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Ares Management Corp（ARES）与Encompass Health Corp（EHC）财务数据对比。点击上方公司名可切换其他公司
Encompass Health Corp的季度营收约是Ares Management Corp的1.0倍（$1.5B vs $1.5B），Encompass Health Corp净利率更高（9.5% vs 3.6%，领先5.9%），Ares Management Corp同比增速更快（19.5% vs 9.9%），过去两年Ares Management Corp的营收复合增速更高（45.9% vs 8.3%）
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。
Encompass Health Corp前身为Amcare及HealthSouth，总部位于美国阿拉巴马州伯明翰，是美国规模最大的住院康复服务提供商，在39个州及波多黎各拥有173家住院康复医院，为中风、神经系统疾病、心肺病症、脑损伤等患者提供专业康复诊疗服务。
ARES vs EHC — 直观对比
营收规模更大
EHC
是对方的1.0倍
$1.5B
营收增速更快
ARES
高出9.6%
9.9%
净利率更高
EHC
高出5.9%
3.6%
两年增速更快
ARES
近两年复合增速
8.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $1.5B |
| 净利润 | $54.2M | $146.1M |
| 毛利率 | — | — |
| 营业利润率 | 13.7% | 16.7% |
| 净利率 | 3.6% | 9.5% |
| 营收同比 | 19.5% | 9.9% |
| 净利润同比 | -69.4% | 20.8% |
| 每股收益（稀释后） | — | $1.43 |
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ARESEHC
| Q4 25 | $1.5B | $1.5B | ||
| Q3 25 | $1.7B | $1.5B | ||
| Q2 25 | $1.4B | $1.5B | ||
| Q1 25 | $1.1B | $1.5B | ||
| Q4 24 | $1.3B | $1.4B | ||
| Q3 24 | $1.1B | $1.4B | ||
| Q2 24 | $788.7M | $1.3B | ||
| Q1 24 | $707.4M | $1.3B |
净利润ARESEHC
| Q4 25 | $54.2M | $146.1M | ||
| Q3 25 | $288.9M | $126.5M | ||
| Q2 25 | $137.1M | $142.1M | ||
| Q1 25 | $47.2M | $151.5M | ||
| Q4 24 | $177.3M | $120.9M | ||
| Q3 24 | $118.5M | $108.2M | ||
| Q2 24 | $94.9M | $114.1M | ||
| Q1 24 | $73.0M | $112.5M |
营业利润率ARESEHC
| Q4 25 | 13.7% | 16.7% | ||
| Q3 25 | 39.3% | 14.9% | ||
| Q2 25 | 21.3% | 16.2% | ||
| Q1 25 | 13.0% | 16.4% | ||
| Q4 24 | 31.8% | 14.3% | ||
| Q3 24 | 29.0% | 13.6% | ||
| Q2 24 | 40.2% | 14.3% | ||
| Q1 24 | 32.7% | 13.6% |
净利率ARESEHC
| Q4 25 | 3.6% | 9.5% | ||
| Q3 25 | 17.4% | 8.6% | ||
| Q2 25 | 10.2% | 9.7% | ||
| Q1 25 | 4.3% | 10.4% | ||
| Q4 24 | 14.1% | 8.6% | ||
| Q3 24 | 10.5% | 8.0% | ||
| Q2 24 | 12.0% | 8.8% | ||
| Q1 24 | 10.3% | 8.5% |
每股收益（稀释后）ARESEHC
| Q4 25 | — | $1.43 | ||
| Q3 25 | — | $1.24 | ||
| Q2 25 | — | $1.39 | ||
| Q1 25 | — | $1.48 | ||
| Q4 24 | — | $1.18 | ||
| Q3 24 | — | $1.06 | ||
| Q2 24 | — | $1.12 | ||
| Q1 24 | — | $1.10 |
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 | — | $72.2M |
| 总债务越低越好 | — | $2.4B |
| 股东权益账面价值 | $4.3B | $2.4B |
| 总资产 | $28.6B | $7.1B |
| 负债/权益比越低杠杆越低 | — | 1.00× |
8季度趋势，按日历期对齐
现金及短期投资ARESEHC
| Q4 25 | — | $72.2M | ||
| Q3 25 | — | $48.7M | ||
| Q2 25 | — | $99.1M | ||
| Q1 25 | — | $95.8M | ||
| Q4 24 | — | $85.4M | ||
| Q3 24 | — | $147.8M | ||
| Q2 24 | — | $154.4M | ||
| Q1 24 | — | $134.4M |
总债务ARESEHC
| Q4 25 | — | $2.4B | ||
| Q3 25 | — | $2.4B | ||
| Q2 25 | — | $2.3B | ||
| Q1 25 | — | $2.3B | ||
| Q4 24 | — | $2.4B | ||
| Q3 24 | — | $2.3B | ||
| Q2 24 | — | $2.7B | ||
| Q1 24 | — | $2.7B |
股东权益ARESEHC
| Q4 25 | $4.3B | $2.4B | ||
| Q3 25 | $4.5B | $2.4B | ||
| Q2 25 | $4.4B | $2.3B | ||
| Q1 25 | $4.5B | $2.2B | ||
| Q4 24 | $3.5B | $2.1B | ||
| Q3 24 | $2.1B | $2.0B | ||
| Q2 24 | $2.0B | $1.8B | ||
| Q1 24 | $1.8B | $1.7B |
总资产ARESEHC
| Q4 25 | $28.6B | $7.1B | ||
| Q3 25 | $27.0B | $6.9B | ||
| Q2 25 | $27.3B | $6.8B | ||
| Q1 25 | $27.2B | $6.6B | ||
| Q4 24 | $24.9B | $6.5B | ||
| Q3 24 | $24.5B | $6.5B | ||
| Q2 24 | $24.2B | $6.4B | ||
| Q1 24 | $24.4B | $6.2B |
负债/权益比ARESEHC
| Q4 25 | — | 1.00× | ||
| Q3 25 | — | 1.01× | ||
| Q2 25 | — | 1.02× | ||
| Q1 25 | — | 1.08× | ||
| Q4 24 | — | 1.14× | ||
| Q3 24 | — | 1.20× | ||
| Q2 24 | — | 1.46× | ||
| Q1 24 | — | 1.54× |
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 | $346.0M |
| 自由现金流经营现金流 - 资本支出 | — | $116.7M |
| 自由现金流率自由现金流/营收 | — | 7.6% |
| 资本支出强度资本支出/营收 | — | 14.8% |
| 现金转化率经营现金流/净利润 | -8.92× | 2.37× |
| 过去12个月自由现金流最近4个季度 | — | $439.2M |
8季度趋势，按日历期对齐
经营现金流ARESEHC
| Q4 25 | $-483.7M | $346.0M | ||
| Q3 25 | $1.3B | $270.8M | ||
| Q2 25 | $415.7M | $270.2M | ||
| Q1 25 | $2.0B | $288.6M | ||
| Q4 24 | $807.6M | $278.8M | ||
| Q3 24 | $841.3M | $267.8M | ||
| Q2 24 | $432.2M | $217.4M | ||
| Q1 24 | $710.0M | $238.8M |
自由现金流ARESEHC
| Q4 25 | — | $116.7M | ||
| Q3 25 | — | $83.7M | ||
| Q2 25 | — | $113.3M | ||
| Q1 25 | — | $125.5M | ||
| Q4 24 | — | $80.1M | ||
| Q3 24 | — | $120.3M | ||
| Q2 24 | — | $60.5M | ||
| Q1 24 | — | $99.4M |
自由现金流率ARESEHC
| Q4 25 | — | 7.6% | ||
| Q3 25 | — | 5.7% | ||
| Q2 25 | — | 7.8% | ||
| Q1 25 | — | 8.6% | ||
| Q4 24 | — | 5.7% | ||
| Q3 24 | — | 8.9% | ||
| Q2 24 | — | 4.6% | ||
| Q1 24 | — | 7.6% |
资本支出强度ARESEHC
| Q4 25 | — | 14.8% | ||
| Q3 25 | — | 12.7% | ||
| Q2 25 | — | 10.8% | ||
| Q1 25 | — | 11.2% | ||
| Q4 24 | — | 14.1% | ||
| Q3 24 | — | 10.9% | ||
| Q2 24 | — | 12.1% | ||
| Q1 24 | — | 10.6% |
现金转化率ARESEHC
| Q4 25 | -8.92× | 2.37× | ||
| Q3 25 | 4.64× | 2.14× | ||
| Q2 25 | 3.03× | 1.90× | ||
| Q1 25 | 42.28× | 1.90× | ||
| Q4 24 | 4.55× | 2.31× | ||
| Q3 24 | 7.10× | 2.48× | ||
| Q2 24 | 4.55× | 1.91× | ||
| Q1 24 | 9.72× | 2.12× |
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% |
EHC
| Medicare | $1.0B | 66% |
| Medicare Advantage | $243.1M | 16% |
| Managed Care | $160.7M | 10% |
| Medicaid | $47.0M | 3% |
| Other Income Source | $44.8M | 3% |
| Other Thirdparty Payors | $11.2M | 1% |
| Workers Compensation | $7.6M | 0% |
| Patients | $4.6M | 0% |
