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Ares Management Corp（ARES）与CIENA CORP（CIEN）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CIENA CORP的1.2倍（$1.5B vs $1.2B），CIENA CORP净利率更高（4.1% vs 3.6%，领先0.5%），过去两年Ares Management Corp的营收复合增速更高（45.9% vs 3.9%）
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。
Ciena是总部位于美国马里兰州汉诺威的光网络系统及软件提供商，是光连接领域的核心参与者。截至2025年11月，公司营收达48亿美元，全球员工超9000人，由加里·史密斯担任总裁兼首席执行官。
ARES vs CIEN — 直观对比
营收规模更大
ARES
是对方的1.2倍
$1.2B
净利率更高
CIEN
高出0.5%
3.6%
两年增速更快
ARES
近两年复合增速
3.9%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $1.2B |
| 净利润 | $54.2M | $50.3M |
| 毛利率 | — | 41.3% |
| 营业利润率 | 13.7% | 6.0% |
| 净利率 | 3.6% | 4.1% |
| 营收同比 | 19.5% | — |
| 净利润同比 | -69.4% | — |
| 每股收益（稀释后） | — | $0.35 |
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ARESCIEN
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.7B | $1.2B | ||
| Q2 25 | $1.4B | $1.1B | ||
| Q1 25 | $1.1B | $1.1B | ||
| Q4 24 | $1.3B | $1.1B | ||
| Q3 24 | $1.1B | $942.3M | ||
| Q2 24 | $788.7M | $910.8M | ||
| Q1 24 | $707.4M | $1.0B |
净利润ARESCIEN
| Q4 25 | $54.2M | — | ||
| Q3 25 | $288.9M | $50.3M | ||
| Q2 25 | $137.1M | $9.0M | ||
| Q1 25 | $47.2M | $44.6M | ||
| Q4 24 | $177.3M | $37.0M | ||
| Q3 24 | $118.5M | $14.2M | ||
| Q2 24 | $94.9M | $-16.8M | ||
| Q1 24 | $73.0M | $49.5M |
毛利率ARESCIEN
| Q4 25 | — | — | ||
| Q3 25 | — | 41.3% | ||
| Q2 25 | — | 40.2% | ||
| Q1 25 | — | 44.0% | ||
| Q4 24 | — | 40.9% | ||
| Q3 24 | — | 42.9% | ||
| Q2 24 | — | 42.7% | ||
| Q1 24 | — | 45.0% |
营业利润率ARESCIEN
| Q4 25 | 13.7% | — | ||
| Q3 25 | 39.3% | 6.0% | ||
| Q2 25 | 21.3% | 2.9% | ||
| Q1 25 | 13.0% | 7.5% | ||
| Q4 24 | 31.8% | 5.3% | ||
| Q3 24 | 29.0% | 2.8% | ||
| Q2 24 | 40.2% | -0.4% | ||
| Q1 24 | 32.7% | 8.2% |
净利率ARESCIEN
| Q4 25 | 3.6% | — | ||
| Q3 25 | 17.4% | 4.1% | ||
| Q2 25 | 10.2% | 0.8% | ||
| Q1 25 | 4.3% | 4.2% | ||
| Q4 24 | 14.1% | 3.3% | ||
| Q3 24 | 10.5% | 1.5% | ||
| Q2 24 | 12.0% | -1.8% | ||
| Q1 24 | 10.3% | 4.8% |
每股收益（稀释后）ARESCIEN
| Q4 25 | — | — | ||
| Q3 25 | — | $0.35 | ||
| Q2 25 | — | $0.06 | ||
| Q1 25 | — | $0.31 | ||
| Q4 24 | — | $0.26 | ||
| Q3 24 | — | $0.10 | ||
| Q2 24 | — | $-0.12 | ||
| Q1 24 | — | $0.34 |
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 | — | $1.3B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $4.3B | $2.8B |
| 总资产 | $28.6B | $5.7B |
| 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ARESCIEN
| Q4 25 | — | — | ||
| Q3 25 | — | $1.3B | ||
| Q2 25 | — | $1.3B | ||
| Q1 25 | — | $1.2B | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | — | $1.3B | ||
| Q1 24 | — | $1.4B |
股东权益ARESCIEN
| Q4 25 | $4.3B | — | ||
| Q3 25 | $4.5B | $2.8B | ||
| Q2 25 | $4.4B | $2.8B | ||
| Q1 25 | $4.5B | $2.8B | ||
| Q4 24 | $3.5B | $2.8B | ||
| Q3 24 | $2.1B | $2.9B | ||
| Q2 24 | $2.0B | $2.9B | ||
| Q1 24 | $1.8B | $2.9B |
总资产ARESCIEN
| Q4 25 | $28.6B | — | ||
| Q3 25 | $27.0B | $5.7B | ||
| Q2 25 | $27.3B | $5.7B | ||
| Q1 25 | $27.2B | $5.6B | ||
| Q4 24 | $24.9B | $5.6B | ||
| Q3 24 | $24.5B | $5.6B | ||
| Q2 24 | $24.2B | $5.6B | ||
| Q1 24 | $24.4B | $5.6B |
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 | $174.3M |
| 自由现金流经营现金流 - 资本支出 | — | $134.6M |
| 自由现金流率自由现金流/营收 | — | 11.0% |
| 资本支出强度资本支出/营收 | — | 3.3% |
| 现金转化率经营现金流/净利润 | -8.92× | 3.47× |
| 过去12个月自由现金流最近4个季度 | — | $605.5M |
8季度趋势，按日历期对齐
经营现金流ARESCIEN
| Q4 25 | $-483.7M | — | ||
| Q3 25 | $1.3B | $174.3M | ||
| Q2 25 | $415.7M | $156.9M | ||
| Q1 25 | $2.0B | $103.7M | ||
| Q4 24 | $807.6M | $349.4M | ||
| Q3 24 | $841.3M | $-159.4M | ||
| Q2 24 | $432.2M | $58.5M | ||
| Q1 24 | $710.0M | $266.1M |
自由现金流ARESCIEN
| Q4 25 | — | — | ||
| Q3 25 | — | $134.6M | ||
| Q2 25 | — | $128.2M | ||
| Q1 25 | — | $76.8M | ||
| Q4 24 | — | $265.8M | ||
| Q3 24 | — | $-179.0M | ||
| Q2 24 | — | $41.6M | ||
| Q1 24 | — | $249.5M |
自由现金流率ARESCIEN
| Q4 25 | — | — | ||
| Q3 25 | — | 11.0% | ||
| Q2 25 | — | 11.4% | ||
| Q1 25 | — | 7.2% | ||
| Q4 24 | — | 23.6% | ||
| Q3 24 | — | -19.0% | ||
| Q2 24 | — | 4.6% | ||
| Q1 24 | — | 24.0% |
资本支出强度ARESCIEN
| Q4 25 | — | — | ||
| Q3 25 | — | 3.3% | ||
| Q2 25 | — | 2.6% | ||
| Q1 25 | — | 2.5% | ||
| Q4 24 | — | 7.4% | ||
| Q3 24 | — | 2.1% | ||
| Q2 24 | — | 1.9% | ||
| Q1 24 | — | 1.6% |
现金转化率ARESCIEN
| Q4 25 | -8.92× | — | ||
| Q3 25 | 4.64× | 3.47× | ||
| Q2 25 | 3.03× | 17.50× | ||
| Q1 25 | 42.28× | 2.33× | ||
| Q4 24 | 4.55× | 9.44× | ||
| Q3 24 | 7.10× | -11.20× | ||
| Q2 24 | 4.55× | — | ||
| Q1 24 | 9.72× | 5.37× |
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% |
CIEN
| Optical Networking | $815.5M | 67% |
| Routing And Switching | $125.9M | 10% |
| Platform Softwareand Services Segment | $90.0M | 7% |
| Maintenance Support And Training | $80.7M | 7% |
| Installation And Deployment | $65.9M | 5% |
| Blue Planet Automation Softwareand Services Segment | $27.8M | 2% |
| Consulting And Network Design | $13.6M | 1% |
