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Ares Management Corp（ARES）与TRINET GROUP, INC.（TNET）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TRINET GROUP, INC.的1.2倍（$1.5B vs $1.2B），Ares Management Corp同比增速更快（19.5% vs -2.2%），过去两年Ares Management Corp的营收复合增速更高（45.9% vs -0.6%）
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。
TriNet Group, Inc.是一家面向中小企业的专业雇主组织，总部位于加州都柏林，服务员工规模在3至2500人之间的各类机构。可提供薪资管理、健康福利管理服务，还能为客户提供劳动法规合规、风险降低相关咨询，可作为外包人力资源部门为企业分担人事相关事务。
ARES vs TNET — 直观对比
营收规模更大
ARES
是对方的1.2倍
$1.2B
营收增速更快
ARES
高出21.7%
-2.2%
两年增速更快
ARES
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $1.2B |
| 净利润 | $54.2M | — |
| 毛利率 | — | — |
| 营业利润率 | 13.7% | 0.1% |
| 净利率 | 3.6% | — |
| 营收同比 | 19.5% | -2.2% |
| 净利润同比 | -69.4% | — |
| 每股收益（稀释后） | — | $0.02 |
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ARESTNET
| Q4 25 | $1.5B | $1.2B | ||
| Q3 25 | $1.7B | $1.2B | ||
| Q2 25 | $1.4B | $1.2B | ||
| 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 | $1.3B |
净利润ARESTNET
| Q4 25 | $54.2M | — | ||
| Q3 25 | $288.9M | $34.0M | ||
| Q2 25 | $137.1M | $37.0M | ||
| Q1 25 | $47.2M | $85.0M | ||
| Q4 24 | $177.3M | — | ||
| Q3 24 | $118.5M | $45.0M | ||
| Q2 24 | $94.9M | $60.0M | ||
| Q1 24 | $73.0M | $91.0M |
营业利润率ARESTNET
| Q4 25 | 13.7% | 0.1% | ||
| Q3 25 | 39.3% | 4.1% | ||
| Q2 25 | 21.3% | 4.1% | ||
| Q1 25 | 13.0% | 8.9% | ||
| Q4 24 | 31.8% | -2.9% | ||
| Q3 24 | 29.0% | 4.7% | ||
| Q2 24 | 40.2% | 6.5% | ||
| Q1 24 | 32.7% | 9.7% |
净利率ARESTNET
| Q4 25 | 3.6% | — | ||
| Q3 25 | 17.4% | 2.8% | ||
| Q2 25 | 10.2% | 3.0% | ||
| Q1 25 | 4.3% | 6.6% | ||
| Q4 24 | 14.1% | — | ||
| Q3 24 | 10.5% | 3.6% | ||
| Q2 24 | 12.0% | 4.9% | ||
| Q1 24 | 10.3% | 7.2% |
每股收益（稀释后）ARESTNET
| Q4 25 | — | $0.02 | ||
| Q3 25 | — | $0.70 | ||
| Q2 25 | — | $0.77 | ||
| Q1 25 | — | $1.71 | ||
| Q4 24 | — | $-0.44 | ||
| Q3 24 | — | $0.89 | ||
| Q2 24 | — | $1.20 | ||
| Q1 24 | — | $1.78 |
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 | — | $287.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $4.3B | $54.0M |
| 总资产 | $28.6B | $3.8B |
| 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ARESTNET
| Q4 25 | — | $287.0M | ||
| Q3 25 | — | $321.0M | ||
| Q2 25 | — | $407.0M | ||
| Q1 25 | — | $349.0M | ||
| Q4 24 | — | $360.0M | ||
| Q3 24 | — | $301.0M | ||
| Q2 24 | — | $249.0M | ||
| Q1 24 | — | $383.0M |
股东权益ARESTNET
| Q4 25 | $4.3B | $54.0M | ||
| Q3 25 | $4.5B | $110.0M | ||
| Q2 25 | $4.4B | $107.0M | ||
| Q1 25 | $4.5B | $63.0M | ||
| Q4 24 | $3.5B | $69.0M | ||
| Q3 24 | $2.1B | $129.0M | ||
| Q2 24 | $2.0B | $100.0M | ||
| Q1 24 | $1.8B | $143.0M |
总资产ARESTNET
| Q4 25 | $28.6B | $3.8B | ||
| Q3 25 | $27.0B | $3.4B | ||
| Q2 25 | $27.3B | $3.7B | ||
| Q1 25 | $27.2B | $3.8B | ||
| Q4 24 | $24.9B | $4.1B | ||
| Q3 24 | $24.5B | $3.7B | ||
| Q2 24 | $24.2B | $3.7B | ||
| Q1 24 | $24.4B | $4.0B |
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 | $61.0M |
| 自由现金流经营现金流 - 资本支出 | — | $43.0M |
| 自由现金流率自由现金流/营收 | — | 3.4% |
| 资本支出强度资本支出/营收 | — | 1.4% |
| 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 | — | $234.0M |
8季度趋势，按日历期对齐
经营现金流ARESTNET
| Q4 25 | $-483.7M | $61.0M | ||
| Q3 25 | $1.3B | $72.0M | ||
| Q2 25 | $415.7M | $75.0M | ||
| Q1 25 | $2.0B | $95.0M | ||
| Q4 24 | $807.6M | $65.0M | ||
| Q3 24 | $841.3M | $84.0M | ||
| Q2 24 | $432.2M | $39.0M | ||
| Q1 24 | $710.0M | $91.0M |
自由现金流ARESTNET
| Q4 25 | — | $43.0M | ||
| Q3 25 | — | $55.0M | ||
| Q2 25 | — | $57.0M | ||
| Q1 25 | — | $79.0M | ||
| Q4 24 | — | $47.0M | ||
| Q3 24 | — | $59.0M | ||
| Q2 24 | — | $22.0M | ||
| Q1 24 | — | $73.0M |
自由现金流率ARESTNET
| Q4 25 | — | 3.4% | ||
| Q3 25 | — | 4.5% | ||
| Q2 25 | — | 4.6% | ||
| Q1 25 | — | 6.1% | ||
| Q4 24 | — | 3.7% | ||
| Q3 24 | — | 4.8% | ||
| Q2 24 | — | 1.8% | ||
| Q1 24 | — | 5.8% |
资本支出强度ARESTNET
| Q4 25 | — | 1.4% | ||
| Q3 25 | — | 1.4% | ||
| Q2 25 | — | 1.5% | ||
| Q1 25 | — | 1.2% | ||
| Q4 24 | — | 1.4% | ||
| Q3 24 | — | 2.0% | ||
| Q2 24 | — | 1.4% | ||
| Q1 24 | — | 1.4% |
现金转化率ARESTNET
| Q4 25 | -8.92× | — | ||
| Q3 25 | 4.64× | 2.12× | ||
| Q2 25 | 3.03× | 2.03× | ||
| Q1 25 | 42.28× | 1.12× | ||
| Q4 24 | 4.55× | — | ||
| Q3 24 | 7.10× | 1.87× | ||
| Q2 24 | 4.55× | 0.65× | ||
| Q1 24 | 9.72× | 1.00× |
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% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
