vs
Ares Management Corp（ARES）与易贝（EBAY）财务数据对比。点击上方公司名可切换其他公司
易贝的季度营收约是Ares Management Corp的2.0倍（$3.0B vs $1.5B），易贝净利率更高（17.8% vs 3.6%，领先14.2%），Ares Management Corp同比增速更快（19.5% vs 15.0%），过去两年Ares Management Corp的营收复合增速更高（45.9% vs 7.7%）
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。
eBay是总部位于美国加利福尼亚州圣何塞的跨国电商企业，1995年9月由皮埃尔·奥米迪亚创立。其业务覆盖全球190个市场，旗下线上平台支持拍卖及“立即购买”两种销售模式，消费者可便捷选购各类商品，平台会在卖家完成交易后收取相应佣金。
ARES vs EBAY — 直观对比
营收规模更大
EBAY
是对方的2.0倍
$1.5B
营收增速更快
ARES
高出4.6%
15.0%
净利率更高
EBAY
高出14.2%
3.6%
两年增速更快
ARES
近两年复合增速
7.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $3.0B |
| 净利润 | $54.2M | $528.0M |
| 毛利率 | — | 71.4% |
| 营业利润率 | 13.7% | 20.3% |
| 净利率 | 3.6% | 17.8% |
| 营收同比 | 19.5% | 15.0% |
| 净利润同比 | -69.4% | -22.2% |
| 每股收益（稀释后） | — | $1.14 |
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ARESEBAY
| Q4 25 | $1.5B | $3.0B | ||
| Q3 25 | $1.7B | $2.8B | ||
| Q2 25 | $1.4B | $2.7B | ||
| Q1 25 | $1.1B | $2.6B | ||
| Q4 24 | $1.3B | $2.6B | ||
| Q3 24 | $1.1B | $2.6B | ||
| Q2 24 | $788.7M | $2.6B | ||
| Q1 24 | $707.4M | $2.6B |
净利润ARESEBAY
| Q4 25 | $54.2M | $528.0M | ||
| Q3 25 | $288.9M | $632.0M | ||
| Q2 25 | $137.1M | $368.0M | ||
| Q1 25 | $47.2M | $503.0M | ||
| Q4 24 | $177.3M | $679.0M | ||
| Q3 24 | $118.5M | $634.0M | ||
| Q2 24 | $94.9M | $224.0M | ||
| Q1 24 | $73.0M | $438.0M |
毛利率ARESEBAY
| Q4 25 | — | 71.4% | ||
| Q3 25 | — | 70.9% | ||
| Q2 25 | — | 71.6% | ||
| Q1 25 | — | 72.0% | ||
| Q4 24 | — | 72.2% | ||
| Q3 24 | — | 71.8% | ||
| Q2 24 | — | 71.4% | ||
| Q1 24 | — | 72.6% |
营业利润率ARESEBAY
| Q4 25 | 13.7% | 20.3% | ||
| Q3 25 | 39.3% | 20.4% | ||
| Q2 25 | 21.3% | 17.7% | ||
| Q1 25 | 13.0% | 23.8% | ||
| Q4 24 | 31.8% | 21.1% | ||
| Q3 24 | 29.0% | 23.1% | ||
| Q2 24 | 40.2% | 21.3% | ||
| Q1 24 | 32.7% | 24.7% |
净利率ARESEBAY
| Q4 25 | 3.6% | 17.8% | ||
| Q3 25 | 17.4% | 22.4% | ||
| Q2 25 | 10.2% | 13.5% | ||
| Q1 25 | 4.3% | 19.5% | ||
| Q4 24 | 14.1% | 26.3% | ||
| Q3 24 | 10.5% | 24.6% | ||
| Q2 24 | 12.0% | 8.7% | ||
| Q1 24 | 10.3% | 17.1% |
每股收益（稀释后）ARESEBAY
| Q4 25 | — | $1.14 | ||
| Q3 25 | — | $1.35 | ||
| Q2 25 | — | $0.79 | ||
| Q1 25 | — | $1.06 | ||
| Q4 24 | — | $1.35 | ||
| Q3 24 | — | $1.29 | ||
| Q2 24 | — | $0.45 | ||
| Q1 24 | — | $0.85 |
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 | — | $1.9B |
| 总债务越低越好 | — | $6.0B |
| 股东权益账面价值 | $4.3B | $4.6B |
| 总资产 | $28.6B | $17.6B |
| 负债/权益比越低杠杆越低 | — | 1.30× |
8季度趋势，按日历期对齐
现金及短期投资ARESEBAY
| Q4 25 | — | $1.9B | ||
| Q3 25 | — | $2.4B | ||
| Q2 25 | — | $2.1B | ||
| Q1 25 | — | $3.1B | ||
| Q4 24 | — | $2.4B | ||
| Q3 24 | — | $1.6B | ||
| Q2 24 | — | $2.0B | ||
| Q1 24 | — | $2.1B |
总债务ARESEBAY
| Q4 25 | — | $6.0B | ||
| Q3 25 | — | $5.0B | ||
| Q2 25 | — | $5.0B | ||
| Q1 25 | — | $5.8B | ||
| Q4 24 | — | $5.8B | ||
| Q3 24 | — | $6.2B | ||
| Q2 24 | — | $6.2B | ||
| Q1 24 | — | $6.2B |
股东权益ARESEBAY
| Q4 25 | $4.3B | $4.6B | ||
| Q3 25 | $4.5B | $4.7B | ||
| Q2 25 | $4.4B | $4.7B | ||
| Q1 25 | $4.5B | $5.0B | ||
| Q4 24 | $3.5B | $5.2B | ||
| Q3 24 | $2.1B | $5.4B | ||
| Q2 24 | $2.0B | $5.5B | ||
| Q1 24 | $1.8B | $6.3B |
总资产ARESEBAY
| Q4 25 | $28.6B | $17.6B | ||
| Q3 25 | $27.0B | $17.8B | ||
| Q2 25 | $27.3B | $18.0B | ||
| Q1 25 | $27.2B | $19.0B | ||
| Q4 24 | $24.9B | $19.4B | ||
| Q3 24 | $24.5B | $19.9B | ||
| Q2 24 | $24.2B | $20.4B | ||
| Q1 24 | $24.4B | $21.4B |
负债/权益比ARESEBAY
| Q4 25 | — | 1.30× | ||
| Q3 25 | — | 1.06× | ||
| Q2 25 | — | 1.05× | ||
| Q1 25 | — | 1.16× | ||
| Q4 24 | — | 1.12× | ||
| Q3 24 | — | 1.14× | ||
| Q2 24 | — | 1.12× | ||
| Q1 24 | — | 0.98× |
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 | $595.0M |
| 自由现金流经营现金流 - 资本支出 | — | $478.0M |
| 自由现金流率自由现金流/营收 | — | 16.1% |
| 资本支出强度资本支出/营收 | — | 3.9% |
| 现金转化率经营现金流/净利润 | -8.92× | 1.13× |
| 过去12个月自由现金流最近4个季度 | — | $1.5B |
8季度趋势，按日历期对齐
经营现金流ARESEBAY
| Q4 25 | $-483.7M | $595.0M | ||
| Q3 25 | $1.3B | $934.0M | ||
| Q2 25 | $415.7M | $-307.0M | ||
| Q1 25 | $2.0B | $787.0M | ||
| Q4 24 | $807.6M | $677.0M | ||
| Q3 24 | $841.3M | $755.0M | ||
| Q2 24 | $432.2M | $367.0M | ||
| Q1 24 | $710.0M | $615.0M |
自由现金流ARESEBAY
| Q4 25 | — | $478.0M | ||
| Q3 25 | — | $803.0M | ||
| Q2 25 | — | $-441.0M | ||
| Q1 25 | — | $644.0M | ||
| Q4 24 | — | $560.0M | ||
| Q3 24 | — | $646.0M | ||
| Q2 24 | — | $278.0M | ||
| Q1 24 | — | $472.0M |
自由现金流率ARESEBAY
| Q4 25 | — | 16.1% | ||
| Q3 25 | — | 28.5% | ||
| Q2 25 | — | -16.2% | ||
| Q1 25 | — | 24.9% | ||
| Q4 24 | — | 21.7% | ||
| Q3 24 | — | 25.1% | ||
| Q2 24 | — | 10.8% | ||
| Q1 24 | — | 18.5% |
资本支出强度ARESEBAY
| Q4 25 | — | 3.9% | ||
| Q3 25 | — | 4.6% | ||
| Q2 25 | — | 4.9% | ||
| Q1 25 | — | 5.5% | ||
| Q4 24 | — | 4.5% | ||
| Q3 24 | — | 4.2% | ||
| Q2 24 | — | 3.5% | ||
| Q1 24 | — | 5.6% |
现金转化率ARESEBAY
| Q4 25 | -8.92× | 1.13× | ||
| Q3 25 | 4.64× | 1.48× | ||
| Q2 25 | 3.03× | -0.83× | ||
| Q1 25 | 42.28× | 1.56× | ||
| Q4 24 | 4.55× | 1.00× | ||
| Q3 24 | 7.10× | 1.19× | ||
| Q2 24 | 4.55× | 1.64× | ||
| Q1 24 | 9.72× | 1.40× |
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% |
EBAY
| Marketplace Revenues | $2.4B | 82% |
| Advertising Revenues | $544.0M | 18% |
