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Ares Management Corp（ARES）与Digital Realty（DLR）财务数据对比。点击上方公司名可切换其他公司
Digital Realty的季度营收约是Ares Management Corp的1.1倍（$1.6B vs $1.5B），Digital Realty净利率更高（6.0% vs 3.6%，领先2.4%），Ares Management Corp同比增速更快（19.5% vs 16.1%），过去两年Ares Management Corp的营收复合增速更高（45.9% vs 9.8%）
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。
Digital Realty是一家全球知名的不动产投资信托企业，核心业务涵盖全球各地运营商中立数据中心的持有、运营与投资，可为客户提供数据中心部署、主机托管、网络互联等多元专业服务，能够满足不同企业对算力基础设施、数据存储及网络连接的多样化需求。
ARES vs DLR — 直观对比
营收规模更大
DLR
是对方的1.1倍
$1.5B
营收增速更快
ARES
高出3.4%
16.1%
净利率更高
DLR
高出2.4%
3.6%
两年增速更快
ARES
近两年复合增速
9.8%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $1.6B |
| 净利润 | $54.2M | $98.6M |
| 毛利率 | — | — |
| 营业利润率 | 13.7% | 6.9% |
| 净利率 | 3.6% | 6.0% |
| 营收同比 | 19.5% | 16.1% |
| 净利润同比 | -69.4% | -10.3% |
| 每股收益（稀释后） | — | $0.22 |
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ARESDLR
| Q1 26 | — | $1.6B | ||
| Q4 25 | $1.5B | $1.6B | ||
| Q3 25 | $1.7B | $1.6B | ||
| Q2 25 | $1.4B | $1.5B | ||
| Q1 25 | $1.1B | $1.4B | ||
| Q4 24 | $1.3B | $1.4B | ||
| Q3 24 | $1.1B | $1.4B | ||
| Q2 24 | $788.7M | $1.4B |
净利润ARESDLR
| Q1 26 | — | $98.6M | ||
| Q4 25 | $54.2M | $98.6M | ||
| Q3 25 | $288.9M | $67.8M | ||
| Q2 25 | $137.1M | $1.0B | ||
| Q1 25 | $47.2M | $110.0M | ||
| Q4 24 | $177.3M | $189.6M | ||
| Q3 24 | $118.5M | $51.2M | ||
| Q2 24 | $94.9M | $80.2M |
营业利润率ARESDLR
| Q1 26 | — | 6.9% | ||
| Q4 25 | 13.7% | 6.9% | ||
| Q3 25 | 39.3% | 8.8% | ||
| Q2 25 | 21.3% | 14.2% | ||
| Q1 25 | 13.0% | 13.9% | ||
| Q4 24 | 31.8% | 10.1% | ||
| Q3 24 | 29.0% | 11.8% | ||
| Q2 24 | 40.2% | 0.7% |
净利率ARESDLR
| Q1 26 | — | 6.0% | ||
| Q4 25 | 3.6% | 6.0% | ||
| Q3 25 | 17.4% | 4.3% | ||
| Q2 25 | 10.2% | 69.1% | ||
| Q1 25 | 4.3% | 7.8% | ||
| Q4 24 | 14.1% | 13.2% | ||
| Q3 24 | 10.5% | 3.6% | ||
| Q2 24 | 12.0% | 5.9% |
每股收益（稀释后）ARESDLR
| Q1 26 | — | $0.22 | ||
| Q4 25 | — | $0.22 | ||
| Q3 25 | — | $0.15 | ||
| Q2 25 | — | $2.94 | ||
| Q1 25 | — | $0.27 | ||
| Q4 24 | — | $0.50 | ||
| Q3 24 | — | $0.09 | ||
| Q2 24 | — | $0.20 |
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 | — | $3.5B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $4.3B | $22.9B |
| 总资产 | $28.6B | $49.4B |
| 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ARESDLR
| Q1 26 | — | $3.5B | ||
| Q4 25 | — | $3.5B | ||
| Q3 25 | — | $3.3B | ||
| Q2 25 | — | $3.6B | ||
| Q1 25 | — | $2.3B | ||
| Q4 24 | — | $3.9B | ||
| Q3 24 | — | $2.2B | ||
| Q2 24 | — | $2.3B |
股东权益ARESDLR
| Q1 26 | — | $22.9B | ||
| Q4 25 | $4.3B | $22.9B | ||
| Q3 25 | $4.5B | $23.0B | ||
| Q2 25 | $4.4B | $22.9B | ||
| Q1 25 | $4.5B | $21.3B | ||
| Q4 24 | $3.5B | $21.3B | ||
| Q3 24 | $2.1B | $21.2B | ||
| Q2 24 | $2.0B | $20.5B |
总资产ARESDLR
| Q1 26 | — | $49.4B | ||
| Q4 25 | $28.6B | $49.4B | ||
| Q3 25 | $27.0B | $48.7B | ||
| Q2 25 | $27.3B | $48.7B | ||
| Q1 25 | $27.2B | $45.1B | ||
| Q4 24 | $24.9B | $45.3B | ||
| Q3 24 | $24.5B | $45.3B | ||
| Q2 24 | $24.2B | $43.6B |
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 | — |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | -8.92× | — |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流ARESDLR
| Q1 26 | — | — | ||
| Q4 25 | $-483.7M | $719.0M | ||
| Q3 25 | $1.3B | $652.9M | ||
| Q2 25 | $415.7M | $641.2M | ||
| Q1 25 | $2.0B | $399.1M | ||
| Q4 24 | $807.6M | $769.5M | ||
| Q3 24 | $841.3M | $566.5M | ||
| Q2 24 | $432.2M | $573.2M |
现金转化率ARESDLR
| Q1 26 | — | — | ||
| Q4 25 | -8.92× | 7.29× | ||
| Q3 25 | 4.64× | 9.63× | ||
| Q2 25 | 3.03× | 0.62× | ||
| Q1 25 | 42.28× | 3.63× | ||
| Q4 24 | 4.55× | 4.06× | ||
| Q3 24 | 7.10× | 11.07× | ||
| Q2 24 | 4.55× | 7.15× |
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% |
DLR
暂无分部数据
