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Ares Management Corp（ARES）与CoStar Group（CSGP）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CoStar Group的1.7倍（$1.5B vs $899.9M），CoStar Group净利率更高（5.2% vs 3.6%，领先1.6%），CoStar Group同比增速更快（26.9% vs 19.5%），过去两年Ares Management Corp的营收复合增速更高（45.9% vs 17.1%）
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。
CoStar Group是1987年成立的美国商业地产服务商，总部位于弗吉尼亚州阿灵顿，业务覆盖北美、欧洲地区，为商业地产行业提供信息、分析及营销解决方案，旗下运营CoStar线上数据库、新闻网站及Apartments.com、Homes.com等多个线上平台。
ARES vs CSGP — 直观对比
营收规模更大
ARES
是对方的1.7倍
$899.9M
营收增速更快
CSGP
高出7.3%
19.5%
净利率更高
CSGP
高出1.6%
3.6%
两年增速更快
ARES
近两年复合增速
17.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $899.9M |
| 净利润 | $54.2M | $46.5M |
| 毛利率 | — | 78.6% |
| 营业利润率 | 13.7% | 5.5% |
| 净利率 | 3.6% | 5.2% |
| 营收同比 | 19.5% | 26.9% |
| 净利润同比 | -69.4% | -22.2% |
| 每股收益（稀释后） | — | $0.12 |
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ARESCSGP
| Q4 25 | $1.5B | $899.9M | ||
| Q3 25 | $1.7B | $833.6M | ||
| Q2 25 | $1.4B | $781.3M | ||
| Q1 25 | $1.1B | $732.2M | ||
| Q4 24 | $1.3B | $709.4M | ||
| Q3 24 | $1.1B | $692.6M | ||
| Q2 24 | $788.7M | $677.8M | ||
| Q1 24 | $707.4M | $656.4M |
净利润ARESCSGP
| Q4 25 | $54.2M | $46.5M | ||
| Q3 25 | $288.9M | $-30.9M | ||
| Q2 25 | $137.1M | $6.2M | ||
| Q1 25 | $47.2M | $-14.8M | ||
| Q4 24 | $177.3M | $59.8M | ||
| Q3 24 | $118.5M | $53.0M | ||
| Q2 24 | $94.9M | $19.2M | ||
| Q1 24 | $73.0M | $6.7M |
毛利率ARESCSGP
| Q4 25 | — | 78.6% | ||
| Q3 25 | — | 79.3% | ||
| Q2 25 | — | 78.5% | ||
| Q1 25 | — | 79.1% | ||
| Q4 24 | — | 80.1% | ||
| Q3 24 | — | 79.7% | ||
| Q2 24 | — | 80.0% | ||
| Q1 24 | — | 78.5% |
营业利润率ARESCSGP
| Q4 25 | 13.7% | 5.5% | ||
| Q3 25 | 39.3% | -6.1% | ||
| Q2 25 | 21.3% | -3.5% | ||
| Q1 25 | 13.0% | -5.8% | ||
| Q4 24 | 31.8% | 5.6% | ||
| Q3 24 | 29.0% | 3.4% | ||
| Q2 24 | 40.2% | -2.4% | ||
| Q1 24 | 32.7% | -6.5% |
净利率ARESCSGP
| Q4 25 | 3.6% | 5.2% | ||
| Q3 25 | 17.4% | -3.7% | ||
| Q2 25 | 10.2% | 0.8% | ||
| Q1 25 | 4.3% | -2.0% | ||
| Q4 24 | 14.1% | 8.4% | ||
| Q3 24 | 10.5% | 7.7% | ||
| Q2 24 | 12.0% | 2.8% | ||
| Q1 24 | 10.3% | 1.0% |
每股收益（稀释后）ARESCSGP
| Q4 25 | — | $0.12 | ||
| Q3 25 | — | $-0.07 | ||
| Q2 25 | — | $0.01 | ||
| Q1 25 | — | $-0.04 | ||
| Q4 24 | — | $0.14 | ||
| Q3 24 | — | $0.13 | ||
| Q2 24 | — | $0.05 | ||
| Q1 24 | — | $0.02 |
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 | — | $140.0M |
| 股东权益账面价值 | $4.3B | $8.3B |
| 总资产 | $28.6B | $10.5B |
| 负债/权益比越低杠杆越低 | — | 0.02× |
8季度趋势，按日历期对齐
现金及短期投资ARESCSGP
| Q4 25 | — | $1.6B | ||
| Q3 25 | — | $1.9B | ||
| Q2 25 | — | $3.6B | ||
| Q1 25 | — | $3.7B | ||
| Q4 24 | — | $4.7B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
总债务ARESCSGP
| Q4 25 | — | $140.0M | ||
| Q3 25 | — | $1.0B | ||
| Q2 25 | — | $1.0B | ||
| Q1 25 | — | $1.0B | ||
| Q4 24 | — | $1.0B | ||
| Q3 24 | — | $1.0B | ||
| Q2 24 | — | $1.0B | ||
| Q1 24 | — | $1.0B |
股东权益ARESCSGP
| Q4 25 | $4.3B | $8.3B | ||
| Q3 25 | $4.5B | $8.6B | ||
| Q2 25 | $4.4B | $8.6B | ||
| Q1 25 | $4.5B | $8.6B | ||
| Q4 24 | $3.5B | $7.6B | ||
| Q3 24 | $2.1B | $7.5B | ||
| Q2 24 | $2.0B | $7.4B | ||
| Q1 24 | $1.8B | $7.3B |
总资产ARESCSGP
| Q4 25 | $28.6B | $10.5B | ||
| Q3 25 | $27.0B | $10.8B | ||
| Q2 25 | $27.3B | $10.5B | ||
| Q1 25 | $27.2B | $10.4B | ||
| Q4 24 | $24.9B | $9.3B | ||
| Q3 24 | $24.5B | $9.1B | ||
| Q2 24 | $24.2B | $9.1B | ||
| Q1 24 | $24.4B | $9.0B |
负债/权益比ARESCSGP
| Q4 25 | — | 0.02× | ||
| Q3 25 | — | 0.12× | ||
| Q2 25 | — | 0.12× | ||
| Q1 25 | — | 0.12× | ||
| Q4 24 | — | 0.13× | ||
| Q3 24 | — | 0.13× | ||
| Q2 24 | — | 0.14× | ||
| Q1 24 | — | 0.14× |
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 | $162.1M |
| 自由现金流经营现金流 - 资本支出 | — | $101.3M |
| 自由现金流率自由现金流/营收 | — | 11.3% |
| 资本支出强度资本支出/营收 | — | 6.8% |
| 现金转化率经营现金流/净利润 | -8.92× | 3.49× |
| 过去12个月自由现金流最近4个季度 | — | $123.0M |
8季度趋势，按日历期对齐
经营现金流ARESCSGP
| Q4 25 | $-483.7M | $162.1M | ||
| Q3 25 | $1.3B | $68.2M | ||
| Q2 25 | $415.7M | $146.5M | ||
| Q1 25 | $2.0B | $53.2M | ||
| Q4 24 | $807.6M | $94.6M | ||
| Q3 24 | $841.3M | $100.3M | ||
| Q2 24 | $432.2M | $58.1M | ||
| Q1 24 | $710.0M | $139.6M |
自由现金流ARESCSGP
| Q4 25 | — | $101.3M | ||
| Q3 25 | — | $-5.5M | ||
| Q2 25 | — | $27.7M | ||
| Q1 25 | — | $-500.0K | ||
| Q4 24 | — | $25.2M | ||
| Q3 24 | — | $40.2M | ||
| Q2 24 | — | $-14.7M | ||
| Q1 24 | — | $-237.1M |
自由现金流率ARESCSGP
| Q4 25 | — | 11.3% | ||
| Q3 25 | — | -0.7% | ||
| Q2 25 | — | 3.5% | ||
| Q1 25 | — | -0.1% | ||
| Q4 24 | — | 3.6% | ||
| Q3 24 | — | 5.8% | ||
| Q2 24 | — | -2.2% | ||
| Q1 24 | — | -36.1% |
资本支出强度ARESCSGP
| Q4 25 | — | 6.8% | ||
| Q3 25 | — | 8.8% | ||
| Q2 25 | — | 15.2% | ||
| Q1 25 | — | 7.3% | ||
| Q4 24 | — | 9.8% | ||
| Q3 24 | — | 8.7% | ||
| Q2 24 | — | 10.7% | ||
| Q1 24 | — | 57.4% |
现金转化率ARESCSGP
| Q4 25 | -8.92× | 3.49× | ||
| Q3 25 | 4.64× | — | ||
| Q2 25 | 3.03× | 23.63× | ||
| Q1 25 | 42.28× | — | ||
| Q4 24 | 4.55× | 1.58× | ||
| Q3 24 | 7.10× | 1.89× | ||
| Q2 24 | 4.55× | 3.03× | ||
| Q1 24 | 9.72× | 20.84× |
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% |
CSGP
| Co Star | $503.8M | 56% |
| Other | $283.0M | 31% |
| Loop Net | $94.7M | 11% |
