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Ares Management Corp（ARES）与罗塞塔石碑（STEP）财务数据对比。点击上方公司名可切换其他公司
Ares Management Corp的季度营收约是罗塞塔石碑的2.6倍（$1.5B vs $586.5M）。Ares Management Corp净利率更高（3.6% vs -21.0%，领先24.7%）。罗塞塔石碑同比增速更快（73.0% vs 19.5%）。过去两年Ares Management Corp的营收复合增速更高（45.9% vs 28.2%）
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。
罗塞塔石碑是美国教育科技软件企业，开发语言学习、读写能力提升及脑训练类软件，旗下语言学习产品知名度极高。2013年公司收购Livemocha、Lexia Learning等品牌拓展教育科技业务矩阵，2021年正式成为IXL Learning的子公司。
ARES vs STEP — 直观对比
营收规模更大
ARES
是对方的2.6倍
$586.5M
营收增速更快
STEP
高出53.5%
19.5%
净利率更高
ARES
高出24.7%
-21.0%
两年增速更快
ARES
近两年复合增速
28.2%
损益表 — Q4 2025 vs Q3 2026
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $586.5M |
| 净利润 | $54.2M | $-123.5M |
| 毛利率 | — | — |
| 营业利润率 | 13.7% | -33.2% |
| 净利率 | 3.6% | -21.0% |
| 营收同比 | 19.5% | 73.0% |
| 净利润同比 | -69.4% | 35.7% |
| 每股收益（稀释后） | — | $-1.55 |
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ARESSTEP
| Q4 25 | $1.5B | $586.5M | ||
| Q3 25 | $1.7B | $454.2M | ||
| Q2 25 | $1.4B | $364.3M | ||
| Q1 25 | $1.1B | $377.7M | ||
| Q4 24 | $1.3B | $339.0M | ||
| Q3 24 | $1.1B | $271.7M | ||
| Q2 24 | $788.7M | $186.4M | ||
| Q1 24 | $707.4M | $356.8M |
净利润ARESSTEP
| Q4 25 | $54.2M | $-123.5M | ||
| Q3 25 | $288.9M | $-366.1M | ||
| Q2 25 | $137.1M | $-38.4M | ||
| Q1 25 | $47.2M | $-18.5M | ||
| Q4 24 | $177.3M | $-192.0M | ||
| Q3 24 | $118.5M | $17.6M | ||
| Q2 24 | $94.9M | $13.3M | ||
| Q1 24 | $73.0M | $30.8M |
营业利润率ARESSTEP
| Q4 25 | 13.7% | -33.2% | ||
| Q3 25 | 39.3% | -148.8% | ||
| Q2 25 | 21.3% | -5.6% | ||
| Q1 25 | 13.0% | 2.6% | ||
| Q4 24 | 31.8% | -101.7% | ||
| Q3 24 | 29.0% | 21.3% | ||
| Q2 24 | 40.2% | 29.4% | ||
| Q1 24 | 32.7% | 26.5% |
净利率ARESSTEP
| Q4 25 | 3.6% | -21.0% | ||
| Q3 25 | 17.4% | -80.6% | ||
| Q2 25 | 10.2% | -10.5% | ||
| Q1 25 | 4.3% | -4.9% | ||
| Q4 24 | 14.1% | -56.6% | ||
| Q3 24 | 10.5% | 6.5% | ||
| Q2 24 | 12.0% | 7.2% | ||
| Q1 24 | 10.3% | 8.6% |
每股收益（稀释后）ARESSTEP
| Q4 25 | — | $-1.55 | ||
| Q3 25 | — | $-4.66 | ||
| Q2 25 | — | $-0.49 | ||
| Q1 25 | — | $-0.37 | ||
| Q4 24 | — | $-2.61 | ||
| Q3 24 | — | $0.26 | ||
| Q2 24 | — | $0.20 | ||
| Q1 24 | — | $0.47 |
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 | — | — |
| 总债务越低越好 | — | $270.2M |
| 股东权益账面价值 | $4.3B | $-378.8M |
| 总资产 | $28.6B | $5.2B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
总债务ARESSTEP
| Q4 25 | — | $270.2M | ||
| Q3 25 | — | $269.9M | ||
| Q2 25 | — | $269.6M | ||
| Q1 25 | — | $269.3M | ||
| Q4 24 | — | $168.9M | ||
| Q3 24 | — | $172.3M | ||
| Q2 24 | — | $172.1M | ||
| Q1 24 | — | $148.8M |
股东权益ARESSTEP
| Q4 25 | $4.3B | $-378.8M | ||
| Q3 25 | $4.5B | $-233.5M | ||
| Q2 25 | $4.4B | $153.9M | ||
| Q1 25 | $4.5B | $179.4M | ||
| Q4 24 | $3.5B | $209.8M | ||
| Q3 24 | $2.1B | $397.5M | ||
| Q2 24 | $2.0B | $366.9M | ||
| Q1 24 | $1.8B | $324.5M |
总资产ARESSTEP
| Q4 25 | $28.6B | $5.2B | ||
| Q3 25 | $27.0B | $5.3B | ||
| Q2 25 | $27.3B | $4.8B | ||
| Q1 25 | $27.2B | $4.6B | ||
| Q4 24 | $24.9B | $4.3B | ||
| Q3 24 | $24.5B | $4.0B | ||
| Q2 24 | $24.2B | $3.8B | ||
| Q1 24 | $24.4B | $3.8B |
负债/权益比ARESSTEP
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 1.75× | ||
| Q1 25 | — | 1.50× | ||
| Q4 24 | — | 0.81× | ||
| Q3 24 | — | 0.43× | ||
| Q2 24 | — | 0.47× | ||
| Q1 24 | — | 0.46× |
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 | $27.2M |
| 自由现金流经营现金流 - 资本支出 | — | $26.7M |
| 自由现金流率自由现金流/营收 | — | 4.6% |
| 资本支出强度资本支出/营收 | — | 0.1% |
| 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 | — | $18.6M |
8季度趋势，按日历期对齐
经营现金流ARESSTEP
| Q4 25 | $-483.7M | $27.2M | ||
| Q3 25 | $1.3B | $16.2M | ||
| Q2 25 | $415.7M | $46.3M | ||
| Q1 25 | $2.0B | $-66.5M | ||
| Q4 24 | $807.6M | $27.6M | ||
| Q3 24 | $841.3M | $53.7M | ||
| Q2 24 | $432.2M | $50.2M | ||
| Q1 24 | $710.0M | $7.6M |
自由现金流ARESSTEP
| Q4 25 | — | $26.7M | ||
| Q3 25 | — | $15.9M | ||
| Q2 25 | — | $45.2M | ||
| Q1 25 | — | $-69.2M | ||
| Q4 24 | — | $27.0M | ||
| Q3 24 | — | $52.4M | ||
| Q2 24 | — | $49.6M | ||
| Q1 24 | — | $6.7M |
自由现金流率ARESSTEP
| Q4 25 | — | 4.6% | ||
| Q3 25 | — | 3.5% | ||
| Q2 25 | — | 12.4% | ||
| Q1 25 | — | -18.3% | ||
| Q4 24 | — | 8.0% | ||
| Q3 24 | — | 19.3% | ||
| Q2 24 | — | 26.6% | ||
| Q1 24 | — | 1.9% |
资本支出强度ARESSTEP
| Q4 25 | — | 0.1% | ||
| Q3 25 | — | 0.1% | ||
| Q2 25 | — | 0.3% | ||
| Q1 25 | — | 0.7% | ||
| Q4 24 | — | 0.2% | ||
| Q3 24 | — | 0.5% | ||
| Q2 24 | — | 0.3% | ||
| Q1 24 | — | 0.3% |
现金转化率ARESSTEP
| Q4 25 | -8.92× | — | ||
| Q3 25 | 4.64× | — | ||
| Q2 25 | 3.03× | — | ||
| Q1 25 | 42.28× | — | ||
| Q4 24 | 4.55× | — | ||
| Q3 24 | 7.10× | 3.05× | ||
| Q2 24 | 4.55× | 3.76× | ||
| 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% |
STEP
| Other | $210.1M | 36% |
| Management And Advisory Fees Net Focused Commingled Funds | $143.3M | 24% |
| Carried Interest Allocation Focused Commingled Funds | $85.1M | 15% |
| Carried Interest Allocation Separately Managed Accounts | $63.6M | 11% |
| Carried Interest Allocation Realized | $46.7M | 8% |
| Management And Advisory Fees Net Advisory And Other Services | $18.3M | 3% |
| Legacy Carried Interest Allocation Focused Commingled Funds | $10.3M | 2% |
| Income Based Incentive Fees | $6.0M | 1% |
| Management And Advisory Fees Net Fund Reimbursement Revenues | $3.1M | 1% |
