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Ares Management Corp（ARES）与Astrana Health, Inc.（ASTH）财务数据对比。点击上方公司名可切换其他公司
Ares Management Corp的季度营收约是Astrana Health, Inc.的1.6倍（$1.5B vs $950.5M），Ares Management Corp净利率更高（3.6% vs 0.7%，领先2.9%），Astrana Health, Inc.同比增速更快（42.9% vs 19.5%），过去两年Astrana Health, Inc.的营收复合增速更高（53.3% vs 45.9%）
Ares Management Corp是一家全球知名的另类投资管理机构，业务覆盖信贷、私募股权及房地产三大投资领域。公司成立于1997年，在北美、欧洲、亚洲多地设有分支机构，为全球客户提供专业的另类资产管理服务。
Astrana Health是一家总部位于美国的价值导向型医疗服务提供商，主要服务全美符合联邦医保资格的老年群体，提供上门初级护理、慢性病管理及护理协调服务，致力于提升患者健康水平、降低不必要的医疗支出。
ARES vs ASTH — 直观对比
营收规模更大
ARES
是对方的1.6倍
$950.5M
营收增速更快
ASTH
高出23.4%
19.5%
净利率更高
ARES
高出2.9%
0.7%
两年增速更快
ASTH
近两年复合增速
45.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $950.5M |
| 净利润 | $54.2M | $6.6M |
| 毛利率 | — | — |
| 营业利润率 | 13.7% | 1.9% |
| 净利率 | 3.6% | 0.7% |
| 营收同比 | 19.5% | 42.9% |
| 净利润同比 | -69.4% | 184.4% |
| 每股收益（稀释后） | — | $0.12 |
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ARESASTH
| Q4 25 | $1.5B | $950.5M | ||
| Q3 25 | $1.7B | $956.0M | ||
| Q2 25 | $1.4B | $654.8M | ||
| Q1 25 | $1.1B | $620.4M | ||
| Q4 24 | $1.3B | $665.2M | ||
| Q3 24 | $1.1B | $478.7M | ||
| Q2 24 | $788.7M | $486.3M | ||
| Q1 24 | $707.4M | $404.4M |
净利润ARESASTH
| Q4 25 | $54.2M | $6.6M | ||
| Q3 25 | $288.9M | $373.0K | ||
| Q2 25 | $137.1M | $9.4M | ||
| Q1 25 | $47.2M | $6.7M | ||
| Q4 24 | $177.3M | $-7.8M | ||
| Q3 24 | $118.5M | $16.1M | ||
| Q2 24 | $94.9M | $19.2M | ||
| Q1 24 | $73.0M | $14.8M |
营业利润率ARESASTH
| Q4 25 | 13.7% | 1.9% | ||
| Q3 25 | 39.3% | 2.0% | ||
| Q2 25 | 21.3% | 3.1% | ||
| Q1 25 | 13.0% | 3.3% | ||
| Q4 24 | 31.8% | 0.1% | ||
| Q3 24 | 29.0% | 5.9% | ||
| Q2 24 | 40.2% | 6.2% | ||
| Q1 24 | 32.7% | 7.5% |
净利率ARESASTH
| Q4 25 | 3.6% | 0.7% | ||
| Q3 25 | 17.4% | 0.0% | ||
| Q2 25 | 10.2% | 1.4% | ||
| Q1 25 | 4.3% | 1.1% | ||
| Q4 24 | 14.1% | -1.2% | ||
| Q3 24 | 10.5% | 3.4% | ||
| Q2 24 | 12.0% | 3.9% | ||
| Q1 24 | 10.3% | 3.7% |
每股收益（稀释后）ARESASTH
| Q4 25 | — | $0.12 | ||
| Q3 25 | — | $0.01 | ||
| Q2 25 | — | $0.19 | ||
| Q1 25 | — | $0.14 | ||
| Q4 24 | — | $-0.14 | ||
| Q3 24 | — | $0.33 | ||
| Q2 24 | — | $0.40 | ||
| Q1 24 | — | $0.31 |
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 | — | $429.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $4.3B | $779.3M |
| 总资产 | $28.6B | $2.2B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资ARESASTH
| Q4 25 | — | $429.5M | ||
| Q3 25 | — | $463.4M | ||
| Q2 25 | — | $342.1M | ||
| Q1 25 | — | $260.9M | ||
| Q4 24 | — | $290.8M | ||
| Q3 24 | — | $350.3M | ||
| Q2 24 | — | $327.7M | ||
| Q1 24 | — | $337.3M |
股东权益ARESASTH
| Q4 25 | $4.3B | $779.3M | ||
| Q3 25 | $4.5B | $775.5M | ||
| Q2 25 | $4.4B | $765.5M | ||
| Q1 25 | $4.5B | $745.4M | ||
| Q4 24 | $3.5B | $712.7M | ||
| Q3 24 | $2.1B | $704.6M | ||
| Q2 24 | $2.0B | $678.9M | ||
| Q1 24 | $1.8B | $653.5M |
总资产ARESASTH
| Q4 25 | $28.6B | $2.2B | ||
| Q3 25 | $27.0B | $2.2B | ||
| Q2 25 | $27.3B | $1.4B | ||
| Q1 25 | $27.2B | $1.3B | ||
| Q4 24 | $24.9B | $1.4B | ||
| Q3 24 | $24.5B | $1.3B | ||
| Q2 24 | $24.2B | $1.3B | ||
| Q1 24 | $24.4B | $1.2B |
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 | $-483.7M | $-2.9M |
| 自由现金流经营现金流 - 资本支出 | — | $-6.0M |
| 自由现金流率自由现金流/营收 | — | -0.6% |
| 资本支出强度资本支出/营收 | — | 0.3% |
| 现金转化率经营现金流/净利润 | -8.92× | -0.44× |
| 过去12个月自由现金流最近4个季度 | — | $104.5M |
8季度趋势，按日历期对齐
经营现金流ARESASTH
| Q4 25 | $-483.7M | $-2.9M | ||
| Q3 25 | $1.3B | $10.0M | ||
| Q2 25 | $415.7M | $90.9M | ||
| Q1 25 | $2.0B | $16.6M | ||
| Q4 24 | $807.6M | $-10.9M | ||
| Q3 24 | $841.3M | $34.0M | ||
| Q2 24 | $432.2M | $23.2M | ||
| Q1 24 | $710.0M | $6.0M |
自由现金流ARESASTH
| Q4 25 | — | $-6.0M | ||
| Q3 25 | — | $7.4M | ||
| Q2 25 | — | $89.5M | ||
| Q1 25 | — | $13.6M | ||
| Q4 24 | — | $-13.5M | ||
| Q3 24 | — | $31.7M | ||
| Q2 24 | — | $20.4M | ||
| Q1 24 | — | $5.6M |
自由现金流率ARESASTH
| Q4 25 | — | -0.6% | ||
| Q3 25 | — | 0.8% | ||
| Q2 25 | — | 13.7% | ||
| Q1 25 | — | 2.2% | ||
| Q4 24 | — | -2.0% | ||
| Q3 24 | — | 6.6% | ||
| Q2 24 | — | 4.2% | ||
| Q1 24 | — | 1.4% |
资本支出强度ARESASTH
| Q4 25 | — | 0.3% | ||
| Q3 25 | — | 0.3% | ||
| Q2 25 | — | 0.2% | ||
| Q1 25 | — | 0.5% | ||
| Q4 24 | — | 0.4% | ||
| Q3 24 | — | 0.5% | ||
| Q2 24 | — | 0.6% | ||
| Q1 24 | — | 0.1% |
现金转化率ARESASTH
| Q4 25 | -8.92× | -0.44× | ||
| Q3 25 | 4.64× | 26.69× | ||
| Q2 25 | 3.03× | 9.65× | ||
| Q1 25 | 42.28× | 2.48× | ||
| Q4 24 | 4.55× | — | ||
| Q3 24 | 7.10× | 2.11× | ||
| Q2 24 | 4.55× | 1.21× | ||
| Q1 24 | 9.72× | 0.40× |
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
ARES
| Management Service | $991.1M | 66% |
| Management Service Incentive | $206.7M | 14% |
| Carried Interest | $205.4M | 14% |
| Fee Related Performance Revenues | $113.3M | 8% |
ASTH
| Medicare | $542.4M | 57% |
| Commercial | $99.1M | 10% |
| Care Delivery | $92.1M | 10% |
| Care Enablement | $78.9M | 8% |
| Other Third Parties | $58.0M | 6% |
| Health Care Patient Service | $39.8M | 4% |
| Health Care Other | $25.5M | 3% |
| Other | $12.1M | 1% |
| Management Service | $10.3M | 1% |
