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Ares Management Corp（ARES）与罗致恒富（RHI）财务数据对比。点击上方公司名可切换其他公司
Ares Management Corp的季度营收约是罗致恒富的1.2倍（$1.5B vs $1.3B），Ares Management Corp同比增速更快（19.5% vs -5.8%），过去两年Ares Management Corp的营收复合增速更高（45.9% vs -6.1%）
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。
罗致恒富是1948年成立的国际人力资源咨询机构，总部位于加利福尼亚州门洛帕克和圣拉蒙，是全球规模领先的会计与金融领域人才派遣服务商之一，在全球范围内设有超过345个办公点。
ARES vs RHI — 直观对比
营收规模更大
ARES
是对方的1.2倍
$1.3B
营收增速更快
ARES
高出25.3%
-5.8%
两年增速更快
ARES
近两年复合增速
-6.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $1.3B |
| 净利润 | $54.2M | — |
| 毛利率 | — | 37.6% |
| 营业利润率 | 13.7% | 1.7% |
| 净利率 | 3.6% | — |
| 营收同比 | 19.5% | -5.8% |
| 净利润同比 | -69.4% | — |
| 每股收益（稀释后） | — | $0.32 |
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ARESRHI
| Q4 25 | $1.5B | $1.3B | ||
| Q3 25 | $1.7B | $1.4B | ||
| Q2 25 | $1.4B | $1.4B | ||
| Q1 25 | $1.1B | $1.4B | ||
| Q4 24 | $1.3B | $1.4B | ||
| Q3 24 | $1.1B | $1.5B | ||
| Q2 24 | $788.7M | $1.5B | ||
| Q1 24 | $707.4M | $1.5B |
净利润ARESRHI
| Q4 25 | $54.2M | — | ||
| Q3 25 | $288.9M | $42.9M | ||
| Q2 25 | $137.1M | $41.0M | ||
| Q1 25 | $47.2M | $17.4M | ||
| Q4 24 | $177.3M | — | ||
| Q3 24 | $118.5M | $65.5M | ||
| Q2 24 | $94.9M | $68.2M | ||
| Q1 24 | $73.0M | $63.7M |
毛利率ARESRHI
| Q4 25 | — | 37.6% | ||
| Q3 25 | — | 37.2% | ||
| Q2 25 | — | 37.2% | ||
| Q1 25 | — | 36.9% | ||
| Q4 24 | — | 38.8% | ||
| Q3 24 | — | 39.0% | ||
| Q2 24 | — | 39.2% | ||
| Q1 24 | — | 38.1% |
营业利润率ARESRHI
| Q4 25 | 13.7% | 1.7% | ||
| Q3 25 | 39.3% | 1.0% | ||
| Q2 25 | 21.3% | 0.1% | ||
| Q1 25 | 13.0% | 2.9% | ||
| Q4 24 | 31.8% | 4.7% | ||
| Q3 24 | 29.0% | 4.1% | ||
| Q2 24 | 40.2% | 5.1% | ||
| Q1 24 | 32.7% | 2.8% |
净利率ARESRHI
| Q4 25 | 3.6% | — | ||
| Q3 25 | 17.4% | 3.2% | ||
| Q2 25 | 10.2% | 3.0% | ||
| Q1 25 | 4.3% | 1.3% | ||
| Q4 24 | 14.1% | — | ||
| Q3 24 | 10.5% | 4.5% | ||
| Q2 24 | 12.0% | 4.6% | ||
| Q1 24 | 10.3% | 4.3% |
每股收益（稀释后）ARESRHI
| Q4 25 | — | $0.32 | ||
| Q3 25 | — | $0.43 | ||
| Q2 25 | — | $0.41 | ||
| Q1 25 | — | $0.17 | ||
| Q4 24 | — | $0.53 | ||
| Q3 24 | — | $0.64 | ||
| Q2 24 | — | $0.66 | ||
| Q1 24 | — | $0.61 |
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 | — | $464.4M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $4.3B | $1.3B |
| 总资产 | $28.6B | $2.9B |
| 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ARESRHI
| Q4 25 | — | $464.4M | ||
| Q3 25 | — | $365.3M | ||
| Q2 25 | — | $380.5M | ||
| Q1 25 | — | $342.5M | ||
| Q4 24 | — | $537.6M | ||
| Q3 24 | — | $570.5M | ||
| Q2 24 | — | $547.4M | ||
| Q1 24 | — | $540.9M |
股东权益ARESRHI
| Q4 25 | $4.3B | $1.3B | ||
| Q3 25 | $4.5B | $1.3B | ||
| Q2 25 | $4.4B | $1.3B | ||
| Q1 25 | $4.5B | $1.3B | ||
| Q4 24 | $3.5B | $1.4B | ||
| Q3 24 | $2.1B | $1.5B | ||
| Q2 24 | $2.0B | $1.5B | ||
| Q1 24 | $1.8B | $1.5B |
总资产ARESRHI
| Q4 25 | $28.6B | $2.9B | ||
| Q3 25 | $27.0B | $2.8B | ||
| Q2 25 | $27.3B | $2.8B | ||
| Q1 25 | $27.2B | $2.7B | ||
| Q4 24 | $24.9B | $2.9B | ||
| Q3 24 | $24.5B | $3.0B | ||
| Q2 24 | $24.2B | $2.9B | ||
| Q1 24 | $24.4B | $2.9B |
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 | $182.5M |
| 自由现金流经营现金流 - 资本支出 | — | $170.8M |
| 自由现金流率自由现金流/营收 | — | 13.1% |
| 资本支出强度资本支出/营收 | — | 0.9% |
| 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 | — | $266.8M |
8季度趋势，按日历期对齐
经营现金流ARESRHI
| Q4 25 | $-483.7M | $182.5M | ||
| Q3 25 | $1.3B | $77.4M | ||
| Q2 25 | $415.7M | $119.4M | ||
| Q1 25 | $2.0B | $-59.3M | ||
| Q4 24 | $807.6M | $154.8M | ||
| Q3 24 | $841.3M | $129.6M | ||
| Q2 24 | $432.2M | $142.0M | ||
| Q1 24 | $710.0M | $-15.9M |
自由现金流ARESRHI
| Q4 25 | — | $170.8M | ||
| Q3 25 | — | $63.6M | ||
| Q2 25 | — | $104.2M | ||
| Q1 25 | — | $-71.7M | ||
| Q4 24 | — | $140.5M | ||
| Q3 24 | — | $111.8M | ||
| Q2 24 | — | $129.6M | ||
| Q1 24 | — | $-27.7M |
自由现金流率ARESRHI
| Q4 25 | — | 13.1% | ||
| Q3 25 | — | 4.7% | ||
| Q2 25 | — | 7.6% | ||
| Q1 25 | — | -5.3% | ||
| Q4 24 | — | 10.2% | ||
| Q3 24 | — | 7.6% | ||
| Q2 24 | — | 8.8% | ||
| Q1 24 | — | -1.9% |
资本支出强度ARESRHI
| Q4 25 | — | 0.9% | ||
| Q3 25 | — | 1.0% | ||
| Q2 25 | — | 1.1% | ||
| Q1 25 | — | 0.9% | ||
| Q4 24 | — | 1.0% | ||
| Q3 24 | — | 1.2% | ||
| Q2 24 | — | 0.8% | ||
| Q1 24 | — | 0.8% |
现金转化率ARESRHI
| Q4 25 | -8.92× | — | ||
| Q3 25 | 4.64× | 1.80× | ||
| Q2 25 | 3.03× | 2.91× | ||
| Q1 25 | 42.28× | -3.42× | ||
| Q4 24 | 4.55× | — | ||
| Q3 24 | 7.10× | 1.98× | ||
| Q2 24 | 4.55× | 2.08× | ||
| Q1 24 | 9.72× | -0.25× |
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% |
RHI
| Finance And Accounting | $535.2M | 41% |
| Protiviti | $479.0M | 37% |
| Technology | $156.4M | 12% |
| Permanent Placement Talent Solutions | $102.6M | 8% |
| Other | $29.2M | 2% |
