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Ares Management Corp（ARES）与华利安（HLI）财务数据对比。点击上方公司名可切换其他公司
Ares Management Corp的季度营收约是华利安的2.1倍（$1.5B vs $717.1M）。华利安净利率更高（16.3% vs 3.6%，领先12.6%）。Ares Management Corp同比增速更快（19.5% vs 13.0%）。过去两年Ares Management Corp的营收复合增速更高（45.9% vs 17.4%）
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。
华利安是美国知名跨国独立投资银行及金融服务机构，1972年成立，总部位于加利福尼亚州洛杉矶世纪城的星座广场。公司为上市企业、非公众公司、机构及政府主体提供专业服务，核心业务涵盖并购咨询、资本解决方案、重组与困境并购、公允意见出具，以及财务与估值顾问等领域。
ARES vs HLI — 直观对比
营收规模更大
ARES
是对方的2.1倍
$717.1M
营收增速更快
ARES
高出6.5%
13.0%
净利率更高
HLI
高出12.6%
3.6%
两年增速更快
ARES
近两年复合增速
17.4%
损益表 — Q4 2025 vs Q3 2026
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $717.1M |
| 净利润 | $54.2M | $116.5M |
| 毛利率 | — | 32.2% |
| 营业利润率 | 13.7% | 22.4% |
| 净利率 | 3.6% | 16.3% |
| 营收同比 | 19.5% | 13.0% |
| 净利润同比 | -69.4% | 22.3% |
| 每股收益（稀释后） | — | $1.70 |
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ARESHLI
| Q4 25 | $1.5B | $717.1M | ||
| Q3 25 | $1.7B | $659.5M | ||
| Q2 25 | $1.4B | $605.3M | ||
| Q1 25 | $1.1B | $666.4M | ||
| Q4 24 | $1.3B | $634.4M | ||
| Q3 24 | $1.1B | $575.0M | ||
| Q2 24 | $788.7M | $513.6M | ||
| Q1 24 | $707.4M | $520.5M |
净利润ARESHLI
| Q4 25 | $54.2M | $116.5M | ||
| Q3 25 | $288.9M | $111.8M | ||
| Q2 25 | $137.1M | $97.5M | ||
| Q1 25 | $47.2M | $121.9M | ||
| Q4 24 | $177.3M | $95.3M | ||
| Q3 24 | $118.5M | $93.5M | ||
| Q2 24 | $94.9M | $88.9M | ||
| Q1 24 | $73.0M | $81.1M |
毛利率ARESHLI
| Q4 25 | — | 32.2% | ||
| Q3 25 | — | 33.8% | ||
| Q2 25 | — | 31.0% | ||
| Q1 25 | — | 33.9% | ||
| Q4 24 | — | 31.4% | ||
| Q3 24 | — | 33.0% | ||
| Q2 24 | — | 30.6% | ||
| Q1 24 | — | 30.3% |
营业利润率ARESHLI
| Q4 25 | 13.7% | 22.4% | ||
| Q3 25 | 39.3% | 22.9% | ||
| Q2 25 | 21.3% | 14.8% | ||
| Q1 25 | 13.0% | 20.9% | ||
| Q4 24 | 31.8% | 21.5% | ||
| Q3 24 | 29.0% | 22.7% | ||
| Q2 24 | 40.2% | 18.6% | ||
| Q1 24 | 32.7% | 19.7% |
净利率ARESHLI
| Q4 25 | 3.6% | 16.3% | ||
| Q3 25 | 17.4% | 17.0% | ||
| Q2 25 | 10.2% | 16.1% | ||
| Q1 25 | 4.3% | 18.3% | ||
| Q4 24 | 14.1% | 15.0% | ||
| Q3 24 | 10.5% | 16.3% | ||
| Q2 24 | 12.0% | 17.3% | ||
| Q1 24 | 10.3% | 15.6% |
每股收益（稀释后）ARESHLI
| Q4 25 | — | $1.70 | ||
| Q3 25 | — | $1.63 | ||
| Q2 25 | — | $1.42 | ||
| Q1 25 | — | $1.76 | ||
| Q4 24 | — | $1.39 | ||
| Q3 24 | — | $1.37 | ||
| Q2 24 | — | $1.30 | ||
| Q1 24 | — | $1.18 |
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 | — | $1.1B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $4.3B | $2.3B |
| 总资产 | $28.6B | $3.9B |
| 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ARESHLI
| Q4 25 | — | $1.1B | ||
| Q3 25 | — | $923.6M | ||
| Q2 25 | — | $793.8M | ||
| Q1 25 | — | $971.0M | ||
| Q4 24 | — | $799.3M | ||
| Q3 24 | — | $691.4M | ||
| Q2 24 | — | $449.7M | ||
| Q1 24 | — | $721.2M |
股东权益ARESHLI
| Q4 25 | $4.3B | $2.3B | ||
| Q3 25 | $4.5B | $2.2B | ||
| Q2 25 | $4.4B | $2.2B | ||
| 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 | $1.8B |
总资产ARESHLI
| Q4 25 | $28.6B | $3.9B | ||
| Q3 25 | $27.0B | $3.8B | ||
| Q2 25 | $27.3B | $3.5B | ||
| Q1 25 | $27.2B | $3.8B | ||
| Q4 24 | $24.9B | $3.5B | ||
| Q3 24 | $24.5B | $3.2B | ||
| Q2 24 | $24.2B | $2.9B | ||
| Q1 24 | $24.4B | $3.2B |
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 | $217.7M |
| 自由现金流经营现金流 - 资本支出 | — | $217.0M |
| 自由现金流率自由现金流/营收 | — | 30.3% |
| 资本支出强度资本支出/营收 | — | 0.1% |
| 现金转化率经营现金流/净利润 | -8.92× | 1.87× |
| 过去12个月自由现金流最近4个季度 | — | $738.9M |
8季度趋势，按日历期对齐
经营现金流ARESHLI
| Q4 25 | $-483.7M | $217.7M | ||
| Q3 25 | $1.3B | $325.0M | ||
| Q2 25 | $415.7M | $-131.6M | ||
| Q1 25 | $2.0B | $358.4M | ||
| Q4 24 | $807.6M | $265.5M | ||
| Q3 24 | $841.3M | $289.2M | ||
| Q2 24 | $432.2M | $-64.5M | ||
| Q1 24 | $710.0M | $225.3M |
自由现金流ARESHLI
| Q4 25 | — | $217.0M | ||
| Q3 25 | — | $322.8M | ||
| Q2 25 | — | $-144.8M | ||
| Q1 25 | — | $343.9M | ||
| Q4 24 | — | $261.7M | ||
| Q3 24 | — | $278.7M | ||
| Q2 24 | — | $-75.4M | ||
| Q1 24 | — | $213.1M |
自由现金流率ARESHLI
| Q4 25 | — | 30.3% | ||
| Q3 25 | — | 49.0% | ||
| Q2 25 | — | -23.9% | ||
| Q1 25 | — | 51.6% | ||
| Q4 24 | — | 41.2% | ||
| Q3 24 | — | 48.5% | ||
| Q2 24 | — | -14.7% | ||
| Q1 24 | — | 40.9% |
资本支出强度ARESHLI
| Q4 25 | — | 0.1% | ||
| Q3 25 | — | 0.3% | ||
| Q2 25 | — | 2.2% | ||
| Q1 25 | — | 2.2% | ||
| Q4 24 | — | 0.6% | ||
| Q3 24 | — | 1.8% | ||
| Q2 24 | — | 2.1% | ||
| Q1 24 | — | 2.3% |
现金转化率ARESHLI
| Q4 25 | -8.92× | 1.87× | ||
| Q3 25 | 4.64× | 2.91× | ||
| Q2 25 | 3.03× | -1.35× | ||
| Q1 25 | 42.28× | 2.94× | ||
| Q4 24 | 4.55× | 2.79× | ||
| Q3 24 | 7.10× | 3.09× | ||
| Q2 24 | 4.55× | -0.73× | ||
| Q1 24 | 9.72× | 2.78× |
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% |
HLI
| Corporate Finance | $473.7M | 66% |
| Financial Restructuring | $156.3M | 22% |
| Financial Advisory Services | $87.1M | 12% |
