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Ares Management Corp（ARES）与布鲁克菲尔德资产管理（BAM）财务数据对比。点击上方公司名可切换其他公司
Ares Management Corp的季度营收约是布鲁克菲尔德资产管理的1.4倍（$1.5B vs $1.1B）。布鲁克菲尔德资产管理净利率更高（56.7% vs 3.6%，领先53.1%）
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。
布鲁克菲尔德资产管理有限公司是加美两地的另类资产管理机构，2022年12月从布鲁克菲尔德集团的资管业务分拆成立，在全球范围内管理不动产、基础设施、可再生能源、私募股权及信贷市场等领域的投资。
ARES vs BAM — 直观对比
营收规模更大
ARES
是对方的1.4倍
$1.1B
净利率更高
BAM
高出53.1%
3.6%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $1.1B |
| 净利润 | $54.2M | $615.0M |
| 毛利率 | — | — |
| 营业利润率 | 13.7% | 84.2% |
| 净利率 | 3.6% | 56.7% |
| 营收同比 | 19.5% | — |
| 净利润同比 | -69.4% | — |
| 每股收益（稀释后） | — | — |
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ARESBAM
| Q4 25 | $1.5B | $1.1B | ||
| Q3 25 | $1.7B | $974.0M | ||
| Q2 25 | $1.4B | $931.0M | ||
| Q1 25 | $1.1B | $954.0M | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.1B | $873.0M | ||
| Q2 24 | $788.7M | $821.0M | ||
| Q1 24 | $707.4M | $786.0M |
净利润ARESBAM
| Q4 25 | $54.2M | $615.0M | ||
| Q3 25 | $288.9M | $692.0M | ||
| Q2 25 | $137.1M | $584.0M | ||
| Q1 25 | $47.2M | $507.0M | ||
| Q4 24 | $177.3M | — | ||
| Q3 24 | $118.5M | $537.0M | ||
| Q2 24 | $94.9M | $124.0M | ||
| Q1 24 | $73.0M | $373.0M |
营业利润率ARESBAM
| Q4 25 | 13.7% | 84.2% | ||
| Q3 25 | 39.3% | 79.1% | ||
| Q2 25 | 21.3% | 70.8% | ||
| Q1 25 | 13.0% | 61.0% | ||
| Q4 24 | 31.8% | — | ||
| Q3 24 | 29.0% | 72.5% | ||
| Q2 24 | 40.2% | 80.4% | ||
| Q1 24 | 32.7% | 56.5% |
净利率ARESBAM
| Q4 25 | 3.6% | 56.7% | ||
| Q3 25 | 17.4% | 71.0% | ||
| Q2 25 | 10.2% | 62.7% | ||
| Q1 25 | 4.3% | 53.1% | ||
| Q4 24 | 14.1% | — | ||
| Q3 24 | 10.5% | 61.5% | ||
| Q2 24 | 12.0% | 15.1% | ||
| Q1 24 | 10.3% | 47.5% |
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 | — | $1.6B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $4.3B | $8.9B |
| 总资产 | $28.6B | $17.0B |
| 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ARESBAM
| Q4 25 | — | $1.6B | ||
| Q3 25 | — | $1.1B | ||
| Q2 25 | — | $480.0M | ||
| Q1 25 | — | $332.0M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $10.0M | ||
| Q1 24 | — | — |
股东权益ARESBAM
| Q4 25 | $4.3B | $8.9B | ||
| Q3 25 | $4.5B | $8.5B | ||
| Q2 25 | $4.4B | $8.5B | ||
| Q1 25 | $4.5B | $8.5B | ||
| Q4 24 | $3.5B | — | ||
| Q3 24 | $2.1B | $9.0B | ||
| Q2 24 | $2.0B | $3.2B | ||
| Q1 24 | $1.8B | $2.2B |
总资产ARESBAM
| Q4 25 | $28.6B | $17.0B | ||
| Q3 25 | $27.0B | $16.5B | ||
| Q2 25 | $27.3B | $16.1B | ||
| Q1 25 | $27.2B | $15.0B | ||
| Q4 24 | $24.9B | — | ||
| Q3 24 | $24.5B | — | ||
| Q2 24 | $24.2B | $4.2B | ||
| Q1 24 | $24.4B | — |
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 | $562.0M |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | -8.92× | 0.91× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流ARESBAM
| Q4 25 | $-483.7M | $562.0M | ||
| Q3 25 | $1.3B | $745.0M | ||
| Q2 25 | $415.7M | $529.0M | ||
| Q1 25 | $2.0B | $265.0M | ||
| Q4 24 | $807.6M | — | ||
| Q3 24 | $841.3M | $567.0M | ||
| Q2 24 | $432.2M | $159.0M | ||
| Q1 24 | $710.0M | $516.0M |
现金转化率ARESBAM
| Q4 25 | -8.92× | 0.91× | ||
| Q3 25 | 4.64× | 1.08× | ||
| Q2 25 | 3.03× | 0.91× | ||
| Q1 25 | 42.28× | 0.52× | ||
| Q4 24 | 4.55× | — | ||
| Q3 24 | 7.10× | 1.06× | ||
| Q2 24 | 4.55× | 1.28× | ||
| Q1 24 | 9.72× | 1.38× |
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% |
BAM
| Incentive Fees | $452.0M | 42% |
| Infrastruture | $332.0M | 31% |
| Private Equity | $174.0M | 16% |
| Renewable Power And Transition | $66.0M | 6% |
| Other | $47.0M | 4% |
| Management And Advisory Fees | $14.0M | 1% |
