | 11.5% | ||
| Q2 25 | -87.8% | 13.9% | ||
| Q1 25 | 62.5% | 20.4% | ||
| Q4 24 | -60.9% | 17.3% | ||
| Q3 24 | -35.3% | 9.2% | ||
| Q2 24 | -36.5% | 13.9% | ||
| Q1 24 | -65.9% | 26.3% |
每股收益（稀释后）ACREAON
| Q4 25 | — | $7.82 | ||
| Q3 25 | — | $2.11 | ||
| Q2 25 | — | $2.66 | ||
| Q1 25 | — | $4.43 | ||
| Q4 24 | — | $3.11 | ||
| Q3 24 | — | $1.57 | ||
| Q2 24 | — | $2.46 | ||
| Q1 24 | — | $5.35 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $29.3M | $2.8B |
| 总债务越低越好 | $948.2M | $15.2B |
| 股东权益账面价值 | $509.6M | $9.4B |
| 总资产 | $1.6B | $50.8B |
| 负债/权益比越低杠杆越低 | 1.86× | 1.63× |
8季度趋势，按日历期对齐
现金及短期投资ACREAON
| Q4 25 | $29.3M | $2.8B | ||
| Q3 25 | $84.9M | $1.3B | ||
| Q2 25 | $90.0M | $1.4B | ||
| Q1 25 | $125.5M | $1.3B | ||
| Q4 24 | $63.8M | $1.3B | ||
| Q3 24 | $68.9M | $1.3B | ||
| Q2 24 | $70.6M | $1.2B | ||
| Q1 24 | $99.5M | $6.4B |
总债务ACREAON
| Q4 25 | $948.2M | $15.2B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $718.5M | $17.0B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益ACREAON
| Q4 25 | $509.6M | $9.4B | ||
| Q3 25 | $521.0M | $7.9B | ||
| Q2 25 | $523.7M | $7.8B | ||
| Q1 25 | $542.1M | $7.0B | ||
| Q4 24 | $540.1M | $6.1B | ||
| Q3 24 | $563.8M | $6.2B | ||
| Q2 24 | $582.3M | $5.9B | ||
| Q1 24 | $601.1M | $-133.0M |
总资产ACREAON
| Q4 25 | $1.6B | $50.8B | ||
| Q3 25 | $1.4B | $51.6B | ||
| Q2 25 | $1.4B | $54.0B | ||
| Q1 25 | $1.5B | $50.3B | ||
| Q4 24 | $1.8B | $49.0B | ||
| Q3 24 | $1.9B | $49.9B | ||
| Q2 24 | $2.1B | $51.5B | ||
| Q1 24 | $2.1B | $40.8B |
负债/权益比ACREAON
| Q4 25 | 1.86× | 1.63× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.33× | 2.78× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $4.6M | $1.4B |
| 自由现金流经营现金流 - 资本支出 | — | $1.3B |
| 自由现金流率自由现金流/营收 | — | 30.8% |
| 资本支出强度资本支出/营收 | — | 1.7% |
| 现金转化率经营现金流/净利润 | — | 0.83× |
| 过去12个月自由现金流最近4个季度 | — | $3.2B |
8季度趋势，按日历期对齐
经营现金流ACREAON
| Q4 25 | $4.6M | $1.4B | ||
| Q3 25 | $3.8M | $1.1B | ||
| Q2 25 | $4.9M | $796.0M | ||
| Q1 25 | $8.0M | $140.0M | ||
| Q4 24 | $7.1M | $1.2B | ||
| Q3 24 | $8.4M | $1.0B | ||
| Q2 24 | $8.7M | $513.0M | ||
| Q1 24 | $11.4M | $309.0M |
自由现金流ACREAON
| Q4 25 | — | $1.3B | ||
| Q3 25 | — | $1.1B | ||
| Q2 25 | — | $732.0M | ||
| Q1 25 | — | $84.0M | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | — | $951.0M | ||
| Q2 24 | — | $460.0M | ||
| Q1 24 | — | $261.0M |
自由现金流率ACREAON
| Q4 25 | — | 30.8% | ||
| Q3 25 | — | 27.0% | ||
| Q2 25 | — | 17.6% | ||
| Q1 25 | — | 1.8% | ||
| Q4 24 | — | 27.6% | ||
| Q3 24 | — | 25.6% | ||
| Q2 24 | — | 12.2% | ||
| Q1 24 | — | 6.4% |
资本支出强度ACREAON
| Q4 25 | — | 1.7% | ||
| Q3 25 | — | 1.7% | ||
| Q2 25 | — | 1.5% | ||
| Q1 25 | — | 1.2% | ||
| Q4 24 | — | 1.3% | ||
| Q3 24 | — | 1.7% | ||
| Q2 24 | — | 1.4% | ||
| Q1 24 | — | 1.2% |
现金转化率ACREAON
| Q4 25 | — | 0.83× | ||
| Q3 25 | 0.82× | 2.51× | ||
| Q2 25 | — | 1.37× | ||
| Q1 25 | 0.86× | 0.15× | ||
| Q4 24 | — | 1.68× | ||
| Q3 24 | — | 2.95× | ||
| Q2 24 | — | 0.98× | ||
| Q1 24 | — | 0.29× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
ACRE
暂无分部数据
AON
| Commercial Risk Solutions | $2.3B | 54% |
| Health Solutions | $1.1B | 26% |
| Wealth Solutions | $490.0M | 11% |
| Reinsurance Solutions | $379.0M | 9% |
