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Ares Management Corp（ARES）与利氏兄弟拍卖行（RBA）财务数据对比。点击上方公司名可切换其他公司
Ares Management Corp的季度营收约是利氏兄弟拍卖行的1.3倍（$1.5B vs $1.2B），利氏兄弟拍卖行净利率更高（9.1% vs 3.6%，领先5.5%），Ares Management Corp同比增速更快（19.5% vs 5.4%），过去两年Ares Management Corp的营收复合增速更高（45.9% vs 6.3%）
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。
利氏兄弟拍卖行（股票代码RBA）是全球知名的工业资产拍卖服务商，注册地位于加拿大，属公开上市企业，总部设在美国伊利诺伊州韦斯特切斯特，普通股同时在多伦多证券交易所与纽约证券交易所挂牌交易。
ARES vs RBA — 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14.1%
5.4%
净利率更高
RBA
高出5.5%
3.6%
两年增速更快
ARES
近两年复合增速
6.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $1.2B |
| 净利润 | $54.2M | $109.7M |
| 毛利率 | — | — |
| 营业利润率 | 13.7% | 14.7% |
| 净利率 | 3.6% | 9.1% |
| 营收同比 | 19.5% | 5.4% |
| 净利润同比 | -69.4% | -7.4% |
| 每股收益（稀释后） | — | $0.53 |
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ARESRBA
| Q4 25 | $1.5B | $1.2B | ||
| Q3 25 | $1.7B | $1.1B | ||
| Q2 25 | $1.4B | $1.2B | ||
| Q1 25 | $1.1B | $1.1B | ||
| Q4 24 | $1.3B | $1.1B | ||
| Q3 24 | $1.1B | $981.8M | ||
| Q2 24 | $788.7M | $1.1B | ||
| Q1 24 | $707.4M | $1.1B |
净利润ARESRBA
| Q4 25 | $54.2M | $109.7M | ||
| Q3 25 | $288.9M | $95.5M | ||
| Q2 25 | $137.1M | $109.8M | ||
| Q1 25 | $47.2M | $113.4M | ||
| Q4 24 | $177.3M | $118.5M | ||
| Q3 24 | $118.5M | $76.1M | ||
| Q2 24 | $94.9M | $111.1M | ||
| Q1 24 | $73.0M | $107.4M |
营业利润率ARESRBA
| Q4 25 | 13.7% | 14.7% | ||
| Q3 25 | 39.3% | 14.5% | ||
| Q2 25 | 21.3% | 15.9% | ||
| Q1 25 | 13.0% | 17.1% | ||
| Q4 24 | 31.8% | 18.1% | ||
| Q3 24 | 29.0% | 15.6% | ||
| Q2 24 | 40.2% | 18.4% | ||
| Q1 24 | 32.7% | 18.7% |
净利率ARESRBA
| Q4 25 | 3.6% | 9.1% | ||
| Q3 25 | 17.4% | 8.7% | ||
| Q2 25 | 10.2% | 9.3% | ||
| Q1 25 | 4.3% | 10.2% | ||
| Q4 24 | 14.1% | 10.4% | ||
| Q3 24 | 10.5% | 7.8% | ||
| Q2 24 | 12.0% | 10.1% | ||
| Q1 24 | 10.3% | 10.1% |
每股收益（稀释后）ARESRBA
| Q4 25 | — | $0.53 | ||
| Q3 25 | — | $0.43 | ||
| Q2 25 | — | $0.53 | ||
| Q1 25 | — | $0.55 | ||
| Q4 24 | — | $0.58 | ||
| Q3 24 | — | $0.36 | ||
| Q2 24 | — | $0.54 | ||
| Q1 24 | — | $0.53 |
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 | — | $531.5M |
| 总债务越低越好 | — | $2.3B |
| 股东权益账面价值 | $4.3B | $5.6B |
| 总资产 | $28.6B | $12.1B |
| 负债/权益比越低杠杆越低 | — | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资ARESRBA
| Q4 25 | — | $531.5M | ||
| Q3 25 | — | $674.7M | ||
| Q2 25 | — | $710.2M | ||
| Q1 25 | — | $578.1M | ||
| Q4 24 | — | $533.9M | ||
| Q3 24 | — | $650.7M | ||
| Q2 24 | — | $599.5M | ||
| Q1 24 | — | $462.8M |
总债务ARESRBA
| Q4 25 | — | $2.3B | ||
| Q3 25 | — | $2.6B | ||
| Q2 25 | — | $2.6B | ||
| Q1 25 | — | $2.6B | ||
| Q4 24 | — | $2.6B | ||
| Q3 24 | — | $2.7B | ||
| Q2 24 | — | $2.8B | ||
| Q1 24 | — | $2.9B |
股东权益ARESRBA
| Q4 25 | $4.3B | $5.6B | ||
| Q3 25 | $4.5B | $5.5B | ||
| Q2 25 | $4.4B | $5.5B | ||
| Q1 25 | $4.5B | $5.3B | ||
| Q4 24 | $3.5B | $5.2B | ||
| Q3 24 | $2.1B | $5.2B | ||
| Q2 24 | $2.0B | $5.2B | ||
| Q1 24 | $1.8B | $5.1B |
总资产ARESRBA
| Q4 25 | $28.6B | $12.1B | ||
| Q3 25 | $27.0B | $12.2B | ||
| Q2 25 | $27.3B | $12.2B | ||
| Q1 25 | $27.2B | $11.9B | ||
| Q4 24 | $24.9B | $11.8B | ||
| Q3 24 | $24.5B | $11.9B | ||
| Q2 24 | $24.2B | $12.1B | ||
| Q1 24 | $24.4B | $12.0B |
负债/权益比ARESRBA
| Q4 25 | — | 0.42× | ||
| Q3 25 | — | 0.47× | ||
| Q2 25 | — | 0.47× | ||
| Q1 25 | — | 0.50× | ||
| Q4 24 | — | 0.50× | ||
| Q3 24 | — | 0.52× | ||
| Q2 24 | — | 0.55× | ||
| Q1 24 | — | 0.58× |
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 | $255.2M |
| 自由现金流经营现金流 - 资本支出 | — | $186.5M |
| 自由现金流率自由现金流/营收 | — | 15.5% |
| 资本支出强度资本支出/营收 | — | 5.7% |
| 现金转化率经营现金流/净利润 | -8.92× | 2.33× |
| 过去12个月自由现金流最近4个季度 | — | $719.2M |
8季度趋势，按日历期对齐
经营现金流ARESRBA
| Q4 25 | $-483.7M | $255.2M | ||
| Q3 25 | $1.3B | $239.7M | ||
| Q2 25 | $415.7M | $326.5M | ||
| Q1 25 | $2.0B | $156.8M | ||
| Q4 24 | $807.6M | $184.5M | ||
| Q3 24 | $841.3M | $285.4M | ||
| Q2 24 | $432.2M | $337.3M | ||
| Q1 24 | $710.0M | $124.8M |
自由现金流ARESRBA
| Q4 25 | — | $186.5M | ||
| Q3 25 | — | $188.5M | ||
| Q2 25 | — | $241.7M | ||
| Q1 25 | — | $102.5M | ||
| Q4 24 | — | $127.9M | ||
| Q3 24 | — | $248.5M | ||
| Q2 24 | — | $308.6M | ||
| Q1 24 | — | $79.6M |
自由现金流率ARESRBA
| Q4 25 | — | 15.5% | ||
| Q3 25 | — | 17.3% | ||
| Q2 25 | — | 20.4% | ||
| Q1 25 | — | 9.2% | ||
| Q4 24 | — | 11.2% | ||
| Q3 24 | — | 25.3% | ||
| Q2 24 | — | 28.2% | ||
| Q1 24 | — | 7.5% |
资本支出强度ARESRBA
| Q4 25 | — | 5.7% | ||
| Q3 25 | — | 4.7% | ||
| Q2 25 | — | 7.2% | ||
| Q1 25 | — | 4.9% | ||
| Q4 24 | — | 5.0% | ||
| Q3 24 | — | 3.8% | ||
| Q2 24 | — | 2.6% | ||
| Q1 24 | — | 4.2% |
现金转化率ARESRBA
| Q4 25 | -8.92× | 2.33× | ||
| Q3 25 | 4.64× | 2.51× | ||
| Q2 25 | 3.03× | 2.97× | ||
| Q1 25 | 42.28× | 1.38× | ||
| Q4 24 | 4.55× | 1.56× | ||
| Q3 24 | 7.10× | 3.75× | ||
| Q2 24 | 4.55× | 3.04× | ||
| Q1 24 | 9.72× | 1.16× |
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% |
RBA
| Buyer Revenue | $577.2M | 48% |
| Seller Revenue | $255.2M | 21% |
| CA | $199.0M | 17% |
| Other | $124.7M | 10% |
| AU | $47.3M | 4% |
