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Ares Management Corp（ARES）与美森（MATX）财务数据对比。点击上方公司名可切换其他公司
Ares Management Corp的季度营收约是美森的1.8倍（$1.5B vs $851.9M），美森净利率更高（16.8% vs 3.6%，领先13.2%），Ares Management Corp同比增速更快（19.5% vs -4.3%），过去两年Ares Management Corp的营收复合增速更高（45.9% vs 8.6%）
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。
美森公司（Matson, Inc.）是美国知名航运服务企业，总部位于夏威夷州火奴鲁鲁，成立于1882年。旗下子公司美森航运主营跨太平洋海运业务，服务覆盖夏威夷、阿拉斯加、关岛、密克罗尼西亚、太平洋诸岛、中国及日本等地区。
ARES vs MATX — 直观对比
营收规模更大
ARES
是对方的1.8倍
$851.9M
营收增速更快
ARES
高出23.8%
-4.3%
净利率更高
MATX
高出13.2%
3.6%
两年增速更快
ARES
近两年复合增速
8.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $851.9M |
| 净利润 | $54.2M | $143.1M |
| 毛利率 | — | — |
| 营业利润率 | 13.7% | 16.9% |
| 净利率 | 3.6% | 16.8% |
| 营收同比 | 19.5% | -4.3% |
| 净利润同比 | -69.4% | 11.8% |
| 每股收益（稀释后） | — | $4.47 |
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ARESMATX
| Q4 25 | $1.5B | $851.9M | ||
| Q3 25 | $1.7B | $880.1M | ||
| Q2 25 | $1.4B | $830.5M | ||
| Q1 25 | $1.1B | $782.0M | ||
| Q4 24 | $1.3B | $890.3M | ||
| Q3 24 | $1.1B | $962.0M | ||
| Q2 24 | $788.7M | $847.4M | ||
| Q1 24 | $707.4M | $722.1M |
净利润ARESMATX
| Q4 25 | $54.2M | $143.1M | ||
| Q3 25 | $288.9M | $134.7M | ||
| Q2 25 | $137.1M | $94.7M | ||
| Q1 25 | $47.2M | $72.3M | ||
| Q4 24 | $177.3M | $128.0M | ||
| Q3 24 | $118.5M | $199.1M | ||
| Q2 24 | $94.9M | $113.2M | ||
| Q1 24 | $73.0M | $36.1M |
营业利润率ARESMATX
| Q4 25 | 13.7% | 16.9% | ||
| Q3 25 | 39.3% | 18.3% | ||
| Q2 25 | 21.3% | 13.6% | ||
| Q1 25 | 13.0% | 10.5% | ||
| Q4 24 | 31.8% | 16.6% | ||
| Q3 24 | 29.0% | 25.2% | ||
| Q2 24 | 40.2% | 14.7% | ||
| Q1 24 | 32.7% | 5.1% |
净利率ARESMATX
| Q4 25 | 3.6% | 16.8% | ||
| Q3 25 | 17.4% | 15.3% | ||
| Q2 25 | 10.2% | 11.4% | ||
| Q1 25 | 4.3% | 9.2% | ||
| Q4 24 | 14.1% | 14.4% | ||
| Q3 24 | 10.5% | 20.7% | ||
| Q2 24 | 12.0% | 13.4% | ||
| Q1 24 | 10.3% | 5.0% |
每股收益（稀释后）ARESMATX
| Q4 25 | — | $4.47 | ||
| Q3 25 | — | $4.24 | ||
| Q2 25 | — | $2.92 | ||
| Q1 25 | — | $2.18 | ||
| Q4 24 | — | $3.69 | ||
| Q3 24 | — | $5.89 | ||
| Q2 24 | — | $3.31 | ||
| Q1 24 | — | $1.04 |
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 | — | $141.9M |
| 总债务越低越好 | — | $361.2M |
| 股东权益账面价值 | $4.3B | $2.8B |
| 总资产 | $28.6B | $4.6B |
| 负债/权益比越低杠杆越低 | — | 0.13× |
8季度趋势，按日历期对齐
现金及短期投资ARESMATX
| Q4 25 | — | $141.9M | ||
| Q3 25 | — | $92.7M | ||
| Q2 25 | — | $59.1M | ||
| Q1 25 | — | $122.0M | ||
| Q4 24 | — | $266.8M | ||
| Q3 24 | — | $270.3M | ||
| Q2 24 | — | $168.2M | ||
| Q1 24 | — | $25.9M |
总债务ARESMATX
| Q4 25 | — | $361.2M | ||
| Q3 25 | — | $370.9M | ||
| Q2 25 | — | $341.3M | ||
| Q1 25 | — | $351.1M | ||
| Q4 24 | — | $361.2M | ||
| Q3 24 | — | $370.9M | ||
| Q2 24 | — | $381.0M | ||
| Q1 24 | — | $390.8M |
股东权益ARESMATX
| Q4 25 | $4.3B | $2.8B | ||
| Q3 25 | $4.5B | $2.7B | ||
| Q2 25 | $4.4B | $2.6B | ||
| Q1 25 | $4.5B | $2.6B | ||
| Q4 24 | $3.5B | $2.7B | ||
| Q3 24 | $2.1B | $2.6B | ||
| Q2 24 | $2.0B | $2.4B | ||
| Q1 24 | $1.8B | $2.4B |
总资产ARESMATX
| Q4 25 | $28.6B | $4.6B | ||
| Q3 25 | $27.0B | $4.6B | ||
| Q2 25 | $27.3B | $4.5B | ||
| Q1 25 | $27.2B | $4.5B | ||
| Q4 24 | $24.9B | $4.6B | ||
| Q3 24 | $24.5B | $4.4B | ||
| Q2 24 | $24.2B | $4.3B | ||
| Q1 24 | $24.4B | $4.2B |
负债/权益比ARESMATX
| Q4 25 | — | 0.13× | ||
| Q3 25 | — | 0.14× | ||
| Q2 25 | — | 0.13× | ||
| Q1 25 | — | 0.13× | ||
| Q4 24 | — | 0.14× | ||
| Q3 24 | — | 0.15× | ||
| Q2 24 | — | 0.16× | ||
| Q1 24 | — | 0.16× |
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 | $176.9M |
| 自由现金流经营现金流 - 资本支出 | — | $42.2M |
| 自由现金流率自由现金流/营收 | — | 5.0% |
| 资本支出强度资本支出/营收 | — | 15.8% |
| 现金转化率经营现金流/净利润 | -8.92× | 1.24× |
| 过去12个月自由现金流最近4个季度 | — | $153.7M |
8季度趋势，按日历期对齐
经营现金流ARESMATX
| Q4 25 | $-483.7M | $176.9M | ||
| Q3 25 | $1.3B | $175.6M | ||
| Q2 25 | $415.7M | $105.6M | ||
| Q1 25 | $2.0B | $89.0M | ||
| Q4 24 | $807.6M | $174.7M | ||
| Q3 24 | $841.3M | $248.6M | ||
| Q2 24 | $432.2M | $307.9M | ||
| Q1 24 | $710.0M | $36.6M |
自由现金流ARESMATX
| Q4 25 | — | $42.2M | ||
| Q3 25 | — | $92.4M | ||
| Q2 25 | — | $19.3M | ||
| Q1 25 | — | $-200.0K | ||
| Q4 24 | — | $49.3M | ||
| Q3 24 | — | $189.0M | ||
| Q2 24 | — | $238.1M | ||
| Q1 24 | — | $-18.7M |
自由现金流率ARESMATX
| Q4 25 | — | 5.0% | ||
| Q3 25 | — | 10.5% | ||
| Q2 25 | — | 2.3% | ||
| Q1 25 | — | -0.0% | ||
| Q4 24 | — | 5.5% | ||
| Q3 24 | — | 19.6% | ||
| Q2 24 | — | 28.1% | ||
| Q1 24 | — | -2.6% |
资本支出强度ARESMATX
| Q4 25 | — | 15.8% | ||
| Q3 25 | — | 9.5% | ||
| Q2 25 | — | 10.4% | ||
| Q1 25 | — | 11.4% | ||
| Q4 24 | — | 14.1% | ||
| Q3 24 | — | 6.2% | ||
| Q2 24 | — | 8.2% | ||
| Q1 24 | — | 7.7% |
现金转化率ARESMATX
| Q4 25 | -8.92× | 1.24× | ||
| Q3 25 | 4.64× | 1.30× | ||
| Q2 25 | 3.03× | 1.12× | ||
| Q1 25 | 42.28× | 1.23× | ||
| Q4 24 | 4.55× | 1.36× | ||
| Q3 24 | 7.10× | 1.25× | ||
| Q2 24 | 4.55× | 2.72× | ||
| Q1 24 | 9.72× | 1.01× |
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% |
MATX
| Ocean Transportation Segment | $704.2M | 83% |
| Logistics Services Segment | $147.7M | 17% |
