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Ares Management Corp（ARES）与瑞思迈（RMD）财务数据对比。点击上方公司名可切换其他公司
Ares Management Corp的季度营收约是瑞思迈的1.1倍（$1.5B vs $1.4B），瑞思迈净利率更高（27.6% vs 3.6%，领先24.0%），Ares Management Corp同比增速更快（19.5% vs 11.0%），过去两年Ares Management Corp的营收复合增速更高（45.9% vs 9.0%）
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。
瑞思迈是一家起源于澳大利亚、总部位于美国加利福尼亚州圣迭戈的医疗设备企业，主打可接入云端的呼吸类医疗设备，用于治疗睡眠呼吸暂停、慢性阻塞性肺病等呼吸道疾病，新冠疫情期间曾大量生产呼吸机等设备助力患者救治。
ARES vs RMD — 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
ARES
高出8.6%
11.0%
净利率更高
RMD
高出24.0%
3.6%
两年增速更快
ARES
近两年复合增速
9.0%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $1.4B |
| 净利润 | $54.2M | $392.6M |
| 毛利率 | — | 61.8% |
| 营业利润率 | 13.7% | 34.6% |
| 净利率 | 3.6% | 27.6% |
| 营收同比 | 19.5% | 11.0% |
| 净利润同比 | -69.4% | 13.9% |
| 每股收益（稀释后） | — | $2.68 |
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ARESRMD
| Q4 25 | $1.5B | $1.4B | ||
| Q3 25 | $1.7B | $1.3B | ||
| Q2 25 | $1.4B | $1.3B | ||
| Q1 25 | $1.1B | $1.3B | ||
| Q4 24 | $1.3B | $1.3B | ||
| Q3 24 | $1.1B | $1.2B | ||
| Q2 24 | $788.7M | $1.2B | ||
| Q1 24 | $707.4M | $1.2B |
净利润ARESRMD
| Q4 25 | $54.2M | $392.6M | ||
| Q3 25 | $288.9M | $348.5M | ||
| Q2 25 | $137.1M | $379.7M | ||
| Q1 25 | $47.2M | $365.0M | ||
| Q4 24 | $177.3M | $344.6M | ||
| Q3 24 | $118.5M | $311.4M | ||
| Q2 24 | $94.9M | $292.2M | ||
| Q1 24 | $73.0M | $300.5M |
毛利率ARESRMD
| Q4 25 | — | 61.8% | ||
| Q3 25 | — | 61.5% | ||
| Q2 25 | — | 60.8% | ||
| Q1 25 | — | 59.3% | ||
| Q4 24 | — | 58.6% | ||
| Q3 24 | — | 58.6% | ||
| Q2 24 | — | 58.5% | ||
| Q1 24 | — | 57.9% |
营业利润率ARESRMD
| Q4 25 | 13.7% | 34.6% | ||
| Q3 25 | 39.3% | 33.4% | ||
| Q2 25 | 21.3% | 33.7% | ||
| Q1 25 | 13.0% | 33.0% | ||
| Q4 24 | 31.8% | 32.5% | ||
| Q3 24 | 29.0% | 31.6% | ||
| Q2 24 | 40.2% | 31.2% | ||
| Q1 24 | 32.7% | 31.3% |
净利率ARESRMD
| Q4 25 | 3.6% | 27.6% | ||
| Q3 25 | 17.4% | 26.1% | ||
| Q2 25 | 10.2% | 28.2% | ||
| Q1 25 | 4.3% | 28.3% | ||
| Q4 24 | 14.1% | 26.9% | ||
| Q3 24 | 10.5% | 25.4% | ||
| Q2 24 | 12.0% | 23.9% | ||
| Q1 24 | 10.3% | 25.1% |
每股收益（稀释后）ARESRMD
| Q4 25 | — | $2.68 | ||
| Q3 25 | — | $2.37 | ||
| Q2 25 | — | $2.58 | ||
| Q1 25 | — | $2.48 | ||
| Q4 24 | — | $2.34 | ||
| Q3 24 | — | $2.11 | ||
| Q2 24 | — | $1.97 | ||
| Q1 24 | — | $2.04 |
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 | — | $1.4B |
| 总债务越低越好 | — | $403.9M |
| 股东权益账面价值 | $4.3B | $6.3B |
| 总资产 | $28.6B | $8.5B |
| 负债/权益比越低杠杆越低 | — | 0.06× |
8季度趋势，按日历期对齐
现金及短期投资ARESRMD
| Q4 25 | — | $1.4B | ||
| Q3 25 | — | $1.4B | ||
| Q2 25 | — | $1.2B | ||
| Q1 25 | — | $932.7M | ||
| Q4 24 | — | $521.9M | ||
| Q3 24 | — | $426.4M | ||
| Q2 24 | — | $238.4M | ||
| Q1 24 | — | $237.9M |
总债务ARESRMD
| Q4 25 | — | $403.9M | ||
| Q3 25 | — | $408.7M | ||
| Q2 25 | — | $658.4M | ||
| Q1 25 | — | $663.1M | ||
| Q4 24 | — | $662.9M | ||
| Q3 24 | — | $667.6M | ||
| Q2 24 | — | $697.3M | ||
| Q1 24 | — | $997.0M |
股东权益ARESRMD
| Q4 25 | $4.3B | $6.3B | ||
| Q3 25 | $4.5B | $6.1B | ||
| Q2 25 | $4.4B | $6.0B | ||
| Q1 25 | $4.5B | $5.5B | ||
| Q4 24 | $3.5B | $5.3B | ||
| Q3 24 | $2.1B | $5.2B | ||
| Q2 24 | $2.0B | $4.9B | ||
| Q1 24 | $1.8B | $4.6B |
总资产ARESRMD
| Q4 25 | $28.6B | $8.5B | ||
| Q3 25 | $27.0B | $8.3B | ||
| Q2 25 | $27.3B | $8.2B | ||
| Q1 25 | $27.2B | $7.6B | ||
| Q4 24 | $24.9B | $7.1B | ||
| Q3 24 | $24.5B | $7.2B | ||
| Q2 24 | $24.2B | $6.9B | ||
| Q1 24 | $24.4B | $6.8B |
负债/权益比ARESRMD
| Q4 25 | — | 0.06× | ||
| Q3 25 | — | 0.07× | ||
| Q2 25 | — | 0.11× | ||
| Q1 25 | — | 0.12× | ||
| Q4 24 | — | 0.13× | ||
| Q3 24 | — | 0.13× | ||
| Q2 24 | — | 0.14× | ||
| Q1 24 | — | 0.22× |
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 | $339.7M |
| 自由现金流经营现金流 - 资本支出 | — | $311.2M |
| 自由现金流率自由现金流/营收 | — | 21.9% |
| 资本支出强度资本支出/营收 | — | 2.0% |
| 现金转化率经营现金流/净利润 | -8.92× | 0.87× |
| 过去12个月自由现金流最近4个季度 | — | $1.8B |
8季度趋势，按日历期对齐
经营现金流ARESRMD
| Q4 25 | $-483.7M | $339.7M | ||
| Q3 25 | $1.3B | $457.3M | ||
| Q2 25 | $415.7M | $538.8M | ||
| Q1 25 | $2.0B | $578.7M | ||
| Q4 24 | $807.6M | $308.6M | ||
| Q3 24 | $841.3M | $325.5M | ||
| Q2 24 | $432.2M | $440.1M | ||
| Q1 24 | $710.0M | $402.0M |
自由现金流ARESRMD
| Q4 25 | — | $311.2M | ||
| Q3 25 | — | $414.4M | ||
| Q2 25 | — | $508.2M | ||
| Q1 25 | — | $557.9M | ||
| Q4 24 | — | $288.0M | ||
| Q3 24 | — | $307.7M | ||
| Q2 24 | — | $415.2M | ||
| Q1 24 | — | $380.8M |
自由现金流率ARESRMD
| Q4 25 | — | 21.9% | ||
| Q3 25 | — | 31.0% | ||
| Q2 25 | — | 37.7% | ||
| Q1 25 | — | 43.2% | ||
| Q4 24 | — | 22.5% | ||
| Q3 24 | — | 25.1% | ||
| Q2 24 | — | 33.9% | ||
| Q1 24 | — | 31.8% |
资本支出强度ARESRMD
| Q4 25 | — | 2.0% | ||
| Q3 25 | — | 3.2% | ||
| Q2 25 | — | 2.3% | ||
| Q1 25 | — | 1.6% | ||
| Q4 24 | — | 1.6% | ||
| Q3 24 | — | 1.5% | ||
| Q2 24 | — | 2.0% | ||
| Q1 24 | — | 1.8% |
现金转化率ARESRMD
| Q4 25 | -8.92× | 0.87× | ||
| Q3 25 | 4.64× | 1.31× | ||
| Q2 25 | 3.03× | 1.42× | ||
| Q1 25 | 42.28× | 1.59× | ||
| Q4 24 | 4.55× | 0.90× | ||
| Q3 24 | 7.10× | 1.05× | ||
| Q2 24 | 4.55× | 1.51× | ||
| Q1 24 | 9.72× | 1.34× |
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% |
RMD
| Sleep And Breathing Health | $1.3B | 88% |
| Residential Care Software | $166.9M | 12% |
