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Ares Management Corp（ARES）与Globe Life（GL）财务数据对比。点击上方公司名可切换其他公司
Globe Life的季度营收约是Ares Management Corp的1.0倍（$1.6B vs $1.5B），Globe Life净利率更高（17.3% vs 3.6%，领先13.7%），Ares Management Corp同比增速更快（19.5% vs 5.3%），过去两年Ares Management Corp的营收复合增速更高（45.9% vs 4.1%）
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。
Globe Life Inc.（股票代码：GL）是总部位于美国得克萨斯州麦金尼的金融服务控股公司，在纽约证券交易所上市，通过旗下全资子公司开展业务，主营人寿保险、年金产品及补充健康保险产品。
ARES vs GL — 直观对比
营收规模更大
GL
是对方的1.0倍
$1.5B
营收增速更快
ARES
高出14.2%
5.3%
净利率更高
GL
高出13.7%
3.6%
两年增速更快
ARES
近两年复合增速
4.1%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $1.6B |
| 净利润 | $54.2M | $270.5M |
| 毛利率 | — | — |
| 营业利润率 | 13.7% | — |
| 净利率 | 3.6% | 17.3% |
| 营收同比 | 19.5% | 5.3% |
| 净利润同比 | -69.4% | 6.3% |
| 每股收益（稀释后） | — | $3.39 |
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ARESGL
| Q1 26 | — | $1.6B | ||
| 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 | $1.5B | ||
| Q3 24 | $1.1B | $1.5B | ||
| Q2 24 | $788.7M | $1.4B |
净利润ARESGL
| Q1 26 | — | $270.5M | ||
| Q4 25 | $54.2M | $266.1M | ||
| Q3 25 | $288.9M | $387.8M | ||
| Q2 25 | $137.1M | $252.7M | ||
| Q1 25 | $47.2M | $254.6M | ||
| Q4 24 | $177.3M | $255.2M | ||
| Q3 24 | $118.5M | $303.0M | ||
| Q2 24 | $94.9M | $258.4M |
毛利率ARESGL
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 26.1% | ||
| Q2 24 | — | 23.3% |
营业利润率ARESGL
| Q1 26 | — | — | ||
| Q4 25 | 13.7% | 21.7% | ||
| Q3 25 | 39.3% | 31.5% | ||
| Q2 25 | 21.3% | 21.2% | ||
| Q1 25 | 13.0% | 21.4% | ||
| Q4 24 | 31.8% | 21.3% | ||
| Q3 24 | 29.0% | 26.3% | ||
| Q2 24 | 40.2% | 23.5% |
净利率ARESGL
| Q1 26 | — | 17.3% | ||
| Q4 25 | 3.6% | 17.5% | ||
| Q3 25 | 17.4% | 25.6% | ||
| Q2 25 | 10.2% | 17.1% | ||
| Q1 25 | 4.3% | 17.2% | ||
| Q4 24 | 14.1% | 17.4% | ||
| Q3 24 | 10.5% | 20.8% | ||
| Q2 24 | 12.0% | 17.9% |
每股收益（稀释后）ARESGL
| Q1 26 | — | $3.39 | ||
| Q4 25 | — | $3.28 | ||
| Q3 25 | — | $4.73 | ||
| Q2 25 | — | $3.05 | ||
| Q1 25 | — | $3.01 | ||
| Q4 24 | — | $3.00 | ||
| Q3 24 | — | $3.44 | ||
| Q2 24 | — | $2.83 |
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 | — | $183.8M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $4.3B | $6.1B |
| 总资产 | $28.6B | — |
| 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ARESGL
| Q1 26 | — | $183.8M | ||
| Q4 25 | — | $314.7M | ||
| Q3 25 | — | $62.8M | ||
| Q2 25 | — | $116.7M | ||
| Q1 25 | — | $134.1M | ||
| Q4 24 | — | $85.0M | ||
| Q3 24 | — | $100.5M | ||
| Q2 24 | — | $100.6M |
股东权益ARESGL
| Q1 26 | — | $6.1B | ||
| Q4 25 | $4.3B | $6.0B | ||
| Q3 25 | $4.5B | $5.7B | ||
| Q2 25 | $4.4B | $5.4B | ||
| Q1 25 | $4.5B | $5.4B | ||
| Q4 24 | $3.5B | $5.3B | ||
| Q3 24 | $2.1B | $4.6B | ||
| Q2 24 | $2.0B | $5.2B |
总资产ARESGL
| Q1 26 | — | — | ||
| Q4 25 | $28.6B | $30.8B | ||
| Q3 25 | $27.0B | $30.5B | ||
| Q2 25 | $27.3B | $29.8B | ||
| Q1 25 | $27.2B | $29.7B | ||
| Q4 24 | $24.9B | $29.1B | ||
| Q3 24 | $24.5B | $29.6B | ||
| Q2 24 | $24.2B | $28.3B |
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ARESGL
| Q1 26 | — | — | ||
| Q4 25 | $-483.7M | $350.6M | ||
| Q3 25 | $1.3B | $306.0M | ||
| Q2 25 | $415.7M | $307.9M | ||
| Q1 25 | $2.0B | $431.9M | ||
| Q4 24 | $807.6M | $336.9M | ||
| Q3 24 | $841.3M | $340.6M | ||
| Q2 24 | $432.2M | $374.1M |
自由现金流ARESGL
| Q1 26 | — | — | ||
| Q4 25 | — | $330.1M | ||
| Q3 25 | — | $208.7M | ||
| Q2 25 | — | $295.0M | ||
| Q1 25 | — | $420.1M | ||
| Q4 24 | — | $321.9M | ||
| Q3 24 | — | $311.3M | ||
| Q2 24 | — | $356.5M |
自由现金流率ARESGL
| Q1 26 | — | — | ||
| Q4 25 | — | 21.7% | ||
| Q3 25 | — | 13.8% | ||
| Q2 25 | — | 19.9% | ||
| Q1 25 | — | 28.4% | ||
| Q4 24 | — | 22.0% | ||
| Q3 24 | — | 21.4% | ||
| Q2 24 | — | 24.8% |
资本支出强度ARESGL
| Q1 26 | — | — | ||
| Q4 25 | — | 1.3% | ||
| Q3 25 | — | 6.4% | ||
| Q2 25 | — | 0.9% | ||
| Q1 25 | — | 0.8% | ||
| Q4 24 | — | 1.0% | ||
| Q3 24 | — | 2.0% | ||
| Q2 24 | — | 1.2% |
现金转化率ARESGL
| Q1 26 | — | — | ||
| Q4 25 | -8.92× | 1.32× | ||
| Q3 25 | 4.64× | 0.79× | ||
| Q2 25 | 3.03× | 1.22× | ||
| Q1 25 | 42.28× | 1.70× | ||
| Q4 24 | 4.55× | 1.32× | ||
| Q3 24 | 7.10× | 1.12× | ||
| Q2 24 | 4.55× | 1.45× |
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% |
GL
| Life premium | $853.2M | 55% |
| Health premium | $416.9M | 27% |
| Other | $289.5M | 19% |
