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Ares Management Corp（ARES）与罗布乐思（RBLX）财务数据对比。点击上方公司名可切换其他公司
Ares Management Corp的季度营收约是罗布乐思的1.1倍（$1.5B vs $1.4B），Ares Management Corp净利率更高（3.6% vs -22.3%，领先25.9%），罗布乐思同比增速更快（43.2% vs 19.5%），过去两年Ares Management Corp的营收复合增速更高（45.9% vs 32.9%）
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。
罗布乐思（Roblox Corporation）是总部位于美国加利福尼亚州圣马特奥的游戏企业，由大卫·巴斯祖奇与埃里克·卡塞尔于2004年共同创立。公司核心产品为同名线上游戏创作平台Roblox，于2006年正式上线，截至2024年12月底全球员工规模已超2400人。
ARES vs RBLX — 直观对比
营收规模更大
ARES
是对方的1.1倍
$1.4B
营收增速更快
RBLX
高出23.7%
19.5%
净利率更高
ARES
高出25.9%
-22.3%
两年增速更快
ARES
近两年复合增速
32.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $1.4B |
| 净利润 | $54.2M | $-316.0M |
| 毛利率 | — | 77.7% |
| 营业利润率 | 13.7% | -25.3% |
| 净利率 | 3.6% | -22.3% |
| 营收同比 | 19.5% | 43.2% |
| 净利润同比 | -69.4% | -43.9% |
| 每股收益（稀释后） | — | $-0.44 |
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ARESRBLX
| Q4 25 | $1.5B | $1.4B | ||
| Q3 25 | $1.7B | $1.4B | ||
| Q2 25 | $1.4B | $1.1B | ||
| Q1 25 | $1.1B | $1.0B | ||
| Q4 24 | $1.3B | $988.2M | ||
| Q3 24 | $1.1B | $919.0M | ||
| Q2 24 | $788.7M | $893.5M | ||
| Q1 24 | $707.4M | $801.3M |
净利润ARESRBLX
| Q4 25 | $54.2M | $-316.0M | ||
| Q3 25 | $288.9M | $-255.6M | ||
| Q2 25 | $137.1M | $-278.4M | ||
| Q1 25 | $47.2M | $-215.1M | ||
| Q4 24 | $177.3M | $-219.6M | ||
| Q3 24 | $118.5M | $-239.3M | ||
| Q2 24 | $94.9M | $-205.9M | ||
| Q1 24 | $73.0M | $-270.6M |
毛利率ARESRBLX
| Q4 25 | — | 77.7% | ||
| Q3 25 | — | 78.2% | ||
| Q2 25 | — | 78.2% | ||
| Q1 25 | — | 78.3% | ||
| Q4 24 | — | 77.9% | ||
| Q3 24 | — | 77.7% | ||
| Q2 24 | — | 77.8% | ||
| Q1 24 | — | 77.7% |
营业利润率ARESRBLX
| Q4 25 | 13.7% | -25.3% | ||
| Q3 25 | 39.3% | -21.8% | ||
| Q2 25 | 21.3% | -29.8% | ||
| Q1 25 | 13.0% | -24.6% | ||
| Q4 24 | 31.8% | -24.7% | ||
| Q3 24 | 29.0% | -30.4% | ||
| Q2 24 | 40.2% | -26.6% | ||
| Q1 24 | 32.7% | -37.7% |
净利率ARESRBLX
| Q4 25 | 3.6% | -22.3% | ||
| Q3 25 | 17.4% | -18.8% | ||
| Q2 25 | 10.2% | -25.8% | ||
| Q1 25 | 4.3% | -20.8% | ||
| Q4 24 | 14.1% | -22.2% | ||
| Q3 24 | 10.5% | -26.0% | ||
| Q2 24 | 12.0% | -23.0% | ||
| Q1 24 | 10.3% | -33.8% |
每股收益（稀释后）ARESRBLX
| Q4 25 | — | $-0.44 | ||
| Q3 25 | — | $-0.37 | ||
| Q2 25 | — | $-0.41 | ||
| Q1 25 | — | $-0.32 | ||
| Q4 24 | — | $-0.32 | ||
| Q3 24 | — | $-0.37 | ||
| Q2 24 | — | $-0.32 | ||
| Q1 24 | — | $-0.43 |
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 | — | $3.1B |
| 总债务越低越好 | — | $1.2B |
| 股东权益账面价值 | $4.3B | $394.5M |
| 总资产 | $28.6B | $9.6B |
| 负债/权益比越低杠杆越低 | — | 2.98× |
8季度趋势，按日历期对齐
现金及短期投资ARESRBLX
| Q4 25 | — | $3.1B | ||
| Q3 25 | — | $2.9B | ||
| Q2 25 | — | $2.6B | ||
| Q1 25 | — | $2.7B | ||
| Q4 24 | — | $2.4B | ||
| Q3 24 | — | $2.3B | ||
| Q2 24 | — | $2.4B | ||
| Q1 24 | — | $2.4B |
总债务ARESRBLX
| Q4 25 | — | $1.2B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益ARESRBLX
| Q4 25 | $4.3B | $394.5M | ||
| Q3 25 | $4.5B | $407.6M | ||
| Q2 25 | $4.4B | $353.2M | ||
| Q1 25 | $4.5B | $310.7M | ||
| Q4 24 | $3.5B | $221.4M | ||
| Q3 24 | $2.1B | $189.9M | ||
| Q2 24 | $2.0B | $121.5M | ||
| Q1 24 | $1.8B | $71.6M |
总资产ARESRBLX
| Q4 25 | $28.6B | $9.6B | ||
| Q3 25 | $27.0B | $8.6B | ||
| Q2 25 | $27.3B | $7.8B | ||
| Q1 25 | $27.2B | $7.5B | ||
| Q4 24 | $24.9B | $7.2B | ||
| Q3 24 | $24.5B | $6.7B | ||
| Q2 24 | $24.2B | $6.5B | ||
| Q1 24 | $24.4B | $6.3B |
负债/权益比ARESRBLX
| Q4 25 | — | 2.98× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 5.48× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $607.0M |
| 自由现金流经营现金流 - 资本支出 | — | $308.6M |
| 自由现金流率自由现金流/营收 | — | 21.8% |
| 资本支出强度资本支出/营收 | — | 21.1% |
| 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 | — | $1.4B |
8季度趋势，按日历期对齐
经营现金流ARESRBLX
| Q4 25 | $-483.7M | $607.0M | ||
| Q3 25 | $1.3B | $546.2M | ||
| Q2 25 | $415.7M | $199.3M | ||
| Q1 25 | $2.0B | $443.9M | ||
| Q4 24 | $807.6M | $184.5M | ||
| Q3 24 | $841.3M | $247.4M | ||
| Q2 24 | $432.2M | $151.4M | ||
| Q1 24 | $710.0M | $238.9M |
自由现金流ARESRBLX
| Q4 25 | — | $308.6M | ||
| Q3 25 | — | $443.6M | ||
| Q2 25 | — | $176.7M | ||
| Q1 25 | — | $426.5M | ||
| Q4 24 | — | $120.6M | ||
| Q3 24 | — | $218.0M | ||
| Q2 24 | — | $111.7M | ||
| Q1 24 | — | $192.3M |
自由现金流率ARESRBLX
| Q4 25 | — | 21.8% | ||
| Q3 25 | — | 32.6% | ||
| Q2 25 | — | 16.3% | ||
| Q1 25 | — | 41.2% | ||
| Q4 24 | — | 12.2% | ||
| Q3 24 | — | 23.7% | ||
| Q2 24 | — | 12.5% | ||
| Q1 24 | — | 24.0% |
资本支出强度ARESRBLX
| Q4 25 | — | 21.1% | ||
| Q3 25 | — | 7.5% | ||
| Q2 25 | — | 2.1% | ||
| Q1 25 | — | 1.7% | ||
| Q4 24 | — | 6.5% | ||
| Q3 24 | — | 3.2% | ||
| Q2 24 | — | 4.4% | ||
| Q1 24 | — | 5.8% |
现金转化率ARESRBLX
| 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× | — | ||
| 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% |
RBLX
暂无分部数据
