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Ares Management Corp（ARES）与Optimum Communications, Inc.（OPTU）财务数据对比。点击上方公司名可切换其他公司
Optimum Communications, Inc.的季度营收约是Ares Management Corp的1.5倍（$2.2B vs $1.5B），Ares Management Corp净利率更高（3.6% vs -3.3%，领先6.9%），Ares Management Corp同比增速更快（19.5% vs -2.3%），过去两年Ares Management Corp的营收复合增速更高（45.9% vs -1.5%）
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。
Optimum Communications, Inc.是由法籍以色列商人帕特里克·德拉希控股的美国电信运营商，核心业务为数字有线电视与宽带互联网服务，服务覆盖纽约大都会区及美国中西部、南部多个州。截至2017年，该公司在全美21个州共拥有约490万住宅及企业客户，是美国第四大电信企业。
ARES vs OPTU — 直观对比
营收规模更大
OPTU
是对方的1.5倍
$1.5B
营收增速更快
ARES
高出21.9%
-2.3%
净利率更高
ARES
高出6.9%
-3.3%
两年增速更快
ARES
近两年复合增速
-1.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $2.2B |
| 净利润 | $54.2M | $-71.2M |
| 毛利率 | — | 69.5% |
| 营业利润率 | 13.7% | 18.2% |
| 净利率 | 3.6% | -3.3% |
| 营收同比 | 19.5% | -2.3% |
| 净利润同比 | -69.4% | -31.6% |
| 每股收益（稀释后） | — | $-0.16 |
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ARESOPTU
| Q4 25 | $1.5B | $2.2B | ||
| Q3 25 | $1.7B | $2.1B | ||
| Q2 25 | $1.4B | $2.1B | ||
| Q1 25 | $1.1B | $2.2B | ||
| Q4 24 | $1.3B | $2.2B | ||
| Q3 24 | $1.1B | $2.2B | ||
| Q2 24 | $788.7M | $2.2B | ||
| Q1 24 | $707.4M | $2.3B |
净利润ARESOPTU
| Q4 25 | $54.2M | $-71.2M | ||
| Q3 25 | $288.9M | $-1.6B | ||
| Q2 25 | $137.1M | $-96.3M | ||
| Q1 25 | $47.2M | $-75.7M | ||
| Q4 24 | $177.3M | $-54.1M | ||
| Q3 24 | $118.5M | $-43.0M | ||
| Q2 24 | $94.9M | $15.4M | ||
| Q1 24 | $73.0M | $-21.2M |
毛利率ARESOPTU
| Q4 25 | — | 69.5% | ||
| Q3 25 | — | 69.7% | ||
| Q2 25 | — | 69.1% | ||
| Q1 25 | — | 68.8% | ||
| Q4 24 | — | 67.7% | ||
| Q3 24 | — | 68.1% | ||
| Q2 24 | — | 67.9% | ||
| Q1 24 | — | 67.0% |
营业利润率ARESOPTU
| Q4 25 | 13.7% | 18.2% | ||
| Q3 25 | 39.3% | -55.3% | ||
| Q2 25 | 21.3% | 14.5% | ||
| Q1 25 | 13.0% | 16.0% | ||
| Q4 24 | 31.8% | 15.2% | ||
| Q3 24 | 29.0% | 20.0% | ||
| Q2 24 | 40.2% | 22.4% | ||
| Q1 24 | 32.7% | 17.5% |
净利率ARESOPTU
| Q4 25 | 3.6% | -3.3% | ||
| Q3 25 | 17.4% | -77.1% | ||
| Q2 25 | 10.2% | -4.5% | ||
| Q1 25 | 4.3% | -3.5% | ||
| Q4 24 | 14.1% | -2.4% | ||
| Q3 24 | 10.5% | -1.9% | ||
| Q2 24 | 12.0% | 0.7% | ||
| Q1 24 | 10.3% | -0.9% |
每股收益（稀释后）ARESOPTU
| Q4 25 | — | $-0.16 | ||
| Q3 25 | — | $-3.47 | ||
| Q2 25 | — | $-0.21 | ||
| Q1 25 | — | $-0.16 | ||
| Q4 24 | — | $-0.11 | ||
| Q3 24 | — | $-0.09 | ||
| Q2 24 | — | $0.03 | ||
| Q1 24 | — | $-0.05 |
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 | — | $1.0B |
| 总债务越低越好 | — | $26.2B |
| 股东权益账面价值 | $4.3B | $-2.3B |
| 总资产 | $28.6B | $30.7B |
| 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ARESOPTU
| Q4 25 | — | $1.0B | ||
| Q3 25 | — | $938.8M | ||
| Q2 25 | — | $247.3M | ||
| Q1 25 | — | $279.1M | ||
| Q4 24 | — | $256.5M | ||
| Q3 24 | — | $250.0M | ||
| Q2 24 | — | $362.1M | ||
| Q1 24 | — | $284.4M |
总债务ARESOPTU
| Q4 25 | — | $26.2B | ||
| Q3 25 | — | $26.2B | ||
| Q2 25 | — | $25.3B | ||
| Q1 25 | — | $25.3B | ||
| Q4 24 | — | $25.1B | ||
| Q3 24 | — | $25.1B | ||
| Q2 24 | — | $25.2B | ||
| Q1 24 | — | $25.1B |
股东权益ARESOPTU
| Q4 25 | $4.3B | $-2.3B | ||
| Q3 25 | $4.5B | $-2.2B | ||
| Q2 25 | $4.4B | $-624.1M | ||
| Q1 25 | $4.5B | $-543.0M | ||
| Q4 24 | $3.5B | $-469.2M | ||
| Q3 24 | $2.1B | $-427.1M | ||
| Q2 24 | $2.0B | $-399.1M | ||
| Q1 24 | $1.8B | $-431.2M |
总资产ARESOPTU
| Q4 25 | $28.6B | $30.7B | ||
| Q3 25 | $27.0B | $30.7B | ||
| Q2 25 | $27.3B | $31.6B | ||
| Q1 25 | $27.2B | $31.7B | ||
| Q4 24 | $24.9B | $31.7B | ||
| Q3 24 | $24.5B | $31.8B | ||
| Q2 24 | $24.2B | $32.0B | ||
| Q1 24 | $24.4B | $31.9B |
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 | $481.6M |
| 自由现金流经营现金流 - 资本支出 | — | $199.4M |
| 自由现金流率自由现金流/营收 | — | 9.1% |
| 资本支出强度资本支出/营收 | — | 12.9% |
| 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 | — | $-118.8M |
8季度趋势，按日历期对齐
经营现金流ARESOPTU
| Q4 25 | $-483.7M | $481.6M | ||
| Q3 25 | $1.3B | $147.4M | ||
| Q2 25 | $415.7M | $412.0M | ||
| Q1 25 | $2.0B | $187.5M | ||
| Q4 24 | $807.6M | $439.9M | ||
| Q3 24 | $841.3M | $436.0M | ||
| Q2 24 | $432.2M | $306.8M | ||
| Q1 24 | $710.0M | $399.7M |
自由现金流ARESOPTU
| Q4 25 | — | $199.4M | ||
| Q3 25 | — | $-178.1M | ||
| Q2 25 | — | $28.4M | ||
| Q1 25 | — | $-168.6M | ||
| Q4 24 | — | $49.9M | ||
| Q3 24 | — | $76.9M | ||
| Q2 24 | — | $-40.9M | ||
| Q1 24 | — | $63.6M |
自由现金流率ARESOPTU
| Q4 25 | — | 9.1% | ||
| Q3 25 | — | -8.4% | ||
| Q2 25 | — | 1.3% | ||
| Q1 25 | — | -7.8% | ||
| Q4 24 | — | 2.2% | ||
| Q3 24 | — | 3.5% | ||
| Q2 24 | — | -1.8% | ||
| Q1 24 | — | 2.8% |
资本支出强度ARESOPTU
| Q4 25 | — | 12.9% | ||
| Q3 25 | — | 15.4% | ||
| Q2 25 | — | 17.9% | ||
| Q1 25 | — | 16.5% | ||
| Q4 24 | — | 17.5% | ||
| Q3 24 | — | 16.1% | ||
| Q2 24 | — | 15.5% | ||
| Q1 24 | — | 14.9% |
现金转化率ARESOPTU
| Q4 25 | -8.92× | — | ||
| Q3 25 | 4.64× | — | ||
| Q2 25 | 3.03× | — | ||
| Q1 25 | 42.28× | — | ||
| Q4 24 | 4.55× | — | ||
| Q3 24 | 7.10× | — | ||
| Q2 24 | 4.55× | 19.97× | ||
| 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% |
OPTU
| Total Residential Revenue | $1.6B | 74% |
| Business Servicesand Wholesale | $401.8M | 18% |
| Telephony | $60.8M | 3% |
| Other | $57.9M | 3% |
| Franchise | $50.0M | 2% |
