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Ares Management Corp（ARES）与Deckers Brands（DECK）财务数据对比。点击上方公司名可切换其他公司
Deckers Brands的季度营收约是Ares Management Corp的1.3倍（$2.0B vs $1.5B），Deckers Brands净利率更高（24.6% vs 3.6%，领先21.0%），Ares Management Corp同比增速更快（19.5% vs 7.1%），过去两年Ares Management Corp的营收复合增速更高（45.9% vs 42.8%）
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。
Deckers Brands是1973年成立的美国鞋履设计与分销企业，总部位于加利福尼亚州戈利塔，由道格·奥托与卡尔·F·洛普克共同创立。公司旗下拥有UGG、Teva、Hoka等全球知名鞋履品牌，产品覆盖休闲、户外等多个领域，销往世界多地。
ARES vs DECK — 直观对比
营收规模更大
DECK
是对方的1.3倍
$1.5B
营收增速更快
ARES
高出12.4%
7.1%
净利率更高
DECK
高出21.0%
3.6%
两年增速更快
ARES
近两年复合增速
42.8%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $2.0B |
| 净利润 | $54.2M | $481.1M |
| 毛利率 | — | 59.8% |
| 营业利润率 | 13.7% | 31.4% |
| 净利率 | 3.6% | 24.6% |
| 营收同比 | 19.5% | 7.1% |
| 净利润同比 | -69.4% | 5.3% |
| 每股收益（稀释后） | — | $3.33 |
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ARESDECK
| Q4 25 | $1.5B | $2.0B | ||
| Q3 25 | $1.7B | $1.4B | ||
| Q2 25 | $1.4B | $964.5M | ||
| Q1 25 | $1.1B | $1.0B | ||
| Q4 24 | $1.3B | $1.8B | ||
| Q3 24 | $1.1B | $1.3B | ||
| Q2 24 | $788.7M | $825.3M | ||
| Q1 24 | $707.4M | $959.8M |
净利润ARESDECK
| Q4 25 | $54.2M | $481.1M | ||
| Q3 25 | $288.9M | $268.2M | ||
| Q2 25 | $137.1M | $139.2M | ||
| Q1 25 | $47.2M | $151.4M | ||
| Q4 24 | $177.3M | $456.7M | ||
| Q3 24 | $118.5M | $242.3M | ||
| Q2 24 | $94.9M | $115.6M | ||
| Q1 24 | $73.0M | $127.5M |
毛利率ARESDECK
| Q4 25 | — | 59.8% | ||
| Q3 25 | — | 56.2% | ||
| Q2 25 | — | 55.8% | ||
| Q1 25 | — | 56.7% | ||
| Q4 24 | — | 60.3% | ||
| Q3 24 | — | 55.9% | ||
| Q2 24 | — | 56.9% | ||
| Q1 24 | — | 56.2% |
营业利润率ARESDECK
| Q4 25 | 13.7% | 31.4% | ||
| Q3 25 | 39.3% | 22.8% | ||
| Q2 25 | 21.3% | 17.1% | ||
| Q1 25 | 13.0% | 17.0% | ||
| Q4 24 | 31.8% | 31.0% | ||
| Q3 24 | 29.0% | 23.3% | ||
| Q2 24 | 40.2% | 16.1% | ||
| Q1 24 | 32.7% | 15.0% |
净利率ARESDECK
| Q4 25 | 3.6% | 24.6% | ||
| Q3 25 | 17.4% | 18.7% | ||
| Q2 25 | 10.2% | 14.4% | ||
| Q1 25 | 4.3% | 14.8% | ||
| Q4 24 | 14.1% | 25.0% | ||
| Q3 24 | 10.5% | 18.5% | ||
| Q2 24 | 12.0% | 14.0% | ||
| Q1 24 | 10.3% | 13.3% |
每股收益（稀释后）ARESDECK
| Q4 25 | — | $3.33 | ||
| Q3 25 | — | $1.82 | ||
| Q2 25 | — | $0.93 | ||
| Q1 25 | — | $-2.78 | ||
| Q4 24 | — | $3.00 | ||
| Q3 24 | — | $1.59 | ||
| Q2 24 | — | $4.52 | ||
| Q1 24 | — | $4.82 |
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 | — | $2.1B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $4.3B | $2.6B |
| 总资产 | $28.6B | $4.1B |
| 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ARESDECK
| Q4 25 | — | $2.1B | ||
| Q3 25 | — | $1.4B | ||
| Q2 25 | — | $1.7B | ||
| Q1 25 | — | $1.9B | ||
| Q4 24 | — | $2.2B | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | $1.4B | ||
| Q1 24 | — | $1.5B |
股东权益ARESDECK
| Q4 25 | $4.3B | $2.6B | ||
| Q3 25 | $4.5B | $2.5B | ||
| Q2 25 | $4.4B | $2.5B | ||
| Q1 25 | $4.5B | $2.5B | ||
| Q4 24 | $3.5B | $2.6B | ||
| Q3 24 | $2.1B | $2.2B | ||
| Q2 24 | $2.0B | $2.1B | ||
| Q1 24 | $1.8B | $2.1B |
总资产ARESDECK
| Q4 25 | $28.6B | $4.1B | ||
| Q3 25 | $27.0B | $3.8B | ||
| Q2 25 | $27.3B | $3.8B | ||
| Q1 25 | $27.2B | $3.6B | ||
| Q4 24 | $24.9B | $4.0B | ||
| Q3 24 | $24.5B | $3.4B | ||
| Q2 24 | $24.2B | $3.3B | ||
| Q1 24 | $24.4B | $3.1B |
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 | $1.0B |
| 自由现金流经营现金流 - 资本支出 | — | $1.0B |
| 自由现金流率自由现金流/营收 | — | 52.1% |
| 资本支出强度资本支出/营收 | — | 1.1% |
| 现金转化率经营现金流/净利润 | -8.92× | 2.17× |
| 过去12个月自由现金流最近4个季度 | — | $929.1M |
8季度趋势，按日历期对齐
经营现金流ARESDECK
| Q4 25 | $-483.7M | $1.0B | ||
| Q3 25 | $1.3B | $8.1M | ||
| Q2 25 | $415.7M | $36.1M | ||
| Q1 25 | $2.0B | $-73.0M | ||
| Q4 24 | $807.6M | $1.1B | ||
| Q3 24 | $841.3M | $-90.5M | ||
| Q2 24 | $432.2M | $112.7M | ||
| Q1 24 | $710.0M | $-28.7M |
自由现金流ARESDECK
| Q4 25 | — | $1.0B | ||
| Q3 25 | — | $-13.9M | ||
| Q2 25 | — | $12.2M | ||
| Q1 25 | — | $-89.4M | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | — | $-113.4M | ||
| Q2 24 | — | $90.1M | ||
| Q1 24 | — | $-44.0M |
自由现金流率ARESDECK
| Q4 25 | — | 52.1% | ||
| Q3 25 | — | -1.0% | ||
| Q2 25 | — | 1.3% | ||
| Q1 25 | — | -8.8% | ||
| Q4 24 | — | 58.6% | ||
| Q3 24 | — | -8.6% | ||
| Q2 24 | — | 10.9% | ||
| Q1 24 | — | -4.6% |
资本支出强度ARESDECK
| Q4 25 | — | 1.1% | ||
| Q3 25 | — | 1.5% | ||
| Q2 25 | — | 2.5% | ||
| Q1 25 | — | 1.6% | ||
| Q4 24 | — | 1.3% | ||
| Q3 24 | — | 1.7% | ||
| Q2 24 | — | 2.7% | ||
| Q1 24 | — | 1.6% |
现金转化率ARESDECK
| Q4 25 | -8.92× | 2.17× | ||
| Q3 25 | 4.64× | 0.03× | ||
| Q2 25 | 3.03× | 0.26× | ||
| Q1 25 | 42.28× | -0.48× | ||
| Q4 24 | 4.55× | 2.40× | ||
| Q3 24 | 7.10× | -0.37× | ||
| Q2 24 | 4.55× | 0.97× | ||
| Q1 24 | 9.72× | -0.22× |
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% |
DECK
| UGG Brand Segment | $1.3B | 67% |
| Hoka Brand Segment | $628.9M | 32% |
| Other Brands Segment | $23.2M | 1% |
