vs
Ares Management Corp（ARES）与BLUE OWL CAPITAL INC.（OWL）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BLUE OWL CAPITAL INC.的2.0倍（$1.5B vs $755.6M）。BLUE OWL CAPITAL INC.净利率更高（6.3% vs 3.6%，领先2.7%）。BLUE OWL CAPITAL INC.同比增速更快（19.7% vs 19.5%）。过去两年Ares Management Corp的营收复合增速更高（45.9% vs 21.3%）
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。
Blue Owl Capital Inc.是美国另类投资资产管理机构，于纽约证券交易所挂牌上市，股票代码为OWL，总部设在纽约市，在伦敦、迪拜、中国香港等全球多地设有办事处，专注为各类客户提供专业的另类资产管理解决方案。
ARES vs OWL — 直观对比
营收规模更大
ARES
是对方的2.0倍
$755.6M
营收增速更快
OWL
高出0.1%
19.5%
净利率更高
OWL
高出2.7%
3.6%
两年增速更快
ARES
近两年复合增速
21.3%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $755.6M |
| 净利润 | $54.2M | $47.7M |
| 毛利率 | — | — |
| 营业利润率 | 13.7% | 22.2% |
| 净利率 | 3.6% | 6.3% |
| 营收同比 | 19.5% | 19.7% |
| 净利润同比 | -69.4% | 129.8% |
| 每股收益（稀释后） | — | $0.07 |
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ARESOWL
| Q4 25 | $1.5B | $755.6M | ||
| Q3 25 | $1.7B | $728.0M | ||
| Q2 25 | $1.4B | $703.1M | ||
| Q1 25 | $1.1B | $683.5M | ||
| Q4 24 | $1.3B | $631.4M | ||
| Q3 24 | $1.1B | $600.9M | ||
| Q2 24 | $788.7M | $549.8M | ||
| Q1 24 | $707.4M | $513.3M |
净利润ARESOWL
| Q4 25 | $54.2M | $47.7M | ||
| Q3 25 | $288.9M | $6.3M | ||
| Q2 25 | $137.1M | $17.4M | ||
| Q1 25 | $47.2M | $7.4M | ||
| Q4 24 | $177.3M | $20.7M | ||
| Q3 24 | $118.5M | $29.8M | ||
| Q2 24 | $94.9M | $33.9M | ||
| Q1 24 | $73.0M | $25.1M |
营业利润率ARESOWL
| Q4 25 | 13.7% | 22.2% | ||
| Q3 25 | 39.3% | 7.6% | ||
| Q2 25 | 21.3% | 12.0% | ||
| Q1 25 | 13.0% | 5.9% | ||
| Q4 24 | 31.8% | 11.7% | ||
| Q3 24 | 29.0% | 18.7% | ||
| Q2 24 | 40.2% | 28.4% | ||
| Q1 24 | 32.7% | 24.7% |
净利率ARESOWL
| Q4 25 | 3.6% | 6.3% | ||
| Q3 25 | 17.4% | 0.9% | ||
| Q2 25 | 10.2% | 2.5% | ||
| Q1 25 | 4.3% | 1.1% | ||
| Q4 24 | 14.1% | 3.3% | ||
| Q3 24 | 10.5% | 5.0% | ||
| Q2 24 | 12.0% | 6.2% | ||
| Q1 24 | 10.3% | 4.9% |
每股收益（稀释后）ARESOWL
| Q4 25 | — | $0.07 | ||
| Q3 25 | — | $0.01 | ||
| Q2 25 | — | $0.02 | ||
| Q1 25 | — | $0.00 | ||
| Q4 24 | — | $0.06 | ||
| Q3 24 | — | $0.04 | ||
| Q2 24 | — | $0.06 | ||
| Q1 24 | — | $0.04 |
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 | — | $194.5M |
| 总债务越低越好 | — | $3.3B |
| 股东权益账面价值 | $4.3B | $2.2B |
| 总资产 | $28.6B | $12.5B |
| 负债/权益比越低杠杆越低 | — | 1.51× |
8季度趋势，按日历期对齐
现金及短期投资ARESOWL
| Q4 25 | — | $194.5M | ||
| Q3 25 | — | $137.3M | ||
| Q2 25 | — | $117.6M | ||
| Q1 25 | — | $97.6M | ||
| Q4 24 | — | $152.1M | ||
| Q3 24 | — | $115.9M | ||
| Q2 24 | — | $436.8M | ||
| Q1 24 | — | $155.8M |
总债务ARESOWL
| Q4 25 | — | $3.3B | ||
| Q3 25 | — | $3.2B | ||
| Q2 25 | — | $3.2B | ||
| Q1 25 | — | $3.2B | ||
| Q4 24 | — | $2.6B | ||
| Q3 24 | — | $2.5B | ||
| Q2 24 | — | $2.5B | ||
| Q1 24 | — | $2.1B |
股东权益ARESOWL
| Q4 25 | $4.3B | $2.2B | ||
| Q3 25 | $4.5B | $2.3B | ||
| Q2 25 | $4.4B | $2.4B | ||
| Q1 25 | $4.5B | $2.3B | ||
| Q4 24 | $3.5B | $2.1B | ||
| Q3 24 | $2.1B | $2.0B | ||
| Q2 24 | $2.0B | $1.7B | ||
| Q1 24 | $1.8B | $1.6B |
总资产ARESOWL
| Q4 25 | $28.6B | $12.5B | ||
| Q3 25 | $27.0B | $12.5B | ||
| Q2 25 | $27.3B | $12.3B | ||
| Q1 25 | $27.2B | $12.3B | ||
| Q4 24 | $24.9B | $11.0B | ||
| Q3 24 | $24.5B | $10.8B | ||
| Q2 24 | $24.2B | $9.7B | ||
| Q1 24 | $24.4B | $9.0B |
负债/权益比ARESOWL
| Q4 25 | — | 1.51× | ||
| Q3 25 | — | 1.41× | ||
| Q2 25 | — | 1.38× | ||
| Q1 25 | — | 1.37× | ||
| Q4 24 | — | 1.22× | ||
| Q3 24 | — | 1.27× | ||
| Q2 24 | — | 1.41× | ||
| Q1 24 | — | 1.26× |
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 | $382.9M |
| 自由现金流经营现金流 - 资本支出 | — | $359.1M |
| 自由现金流率自由现金流/营收 | — | 47.5% |
| 资本支出强度资本支出/营收 | — | 3.1% |
| 现金转化率经营现金流/净利润 | -8.92× | 8.03× |
| 过去12个月自由现金流最近4个季度 | — | $1.2B |
8季度趋势，按日历期对齐
经营现金流ARESOWL
| Q4 25 | $-483.7M | $382.9M | ||
| Q3 25 | $1.3B | $433.1M | ||
| Q2 25 | $415.7M | $422.5M | ||
| Q1 25 | $2.0B | $17.6M | ||
| Q4 24 | $807.6M | $324.0M | ||
| Q3 24 | $841.3M | $326.0M | ||
| Q2 24 | $432.2M | $302.3M | ||
| Q1 24 | $710.0M | $47.2M |
自由现金流ARESOWL
| Q4 25 | — | $359.1M | ||
| Q3 25 | — | $422.5M | ||
| Q2 25 | — | $412.5M | ||
| Q1 25 | — | $4.2M | ||
| Q4 24 | — | $310.1M | ||
| Q3 24 | — | $314.8M | ||
| Q2 24 | — | $269.4M | ||
| Q1 24 | — | $41.1M |
自由现金流率ARESOWL
| Q4 25 | — | 47.5% | ||
| Q3 25 | — | 58.0% | ||
| Q2 25 | — | 58.7% | ||
| Q1 25 | — | 0.6% | ||
| Q4 24 | — | 49.1% | ||
| Q3 24 | — | 52.4% | ||
| Q2 24 | — | 49.0% | ||
| Q1 24 | — | 8.0% |
资本支出强度ARESOWL
| Q4 25 | — | 3.1% | ||
| Q3 25 | — | 1.5% | ||
| Q2 25 | — | 1.4% | ||
| Q1 25 | — | 2.0% | ||
| Q4 24 | — | 2.2% | ||
| Q3 24 | — | 1.9% | ||
| Q2 24 | — | 6.0% | ||
| Q1 24 | — | 1.2% |
现金转化率ARESOWL
| Q4 25 | -8.92× | 8.03× | ||
| Q3 25 | 4.64× | 68.64× | ||
| Q2 25 | 3.03× | 24.25× | ||
| Q1 25 | 42.28× | 2.37× | ||
| Q4 24 | 4.55× | 15.62× | ||
| Q3 24 | 7.10× | 10.94× | ||
| Q2 24 | 4.55× | 8.91× | ||
| Q1 24 | 9.72× | 1.88× |
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% |
OWL
| Credit Platform | $455.0M | 60% |
| GP Strategic Capital Platform | $157.0M | 21% |
| Administrative Service | $87.6M | 12% |
| IPI Partners LLC | $33.8M | 4% |
| Other | $22.2M | 3% |
