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Ares Management Corp（ARES）与凯雷集团（CG）财务数据对比。点击上方公司名可切换其他公司
凯雷集团的季度营收约是Ares Management Corp的1.3倍（$1.9B vs $1.5B）。凯雷集团净利率更高（18.8% vs 3.6%，领先15.2%）。凯雷集团同比增速更快（84.1% vs 19.5%）。过去两年凯雷集团的营收复合增速更高（66.2% 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。
凯雷集团是美国知名跨国企业，核心业务涵盖私募股权投资、另类资产管理及金融服务领域。截至2023年，公司管理资产总规模达4260亿美元，是全球另类资管行业的重要参与者。
ARES vs CG — 直观对比
营收规模更大
CG
是对方的1.3倍
$1.5B
营收增速更快
CG
高出64.6%
19.5%
净利率更高
CG
高出15.2%
3.6%
两年增速更快
CG
近两年复合增速
45.9%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $1.9B |
| 净利润 | $54.2M | $358.1M |
| 毛利率 | — | — |
| 营业利润率 | 13.7% | 24.3% |
| 净利率 | 3.6% | 18.8% |
| 营收同比 | 19.5% | 84.1% |
| 净利润同比 | -69.4% | 69.8% |
| 每股收益（稀释后） | — | $0.96 |
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ARESCG
| Q4 25 | $1.5B | $1.9B | ||
| Q3 25 | $1.7B | $332.7M | ||
| Q2 25 | $1.4B | $1.6B | ||
| Q1 25 | $1.1B | $973.1M | ||
| Q4 24 | $1.3B | $1.0B | ||
| Q3 24 | $1.1B | $2.6B | ||
| Q2 24 | $788.7M | $1.1B | ||
| Q1 24 | $707.4M | $688.4M |
净利润ARESCG
| Q4 25 | $54.2M | $358.1M | ||
| Q3 25 | $288.9M | $900.0K | ||
| Q2 25 | $137.1M | $319.7M | ||
| Q1 25 | $47.2M | $130.0M | ||
| Q4 24 | $177.3M | $210.9M | ||
| Q3 24 | $118.5M | $595.7M | ||
| Q2 24 | $94.9M | $148.2M | ||
| Q1 24 | $73.0M | $65.6M |
营业利润率ARESCG
| Q4 25 | 13.7% | 24.3% | ||
| Q3 25 | 39.3% | 25.8% | ||
| Q2 25 | 21.3% | 28.0% | ||
| Q1 25 | 13.0% | 17.6% | ||
| Q4 24 | 31.8% | 25.7% | ||
| Q3 24 | 29.0% | 29.9% | ||
| Q2 24 | 40.2% | 20.5% | ||
| Q1 24 | 32.7% | 17.5% |
净利率ARESCG
| Q4 25 | 3.6% | 18.8% | ||
| Q3 25 | 17.4% | 0.3% | ||
| Q2 25 | 10.2% | 20.3% | ||
| Q1 25 | 4.3% | 13.4% | ||
| Q4 24 | 14.1% | 20.4% | ||
| Q3 24 | 10.5% | 22.6% | ||
| Q2 24 | 12.0% | 13.9% | ||
| Q1 24 | 10.3% | 9.5% |
每股收益（稀释后）ARESCG
| Q4 25 | — | $0.96 | ||
| Q3 25 | — | $0.00 | ||
| Q2 25 | — | $0.87 | ||
| Q1 25 | — | $0.35 | ||
| Q4 24 | — | $0.56 | ||
| Q3 24 | — | $1.63 | ||
| Q2 24 | — | $0.40 | ||
| Q1 24 | — | $0.18 |
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 | — | $2.0B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $4.3B | $7.1B |
| 总资产 | $28.6B | $29.1B |
| 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ARESCG
| Q4 25 | — | $2.0B | ||
| Q3 25 | — | $2.2B | ||
| Q2 25 | — | $1.3B | ||
| Q1 25 | — | $1.2B | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | — | $1.4B | ||
| Q2 24 | — | $914.8M | ||
| Q1 24 | — | $1.3B |
股东权益ARESCG
| Q4 25 | $4.3B | $7.1B | ||
| Q3 25 | $4.5B | $6.8B | ||
| Q2 25 | $4.4B | $6.7B | ||
| Q1 25 | $4.5B | $6.4B | ||
| Q4 24 | $3.5B | $6.3B | ||
| Q3 24 | $2.1B | $6.3B | ||
| Q2 24 | $2.0B | $5.7B | ||
| Q1 24 | $1.8B | $5.7B |
总资产ARESCG
| Q4 25 | $28.6B | $29.1B | ||
| Q3 25 | $27.0B | $27.1B | ||
| Q2 25 | $27.3B | $25.1B | ||
| Q1 25 | $27.2B | $24.1B | ||
| Q4 24 | $24.9B | $23.1B | ||
| Q3 24 | $24.5B | $22.7B | ||
| Q2 24 | $24.2B | $22.3B | ||
| Q1 24 | $24.4B | $20.8B |
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 | $-1.2B |
| 自由现金流经营现金流 - 资本支出 | — | $-1.2B |
| 自由现金流率自由现金流/营收 | — | -65.1% |
| 资本支出强度资本支出/营收 | — | 2.2% |
| 现金转化率经营现金流/净利润 | -8.92× | -3.34× |
| 过去12个月自由现金流最近4个季度 | — | $-3.4B |
8季度趋势，按日历期对齐
经营现金流ARESCG
| Q4 25 | $-483.7M | $-1.2B | ||
| Q3 25 | $1.3B | $-1.6B | ||
| Q2 25 | $415.7M | $-168.8M | ||
| Q1 25 | $2.0B | $-352.1M | ||
| Q4 24 | $807.6M | $-352.8M | ||
| Q3 24 | $841.3M | $791.9M | ||
| Q2 24 | $432.2M | $-1.3B | ||
| Q1 24 | $710.0M | $71.1M |
自由现金流ARESCG
| Q4 25 | — | $-1.2B | ||
| Q3 25 | — | $-1.6B | ||
| Q2 25 | — | $-186.3M | ||
| Q1 25 | — | $-368.8M | ||
| Q4 24 | — | $-379.5M | ||
| Q3 24 | — | $772.8M | ||
| Q2 24 | — | $-1.3B | ||
| Q1 24 | — | $56.9M |
自由现金流率ARESCG
| Q4 25 | — | -65.1% | ||
| Q3 25 | — | -475.7% | ||
| Q2 25 | — | -11.8% | ||
| Q1 25 | — | -37.9% | ||
| Q4 24 | — | -36.8% | ||
| Q3 24 | — | 29.3% | ||
| Q2 24 | — | -120.4% | ||
| Q1 24 | — | 8.3% |
资本支出强度ARESCG
| Q4 25 | — | 2.2% | ||
| Q3 25 | — | 7.0% | ||
| Q2 25 | — | 1.1% | ||
| Q1 25 | — | 1.7% | ||
| Q4 24 | — | 2.6% | ||
| Q3 24 | — | 0.7% | ||
| Q2 24 | — | 1.7% | ||
| Q1 24 | — | 2.1% |
现金转化率ARESCG
| Q4 25 | -8.92× | -3.34× | ||
| Q3 25 | 4.64× | -1732.78× | ||
| Q2 25 | 3.03× | -0.53× | ||
| Q1 25 | 42.28× | -2.71× | ||
| Q4 24 | 4.55× | -1.67× | ||
| Q3 24 | 7.10× | 1.33× | ||
| Q2 24 | 4.55× | -8.57× | ||
| Q1 24 | 9.72× | 1.08× |
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% |
CG
| Fund Management Fee | $606.8M | 32% |
| Other | $528.7M | 28% |
| Global Private Equity Segment | $307.3M | 16% |
| Global Credit Segment | $238.0M | 13% |
| Carlyle Alp Invest Segment | $124.6M | 7% |
| Incentive Fee | $55.4M | 3% |
| Fee Related Performance Revenues | $29.2M | 2% |
| Investment Advice | $11.1M | 1% |
