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Ares Management Corp（ARES）与SCANSOURCE, INC.（SCSC）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SCANSOURCE, INC.的2.0倍（$1.5B vs $766.5M），Ares Management Corp净利率更高（3.6% vs 2.2%，领先1.5%），Ares Management Corp同比增速更快（19.5% vs 2.5%），过去两年Ares Management Corp的营收复合增速更高（45.9% vs 0.9%）
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。
ScanSource是全球领先的专业技术分销商，主营销售点系统、条码扫描设备、网络安全产品、云服务及通信解决方案，面向北美、拉美、欧洲的增值经销商、服务提供商及企业客户，覆盖零售、医疗、工业、公共部门等领域。
ARES vs SCSC — 直观对比
营收规模更大
ARES
是对方的2.0倍
$766.5M
营收增速更快
ARES
高出17.0%
2.5%
净利率更高
ARES
高出1.5%
2.2%
两年增速更快
ARES
近两年复合增速
0.9%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $766.5M |
| 净利润 | $54.2M | $16.5M |
| 毛利率 | — | 13.4% |
| 营业利润率 | 13.7% | 2.3% |
| 净利率 | 3.6% | 2.2% |
| 营收同比 | 19.5% | 2.5% |
| 净利润同比 | -69.4% | -3.3% |
| 每股收益（稀释后） | — | $0.75 |
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ARESSCSC
| Q4 25 | $1.5B | $766.5M | ||
| Q3 25 | $1.7B | $739.6M | ||
| Q2 25 | $1.4B | $812.9M | ||
| Q1 25 | $1.1B | $704.8M | ||
| Q4 24 | $1.3B | $747.5M | ||
| Q3 24 | $1.1B | $775.6M | ||
| Q2 24 | $788.7M | $746.1M | ||
| Q1 24 | $707.4M | $752.6M |
净利润ARESSCSC
| Q4 25 | $54.2M | $16.5M | ||
| Q3 25 | $288.9M | $19.9M | ||
| Q2 25 | $137.1M | $20.1M | ||
| Q1 25 | $47.2M | $17.4M | ||
| Q4 24 | $177.3M | $17.1M | ||
| Q3 24 | $118.5M | $17.0M | ||
| Q2 24 | $94.9M | $16.1M | ||
| Q1 24 | $73.0M | $12.8M |
毛利率ARESSCSC
| Q4 25 | — | 13.4% | ||
| Q3 25 | — | 14.5% | ||
| Q2 25 | — | 12.9% | ||
| Q1 25 | — | 14.2% | ||
| Q4 24 | — | 13.6% | ||
| Q3 24 | — | 13.1% | ||
| Q2 24 | — | 13.0% | ||
| Q1 24 | — | 12.6% |
营业利润率ARESSCSC
| Q4 25 | 13.7% | 2.3% | ||
| Q3 25 | 39.3% | 3.5% | ||
| Q2 25 | 21.3% | 3.3% | ||
| Q1 25 | 13.0% | 3.2% | ||
| Q4 24 | 31.8% | 2.5% | ||
| Q3 24 | 29.0% | 2.3% | ||
| Q2 24 | 40.2% | 2.9% | ||
| Q1 24 | 32.7% | 2.3% |
净利率ARESSCSC
| Q4 25 | 3.6% | 2.2% | ||
| Q3 25 | 17.4% | 2.7% | ||
| Q2 25 | 10.2% | 2.5% | ||
| Q1 25 | 4.3% | 2.5% | ||
| Q4 24 | 14.1% | 2.3% | ||
| Q3 24 | 10.5% | 2.2% | ||
| Q2 24 | 12.0% | 2.2% | ||
| Q1 24 | 10.3% | 1.7% |
每股收益（稀释后）ARESSCSC
| Q4 25 | — | $0.75 | ||
| Q3 25 | — | $0.89 | ||
| Q2 25 | — | $0.87 | ||
| Q1 25 | — | $0.74 | ||
| Q4 24 | — | $0.70 | ||
| Q3 24 | — | $0.69 | ||
| Q2 24 | — | $0.66 | ||
| Q1 24 | — | $0.50 |
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 | — | $83.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $4.3B | $910.9M |
| 总资产 | $28.6B | $1.7B |
| 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ARESSCSC
| Q4 25 | — | $83.5M | ||
| Q3 25 | — | $124.9M | ||
| Q2 25 | — | $126.2M | ||
| Q1 25 | — | $146.3M | ||
| Q4 24 | — | $110.5M | ||
| Q3 24 | — | $145.0M | ||
| Q2 24 | — | $185.5M | ||
| Q1 24 | — | $159.1M |
股东权益ARESSCSC
| Q4 25 | $4.3B | $910.9M | ||
| Q3 25 | $4.5B | $914.0M | ||
| Q2 25 | $4.4B | $906.4M | ||
| Q1 25 | $4.5B | $901.7M | ||
| Q4 24 | $3.5B | $900.7M | ||
| Q3 24 | $2.1B | $920.9M | ||
| Q2 24 | $2.0B | $924.3M | ||
| Q1 24 | $1.8B | $944.1M |
总资产ARESSCSC
| Q4 25 | $28.6B | $1.7B | ||
| Q3 25 | $27.0B | $1.7B | ||
| Q2 25 | $27.3B | $1.8B | ||
| Q1 25 | $27.2B | $1.7B | ||
| Q4 24 | $24.9B | $1.7B | ||
| Q3 24 | $24.5B | $1.8B | ||
| Q2 24 | $24.2B | $1.8B | ||
| Q1 24 | $24.4B | $1.8B |
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 | $30.8M |
| 自由现金流经营现金流 - 资本支出 | — | $28.9M |
| 自由现金流率自由现金流/营收 | — | 3.8% |
| 资本支出强度资本支出/营收 | — | 0.3% |
| 现金转化率经营现金流/净利润 | -8.92× | 1.87× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流ARESSCSC
| Q4 25 | $-483.7M | $30.8M | ||
| Q3 25 | $1.3B | $23.2M | ||
| Q2 25 | $415.7M | — | ||
| Q1 25 | $2.0B | $66.1M | ||
| Q4 24 | $807.6M | $-6.2M | ||
| Q3 24 | $841.3M | $44.8M | ||
| Q2 24 | $432.2M | — | ||
| Q1 24 | $710.0M | $160.2M |
自由现金流ARESSCSC
| Q4 25 | — | $28.9M | ||
| Q3 25 | — | $20.8M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $64.6M | ||
| Q4 24 | — | $-8.2M | ||
| Q3 24 | — | $42.5M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $157.7M |
自由现金流率ARESSCSC
| Q4 25 | — | 3.8% | ||
| Q3 25 | — | 2.8% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 9.2% | ||
| Q4 24 | — | -1.1% | ||
| Q3 24 | — | 5.5% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 21.0% |
资本支出强度ARESSCSC
| Q4 25 | — | 0.3% | ||
| Q3 25 | — | 0.3% | ||
| Q2 25 | — | 0.3% | ||
| Q1 25 | — | 0.2% | ||
| Q4 24 | — | 0.3% | ||
| Q3 24 | — | 0.3% | ||
| Q2 24 | — | 0.2% | ||
| Q1 24 | — | 0.3% |
现金转化率ARESSCSC
| Q4 25 | -8.92× | 1.87× | ||
| Q3 25 | 4.64× | 1.17× | ||
| Q2 25 | 3.03× | — | ||
| Q1 25 | 42.28× | 3.79× | ||
| Q4 24 | 4.55× | -0.36× | ||
| Q3 24 | 7.10× | 2.64× | ||
| Q2 24 | 4.55× | — | ||
| Q1 24 | 9.72× | 12.51× |
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% |
SCSC
| Products And Services | $723.4M | 94% |
| Intelisys Advisory | $25.0M | 3% |
| Recurring Revenue | $18.2M | 2% |
