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Ares Management Corp（ARES）与Martin Marietta Materials（MLM）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Martin Marietta Materials的1.3倍（$1.5B vs $1.1B），Martin Marietta Materials净利率更高（24.5% vs 3.6%，领先20.9%），Ares Management Corp同比增速更快（19.5% vs -30.1%），过去两年Ares Management Corp的营收复合增速更高（45.9% vs -4.5%）
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。
马丁·玛丽埃塔材料公司是美国大型集料及重型建筑材料供应商，业务覆盖美国26个州、加拿大及加勒比地区，主要为道路、人行道、地基等各类基建项目提供所需原材料。
ARES vs MLM — 直观对比
营收规模更大
ARES
是对方的1.3倍
$1.1B
营收增速更快
ARES
高出49.7%
-30.1%
净利率更高
MLM
高出20.9%
3.6%
两年增速更快
ARES
近两年复合增速
-4.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $1.1B |
| 净利润 | $54.2M | $279.0M |
| 毛利率 | — | 35.0% |
| 营业利润率 | 13.7% | 24.6% |
| 净利率 | 3.6% | 24.5% |
| 营收同比 | 19.5% | -30.1% |
| 净利润同比 | -69.4% | -4.8% |
| 每股收益（稀释后） | — | $4.59 |
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ARESMLM
| Q4 25 | $1.5B | $1.1B | ||
| Q3 25 | $1.7B | $1.8B | ||
| Q2 25 | $1.4B | $1.8B | ||
| Q1 25 | $1.1B | $1.4B | ||
| Q4 24 | $1.3B | $1.6B | ||
| Q3 24 | $1.1B | $1.9B | ||
| Q2 24 | $788.7M | $1.8B | ||
| Q1 24 | $707.4M | $1.3B |
净利润ARESMLM
| Q4 25 | $54.2M | $279.0M | ||
| Q3 25 | $288.9M | $414.0M | ||
| Q2 25 | $137.1M | $328.0M | ||
| Q1 25 | $47.2M | $116.0M | ||
| Q4 24 | $177.3M | $293.0M | ||
| Q3 24 | $118.5M | $363.0M | ||
| Q2 24 | $94.9M | $294.0M | ||
| Q1 24 | $73.0M | $1.0B |
毛利率ARESMLM
| Q4 25 | — | 35.0% | ||
| Q3 25 | — | 33.1% | ||
| Q2 25 | — | 30.0% | ||
| Q1 25 | — | 24.8% | ||
| Q4 24 | — | 30.0% | ||
| Q3 24 | — | 31.7% | ||
| Q2 24 | — | 29.3% | ||
| Q1 24 | — | 21.7% |
营业利润率ARESMLM
| Q4 25 | 13.7% | 24.6% | ||
| Q3 25 | 39.3% | 27.4% | ||
| Q2 25 | 21.3% | 25.3% | ||
| Q1 25 | 13.0% | 14.3% | ||
| Q4 24 | 31.8% | 24.4% | ||
| Q3 24 | 29.0% | 25.9% | ||
| Q2 24 | 40.2% | 22.6% | ||
| Q1 24 | 32.7% | — |
净利率ARESMLM
| Q4 25 | 3.6% | 24.5% | ||
| Q3 25 | 17.4% | 22.4% | ||
| Q2 25 | 10.2% | 18.1% | ||
| Q1 25 | 4.3% | 8.6% | ||
| Q4 24 | 14.1% | 18.0% | ||
| Q3 24 | 10.5% | 19.2% | ||
| Q2 24 | 12.0% | 16.7% | ||
| Q1 24 | 10.3% | 83.5% |
每股收益（稀释后）ARESMLM
| Q4 25 | — | $4.59 | ||
| Q3 25 | — | $6.85 | ||
| Q2 25 | — | $5.43 | ||
| Q1 25 | — | $1.90 | ||
| Q4 24 | — | $4.87 | ||
| Q3 24 | — | $5.91 | ||
| Q2 24 | — | $4.76 | ||
| Q1 24 | — | $16.87 |
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 | — | $67.0M |
| 总债务越低越好 | — | $5.3B |
| 股东权益账面价值 | $4.3B | $10.0B |
| 总资产 | $28.6B | $18.7B |
| 负债/权益比越低杠杆越低 | — | 0.53× |
8季度趋势，按日历期对齐
现金及短期投资ARESMLM
| Q4 25 | — | $67.0M | ||
| Q3 25 | — | $57.0M | ||
| Q2 25 | — | $225.0M | ||
| Q1 25 | — | $101.0M | ||
| Q4 24 | — | $670.0M | ||
| Q3 24 | — | $52.0M | ||
| Q2 24 | — | $109.0M | ||
| Q1 24 | — | $2.6B |
总债务ARESMLM
| Q4 25 | — | $5.3B | ||
| Q3 25 | — | $5.5B | ||
| Q2 25 | — | $5.4B | ||
| Q1 25 | — | $5.4B | ||
| Q4 24 | — | $5.4B | ||
| Q3 24 | — | $4.0B | ||
| Q2 24 | — | $4.3B | ||
| Q1 24 | — | $4.3B |
股东权益ARESMLM
| Q4 25 | $4.3B | $10.0B | ||
| Q3 25 | $4.5B | $9.7B | ||
| Q2 25 | $4.4B | $9.4B | ||
| Q1 25 | $4.5B | $9.1B | ||
| Q4 24 | $3.5B | $9.5B | ||
| Q3 24 | $2.1B | $9.2B | ||
| Q2 24 | $2.0B | $8.8B | ||
| Q1 24 | $1.8B | $8.9B |
总资产ARESMLM
| Q4 25 | $28.6B | $18.7B | ||
| Q3 25 | $27.0B | $18.7B | ||
| Q2 25 | $27.3B | $18.1B | ||
| Q1 25 | $27.2B | $17.7B | ||
| Q4 24 | $24.9B | $18.2B | ||
| Q3 24 | $24.5B | $16.5B | ||
| Q2 24 | $24.2B | $16.3B | ||
| Q1 24 | $24.4B | $16.2B |
负债/权益比ARESMLM
| Q4 25 | — | 0.53× | ||
| Q3 25 | — | 0.57× | ||
| Q2 25 | — | 0.58× | ||
| Q1 25 | — | 0.60× | ||
| Q4 24 | — | 0.57× | ||
| Q3 24 | — | 0.44× | ||
| Q2 24 | — | 0.49× | ||
| Q1 24 | — | 0.49× |
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 | $629.0M |
| 自由现金流经营现金流 - 资本支出 | — | $424.0M |
| 自由现金流率自由现金流/营收 | — | 37.2% |
| 资本支出强度资本支出/营收 | — | 18.0% |
| 现金转化率经营现金流/净利润 | -8.92× | 2.25× |
| 过去12个月自由现金流最近4个季度 | — | $978.0M |
8季度趋势，按日历期对齐
经营现金流ARESMLM
| Q4 25 | $-483.7M | $629.0M | ||
| Q3 25 | $1.3B | $551.0M | ||
| Q2 25 | $415.7M | $387.0M | ||
| Q1 25 | $2.0B | $218.0M | ||
| Q4 24 | $807.6M | $686.0M | ||
| Q3 24 | $841.3M | $600.0M | ||
| Q2 24 | $432.2M | $1.0M | ||
| Q1 24 | $710.0M | $172.0M |
自由现金流ARESMLM
| Q4 25 | — | $424.0M | ||
| Q3 25 | — | $361.0M | ||
| Q2 25 | — | $208.0M | ||
| Q1 25 | — | $-15.0M | ||
| Q4 24 | — | $453.0M | ||
| Q3 24 | — | $317.0M | ||
| Q2 24 | — | $-138.0M | ||
| Q1 24 | — | $-28.0M |
自由现金流率ARESMLM
| Q4 25 | — | 37.2% | ||
| Q3 25 | — | 19.6% | ||
| Q2 25 | — | 11.5% | ||
| Q1 25 | — | -1.1% | ||
| Q4 24 | — | 27.8% | ||
| Q3 24 | — | 16.8% | ||
| Q2 24 | — | -7.8% | ||
| Q1 24 | — | -2.2% |
资本支出强度ARESMLM
| Q4 25 | — | 18.0% | ||
| Q3 25 | — | 10.3% | ||
| Q2 25 | — | 9.9% | ||
| Q1 25 | — | 17.2% | ||
| Q4 24 | — | 14.3% | ||
| Q3 24 | — | 15.0% | ||
| Q2 24 | — | 7.9% | ||
| Q1 24 | — | 16.0% |
现金转化率ARESMLM
| Q4 25 | -8.92× | 2.25× | ||
| Q3 25 | 4.64× | 1.33× | ||
| Q2 25 | 3.03× | 1.18× | ||
| Q1 25 | 42.28× | 1.88× | ||
| Q4 24 | 4.55× | 2.34× | ||
| Q3 24 | 7.10× | 1.65× | ||
| Q2 24 | 4.55× | 0.00× | ||
| Q1 24 | 9.72× | 0.16× |
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% |
MLM
| Building Materials Business East Group | $774.0M | 68% |
| Building Materials Business West Group | $233.0M | 20% |
| Services | $88.0M | 8% |
| Other | $45.0M | 4% |
