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Ares Management Corp（ARES）与因美纳（ILMN）财务数据对比。点击上方公司名可切换其他公司
Ares Management Corp的季度营收约是因美纳的1.3倍（$1.5B vs $1.2B），因美纳净利率更高（28.8% vs 3.6%，领先25.2%），Ares Management Corp同比增速更快（19.5% vs 5.0%），过去两年Ares Management Corp的营收复合增速更高（45.9% vs -0.7%）
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。
因美纳是总部位于美国加利福尼亚州圣迭戈的生物技术企业，成立于1998年4月，专注研发、生产及销售用于分析基因变异与生物功能的集成系统，产品及服务覆盖测序、基因分型、基因表达、蛋白质组学等领域，业务遍及全球超155个国家和地区。
ARES vs ILMN — 直观对比
营收规模更大
ARES
是对方的1.3倍
$1.2B
营收增速更快
ARES
高出14.6%
5.0%
净利率更高
ILMN
高出25.2%
3.6%
两年增速更快
ARES
近两年复合增速
-0.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $1.2B |
| 净利润 | $54.2M | $334.0M |
| 毛利率 | — | 65.5% |
| 营业利润率 | 13.7% | 17.4% |
| 净利率 | 3.6% | 28.8% |
| 营收同比 | 19.5% | 5.0% |
| 净利润同比 | -69.4% | 185.5% |
| 每股收益（稀释后） | — | $2.16 |
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ARESILMN
| Q4 25 | $1.5B | $1.2B | ||
| Q3 25 | $1.7B | — | ||
| Q2 25 | $1.4B | — | ||
| Q1 25 | $1.1B | — | ||
| Q4 24 | $1.3B | $1.1B | ||
| Q3 24 | $1.1B | $1.1B | ||
| Q2 24 | $788.7M | $1.1B | ||
| Q1 24 | $707.4M | $1.1B |
净利润ARESILMN
| Q4 25 | $54.2M | $334.0M | ||
| Q3 25 | $288.9M | — | ||
| Q2 25 | $137.1M | — | ||
| Q1 25 | $47.2M | — | ||
| Q4 24 | $177.3M | $186.0M | ||
| Q3 24 | $118.5M | $705.0M | ||
| Q2 24 | $94.9M | $-2.0B | ||
| Q1 24 | $73.0M | $-126.0M |
毛利率ARESILMN
| Q4 25 | — | 65.5% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 65.9% | ||
| Q3 24 | — | 69.0% | ||
| Q2 24 | — | 64.8% | ||
| Q1 24 | — | 62.0% |
营业利润率ARESILMN
| Q4 25 | 13.7% | 17.4% | ||
| Q3 25 | 39.3% | — | ||
| Q2 25 | 21.3% | — | ||
| Q1 25 | 13.0% | — | ||
| Q4 24 | 31.8% | 15.8% | ||
| Q3 24 | 29.0% | 68.6% | ||
| Q2 24 | 40.2% | -147.2% | ||
| Q1 24 | 32.7% | -10.3% |
净利率ARESILMN
| Q4 25 | 3.6% | 28.8% | ||
| Q3 25 | 17.4% | — | ||
| Q2 25 | 10.2% | — | ||
| Q1 25 | 4.3% | — | ||
| Q4 24 | 14.1% | 16.8% | ||
| Q3 24 | 10.5% | 65.3% | ||
| Q2 24 | 12.0% | -178.8% | ||
| Q1 24 | 10.3% | -11.7% |
每股收益（稀释后）ARESILMN
| Q4 25 | — | $2.16 | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $1.16 | ||
| Q3 24 | — | $4.42 | ||
| Q2 24 | — | $-12.48 | ||
| Q1 24 | — | $-0.79 |
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 | — | $1.6B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $4.3B | $2.7B |
| 总资产 | $28.6B | $6.6B |
| 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ARESILMN
| Q4 25 | — | $1.6B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $93.0M | ||
| Q3 24 | — | $70.0M | ||
| Q2 24 | — | $74.0M | ||
| Q1 24 | — | — |
股东权益ARESILMN
| Q4 25 | $4.3B | $2.7B | ||
| Q3 25 | $4.5B | — | ||
| Q2 25 | $4.4B | — | ||
| Q1 25 | $4.5B | — | ||
| Q4 24 | $3.5B | $2.4B | ||
| Q3 24 | $2.1B | $2.1B | ||
| Q2 24 | $2.0B | $1.4B | ||
| Q1 24 | $1.8B | $5.7B |
总资产ARESILMN
| Q4 25 | $28.6B | $6.6B | ||
| Q3 25 | $27.0B | — | ||
| Q2 25 | $27.3B | — | ||
| Q1 25 | $27.2B | — | ||
| Q4 24 | $24.9B | $6.3B | ||
| Q3 24 | $24.5B | $6.0B | ||
| Q2 24 | $24.2B | $6.1B | ||
| Q1 24 | $24.4B | $10.0B |
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 | $321.0M |
| 自由现金流经营现金流 - 资本支出 | — | $267.0M |
| 自由现金流率自由现金流/营收 | — | 23.0% |
| 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× | 0.96× |
| 过去12个月自由现金流最近4个季度 | — | $935.0M |
8季度趋势，按日历期对齐
经营现金流ARESILMN
| Q4 25 | $-483.7M | $321.0M | ||
| Q3 25 | $1.3B | — | ||
| Q2 25 | $415.7M | — | ||
| Q1 25 | $2.0B | — | ||
| Q4 24 | $807.6M | $364.0M | ||
| Q3 24 | $841.3M | $316.0M | ||
| Q2 24 | $432.2M | $80.0M | ||
| Q1 24 | $710.0M | $77.0M |
自由现金流ARESILMN
| Q4 25 | — | $267.0M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $335.0M | ||
| Q3 24 | — | $284.0M | ||
| Q2 24 | — | $49.0M | ||
| Q1 24 | — | $41.0M |
自由现金流率ARESILMN
| Q4 25 | — | 23.0% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 30.3% | ||
| Q3 24 | — | 26.3% | ||
| Q2 24 | — | 4.4% | ||
| Q1 24 | — | 3.8% |
资本支出强度ARESILMN
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 2.6% | ||
| Q3 24 | — | 3.0% | ||
| Q2 24 | — | 2.8% | ||
| Q1 24 | — | 3.3% |
现金转化率ARESILMN
| Q4 25 | -8.92× | 0.96× | ||
| Q3 25 | 4.64× | — | ||
| Q2 25 | 3.03× | — | ||
| Q1 25 | 42.28× | — | ||
| Q4 24 | 4.55× | 1.96× | ||
| Q3 24 | 7.10× | 0.45× | ||
| Q2 24 | 4.55× | — | ||
| Q1 24 | 9.72× | — |
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% |
ILMN
| Product revenue | $990.0M | 85% |
| Service and other revenue | $169.0M | 15% |
