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Ares Management Corp（ARES）与RXO, Inc.（RXO）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RXO, Inc.的1.0倍（$1.5B vs $1.5B），Ares Management Corp净利率更高（3.6% vs -3.1%，领先6.7%），Ares Management Corp同比增速更快（19.5% vs -11.9%），过去两年Ares Management Corp的营收复合增速更高（45.9% vs 26.8%）
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。
RXO是总部位于美国的头部运输及物流解决方案供应商，核心业务覆盖货运经纪、大件商品最后一公里配送、运输管理服务与全链路供应链优化支持，主要服务北美制造业、零售业及电商领域的客户。
ARES vs RXO — 直观对比
营收规模更大
ARES
是对方的1.0倍
$1.5B
营收增速更快
ARES
高出31.4%
-11.9%
净利率更高
ARES
高出6.7%
-3.1%
两年增速更快
ARES
近两年复合增速
26.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $1.5B |
| 净利润 | $54.2M | $-46.0M |
| 毛利率 | — | — |
| 营业利润率 | 13.7% | -2.9% |
| 净利率 | 3.6% | -3.1% |
| 营收同比 | 19.5% | -11.9% |
| 净利润同比 | -69.4% | -84.0% |
| 每股收益（稀释后） | — | $-0.28 |
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ARESRXO
| Q4 25 | $1.5B | $1.5B | ||
| Q3 25 | $1.7B | $1.4B | ||
| Q2 25 | $1.4B | $1.4B | ||
| Q1 25 | $1.1B | $1.4B | ||
| Q4 24 | $1.3B | $1.7B | ||
| Q3 24 | $1.1B | $1.0B | ||
| Q2 24 | $788.7M | $930.0M | ||
| Q1 24 | $707.4M | $913.0M |
净利润ARESRXO
| Q4 25 | $54.2M | $-46.0M | ||
| Q3 25 | $288.9M | $-14.0M | ||
| Q2 25 | $137.1M | $-9.0M | ||
| Q1 25 | $47.2M | $-31.0M | ||
| Q4 24 | $177.3M | $-25.0M | ||
| Q3 24 | $118.5M | $-243.0M | ||
| Q2 24 | $94.9M | $-7.0M | ||
| Q1 24 | $73.0M | $-15.0M |
营业利润率ARESRXO
| Q4 25 | 13.7% | -2.9% | ||
| Q3 25 | 39.3% | -0.5% | ||
| Q2 25 | 21.3% | — | ||
| Q1 25 | 13.0% | -2.1% | ||
| Q4 24 | 31.8% | -1.4% | ||
| Q3 24 | 29.0% | -1.9% | ||
| Q2 24 | 40.2% | — | ||
| Q1 24 | 32.7% | -1.3% |
净利率ARESRXO
| Q4 25 | 3.6% | -3.1% | ||
| Q3 25 | 17.4% | -1.0% | ||
| Q2 25 | 10.2% | -0.6% | ||
| Q1 25 | 4.3% | -2.2% | ||
| Q4 24 | 14.1% | -1.5% | ||
| Q3 24 | 10.5% | -23.4% | ||
| Q2 24 | 12.0% | -0.8% | ||
| Q1 24 | 10.3% | -1.6% |
每股收益（稀释后）ARESRXO
| Q4 25 | — | $-0.28 | ||
| Q3 25 | — | $-0.08 | ||
| Q2 25 | — | $-0.05 | ||
| Q1 25 | — | $-0.18 | ||
| Q4 24 | — | $-0.17 | ||
| Q3 24 | — | $-1.81 | ||
| Q2 24 | — | $-0.06 | ||
| Q1 24 | — | $-0.13 |
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 | — | $17.0M |
| 总债务越低越好 | — | $387.0M |
| 股东权益账面价值 | $4.3B | $1.5B |
| 总资产 | $28.6B | $3.3B |
| 负债/权益比越低杠杆越低 | — | 0.25× |
8季度趋势，按日历期对齐
现金及短期投资ARESRXO
| Q4 25 | — | $17.0M | ||
| Q3 25 | — | $25.0M | ||
| Q2 25 | — | $18.0M | ||
| Q1 25 | — | $16.0M | ||
| Q4 24 | — | $35.0M | ||
| Q3 24 | — | $55.0M | ||
| Q2 24 | — | $7.0M | ||
| Q1 24 | — | $7.0M |
总债务ARESRXO
| Q4 25 | — | $387.0M | ||
| Q3 25 | — | $387.0M | ||
| Q2 25 | — | $387.0M | ||
| Q1 25 | — | $387.0M | ||
| Q4 24 | — | $351.0M | ||
| Q3 24 | — | $352.0M | ||
| Q2 24 | — | $370.0M | ||
| Q1 24 | — | $351.0M |
股东权益ARESRXO
| Q4 25 | $4.3B | $1.5B | ||
| Q3 25 | $4.5B | $1.6B | ||
| Q2 25 | $4.4B | $1.6B | ||
| Q1 25 | $4.5B | $1.6B | ||
| Q4 24 | $3.5B | $1.6B | ||
| Q3 24 | $2.1B | $1.7B | ||
| Q2 24 | $2.0B | $579.0M | ||
| Q1 24 | $1.8B | $582.0M |
总资产ARESRXO
| Q4 25 | $28.6B | $3.3B | ||
| Q3 25 | $27.0B | $3.2B | ||
| Q2 25 | $27.3B | $3.2B | ||
| Q1 25 | $27.2B | $3.3B | ||
| Q4 24 | $24.9B | $3.4B | ||
| Q3 24 | $24.5B | $3.4B | ||
| Q2 24 | $24.2B | $1.8B | ||
| Q1 24 | $24.4B | $1.8B |
负债/权益比ARESRXO
| Q4 25 | — | 0.25× | ||
| Q3 25 | — | 0.24× | ||
| Q2 25 | — | 0.24× | ||
| Q1 25 | — | 0.24× | ||
| Q4 24 | — | 0.22× | ||
| Q3 24 | — | 0.21× | ||
| Q2 24 | — | 0.64× | ||
| Q1 24 | — | 0.60× |
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 | $7.0M |
| 自由现金流经营现金流 - 资本支出 | — | $-9.0M |
| 自由现金流率自由现金流/营收 | — | -0.6% |
| 资本支出强度资本支出/营收 | — | 1.1% |
| 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 | — | $-8.0M |
8季度趋势，按日历期对齐
经营现金流ARESRXO
| Q4 25 | $-483.7M | $7.0M | ||
| Q3 25 | $1.3B | $23.0M | ||
| Q2 25 | $415.7M | $23.0M | ||
| Q1 25 | $2.0B | $-2.0M | ||
| Q4 24 | $807.6M | $-7.0M | ||
| Q3 24 | $841.3M | $-7.0M | ||
| Q2 24 | $432.2M | $-5.0M | ||
| Q1 24 | $710.0M | $7.0M |
自由现金流ARESRXO
| Q4 25 | — | $-9.0M | ||
| Q3 25 | — | $9.0M | ||
| Q2 25 | — | $9.0M | ||
| Q1 25 | — | $-17.0M | ||
| Q4 24 | — | $-19.0M | ||
| Q3 24 | — | $-18.0M | ||
| Q2 24 | — | $-16.0M | ||
| Q1 24 | — | $-4.0M |
自由现金流率ARESRXO
| Q4 25 | — | -0.6% | ||
| Q3 25 | — | 0.6% | ||
| Q2 25 | — | 0.6% | ||
| Q1 25 | — | -1.2% | ||
| Q4 24 | — | -1.1% | ||
| Q3 24 | — | -1.7% | ||
| Q2 24 | — | -1.7% | ||
| Q1 24 | — | -0.4% |
资本支出强度ARESRXO
| Q4 25 | — | 1.1% | ||
| Q3 25 | — | 1.0% | ||
| Q2 25 | — | 1.0% | ||
| Q1 25 | — | 1.0% | ||
| Q4 24 | — | 0.7% | ||
| Q3 24 | — | 1.1% | ||
| Q2 24 | — | 1.2% | ||
| Q1 24 | — | 1.2% |
现金转化率ARESRXO
| 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% |
RXO
| Retail Sector | $546.0M | 37% |
| Last Mile | $298.0M | 20% |
| Food And Beverage Sector | $225.0M | 15% |
| Other Sector | $185.0M | 13% |
| Managed Transportation | $133.0M | 9% |
| Automotive Sector | $93.0M | 6% |
