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Ares Management Corp（ARES）与CenterPoint Energy（CNP）财务数据对比。点击上方公司名可切换其他公司
CenterPoint Energy的季度营收约是Ares Management Corp的1.6倍（$2.4B vs $1.5B），CenterPoint Energy净利率更高（10.8% vs 3.6%，领先7.2%），Ares Management Corp同比增速更快（19.5% vs 10.7%），过去两年Ares Management Corp的营收复合增速更高（45.9% vs -3.1%）
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。
CenterPoint Energy是总部位于美国得克萨斯州休斯敦的公用事业企业，位列《财富》美国500强，为印第安纳、俄亥俄、路易斯安那、明尼苏达、密西西比、得克萨斯六州多个区域的用户提供电力及天然气公用事业服务，曾使用Reliant Energy、Houston Industries等名称开展业务。
ARES vs CNP — 直观对比
营收规模更大
CNP
是对方的1.6倍
$1.5B
营收增速更快
ARES
高出8.9%
10.7%
净利率更高
CNP
高出7.2%
3.6%
两年增速更快
ARES
近两年复合增速
-3.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $2.4B |
| 净利润 | $54.2M | $264.0M |
| 毛利率 | — | — |
| 营业利润率 | 13.7% | 22.2% |
| 净利率 | 3.6% | 10.8% |
| 营收同比 | 19.5% | 10.7% |
| 净利润同比 | -69.4% | 6.5% |
| 每股收益（稀释后） | — | $0.40 |
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ARESCNP
| Q4 25 | $1.5B | $2.4B | ||
| Q3 25 | $1.7B | $2.0B | ||
| Q2 25 | $1.4B | $2.0B | ||
| Q1 25 | $1.1B | $3.0B | ||
| Q4 24 | $1.3B | $2.2B | ||
| Q3 24 | $1.1B | $1.8B | ||
| Q2 24 | $788.7M | $1.9B | ||
| Q1 24 | $707.4M | $2.6B |
净利润ARESCNP
| Q4 25 | $54.2M | $264.0M | ||
| Q3 25 | $288.9M | $293.0M | ||
| Q2 25 | $137.1M | $198.0M | ||
| Q1 25 | $47.2M | $297.0M | ||
| Q4 24 | $177.3M | $248.0M | ||
| Q3 24 | $118.5M | $193.0M | ||
| Q2 24 | $94.9M | $228.0M | ||
| Q1 24 | $73.0M | $350.0M |
毛利率ARESCNP
| Q4 25 | — | — | ||
| Q3 25 | — | 99.9% | ||
| Q2 25 | — | 99.9% | ||
| Q1 25 | — | 100.0% | ||
| Q4 24 | — | 100.0% | ||
| Q3 24 | — | 99.9% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 100.0% |
营业利润率ARESCNP
| Q4 25 | 13.7% | 22.2% | ||
| Q3 25 | 39.3% | 25.2% | ||
| Q2 25 | 21.3% | 21.4% | ||
| Q1 25 | 13.0% | 22.0% | ||
| Q4 24 | 31.8% | 21.9% | ||
| Q3 24 | 29.0% | 22.9% | ||
| Q2 24 | 40.2% | 24.5% | ||
| Q1 24 | 32.7% | 23.7% |
净利率ARESCNP
| Q4 25 | 3.6% | 10.8% | ||
| Q3 25 | 17.4% | 14.7% | ||
| Q2 25 | 10.2% | 10.1% | ||
| Q1 25 | 4.3% | 10.0% | ||
| Q4 24 | 14.1% | 11.3% | ||
| Q3 24 | 10.5% | 10.4% | ||
| Q2 24 | 12.0% | 12.0% | ||
| Q1 24 | 10.3% | 13.5% |
每股收益（稀释后）ARESCNP
| Q4 25 | — | $0.40 | ||
| Q3 25 | — | $0.45 | ||
| Q2 25 | — | $0.30 | ||
| Q1 25 | — | $0.45 | ||
| Q4 24 | — | $0.37 | ||
| Q3 24 | — | $0.30 | ||
| Q2 24 | — | $0.36 | ||
| Q1 24 | — | $0.55 |
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 | — | $548.0M |
| 总债务越低越好 | — | $20.6B |
| 股东权益账面价值 | $4.3B | $11.2B |
| 总资产 | $28.6B | $46.5B |
| 负债/权益比越低杠杆越低 | — | 1.84× |
8季度趋势，按日历期对齐
现金及短期投资ARESCNP
| Q4 25 | — | $548.0M | ||
| Q3 25 | — | $616.0M | ||
| Q2 25 | — | $776.0M | ||
| Q1 25 | — | $1.9B | ||
| Q4 24 | — | $585.0M | ||
| Q3 24 | — | $643.0M | ||
| Q2 24 | — | $543.0M | ||
| Q1 24 | — | $619.0M |
总债务ARESCNP
| Q4 25 | — | $20.6B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $20.4B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益ARESCNP
| Q4 25 | $4.3B | $11.2B | ||
| Q3 25 | $4.5B | $11.0B | ||
| Q2 25 | $4.4B | $11.0B | ||
| Q1 25 | $4.5B | $11.0B | ||
| Q4 24 | $3.5B | $10.7B | ||
| Q3 24 | $2.1B | $10.5B | ||
| Q2 24 | $2.0B | $10.4B | ||
| Q1 24 | $1.8B | $10.0B |
总资产ARESCNP
| Q4 25 | $28.6B | $46.5B | ||
| Q3 25 | $27.0B | $45.0B | ||
| Q2 25 | $27.3B | $44.1B | ||
| Q1 25 | $27.2B | $44.5B | ||
| Q4 24 | $24.9B | $43.8B | ||
| Q3 24 | $24.5B | $42.9B | ||
| Q2 24 | $24.2B | $41.0B | ||
| Q1 24 | $24.4B | $40.2B |
负债/权益比ARESCNP
| Q4 25 | — | 1.84× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.91× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 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 | $774.0M |
| 自由现金流经营现金流 - 资本支出 | — | $-707.0M |
| 自由现金流率自由现金流/营收 | — | -29.0% |
| 资本支出强度资本支出/营收 | — | 60.7% |
| 现金转化率经营现金流/净利润 | -8.92× | 2.93× |
| 过去12个月自由现金流最近4个季度 | — | $-2.4B |
8季度趋势，按日历期对齐
经营现金流ARESCNP
| Q4 25 | $-483.7M | $774.0M | ||
| Q3 25 | $1.3B | $742.0M | ||
| Q2 25 | $415.7M | $560.0M | ||
| Q1 25 | $2.0B | $410.0M | ||
| Q4 24 | $807.6M | $889.0M | ||
| Q3 24 | $841.3M | $136.0M | ||
| Q2 24 | $432.2M | $576.0M | ||
| Q1 24 | $710.0M | $538.0M |
自由现金流ARESCNP
| Q4 25 | — | $-707.0M | ||
| Q3 25 | — | $-480.0M | ||
| Q2 25 | — | $-569.0M | ||
| Q1 25 | — | $-628.0M | ||
| Q4 24 | — | $-1.1B | ||
| Q3 24 | — | $-708.0M | ||
| Q2 24 | — | $-236.0M | ||
| Q1 24 | — | $-307.0M |
自由现金流率ARESCNP
| Q4 25 | — | -29.0% | ||
| Q3 25 | — | -24.1% | ||
| Q2 25 | — | -29.1% | ||
| Q1 25 | — | -21.2% | ||
| Q4 24 | — | -51.0% | ||
| Q3 24 | — | -38.3% | ||
| Q2 24 | — | -12.4% | ||
| Q1 24 | — | -11.8% |
资本支出强度ARESCNP
| Q4 25 | — | 60.7% | ||
| Q3 25 | — | 61.4% | ||
| Q2 25 | — | 57.8% | ||
| Q1 25 | — | 35.1% | ||
| Q4 24 | — | 91.3% | ||
| Q3 24 | — | 45.6% | ||
| Q2 24 | — | 42.6% | ||
| Q1 24 | — | 32.6% |
现金转化率ARESCNP
| Q4 25 | -8.92× | 2.93× | ||
| Q3 25 | 4.64× | 2.53× | ||
| Q2 25 | 3.03× | 2.83× | ||
| Q1 25 | 42.28× | 1.38× | ||
| Q4 24 | 4.55× | 3.58× | ||
| Q3 24 | 7.10× | 0.70× | ||
| Q2 24 | 4.55× | 2.53× | ||
| Q1 24 | 9.72× | 1.54× |
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% |
CNP
| Electric Segment | $945.0M | 39% |
| Electric | $890.0M | 37% |
| Other | $603.0M | 25% |
