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Ares Management Corp（ARES）与富兰克林邓普顿（BEN）财务数据对比。点击上方公司名可切换其他公司
富兰克林邓普顿的季度营收约是Ares Management Corp的1.5倍（$2.3B vs $1.5B）。富兰克林邓普顿净利率更高（11.0% vs 3.6%，领先7.4%）。Ares Management Corp同比增速更快（19.5% vs 3.4%）。过去两年Ares Management Corp的营收复合增速更高（45.9% vs 4.0%）
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。
富兰克林资源（运营品牌为富兰克林邓普顿）是美国跨国投资管理控股集团，1947年创立于纽约，纽交所上市代码为BEN，命名源自创始人敬仰的本杰明·富兰克林，是全球知名的综合投资服务机构。
ARES vs BEN — 直观对比
营收规模更大
BEN
是对方的1.5倍
$1.5B
营收增速更快
ARES
高出16.2%
3.4%
净利率更高
BEN
高出7.4%
3.6%
两年增速更快
ARES
近两年复合增速
4.0%
损益表 — Q4 2025 vs Q1 2026
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $2.3B |
| 净利润 | $54.2M | $255.5M |
| 毛利率 | — | — |
| 营业利润率 | 13.7% | 12.1% |
| 净利率 | 3.6% | 11.0% |
| 营收同比 | 19.5% | 3.4% |
| 净利润同比 | -69.4% | 56.2% |
| 每股收益（稀释后） | — | $0.46 |
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ARESBEN
| Q4 25 | $1.5B | $2.3B | ||
| Q3 25 | $1.7B | $2.3B | ||
| Q2 25 | $1.4B | $2.1B | ||
| Q1 25 | $1.1B | $2.1B | ||
| Q4 24 | $1.3B | $2.3B | ||
| Q3 24 | $1.1B | $2.2B | ||
| Q2 24 | $788.7M | $2.1B | ||
| Q1 24 | $707.4M | $2.2B |
净利润ARESBEN
| Q4 25 | $54.2M | $255.5M | ||
| Q3 25 | $288.9M | $117.6M | ||
| Q2 25 | $137.1M | $92.3M | ||
| Q1 25 | $47.2M | $151.4M | ||
| Q4 24 | $177.3M | $163.6M | ||
| Q3 24 | $118.5M | $-84.7M | ||
| Q2 24 | $94.9M | $174.0M | ||
| Q1 24 | $73.0M | $124.2M |
营业利润率ARESBEN
| Q4 25 | 13.7% | 12.1% | ||
| Q3 25 | 39.3% | 3.6% | ||
| Q2 25 | 21.3% | 7.5% | ||
| Q1 25 | 13.0% | 6.9% | ||
| Q4 24 | 31.8% | 9.7% | ||
| Q3 24 | 29.0% | -6.8% | ||
| Q2 24 | 40.2% | 10.5% | ||
| Q1 24 | 32.7% | 6.0% |
净利率ARESBEN
| Q4 25 | 3.6% | 11.0% | ||
| Q3 25 | 17.4% | 5.0% | ||
| Q2 25 | 10.2% | 4.5% | ||
| Q1 25 | 4.3% | 7.2% | ||
| Q4 24 | 14.1% | 7.3% | ||
| Q3 24 | 10.5% | -3.8% | ||
| Q2 24 | 12.0% | 8.2% | ||
| Q1 24 | 10.3% | 5.8% |
每股收益（稀释后）ARESBEN
| Q4 25 | — | $0.46 | ||
| Q3 25 | — | $0.21 | ||
| Q2 25 | — | $0.15 | ||
| Q1 25 | — | $0.26 | ||
| Q4 24 | — | $0.29 | ||
| Q3 24 | — | $-0.20 | ||
| Q2 24 | — | $0.32 | ||
| Q1 24 | — | $0.23 |
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 | — | — |
| 总债务越低越好 | — | $2.4B |
| 股东权益账面价值 | $4.3B | $12.1B |
| 总资产 | $28.6B | $32.5B |
| 负债/权益比越低杠杆越低 | — | 0.19× |
8季度趋势，按日历期对齐
总债务ARESBEN
| Q4 25 | — | $2.4B | ||
| Q3 25 | — | $2.4B | ||
| Q2 25 | — | $2.7B | ||
| Q1 25 | — | $2.7B | ||
| Q4 24 | — | $2.8B | ||
| Q3 24 | — | $2.8B | ||
| Q2 24 | — | $3.0B | ||
| Q1 24 | — | $3.0B |
股东权益ARESBEN
| Q4 25 | $4.3B | $12.1B | ||
| Q3 25 | $4.5B | $12.1B | ||
| Q2 25 | $4.4B | $12.2B | ||
| Q1 25 | $4.5B | $12.3B | ||
| Q4 24 | $3.5B | $12.5B | ||
| Q3 24 | $2.1B | $12.5B | ||
| Q2 24 | $2.0B | $12.9B | ||
| Q1 24 | $1.8B | $12.9B |
总资产ARESBEN
| Q4 25 | $28.6B | $32.5B | ||
| Q3 25 | $27.0B | $32.4B | ||
| Q2 25 | $27.3B | $32.6B | ||
| Q1 25 | $27.2B | $32.0B | ||
| Q4 24 | $24.9B | $32.4B | ||
| Q3 24 | $24.5B | $32.5B | ||
| Q2 24 | $24.2B | $33.3B | ||
| Q1 24 | $24.4B | $32.9B |
负债/权益比ARESBEN
| Q4 25 | — | 0.19× | ||
| Q3 25 | — | 0.20× | ||
| Q2 25 | — | 0.22× | ||
| Q1 25 | — | 0.22× | ||
| Q4 24 | — | 0.22× | ||
| Q3 24 | — | 0.22× | ||
| Q2 24 | — | 0.24× | ||
| Q1 24 | — | 0.24× |
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 | $-483.7M | $-255.1M |
| 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× | -1.00× |
| 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ARESBEN
| Q4 25 | $-483.7M | $-255.1M | ||
| Q3 25 | $1.3B | $-20.7M | ||
| Q2 25 | $415.7M | $1.3B | ||
| Q1 25 | $2.0B | $-50.1M | ||
| Q4 24 | $807.6M | $-145.2M | ||
| Q3 24 | $841.3M | $558.2M | ||
| Q2 24 | $432.2M | $528.4M | ||
| Q1 24 | $710.0M | $136.6M |
自由现金流ARESBEN
| Q4 25 | — | — | ||
| Q3 25 | — | $-51.9M | ||
| Q2 25 | — | $1.3B | ||
| Q1 25 | — | $-87.6M | ||
| Q4 24 | — | $-217.0M | ||
| Q3 24 | — | $488.4M | ||
| Q2 24 | — | $482.3M | ||
| Q1 24 | — | $94.9M |
自由现金流率ARESBEN
| Q4 25 | — | — | ||
| Q3 25 | — | -2.2% | ||
| Q2 25 | — | 61.4% | ||
| Q1 25 | — | -4.1% | ||
| Q4 24 | — | -9.6% | ||
| Q3 24 | — | 22.1% | ||
| Q2 24 | — | 22.7% | ||
| Q1 24 | — | 4.4% |
资本支出强度ARESBEN
| Q4 25 | — | — | ||
| Q3 25 | — | 1.3% | ||
| Q2 25 | — | 0.7% | ||
| Q1 25 | — | 1.8% | ||
| Q4 24 | — | 3.2% | ||
| Q3 24 | — | 3.2% | ||
| Q2 24 | — | 2.2% | ||
| Q1 24 | — | 1.9% |
现金转化率ARESBEN
| Q4 25 | -8.92× | -1.00× | ||
| Q3 25 | 4.64× | -0.18× | ||
| Q2 25 | 3.03× | 13.89× | ||
| Q1 25 | 42.28× | -0.33× | ||
| Q4 24 | 4.55× | -0.89× | ||
| Q3 24 | 7.10× | — | ||
| Q2 24 | 4.55× | 3.04× | ||
| Q1 24 | 9.72× | 1.10× |
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% |
BEN
| Investment Advisory Management And Administrative Service | $1.8B | 79% |
| Sales And Distribution Fees | $388.7M | 17% |
| Shareholder Service | $70.9M | 3% |
| Service Other | $19.6M | 1% |
